HomeMy WebLinkAbout2009 01 27 Attachment #4 Handed out by Sandy Turner Under Regular 600Date: January 27, 2009
ATTACHED HANDOUT CALLED `CITY
OF WINTER SPRINGS RETIREMENT
PLAN AS OF OCTOBER 1, 2008
PRESENT FUNDING METHOD OF
FROZEN INITIAL LIABILITY*' WAS
DISTRIBUTED TO THE BOARD
MEMBER UNDER REGULAR 600 BY
SANDY TURNER.
CITY OF WINTER SPRINGS RETIREMENT PLAN
AS OF OCTOBER 1, 2008
PRESENT FUNDING METHOD OF FROZEN INITIAL LIABILITY*
Normal Cost
Past Service Cost
Total
2008/09 Est Total
Comp
Percent of Comp
30 Year Funding
$1,515,819
465,727
$1,981,546
$11,646,487
17.0%
15 Year Funding
$1,515,819
550,767
$2,066,586
$11,646,487
17.7%
10 Year Funding
$1,515,819
702,566
$2,218,385
FRESH START FROZEN ENTRY AGE NORMAL FUNDING METHOD**
Normal Cost
Past Service Cost
Total
2008/09 Est Total
Comp
Percent of Comp
30 Year Funding
$755,411
827,765
$1,583,176
$11,646,487
13.6%
15 Year Funding
$755,411
1,088,710
$1,844,121
$11,646,487
15.8%
$11,646,487
19.0
10 Year Funding
$755,411
1,388,776
$2,144,187
$11,646,487
18.4%
*Initial 2000 Unfunded liability plus any increases for amendments amortized and
carried forward each year.
**A fresh determination of unfunded liabilities using the entry age method as of October
1, 2008 in which gains and losses spread into future years since 2000 are included in the
unfunded liabilities and amortized over more years than the normal cost spread factor
of 6.53 years.