City of Titusville Police Officers' and Firefighters' Pension Plan Section 112.664, Florida Statutes Compliance Determined as of the October 1, 2019 Valuation Date

Foster & Foster - Actuaries and Consultants

May 28, 2019

VIA EMAIL

Ms. Julie Enright, Plan Administrator
City of Titusville
Post Office Box 2806
Titusville, FL 32781-2806
 
Re: City of Titusville Police Officers' and Firefighters' 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:

  1. 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).
  2. None of the schedules shown have any impact on the funding requirements of the Plan. These schedules are for statutory compliance purposes only.
  3. 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.
  4. 4) 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.
  5. 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
 

SECTION I - GASB
Section 112.664, F.S. Requirements

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 935,609 1,476,870 623,565
Interest 4,985,073 4,708,286 5,092,170
Change in Excess State Money NO DATA NO DATA NO DATA
Changes of Benefit Terms (16,714) (21,779) (13,284)
Differences Between Expected and Actual Experience 265,852 268,808 253,468
Changes of Assumption NO DATA NO DATA NO DATA
Contributions - Buy Back NO DATA NO DATA NO DATA
Benefit Payments, Including Refunds of Employee Contributions (4,391,162) (4,391,162) (4,391,162)
Net Change in Total Pension Liability 1,778,658 2,041,023 1,564,757
Total Pension Liability - Beginning 65,600,203 82,623,718 53,812,689
Total Pension Liability - Ending (a) $67,378,861 $84,664,741 $55,377,446
 
Plan Fiduciary Net Positions Actual
7.75%
RP-2000
Generational
Hypothetical
5.75%
RP-2000
Generational
Hypothetical
9.75%
RP-2000
Generational
Contributions - Employer 1,688,196 1,688,196 1,688,196
Contributions - State 753,963 753,963 753,963
Contributions - Employee 478,472 478,472 478,472
Contributions - Buy Back NO DATA NO DATA NO DATA
Net Investment Income 1,878,838 1,878,838 1,878,838
Benefit Payments, Including
Refunds of Employee Contributions
(4,391,162) (4,391,162) (4,391,162)
Administrative Expenses (112,786) (112,786) (112,786)
Net Change in Plan Fiduciary Net Position 295,518 295,518 295,518
Plan Fiduciary Net Position - Beginning 62,318,896 62,318,896 62,318,896
Plan Fiduciary Net Positions - Ending (b) 62,614,414 62,614,414 62,614,414
Net Pension Liability - Ending (a) - (b) $4,764,447 $22,050,327 $ (7,236,968)
 
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

62,470,577

NO DATA

4,506,287

NO DATA

4,666,851

62,631,141

2020

62,631,141

NO DATA

4,678,190

NO DATA

4,672,634

62,625,585

2021

62,625,585

NO DATA

4,853,021

NO DATA

4,665,428

62,437,992

2022

62,437,992

NO DATA

4,979,033

NO DATA

4,646,007

62,104,966

2023

62,104,966

NO DATA

5,128,593

NO DATA

4,614,402

61,590,775

2024

61,590,775

NO DATA

5,242,587

NO DATA

4,570,135

60,918,323

2025

60,918,323

NO DATA

5,387,977

NO DATA

4,512,386

60,042,732

2026

60,042,732

NO DATA

5,459,923

NO DATA

4,441,740

59,024,549

2027

59,024,549

NO DATA

5,496,999

NO DATA

4,361,394

57,888,944

2028

57,888,944

NO DATA

5,552,515

NO DATA

4,271,233

56,607,662

2029

56,607,662

NO DATA

5,565,414

NO DATA

4,171,434

55,213,682

2030

55,213,682

NO DATA

5,581,573

NO DATA

4,062,774

53,694,883

2031

53,694,883

NO DATA

5,586,281

NO DATA

3,944,885

52,053,487

2032

52,053,487

NO DATA

5,588,063

NO DATA

3,817,608

50,283,032

2033

50,283,032

NO DATA

5,580,247

NO DATA

3,680,700

48,383,485

2034

48,383,485

NO DATA

5,570,833

NO DATA

3,533,850

46,346,502

2035

46,346,502

NO DATA

5,575,739

NO DATA

3,375,794

44,146,557

2036

44,146,557

NO DATA

5,542,560

NO DATA

3,206,584

41,810,581

2037

41,810,581

NO DATA

5,507,420

NO DATA

3,026,908

39,330,069

2038

39,330,069

NO DATA

5,452,029

NO DATA

2,836,814

36,714,854

2039

36,714,854

NO DATA

5,408,121

NO DATA

2,635,836

33,942,569

2040

33,942,569

NO DATA

5,338,015

NO DATA

2,423,701

31,028,255

2041

31,028,255

NO DATA

5,250,730

NO DATA

2,201,224

27,978,749

2042

27,978,749

NO DATA

5,161,137

NO DATA

1,968,359

24,785,971

2043

24,785,971

NO DATA

5,052,360

NO DATA

1,725,134

21,458,745

2044

21,458,745

NO DATA

4,906,940

NO DATA

1,472,909

18,024,714

2045

18,024,714

NO DATA

4,773,823

NO DATA

1,211,930

14,462,821

2046

14,462,821

NO DATA

4,639,386

NO DATA

941,092

10,764,527

2047

10,764,527

NO DATA

4,499,259

NO DATA

659,905

6,925,173

2048

6,925,173

NO DATA

4,340,966

NO DATA

368,488

2,952,695

2049

2,952,695

NO DATA

4,177,762

NO DATA

NO DATA

NO DATA

Number of Years Expected Benefit Payments Sustained: 30.71

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

 

SECTION II - ASSET SUSTAINABILITY
Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 2
Plan 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

62,470,577

NO DATA

4,506,287

NO DATA

3,462,502

61,426,792

2020

61,426,792

NO DATA

4,678,190

NO DATA

3,397,543

60,146,145

2021

60,146,145

NO DATA

4,853,021

NO DATA

3,318,879

58,612,003

2022

58,612,003

NO DATA

4,979,033

NO DATA

3,227,043

56,860,013

2023

56,860,013

NO DATA

5,128,593

NO DATA

3,122,004

54,853,424

2024

54,853,424

NO DATA

5,242,587

NO DATA

3,003,348

52,614,185

2025

52,614,185

NO DATA

5,387,977

NO DATA

2,870,411

50,096,619

2026

50,096,619

NO DATA

5,459,923

NO DATA

2,723,583

47,360,279

2027

47,360,279

NO DATA

5,496,999

NO DATA

2,565,177

44,428,457

2028

44,428,457

NO DATA

5,552,515

NO DATA

2,395,001

41,270,943

2029

41,270,943

NO DATA

5,565,414

NO DATA

2,213,074

37,918,603

2030

37,918,603

NO DATA

5,581,573

NO DATA

2,019,849

34,356,879

2031

34,356,879

NO DATA

5,586,281

NO DATA

1,814,915

30,585,513

2032

30,585,513

NO DATA

5,588,063

NO DATA

1,598,010

26,595,460

2033

26,595,460

NO DATA

5,580,247

NO DATA

1,368,807

22,384,020

2034

22,384,020

NO DATA

5,570,833

NO DATA

1,126,920

17,940,107

2035

17,940,107

NO DATA

5,575,739

NO DATA

871,254

13,235,622

2036

13,235,622

NO DATA

5,542,560

NO DATA

601,700

8,294,762

2037

8,294,762

NO DATA

5,507,420

NO DATA

318,610

3,105,952

2038

3,105,952

NO DATA

5,452,029

NO DATA

NO DATA

NO DATA


Number of Years Expected Benefit Payments Sustained: 19.57

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
 

SECTION II - ASSET SUSTAINABILITY
Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 3
Plan 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

62,470,577

NO DATA

4,506,287

NO DATA

5,871,200

63,835,490

2020

63,835,490

NO DATA

4,678,190

NO DATA

5,995,899

65,153,199

2021

65,153,199

NO DATA

4,853,021

NO DATA

6,115,852

66,416,030

2022

66,416,030

NO DATA

4,979,033

NO DATA

6,232,835

67,669,832

2023

67,669,832

NO DATA

5,128,593

NO DATA

6,347,790

68,889,029

2024

68,889,029

NO DATA

5,242,587

NO DATA

6,461,104

70,107,546

2025

70,107,546

NO DATA

5,387,977

NO DATA

6,572,822

71,292,391

2026

71,292,391

NO DATA

5,459,923

NO DATA

6,684,837

72,517,305

2027

72,517,305

NO DATA

5,496,999

NO DATA

6,802,459

73,822,765

2028

73,822,765

NO DATA

5,552,515

NO DATA

6,927,034

75,197,284

2029

75,197,284

NO DATA

5,565,414

NO DATA

7,060,421

76,692,291

2030

76,692,291

NO DATA

5,581,573

NO DATA

7,205,397

78,316,115

2031

78,316,115

NO DATA

5,586,281

NO DATA

7,363,490

80,093,324

2032

80,093,324

NO DATA

5,588,063

NO DATA

7,536,681

82,041,942

2033

82,041,942

NO DATA

5,580,247

NO DATA

7,727,052

84,188,747

2034

84,188,747

NO DATA

5,570,833

NO DATA

7,936,825

86,554,739

2035

86,554,739

NO DATA

5,575,739

NO DATA

8,167,270

89,146,270

2036

89,146,270

NO DATA

5,542,560

NO DATA

8,421,562

92,025,272

2037

92,025,272

NO DATA

5,507,420

NO DATA

8,703,977

95,221,829

2038

95,221,829

NO DATA

5,452,029

NO DATA

9,018,342

98,788,142

2039

98,788,142

NO DATA

5,408,121

NO DATA

9,368,198

102,748,219

2040

102,748,219

NO DATA

5,338,015

NO DATA

9,757,723

107,167,927

2041

107,167,927

NO DATA

5,250,730

NO DATA

10,192,900

112,110,097

2042

112,110,097

NO DATA

5,161,137

NO DATA

10,679,129

117,628,089

2043

117,628,089

NO DATA

5,052,360

NO DATA

11,222,436

123,798,165

2044

123,798,165

NO DATA

4,906,940

NO DATA

11,831,108

130,722,333

2045

130,722,333

NO DATA

4,773,823

NO DATA

12,512,704

138,461,214

2046

138,461,214

NO DATA

4,639,386

NO DATA

13,273,798

147,095,626

2047

147,095,626

NO DATA

4,499,259

NO DATA

14,122,485

156,718,852

2048

156,718,852

NO DATA

4,340,966

NO DATA

15,068,466

167,446,352

2049

167,446,352

NO DATA

4,177,762

NO DATA

16,122,353

179,390,943

2050

179,390,943

NO DATA

4,004,357

NO DATA

17,295,405

192,681,991

2051

192,681,991

NO DATA

3,824,821

NO DATA

18,600,034

207,457,204

2052

207,457,204

NO DATA

3,639,001

NO DATA

20,049,676

223,867,879

2053

223,867,879

NO DATA

3,449,115

NO DATA

21,658,974

242,077,738

2054

242,077,738

NO DATA

3,255,545

NO DATA

23,443,872

262,266,065

2055

262,266,065

NO DATA

3,061,595

NO DATA

25,421,689

284,626,159

2056

284,626,159

NO DATA

2,868,036

NO DATA

27,611,234

309,369,357

2057

309,369,357

NO DATA

2,676,067

NO DATA

30,033,054

336,726,344

2058

336,726,344

NO DATA

2,487,595

NO DATA

32,709,548

366,948,297

2059

366,948,297

NO DATA

2,302,698

NO DATA

35,665,202

400,310,801

2060

400,310,801

NO DATA

2,123,136

NO DATA

38,926,800

437,114,465

2061

437,114,465

NO DATA

1,949,422

NO DATA

42,523,626

477,688,669

2062

477,688,669

NO DATA

1,781,875

NO DATA

46,487,779

522,394,573

2063

522,394,573

NO DATA

1,621,432

NO DATA

50,854,426

571,627,567

2064

571,627,567

NO DATA

1,469,179

NO DATA

55,662,065

625,820,453

2065

625,820,453

NO DATA

1,325,492

NO DATA

60,952,876

685,447,837

2066

685,447,837

NO DATA

1,190,401

NO DATA

66,773,132

751,030,568

2067

751,030,568

NO DATA

1,064,101

NO DATA

73,173,605

823,140,072

2068

823,140,072

NO DATA

947,444

NO DATA

80,209,969

902,402,597

2069

902,402,597

NO DATA

841,381

NO DATA

87,943,236

989,504,452

2070

989,504,452

NO DATA

745,529

NO DATA

96,440,340

1,085,199,263


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

SECTION II - ASSET SUSTAINABILITY
Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 3
Plan 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

2071

1,085,199,263

NO DATA

659,185

NO DATA

105,774,793

1,190,314,871

2072

1,190,314,871

NO DATA

581,473

NO DATA

116,027,353

1,305,760,751

2073

1,305,760,751

NO DATA

511,480

NO DATA

127,286,739

1,432,536,010

2074

1,432,536,010

NO DATA

448,208

NO DATA

139,650,411

1,571,738,213

2075

1,571,738,213

NO DATA

391,084

NO DATA

153,225,410

1,724,572,539

2076

1,724,572,539

NO DATA

339,723

NO DATA

168,129,261

1,892,362,077

2077

1,892,362,077

NO DATA

293,449

NO DATA

184,490,997

2,076,559,625

2078

2,076,559,625

NO DATA

251,876

NO DATA

202,452,284

2,278,760,033

2079

2,278,760,033

NO DATA

214,570

NO DATA

222,168,643

2,500,714,106

2080

2,500,714,106

NO DATA

181,154

NO DATA

243,810,794

2,744,343,746

2081

2,744,343,746

NO DATA

151,382

NO DATA

267,566,135

3,011,758,499

2082

3,011,758,499

NO DATA

125,188

NO DATA

293,640,351

3,305,273,662

2083

3,305,273,662

NO DATA

102,537

NO DATA

322,259,183

3,627,430,308

2084

3,627,430,308

NO DATA

83,203

NO DATA

353,670,399

3,981,017,504

2085

3,981,017,504

NO DATA

66,932

NO DATA

388,145,944

4,369,096,516

2086

4,369,096,516

NO DATA

53,347

NO DATA

425,984,310

4,795,027,479

2087

4,795,027,479

NO DATA

42,124

NO DATA

467,513,126

5,262,498,481

2088

5,262,498,481

NO DATA

32,942

NO DATA

513,091,996

5,775,557,535

2089

5,775,557,535

NO DATA

25,494

NO DATA

563,115,617

6,338,647,658

2090

6,338,647,658

NO DATA

19,573

NO DATA

618,017,192

6,956,645,277

2091

6,956,645,277

NO DATA

14,898

NO DATA

678,272,188

7,634,902,567

2092

7,634,902,567

NO DATA

11,260

NO DATA

744,402,451

8,379,293,758

2093

8,379,293,758

NO DATA

8,448

NO DATA

816,980,730

9,196,266,040

2094

9,196,266,040

NO DATA

6,282

NO DATA

896,635,633

10,092,895,391

2095

10,092,895,391

NO DATA

4,633

NO DATA

984,057,075

11,076,947,833

2096

11,076,947,833

NO DATA

3,386

NO DATA

1,080,002,249

12,156,946,696

2097

12,156,946,696

NO DATA

2,455

NO DATA

1,185,302,183

13,342,246,424

2098

13,342,246,424

NO DATA

1,764

NO DATA

1,300,868,940

14,643,113,600

2099

14,643,113,600

NO DATA

1,264

NO DATA

1,427,703,514

16,070,815,850

2100

16,070,815,850

NO DATA

899

NO DATA

1,566,904,502

17,637,719,453

2101

17,637,719,453

NO DATA

634

NO DATA

1,719,677,616

19,357,396,435

2102

19,357,396,435

NO DATA

444

NO DATA

1,887,346,131

21,244,742,122

2103

21,244,742,122

NO DATA

307

NO DATA

2,071,362,342

23,316,104,157

2104

23,316,104,157

NO DATA

209

NO DATA

2,273,320,145

25,589,424,093

2105

25,589,424,093

NO DATA

141

NO DATA

2,494,968,842

28,084,392,794

2106

28,084,392,794

NO DATA

93

NO DATA

2,738,228,293

30,822,620,994

2107

30,822,620,994

NO DATA

60

NO DATA

3,005,205,544

33,827,826,478

2108

33,827,826,478

NO DATA

39

NO DATA

3,298,213,080

37,126,039,519

2109

37,126,039,519

NO DATA

24

NO DATA

3,619,788,852

40,745,828,347

2110

40,745,828,347

NO DATA

15

NO DATA

3,972,718,263

44,718,546,595

2111

44,718,546,595

NO DATA

9

NO DATA

4,360,058,293

49,078,604,879

2112

49,078,604,879

NO DATA

6

NO DATA

4,785,163,975

53,863,768,848

2113

53,863,768,848

NO DATA

3

NO DATA

5,251,717,463

59,115,486,308

2114

59,115,486,308

NO DATA

2

NO DATA

5,763,759,915

64,879,246,221

2115

64,879,246,221

NO DATA

1

NO DATA

6,325,726,506

71,204,972,726

2116

71,204,972,726

NO DATA

1

NO DATA

6,942,484,841

78,147,457,566

2117

78,147,457,566

NO DATA

NO DATA

NO DATA

7,619,377,113

85,766,834,679


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 | 8
 

SECTION III - FUNDING
Section 112.664, F.S. Requirements

ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2020

Valuation Date: 10/1/2018

Source Actual
7.75%
RP-2000
Generational
Hypothetical
5.75%
RP-2000
Generational
Hypothetical
9.75%
RP-2000
Generational
Minimum Required Contribution (Fixed $) $2,075,846 $3,870,040 $664,930
Minimum Required Contribution (% of Payroll) 26.4% 49.2% 8.5%
Expected Member Contribution 530,837 525,757 535,947
Expected State Money 376,982 376,982 376,982
Expected Sponsor Contribution (Fixed $) $1,168,027 $2,967,331 $0
Expected Sponsor Contribution (% of Payroll) 14.9% 37.7% 0.0%
 
                                  ASSETS                                    Actual
7.75%
RP-2000
Generational
Hypothetical
5.75%
RP-2000
Generational
Hypothetical
9.75%
RP-2000
Generational
Actuarial Value1 63,045,264 63,045,264 63,045,264
Market Value1 62,470,577 62,470,577 62,470,577
 
         LIABILITIES                Actual
7.75%
RP-2000
Generational
Hypothetical
5.75%
RP-2000
Generational
Hypothetical
9.75%
RP-2000
Generational
Present Value of Benefits NO DATA NO DATA NO DATA
Active Members Retirement Benefits 19,260,865 28,467,207 13,761,346
Active Members Disability Benefits 1,153,170 1,606,359 862,741
Active Members Death Benefits 467,449 677,407 341.449
Active Members Vested Benefits 2,248,025 3.737.016 1,440,386
Active Members Refund of Contributions 343,169 362,567 325,777
Service Retirees 41,020,469 49,897,578 34,681,043
DROP Retirees1 0 0 0
Beneficiaries 5,198,042 6,193,523 4,465,392
Disability Retirees 1,980,222 2,403,450 1,678,287
Terminated Vested 3,300,659 4,432,874 2,551,979
Share Plan Balances1 0 0 0
Total: 74,972,070 97,777,981 60,108,400
Present Value of Future Salaries 57,500,034 64,590,537 51,827,243
Present Value of Future Member Contributions 3,737,502 4,198,385 3,368,771
Total of Normal Cost 926,844 1,485,476 606,429
Present Value of Future
Normal Costs (Entry Age Normal)
6,276,743 11,407,403 3,669,560
Total Actuarial Accrued Liability1 68,695,327 86,370,578 56,438,840
Unfunded Actuarial Accrued
Liability (UAAL)
5,650,063 23,325,314 (6,606,424)

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

SECTION III - FUNDING
Section 112.664, F.S. Requirements

ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2020

Valuation Date: 10/1/2018 

 PENSION COST Actual
7.75%
RP-2000
Generational
Hypothetical
5.75%
RP-2000
Generational
Hypothetical
9.75%
RP-2000
Generational
Normal Cost2 1,006,565 1,597,716 664,930
Administrative Expenses2 108,496 107,451 109,540
Payment Required To Amortize UAAL2 960,785 2,164,873 (541,678)
Minimum Required Contribution $2,075,846 $3,870,040 $664,930 3

¹ The asset values and liabilities include accumulated DROP and Share Plan Balances as of 9/30/2019.
² Contributions developed as of 10/1/2018 displayed above have been adjusted to account for assumed salary increase and interest components.
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