City of Titusville General Employees' Pension Plan Section 112.664, Florida Statutes Compliance Determined as of the October 1, 2019 Valuation Date

Foster & Foster - Actuaries and Consultants

May 28, 2020
VIA EMAIL

Ms. Julie Enright, Plan Administrator
City of Titusville
Post Office Box 2806
Titusville, FL 32781-2806

Re: City of Titusville General Employees' Pension Plan Section 112.664, Florida Statutes Compliance

Dear Julie:
Please find enclosed the annual disclosures that satisfy the October 1, 2019 financial reporting requirements made under Section 112.664.

Our office will submit this information electronically to the Department of Management Services. However, it is important for you to be aware that this report must also be made available on the Plan or Plan Sponsor’s website, if such website exists. A deadline for this website publication is not made clear in the law.

In addition to the enclosed report, the Plan or Plan Sponsor's website must provide a link to the Division of Retirement's Actuarial Summary Fact Sheet for the Plan, and also report the previous five years' assumed and actual rates of return, along with their respective asset allocations. The Board should contact its Investment Consultant for this information.

With respect to the reporting standards for defined benefit retirement plans or systems contained in Section 112.664(1), F.S., the actuarial disclosures required under this section were 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, meet the requirements of Section 112.664(1), Florida Statutes, and Rule 60T-1.0035, Florida Administrative Code.

If there are any questions, concerns, or comments about any of the items contained in this report, please feel free to contact me.

Respectfully submitted,
Foster & Foster, Inc.

By: _/s/___
Douglas H. Lozen, EA, MAAA
Enrolled Actuary #20-7778

Enclosures

cc via email: Pedro Herrera, Board Attorney
cc via email: Jessica A. De La Torre Vila, Legal Assistant

13420 Parker Commons Blvd., Suite 104 Fort Myers, FL 33912 · (239) 433-5500 · Fax (239) 481-0634 · www.foster-foster.com

Introduction - Section 112.664, F.S. Requirements

When reviewing the following schedules, please note the following:

The purpose of producing this report is solely to satisfy the requirements set forth by Section 112.664, Florida Statutes, and is mandatory for every Florida public pension fund, excluding the Florida Retirement System (FRS).
None of the schedules shown have any impact on the funding requirements of the Plan. These schedules are for statutory compliance purposes only.
In the schedules that follow, the columns labeled “ACTUAL” represent the final recorded GASB 67/68 results. The columns labeled “HYPOTHETICAL” illustrate what the results would have been if different assumptions were used.
It is our opinion that the Plan’s actual assumptions utilized in the October 1, 2019 Actuarial Valuation Report, as adopted by the Board of Trustees, are reasonable individually and in the aggregate, and represent our best estimate of future Plan experience.
The “Number of Years Expected Benefit Payments Sustained” calculated in Section II: Asset Sustainability should not be interpreted as the number of years the Plan has left until it is insolvent. This calculation is required by 112.664, Florida Statutes, but the numeric result is irrelevant, since in its calculation we are to assume there will be no further contributions to the Fund. As long as the Actuarially Determined Contribution is made each year the Plan will never become insolvent.

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 3

SCHEDULE OF CHANGES IN NET PENSION LIABILITY
FISCAL YEAR SEPTEMBER 30, 2019

Total Pension Liability	Actual 7.75% RP-2000 Generational	Hypothetical 5.75% RP-2000 Generational	Hypothetical 9.75% RP-2000 Generational
Service Cost	997,001	1,470,733	705,183
Interest	4,836,266	4,428,558	5,070,027
Changes of Benefit Terms	NO DATA	NO DATA	NO DATA
Differences Between Expected and Actual Experience	399,357	604,473	243,709
Changes of Assumptions	NO DATA	NO DATA	NO DATA
Contributions - Buy Back	24,202	24,202	24,202
Benefit Payments, Including Refunds of Employee Contributions	(4,499,667)	(4,449,667)	(4,449,667)
Net Change in Total Pension Liability	1,757,159	2,028,299	1,543,454
Total Pension Liability - Beginning	63,656,264	77,797,499	53,544,924
Total Pension Liability - Ending (a)	$65,413,423	$79,825,798	$55,088,378

Plan Fiduciary Net Position	Actual 7.75% RP-2000 Generational	Hypothetical 5.75% RP-2000 Generational	Hypothetical 9.75% RP-2000 Generational
Contributions - Employer	2,628,066	2,628,066	2,628,066
Contributions - Employee	323,634	323,634	323,634
Contributions - Buy Back	24,202	24,202	24,202
Net Investment Income	1,620,007	1,620,007	1,620,007
Benefit Payments, Including Refunds of Employee Contributions	(4,499,667)	(4,499,667)	(4,499,667)
Administrative Expenses	(116,965)	(116,965)	(116,965)
Net Change in Plan Fiduciary Net Position	(20,723)	(20,723)	(20,723)
Plan Fiduciary Net Position - Beginning	61,691,922	61,691,922	61,691,922
Plan Fiduciary Net Position - Ending (b)	$61,671,199	$61,671,199	$61,671,199
Net Pension Liability - Ending (a) - (b)	$3,742,224	$18,154,599	$(6,582,821)

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 4

Section II - Asset Sustainability - Section 112.664, F.S. Requirements

Projection of the Number of Years Assets will Sustain Benefit Payments

Table 1 - Plan Assumptions: 7.75% and RP-2000 Generational Mortality

Fiscal Year Beginning 10/1	Projected Beginning Fiduciary Net Position	Projected Total Contributions	Projected Benefit Payments	Projected Administrative Expense	Projected Investment Earnings	Projected Ending Fiduciary Net Position
2019	61,671,199	NO DATA	5,188,367	NO DATA	4,578,469	61,061,301
2020	61,061,301	NO DATA	5,219,626	NO DATA	4,529,990	60,371,665
2021	60,371,665	NO DATA	5,246,396	NO DATA	4,475,506	59,600,775
2022	59,600,775	NO DATA	5,300,404	NO DATA	4,413,669	58,714,040
2023	58,714,040	NO DATA	5,318,207	NO DATA	4,344,258	57,740,091
2024	57,740,091	NO DATA	5,378,032	NO DATA	4,266,458	56,628,517
2025	56,628,517	NO DATA	5,426,098	NO DATA	4,178,449	55,380,868
2026	55,380,868	NO DATA	5,426,217	NO DATA	4,081,751	54,036,402
2027	54,036,402	NO DATA	5,396,079	NO DATA	3,978,723	52,619,046
2028	52,619,046	NO DATA	5,351,534	NO DATA	3,870,604	51,138,116
2029	51,138,116	NO DATA	5,324,779	NO DATA	3,756,869	49,570,206
2030	49,570,206	NO DATA	5,286,898	NO DATA	3,636,824	47,920,132
2031	47,920,132	NO DATA	5,227,937	NO DATA	3,511,228	46,203,423
2032	46,203,423	NO DATA	5,142,306	NO DATA	3,381,501	44,442,618
2033	44,442,618	NO DATA	5,080,597	NO DATA	3,247,430	42,609,451
2034	42,609,451	NO DATA	4,993,080	NO DATA	3,108,751	40,725,122
2035	40,725,122	NO DATA	4,877,364	NO DATA	2,967,199	38,814,957
2036	38,814,957	NO DATA	4,766,899	NO DATA	2,823,442	36,871,500
2037	36,871,500	NO DATA	4,636,010	NO DATA	2,677,896	34,913,386
2038	34,913,386	NO DATA	4,506,677	NO DATA	2,531,154	32,937,863
2039	32,937,863	NO DATA	4,367,027	NO DATA	2,383,462	30,954,298
2040	30,954,298	NO DATA	4,215,524	NO DATA	2,235,607	28,974,381
2041	28,974,381	NO DATA	4,058,413	NO DATA	2,088,251	27,004,219
2042	27,004,219	NO DATA	3,897,006	NO DATA	1,941,818	25,049,031
2043	25,049,031	NO DATA	3,734,397	NO DATA	1,796,592	23,111,226
2044	23,111,226	NO DATA	3,567,117	NO DATA	1,652,894	21,197,003
2045	21,197,003	NO DATA	3,395,842	NO DATA	1,511,179	19,312,340
2046	19,312,340	NO DATA	3,224,669	NO DATA	1,371,750	17,459,421
2047	17,459,421	NO DATA	3,050,141	NO DATA	1,234,912	15,644,192
2048	15,644,192	NO DATA	2,879,859	NO DATA	1,100,830	13,865,163
2049	13,865,163	NO DATA	2,709,961	NO DATA	969,539	12,124,741
2050	12,124,741	NO DATA	2,533,906	NO DATA	841,479	10,432,314
2051	10,432,314	NO DATA	2,363,768	NO DATA	716,908	8,785,454
2052	8,785,454	NO DATA	2,193,172	NO DATA	595,887	7,188,169
2053	7,188,169	NO DATA	2,026,936	NO DATA	478,539	5,639,772
2054	5,639,772	NO DATA	1,866,329	NO DATA	364,762	4,138,205
2055	4,138,205	NO DATA	1,713,173	NO DATA	254,325	2,679,357
2056	2,679,357	NO DATA	1,564,780	NO DATA	147,015	1,261,592
2057	1,261,592	NO DATA	1,424,311	NO DATA	NO DATA	NO DATA

Number of Years Expected Benefit Payments Sustained: 38.89

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 7.75% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent.
Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 5

Projection of the Number of Years Assets will Sustain Benefit Payments

Table 2 - Hypothetical Assumptions - 5.75% and RP-2000 Generational Mortality

Fiscal Year Beginning 10/1	Projected Beginning Fiduciary Net Position	Projected Total Contributions	Projected Benefit Payments	Projected Administrative Expense	Projected Investment Earnings	Projected Ending Fiduciary Net Position
2019	61,671,199	NO DATA	5,188,367	NO DATA	3,396,928	59,879,760
2020	59,879,760	NO DATA	5,219,626	NO DATA	3,293,022	57,953,156
2021	57,953,156	NO DATA	5,246,396	NO DATA	3,181,473	55,888,233
2022	55,888,233	NO DATA	5,300,404	NO DATA	3,061,187	53,649,016
2023	53,649,016	NO DATA	5,318,207	NO DATA	2,931,920	51,262,729
2024	51,262,729	NO DATA	5,378,032	NO DATA	2,792,988	48,677,685
2025	48,677,685	NO DATA	5,426,098	NO DATA	2,642,967	45,894,554
2026	45,894,554	NO DATA	5,426,217	NO DATA	2,482,933	42,951,270
2027	42,951,270	NO DATA	5,396,079	NO DATA	2,314,561	39,869,752
2028	39,869,752	NO DATA	5,351,534	NO DATA	2,138,654	36,656,872
2029	36,656,872	NO DATA	5,324,779	NO DATA	1,954,683	33,286,776
2030	33,286,776	NO DATA	5,286,898	NO DATA	1,761,991	29,761,869
2031	29,761,869	NO DATA	5,227,937	NO DATA	1,561,004	26,094,936
2032	26,094,936	NO DATA	5,142,306	NO DATA	1,352,618	22,305,248
2033	22,305,248	NO DATA	5,080,597	NO DATA	1,136,485	18,361,136
2034	18,361,136	NO DATA	4,993,080	NO DATA	912,214	14,280,270
2035	14,280,270	NO DATA	4,877,364	NO DATA	680,891	10,083,797
2036	10,083,797	NO DATA	4,766,899	NO DATA	442,770	5,759,668
2037	5,759,668	NO DATA	4,636,010	NO DATA	197,896	1,321,554
2038	1,321,554	NO DATA	4,506,677	NO DATA	NO DATA	NO DATA

Number of Years Expected Benefit Payments Sustained: 19.29

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 5.75% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent.
Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 6

Table 3 - Hypothetical Assumptions: 9.75% and RP-2000 Generational Mortality

Fiscal Year Beginning 10/1	Projected Beginning Fiduciary Net Position	Projected Total Contributions	Projected Benefit Payments	Projected Administrative Expense	Projected Investment Earnings	Projected Ending Fiduciary Net Position
2019	61,671,199	NO DATA	5,188,367	NO DATA	5,760,009	62,242,841
2020	62,242,841	NO DATA	5,219,626	NO DATA	5,814,220	62,837,435
2021	62,837,435	NO DATA	5,246,396	NO DATA	5,870,888	63,461,927
2022	63,461,927	NO DATA	5,300,404	NO DATA	5,929,143	64,090,666
2023	64,090,666	NO DATA	5,318,207	NO DATA	5,989,577	64,762,036
2024	64,762,036	NO DATA	5,378,032	NO DATA	6,052,119	65,436,123
2025	65,436,123	NO DATA	5,426,098	NO DATA	6,115,500	66,125,525
2026	66,125,525	NO DATA	5,426,217	NO DATA	6,182,711	66,882,019
2027	66,882,019	NO DATA	5,396,079	NO DATA	6,257,938	67,743,878
2028	67,743,878	NO DATA	5,351,534	NO DATA	6,344,141	68,736,485
2029	68,736,485	NO DATA	5,324,779	NO DATA	6,442,224	69,853,930
2030	69,853,930	NO DATA	5,286,898	NO DATA	6,553,022	71,120,054
2031	71,120,054	NO DATA	5,227,937	NO DATA	6,679,343	72,571,460
2032	72,571,460	NO DATA	5,142,306	NO DATA	6,825,030	74,254,184
2033	74,254,184	NO DATA	5,080,597	NO DATA	6,992,104	76,165,691
2034	76,165,691	NO DATA	4,993,080	NO DATA	7,182,742	78,355,353
2035	78,355,353	NO DATA	4,877,364	NO DATA	7,401,875	80,879,864
2036	80,879,864	NO DATA	4,766,899	NO DATA	7,653,400	83,766,365
2037	83,766,365	NO DATA	4,636,010	NO DATA	7,941,215	87,071,570
2038	87,071,570	NO DATA	4,506,677	NO DATA	8,269,778	90,834,671
2039	90,834,671	NO DATA	4,367,027	NO DATA	8,643,488	95,111,132
2040	95,111,132	NO DATA	4,215,524	NO DATA	9,067,829	99,963,437
2041	99,963,437	NO DATA	4,058,413	NO DATA	9,548,587	105,453,611
2042	105,453,611	NO DATA	3,897,006	NO DATA	10,091,748	111,648,353
2043	111,648,353	NO DATA	3,734,397	NO DATA	10,703,663	118,617,619
2044	118,617,619	NO DATA	3,567,117	NO DATA	11,391,321	126,441,823
2045	126,441,823	NO DATA	3,395,842	NO DATA	12,162,530	135,208,511
2046	135,208,511	NO DATA	3,224,669	NO DATA	13,025,627	145,009,469
2047	145,009,469	NO DATA	3,050,141	NO DATA	13,989,729	155,949,057
2048	155,949,057	NO DATA	2,879,859	NO DATA	15,064,640	168,133,838
2049	168,133,838	NO DATA	2,709,961	NO DATA	16,260,939	181,684,816
2050	181,684,816	NO DATA	2,533,906	NO DATA	17,590,742	196,741,652
2051	196,741,652	NO DATA	2,363,768	NO DATA	19,067,077	213,444,961
2052	213,444,961	NO DATA	2,193,172	NO DATA	20,703,967	231,955,756
2053	231,955,756	NO DATA	2,026,936	NO DATA	22,516,873	252,445,693
2054	252,445,693	NO DATA	1,866,329	NO DATA	24,522,472	275,101,836
2055	275,101,836	NO DATA	1,713,173	NO DATA	26,738,912	300,127,575
2056	300,127,575	NO DATA	1,564,780	NO DATA	29,186,156	327,748,951
2057	327,748,951	NO DATA	1,424,311	NO DATA	31,886,088	358,210,728
2058	358,210,728	NO DATA	1,292,198	NO DATA	34,862,551	391,781,081
2059	391,781,081	NO DATA	1,168,591	NO DATA	38,141,687	428,754,177
2060	428,754,177	NO DATA	1,052,840	NO DATA	41,752,206	469,453,543
2061	469,453,543	NO DATA	945,782	NO DATA	45,725,614	514,233,375
2062	514,233,375	NO DATA	847,204	NO DATA	50,096,453	563,482,624
2063	563,482,624	NO DATA	756,549	NO DATA	54,902,674	617,628,749
2064	617,628,749	NO DATA	673,368	NO DATA	60,185,976	677,141,357
2065	677,141,357	NO DATA	597,388	NO DATA	65,992,160	742,536,129
2066	742,536,129	NO DATA	528,365	NO DATA	72,371,515	814,379,279
2067	814,379,279	NO DATA	465,934	NO DATA	79,379,265	893,292,610
2068	893,292,610	NO DATA	409,614	NO DATA	87,076,061	979,959,057
2069	979,959,057	NO DATA	359,107	NO DATA	95,528,502	1,075,128,452
2070	1,075,128,452	NO DATA	314,261	NO DATA	104,809,704	1,179,623,895
2071	1,179,623,895	NO DATA	274,572	NO DATA	114,999,944	1,294,349,267
2072	1,294,349,267	NO DATA	239,617	NO DATA	126,187,372	1,420,297,022
2073	1,420,297,022	NO DATA	208,882	NO DATA	138,468,777	1,558,556,917
2074	1,558,556,917	NO DATA	181,849	NO DATA	151,950,434	1,710,325,502
2075	1,710,325,502	NO DATA	158,215	NO DATA	166,749,023	1,876,916,310
2076	1,876,916,310	NO DATA	137,472	NO DATA	182,992,638	2,059,771,476
2077	2,059,771,476	NO DATA	119,183	NO DATA	200,821,909	2,260,474,202
2078	2,260,474,202	NO DATA	102,991	NO DATA	220,391,214	2,480,762,425
2079	2,480,762,425	NO DATA	88,727	NO DATA	241,870,011	2,722,543,709
2080	2,722,543,709	NO DATA	76,151	NO DATA	265,444,299	2,987,911,857
2081	2,987,911,857	NO DATA	65,013	NO DATA	291,318,237	3,279,165,081
2082	3,279,165,081	NO DATA	55,145	NO DATA	319,715,907	3,598,825,843
2083	3,598,825,843	NO DATA	46,357	NO DATA	350,883,260	3,949,662,746
2084	3,949,662,746	NO DATA	38,628	NO DATA	385,090,235	4,334,714,353
2085	4,334,714,353	NO DATA	31,909	NO DATA	422,633,094	4,757,315,538
2086	4,757,315,538	NO DATA	26,113	NO DATA	463,836,992	5,221,126,417
2087	5,221,126,417	NO DATA	21,158	NO DATA	509,058,794	5,730,164,053
2088	5,730,164,053	NO DATA	16,984	NO DATA	558,690,167	6,288,837,236
2089	6,288,837,236	NO DATA	13,482	NO DATA	613,160,973	6,901,984,727
2090	6,901,984,727	NO DATA	10,574	NO DATA	672,942,995	7,574,917,148
2091	7,574,917,148	NO DATA	8,190	NO DATA	738,554,023	8,313,462,981
2092	8,313,462,981	NO DATA	6,265	NO DATA	810,562,335	9,124,019,051
2093	9,124,019,051	NO DATA	4,728	NO DATA	889,591,627	10,013,605,950
2094	10,013,605,950	NO DATA	3,531	NO DATA	976,326,408	10,989,928,827
2095	10,989,928,827	NO DATA	2,609	NO DATA	1,071,517,933	12,061,444,151
2096	12,061,444,151	NO DATA	1,913	NO DATA	1,175,990,711	13,237,432,949
2097	13,237,432,949	NO DATA	1,387	NO DATA	1,290,649,645	14,528,081,207
2098	14,528,081,207	NO DATA	996	NO DATA	1,416,487,869	15,944,568,080
2099	15,944,568,080	NO DATA	706	NO DATA	1,554,595,353	17,499,162,727
2100	17,499,162,727	NO DATA	494	NO DATA	1,706,168,342	19,205,330,575
2101	19,205,330,575	NO DATA	340	NO DATA	1,872,519,714	21,077,849,949
2102	21,077,849,949	NO DATA	230	NO DATA	2,055,090,359	23,132,940,078
2103	23,132,940,078	NO DATA	152	NO DATA	2,255,461,650	25,388,401,576
2104	25,388,401,576	NO DATA	99	NO DATA	2,475,369,149	27,863,770,626
2105	27,863,770,626	NO DATA	64	NO DATA	2,716,717,633	30,580,488,195
2106	30,580,488,195	NO DATA	40	NO DATA	2,981,597,597	33,562,085,752
2107	33,562,085,752	NO DATA	25	NO DATA	3,272,303,360	36,834,389,087
2108	36,834,389,087	NO DATA	15	NO DATA	3,591,352,935	40,425,742,007
2109	40,425,742,007	NO DATA	9	NO DATA	3,941,509,845	44,367,251,843
2110	44,367,251,843	NO DATA	5	NO DATA	4,325,807,054	48,693,058,892
2111	48,693,058,892	NO DATA	3	NO DATA	4,747,573,242	53,440,632,131
2112	53,440,632,131	NO DATA	2	NO DATA	5,210,461,633	58,651,093,762
2113	58,651,093,762	NO DATA	1	NO DATA	5,718,481,642	64,369,575,403
2114	64,369,575,403	NO DATA	1	NO DATA	6,276,033,602	70,645,609,004
2115	70,645,609,004	NO DATA	NO DATA	NO DATA	6,887,946,878	77,533,555,882

Number of Years Expected Benefit Payments Sustained: 999.99

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 9.75% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent.
Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 7 and 8

Actual and Hypothetical Contributions Applicable to the Fiscal Year Ending September 30, 2021

Valuation Date: 10/1/2019

Contribution	Actual 7.75% RP-2000 Generational	Hypothetical 5.75% RP-2000 Generational	Hypothetical 9.75% RP-2000 Generational
Minimum Required Contribution (Fixed $)	$2,029,042	$3,573,144	$735,237
Minimum Required Contribution (% of Payroll)	15.0%	26.5%	5.5%
Expected Member Contribution	350,305	346,933	353,677
Expected Sponsor Contribution (Fixed $)	$1,678,737	$3,226,211	$381,560
Expected Sponsor Contribution	12.5%	24.0%	3.0%

ASSETS	Actual 7.75% RP-2000 Generational	Hypothetical 5.75% RP-2000 Generational	Hypothetical 9.75% RP-2000 Generational
Actuarial Value	62,315,479	62,315,479	62,315,479
Market Value	61,671,199	61,671,199	61,671,199

LIABILITIES \| Present Value of Members	Actual 7.75% RP-2000 Generational	Hypothetical 5.75% RP-2000 Generational	Hypothetical 9.75% RP-2000 Generational
Active Member Retirement Benefits	22,648,467	31,461,508	17,093,926
Active Member Disability Benefits	434,547	582,286	335,879
Active Member Death Benefits	146,471	212,676	106,585
Active Member Vested Benefits	602,236	1,076,098	364,903
Active Member Refund of Contributions	253,924	266,007	242,992
Service Retirees	42,742,223	50,760,025	36,822,445
DROP Retirees ^Note1	0	0	0
Beneficiaries	2,068,397	2,449,974	1,788,110
Disability Retirees	107,423	121,128	96,457
Terminated Vested	2,847,611	3,769,297	2,236,727
Total	69,847,657	90,698,999	59,088,024
Present Value of Future Salaries	81,534,970	90,081,462	74,596,193
Present Value of Future Member Contributions	2,038,374	2,252,037	1,864,905
Total Normal Cost	961,564	1,444,303	667,613
Present Value of Future Normal Costs (Entry Age Normal)	5,464,961	9,328,740	3,397,070
Total Actuarial Accrued Liability ^Note1	66,386,338	81,370,259	55,690,954
Unfunded Actuarial Accrued Liability (UAAL)	4,070,859	19,054,780	(6,624,525))
Normal Cost	1,007,926	1,494,533	707,582
Administrative Expenses	96,843	95,911	97,776
Payment Required to Amortize UAAL	1,526,112	2,506,168	517,175
Minimum Required Contribution	$2,630,881	$4,096,612	$1,322,533

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 9

PENSION COST	Actual 7.75% RP-2000 Generational	Hypothetical 5.75% RP-2000 Generational	Hypothetical 9.75% RP-2000 Generational
Normal Cost ^Note2	1,048,866	1,560,267	735,237
Administrative Expenses ^Note2	112,334	111,253	113,415
Payment Required to Amortize UAAL ^Note2	867,842	1,901,624	(196,701)
Minimum Required Contribution	$2,029,042	$3,573,144	$735,237 ^Note3

^{Note 1} The asset values and liabilities include accumulated DROP Balances as of 9/30/2019.
^{Note 2} Contributions developed as of 10/1/2019 displayed above have been adjusted to account for assumed salary increase and interest components.
^{Note 3} Per Florida Statutes, the Minimum Required Contribution may be no less than the Normal Cost.

City of Titusville Police Officers' and Firefighters' Pension Plan FOSTER & FOSTER | 10