HomeMy WebLinkAbout2008 07 29 Document Given By Sandy TurnerDate: July 29, 2008
THE FOLLOWING DOCUMENT WAS
GIVEN TO THE BOARD OF TRUSTEES
MEMBERS BY SANDY TURNER,
RETIREMENT
THE SPECIAL
2008.
PLAN SPECIALISTS, AT
MEETING ON JULY 29,
a
s
City of Winter Springs
Pension Plan Study
Using Data as of Jun e 30, 2008 projected to September 30, 2008
Current Plan
Increase in Unfunded °rG of 2008 2009 30 yr. Amortization % of 2010
Covered Comp 15 yr Cost PSL NC Comp Comp Fresh Start Conpensation
No fresh Start 60/10 12,165,870 2,127,908 6.4151 5,284,444 1,546,317 17.49% 21.32%
No Fresh Start 55/10 12,119,027 3,286,398 5.5272 1,158,490 5,393,894 2,646,590 27.12% 32.93%
No Fresh Start -Retirement Age 60/10 Except for Firefighters
Svc > 27 12,165,870 2,216,784 6.3664 88,876 624,820 32,145 18.22% 22.21%
26 <= Svc <= 10 12,165,870 2,474,148 6.2240 346,240 706,086 163,519 20.34% 24.7990
10<= Svc <=7 12,165,870 2,527,699 6.1920 399,791 109,675 82,279 20.78% 25.33%
Svc< 7 12,165,870 2,558,222 5.1723 430,314 41,560 116,050 21.03% 25.63%
1,482,142 393,993
C urrent Plan Fresh Start
Fresh Start 60/10 12,165,870 2,079,547 6.4151 (48,361) 10,205,455 821,527 17.09% 20.84%
Fresh Start 55/10 12,119,027 3,074,498 5.2835 946,590 16,487,877 1,063,173 25.37% 30.81%
Fresh Start -Retirement Age 60/10 Except for Firefighters
Svc > 27 12,165,870 2,138,700 6.3664 10,792 1,423,090 14,240 17.58% 21.43% 1,840,248 18.44%
26 <= Svc <= 10 12,165,870 2,306,807 6.2240 178,899 1,608,181 72,436 18.96% 23.12% 1,974,056 19.78%
10<= Svc <=7 12,165,870 2,343,341 6.1920 215,433 249,796 49,771 19.26% 23.48% 2,005,173 20.09%
Svc< 7 12,165,870 2,366,306 6.1723 238,398 94,157 31,448 19.45% 23.71% 2,026,305 20.30%
3,375,224 167,894
Actuarial Value of Assets Used: $19,086,181.00 $9,979,442.00 Estimated Compensation without Firefighters
Market Value as of June 30, 2008: $16,256,922.00
~~
City of Winter Springs
Pension Plan Study
ACTUARIAL VALUE OF ASSETS
Using Data as of June 30, 2008 projected to September 30, 2008
The Long Range Yield Method of asset valuation is described in the actuarial assumptions and is
determined as follows:
1. Actuarial value of assets, October 1, 2007
2. Contributions during year (includes buy back deposits)
3. Disbursements during year
4. Interest to September 30, 2008 at 8%
5. Tentative value, as of September 30, 2008
_ (1) + (2) + (3) + (4)
6. Market value of assets, September 30, 2008
7. Excess of market value over tentative value as of
September 30, 2008 = (6) - (5)
8. Deferred investment gain (loss) not yet
recognized as of September 30, 2008
A. 2004: $237,999 x .20 = $47,600
B. 2005: $1,206,666 x .40 = $482,666
C. 2006: $ l , 734,904 x .60 = $1,040,942
D. 2007: $2,404,526 x .80 = $1,923,621
E. Total
9. Deferred investment gain (loss) recognized
far 2008: 20% x ((7)]
10. Deferred investment gain (loss) recognized during
A. 2004: $47,600
B. 2005: $241,333
C. 2006: $346,981
D. 2007: $480,905
E. Total
11. Actuarial Value of Assets as of
September 30, 2008 = (5) + (g) + (10)
$15,526,572
1,922,570
(356,441)
1,304,771
$18,397,472
$16,256,922
(2,140,550)
$3,494,829
(428,1 10)
$1,116,819
$19,086,181