HomeMy WebLinkAbout2016 02 09 Other, 2014 Actuarial ValuationDate: February 9, 2016
The attached document was referenced and
discussed with the Board Members at the
February 9, 2016 Board of Trustees Regular
Meeting.
GRGabriel S Roeder Smith & Company
Consultants & Actuaries
CITY OF WINTER SPRINGS
DEFINED BENEFIT PLAN
ACTUARIAL VALUATION AS OF OCTOBER 1, 2014
This Valuation Determines the Annual Contribution for the Plan Year October 1, 2015 through September
30, 2016 to be Paid in Plan Year October 1, 2015 to September 30, 2016
September 2, 2015
Gabriel Raeder Smith & Company
City of Winter Springs
Defined Benefit Plan
TABLE OF CONTENTS
Page
Commentary 1
I. Summary of Retirement Plan Costs ............................................ ............................... 5
II. Comparison of Cost Data of Current and Prior Valuations ........ ............................... 7
III. Characteristics of Participants in Actuarial Valuation ................ ............................... 8
IV. Statement of Assets .................................................................... ............................... 9
V. Reconciliation of Plan Assets
10
VI.
Actuarial Gain / (Loss) ............................................................. ...............................
12
VII.
Amortization of Unfunded Actuarial Accrued Liability .......... ...............................
13
VIII.
Accounting Disclosure Exhibit ................................................. ...............................
14
IX.
Outline of Principal Provisions of the Retirement Plan ........... ...............................
23
X.
Actuarial Assumptions and Actuarial Cost Methods Used ...... ...............................
26
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
Gabriel Roeder Smith & Company
RS Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone
Consultants & Actuaries Suite 505 954.525.4083 fax
Ft. Lauderdale, FL 33301 -1804 www.gabrielroedercom
September 2, 2015
Board of Trustees
c/o Mr. Shawn Boyle
Finance and Administrative Services Director
City of Winter Springs Defined Benefit Plan
1126 East State Road 434
Winter Springs, Florida 32708
Dear Board Members:
October 1, 2014 Actuarial Valuation
We are pleased to present our October 1, 2014 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 Board of Trustees
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 and the State Required Exhibit
on Table XVI. 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 beginning
October 1, 2015 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 $2,422,121 (34.1 %). The figure in parentheses is the Plan cost expressed as a
percentage of projected covered annual payroll for fiscal year beginning October 1, 2015 ($7,093,513).
This total cost is to be met by member, County and City contributions. We anticipate member
contributions will be $354,676 (5.0% of projected covered payroll for fiscal year ending September 30,
2016). The resulting minimum required County and City contribution is $2,067,445 (29.1 %).
We recommend the City continue to contribute the dollar amount of required contribution due to the
closing of the Plan to future general employees.
Changes in Actuarial Assumptions, Methods and Plan Provisions
Plan provisions remain unchanged from our October 1, 2013 Actuarial Valuation. Plan
provisions are outlined on Table IX.
Board of Trustees
September 2, 2015
Page 2
Assumed disability rates have been updated to reflect the disability assumptions used in the July 1,
2014 FRS Actuarial Valuation. The remaining actuarial assumptions and methods are unchanged from
our October 1, 2013 Actuarial Valuation. The actuarial assumptions and methods are outlined on Table
X.
Government Accounting Standards Board Statement Number 68 (GASB No. 68) expense and projected
disclosures are included.
Comparison of October 1, 2013 and October 1, 2014 Valuation Results
Table 11 of our report provides information of a comparative nature. The left columns of the Table
indicate the costs as calculated for October 1, 2013. The center columns indicate the costs as calculated
for October 1, 2014 prior to the change in actuarial assumptions. The right columns indicate the costs
as calculated for October 1, 2014 after the change in actuarial assumptions.
Comparing the left and center columns of Table 11 shows the effect of Plan experience during the year.
The number of active participants decreased by approximately 7% - covered payroll decreased by
approximately 5 %. Total normal cost decreased both as a dollar amount and as a percentage of covered
payroll. The unfunded actuarial accrued liability decreased both as a dollar amount and as a percentage
of covered payroll. The net County and City minimum funding requirement also decreased both as a
dollar amount and as a percentage of covered payroll.
Comparing the center and right columns of Table 11 shows the effect of the update in actuarial
assumptions. Total normal cost increased slightly as a dollar amount but remains unchanged as a
percentage of covered payroll. The unfunded actuarial accrued liability increased slightly both as a
dollar amount and as a percentage of covered payroll. The net County and City minimum funding
requirement increased slightly as a dollar amount but remains unchanged as a percentage of covered
payroll.
The value of vested accrued benefits exceeds Plan assets, resulting in a Vested Benefit Security Ratio
(VBSR) of 83.5% (83.4% prior to update in actuarial assumptions) which is an increase from 77.4% as
of the October 1, 2013 Actuarial Valuation. The VBSR is measured on a market value of assets basis.
Plan Experience
The Plan experienced an actuarial gain in the amount of $863,149 this year. This indicates actual
overall Plan experience was more favorable than expected.
Table XV (salary, turnover and investment yield) provides figures on recent Plan experience. Salary
experience indicates actual salary increases averaged approximately 2.5% for General and Forensic
Employees and 1.8% for Firefighters and Police Officers for the Plan Year ended September 30, 2014.
Salary experience was generally a source of actuarial gain.
Gabriel Roeder Smith & Company
Board of Trustees
September 2, 2015
Page 3
Employee turnover this year was 120% of the assumed turnover for General and Forensic Employees
and 230% of the assumed turnover for Firefighters and Police Officers. Employee turnover was
generally an additional source of actuarial gain.
The smoothed value investment return of 10.5% was greater than the investment return assumption of
8.0 %. Smoothed value investment return was a source of actuarial gain during the year. The three, five
and ten -year average annual smoothed value investment returns are 7.0 %, 6.1% and 7.3 %, respectively.
The one, three, five and ten -year average annual market value returns are 11.9 %, 15.8 %, 11.5% and
7.2 %, respectively.
Member Census and Financial Data
The City submitted the Member census data used for this actuarial valuation to us as of October 1,
2014. This information contains name, Social Security number, date of birth, date of hire, October 1,
2014 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.
We used financial information concerning Plan assets as provided by the City as of September 30,
2014. We do not audit the Member census data and asset information provided to us. However, we
perform certain reasonableness checks and on this basis we believe the information we received is
reliable.
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.
If all actuarial assumptions are met and if all future minimum required contributions are paid, Plan
assets will be sufficient to pay all Plan benefits. 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 VBSR may be appropriate for assessing the sufficiency of Plan assets to meet the estimated cost of
settling benefit obligations based upon funding assumptions but may not be appropriate for assessing
the need for or the amount of future contributions.
The funded ratio is for informational purposes and is not appropriate for assessing the sufficiency of
Plan assets to cover the estimated cost of settling the Plan's benefit obligations but may be appropriate
for assessing the need for or the amount of future contributions.
Gabriel Roeder Smith & Company
Board of Trustees
September 2, 2015
Page 4
The GASB 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.
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 anticipated under the
economic or demographic assumptions; changes in economic or demographic assumptions; 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) and changes in Plan provisions or applicable law. Due to
the limited scope of the actuary's assignment, the actuary did not perform an analysis of the potential
range of such future measurements.
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 has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. 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 Board only in its entirety and only with the
permission of an approved representative of the Board.
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,
�.
Lawrence F. Wilson, A.S.A., E.A. Jennifer M. Borregard, E. A.
Senior Consultant and Actuary Consultant and Actuary
Gabriel Roeder Smith & Company
Table I
City of Winter Springs
Defined Benefit Plan
Summary of Retirement Plan Costs as of October 1, 2014
-5-
Gabriel Roeder Smith & Company
Prior Assumptions
Current Assumptions
Cost
% of
Cost
% of
Data
Payroll
Data
Payroll
A.
Participant Data Summary (Table III)
1.
Active Employees
141
N/A
141
N/A
2.
Terminated Vested
142
N/A
142
N/A
3.
Receiving Benefits
85
N/A
85
N/A
4.
Total Annual Payroll of Active Employees
$
7,093,513
100.0%
$
7,093,513
100.0%
B.
Total Normal Costs
1.
Age Retirement Benefits
$
597,597
8.4%
$
612,482
8.6%
2.
Termination Benefits
185,693
2.6%
185,877
2.6%
3.
Death Benefits
23,924
0.3%
24,273
0.3%
4.
Disability Benefits
24,471
0.3%
11,770
0.2%
5.
Estimated Expenses
159,424
2.2%
159,424
2.2%
6.
Total Annual Normal Costs
$
991,109
14.0%
$
993,826
14.0%
C.
Total Actuarial Accrued Liability
1.
Age Retirement Benefits Active Employees
$
19,637,808
276.8%
$
19,923,745
280.9%
2.
Termination Benefits Active Employees
204,045
2.9%
199,338
2.8%
3.
Death Benefits Active Employees
499,571
7.0%
505,334
7.1%
4.
Disability Benefits Active Employees
524,563
7.4%
245,677
3.5%
5.
Retired or Terminated Vested Participants
Receiving Benefits
20,292,178
286.1%
20,292,178
286.1%
6.
Terminated Vested Participants Entitled to
Future Benefits
5,544,795
78.2%
5,544,795
78.2%
7.
Deceased Participants Whose Beneficiaries
are Receiving Benefits
1,675,000
23.6%
1,675,000
23.6%
8.
Disabled Participants Receiving Benefits
0
0.0%
0
0.0%
9.
Miscellaneous Liability (Refunds in Process)
20,038
0.3%
20,038
0.3%
10.
Total Actuarial Accrued Liability
$
48,397,998
682.3%
$
48,406,105
682.4%
D.
Assets (Table V)
1.
Smoothed Actuarial Value of Assets
$
33,841,977
477.1%
$
33,841,977
477.1%
2.
Market Value of Assets
$
36,821,261
519.1%
$
36,821,261
519.1%
E.
Unfunded
Actuarial Accrued Liability
(C.
-D.1.)
$
14,556,021
205.2%
$
14,564,128
205.3%
-5-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Summary of Retirement Plan Costs as of October 1, 2014
F. Minimum Required Contribution
1. Total Normal Cost (including expenses)
2. Amortization of Unfunded Liability
3. Interest Adjustment
4. Total Payment
Table I
(Cont'd)
Prior Assumptions Current Assumptions
Cost % of Cost % of
Data Payroll Data Payroll
$ 991,109
14.0%
$ 993,826
14.0%
1,318,777
18.6%
1,319,444
18.6%
108,687
1.5%
108,851
1.5%
$ 2,418,573
34.1%
$ 2,422,121
34.1%
G. Expected payroll of active employees for 2015 / 2016 year
(1.000 x $7,093,513) $ 7,093,513
H. Contribution Sources (percent of expected 2015 / 2016 payroll)
1. County and City $ 2,063,897
2. Member 354,676
3. Total required contribution $ 2,418,573
I. Actuarial Gains / (Losses) $ 863,149
J. Actuarial Present Value of Vested Accrued Benefits
1. Retired, Terminated Vested, Beneficiaries
and Disabled Receiving Benefits $ 21,967,178
2. Terminated Vested Participants Entitled to
100.0% $ 7,093,513 100.0%
29.1%
$ 2,067,445
29.1%
5.0%
354,676
5.0%
34.1%
$ 2,422,121
34.1%
12.2%
$ 863,149
12.2%
309.7% $ 21,967,178 309.7%
Future Benefits and Miscellaneous
5,564,833
78.4%
5,564,833
78.4%
3. Active Participants Entitled to Future Benefits
16,600,310
234.0%
16,584,727
233.8%
4. Total Actuarial Present Value of Vested
Accrued Benefits
$ 44,132,321
622.2%
$ 44,116,738
621.9%
K. Unfunded Actuarial Present Value of Vested
Accrued Benefits Q. - D.2., not less than zero)
$ 7,311,060
103.1%
$ 7,295,477
102.8%
L. Vested Benefit Security Ratio (D.2. - J.)
83.4%
N/A
83.5%
N/A
-6-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Comparison of Cost Data of October 1, 2013 and
October 1, 2013 _
Cost % of
Data Compensation
A. Participants
Table II
)ctober 1, 2014 Valuations
Prior Assumptions Current Assumptions
October 1, 2014 October 1, 2014
Cost % of Cost % of
Data Compensation Data Compensation
-7-
Gabriel Roeder Smith & Company
1. Active Employees
152
N/A
141
N/A
141
N/A
2. Terminated Vested
135
N/A
142
N/A
142
N/A
3. Receiving Benefits
79
N/A
85
N/A
85
N/A
4. Total Annual Payroll of Active Employees
$
7,431,031
100.0%
$
7,093,513
100.0%
$
7,093,513
100.0%
B.
Total Normal Costs
$
1,064,360
14.3%
$
991,109
14.0%
$
993,826
14.0%
C.
Actuarial Accrued Liability
$
45,926,780
618.0%
$
48,397,998
682.3%
$
48,406,105
682.4%
D.
Present Value of Future Benefits
$
53,323,387
717.6%
$
55,175,581
777.8%
$
55,265,695
779.1%
E.
Smoothed Actuarial Value of Assets
$
29,908,683
402.5%
$
33,841,977
477.1%
$
33,841,977
477.1%
F.
Market Value of Assets
$
32,172,541
432.9%
$
36,821,261
519.1%
$
36,821,261
519.1%
G.
Unfunded Actuarial Accrued Liability
$
16,018,097
215.6%
$
14,556,021
205.2%
$
14,564,128
205.3%
H.
County and City Minimum Funding Payment
$
2,230,908
30.0%
$
2,063,897
29.1%
$
2,067,445
29.1%
I.
Ratios
1. Vested Benefit Security Ratio
77.4%
N/A
83.4%
N/A
83.5%
N/A
2. Funded Ratio (F. / C.)
70.1%
N/A
76.1%
N/A
76.1%
N/A
-7-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Characteristics of Participants in
Actuarial Valuation as of October 1, 2014
A. Active Plan PartiCiDants Summ
1. Active participants fully vested
2. Active participants partially vested
3. Active participants non - vested
4. Total active participants
5. Annual rate of pay of active participants
B. Retired and Terminated Vested Participant Summary
1. Retired or terminated vested participants receiving
benefits
2. Terminated vested participants entitled to
future benefits
3. Deceased participants whose beneficiaries are
receiving benefits
4. Disabled participants receiving benefits
C. Projected Annual Retirement Benefits
Table III
111
15
15
141
$ 7,093,513
73
142
12
0
1. Retired or terminated vested receiving benefits $ 1,942,342
2. Terminated vested entitled to future benefits $ 1,193,633
3. Beneficiaries of deceased participants $ 167,078
4. Disabled participants $ 0
0
Gabriel Roeder Smith & Company
Table IV
City of Winter Springs
Defined Benefit Plan
Statement of Assets as of October 1, 2014
A. Cash and Cash Equivalents $ 4,133,794
B. General Investments
1. Common Stock $ 22,185,809
2. Bonds 7,120,059
3. Real Estate 2,986,539
C. Receivables
1. Accrued Interest $ 0
2. Employee Contribution Receivable 13,783
3. City and County Contributions Receivable 381,277
4. Accounts Receivable 0
D. Payables
1. Accounts Payable $ 0
2. Due to Broker 0
E. Plan Assets
(A + B + C - D) $ 36,821,261
-9-
Gabriel Roeder Smith & Company
Table V
City of Winter Springs
Defined Benefit Plan
Reconciliation of Plan Assets
A. Total Market Value of Assets as of October 1, 2013 $ 32,172,541
B. Receipts During Period
1. Contributions
a. Member $ 369,500
b. City and County 2,527,508
c. Total $ 2,897,008
2. Investment Income
a. Interest and dividends $ 470,452
b. Realized / unrealized gains / ( losses) 3,414,892
c. Net investment income $ 3,885,344
3. Total receipts during period $ 6,782,352
C. Disbursements During Period
1. Pension payments and contribution refunds $ 1,974,208
2. Administrative expenses 159,424
3. Total disbursements during period $ 2,133,632
D. Total Market Value of Assets as of September 30, 2014 $ 36,821,261
-10-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Development of Smoothed Actuarial Value of Assets as of September 30
A. Preliminary total smoothed actuarial value from prior year
B. Market value beginning of year
C. Market value end of year
D. Non - investment net cash flow
E. Investment return
1. Total market value return: C. - B. - D.
2. Amount for immediate recognition (8 %)
3. Amount for phased -in recognition: E.1. - E.2.
F. Phased -in recognition of investment return:
1. Current year
2. First prior year
3. Second prior year
4. Third prior year
5. Fourth prior year
6. Total phased -in recognition of investment return
G. Total smoothed actuarial value end of year
1. Preliminary total smoothed actuarial value end of year
A. + D. + E.2. + F.6.
2. Upper corridor limit: 120% of C.
3. Lower corridor limit: 80% of C.
4. Total smoothed actuarial value end of year:
G.1., not more than G.2., nor less than G.3.
H. Difference between total market value and total smoothed actuarial value
1. Smoothed actuarial value rate of return
J. Market value rate of return
Table V
(font' d)
2013 2014 2015 2016 2017 2018
$ 26,852,721 $ 29,908,683 $ 33,841,977
27,039,803 32,172,541 36,821,261
32,172,541 36,821,261
744,786 763,376
4,387,952
3,885,344
21192,976
2,604,338
2,194,976
1,281,006
438,995
256,201
515,483
438,995
256,201
(393,471)
515,483
438,995
(251,629)
(393,471)
515,483
(191,178)
(251,628)
(393,473)
118,200
565,580
817,206
29,908,683
33,841,977
38,607,049
44,185,513
25,738,033
29,457,009
29,908,683
33,841,977
2,263,858
2,979,284
8.5%
10.5%
16.0%
11.9%
-11-
Gabriel Roeder Smith & Company
256,201
438,995 256,201
515,483 438,996
1,210,679 695,197
256,202
256,202
City of Winter Springs
Defined Benefit Plan
Actuarial Gain / (Loss) for
Plan Year Ended September 30, 2014
A. Derivation of Actuarial Gain / (Loss)
1. City and County net normal cost
2. Unfunded actuarial accrued liability
3. City and County contributions previous year
4. Interest on:
(a) City and County net normal cost
(b) Unfunded actuarial accrued liability
(c) City and County contributions
(d) Net total: (a) + (b) - (c)
5. Increase (decrease) in unfunded actuarial accrued liability due to
assumption changes
6. Expected unfunded actuarial accrued liability current year:
(1. +2.- 3. +4. +5.)
7. Actual unfunded actuarial accrued liability current year
8. Actuarial gain (loss): (6. - 7.)
B. Approximate Portion of Gain / (Loss)
due to Investments
1. Smoothed actuarial value of assets previous year
2. Contributions during period
3. Benefits and administrative expenses during period
4. Expected appreciation for period
5. Expected smoothed actuarial value of assets current year:
(1. +2.- 3. +4.)
6. Actual smoothed actuarial value of assets current year
7. Approximate investment gain (loss) due to investments: (6. - 5.)
C. Approximate Portion of Gain / (Loss)
due to Liabilities: A. - B.
-12-
Gabriel Roeder Smith & Company
Table VI
$ 692,808
16, 018, 097
2,527,508
$ 55,425
1,281,448
101,100
$ 1,235,773
$ 8,107
$ 15,427,277
14, 564,128
$ 863,149
$ 29,908,683
2,897,008
2,133,632
2,423,229
$ 33,095,288
$ 33,841,977
$ 746,689
$ 116,460
Table VII
City of Winter Springs
Defined Benefit Plan
Amortization of Unfunded Actuarial Accrued Liability
A. Unfunded Actuarial Accrued Liabili
B. Covered Payroll History*
Unfunded
Amortization
Date
Liability
Increase
Payment
$
October 1, 2014
$
14,564,128
$
1,319,444
October 1, 2015
$
14,304,259
$
1,319,444
October 1, 2016
$
14,023,600
$
1,319,444
October 1, 2017
$
13,720,488
$
1,319,444
October 1, 2018
$
13,393,128
$
1,319,444
October 1, 2044
$
0
$
0
B. Covered Payroll History*
Ten -Year Average Annual Increase (2.3 %)
* Information prior to October 1, 2008 as reported by prior actuary.
-13-
Gabriel Roeder Smith & Company
Covered
Annual
Date
Payroll
Increase
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
(4.2 %)
October 1, 2009
$
10,752,720
(0.1 %)
October 1, 2008
$
10,767,596
(3.8 %)
October 1, 2007
$
11,190,013
6.7%
October 1, 2006
$
10,489,087
8.6%
October 1, 2005
$
9,659,446
7.5%
October 1, 2004
$
8,982,189
N/A
Ten -Year Average Annual Increase (2.3 %)
* Information prior to October 1, 2008 as reported by prior actuary.
-13-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Accounting Disclosure Exhibit
I. Number of Plan Members
a. Retirees and beneficiaries receiving benefits
b. Terminated plan members entitled to but not yet receiving benefits
c. Active plan members
d. Total
II. Financial Accounting Standards Board Allocation as of October 1, 2014
A. Statement of Accumulated Plan Benefits
1. Actuarial present value of accumulated vested plan benefits
a. Participants currently receiving benefits
b. Other participants
c. Total
2. Actuarial present value of accumulated
non - vested plan benefits
3. Total actuarial present value of accumulated plan benefits
B. Statement of Change in Accumulated Plan Benefits
1. Actuarial present value of accumulated plan benefits
as of October 1, 2013
2. Increase (decrease) during year attributable to:
a. Plan amendment
b. Change in actuarial assumptions
c. Benefits paid including refunds
d. Other, including benefits accumulated, increase
for interest due to decrease in the discount period
e. Net increase
3. Actuarial present value of accumulated plan benefits
as of October 1, 2014
C. Significant Matters Affecting Calculations
10/01/2013
Prior
Assumptions
10/01/2014
Table VIII
Current
Assumptions
10/01/2014
79 85 85
135 142 142
152 141 141
366 368
368
$
20,569,268
$
21,967,178
$
21,967,178
21,001,590
22,165,143
22,149,560
$
41,570,858
$
44,132,321
$
44,116,738
$
536,915
$
478,281
$
471,910
$
42,107,773
$
44,610,602
$
44,588,648
1. Assumed rate of return used in determining actuarial present values
2. Change in plan provisions
3. Change in actuarial assumptions
-14-
Gabriel Roeder Smith & Company
$ 42,107,773
$ 0
(21,954)
(1,974,208)
4,477,037
$ 2,480,875
$ 44,588,648
8.0%
None.
See Table X. Item L.
City of Winter Springs
Defined Benefit Plan
Accounting Disclosure Exhibit
III. Net Pension Liability and Related Ratios (GASB No. 67 & No. 68)
Measurement date
A. Total Pension Liability (TPL)
Service Cost
Interest
Benefit Changes
Difference Between Actual and Expected Experience
Assumption Changes
Benefit Payments, including Refunds of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability (TPL) - (beginning of year)
Total Pension Liability (TPL) - (end of year)
B. Plan Fiduciary Net Position
Contributions - County and City
Contributions - Member
Net Investment Income
Benefit Payments, including Refunds of Member Contributions
Administrative Expenses
Other
Net Change in Plan Fiduciary Net Position
Plan Fiduciary Net Position - (beginning of year)
Plan Fiduciary Net Position - (end of year)
C. Net Pension Liability MQ - (end of year) (A) - (B)
D. Plan Fiduciary Net Position as a Percentage of TPL: (B) (A)
E. Covered Employee Payroll * *
F. NPL as a Percentage of Covered Employee Payroll (C) / (E)
G. Notes to Schedule:
Actual
9/30/2014
$ 886,819
3,666,120
Table VIII
(Cont'd)
Proj ected
9/30/2015*
$ 834,402
3,845,296
0
0
(581,481)
(107,513)
0
8,107
(1,974,208)
(2,348,608)
1,997,250
2,231,684
46,508,261
48,505,511
$ 48,505,511
$ 50,737,195
$ 2,527,508
3 69, 500
3,885,344
(1,974,208)
(159,424)
0
4,648,720
32,172,541
$ 36,821,261
11,684,250
75.91 %
i" naigw
144.53 %
Valuation Date 10/01/2013
Update procedures were used to roll forward the TPL to the measurement date.
No assumption or benefit changes during FYE 2014.
$ 2,230,908
3 54, 676
2,948,803
(2,348,608)
(159,424)
0
3,026,355
36,821,261
$ 39,847,616
10,889,579
78.54%
$ 7,093,513
153.51 %
10/01/2014
See Table X, Item L. for assumption changes during FYE 2015. No benefit changes during FYE 2015.
* Projected - actual amounts will be available after fiscal year end
* * As reported for valuation - GASB No. 67 & No. 68 reference total payroll
-15-
Gabriel Roeder Smith & Company
Table VIII
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Accounting Disclosure Exhibit
IV. Schedule of Employer Contributions (GASB No. 67 & No. 68)
' Information prior to 2008 reported by prior actuary
2 Per City CAFR prior to September 30, 2014
s Projected prior to fiscal year ended September 30, 2014. As reported for valuation - GASB No. 67 & No. 68
reference total payroll.
4 Projected - actual amounts will be available after fiscal year end
-16-
Gabriel Roeder Smith & Company
Actuarially
Contribution
Actual Contribution
Fiscal Year
Determined
Actual
Deficiency /
Covered
as a % of
End 9/30 i
Contribution
Contribution 2
(Excess)
Payroll 3
Covered Payroll
2005
$ 1,424,101
$ 1,260,626
$ 163,475
$ 8,982,189
14.03%
2006
1,564,228
1,505,020
59,208
9,659,446
15.58%
2007
1,807,722
1,843,147
(35,425)
10,489,087
17.57%
2008
2,005,100
2,009,085
(3,985)
11,190,013
17.95%
2009
1,781,651
1,781,197
454
10,767,596
16.54%
2010
2,311,058
2,311,058
0
10,752,720
21.49%
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)
8,084,054
31.27%
2015 4
2,230,908
2,230,908
0
7,093,513
31.45%
' Information prior to 2008 reported by prior actuary
2 Per City CAFR prior to September 30, 2014
s Projected prior to fiscal year ended September 30, 2014. As reported for valuation - GASB No. 67 & No. 68
reference total payroll.
4 Projected - actual amounts will be available after fiscal year end
-16-
Gabriel Roeder Smith & Company
Table VIII
(Cont'd)
City of Winter Springs
Defined Benefit Plan
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 year(s) prior the fiscal year end in which contributions are
reported.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level dollar, closed
Amortization Period 30 years
Asset Valuation Method 5 -year smoothed market
Inflation 3.0%
Salary Increases 3.0%-7.5%
Investment Rate of Return 8.0%
Retirement Age Experience -based table of rates that are specific to the type of
eligibility condition
Mortality For healthy General Employee participants, RP -2000 Combined
Healthy Participant Mortality Tables, separate rates for males and
females, with fully generational mortality improvements projected to
each future payment date with Scale AA.
For healthy Firefighter and Police Officer participants, RP -2000
Combined Healthy Participant Mortality Tables with Blue Collar
Adjustment, separate rates for males and females, with fully
generational mortality improvements projected to each future payment
date with Scale AA.
For disabled participants, RP -2000 Disabled Mortality Tables, separate
rates for males and females, with fully generational mortality
improvements projected to each future payment date with Scale AA.
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. 2008: Benefit accrual rate increased.
Assumption Changes
2014: Disability rates updated. 2008: Mortality, salary increase, withdrawal, disability and retirement
rates updated; administrative expense assumption introduced and actuarial cost method updated.
-17-
Gabriel Roeder Smith & Company
Table VIII
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Accounting Disclosure Exhibit
VI. Discount Rate (GASB No. 67 & No. 68)
A discount rate of 8.0% was used to measure the TPL. This discount rate was based on the expected
rate of return on Plan investments of 8.0 %. The projection of cash flows used to determine this
discount rate assumed member contributions will be made at the current member contribution rate
and employer contributions will be made at rates equal to the difference between actuarially
determined contribution rates and the member contribution rate. Based on these assumptions, the
pension 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. Sensitivitv of the NPL to the Discount Rate ASSUmntlon (GASB No. 67 & No. 6
Discount Rate
NPL
Measurement date: 9/30/2014
1% Decrease
7%
$ 17,593,921
Current
Discount Rate
8%
$ 11,684,250
Measurement date: 9/30/2015 *
Current
1% Decrease Discount Rate
—I% Increase
9%
$ 6,701,110
Discount Rate 7% 8%
NPL $ 16,972,156 $ 10,889,579 $
* Projected - actual amounts will be available after fiscal year end
-18-
Gabriel Roeder Smith & Company
1% Increase
9%
5,754,982
Table VIII
(Cont'd)
City of Winter Park
Defined Benefit Plan
Accounting Disclosure Exhibit
VIII. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
Pensions (GASB No. 68)
Pension Expense for Fiscal Year Ending September 30, 2015
$ 1,355,915
Summary of Outstanding Deferred Inflows and Outflows of Resources as of September 30, 2015
Differences between actual and expected experience on
liabilities
Changes of assumptions or other inputs
Net difference between projected and actual earnings on
pension plan investments
Total
Deferred
Outflows of
Resources
0
0
0
$ 0
Deferred
Inflows of
Resources
455,072
0
1,024,805
$ 1,479,877
Summary of Deferred Outflows and Inflows of Resources that will be Recognized in Pension
Expense in Future Years.
Year Ending
30 -Sep
Amount
2016
$ (382,610)
2017
(382,610)
2018
(382,610)
2019
(332,047)
2020
0
Thereafter
0
-19-
Gabriel Roeder Smith & Company
Table VIII
(Cont'd)
City of Winter Park
Defined Benefit Plan
Accounting Disclosure Exhibit
The following information is not required to be disclosed but is provided for informational purposes.
IX. Components of Pension Expense GASB No. 68)
Proj ected
Measurement Date 9/30/2014 9/30/2015*
Service Cost $ 886,819 $ 834,402
Interest on Total Pension Liability 3,666,120 3,845,296
Current -Period Benefit Changes 0 0
Contributions - Member (369,500) (354,676)
Projected Earnings on Plan Investments (2,604,338) (2,948,803)
Administrative Expenses 159,424 159,424
Other Changes in Plan Fiduciary Net Position 0 0
Recognition of Beginning Deferred Outflows /
(Inflows) due to Liabilities (126,409) (149,527)
Recognition of Beginning Deferred Outflows /
(Inflows) due to Assets (256,201) (256,201)
Total Pension Expense $ 1,355,915 $ 1,129,915
* Projected - actual amounts will be available after measurement date
-20-
Gabriel Roeder Smith & Company
Table VIII
(Cont'd)
City of Winter Park
Defined Benefit Plan
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 (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 9/30/2014 2013/2014 9/30/2014
2013/2014 $ 0 4.6 3.6 $ 0 $ 0
TOTAL $ 0 $ 0
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 9/30/2014 2013/2014 9/30/2014
2013/2014 $ (581,481) 4.6 3.6 $ (126,409) $
TOTAL $ (126,409) $
Recognition of Deferred Outflows due to Changes of Assumptions or Other Inputs
Remaining
Initial Recognition Recognition
Recognition Period as of Amount for
Established Initial Balance Period 9/30/2014 2013/2014
2013/2014 $ 0 4.6 3.6 $ 0 $
TOTAL $ 0 $
Recognition of Deferred (Inflows) due to Changes of Assumptions or Other Inputs
Remaining
Initial Recognition Recognition
Recognition Period as of Amount for
Established Initial Balance Period 9/30/2014 2013/2014
2013/2014 $ 0 4.6 3.6 $ 0 $
TOTAL $ 0 $
-21-
Gabriel Roeder Smith & Company
(455,072)
(455,072)
Balance as of
9/30/2014
Balance as of
9/30/2014
1
1
1 01
Table VIII
(Cont'd)
City of Winter Park
Defined Benefit Plan
Accounting Disclosure Exhibit
The following information is not required to be disclosed but is provided for informational purposes.
XI. Recognition of Deferred Outflows and (Inflows) Due to Assets (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 9/30/2014 2013/2014 9/30/2014
2013/2014 $ (1,281,006) 5 4
TOTAL
-22-
$ (256,201) $ (1,024,805)
$ (256,201) $ (1,024,805)
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Outline of Principal Provisions of the Retirement Plan
A. Effective Date
Table IX
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 2011 -57 adopted December 12, 2011.
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 years out of the last ten (10) 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.
-23-
Gabriel Roeder Smith & Company
Table IX
(Cont'd)
City of Winter Springs
Defined Benefit Plan
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. Earlv 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.
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.
-24-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Outline of Principal Provisions of the Retirement Plan
J. Death Benefit
Table IX
(Cont'd)
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 for all employees.
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
on 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.
-25-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
A. Mortality
Table X
For healthy General Employee participants, RP -2000 Combined Healthy Participant Mortality Tables,
separate rates for males and females, with fully generational mortality improvements projected to each
future payment date with Scale AA.
For healthy Firefighter and Police Officer participants, RP -2000 Combined Healthy Participant
Mortality Tables with Blue Collar Adjustment, separate rates for males and females, with fully
generational mortality improvements projected to each future payment date with Scale AA.
For disabled participants, RP -2000 Disabled Mortality Tables, separate rates for males and females, with
fully generational mortality improvements projected to each future payment date with Scale AA.
B. Investment Return
8.0 %, compounded annually, net of investment expenses.
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.
-26-
Gabriel Roeder Smith & Company
General
Firefighters and
Service
Employees
Police Officers
Less than 5 years
6.5%
7.5%
5 - 9 years
5.5%
5.5%
10 - 14 years
4.5%
5.5%
15+ years
3.0%
3.5%
-26-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
E. Employee Withdrawal Rates
1. Withdrawal rates for male General Employees were used in accordance with the following illustrative example:
2. Withdrawal rates for female General Employees were used in accordance with the following illustrative example:
V
PF Withdrawal Rates per 100 Employees
Service
Age
0
1
2
3
4
5
6
7
8
9
10+
20
32.8
25.4
22.7
18.4
15.8
11.7
11.1
11.1
11.0
10.0
9.8
25
27.2
18.5
17.2
14.6
12.7
9.7
8.5
8.4
7.7
6.3
6.2
30
25.8
15.4
14.0
13.2
11.8
8.8
7.8
7.1
6.4
5.5
4.7
35
25.8
14.3
12.8
12.6
10.9
8.5
7.5
6.8
6.2
5.3
4.2
40
24.4
12.6
12.0
10.7
9.0
7.4
6.7
6.2
5.8
5.3
3.0
45
24.4
12.5
11.6
10.3
8.8
6.8
6.5
6.0
5.1
5.1
2.7
50
23.4
12.2
10.7
9.4
7.9
6.0
5.5
5.3
4.6
4.6
3.0
55
27.4
12.2
10.7
9.3
7.8
6.8
5.4
5.2
4.4
4.3
4.5
60
27.4
12.2
10.7
9.3
7.8
6.8
5.4
5.1
4.3
4.2
5.3
65
27.4
12.2
10.7
9.3
7.8
6.8
5.4
5.1
4.3
4.2
3.7
2. Withdrawal rates for female General Employees were used in accordance with the following illustrative example:
The withdrawal assumptions are the withdrawal assumptions used in the July 1, 2014 Florida Retirement System (FRS) Actuarial
Valuation.
-27-
Gabriel Roeder Smith & Company
Withdrawal Rates per 100 Employees
Service
Age
0
1
2
3
4
5
6
7
8
9
10+
20
30.3
25.8
22.1
17.4
15.4
13.5
11.4
11.3
10.5
10.2
11.6
25
26.6
19.8
17.1
13.0
12.9
10.7
9.7
9.2
7.8
7.1
5.3
30
25.4
16.9
14.5
11.6
11.3
9.4
8.7
8.1
7.1
6.5
5.4
35
25.4
15.9
13.5
11.2
10.9
9.0
8.0
7.8
6.8
6.2
4.6
40
24.4
14.0
12.1
10.0
9.1
7.0
6.5
6.3
6.1
5.0
3.3
45
24.4
13.9
11.9
9.8
8.8
6.7
6.5
6.1
5.8
4.7
3.0
50
23.2
13.4
11.0
8.8
8.4
6.2
5.9
5.5
5.5
4.6
3.0
55
23.2
13.4
11.0
8.7
8.3
6.1
5.8
5.4
5.4
4.5
3.0
60
23.2
13.4
11.0
8.7
8.3
6.1
5.8
5.4
5.4
4.5
3.0
65
23.2
13.4
11.0
8.7
8.3
6.1
5.8
5.4
5.4
4.5
3.0
The withdrawal assumptions are the withdrawal assumptions used in the July 1, 2014 Florida Retirement System (FRS) Actuarial
Valuation.
-27-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
E. Employee Withdrawal Rates (continued)
3. Withdrawal rates for male Firefighters and Police Officers were used in accordance with the following illustrative example:
4. Withdrawal rates for female Firefighters and Police Officers were used in accordance with the following illustrative example:
Withdrawal Rates per 100 Employees
Service
Awe
0
1
2
3
4
5
6
7
8
9
10+
20
21.4
10.3
8.6
8.4
7.5
5.3
5.2
3.1
2.9
2.6
2.3
25
20.6
9.8
8.1
7.9
7.0
5.3
5.2
3.1
2.9
2.6
2.3
30
20.6
9.5
7.7
7.5
6.7
5.3
5.2
3.1
2.9
2.6
2.1
35
20.6
8.8
7.4
7.2
6.5
5.3
5.1
3.1
2.9
2.6
2.0
40
20.6
8.0
6.8
6.7
6.0
4.8
4.6
3.1
2.9
2.6
1.9
45
20.6
7.3
6.0
6.0
5.5
4.3
4.1
3.1
2.9
2.6
1.8
50
20.6
6.5
5.3
5.3
5.0
3.8
3.6
3.1
2.9
2.6
1.8
55
20.6
5.8
4.7
4.7
4.6
3.3
3.2
3.1
2.9
2.6
1.8
60
20.6
5.3
4.7
4.7
4.6
3.3
3.2
3.1
2.9
2.6
1.8
65
20.6
5.3
4.7
4.7
4.6
3.3
3.2
3.1
2.9
2.6
1.8
4. Withdrawal rates for female Firefighters and Police Officers were used in accordance with the following illustrative example:
The withdrawal assumptions are the withdrawal assumptions used in the July 1, 2014 FRS Actuarial Valuation.
-28-
Gabriel Roeder Smith & Company
Withdrawal Rates per 100 Employees
Service
Age
0
1
2
3
4
5
6
7
8
9
10+
20
21.3
15.5
12.3
10.3
9.7
6.1
5.9
5.0
4.2
4.2
1.9
25
21.3
14.2
11.6
9.8
9.2
6.1
5.9
5.0
4.2
4.2
1.9
30
21.3
13.2
10.6
9.3
8.7
6.1
5.9
5.0
4.2
4.2
1.7
35
21.3
12.2
9.6
8.8
8.4
6.1
5.9
5.0
4.2
4.1
1.5
40
21.3
11.2
8.6
8.3
7.6
6.1
5.9
5.0
4.1
4.1
2.5
45
21.3
10.2
7.6
7.6
7.0
6.1
5.9
5.0
4.1
4.1
2.5
50
21.3
9.2
6.6
6.6
6.4
6.1
5.9
5.0
4.1
4.0
1.6
55
21.3
8.4
5.8
5.6
5.4
5.3
5.1
5.0
4.1
4.0
4.0
60
21.3
8.4
5.8
5.6
5.4
5.3
5.1
5.0
4.1
4.0
4.0
65
21.3
8.4
5.8
5.6
5.4
5.3
5.1
5.0
4.1
4.0
4.0
The withdrawal assumptions are the withdrawal assumptions used in the July 1, 2014 FRS Actuarial Valuation.
-28-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
F. Disability Rates
1. Line -of -duty disability rates for General Employees were used in accordance with the following
illustrative example.
Age
Male
Female
20
0.000%
0.000%
25
0.001%
0.001%
30
0.001%
0.001%
35
0.001%
0.001%
40
0.001%
0.001%
45
0.004%
0.001%
50
0.006%
0.006%
55
0.006%
0.006%
60
0.010%
0.013%
IL 65
0.010%
0.010%
2. Non -duty disability rates for General Employees were used in accordance with the following illustrative
example.
Age
Male
Female
20
7
0.000%
0.000%
25
0.010%
0.010%
30
0.010%
0.010%
35
0.020%
0.010%
40
0.020%
0.020%
45
0.080%
0.060%
50
0.160%
0.100%
55
0.250%
0.160%
60
0.300%
0.260%
65
0.100%
0.080%
The disability assumptions are the disability assumptions used in the July 1, 2014 FRS Actuarial Valuation.
-29-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
F. Disability Rates (continued)
3. Line -of -duty disability rates for Firefighters and Police Officers were used in accordance with the
following illustrative example.
Age
Male
Female
20
0.010%
0.000%
25
0.010%
0.004%
30
0.010%
0.004%
35
0.010%
0.004%
40
0.020%
0.040%
45
0.060%
0.040%
50
0.140%
0.050%
55
it45
0.100%
0.080%
60
0.140%
0.150%
65
0.260%
0.150%
4. Non -duty disability rates for Firefighters and Police Officers were used in accordance with the following
illustrative example.
Age
Male
Female
20
0.020%
0.000%
25
0.020%
0.020%
30
0.030%
0.020%
35
0.030%
0.030%
40
0.030%
0.030%
45
0.030%
0.060%
50
0.080%
0.110%
55
0.050%
0.110%
60
0.050%
0.110%
65
0.050%
0.110%
The disability assumptions are the disability assumptions used in the July 1, 2014 FRS Actuarial Valuation.
-30-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
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 Police Officers and Firefighters:
Age
Years of Service
Years of Service
0 -10
10 -15
15 -25
25 -30
30 or more
Under 55
0%
0%
0%
4%
5%
55
0%
10%
15%
40%
50%
56-64
0%
10%
15%
15%
20%
65 and above
100%
100%
100%
100%
100%
2. For General Employees:
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.
-31-
Gabriel Roeder Smith & Company
Years of Service
0 -10
10 -15
15 -25
25 -30
30 or more
Under 55
0%
0%
0%
2%
2%
55
0%
5%
10%
20%
25%
56-64
0%
5%
10%
4%
5%
65 and above
100%
100%
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.
-31-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
J. Asset Valuation Method
The method used for determining the smoothed actuarial value of assets phases in the deviation
between the expected and actual return on assets at the rate of 20% per year. The smoothed actuarial
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.
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 Fund had always been in effect. The normal cost for
the Fund 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 Fund 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 Fund.
L. Changes Since Previous Valuation
Disability Rates were:
1. Line -of -duty disability rates for General Employees were used in accordance with the following
illustrative example.
Age
Male
Female
20
0.002%
0.000%
25
0.002%
0.001%
30
0.003%
0.001%
35
0.005%
0.003%
40
0.009%
0.005%
45
0.014%
0.008%
50
0.022%
0.010%
55
0.034%
0.016%
60
0.048%
0.022%
65
0.050%
0.020%
-32-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
L. Changes Since Previous Valuation (continued)
2. Non -duty disability rates for General Employees were used in accordance with the following illustrative
example.
Age
Male
Female
20
0.000%
0.000%
25
0.027%
0.010%
30
0.053%
0.026%
35
0.066%
0.049%
40
0.092%
0.070%
45
0.122%
0.114%
50
0.203%
0.184%
55
0.339%
0.294%
60
0.445%
0.419%
65
0.215%
0.105%
The disability assumptions were the disability assumptions used in the July 1, 2013 FRS Actuarial Valuation.
3. Line -of -duty disability rates for Firefighters and Police Officers were used in accordance with the following
illustrative example.
Age
Male
Female
20
0.012%
0.008%
25
0.012%
0.008%
30
0.017%
0.016%
35
0.029%
0.037%
40
0.051%
0.068%
45
0.087%
0.106%
50
0.138%
0.153%
55
0.215%
0.152%
60
0.301%
0.151%
65
0.231%
0.143%
-33-
Gabriel Roeder Smith & Company
Table X
(Cont'd)
City of Winter Springs
Defined Benefit Plan
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
L. Changes Since Previous Valuation (continued)
4. Non -duty disability rates for Firefighters and Police Officers were used in accordance with the following
illustrative example.
W���
Male
Female
20
0.037%
0.036%
25
0.037%
0.036%
30
0.043%
0.046%
35
0.055%
0.075%
40
0.087%
0.118%
45
0.140%
0.209%
50
0.292%
0.254%
55
0.244%
0.328%
60
0.206%
0.328%
65
0.206%
0.328%
The disability assumptions were the disability assumptions used in the July 1, 2013 FRS Actuarial Valuation.
-34-
Gabriel Roeder Smith & Company
Table XI
-35-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Distribution by Attained Ate Groups
and Service Groups as of October 1, 2014
Firefighters
Attained
-----------------------------------------
CONIPLETED YEARS OF SERVICE-----------------------------------------
Age Group
0 -4 5 -9
10 -14 15 -19 20 -24
25 -29 30 & Over
Total
Under 25
- -
- - -
- -
0
25 -29
- -
- - -
- -
0
30 -34
- -
- - -
- -
0
35 -39
- -
- - -
- -
0
40 -44
- -
- - -
- -
0
45 -49
- -
- - 1
- -
1
50 -54
- -
- 1 5
2 1
9
55 -59
- -
- - -
- -
0
60 -64
- -
- - -
- -
0
65 & Over
- -
- - -
- -
0
TOTAL
0 0
0 1 6
2 1
10
10/01/2013
10/01/2014
Average Attained Age
50.92 years
51.92 years
Average Hire Age
27.72 years
27.72 years
Average Pay
$ 66,374
$ 67,234
Percent Female
0.0%
0.0%
-35-
Gabriel Roeder Smith & Company
Table XI
(Cont'd)
-36-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Distribution by Attained Ate Groups
and Service Groups as of October 1, 2014
General Employees
Attained
----------------------------------------- CONIPLETED YEARS OF SERVICE-------------------------------------
Age Group
00 =4 55 =9
10 -14 15 -19 20 -24
25 -29 30 & Over
Total
Under 25
1 -
- - -
- -
1
25 -29
2 2
- - -
- -
4
30 -34
1 3
1 - -
- -
5
35 -39
1 5
4 3 -
- -
13
40 -44
- 2
2 3 1
- -
8
45 -49
- 3
- 1 -
- -
4
50 -54
1 5
3 2 1
3 -
15
55 -59
1 1
3 - 5
2 -
12
60 -64
- 1
3 1 -
- -
5
65 & Over
- 1
1 - -
1 -
3
TOTAL
7 23
17 10 7
6 0
70
10/01/2013
10/01/2014
Average Attained Age
46.84 years
47.50 years
Average Hire Age
35.22 years
34.97 years
Average Pay
$ 43,984
$ 45,858
Percent Female
34.6%
34.3%
-36-
Gabriel Roeder Smith & Company
Table XI
(Cont'd)
-37-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Distribution by Attained Ate Groups
and Service Groups as of October 1, 2014
Police Officers
Attained
----------------------------------------- CONIPLETED YEARS OF SERVICE-----------------------------------------
Age Group
00 =4 55 =9
10 -14 15 -19 20 -24
25 -29 30 & Over
Total
Under 25
1 -
- - -
- -
1
25 -29
6 5
- - -
- -
11
30 -34
2 3
2 - -
- -
7
35 -39
2 2
5 2 -
- -
11
40 -44
- 2
- 4 1
- -
7
45 -49
- -
3 4 1
3 -
11
50 -54
2 -
2 2 -
1 1
8
55 -59
- 1
- - -
1 -
2
60 -64
- -
1 - -
- -
1
65 & Over
- -
- - -
- -
0
TOTAL
13 13
13 12 2
5 1
59
10/01/2013
10/01/2014
Average Attained Age
39.72 years
40.11 years
Average Hire Age
28.43 years
28.42 years
Average Pay
$ 52,939
$ 52,973
Percent Female
15.3%
13.6%
-37-
Gabriel Roeder Smith & Company
Table XI
(Cont'd)
-38-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Distribution by Attained Ate Groups
and Service Groups as of October 1, 2014
Forensic Professionals
Attained
----------------------------------------- CONIPLETED YEARS OF SERVICE-----------------------------------------
Age Group
00 =4 55 =9
10 -14 15 -19 20 -24
25 -29 30 & Over
Total
Under 25
- -
- - -
- -
0
25 -29
- -
1 - -
- -
1
30 -34
- -
- - -
- -
0
35 -39
- -
- 1 -
- -
1
40 -44
- -
- - -
- -
0
45 -49
- -
- - -
- -
0
50 -54
- -
- - -
- -
0
55 -59
- -
- - -
- -
0
60 -64
- -
- - -
- -
0
65 & Over
- -
- - -
- -
0
TOTAL
0 0
1 1 0
0 0
2
10/01/2013
10/01/2014
Average Attained Age
32.48 years
33.48 years
Average Hire Age
19.48 years
19.48 years
Average Pay
$ 40,581
$ 42,849
Percent Female
100.0%
100.0%
-38-
Gabriel Roeder Smith & Company
Table XI
(Cont'd)
-39-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Distribution by Attained Ate Groups
and Service Groups as of October 1, 2014
All Members
Attained
-----------------------------------------
CONIPLETED YEARS OF SERVICE-----------------------------------------
Age Group
0 -4
5 -9
10 -14 15 -19 20 -24
25 -29 30 & Over
Total
Under 25
2
-
- - -
- -
2
25 -29
8
7
1 - -
- -
16
30 -34
3
6
3 - -
- -
12
35 -39
3
7
9 6 -
- -
25
40 -44
-
4
2 7 2
- -
15
45 -49
-
3
3 5 2
3 -
16
50 -54
3
5
5 5 6
6 2
32
55 -59
1
2
3 - 5
3 -
14
60 -64
-
1
4 1 -
- -
6
65 & Over
-
1
1 - -
1 -
3
TOTAL
20
36
31 24 15
13 2
141
10/01/2013
10/01/2014
Average Attained Age
44.16 years
44.52 years
Average Hire Age
31.89 years
31.49 years
Average Pay
$ 48,888
$ 50,309
Percent Female
25.7%
24.1%
-39-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Statistics for Participants Entitled to Deferred Benefits
and Participants Receiving Benefits
A. Entitled to Deferred Benefits
Current Age
Group
Less than 40
40 -44
45 -49
50 -54
55 -59
60 -64
65 & Over
TOTAL
B. Receiving Benefits
Current Age
Group
Less than 50
50 -54
55 -59
60 -64
65 -69
70 -74
75 & Over
TOTAL
Count
33
35
23
31
10
5
Count
3
0
21
18
25
11
Total
Annual Benefit
$ 203,752
358,304
234,585
306,518
61,255
18,179
11,040
$ 1,193,633
Total
Annual Benefit
$ 24,124
823,125
508,448
468,881
219,321
65,521
$ 2,109,420
-40-
Gabriel Roeder Smith & Company
Average
Annual Benefit
$ 6,174
10,237
10,199
9,888
6,126
3,636
2,208
$ 8,406
Average
Annual Benefit
$ 8,041
39,196
28,247
18,755
19,938
9,360
$ 24,817
Table XII
City of Winter Springs
Defined Benefit Plan
Reconciliation of Employee Data
A. Active Participants
Table XIII
1.
Active participants previous year
152
2.
Retired during year
(6)
3.
Died during year
0
4.
Disabled during year
0
5.
Terminated non - vested during year
(2)
6.
Terminated vested during year
(8)
7.
New active participants
5
8.
Out on military leave
0
9.
Rehired during year
0
10.
Transferred to DC Plan
0
11.
Active participants current year
141
B. Participants Receiving Benefits
1. Participants receiving benefits previous year 79
2. New retired participants 6
3. New DRO recipient 0
4. New terminated vested receiving benefits 1
5. New beneficiaries receiving benefits 0
6. Died or ceased payment during year (1)
7. Retired or terminated vested receiving benefits current year 85
C. Terminated Vested Participants Entitled to Future Benefits
1. Terminated vested entitled previous year 135
2. Died during year 0
3. Commenced receiving benefits during year (1)
4. New terminated vested 8
5. Terminated vested paid lump sum 0
6. Rehired 0
7. Terminated vested entitled current year 142
ENE
Gabriel Roeder Smith & Company
Table XIV
City of Winter Springs
Defined Benefit Plan
Proiected Retirement Benefits
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.
-42-
Gabriel Roeder Smith & Company
Projected Total
Fiscal Year
Annual Payout
2015
$ 2,348,608
2016
$ 2,511,493
2017
$ 2,701,672
2018
$ 2,866,824
2019
$ 3,171,983
2020
$ 3,355,060
2021
$ 3,556,101
2022
$ 3,919,454
2023
$ 4,185,554
2024
$ 4,415,711
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.
-42-
Gabriel Roeder Smith & Company
Table XV
City of Winter Springs
Defined Benefit Plan
i Information prior to September 30, 2008 as reported by prior actuary.
2 Includes refunds.
3 Values prior to September 30, 2008 include Employee Contributions.
-43-
Gabriel Roeder Smith & Company
Summary of Transaction Information)
Smoothed
Year
Benefits
Administrative
Employee
City / County
Actuarial
Ending
Paid'
Expenses
Contributions
Contributions
Value
09/30/2014
$ 1,974,208
$ 159,424
$ 369,500
$ 2,527,508
$ 33,841,977
09/30/2013
1,732,845
177,541
396,374
2,258,798
29,908,683
09/30/2012
1,606,752
309,874
418,635
1,824,431
26,852,721
09/30/2011
1,165,350
196,423
287,090
2,616,924
25,932,292
09/30/2010
886,521
178,530
284,866
2,311,058
23,887,446
09/30/2009
617,274
116,982
306,420
1,781,197
20,788,655
09/30/2008
384,482
70,423
365,288
1,663,951
18,746,975
09/30/2007
233,953
123,197
N/A
1,843,147
15,526,572
09/30/2006
171,697
84,340
N/A
1,505,020
11,951,383
09/30/2005
N/A
N/A
N/A
1,260,627
9,716,089
09/30/2004
140,509
62,225
N/A
1,013,379
8,134,588
09/30/2003
13 8,3 53
47,477
N/A
903,748
7,279,048
i Information prior to September 30, 2008 as reported by prior actuary.
2 Includes refunds.
3 Values prior to September 30, 2008 include Employee Contributions.
-43-
Gabriel Roeder Smith & Company
Table XV
(font' d)
City of Winter Springs
Defined Benefit Plan
Recent Compensation, Termination and Investment Return Experience
* Information prior to October 1, 2008 as reported by prior actuary
-44-
Gabriel Roeder Smith & Company
General & Forensic
Police & Fire
General & Forensic Police & Fire
Investment Return
Compensation
Termination
Smoothed
Valuation
% Increase /
(Decrease)
Ratio of Actual
Net Market
Net Actuarial
Assumed Rate
Date
Actual
Assumed
Actual
Assumed
to Expected
Value Yield*
Value Yield*
of Return*
10/01/2014
2.5%
4.7%
1.8%
4.9%
1.2
2.3
11.9%
10.5%
8.0%
10/01/2013
0.7%
4.7%
0.7%
4.9%
1.4
2.4
16.0%
8.5%
8.0%
10/01/2012
(2.4 %)
4.8%
(6.5 %)
5.0%
2.4
2.4
19.5%
2.3%
8.0%
10/01/2011
4.9%
4.8%
3.5%
5.2%
1.9
2.4
(1.0 %)
2.0%
8.0%
10/01/2010
0.9%
5.0%
2.8%
5.3%
1.2
1.7
12.0%
7.3%
8.0%
10/01/2009
6.4%
5.1%
11.6%
5.3%
1.1
1.1
2.1%
3.5%
8.0%
10/01/2008
3.9%
3.0%
5.6%
3.0%
1.2
3.1
(16.8 %)
10.1%
8.0%
10/01/2007
N/A
N/A
N/A
N/A
N/A
N/A
13.8%
15.4%
8.0%
10/01/2006
N/A
N/A
N/A
N/A
N/A
N/A
8.6%
9.5%
8.0%
10/01/2005
N/A
N/A
N/A
N/A
N/A
N/A
11.5%
4.2%
8.0%
Last 3 Years
0.2%
4.7%
(1.4 %)
4.9%
1.6
2.4
15.8%
7.0%
8.0%
Last 5 Years
1.3%
4.8%
0.4%
5.1%
1.6
2.2
11.5%
6.1%
8.0%
Last 10 Years
N/A
N/A
N/A
N/A
N/A
N/A
7.2%
7.3%
8.0%
* Information prior to October 1, 2008 as reported by prior actuary
-44-
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Actuarial Valuation as of October 1, 2014
State Required Exhibit
A. Participant Data
1. Active participants
2. Retired participants and beneficiaries
receiving benefits
3. Disabled participants receiving benefits
4. Terminated vested participants
5. Annual payroll of active participants
6. Annual benefits payable to those currently
receiving benefits
B. Value of Assets
1. Smoothed Actuarial Value
2. Market Value
C. Liabilities
1. Actuarial present value of future expected
benefit payments for active members
a. Retirement benefits
b. Vesting benefits
c. Death benefits
d. Disability benefits
e. Total
2. Actuarial present value of future expected benefit
payments for terminated vested members
3. Actuarial present value of future expected benefit
payments for members currently receiving benefits
a. Service retired
b. Disability retired
c. Beneficiaries
d. Miscellaneous (Refunds in Process)
e. Total
Table XVI
Prior Current
Assumptions Assumptions
10/01/2013 10/01/2014 10/01/2014
152 141 141
79 85 85
0 0 0
135 142 142
$ 7,431,031 $ 7,093,513 $ 7,093,513
$ 1,956,497 $ 2,109,420 $ 2,109,420
$ 29,908,683 $ 33,841,977 $ 33,841,977
$ 32,172,541 $ 36,821,261 $ 36,821,261
$
24,482,971
$
24,609,804
$
25,068,833
1,782,858
1,618,728
1,627,069
710,276
682,087
692,269
751,238
732,951
345,513
$
27,727,343
$
27,643,570
$
27,733,684
$
5,015,850
$
5,544,795
$
5,544,795
$
18,864,624
$
20,292,178
$
20,292,178
0
0
0
1,704,644
1,675,000
1,675,000
10,926
20,038
20,038
$
20,580,194
$
21,987,216
$
21,987,216
-45-
Gabriel Roeder Smith Sc Company
City of Winter Springs
Defined Benefit Plan
Actuarial Valuation as of October 1, 2014
State Required Exhibit
4. Total actuarial present value of future
expected benefit payments
5. Actuarial accrued liabilities
6. Unfunded actuarial accrued liabilities
D. Statement of Accumulated Plan Benefits
1. Actuarial present value of accumulated vested
benefits
a. Participants currently receiving benefits
b. Other participants
c. Total
2. Actuarial present value of accumulated non -
vested plan benefits
3. Total actuarial present value of accumulated
plan benefits
E. Pension Cost
1. Total normal cost
2. Payment required to amortize unfunded liability
3. Interest adjustment
4. Total required contribution
5. Item 4 as a percentage of base payroll
6. Estimated employee contributions
7. Item 6 as a percentage of base payroll
8. Net amount payable by County and City
9. Item 8 as a percentage of base payroll
-46-
Table XVI
(Cont'd)
$ 20,569,268 $ 21,967,178 $ 21,967,178
21,001,590 22,165,143 22,149,560
$ 41,570,858 $ 44,132,321 $ 44,116,738
536,915 478,281 471,910
$ 42,107,773 $ 44,610,602 $ 44,588,648
$
Prior
Current
991,109
Assumptions
Assumptions
10/01/2013
10/01/2014
10/01/2014
$ 53,323,387
$ 55,175,581
$ 55,265,695
$ 45,926,780
$ 48,397,998
$ 48,406,105
$ 16,018,097
$ 14,556,021
$ 14,564,128
$ 20,569,268 $ 21,967,178 $ 21,967,178
21,001,590 22,165,143 22,149,560
$ 41,570,858 $ 44,132,321 $ 44,116,738
536,915 478,281 471,910
$ 42,107,773 $ 44,610,602 $ 44,588,648
$
1,064,360
$
991,109
$
993,826
1,421,056
1,318,777
1,319,444
117,044
108,687
108,851
$
2,602,460
$
2,418,573
$
2,422,121
35.0%
34.1%
34.1%
$
371,552
$
354,676
$
354,676
5.0%
5.0%
5.0%
$
2,230,908
$
2,063,897
$
2,067,445
30.0%
29.1%
29.1%
Gabriel Roeder Smith & Company
City of Winter Springs
Defined Benefit Plan
Actuarial Valuation as of October 1, 2014
State Required Exhibit
F. Past Contributions
1. Total contribution required (previous valuation)
2. Actual contributions made:
a. Members
b. City and County
c. Total
G. Disclosure of Following Items:
1. Actuarial present value of future salaries
- attained age
2. Actuarial present value of future employee
contributions - attained age
3. Actuarial present value of future contributions
from other sources
4. Amount of active members' accumulated
contributions
5. Actuarial present value of future salaries and
future benefits at entry age
6. Actuarial present value of future employee
contributions at entry age
Table XVI
(Cont'd)
-47-
Gabriel Roeder Smith & Company
Prior
Current
Assumptions
Assumptions
10/01/2013
10/01/2014
10/01/2014
$
2,844,078
$ 2,602,460
$
2,602,460
$
369,500
N/A
N/A
2,527,508
N/A
N/A
$
2,897,008
N/A
N/A
$
64,573,284
$ 60,439,469
$
60,911,852
$
3,228,665
$ 3,021,973
$
3,045,593
N/A
N/A
N/A
$
2,511,683
$ 2,688,930
$
2,688,930
N/A
N/A
N/A
N/A
N/A
N/A
-47-
Gabriel Roeder Smith & Company
Table XVI
(Cont'd)
City of Winter Springs
Defined Benefit Plan
State Required Exhibit
Amortization balances are written down in proportion to amortization payments.
This actuarial valuation and /or cost determination was prepared and completed by me or under my direct supervision,
and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate,
and in my 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.
Enrollment Number: 14 -02802
Dated: September 2, 2015
Lawrence F. Wilson, A.S.A.
-48-
Gabriel Roeder Smith & Company
Current
Remaining
Unfunded
Amortization
Funding
Unfunded Actuarial Accrued Liabilities
Liabilities
Pa nt
Period
10/01/2000
Initial
$ 1,938,774
$ 202,812
16 years
10/01/2002
Assumption Change
(25,235)
(2,493)
18 years
10/01/2003
Plan Amendment
160,503
15,475
19 years
10/01/2004
Plan Amendment
244,512
23,059
20 years
10/01/2005
Plan Amendment
508,789
47,031
21 years
10/01/2006
Plan Amendment
587,429
53,321
22 years
10/01/2007
Plan Amendment
603,142
53,848
23 years
10/01/2008
Plan Amendment and Assumption Change
2,715,598
238,817
24 years
10/01/2008
Method Change
6,069,765
533,791
24 years
10/01/2009
Actuarial Loss / (Gain)
2,602,160
225,710
25 years
10/01/2010
Actuarial Loss / (Gain)
(482,198)
(41,303)
26 years
10/01/2010
Plan Amendment
(2,795,665)
(239,462)
26 years
10/01/2011
Actuarial Loss / (Gain)
3,064,228
259,461
27 years
10/01/2012
Actuarial Loss / (Gain)
1,036,560
86,849
28 years
10/01/2013
Actuarial Loss / (Gain)
(809,192)
(67,147)
29 years
10/01/2014
Actuarial Loss / (Gain)
(863,149)
(70,992)
30 years
10/01/2014
Assumption Change
8,107
667
30 years
TOTAL
$ 14,564,128
$ 1,319,444
This actuarial valuation and /or cost determination was prepared and completed by me or under my direct supervision,
and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate,
and in my 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.
Enrollment Number: 14 -02802
Dated: September 2, 2015
Lawrence F. Wilson, A.S.A.
-48-
Gabriel Roeder Smith & Company