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2021 08 23 Board of Trustees Regular Meeting Agenda
M} BOARD OF TRUSTEES InvoMaratiEd REGULAR MEETING AGENDA MONDAY, AUGUST 23, 2021 - 5:30 PM CITY HALL - COMMISSION CHAMBERS 1126 EAST STATE ROAD 434, WINTER SPRINGS, FLORIDA 1 CALL TO ORDER Roll Call Invocation Pledge of Allegiance Agenda Changes AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a 'Public Input"form. Individuals will limit their comments to three(3)minutes, and representatives ofgroups or homeowners'associations shall limit their comments to five(5) minutes, unless otherwise determined by the City Commission. CONSENT AGENDA 300. Minutes from the Thursday, May 13, 2021 Board of Trustees Regular Meeting Minutes PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500. Quarterly Investment Return Report from AndCO Consulting Winter Springs General(Quarterly Report 501 . GRS Actuarial Valuation Report of the Defined Benefit Plan Actuarial Valuation Report REPORTS PUBLIC INPUT Anyone who wishes to speak during Public Input on any Agenda Item or subject matter will need to fill out a 'Public Input"form. Individuals will limit their comments to three(3)minutes, and representatives ofgroups or homeowners'associations shall limit their comments to five(5) minutes, unless otherwise determined by the City 2 Commission. ADJOURNMENT PUBLIC NOTICE This is a Public Meeting, and the public is invited to attend and this Agenda is subject to change. Please be advised that one (1)or more Members of any of the City's Advisory Boards and Committees may be in attendance at this Meeting, and may participate in discussions. Persons with disabilities needing assistance to participate in any of these proceedings should contact the City of Winter Springs at(407) 327-1800 "at least 48 hours prior to meeting, a written request by a physically handicapped person to attend the meeting, directed to the chairperson or director of such board, commission, agency, or authority" - per Section 286.26 Florida Statutes. "If a person decides to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that,for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based" - per Section 286.0105 Florida Statutes. 3 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MAY 13, 2021 CALL TO ORDER Chairperson David Withee called the Regular Meeting of Thursday, May 13, 2021 of the Board of Trusteesto order at 5:31 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice-Chairperson Barbara Watkins, absent Board Member Michael Blake, present Board Member Stephen Krohn, present Board Member John Ripley, absent City Clerk Christian Gowan, present A moment of silence was followed by the Pledge of Allegiance. AWARDS AND PRESENTATIONS - NOT USED INFORMATIONAL AGENDA - NOT USED PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300)Approval of the Thursday, February 11, 2021 Board of Trustees Regular Meeting Minutes. No discussion. 4 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-MAY 13,2021 PAGE 2OF4 301)Approval of the Tuesday, March 23, 2021 Board of Trustees Special Meeting Minutes. Board Member Blake noted a Scribner's error to be corrected in the March 23rd minutes. Mr. Christian Gowan, City Clerk, noted the change would be made. "MOTION TO APPROVE CONSENT AGENDA." MOTION BY BOARD MEMBER BLAKE. SECONDED BY CHAIRPERSON WITHEE. DISCUSSION. VOTE: BLAKE (AYE); KROHN (AYE); WITHEE (AYE MOTION CARRIED3-0. PUBLIC HEARINGS AGENDA- NOT USED REGULAR AGENDA 500) Quarterly Investment Return Report from AndCO Consulting Mr. Dave West, Senior Consultant,AndCo Consulting, 4907 Vineland Road, Suite 600, Orlando, Florida discussed the investment environment over the last quarter and expanded on numbers for various funds, cash flow, and asset allocation. Discussion followed on inflation considerations and taking actions to move back to the policy target. Mr. West presented a rebalancing recommendation to ease out of the Brandywine Value Fund and in to the Core Vanguard Total Stock Market Index Fund. Manager Boyle commented on federal stimulus money and labor and material shortages. Further discussion followed on the recommendation, disparities between growth and value, and Mr. West spoke about market expectations and long-term objectives. "MOTION TO ACCEPT THE RECOMMENDATION TO MOVE FIVE (5) MILLION FROM B PAN DYWINETOVANGUARD TOTAL STOCK MARKET." MOTION BYBOARDMEMBER BLAKE. SECONDED BYCHAIRPERSON WITH EE. DISCUSSION. VOTE: BLAKE (AYE); KROHN (AYE); WITHEE (AYE) MOTION CARRIED3-0. 5 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-MAY13,2021 PAGE 3OF4 The Board agreed they would like to discuss real estate allocations at the next meeting. PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:07 p.m. ❖❖ AGENDA NOTE: THE FOLLOWING DISCUSSION HAPPENED IN THE ABSENCE OF A QUORUM TO HEAR THE REMAINDER OF THE QUARTERLY REPORT. NO ACTIONS WERE TAKEN. ❖❖ Roll Call: Chairperson David Withee, present Vice-Chairperson Barbara Watkins, absent Board Member Michael Blake, present Board Member Stephen Krohn, absent Board Member John Ripley, absent City Clerk Christian Gowan, present Mr. West reviewed the April update and noted a small pause in value, a positive performance from the defensive bond allocation, and reviewed several other funds. Manager Boyle noted appreciation for the Board's work and mentioned bringing back the investment rate for review and a potential reduction at a future meeting. 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C.) u)13 X § o &kk § § &kk � o �C.) �C.) ) ) Zo | \ / $ J = = m � q ) u a =p u ) § « , � F- /� k � oo / § § ! + a2 o / , \ ) \ § / § ) � 2 § cn © § � © § 3 , 3 A ® 2 ° ) q / / q / / > E t � % : < % / / ~ \ E \ j - \ ) @ , : G ` 7 - [ 7 - e ) 2 C J S ^ o f / N \ , , J 52 dV s3saP meawlPB § \, wa. ` ® ° k \ k o 04 n a § 5 J 5 & m � m o Q N d C _ Cl) o Q �_ UGH d0 Q O N V V) O N CO N 00 00 M C 1 Z O M ` 07� w =O (O N N L V) O U G H d 0 Q 61 N �W u 1 0 M M O 0� 1� 0 u a o N coN 0 0 'c C Z o r a � o N O O N~in N Q 7 N Z O O N ri L W U W Q 6 6 _ O 0 O ON~V)N co N 0 Z O M N L) ` 0)04 W O UW O Q� CO O QO H d 0 N M (f/ C7'ON N O • N V)N (n a0 0 =( R m 0 a 0) O 1— W (7 O N M O �N r V� M O 6 O • ()N~N N (0 N co M (n N X .-. — -o 0 0 0 0 0 0 0 0 0 0 ❑ O o <o N co v o y co co a N � ujnlaN c o (0-U O ` �N M N LL N =O U C7'O N C (0 O M W _ = N O N o 7 � o r vi N � U J ❑ m O E a m � • O ` OlN 7 (�0 C O v Cy:a N _ p =® WI� I- M COV) N N Z 00 O � (h N ® , Z (n M • Cl) (0 N O ` 0N N N 0 (0 7 C O v CY O N = N CO W D (n O 7 M M a0 00 7 N M O K v (0 4) (O (0 N r v v LL (1 W N O N LL 7 (D a0 ` OlN 7 7 LL r O M =p NC 7 (V 0:5 N O V O G —W R (n co N 0 22 N N M c O � cov M a I— (N r> N N K IL X — -o 10 0 0 0 0 0 0 0 0 0 ❑ X m O N o co co v c�i o chi q a al CM ujnlaN c = N a U- M LL (n c U E -o 2 a (n -6 u LL U E , N O OC o :N � — c � -a o Q > E CL u (7 a� N x C. ❑ oR0 > o E LL co — O Oo 0 m co V, 2 E o R o 0 d m M U` • O o amp v a U a� w m d $ § C C*4 J a § , $ 7y § % ) � . ° \) j ' \) k / Ems \ q J) «o m � o o a Z 2a � O a JA qo , \ O > O ) 0 o \ § / o § 7 \ 6 q 04 o ° 6 z o O tag ® � � � a O �) ^ 2 , tea \ \ O q �) ® _ �2 0 $ \ kmoo kW � � O ® w / D a D LO q / 2 a2 E Ef � O a ® q q § L O/ )o 0) \ )L E \ wzz q : O _ _ \ q \ j a \ ) O > k � ) co/ ` j\ / CO \\ } \ / \ \ )Ea , , , ® e o \ o } >. »Bam.�a �u o m ._. n a 7E k\k § § }§ k7 - o�Gaa o�G ° ]) me aA t | $ S t � ` ° &`£ tea � ° aa � � \ / q , 23 = � - ) ko u k � ) \ � , T F- w o )� ( ♦ k : q \ / o ` / , « \ 5z2 Z I ` 2 § § © @ ) ' ) ' \ ) 2 ` \ e q } / .2 } d 2 > E _ m : a % - u � u _ ` m § ) _ : _ : ~ + g o -. \ � \ 2. @ , , , = 7 g ) 7 a § ) 2 » S t , ` o / / / / E 5 2 . g = . e = >- and awP„m _m�em~ § \, w�. ® ° ) § f ) § E n a E5 E5 & m IL (� M N o n N N L O a M s s V Q N~ Q Off) I� LO O) (00 N LO U C O v V w • N CY:N i O N c0 w N 7 N (O O C Q O N O N Q H Q 7 N N d u y o 0 O N a o w r M O O N Q N O N H Q N N . u y N c0 O O w r r co n O M (O n N 6 C O v O N CY:a N O O O N = R CN N O) M N F Q O N 7 W • uL y N 00 O ^2 O O co ro ro rn c0 N N N r O N O N H Q O) • U c0 c0 O co O O O N _ M N O N O) O O O N ` O)N N N • N F Q N 7 00 O N N a N _ = M I—N N N � W 7 U O O O O O O O O O O O N O (O N N V O v W W W ujn;aa `o `o U U c c R R C U U N N co-O O 7 W Q Q C c,4 W 7 • O � N a L 7 W f N n O O O N c0 � O N 7 c0 N I— O) N (o (o r O) rn o ` N N (O Q v O } (0 0 CY a N N (O co N 1- O W W 7 M (O 7 M Q � O O } M 1— W . 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We appreciate the opportunity to partner with you on this important project. Upon Board approval of the Actuarial Valuation Report, we will upload an electronic copy of the Actuarial Valuation Report along with the required disclosure information to the State portal as required by the State. If you should have any questions concerning the above, please do not hesitate to contact us. Sincerest regards, A'CiL& jv-A� Shelly L.Jones, A.S.A Consultant and Actuary Enclosures POW • . BLauderdale, 68 City Of Wi nter Spri ngs Defined Benefit Plan ACTUARIAL VALUATION AS OF OCTOBER 1, 2020 This Valuation Determines the Annual Contribution for the Plan Year October 1, 2021 through September 30, 2022 to be Paid in Plan Year October 1, 2021 to September 30, 2022 May 24, 2021 lbry. GRS 69 City of Winter Springs Defined Benefit Plan TABLE OF CONTENTS Page Commentary 1 I. Summary of Retirement Plan Costs...........................................................................9 II. Comparison of Cost Data of Current and Prior Valuations ..................................... 11 III. Characteristics of Participants in Actuarial Valuation ............................................. 12 IV. Statement of Assets................................................................................................. 13 V. Reconciliation of Plan Assets................................................................................... 14 VI. Actuarial Gain/(Loss).............................................................................................. 16 VII. Amortization of Unfunded Actuarial Accrued Liability............................................ 17 VIII. Accounting Disclosure Exhibit ................................................................................. 18 IX. Outline of Principal Provisions of the Retirement Plan...........................................27 X. Actuarial Assumptions and Actuarial Cost Methods Used......................................30 XI. Distribution of Plan Participants by Attained Age Groups and Service Groups......35 XII. Statistics for Participants Entitled to Deferred Benefits and Participants ReceivingBenefits ...................................................................................................40 XIII. Reconciliation of Employee Data.............................................................................41 XIV. Projected Retirement Benefits................................................................................42 XV. Recent Plan Experience...........................................................................................43 XVI. State Required Exhibit.............................................................................................45 XVII. Glossary...................................................................................................................49 Ogg70 GRS 71 GRSP:954-527.1616 F; 95-4,525,0083 www_gcsconsultsng,com May 24, 2021 City Council City of Winter Springs Defined Benefit Plan c/o Ms. Casey Howard HR and Benefits Manager 1126 East State Road 434 Winter Springs, Florida 32708 Dear Council Members: October 1, 2020 Actuarial Valuation We are pleased to present our October 1, 2020 Actuarial Valuation for the City of Winter Springs Defined Benefit Plan (Plan). The purpose of this report is to indicate appropriate contribution levels, comment on the actuarial stability of the Plan and to satisfy State requirements. The City has retained Gabriel, Roeder, Smith and Company (GRS) to prepare an annual actuarial valuation under Section 3.02 of the Plan. This report consists of this commentary, detailed Tables I through XV, the State Required Exhibit on Table XVI and Glossary on Table XVII. The Tables contain basic Plan cost figures plus significant details on the benefits, liabilities and experience of the Plan. We suggest you thoroughly review the report at your convenience and contact us with any questions that may arise. Retirement Plan Costs Our Actuarial Valuation develops the required minimum Plan payment for the Plan Year October 1, 2021—September 30, 2022 under the Florida Protection of Public Employee Retirement Benefits Act. The minimum payment consists of payment of annual normal costs including amortization of the components of the unfunded actuarial accrued liability over various periods as prescribed by law. The minimum payment is$1,266,869 (29.9%). The figure in parentheses is the Plan cost expressed as a percentage of projected covered annual payroll for fiscal year October 1, 2021—September 30, 2022 ($4,236,443). This total cost is to be met by member, County and City contributions. We anticipate member contributions will be $211,822 (5.0% of projected covered payroll for fiscal year ending September 30, 2021). The resulting minimum required County and City contribution is $1,055,047 (24.9%). We recommend the City continue to contribute not less than the dollar amount of minimum required contribution due to the closing of the Plan to future general employees. now One East Broward Boulevard I Suite 50572 Council Members May 24, 2021 Page Two Changes in Actuarial Assumptions, Methods and Plan Provisions The Plan provisions remain unchanged from our October 1, 2019 Actuarial Valuation. The Plan provisions are outlined on Table IX. The investment return assumption and mortality assumption for disabled participants have been updated. The mortality assumptions have been updated to use the mortality assumptions used by the Florida Retirement System (FRS) as required under F.S., Chapter 2015-157 based upon the July 1, 2020 FRS Actuarial Valuation. The remaining actuarial assumptions and methods remain unchanged from our October 1, 2019 Actuarial Valuation. The actuarial assumptions and methods are outlined on Table X. Comparison of October 1, 2019 and October 1, 2020 Valuation Results Table II of our report provides information of a comparative nature. The left columns of the Table indicate the costs as calculated for October 1, 2019. The center columns indicate the costs as calculated for October 1, 2020 prior to the update in actuarial assumptions. The right columns indicate the costs as calculated for October 1, 2020 after the update in actuarial assumptions Comparing the left and center columns of Table II shows the effect of Plan experience during the year. The number of active participants increased by approximately 1% while covered payroll decreased by approximately 2%. Total Plan membership increased by approximately 2%. Total normal cost, the unfunded actuarial accrued liability and the net County and City minimum funding requirement all decreased both as a dollar amount and a percentage of covered payroll. Comparing the center and right columns of Table II shows the effect of the update of the actuarial assumptions. Total normal cost, the unfunded actuarial accrued liability and the net County and City minimum funding requirement all increased both as a dollar amount and as a percentage of covered payroll. The value of vested accrued benefits exceeds Plan assets, resulting in a Vested Benefit Security Ratio (VBSR) of 91.9% (92.8% prior to assumptions update) which is an increase from 90.3% as of the October 1, 2019 Actuarial Valuation. The VBSR is measured on a market value of assets basis. Plan Experience The Plan experienced an actuarial loss in the amount of$125,424 this year. This indicates actual overall Plan experience was less favorable than expected. Table XV (salary, turnover and investment yield) provides figures on recent Plan experience. Salary experience indicates actual salary increases averaged approximately 7.8% for General and Forensic G RS 73 Council Members May 24, 2021 Page Three Employees and 4.1%for Firefighters and Police Officers for Plan Year ended September 30, 2020 when compared to the assumed salary increase of 3.1% and 3.4%, respectively. Salary increases were generally a source of actuarial loss. The three, five and ten-year average annual salary increases are 7.0%, 5.4% and 3.6%for General and Forensic Employees, respectively—4.8%, 4.8% and 2.7%for Firefighters and Police Officers, respectively. Employee turnover this year was 260%of the assumed turnover for General and Forensic Employees and 120% of the assumed turnover for Firefighters and Police Officers. Employee turnover was an offsetting source of actuarial gain. The three, five and ten-year average annual turnover is 300%, 240% and 200%, respectively for General and Forensic Employees- 130%, 240% and 230%, respectively for Firefighters and Police Officers. The smoothed value investment return of 8.42% was greater than the investment return assumption of 7.50% (prior assumption). Smoothed value investment return was an additional offsetting source of actuarial gain during the year. The three, five and ten-year average annual smoothed value investment returns are 8.60%, 9.2% and 7.8%, respectively. The one, three, five and ten-year average annual market value returns are 7.81%, 7.08%, 9.2% and 9.1%, respectively. Member Census and Financial Data The City submitted the Member census data used for this Actuarial Valuation to us as of October 1, 2020. This information contains name, Social Security number, date of birth, date of hire, October 1, 2020 rate of pay, actual salary paid and member contributions for the previous year. Dates of termination and retirement are provided where applicable. The City updated information on inactive participants including retirees, beneficiaries and vested terminees. Financial information concerning Plan assets was provided by the City as of September 30, 2020. We do not audit the Member census data and asset information that is provided to us; however, we perform certain reasonableness checks. The City is responsible for the accuracy of the data. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. G RS 74 Council Members May 24, 2021 Page Four Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: Plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan's funded status); and changes in Plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the Plan's future financial condition include: 1. Investment risk—actual investment returns may differ from expected returns; 2. Asset/ Liability mismatch—changes in asset values may not match changes in liabilities, thereby altering the gap between the accrued liability and assets and consequently altering the funded status and the actuarially determined contribution requirements; 3. Contribution risk—actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the Plan's funding policy or material changes may occur in the anticipated number of covered employees, covered payroll or other relevant contribution base; 4. Salary and Payroll risk—actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and the actuarially determined contributions differing from expected; 5. Longevity risk— members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 6. Other demographic risks— members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and the actuarially determined contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the actuarially determined contribution can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in the actuarially determined contribution can be anticipated. The actuarially determined contribution rate shown on page one of the report may be considered as a minimum contribution rate that complies with the Plan's funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the Plan. Users of this G RS 75 Council Members May 24, 2021 Page Five report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust fund may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 2019 2020 Ratio of market value of assets to payroll 12.65 13.82 Ratio of actuarial accrued liability to payroll 14.95 15.89 Ratio of actives to retirees and beneficiaries 0.58 0.56 Ratio of net cash flow to market value of assets -0.3% -0.8% Duration of the actuarial accrued liability 11.57 11.42 Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of the actuarially determined contribution. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates higher (lower) or increasing (decreasing) volatility in the actuarially determined contribution as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of the actuarially determined contributions for a fully funded plan. A funding policy targeting a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging overtime. The ratio of actuarial accrued liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times payroll, a change in actuarial accrued liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in actuarial accrued liability (and also the actuarially determined contribution) as a percentage of payroll. G RS 76 Council Members May 24, 2021 Page Six Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. Duration of Actuarial Accrued Liability The duration of the actuarial accrued liability may be used to approximate the sensitivity to a 1% change in the assumed rate of return. For example, a duration of 10 indicates the actuarial accrued liability would increase approximately 10% if the assumed rate of return were lowered 1%. Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. Summary In our opinion the benefits provided for under the current Plan will be sufficiently funded through the payment of the amount as indicated in this and future Actuarial Valuation reports. We will continue to update you on the future payment requirements for the Plan through our actuarial reports. These reports will also continue to monitor the future experience of the Plan. The actuarial assumptions used in this Actuarial Valuation are as adopted by the Plan. The economic and demographic actuarial assumptions are based upon the results of an Experience Study for the period October 1, 2011—September 30, 2016. The mortality assumptions are as prescribed by statute. Each assumption represents an estimate of future Plan experience. If all actuarial assumptions are met and if all future minimum required contributions are paid, G RS 77 Council Members May 24, 2021 Page Seven Plan assets will be sufficient to pay all Plan benefits, future contributions are expected to remain relatively stable or decrease as a percent of payroll and the funded status is expected to improve. Plan minimum required contributions are determined in compliance with the requirements of the Florida Protection of Public Employee Retirement Benefits Act with normal cost determined as a level percent of covered payroll and a level dollar amortization payment using an initial closed amortization period of 30 years. The Unfunded Actuarial Accrued Liability(UAAL) may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. The UAAL would be different if it reflected the market value of assets rather than the smoothed value of assets. The GASB Net Pension Liability and Plan Fiduciary Net Position as a Percentage of Total Pension Liability may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. The Funded Ratio shown in Table II is for informational purposes and may not be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. This report should not be relied on for any purpose other than the purpose described in the primary communication. Determinations of the financial results associated with the benefits described in this report in a manner other than the intended purpose may produce significantly different results. This report was prepared using ProVal's valuation model, a software product of Winklevoss Technologies. We are relying on the ProVal model. We performed tests of the ProVal model with this assignment and made a reasonable attempt to understand the developer's intended purpose of, general operation of, major sensitivities and dependencies within, and key strengths and limitations of the ProVal model. In our professional judgment, the ProVal valuation model has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. This report has been prepared by actuaries who have substantial experience valuing public employee retirement plans. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. This report may be provided to parties other than the City only in its entirety and only with the permission of an approved representative of the City. G RS 7s Council Members May 24, 2021 Page Eight The signing actuaries are independent of the Plan sponsor. The undersigned are Members of the American Academy of Actuaries and meet the qualification standards of the American Academy of Actuaries to render the actuarial opinions contained in this report. We are available to respond to any questions with regards to matters covered in this report. Very truly yours, h, Shelly L. Jones, A.S.A., E.A. Jennifer M. Borregard, E.A. Consultant and Actuary Consultant and Actuary G RS 99 79 Table I Summary of Retirement Plan Costs as of October 1, 2020 Prior Assumptions Current Assumptions Cost %of Cost %of Data Payroll Data Payroll A. Participant Data Summary(Table III) 1. Active Employees 74 N/A 74 N/A 2. Terminated Vested 167 N/A 167 N/A 3. Receiving Benefits 131 N/A 131 N/A 4. Total Annual Payroll of Active Employees $ 4,236,443 100.0% $ 4,236,443 100.0% B. Total Normal Costs 1. Age Retirement Benefits $ 243,520 5.7% $ 250,211 5.9% 2. Termination Benefits 127,029 3.0% 129,933 3.1% 3. Death Benefits 6,692 0.2% 6,846 0.2% 4. Disability Benefits 3,516 0.1% 3,417 0.1% 5. Estimated Expenses 32,984 0.8% 32,984 0.8% 6. Total Annual Normal Costs $ 413,741 9.8% $ 423,391 10.0% C. Total Actuarial Accrued Liability 1. Age Retirement and Termination Benefits Active Employees $ 12,734,683 300.6% $ 12,915,989 304.9% 2. Death Benefits Active Employees 214,155 5.1% 217,137 5.1% 3. Disability Benefits Active Employees 108,101 2.6% 104,665 2.5% 4. Retired or Terminated Vested Participants Receiving Benefits 41,696,930 984.2% 42,049,921 992.6% 5. Terminated Vested Participants Entitled to Future Benefits 9,998,885 236.0% 10,143,331 239.4% 6. Deceased Participants Whose Beneficiaries are Receiving Benefits(includes DROs) 1,765,246 41.7% 1,778,248 42.0% 7. Disabled Participants Receiving Benefits 0 0.0% 0 0.0% 8. Miscellaneous Liability(Refunds in Process) 118,808 2.8% 118,808 2.8% 9. Total Actuarial Accrued Liability $ 66,636,808 1572.9% $ 67,328,099 1589.3% D. Assets(Table V) 1. Smoothed Value of Assets $ 58,929,456 1391.0% $ 58,929,456 1391.0% 2. Market Value of Assets $ 58,544,989 1381.9% $ 58,544,989 1381.9% E. Unfunded Actuarial Accrued Liability (C.9.-D.1.) $ 7,707,352 181.9% $ 8,398,643 198.2% QwCity of Winter Springs Defined Benefit Plan 80 Table I (Cont'd) Summary of Retirement Plan Costs as of October 1, 2020 Prior Assumptions Current Assumptions Cost %of Cost %of Data Payroll Data Payroll F. Minimum Required Contribution 1. Total Normal Cost(including expenses) $ 413,741 9.8% $ 423,391 10.0% 2. Amortization of Unfunded Liability 741,387 17.5% 790,747 18.7% 3. Interest Adjustment 50,735 1.2% 52,731 1.2% 4. Total Payment $ 1,205,863 28.5% $ 1,266,869 29.9% G. Expected payroll of active employees for FYE 2022 (1.000 x$4,236,443) $ 4,236,443 100.0% $ 4,236,443 100.0% H. Contribution Sources(percent of expected 2022 payroll) 1. County and City $ 994,041 23.5% $ 1,055,047 24.9% 2. Member 211,822 5.0% 211,822 5.0% 3. Total required contribution $ 1,205,863 28.5% $ 1,266,869 29.9% I. Actuarial Gain/(Loss) $ (125,424) (3.0%) $ (125,424) (3.0%) J. Actuarial Present Value of Vested Accrued Benefits 1. Retired,Terminated Vested, Beneficiaries and Disabled Receiving Benefits $ 43,462,176 1025.9% $ 43,828,169 1034.6% 2. Terminated Vested Participants Entitled to Future Benefits and Miscellaneous 10,117,693 238.8% 10,262,139 242.2% 3. Active Participants Entitled to Future Benefits 9,478,069 223.7% 9,610,004 226.8% 4. Total Actuarial Present Value of Vested Accrued Benefits $ 63,057,938 1488.5% $ 63,700,312 1503.6% K. Unfunded Actuarial Present Value of Vested Accrued Benefits(J.4.- D.2., not less than zero) $ 4,512,949 106.5% $ 5,155,323 121.7% L. Vested Benefit Security Ratio(D.2.=J.4.) 92.8% N/A 91.9% N/A City of Winter Springs Defined Benefit Plan 81 N ' 0° p o 0 0 0 0 0 0 o Q Q Z Z Z O O M M O m N m Z Z m m O O Qi M r4 r4 00 .4m O- � l0 M M r m N -I 0 N d N 0) r-I r-I r-I r-I +••� O ° CL N N E Q N 0 m E VN1 L I, r-I M r-I m r-I to a) M rl c c Q al I, l0 M m m r-I In 00 O r-I r-I M O In m to O a) C l0 M 00 N C � 00 U- 0 al V M N N N m In Ln i 0 N m N M O m Ln M O 0A V V 0 IZ O^ Ln Ln Q V) L lH Q Q o g z z z o 00 m r1 O am am In z z m O Qi N U. r4 r4 r4 M U 0 N O� In l0 M M 0r0 N O C � a e Q r-I r-I r-I r-I . O O N E f�6 Q. N V E r4 = L � r, r-I M r-I 00 O to m N r-I W V I, l0 M O N In 00 In 00 m Q O r-I r-I I, 00 r-Im M O N m 0000 O 0 N m N to N m LnO^ m N a O N to m DO r-I Ln I�(, 0 l0 l0 In In L V 0 c a a a o 0 0 0 0 0 0 o a s f6 •° z z z o m m 00 O O m m z z Ol 41 m O O .4 -4 to Ur 00 00 N O0 r-I a) In N N N N O O C N O Q. r-I r-I °r-I' E N V O ri V M n In ri M 00 m to I, N N o 0 O I, to N N n O n m to M M IZ r-I r-I M m N O r-I to O to O O O u N O^ In In In r-I O In m 00 0 ; m M to N I, n m N m Io Io In In O V IA- IA- IA- IA- IA- 0 C O •L m CL E O CJ v +' o E a E > a w +- ti o > n O a v J C LL O n a1 c� U "a n Lnm ++ > c "a LL O Q L N io p a1 Q- -am 7 U 7 O E +�+ w c _ U a) m a) U U W m C C m V 7 > Q m v Q E Q m > E F Lo io > a> > a) m +� Q •.p L U ++ ++ t ++ -a to c u a) a) O Z L c ++ v +� v = .� Q H H — m O Y LL' c O > Il r� c i cri p u E m c p r� r i u7 a H Q a V) 2 v U Q m U ci u.i Ii d 2 _ Table III Characteristics of Participants in Actuarial Valuation as of October 1, 2020 A. Active Plan Participants Summary 1. Active participants fully vested 50 2. Active participants partially vested 0 3. Active participants non-vested 24 4. Total active participants 74 5. Annual rate of pay of active participants $ 4,236,443 B. Retired and Terminated Vested Participant Summary 1. Retired or terminated vested participants receiving benefits 117 2. Terminated vested participants entitled to future benefits 167 3. Deceased participants whose beneficiaries are receiving benefits (includes DROs) 14 4. Disabled participants receiving benefits 0 C. Projected Annual Retirement Benefits 1. Retired or terminated vested receiving benefits $ 3,876,731 2. Terminated vested entitled to future benefits $ 1,632,301 3. Beneficiaries of deceased participants (includes DROs) $ 192,979 4. Disabled participants $ 0 R MhW City of Winter Springs Defined Benefit Plan 83 Table IV Statement of Assets as of October 1, 2020 Assets Market Value A. Cash and Cash Equivalents $ 515,192 B. General Investments 1. Common Stock $ 38,703,802 2. Bonds 10,198,150 3. Real Estate 5,574,338 4. Other 2,917,815 C. Receivables 1. Accrued Interest $ 0 2. Employee Contribution Receivable 24,638 3. City and County Contributions Receivable 611,054 4. Accounts Receivable 0 D. Payables 1. Accounts Payable $ 0 2. Due to Broker 0 E. Plan Assets (A+ B +C- D) $ 58,544,989 FRS City of Winter Springs Defined Benefit Plan 84 Table V Reconciliation of Plan Assets A. Market Value of Assets as of October 1, 2019 $ 54,713,697 B. Receipts During Period 1. Contributions a. Member $ 217,975 b. City and County 3,213,927 c. Total $ 3,431,902 2. Investment Income a. Interest and dividends $ 793,550 b. Realized/ unrealized gains (losses) 3,741,524 c. Investment expenses (281,074) d. Net investment income $ 4,254,000 3. Total receipts during period $ 7,685,902 C. Disbursements During Period 1. Pension payments and contribution refunds $ 3,821,626 2. Administrative expenses 32,984 3. Total disbursements during period $ 3,854,610 D. Market Value of Assets as of September 30, 2020 $ 58,544,989 Qv City of Winter Springs Defined Benefit Plan 85 to co > M O M M a CJ NI M M N N C OJ 00 OJ C Ln N I� OJ N Ln N 0 M M 01 1.0 NI M M O N Ln Ln Ln Q L Y Ln N c I l0 1.0 Il O N Ln lzl 00 O N M m N M NI M M O O N U N Ln M O cn M LLn 00 � � � LNn L Ol N Ln r-I M N N M M O m m E No Ol Ln M -* N w N 00 00 +' Ln Ln Q N N -L� O l0 I, Ol 00 O 1.0 Ln N m O O N l0 I� r-I 1.0 r� o 0 a) 00 O O I� N l0 l0 l0 m -* Ln 00 a) Ln l0 N c-I l0 Ol I� O l0 M N Ln � It C M Ol a N 00 � DO O Ol M N I� l0 M Ol N l0 N Ln Ol M Ln m 00 Ln c I N Ln 00 l0 M M O m 1-I O N Ln M N 00 y�j 0 I, N Ln N O c-I M -* N Ln cn N 00 cn M Q N * * 00 00 O l0 00 � Ln Ln Ln Ln r� Ln O 0) 3 R Ln I� r-I O N m O O m N l0 l0 00 l0 Ol o 0 .a I� r-I Ol -* N M r-I -* l0 l0 Ol Ol N M Ln -* R* O Ol Ln Ln l0 O N Ol I� Ln r-I m M M c-I Ol r-I R* Ol Co t Ol c-I M Ln I� N Ol N l0 N N O Ol l0 O Ol Ln ^ N Ol M ci Ln M M m M O Ol r-I Ol N Ln Ln I, Ln R* O O 00 R* N r-I R* r-I l0 M R* N Ln r-I I� l0 N N O N O M -:::� Ln M -:::� E Ln Ln Ln Ln 1.0 Ln N O N � E > Q O t O N O 0 Ln > o LJJLn O I� , C a) O L r ri E c a 0 uJ +, m m E O L > N L n O m ,+� O c L, io L Li p 0up E O > O , — LO N ++ C a > 01 3 C 01 OU O 01 o Oo L L T 0 N ` > C O 0 N O w N E +, C 0 W v m v a -0 O u v +' (0 (�0 0 0 v O > U 01 01 C L L 01 01 l0 E E > m +' N (� C O v (0 E (0 :0 LL L L -a +' C O E 0A a L > E Q to > > > O + O O L N (0 01 C ++ 7 01 L L 0.0 (6 N LO >. L �' N 'a 'a ++ O 01 Y O O O N > L O N L 'L O E 3 L v ,o a .2 a c + 0 0 E 0 > > > v v E 7 7 c v Q c Q Q O E D L L C v co c > m O O - L +� O a L E - Q v v > v v �_ 0 E E � L v t o o �' + Q 3 0 rI v L L Q Q U IL Ln LL a Q D -j U' N i c v +, O a` z c r-I �i M a ri r i r6 .4 Ur '.o ri r i cri 4 0 vEi Ln Q m U 6 u.i Table VI Actuarial Gain/ (Loss) for Plan Year Ended September 30, 2020 A. Derivation of Actuarial Gain /(Loss) 1. City and County net normal cost previous valuation $ 254,707 2. Unfunded actuarial accrued liability previous valuation 9,900,062 3. City and County contributions previous year 3,213,927 4. Interest on: (a) City and County net normal cost $ 19,103 (b) Unfunded actuarial accrued liability 742,505 (c) City and County contributions 120,522 (d) Net total: (a) + (b) -(c) $ 641,086 5. Increase/ (decrease) in unfunded actuarial accrued liability due to assumption changes $ 691,291 6. Expected unfunded actuarial accrued liability current year: (1. + 2. -3. +4. + 5.) $ 8,273,219 7. Actual unfunded actuarial accrued liability current year 8,398,643 8. Actuarial gain/ (loss): (6. -7.) $ (125,424) B. Approximate Portion of Gain /(Loss) due to Investments 1. Smoothed value of assets previous year $ 54,759,146 2. Contributions during period 3,431,902 3. Benefits and administrative expenses during period 3,854,610 4. Expected appreciation for period 4,091,084 5. Expected smoothed value of assets current year: (1. + 2. -3. +4.) $ 58,427,522 6. Actual smoothed value of assets current year $ 58,929,456 7. Approximate investment gain/(loss) due to investments: (6. -5.) $ 501,934 C. Approximate Portion of Gain /(Loss) due to Liabilities: A.8. - B.7. $ (627,358) FRS City of Winter Springs Defined Benefit Plan 87 Table VII Amortization of Unfunded Actuarial Accrued Liability A. Unfunded Actuarial Accrued Liability Unfunded Amortization Date Liability Payment October 1, 2020 $ 8,398,643 $ 790,747 October 1, 2021 $ 8,170,881 $ 790,747 October 1, 2022 $ 7,926,264 $ 790,747 October 1, 2023 $ 7,663,545 $ 790,747 October 1, 2024 $ 7,381,385 $ 790,747 October 1, 2050 $ 0 $ 0 B. Covered Payroll History Covered Annual Date Payroll Increase October 1, 2020 $ 4,236,443 (2.1%) October 1, 2019 $ 4,325,321 (14.2%) October 1, 2018 $ 5,042,067 (8.9%) October 1, 2017 $ 5,537,207 (6.4%) October 1, 2016 $ 5,916,189 (13.9%) October 1, 2015 $ 6,868,214 (3.2%) October 1, 2014 $ 7,093,513 (4.5%) October 1, 2013 $ 7,431,031 (9.6%) October 1, 2012 $ 8,216,342 (7.4%) October 1, 2011 $ 8,875,836 (13.9%) October 1, 2010 $ 10,304,054 N/A Ten-Year Average Annual Increase (8.5%) G R City of Winter Springs Defined Benefit Plan 88 Table VIII Accounting Disclosure Exhibit Prior Current Assumptions Assumptions 10/01/2019 10/01/2020 10/01/2020 I. Number of Plan Members a. Retirees and beneficiaries receiving benefits 125 131 131 b. Terminated plan members entitled to but not yet receiving benefits 167 167 167 c. Active plan members 73 74 74 d. Total 365 372 372 II.Financial Accounting Standards Board Allocation as of October 1,2020 A. Statement of Accumulated Plan Benefits 1. Actuarial present value of accumulated vested plan benefits a. Participants currently receiving benefits $ 38,318,553 $ 43,462,176 $ 43,828,169 b. Other participants 22,281,079 19,595,762 19,872,143 c. Total $ 60,599,632 $ 63,057,938 $ 63,700,312 2. Actuarial present value of accumulated non-vested plan benefits $ 274,181 $ 155,350 $ 157,702 3. Total actuarial present value of accumulated plan benefits $ 60,873,813 $ 63,213,288 $ 63,858,014 B. Statement of Change in Accumulated Plan Benefits 1. Actuarial present value of accumulated plan benefits as of October 1,2019 $ 60,873,813 2. Increase(decrease)during year attributable to: a. Plan amendment $ 0 b. Change in actuarial assumptions 644,726 c. Benefits paid including refunds (3,821,626) d. Other, including benefits accumulated, increase for interest due to decrease in the discount period 6,161,101 e. Net increase $ 2,984,201 3. Actuarial present value of accumulated plan benefits as of October 1,2020 $ 63,858,014 C. Significant Matters Affecting Calculations 1. Assumed rate of return used in determining actuarial present values 7.40% 2. Change in Plan provisions None. 3. Change in actuarial assumptions See Table X, Item L. City of Winter Springs Defined Benefit Plan "89 CD O N -p 0 N O O m l0 Ln 00 N N N m l0 W O M 01 N O o M o N N i"� �, iF O M O m I, Ln O l0 M N cl I, 00 rI 00 O l0 Ln O O I� O N O M 00 c-I l0 00 00 O m N m N m ^ In N N O O 01 N O m' c-I c-I' Ln c-I Ln I, -1 -1 I, Ln N m' � 00 00 0 \ \ m (> V O m Ln l0 m Ill � n c-I Ln c-I N Ill M O � � l0 00 m � `� O m f6 01 N m 00 0 0 N M' m M N r" N N Ill m M N -1 O M ~ O O NLn W c-i .--i 00 a) 00 � m O_ a` w m v Ln Ln U1 tn tn tn tn tn tn tn O l0 O Ill N l0 00 I- Ill O l0 0 O N I) mm o M o � m Ln I, N 00 N 0 0 O N I- O N 00 m m 00 c-I l0 � N � O m N c-I - l0 m m 00 m m O l0' m N l0 m 00 r-, c-I � O O 0 c-I' 0 m m c-I' � O Ill M r, � c-I N c-I' M zt O 00 zt \ \ C N O m 0 I, N 0 -j r, ci c-I Ill N M m zt m 00 m ^ 0 0 O\ n Ill � 00 M l0 m N N N 00 00 rl Lfl M M M N M Ln m t cri M � 00 I, � o m m l0 l0 Ln Ln c-I b.0 L Q lD c-I o Ln o N o c-I c-I lD 00 zt N M o mzt n zto Ln 0 00 O cn m m Ill c-I I, m O O 00 N c-I N 00 c-I m O Ln M O 0 L m O M ci m D N O c Lfl l0 N o n m N N 0 N M 1-1 0 O O O -Zt Ill n 0 m N c-I M I, <D O Lf O\ O N r, m 00 I, r, c-I N 0M r, <D 00 m c-I m 00 O O\ <D N N c-I l0 m r" N N a n 00000 m M ri M M o lmD" �i ri M ri �ml" t 00 � m w m v Ln tn tn tn tn tn tn I tn t U I, O O Ln rI to r, - rI w Ln m to 0 o ort zt r, to to -Zt O O to to m to -Zt m O r, m 00 00 l l 4m O O ' ll -1 0N N l 0 M O Ln O M l t m 00 00 N O N O Ln N M M I- 0 � m 0 � m <D m m m O 00 � M 1-1 O Ln z -1 Lfl m l0 rl � <D � N m M O B O M m M � N N � Ln O N Ill N Ill 00 Lmf1^ r, Ill O\l m tn tn tn tn tn tn tn tn m r o Fz, Ln o0 o zt zt m m m oo o o zt zt o o Ln o 0 00 Ln O w r O o0 00 to Ln O m O m Ln m 00 w m I� m O c-I m m m n N l0 M N Lf1 M N � N O O 0 n m N 0 m c-I c-I' m Ln N c-I m Ln 'zt n c-I N <D 0 O\ N m N m N I- 00 00 00 � Ln r, Lf1 0N m I, 00 � M 1-1 O\ 0 N Lf1 Lfl l0 c-I Lfl Il <D M 00 l0 O O O l0 00 m M Z v N N `M Ln N Ill N 0 � oo r, Ill O\l m tn tn tn tn tn tn tn tn c-I m Ozt O N 0 00 t <D n N N 00 O Ln m -zt O o m o Ln I-i00 r m r, r to w m Ln Ln r, O to to m Ln o L <D N 00 m m c-I 00 m m N m N r' N r' � Lf1 O 0 0 X 00 m Ln O M 00 -1 0m I- O 00 'zt N I, -zt 06c-I \ O\ LU ON O Ill r, Ill m w w w I, r, Ill N 00 N Ill I� ^ O M N \ 00 O N l0 00 Lfl Lfl O l0 M O Lfl l0 \ \ 0 Z N N O Ln `M N N � M � 0O m kn O40 m 0 tn tn tn tn tn tn tn tn 4 N o o M r, p1 n -i 00 00 lD o Ol I� o w c-I m m o Ln o O m I O o Ln lI o t O ol o m O o o m Ln 1 o-I 0 - l l .4 m N N 0 I, 00 N M l 00 N 00 l N N 0 O \ \ N Nm Ln O O 00 O 00 m Ln O 'zt N 0 N r, r, C) cO O O 00 00 c-I N M Ill 00 M m N Ill 00 M Ill O -1 0 00 U \ m v N N 00 O N N Ln M M cm-I n O m z Q D m .n .n .n .n .n .n .n .n a L7 m o o r o 00 o r r wo � oo o o r r o o m o ^ c-I N 00 O Ln 0 .--I O O 'zt O N N 'zt 0 Ln O O 0) -O 00 c-I lzl N N N Lf1 Lf1 Lf1 M N `3 n Ill N N m m Ln N N to c O 0 0c-I -Zt r, 00 Ill r- m Ill -Zt m 00 N c-I t Ln m 00 � \ c 7 N 00 000 r- m O O N 000 I, Ln � r, N o0 n o Ln O m 0 00 l0 L!1 m m L!1 L!1 L!1 M 00 m c-I l0 c-I 00 l0 M N = _0 0) M r r 0 00 M r m m o m o 0 w c c v v � o o l0 Q w ° c T O z 06 u O O C CJ CJ J - 01 O o v w w ° a a z x E T E > Q ° w m y a m o °aO o -M Q) u O O t O 1 v n v -3 v N 7O 0 T 000 > CL O ° E N w 'en 'to � a w o -O C vi 00 0) L '3 O 01 N M c 7 to ; <D N V N d O o d d O l0 c N 00 00 J 00 - O O L v c -O v, � a u z �O c .0 V 7 + + + 7 Q a� > > o cco w E u oc L .O .O z O ° o m 3 > ° 3 a > E o c a w w w a w a Q E c ° a °0 a c a c - a v �D v — o m ° a c o ° m v v w m v v v ° m m - -O z c d Z Z cp Z O C 01 01 'O - O C c to N u c c i Vt Vt j .� i i J V ° 0i o ° m c T 'v o 0 0 0 o E v .° ° c o E v 0 0 ° > a E o t a o m en '� u m to u 'u g u w a vl c to a a v U U a c c c O '� '� in O O c o c w u v w a E v w a i w w c w c v i i a i a m o m u o m m w v ° a m m a, v v a c Q a o aci v�i 00) v 0 o f0 0 o v aci L v cco cco v cco o a o ° 0i °- v o 0_ w H V) m 0 ¢ m z 0- u u z m Q 0 z a a z 0- u z z > 0 a` V) z Q o] CJ 0 LLi LL 6 Table VIII (Cont'd) Accounting Disclosure Exhibit IV. Schedule of Employer Contributions(GASB No.67& No. 68) Actuarially Contribution Actual Contribution Fiscal Year Determined Actual Deficiency/ Covered as a%of End 9/30 Contribution Contribution 1 (Excess) Payroll 2 Covered Payroll 2011 $ 2,616,924 $ 2,616,924 $ 0 $ 10,304,054 25.40% 2012 1,965,643 1,913,717 51,926 8,875,836 21.56% 2013 2,258,769 2,258,798 (29) 8,216,342 27.49% 2014 2,474,578 2,527,508 (52,930) 7,369,943 34.29% 2015 2,230,908 2,392,948 (162,040) 7,070,355 33.84% 2016 2,067,445 2,586,936 (519,491) 6,671,503 38.78% 2017 1,831,495 2,605,753 (774,258) 5,846,435 44.57% 2018 1,613,548 2,635,968 (1,022,420) 5,342,971 49.34% 2019 1,484,498 2,924,706 (1,440,208) 4,800,755 60.92% 2020 1,389,125 3,213,927 (1,824,802) 4,334,163 74.15% 20213 1,251,632 1,251,632 0 4,236,443 29.54% i Per City CAM prior to September 30,2014 2 Reported payroll on which contributions to the Plan are based as provided under GASB No. 82 (projected prior to fiscal year ended September 30,2014) 3 Projected -actual amounts will be available after fiscal year end City of Winter Springs Defined Benefit Plan 91 Table VIII (Cont'd) Accounting Disclosure Exhibit V. Notes to Schedule of Contributions (GASB No. 67 & No. 68) Valuation Date: Actuarially determined contributions are calculated as of October 1st - two years prior the fiscal year end in which contributions are reported. Methods and Assumptions Used to Determine Contribution Rates for Fiscal Year Ending September 30, 2021: Actuarial Cost Method Entry Age Normal Amortization Method Level dollar, closed Amortization Period 30 years Asset Valuation Method 5-year smoothed market Inflation 2.75% Salary Increases 3.0%-4.5% Investment Rate of Return 7.50% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality For healthy General Employee participants during employment, PUB-2010 Headcount Weighted General Below Median Employee Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. For healthy General Employee participants post employment, PUB-2010 Headcount Weighted General Below Median Healthy Retiree Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. For healthy Firefighter, Police Officer and Forensic Professional participants during employment, PUB-2010 Headcount Weighted Safety Employee Female Mortality Table and Safety Below Median Employee Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale M P-2018. For healthy Firefighter, Police Officer and Forensic Professional participants post employment, PUB-2010 Headcount Weighted Safety Healthy Retiree Female Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. For disabled General Employee participants, PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table, separate rates for males and females, both set forward 3 years, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. For disabled Firefighter, Police Officer and Forensic Professional participants, 80% PUB- 2010 Headcount Weighted General Disabled Retiree Mortality Table / 20% PUB-2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males and females, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. �G R City of Winter Springs Defined Benefit Plan 92 Table VIII (Cont'd) Accounting Disclosure Exhibit V. Notes to Schedule of Contributions (GASB No. 67 & No. 68) (cont'd) Other Information: Benefit Changes 2011: Plan closed to future general employees; pensionable earnings to base pay, overtime - maximum 150 hours and accrued leave balance as of July 1, 2011; vesting schedule updated; unreduced early retirement eligibility updated; final average pay updated to five year average and future service benefit accrual rate reduced for general employees. Assumption Changes 2019: Investment return, mortality rates and disability rates updated. 2017: Investment return, salary increase, withdrawal and retirement rates updated. 2016: Mortality rates updated. 2014: Disability rates updated. VI. Discount Rate (GASB No. 67 & No. 68) Discount rates of 7.50% and 7.40%were used to measure the September 30, 2020 and September 30, 2021 TPL, respectively. These discount rates were based on the expected rate of return on Plan investments of 7.50% and 7.40%. The projection of cash flows used to determine these discount rates assumed member contributions will be made at the current member contribution rate and City and County contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member contribution rate. Based upon these assumptions, the Plan's fiduciary net position was projected to be available to make all projected future expected benefit payments of current Plan members. Therefore, the long-term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the TPL. VII. Sensitivity of the NPL to the Discount Rate Assumption (GASB No. 67 & No. 68) Measurement date: September 30, 2020 Current 1% Decrease Discount Rate 1% Increase Discount Rate 6.50% 7.50% 8.50% NPL $ 14,896,257 $ 7,430,819 $ 1,152,490 Measurement date: September 30, 2021 Current 1% Decrease Discount Rate 1% Increase Discount Rate 6.40% 7.40% 8.40% NPL $ 16,018,034 $ 8,368,960 $ 1,940,936 * Projected -actual amounts will be available after fiscal year end R City of Winter Springs Defined Benefit Plan 93 Table VIII (Cont'd) Accounting Disclosure Exhibit VIII. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions- Reporting Date (GASB No. 68) Pension Expense for Fiscal Year Ending September 30, 2021 $ 1,821,152 Summary of Outstanding Deferred Inflows and Outflows of Resources as of September 30, 2021 Deferred Outflows Deferred Inflows of Resources of Resources Differences between actual and expected experience on liabilities $ 234,346 $ 0 Changes of assumptions or other inputs 197,310 0 Net difference between projected and actual earnings on pension Plan investments 384,467 0 Total $ 816,123 $ 0 Projected Deferred Outflows for County and City Contributions to Be Recognized after the Measurement Date $ 1,251,632 Summary of Deferred Outflows and Inflows of Resources that to Be Recognized in Pension Expense in Future Years. Year Ending 30-Sep Amount 2022 $ 139,304 2023 203,806 2024 506,277 2025 (33,264) 2026 0 Thereafter 0 Fi City of Winter Springs Defined Benefit Plan 94 LO o R m « o e ^ e \ \ ƒ g $ \ Q Q $ / m E G m 3 Q 3 \ / ® / m / / ® / w f \ $ y V ] o S R ° E r, / ° m @ / & m e z e / r / /G m / m / "0 o z 00 - \ / y � e m G o ƒ m r o g ~ m { / / / m / -i / / 0 « z _ / _ _ % « y > f _ % S ° T � p ° m g z » » _ » « « z o / / m ƒ / / Q 0 z « ± & z r m « m - » 00 2 0 ° 0 � \ ° E Ln 3 / « e 2 z z r & _ y w / / \ , a (j) ® % ' w \ \ ° Ln o o ° Ln \ \ \ 0 / / � 0 / / ° / y « d � ® E z G mo ° o Ln » o / % C E / w » G G = § \ \ \ / m 00 / � m \ u \ a) � J _0 ® ® ° 7 ) a m o o e / « o m ^ z ® e r-I® Q _ / m@ Q \ G E / ƒ ƒ o \ / / / 2 / m _ / z \ a) ® ® ) G % \ §$ § § \ z j m e_ \ > / } \ \ \ \ k / C e m � \ — k - q - 8 ` x - / - \ - ` o k / ` % E G § / \ 5 \ » § « } E o % f \ ƒ § ƒ \ / ` 3 s = » CO- 2 CO 2 3 \ { / 0 § / / 0 o 0 o § / 7 / G } / \ } § - T, ® \ a ® / « § J ^ E ^ } Q \ § 2 / § ƒ \ ƒ \ \_ / \_ 5 7 \ E / j = 2 G } 3 } 3 / , / 3 @ �Q Table Vill (Cont'd) Accounting Disclosure Exhibit The following information is not required to be disclosed but is provided for informational purposes. X. Recognition of Deferred Outflows and (Inflows) due to Liabilities - Measurement Date (GASB No. 68) Recognition of Deferred Outflows due to Differences Between Actual and Expected Experience on Liabilities Remaining Initial Recognition Recognition Recognition Period as of Amount for Balance as of Established Initial Balance Period 9/30/2020 2019/2020 9/30/2020 2016/2017 $ 0 3.2 0.0 $ 0 $ 0 2017/2018 $ 124,345 2.2 0.0 $ 11,305 $ 0 2018/2019 $ 1,281,355 1.9 0.0 $ 606,958 $ 0 2019/2020 $ 569,125 1.7 0.7 $ 334,779 $ 234,346 TOTAL $ 953,042 $ 234,346 Recognition of Deferred (Inflows) due to Differences Between Actual and Expected Experience on Liabilities Remaining Initial Recognition Recognition Recognition Period as of Amount for Balance as of Established Initial Balance Period 9/30/2020 2019/2020 9/30/2020 2016/2017 $ (592,087) 3.2 0.0 $ (37,006) $ 0 2017/2018 $ 0 2.2 0.0 $ 0 $ 0 2018/2019 $ 0 1.9 0.0 $ 0 $ 0 2019/2020 $ 0 1.7 0.7 $ 0 $ 0 TOTAL $ (37,006) $ 0 Recognition of Deferred Outflows due to Changes of Assumptions or Other Inputs Remaining Initial Recognition Recognition Recognition Period as of Amount for Balance as of Established Initial Balance Period 9/30/2020 2019/2020 9/30/2020 2016/2017 $ 526,115 3.2 0.0 $ 32,882 $ 0 2017/2018 $ 2,531,601 2.2 0.0 $ 230,145 $ 0 2018/2019 $ 0 1.9 0.0 $ 0 $ 0 2019/2020 $ 479,182 1.7 0.7 $ 281,872 $ 197,310 TOTAL $ 544,899 $ 197,310 City of Winter Springs Defined Benefit Plan 96 Table Vill (Cont'd) Accounting Disclosure Exhibit The following information is not required to be disclosed but is provided for informational purposes. X. Recognition of Deferred Outflows and (Inflows) due to Liabilities - Measurement Date (GASB No. 68) (cont'd) Recognition of Deferred (Inflows) due to Changes of Assumptions or Other Inputs Remaining Initial Recognition Recognition Recognition Period as of Amount for Balance as of Established Initial Balance Period 9/30/2020 2019/2020 9/30/2020 2016/2017 $ 0 3.2 0.0 $ 0 $ 0 2017/2018 $ 0 2.2 0.0 $ 0 $ 0 2018/2019 $ 0 1.9 0.0 $ 0 $ 0 2019/2020 $ 0 1.7 0.7 $ 0 $ 0 TOTAL $ 0 $ 0 XI. Recognition of Deferred Outflows and (Inflows) due to Assets- Measurement Date (GASB No. 68) Recognition of Deferred Outflows/ (Inflows) due to Difference Between Projected and Actual Earnings on Pension Plan Investments Remaining Initial Recognition Recognition Recognition Period as of Amount for Balance as of Established Initial Balance Period 9/30/2020 2019/2020 9/30/2020 2015/2016 $ (1,064,950) 5 0 $ (212,990) $ 0 2016/2017 $ (2,480,800) 5 1 $ (496,160) $ (496,160) 2017/2018 $ (1,512,347) 5 2 $ (302,469) $ (604,940) 2018/2019 $ 2,697,710 5 3 $ 539,542 $ 1,618,626 2019/2020 $ (166,324) 5 4 $ (33,265) $ (133,059) TOTAL $ (505,342) $ 384,467 Qv City of Winter Springs Defined Benefit Plan 97 Table IX Outline of Principal Provisions of the Retirement Plan A. Effective Date Plan adopted as a Money Purchase Floor Offset plan on October 1, 1997. Plan amended and restated as a Defined Benefit Plan effective October 1, 2000. Plan most recently amended by Resolution 2017-10 adopted November 13, 2017. B. Eligibility Requirements General Employees hired prior to October 1, 2011, Police Officers and Forensic Professionals working 30 or more hours per week are eligible to join the Plan on the first day of the month following completion of six (6) months of service. Electing transferring Firefighters as of October 2, 2008 under the Agreement with the County. C. Accrual Service Years of Accrual Service are any Plan Years during which an Employee completes at least 1,000 hours of service, including years of service completed prior to participation in the Plan. D. Compensation Wages, salaries and other amounts received (whether or not paid in cash) for personal services actually rendered in the course of employment. Effective October 10, 2011 Compensation shall exclude commissions, bonuses, overtime pay in excess of one hundred fifty (150) hours per Plan year and payments for accrued leave in excess of the dollar amount of an Employee's accrued leave balance on July 1, 2011. E. Final Average Compensation Average earnings during the best five (5) consecutive Plan Years out of the last ten (10) Plan Years preceding termination or retirement, but not less than the three (3) highest consecutive compensation periods during employment with the City as of September 30, 2011. F. Normal Retirement 1. Eligibility: (a) Attainment of age 65; or (b) Completion of 30 years of service and determined to be disabled under the City's long term disability insurance policy. F� City of Winter Springs Defined Benefit Plan 98 Table IX (Cont'd) Outline of Principal Provisions of the Retirement Plan 2. Benefit: For Firefighters, Police Officers and Forensic Professionals, 3.00% times Final Average Compensation multiplied by Accrual Service, up to a maximum of 30 years. For General Employees, 3.00% times Accrual Service earned through September 30, 2011 times Final Average Compensation plus 2.50%times Accrual Service earned after September 30, 2011 times Final Average Compensation, up to a maximum of 30 years of Accrual Service. G. Early Retirement 1. Eligibility: (a) Attainment of age 55 and completion of 15 years of service; or (b) Completion of 25 years of service. 2. Benefit: Benefit accrued to date of early retirement, actuarially reduced for each year early retirement benefit commencement precedes age 55. A participant as of September 30, 2011 who attains age 55 and completes 10 or more years of service but less than 15 years of service may receive the accrued benefit as of September 30, 2011 payable without actuarial reduction plus the accrued benefit earned after September 30, 2011 payable with actuarial reduction from normal retirement date. H. Late Retirement 1. Eligibility: Continued employment beyond Normal Retirement Date. 2. Benefit: Greater of(a) and (b): (a) Accrued benefit calculated as for Normal Retirement based upon service and pay at Late Retirement Date. (b) Actuarially increased benefit as of Late Retirement Date. I. Disability Retirement 1. Eligibility: Completion of 30 years of service and determined to be disabled under the City's long term disability insurance policy. 2. Benefit: Accrued benefit calculated as for Normal Retirement based upon service and pay at Disability Retirement Date. R City of Winter Springs Defined Benefit Plan 99 Table IX (Cont'd) Outline of Principal Provisions of the Retirement Plan J. Death Benefit Beneficiary entitled to a monthly benefit supported by the present value of the non-forfeitable accrued benefit at the time of the participant's death. If death occurs after actual retirement, the beneficiary receives whatever is payable under the form of benefit option elected. K. Participant Contributions Five percent (5%) of compensation. L. Vested Benefit Upon Termination 100% vested in required participant contributions. Participant contributions made after October 1, 2000 are included in the deferred vested benefit payable at normal or early retirement date. Upon termination of service prior to normal or early retirement date a participant shall be entitled to a benefit payable at normal or early retirement date calculated as for normal retirement. Based upon pay and service at date of termination multiplied by a percentage from the following table. Years of Service Vested Percentage Less Than 7 0% 7 or More 100% M. Normal Form of Payment of Retirement Income Monthly benefit payable for life. Other Options Actuarially equivalent joint and survivor at 50%, 75%, 100%; or ten (10)years certain and life. N. Changes Since Previous Valuation None. City of Winter Springs Defined Benefit Plan 100 Table X Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation A. Mortality Firefighter, Police Officer and Forensic Professional participants: For healthy participants during employment, PUB-2010 Headcount Weighted Safety Employee Female Mortality Table and Safety Below Median Employee Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. For healthy participants post employment, PUB-2010 Headcount Weighted Safety Healthy Retiree Female Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table, both set forward 1 year, with fully generational mortality improvements projected to each future decrement date with Scale MP- 2018. For disabled participants, 80% PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table/ 20% PUB-2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males and females, without projected mortality improvements. Pre-retirement Post-retirement Sample Future Life Future Life Ages Expectancy(Years) Expectancy(Years) (2020) Men Women Men Women 55 30.45 34.32 27.59 31.17 60 25.51 29.26 23.01 26.39 62 23.58 27.25 21.28 24.55 Pre-retirement Post-retirement Sample Future Life Future Life Ages Expectancy(Years) Expectancy(Years) (2040) Men Women Men Women 55 32.09 35.81 29.48 33.00 60 27.08 30.70 24.79 28.13 62 25.11 28.67 23.00 26.25 General Employee participants: For healthy participants during employment, PUB-2010 Headcount Weighted General Below Median Employee Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. For healthy participants post employment, PUB-2010 Headcount Weighted General Below Median Healthy Retiree Mortality Table, separate rates for males and females, set back 1 year for male, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. Qv City of Winter Springs Defined Benefit Plan 101 Table X (Cont'd) Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation A. Mortality(cont'd) For disabled participants, PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table, separate rates for males and females, both set forward 3 years, without projected mortality improvements. Pre-retirement Post-retirement Sample Future Life Future Life Ages Expectancy(Years) Expectancy(Years) (2020) Male Female Male Female 55 32.58 35.02 28.63 32.38 60 27.74 30.00 24.55 27.84 62 25.85 28.02 22.93 26.02 Pre-retirement Post-retirement Sample Future Life Future Life Ages Expectancy(Years) Expectancy(Years) (2040) Male Female Male Female 55 34.22 36.50 30.64 34.15 60 29.30 31.44 26.40 29.51 62 27.37 29.43 24.72 27.63 B. Investment Return 7.40%, compounded annually, net of investment expenses- includes assumed inflation of 2.75%. C. Allowances for Expenses or Contingencies Prior year's actual administrative expenses are included in normal cost. D. Salary Increase Factors Current salary is assumed to increase at a rate based on the table below per year until retirement - includes assumed wage inflation of 3.0%. Forensic Professionals, General Firefighters and Service Employees Police Officers Less than 5 years 4.50% 4.50% 5 - 14 years 3.25% 3.25% 15 -20 years 3.00% 3.25% 20+years 3.00% 3.00% R Nhw City of Winter Springs Defined Benefit Plan 102 Table X (Cont'd) Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation E. Employee Withdrawal Rates Withdrawal rates were used in accordance with the following illustrative example. General Forensic Professionals, Employees Firefighters and Police Officers Service Male Female Male Female Less than 5 years 20.5% 15.5% 13.5% 4.0% 5 -9 years 8.0% 12.0% 9.0% 4.0% 10+years 4.5% 5.0% 4.5% 4.0% F. Disability Rates 1. Line-of-duty disability rates for General Employees, Forensic Professionals, Firefighters and Police Officers were used in accordance with the following illustrative example. General All Other Age Employees Employees <40 0.001% 0.005 45 0.001% 0.050% 50 0.002% 0.050% 55 0.005% 0.090% 60 0.006% 0.090% 65 0.001% 0.090 2. Non-duty disability rates for General Employees, Forensic Professionals, Firefighters and Police Officers were used in accordance with the following illustrative example. General All Other Age Employees Employees 20 0.00% 0.02% 25 0.01% 0.02% 30 0.01% 0.04% 35 0.01% 0.04% 40 0.02% 0.04% 45 0.04% 0.04% 50 0.08% 0.07% 55 0.16% 0.07% 60 0.21% 0.07% 65 0.04% 0.07% The disability assumptions are the disability assumptions used in the July 1, 2020 FRS Actuarial Valuation. R Nbw City of Winter Springs Defined Benefit Plan 103 Table X (Cont'd) Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation G. Assumed Retirement Age Retirement rates were used in accordance with the following tables. 1. For Forensic Professionals, Police Officers and Firefighters: Years of Service Age 0-9 10-14 15-24 25-29 30ormore Under 55 0.0% 0.0% 0.0% 3.5% 40.0% 55 0.0% 5.0% 25.0% 70.0% 80.0% 56-64 0.0% 5.0% 7.5% 7.5% 10.0% 65 and above 100.0% 100.0% 100.0% 100.0% 100.0% 2. For General Employees: Years of Service Awe 0-14 15-24 25 or more Under 55 0% 0% 0% 55 -64 4% 18% 12% 65 and above 100% 100% 100% H. Marital Assumptions 1. 100%of active members are assumed to be married. 2. Females are assumed to be three (3) years younger than their male spouses. I. Interest on Future Participant Contributions 3.75%, compounded annually. J. Asset Valuation Method The method used for determining the smoothed value of assets phases in the deviation between the expected and actual return on assets at the rate of 20% per year. The smoothed value of assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the fair market value of Plan assets and whose upper limit is 120% of the fair market value of Plan assets - adjusted for equation of balance October 1, 2010. FRS City of Winter Springs Defined Benefit Plan 104 Table X (Cont'd) Actuarial Assumptions and Actuarial Cost Methods Used in the Valuation K. Cost Method Normal Retirement, Termination, Disability, and Death Benefits: Entry Age Normal Cost Method Under this method the normal cost for each active employee is the amount which is calculated to be a level percentage of pay that would be required annually from his entry age to his assumed retirement age to fund his estimated benefits, assuming the Plan had always been in effect. The normal cost for the Plan is the sum of such amounts for all employees. The actuarial accrued liability as of any valuation date for each active employee or inactive employee who is eligible to receive benefits under the Plan is the excess of the actuarial present value of estimated future benefits over the actuarial present value of current and future normal costs. The unfunded actuarial accrued liability as of any valuation date is the excess of the actuarial accrued liability over the assets of the Plan. Vested Normal Retirement, Termination, Disability. and Death Benefits: Unit Credit Cost Method Under this method, the actuarial present value of vested accrued benefits is an amount calculated to be the sum of the present values of each individual's vested accrued or earned benefit under the Plan as of the valuation date. Each individual's calculation is based on pay and service as of the valuation date. L. Changes Since Previous Valuation 1. Mortality for Disabled participants were: Firefighter, Police Officer and Forensic Professional participants: 80% PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table / 20% PUB-2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates for males and females, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. General Employee participants: PUB-2010 Headcount Weighted General Disabled Retiree Mortality Table, separate rates for males and females, both set forward 3 years, with fully generational mortality improvements projected to each future decrement date with Scale MP-2018. 2. Investment Return was: 7.50%, compounded annually, net of investment expenses- includes assumed inflation of 2.75%. �G R City of Winter Springs Defined Benefit Plan 105 cfl 0 X a y +m � v m c ~ m v c � v 0 O O O O O O O O c-1 O c-I n b.0 I ' L Q I V) I � L I � L � I I O I O 0 O +� M U I I I I O L L N O m m 00 N N j j I I I I I I I I I I O 6 O Ln 0 0 0 0 N O l0 to M LU U O N ® Lu N Cr4 V) I I I I I I I I I I O W O i p N QJ � QA O Q QW Ol Ln Ln M U � � L L 0 en Ol O G^1 i W cI N Ol 01 Y O I I I I I I I I I I I 00 O LU fC N t J Ln O O � R O Q y c-I Ln M {/} CL i O ii UU O O O V I I I I I I I I I I I I O N N I I I I I I I I I I I I I I I O I Ln t I � N I Q a) I Fa 1 +�+ L f6 Q 2 d Li � l � O f6 f6 f6 (1)L L L V L Q Q Q d cl Ln N 0 N N M M Rt Rt Ln Ln to > Q C OL L 0 (1) 1 1 1 1 1 1 1 1 Q ? N OM M Rt Rt Ln 0 Ln On L n to Ln 0 co 0 Ln Q �o U5 eq ti 0 X � a y ++ +m � O � U � m v c �I v H O O c-1 r-I 00 r-I r-I Ln M r-I N to b.0 I � L Q I V) I � L I � L � I 0 I � ^x W 0 O +� M U I I I I O L L lO cr) O r-I N r14 + I I I I I I I I N �I M Ln Ln O r-I Q0 co N N -0- O N O� Ln M LU U O N ® Lu N CN Ln I I I I I M I I I I I M LL O rl O 0 N N Q Q O Ln cr) L L O > o rn O M t6 :I- 0 O G1 4- L u r-I N 0 Ln O 7a LU F I I I I 1 r-I M r-I 0) c\-I N to Ln W c� \ -1 r-I M Q CL w R G r-I LnM 0 O r U i O C7 (7 cI V Ln O N N I c I I I � � Q I I � N I N Q 76 I I C +�+ L f6 C Q 2 d L �I N N N 4� I I I I I I I I I I 1 O 00 q0 00 � 0 m m m N L L L V L Q Q QLn d L N 0 N N M M Ln Ln to > Q C OL L 0 (1) 1 1 1 I I 1 1 1 Q ? N O Ln 0 Ln M M Rt Rt On L n to Ln 0 0ZS 0 Ln Q Lt5 o 0 X � a y ++ +m M U � m v c p�I v 1, Ol 1- to Ln Ln M c-1 O 00 n I ' L Q I V) I ' L I ' L � I 0 I � ^x W 0 O +� M U I I I I O L L O Ln N I I I I I I I I I A A 00 p 1 ' M c-I r-I 00 N Ln O Ln O Ln O N N \ 00 00 Or-I M N LU U 0 N o Lu N 3 N (n I I I I I r-I N r-I I I 00 O rl LL O 0 N QA O Q Q W Ol to to O Q i Ol O N o a1 4- a/ Lu c-I N o) o) 1 0 '~ O O Ln � 0 fC a- c-I \ c I 00 Q 0) Rt N CL 0 o a v O i O IVr1 I = a) 3 u I I I N c-I 4a a1 N t� I 0 c I I I � � Q I I I o) Q I I C C ' r,� Ol N r-I I I I I I M q.o C.o C.o C 0I N m m m N L L L V L Q Q QLn d L N 0 N N M M Ln Ln to > Q C L 0 (1) 1 1 1 I I 1 1 1 Q ? N OM M Rt Rt Ln 0 Ln On Ln to Ln 0 0ZS 0 Ln Q Q0 U5 0 0 X � a y ++ +m � O M U � m v c � v 4� O 0 O O O O N O O O O O N n H b.0 , C ' L Q I V) I � L I I I O I c O 0 O +� , M U , , , O L L Ln O rl O ' N N O Ln O 00 M O N -- M LL U O N O Lu N 3 N N O rl LL O O N QA O Q U cr)r-I L L O 0- o rn O � o I , , , , , , , , , � O 0 Ln fC — Vf LU J LnO c I c I O +' M i O_ \ O Q Q V M N >• O O O O U O O ++ G1 LL 3 U tw N N , 0 , , � � Q , , � N N Q, Q 2 O_ Li 76 � �I q0 q0 w C O f6 f6 m N L L L V L Q Q Q d L N 0Ln C O N M M Rt Rt Ln Ln l0 > L O Q , , , , , , , , Q ? N O Ln 0 Ln Ln 0 M M Rt Rt O Ln l0 0ZS 0 Ln Q U5 eq 0 X � a y ++ +m � U � m v c i6 p Hr, Ol 00 I- Ln l0 00 00 Ln c-I h0 C ' L Q I V) I � L I I L � I O I I I I I I I I I N tH , ^x 0 O +� , M U , , , O L L O a) N N r-I 00 N Ln Ln O N Ln N N -0- N 6O� Rt N LL U O N W N® Q 3 N N I , I I I Ln N r-I r-I ' ry) O 1 LL O p N QA O Q Q III Ol U r-I L L Ln O i p Ol O N N N Lu c-I r14 Ol j� O �j , , , , M l0 ' N -i , 10 rl N O Ln fC VD E J Ln r-iO -1 -1 � 0 N � CC Q Ln OM CL 0 M a o r o +., w M U i , , , N N r-I ' ' r-I N r-I 0) O N N , 0 , , � � Q , , � N N Q, E Q 2 O_ Li � �I I� Ol N N q0 q0 q0 C O N m m m N L L L V L Q Q QLn d L N 0 N N M M Ln Ln l0 > Q C OL L 0 , , , , , , , , Q Ln 0 ? N OM M Rt Rt Ln Ln 0 Ln 0 Ln l0 0ZS 0 Ln Q Q0 U5 Table XII Statistics for Participants Entitled to Deferred Benefits and Participants Receiving Benefits A. Entitled to Deferred Benefits Current Age Total Average Group Count Annual Benefit Annual Benefit Less than 40 23 $ 135,963 $ 5,911 40-44 27 286,656 10,617 45 -49 42 514,324 12,246 50-54 31 455,904 14,707 55 -59 21 124,432 5,925 60-64 15 91,013 6,068 65 -69 3 12,969 4,323 70-74 3 8,651 2,884 75 &Over 2 2,389 1,195 TOTAL 167 $ 1,632,301 $ 9,774 B. Receiving Benefits Current Age Total Average Group Count Annual Benefit Annual Benefit Less than 50 2 $ 18,664 $ 9,332 50-54 3 128,166 42,722 55 -59 27 1,042,357 38,606 60-64 33 1,438,816 43,600 65 -69 24 619,470 25,811 70-74 24 493,818 20,576 75 -79 12 244,854 20,405 80-84 4 71,653 17,913 85 &Over 2 11,912 5,956 TOTAL 131 $ 4,069,710 $ 31,066 R mbw City of Winter Springs Defined Benefit Plan Table XIII Reconciliation of Employee Data A. Active Participants 1. Active participants previous year 73 2. Retired during year (6) 3. Died during year 0 4. Disabled during year 0 5. Terminated non-vested during year (3) 6. Terminated vested during year (4) 7. New active participants 14 8. Out on military leave 0 9. Rehired during year 0 10. Transferred to DC Plan 0 11. Active participants current year 74 B. Participants Receiving Benefits 1. Participants receiving benefits previous year 125 2. New retired participants 6 3. New DRO recipient 0 4. New terminated vested receiving benefits 4 5. New beneficiaries receiving benefits 0 6. Died or ceased payment during year (4) 7. Retired or terminated vested receiving benefits current year 131 C. Terminated Vested Participants Entitled to Future Benefits 1. Terminated vested entitled previous year 167 2. Died during year 0 3. Commenced receiving benefits during year (4) 4. New terminated vested 4 5. Terminated vested refunded employee contributions 0 6. Rehired 0 7. Terminated vested entitled current year 167 F� City of Winter Springs Defined Benefit Plan 112 Table XIV Projected Retirement Benefits Projected Total Fiscal Year Ending Annual Payout 2021 $ 4,255,076 2022 $ 4,489,777 2023 $ 4,716,130 2024 $ 4,836,142 2025 $ 4,947,919 2026 $ 5,155,982 2027 $ 5,391,902 2028 $ 5,519,056 2029 $ 5,671,020 2030 $ 5,659,974 The above projected payout of Plan benefits during the next ten years is based on assumptions involving all decrements. Actual payouts may differ from the above estimates depending upon the death, salary and retirement experience of the Plan. However, since the projected payment is recomputed each valuation date, there is an automatic correction to the extent that actual experience varies from expected experience. G R City of Winter Springs Defined Benefit Plan 113 a v to to Ln O N Il rl M c-I N to Ln Ln N M Ol 00 00 X Ln I- r- r- 00 Il 00 N m �t Ln I- r- o0 00 00 �t m N c I Ln Ln O N Cl l0 I� N � l0 Cl Ln M O Ln O Ol Ol Ol to -1 O -1 00 N N I" 00 to to c-I to �t Ol R S O N Ln Ol Ol O I- �t O Ln M 00 00 �t N Ln c-I M I- c H 4� Ol I- 00 M O Ln 00 Ol 00 Ol 00 r- r- Ln Ol Il c-I N O (6 00 : O l0 N I� M cr l0 Ln M O o0 Ln ri cr 00 I� a)0 Ln Ln Ln M M N N N N N c-I c-I c-I in C L {n Q V) L H M r- l0 DO M l0 DO DO DO r-I �t DO r" r-I I" O r" Ol DO O Ln N O 3 Ln M O 0) M N Ln Ol Ln N N r- C C 0) I- 0) I- 0) Ol Ln r- Ol O c-I 0) c-I O to M r- +�+ 7 O M Ln Ln l0 N I� 00 l0 ri rl M M Ln O M M U O +' -i N M O o0 m N Ln N rl rl 00 to �t O to rl O U N m l0 3 Ln M Ln N 00 l0 M r- 3 00 Ln N O 0) \ 'L M N N N N N N N ci N N c-I c-I c-I a-•' +� C U U tn. Ln Ln oo Ln rn r- �o o �t Ln o �o o 00 Q Q Q Q Q F- oo �t o Ln O O r- m m �o N 00 \ \ \ \ \ N O m to rl N N ci Ln M l0 O o0 � N Z Z Z Z Z O I, Ln O N Ol 00 0) to 00 I- 4 to Ln ; O rl to to �t r- Ln Co Ol rl o0 00 O to m Q N N M M M M N N M M L E Lu O U O O 5. U � N M O r- 00 r- �t rl �t M O N M rl O Q Ln r- O 00 N Il Ol O M N o r- N M 00 N Ol �t \ N r" U +, m 4, N Ol O Il to N Ol �i Ln o0 �i Ln Ol �i rl M Z N O N Ol Ln o0 00 l0 O M T Nrl L 4 � M Co to Ln N ci Ln I- O O Il r rl N l l 00 to � O i N r-I r-I M rl rl rl -i 'L O C Q Q O i E Lu U cC Q -� E � i O O O Q CL N N E L LL N to N to 00 N m o0 Ln N O rl TIM N M r Q 0) M m -O N rl O O Il l0 O �t Ln Ln N r, o0 Ln Ol \ O Ln 00 to �t N �t 0) Il N 00 Il M Ln N �t Ol l0 Z Ln M O U Lf rl l0 Ln Ol O N T N l0 Ln l0 I� T M cI O 00 O C :t , Ln O O to 0 l 0 r- M N N cI L 0'- 0 O O C M M N N N N rl rl rl rl M Oa) co N � O E M {n, a L 4� a) Q E O 4, 4� Q L O Ln 'L O m m I- to Ln M N ci O m m I- to Ln M Q C O N c-I c-I c-I c-I c-I c-I c-I c-I c-I rl O O O O O O O C ,} L tw O O O O O O O O O O O O O O O O O O C N N N N N N N N N N N N N N N N N N O •O N Q O O O O O O O O O O O O O O O O O O m M M M M M M M M M M M M M M M M M M a) LLJ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ N Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol Ol � 7 O O O O O O O O O O O O O O O O O O OU C C � rl N M *' ro c U '✓7 +�+ o 0 0 0 0 0 0 0 0 0 o o O_ 72 00 Ln Ln O O O O O O O 00 rn w w ^ ^ ^ 00 00 00 00 00 00 00 ^ Il� n N O � N Q [� U1 C � L Y O O O O O O O �]Q C O U1 N N O Ol Ol N Ln Ln M O O N 00 Ol O O l0 'C 00 I� Ol Ol r-I Ol 00 N N 00 Ol I� ) U1 N > > Z c � w N O o � a) O0 l0 000 m 00 O Ol O Ln p O N U1 f0 ^ O Z > N V C N .i N Q X W LL i 06 N Ol O l0 Ln M M M 4.1 CL N - � � U U E c v o x O v M o L O LL l0 Ol l0 Il 00 Ol N Ol O R* O 06 N M N -i ri ri ri ri N r4 M N N C Fa O L i N M N l0 00 00 Ol Ol O N M Ol i M M M M M L.L Q 06 Q N U _ VI O O v 7 O O o O O o o O Ln 00 00 rl U1 +, r-I Ln Ol O l0 00 00 Il Ln 00 00 Il O U U Ln Ln M i--I O M N V ++ Q Q N E `-' ° of U U ri N ri O N R:� r-� r-� OR OR ri Ln ri � � 7 L � O O Q L.L 06 f0 L -Fa O O O O O O O O O O O O O 00 Ln I, Ol N Ln rl Ol O R* LO U Q I-� 00 .4 M N M N O N R4 r-� Ln M O Ol 00 Il lO Ln R* M N -1 C N r-I r-I r-I r-I r-I r-I r-I r-I r-I O O O O O O O O O O O U1 N N N N N N N N N N i � � rl ri rl ri rl ri rl ri rl ri L L f0 O O O O O O O O O O } Ln O ri ri ri ri ri ri ri ri ri ri M Ln r-I Ul J J J p Y.r Table XVI Actuarial Valuation as of October 1, 2020 State Required Exhibit Prior Current Assumptions Assumptions 10/01/2019 10/01/2020 10/01/2020 A. Participant Data 1. Active participants 73 74 74 2. Retired participants and beneficiaries receiving benefits 125 131 131 3. Disabled participants receiving benefits 0 0 0 4. Terminated vested participants 167 167 167 5. Annual payroll of active participants $ 4,325,321 $ 4,236,443 $ 4,236,443 6. Annual benefits payable to those currently receiving benefits $ 3,580,657 $ 4,069,710 $ 4,069,710 B. Value of Assets 1. Smoothed Value $ 54,759,146 $ 58,929,456 $ 58,929,456 2. Market Value $ 54,713,697 $ 58,544,989 $ 58,544,989 C. Liabilities 1. Actuarial present value of future expected benefit payments for active members a. Retirement benefits $ 15,880,274 $ 13,888,062 $ 14,120,281 b. Vesting benefits 1,491,393 1,409,700 1,440,316 c. Death benefits 318,959 258,264 262,530 d. Disability benefits 149,343 133,225 129,076 e. Total $ 17,839,969 $ 15,689,251 $ 15,952,203 2. Actuarial present value of future expected benefit payments for terminated vested members $ 10,987,664 $ 9,998,885 $ 10,143,331 3. Actuarial present value of future expected benefit payments for members currently receiving benefits a. Service retired $ 36,340,974 $ 41,696,930 $ 42,049,921 b. Disability retired 0 0 0 c. Beneficiaries 1,977,579 1,765,246 1,778,248 d. Miscellaneous (Refunds in Process) 104,893 118,808 118,808 e. Total $ 38,423,446 $ 43,580,984 $ 43,946,977 City of Winter Springs Defined Benefit Plan 116 Table XVI (Cont'd) Actuarial Valuation as of October 1, 2020 State Required Exhibit Prior Current Assumptions Assumptions 10/01/2019 10/01/2020 10/01/2020 4. Total actuarial present value of future expected benefit payments $ 67,251,079 $ 69,269,120 $ 70,042,511 5. Actuarial accrued liabilities $ 64,659,208 $ 66,636,808 $ 67,328,099 6. Unfunded actuarial accrued liabilities $ 9,900,062 $ 7,707,352 $ 8,398,643 D. Statement of Accumulated Plan Benefits 1. Actuarial present value of accumulated vested benefits a. Participants currently receiving benefits $ 38,318,553 $ 43,462,176 $ 43,828,169 b. Other participants 22,281,079 19,595,762 19,872,143 c. Total $ 60,599,632 $ 63,057,938 $ 63,700,312 2. Actuarial present value of accumulated non- vested plan benefits 274,181 155,350 157,702 3. Total actuarial present value of accumulated plan benefits $ 60,873,813 $ 63,213,288 $ 63,858,014 E. Pension Cost 1. Total normal cost $ 470,973 $ 413,741 $ 423,391 2. Payment required to amortize unfunded liability 934,804 741,387 790,747 3. Interest adjustment 62,121 50,735 52,731 4. Total required contribution $ 1,467,898 $ 1,205,863 $ 1,266,869 5. Item 4 as a percentage of base payroll 33.9% 28.5% 29.9% 6. Estimated employee contributions $ 216,266 $ 211,822 $ 211,822 7. Item 6 as a percentage of base payroll 5.0% 5.0% 5.0% 8. Net amount payable by County and City $ 1,251,632 $ 994,041 $ 1,055,047 9. Item 8 as a percentage of base payroll 28.9% 23.5% 24.9% Q; City of Winter Springs Defined Benefit Plan 117 Table XVI (Cont'd) Actuarial Valuation as of October 1, 2020 State Required Exhibit Prior Current Assumptions Assumptions 10/01/2019 10/01/2020 10/01/2020 F. Past Contributions 1. Total contribution required (previous valuation) $ 1,607,100 $ 1,467,898 $ 1,467,898 2. Actual contributions made: a. Members $ 217,975 N/A N/A b. City and County 3,213,927 N/A N/A c. Total $ 3,431,902 N/A N/A G. Disclosure of Following Items: 1. Actuarial present value of future salaries -attained age $ 29,745,186 $ 30,453,560 $ 30,622,636 2. Actuarial present value of future employee contributions-attained age $ 1,487,259 $ 1,522,677 $ 1,531,132 3. Actuarial present value of future contributions from other sources N/A N/A N/A 4. Amount of active members'accumulated contributions $ 2,168,580 $ 1,959,373 $ 1,959,373 5. Actuarial present value of future salaries and future benefits at entry age N/A N/A N/A 6. Actuarial present value of future employee contributions at entry age N/A N/A N/A City of Winter Springs Defined Benefit Plan 118 Table XVI (Cont'd) State Required Exhibit Amortization balances are written down in proportion to amortization payments. Prior Current Current Assumptions Assumptions Remaining Unfunded Amortization Amortization Funding Unfunded Actuarial Accrued Liabilities Liabilities Payment Payment Period 10/01/2000 Initial $ 568,228 $ 77,007 $ 76,727 10 years 10/01/2002 Assumption Change (8,682) (1,044) (1,040) 12 years 10/01/2003 Plan Amendment 58,744 6,725 6,694 13 years 10/01/2004 Plan Amendment 94,333 10,337 10,286 14 years 10/01/2005 Plan Amendment 205,407 21,647 21,532 15 years 10/01/2006 Plan Amendment 246,700 25,104 24,964 16 years 10/01/2007 Plan Amendment 262,200 25,854 25,703 17 years 10/01/2008 Plan Amendment and Assumption Change 1,216,961 116,635 115,918 18 years 10/01/2008 Method Change 2,720,093 260,696 259,095 18 years 10/01/2009 Actuarial Loss/(Gain) 1,197,911 111,891 111,174 19 years 10/01/2010 Actuarial Loss/(Gain) (227,351) (20,745) (20,607) 20 years 10/01/2010 Plan Amendment (1,318,120) (120,277) (119,474) 20 years 10/01/2011 Actuarial Loss/(Gain) 1,475,894 131,841 130,929 21 years 10/01/2012 Actuarial Loss/(Gain) 508,890 44,587 44,267 22 years 10/01/2013 Actuarial Loss/(Gain) (404,143) (34,788) (34,531) 23 years 10/01/2014 Actuarial Loss/(Gain) (437,809) (37,081) (36,799) 24 years 10/01/2014 Assumption Change 4,113 348 346 24 years 10/01/2015 Actuarial Loss/(Gain) (178,546) (14,900) (14,783) 25 years 10/01/2016 Actuarial Loss/(Gain) (868,542) (71,503) (70,928) 26 years 10/01/2016 Assumption Change 301,051 24,784 24,585 26 years 10/01/2017 Actuarial Loss/(Gain) (442,020) (35,938) (35,642) 27 years 10/01/2017 Assumption Change 1,601,663 130,222 129,149 27 years 10/01/2018 Actuarial Loss/(Gain) 212,370 17,070 16,926 28 years 10/01/2019 Actuarial Loss/(Gain) 401,033 31,895 31,621 29 years 10/01/2019 Assumption Change 391,550 31,141 30,873 29 years 10/01/2020 Actuarial Loss/(Gain) 125,424 9,879 9,792 30 years 10/01/2020 Assumption Change 691,291 N/A 53,970 30 years TOTAL $ 8,398,643 $ 741,387 $ 790,747 This Actuarial Valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate, and in our opinion, the techniques and assumptions used are reasonable and meet the requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be provided by the Plan and/or paid from the Plan's assets for which liabilities or current costs have not been established or other wise provided for in the valuation. All known events or trends which may require material increase in Plan costs or required contribution rates have been taken into account in the valuation. V pQ Shelly L.Jones,A.S.A., E.A. Jennifer M. Borregard, E.A. Enrollment Number: 20-08646 Enrollment Number: 20-07624 Dated: May 24,2021 City of Winter Springs Defined Benefit Plan 119 Table XVII Glossary Actuarial Accrued Liability. The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions. Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members and other items. Actuarial Cost Method. A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent. Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value of Future Benefits. The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits and inactive, non-retired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation. The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 67. Actuarial Value of Assets. The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the actuarially required contribution. Amortization Method. A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. AG IRS Nbw City of Winter Springs Defined Benefit Plan 120 Table XVII (Cont'd) Glossary Amortization Payment. That portion of the plan contribution which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period. The period used in calculating the Amortization Payment. Annual Required Contribution. The employer's periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The annual required contribution consists of the Employer Normal Cost and Amortization Payment plus interest adjustment. Closed Amortization Period. A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost. The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period. For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss. A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g., the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. Losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected. Funded Ratio. The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. GASB. Governmental Accounting Standards Board. R Mbw City of Winter Springs Defined Benefit Plan 121 Table XVII (Cont'd) Glossary GASB No. 67 and GASB No. 68. These are the governmental accounting standards that set the accounting rules for public retirement plans and the employers that sponsor or contribute to them. Statement No. 67 sets the accounting rules for the plans themselves, while Statement No. 68 sets the accounting rules for the employers that sponsor or contribute to public retirement plans. Normal Cost. The annual cost assigned, under the Actuarial Cost Method, to the current plan year. Open Amortization Period. An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability. The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. Valuation Date. The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. Vested Benefit Security Ratio. The ratio of the Market Value of Assets to the Actuarial Present Value of Vested Accrued Benefits. R Nbw City of Winter Springs Defined Benefit Plan 122