File Ref. #192 (2 of 3)
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OCTOBER 1, 1999
ACTUARIAL VALUATION REPORT
FOR THE
CITY OF MIAMI BEACH
RETIREMENT SYSTEM FOR
GENERAL EMPLOYEES
ANNUAL EMPLOYER CONTRIBUTION
IS DETERMINED BY THIS VALUATION
FOR THE PLAN YEAR ENDING
SEPTEMBER 30, 2000
TO BE PAID IN THE EMPLOYER
FISCAL YEAR ENDING
SEPTEMBER 30, 2001
EEm GABRIEL, ROEDER, SMITH & COMPANY
1[(1931
GABRIEL. ROEDER. SMITH & COMPANY
Consultants 8< Actuaries
301 East Las Dlas Blvd.. Suite 200. Ft Lauderdale. FL 33301 .954-527-1616. FAX 954-525-0083
January 28,2000
Board of Trustees
City of Miami Beach Retirement
System for General Employees
Miami Beach, Florida
Dear Board Members:
We are pleased to present our October 1, 1999 Actuarial Valuation Report for the Plan. The
purpose of the Report is to set forth required contribution levels, to disclose plan assets and
actuarial liabilities, to comment on funding progress and to provide supporting information
regarding the operation of the Plan. This Report is also designed to comply with requirements of
the State.
The valuation was performed on the basis of employee, retiree and financial information supplied
by the City. Although we did not audit this information, it was reviewed for reasonableness and
comparability to prior years.
The benefits valued are outlined at the end of the Report. Actuarial assumptions and the actuarial
cost method are also described herein. Any changes in benefits, assumptions or methods are
described in the first section.
We will be pleased to answer any questions pertaining to the valuation and to meet with you to
review this Report.
Respectfully submitted,
GABRIEL, ROEDER, SMITH AND COMPANY
By
L~f2
'ft:::.-
Stephen Palmquist, ASA,
Enrolled Actuary No. 99-1560
,FCA
Statement by Enrolled Actuary
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. In my opinion, the techniques and
assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112,
Florida Statutes, and are based on generally accepted actuarial principles and practices. 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 otherwise taken into account in the
valuation. All known events or trends which may require a material increase in plan costs or
required contribution rates have been taken into account in the valuation.
r~L~
Signature
I j.JJ/ )J.o()O
. Date
99-1560
Enrollment Number
ItEm GABRIEL, ROEDER, SMITH & COMPANY
TABLE OF CONTENTS
Section Title Paae
A Discussion of Valuation Results 1
B Valuation Results
1. Summary of Valuation Results 3
2. Actuarial Present Value of Benefits
and Contributions 4
3. Comparison of Normal Costs 5
4. Liquidation of the Unfunded Actuarial
Accrued Liability 6
5. Actuarial Gains and Losses 8
6. Recent History of Valuation Results 12
7. Recent History of Contributions 13
8. Actuarial Assumptions and Cost Method 14
9. Glossary of Terms 16
C Pension Fund Information
1. Summary of Assets 17
2. Summary of Fund's Income and Disbursements 18
3. Actuarial Value of Assets 19
4. Investment Rate of Return 20
D Financial Accounting Information
1. FASB No. 35 21
2. GASB No. 25 22
3. GASB No. 27 25
4. Other Disclosures 27
E Miscellaneous Information
1. Reconciliation of Membership Data 28
2. Statistical Data 29
3. Age and Service Distribution 31
F Summary of Plan Provisions 37
rEGJ GABRIEL, ROEDER, SMITH & COMPANY
SECTION A
DISCUSSION OF VALUATION RESULTS
~ GABRIEL, ROEDER, SMITH & COMPANY
DISCUSSION OF VALUATION RESULTS
Comoarison of Reauired Emolover Contributions
The required employer contributions developed in this and last year's actuarial valuations
are as follows:
ForFYE ForFYE Increase
9/30/2001 9/30/2000 (Decrease)
Required Employer Contribution $ 0 $ 0 $ 0
As % of Covered Payroll - - -
The contribution has been adjusted for interest on the basis that employer contributions
are made in a single payment on the first day of the fiscal year. The actual employer contribution
for the year ending September 30, 1999 was $1,008,615.
Revisions in Benefits
There have been no revisions in benefits since the last actuarial valuation.
Revisions in Actuarial Assumotions and Methods
There have been no changes in assumptions since the last actuarial valuation.
Actuarial Exoerience
There was a net actuarial gain of $11,197,306 for the year which means actual experience
was more favorable than expected. The gain is due to investment return based on the actuarial
value of assets of 14.4% which exceeded the assumed rate of 8.5%. The total rate of return
based on the market value of assets was approximately 13.1%. The investment gain was offset
by losses from salary increases in excess of the assumed rate of 6%.
The actuarial gain translates into a decrease in employer contribution equal to $1,348,385,
or 6.96% of covered payroll.
lEm GABRIEL, ROEDER, SMITH & COMPANY
2
Analvsis of Chance in EmDlover Contribution
The required employer contribution has decreased by 7.47% of covered payroll. The
components of this change are as follows:
Contribution rate last year
Change in Normal Cost rate
Change in payment on UAL
Experience gain or loss
Contribution rate this year
(2.42)%
0.29
(0.80)
(6.96)
(9.89)
The remainder of this Report includes detailed actuarial valuation results, financial
information, miscellaneous information and statistics, and a summary of plan provisions.
ma GABRIEL, ROEDER, SMITH & COMPANY
SECTION B
VALUATION RESULTS
rEm GABRIEL, ROEDER, SMITH & COMPANY
3
SUMMARY OF VALUATION RESULTS
As of October 1
1999 1998
COVERED GROUP
A. Number Included in the Valuation
1. Active Members 526 554
2. Inactive Members 947 961
B. Covered Annual Payroll $ 19,363,474 $ 19,137,108
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 220,976,248 213,978,481
D. Actuarial Value of Assets 225,773,053 207,060,995
E. Actuarial Present Value of Future Contributions
1. Total: C - 0 (4,796,805) 6,917,486
2. Portion Assigned to Unfunded Actuarial
Accrued Liability (UAAL) (37,316,243) (25,405,871 )
3. Portion Assigned to Future Normal Costs 32,519,438 32,323,357
CURRENT ANNUAL COST
F. Annual Payment Needed to Amortize UAAL (4,186,450) (2,768,218)
As % of B (21.62)% (14.47)%
G. Annual Employer Normal Cost 2,422,217 2,341,733
As % of B 12.51% 12.24%
H. Interest on F and G from Valuation Date to
Contribution Date( s) (149,960) (36.251 )
As % of B (0.78)% (0.19)%
I. Required Employer Contribut: F+ G+ H (1,914,193) (462,736)
As % of B (9.89)% (2.42)%
J. Year to Which Contributions Apply
1. Plan Year Ending 9/30/2000 9/30/1999
2. Employer Fiscal Year Ending 9/30/2001 9/30/2000
3. Assumed Date(s) of Employer Contributions 10/1/2000 10/1/1999
rEm GABRIEL, ROEDER, SMITH & COMPANY
4
ACTUARIAL PRESENT VALUE OF BE:NEFITS AND CONTRIBUTIONS
As of October 1
1999 1998
A. Actuarial Present Value of Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 78,368,256 $ 76,314,540
b. Vesting Benefits 10,519,561 10,521,088
c. Disability Benefits 6,064,865 5,396,078
d. Preretirement Death Benefits 2,325,708 2,262,009
e. Return of Member Contr. 613,207 569,296
f. Other 0 0
g. Total 97,891,597 95,063,011
2. Inactive Members
a. Service Retirees & Beneficiaries 112,065,680 108,561,357
b. Disability Retirees 7,656,979 7,366,498
c. Terminated Vested Members 3,361 ,992 2,987,615
d. Total 123,084,651 118,915,470
3. Total for All Members 220,976,248 213,978,481
B. Actuarial Present Value of Projected
Normal Costs 32,519,438 32,323,357
C. Actuarial Accrued Liability: A3 - B 188,456,810 181,655,124
D. Actuarial Value of Assets 225,773,053 207,060,995
E. Unfunded Actuarial Accrued Liability
(UAAL): C - D (37,316,243) (25,405,871 )
F. Actuarial Present Value of Projected
Member Contributions 16,380,219 16,226,602
G. Actuarial Present Value of Projected
Covered Payroll 163,802,200 162,266,100
[EGJ GABRIEL, ROEDER, SMITH & COMPANY
5
COMPARISON OF NORMAL COSTS
As of October 1
1999 1998
A. Total Normal Cost for
1. Normal Retirement Benefits $ 2,749,082 $2,711,041
2. Vesting Benefits 634,417 641,966
3. Disability Benefits 370,600 340,130
4. Preretirement Death Benefits 129,491 128,091
5. Return of Member Contributions 118,388 115,320
6. Administrative Expenses 244.497 208.904
7. Total 4,246,4 75 4,145,452
As % of Covered Payroll 21.93% 21.66%
B. Expected Member Contributions
(Discounted to Beginning of Year) 1,824,258 1,803,719
As % of Payroll 9.42% 9.42%
C. Net Employer Normal Cost: A 7 - B 2,422,217 2,341,733
As % of Payroll 12.51% 12.24 %
rEm GABRIEL, ROEDER, SMITH & COMPANY
6
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY
A. Derivation of the Current UAAL
1. Actuarial Present Value of Projected
Benefits for All Members
10/1/99 10/1/98
$ 220,976,248 $213,978,481
32,519,438 32,323,357
188,456,810 181,655,124
225,773,053 207,060,995
(37,316,243) (25,405,871 )
2. Actuarial Present Value of Projected
Normal Costs
3. Actuarial Accrued Liability: 1 - 2
4. Actuarial Value of Assets
5. Unfunded Actuarial Accrued Liability: 3 - 4
B. UAAL Amortization Period and Pavments
Original UAAL Current UAAL
Years
Date Source Amount Remaining Amount Payment
Original $ (534,543) 8 $ (527,868) $(86,274)
10/1/92 Exp.(Gain) Loss (5,006,180) 8 (4,973,583) (812,876)
10/1/93 Exp.(Gain) Loss (3,006,333) 9 (2,893,666) (435,847)
10/1/93 Change Assump. 5,324,154 9 5,124,632 771,878
10/1/93 Change Bens. 2,587,206 9 2,490,248 375,084
10/1/94 Exp.(Gain) Loss 1,654,392 10 3,152,126 442,773
10/1/94 Change Assump. 8,743,997 10 16,660,000 2,340,200
10/1/95 Exp.(Gain) Loss (3,893,388) 11 (6,796,201 ) (898,809)
10/1/96 Exp.(Gain) Loss (6,757,095) 12 (13,110,068) (1,645,138)
10/1/96 Change Assump. (1,455,487) 12 (2,823,927) (354,365)
10/1/97 Exp.(Gain) Loss (11,502,918) 13 (12,684,024) (1,520,014)
10/1/98 Exp.(Gain) Loss (9,492,383) 14 (9,736,606) (1,120,311)
10/1/99 Exp.(Gain) Loss (11.197,306) 15 (11,197,306) (1,242,751 )
(34,535,884) (37,316,243) (4,186,450)
rEm GABRIEL, ROEDER, SMITH & COMPANY
7
C. Amortization Schedule
The UAAL is being liquidated as a level dollar amount over the number of years remaining in
the amortization period. The expected amortization schedule is as follows:
Year Expected UAAL
1999 $(37,316,243)
2000 (35,945,825)
2001 (34,458,922)
2002 (32,845,632)
2003 (31,095,213)
2004 (29,196,008)
2009 (18,248,456)
2014 0
rEm GABRIEL, ROEDER, SMITH & COMPANY
8
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income,
expenses, salary increases, and other factors have been based on long range trends and
expectations. Actual experience can vary from these expectations. The variance is measured by
the gain and loss for the period involved. If significant long term experience reveals consistent
deviation from what has been expected and that deviation is expected to continue, the
assumptions should be modified. The net actuarial gain (loss) for the past year is computed as
follows:
A.
Last Year's UAAL
$ (25,405,871)
B.
Last Year's Employer Normal Cost
2,341,733
C.
Last Year's Employer Contributions
1,008,615
o.
Interest at Assumed Rate on:
1. A and B for one year
2. C from dates paid
3. 1 - 2
(1,960,452)
85,732
(2,046,184 )
(26,118,937)
E.
This Year's Expected UAAL: A + B - C + 03
F.
This Year's Actual UAAL (Before any Changes
in Benefits or Assumptions)
(37,316,243)
G.
Net Actuarial Gain (Loss): E - F
11,197,306
Net actuarial gains in previous years have been as follows:
Year Net
Ending 9/30 Gain (Loss)
1990 $ (6,876,123)
1991 521,757
1992 5,006,180
1993 3,006,333
1994 (1,654,392)
1995 3,893,388
1996 6,757,095
1997 11,502,918
1998 9,492,383
Figure 81 shows the figures from the previous table in graphic form.
rm3 GABRIEL, ROEDER, SMITH & COMPANY
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mD GABRIEL, ROEDER, SMITH & COMPANY
10
The fund earnings and salary increase assumptions have considerable impact on the cost of
the Plan so it is important that they are in line with the actual experience. The following table
shows the actual fund earnings and salary increase rates compared to the assumed rates for the
last several years:
Investment Return Salary Increases
Year Ending Actual Assumed Actual Assumed
9/30/88 8.0% 8.0% 9.8% 6.0%
9/30/89 11.6 8.0 1.9 6.0
9/30/90 7.3 8.5 7.5 6.0
9/30/91 8.1 8.5 3.0 6.0
9/30/92 13.7 8.5 2.0* 6.0
9/30/93 11.4 8.5 3.1 6.0
9/30/94 6.8 8.5 3.9 6.0
9/30/95 11.4 8.5 8.8 6.0
9/30/96 15.3 8.5 4.2 6.0
9/30/97 13.8 8.5 6.0 6.0
9/30/98 12.5 8.5 5.0 6.0
9/30/99 14.4 8.5 7.3 6.0
Average 11.2% 5.2%
* Approximate rate
Note: Figures before 1992 were taken from Reports of Buck Consultants.
The actual investment return rates shown above are based on the actuarial value of assets.
The actual salary increase rates shown above are the increases received by those active
members who were included in the actuarial valuation both at the beginning and the end of each
period. Figures 83 and 84 show the figures from the previous table in graphic form.
mD GABRIEL, ROEDER, SMITH & COMPANY
11
History of Investment Return
Based on Actuarial Value of Assets
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EEm GABRIEL, ROEDER, SMITH & COMPANY
13
RECENT HISTORY OF CONTRIBUTIONS
Applies to Required Employer Contribution
Fiscal Year Actual
Valuation Date Ending Amount % of Payroll Contribution
10/1/92 9130/94 $ 1,494,969 9.59% $ 1,494,969
10/1/93 9/30/95 2,235,227 14.77 2,235,227
10/1/94 9130/96 3,549,633 22.62 3,549,633
10/1/95 9/30/97 3,409,645 20.45 3,409,645
10/1/96 9/30/98 2,496,704 13.46 2,496,704
10/1/97 9/30/99 1,008,615 5.19 1,008,615
10/1/98 9/30/00 0 -- -
10/1/99 9/30/01 0 -- -
rEm GABRIEL, ROEDER, SMITH & COMPANY
14
ACTUARIAL ASSUMPTIONS AND COST METHOD
A. Cost Method
1. Funding
2. Accumulated Benefit Obligation
B. Investment Earnings*
C. Salary Increases*
D. Inflation
E. Retirement Age
F. Turnover Rates
G. Mortality Rates
H. Disability
1. Rates
2. Percent Service Connected
3. Mortality
I. Asset Value
J. Administrative Expenses
K. Increase in Covered Payroll
L. Cost of Living Increase
M. Changes Since Last Valuation
* Including inflation
Entry Age Actuarial Cost Method.
Accrued Benefit Method
8.5% per year, compounded annually; net rate after
investment related expenses.
6% per year up to the assumed retirement age.
4 % per year.
See Table below for rates of retirement.
See Table below.
1983 Group Annuity Mortality Tables for males and
females; for those who have terminated employment
before 10/1/93, rates are based on the group's own
experience; see Table below.
See Table below.
50%
Regular rates set ahead five years.
Difference between actual and expected return
recognized over 5 years; see later page for details.
Non-investment related expenses are assumed to be
the average of such expenses over the last two years.
NA
1.5% per year.
None.
lEGI GABRIEL, ROEDER, SMITH & COMPANY
15
Annual Rate of
Mortality Retirement*
After 10/1/93 Before 10/1/93
Aae Male Female Male Female Turnover Disabilitv GrouD A Group B
25 0.05% 0.03% 0.22% 0.05% 14.6% 0.07% NA NA
30 0.06 0.03 0.22 0.06 7.8 0.08 NA NA
35 0.09 0.05 0.26 0.08 5.7 0.13 NA NA
40 0.12 0.07 0.36 0.10 4.7 0.20 NA NA
45 0.22 0.10 0.55 0.15 3.3 0.31 NA NA
50 0.39 0.16 0.81 0.26 2.1 0.46 30.0% 5.0%
55 0.61 0.25 1.22 0.47 1.1 0.64 12.0 5.0
60 0.92 0.42 1.81 0.78 0.4 1.04 20.0 60.0
65 1.56 0.71 2.70 1.19 NA NA 100.0 100.0
70 2.75 1.24 4.05 1.97 NA NA NA NA
75 4.46 2.40 5.75 3.13 NA NA NA NA
80 7.41 4.29 7.41 4.29 NA NA NA NA
85 11.48 6.99 11.48 6.99 NA NA NA NA
90 16.63 11.18 16.63 11.18 NA NA NA NA
95 23.41 18.24 23.41 18.24 NA NA NA NA
100 31.92 29.52 31.92 29.52 NA NA NA NA
* For those eligible to retire.
mB GABRIEL, ROEDER, SMITH & COMPANY
16
GLOSSARY OF TERMS
Actuarial Present Value is the value of an amount or series of amounts payable at various
times, determined as of the valuation date by the application of the set of actuarial assumptions.
Actuarial AssumDtions are assumptions as to the occurrence of future events affecting pension
costs. The previous page outlines the Actuarial Assumptions utilized in this valuation.
Actuarial Cost Method is a procedure for determining the Actuarial Present Value of pension
plan benefits and for developing an actuarially equivalent allocation of such value to time periods,
usually in the form of a Normal Cost and Actuarial Accrued Liability.
Entry Aae Actuarial Cost Method is a method under which the current year's cost, or Normal
Cost, is calculated for each individual. This Normal Cost is the amount, determined as a level
percentage of pay, which if deposited each year from the time an employee was first included in
the actuarial valuation (or would have been had the plan been in effect) until retirement, would
fully fund his or her benefit.
Entry Aae Actuarial Accrued Liabilitv at any given time is equal to the Actuarial Present Value
of Projected Benefits minus the Actuarial Present Value of future Normal Costs. Under the Entry
Age Actuarial Cost Method, experience gains (losses) reduce (increase) the Actuarial Accrued
Liability. Increases or decreases in the Actuarial Accrued Liability will also occur as a result of
changes in pension plan benefits, actuarial assumptions, or asset value methods.
Unfunded Actuarial Accrued Liabilitv is the Actuarial Accrued Liability, less assets.
lEm GABRIEL, ROEDER, SMITH & COMPANY
SECTION C
PENSION FUND INFORMATION
EEm GABRIEL, ROEDER, SMITH & COMPANY
17
SUMMARY OF ASSETS
9/30/99 9/30/98
Cash and Securities - Market Value
Cash and Savings Accounts $ 55,601 $ 19,733
Money Market Funds 6,117,456 3,032,607
Treasury Bills - -
Commercial Paper - --
Treasury and Agency Bonds & Notes 81,516,307 95,243,227
Corporate Bonds 37,561,103 22,447,917
Common & Preferred Stocks 60,554,792 52,198,603
Pooled Equity Funds 60,542,080 55,287,177
Pooled Bond Funds -- -
Other Securities 1.475 1,744
Total 246,348,814 228,231,008
Receivables and Accruals
Member Contribution - -
Employer Contribution - -
Interest and Dividends 1,790,290 1,611,000
Other - -
Total 1,790,290 1,611,000
Payables
Benefits - -
Refunds - -
Expenses - -
Other - Pending Securities Purchased 928.114 1,101,593
Total 928,114 1,101,593
Net Assets - Market Value 247,210,990 228,740,415
Net Assets - Cost Value NA 200,954,159
mm GABRIEL, ROEDER, SMITH & COMPANY
18
PENSION FUND INCOMIE AND DISBURSEMENTS
Year Ending Year Ending
9/30/99 9/30/98
Market Value at Beginning of Period $ 228,740,415 $ 219,626,839
Income
Member Contributions 1,940,672 1,824,996
Employer Contributions 1,008,615 2,496,704
Other Contributions 16,385 25,241
Investment Earnings 29,335,479 18,170,565
Other Income 0 0
Total Income 32,301,151 22,517,506
Disbursements
Monthly Benefit Payments 12,683,844 12,243,096
Lump Sum Distributions 0 0
Refunds of Contributions 291,879 333,418
Investment Related Expense 572,084 553,253
Other Administrative Expense 267,605 221,388
Insurance Premiums 0 0
Other Expense-Transfers to
Other Systems 15,164 52,775
Total Disbursements 13,830,576 13,403,930
Net Increase During Period 18,470,575 9,113,576
Market Value at End of Period 247,210,990 228,740,415
rEm GABRIEL, ROEDER, SMITH & COMPANY
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SECTION D
FINANCIAL ACCOUNTING INFORMATION
lE!mI GABRIEL, ROEDER, SMITH & COMPANY
21
I FASB NO. 35 INFORMA-nON ]
A. Valuation Date October 1, 1999 October 1, 1998
B. Actuarial Present Value of Accumulated Plan
Benefits
1. Vested Benefits
a. Members Currently Receiving Payments $ 119,722,659 $ 115,927,855
b. Terminated Vested Members 3,361,992 2,987,615
c. Other Members 44,248,818 42,861,539
d. Total 167,333,469 161,777,009
2. Non-Vested Benefits 680,371 559,264
3. Total Actuarial Present Value of
Accumulated Plan Benefits: 1d + 2 168,013,840 162,336,273
4. Accumulated Contributions of Active
Members 14,406,351 13,575,378
c. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Year 162,336,273 157,377,266
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment NA NA
b. Change in Actuarial Assumptions NA NA
c. Latest Member Data, Benefits
Accumulated and Decrease in the
Discount Period 18,668,454 17,588,296
d. Benefits Paid (12,990,887) ( 12,629,289)
e. Net Increase 5,677,567 4,959,007
3. Total Value at End of Period 168,013,840 162,336,273
D. Market Value of Assets 247,210,990 228,740,415
E. Assets as % of Value of Accumulated Benefits 147% 141%
F. Actuarial Assumptions - See page Entitled
Actuarial Assumptions and Methods
mmJ GABRIEL, ROEDER, SMITH & COMPANY
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GASS Statement No. 25
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I[B'3 GABRIEL, ROEDER, SMITH & COMPANY
24
SCHEDULE OF EMPLOYER CONTRIBUTIONS
(GASS Statement No. 25)
Actual
Year Ended Annual Contribution Percentage
September 30 Required Contribution Received Contributed
1994 $ 1,494,969 $ 1,494,969 100%
1995 2,235,227 2,235,227 100
1996 3,549,633 3,549,633 100
1997 3,409,645 3,409,645 100
1998 2,496,704 2,496,704 100
1999 1,008,615 1,008,615 100
mmJ GABRIEL, ROEDER, SMITH & COMPANY
2:
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB Statement No. 27)
Employer Fiscal Year End September 30: 1999 1998
A. Annual required contribution (ARC) $1,008,615 $ 2,496,704
B. Interest on Net Pension Obligation (NPO) 0 0
C. Adjustment to ARC 0 0
D. Annual Pension Cost (A + B - C) 1,008,615 2,496,704
E. Actual Contributions 1,008,615 2,496,704
F. NPO at beginning of year 0 0
G. Increase (decrease) in NPO (D - E) 0 0
H. NPO at end of year (F + G) 0 0
THREE YEAR TREND INFORMATION
Fiscal Annual Pension Actual Percentage of Net Pension
Year Endina Cost (APC) Contribution APC Contributed Obliaation
9/30/97 $ 3,409,645 $ 3,409,645 100% $ 0
9/30/98 2,496,704 2,496,704 100 0
9/30/99 1,008,615 1,008,615 100 0
:'{:j GABRIEL, ROEDER, SMITH & COMPANY
26
REQUIRED SUPPLEMENTARY INFORMATION
GASS Statement No. 25 and No. 27
The information presented in the required supplementary schedules was determined as part of
the actuarial valuations at the dates indicated. Additional information as of the latest actuarial
valuation:
Valuation date
October 1, 1998
Contribution Rates:
Employer (and State)
Plan Members
0.00%
10,00%
Actuarial Cost Method
Entry Age
Amortization Method
Level dollar
Remaining amortization period
15 years
Asset valuation method
5 year smoothed market
Actuarial assumptions:
Investment rate of return
Projected salary increases
Includes inflation and other general increases at
Cost-ot-Iiving adjustments
8.5%
6.0%
4.0%
1.5% per year.
lEml GABRIEL, ROEDER, SMITH & COMPANY
27
OTHER DISCLOSURES
A. Required Annual Contributions for Fiscal Year Ending September 30, 1999.
Employer Normal Cost
$2,461,077
Payment Towards Unfunded
Actuarial Liability
(1,531,478)
Interest on These Amounts from
Actuarial Valuation Date to
Expected Payment Dates
79,016
Total Required Contribution
1,008,615
Effect on Contribution of
Changes in Actuarial Assumptions
or Methods
NA
Effect on Contribution of
Changes in Plan Provisions
NA
B. Description of Changes in Actuarial Assumptions or Methods - None.
C. Description of Changes in Plan Provisions - None.
D. Description of Employee Groups Covered - See Section entitled Summary of Plan Provisions.
E. Description of Covered Employees Who Are Not Included in Valuation - None.
F. Number and Compensation of Participants - See Section entitled Miscellaneous Information.
G. Has Actuary Been Notified of Any Decision by Plan Sponsor to Terminate the Plan?
Response - No.
H. Net Actuarial Gain or Loss - See page entitled Actuarial Gains and Losses. See Glossary of
Terms for methods of recognizing such gains and losses. Any unrealized appreciation
(depreciation) included in the actuarial value of assets is recognized in the same manner as
any other gains or losses.
I. All responses in this Section have been made in accordance with our understanding of FASB
NO.35, GASB No.25, GASB No. 27 and APB Opinion NO.8.
~ GABRIEL, ROEDER, SMITH & COMPANY
SECTION E
MISCELLANEOUS INFORMATION
EEmI GABRIEL, ROEDER, SMITH & COMPANY
28
RECONCILIATION OF MEMBERSHIP DATA
From 10/1/98 From 10/1/97
To 10/1/99 To 10/1/98
A. Active Members
1. Number Included in Last Valuation 554 576
2. New Members Included in Current Valuation 24 38
3. Employment Terminations (29) (35)
4. Service Retirements (20) (21)
5. Disability Retirements (1) (1 )
6. Deaths (1) (1)
7. Other - Transfer to other Plans (1) ~
8. Number Included in This Valuation 526 554
B. Terminated Vested Members
1. Number Included in Last Valuation 56 51
2. Additions from Active Members 6 7
3. Lump Sum Payments (3) 0
4. Payments Commenced (2) (2)
5. Deaths 0 0
6. Other ~ ~
7. Number Included in This Valuation 57 56
C. Service Retirees, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation 905 898
2. Additions from Active Members 22 22
3. Additions from Terminated Vested Members 2 2
4. Deaths Resulting in No Further Payments (41 ) (21)
5. Deaths Resulting in New Survivor Benefits 0 0
6. End of Certain Period - No Further Payments 0 0
7. Other 2 ~
8. Number Included in This Valuation 890 905
EBB GABRIEL, ROEDER, SMITH & COMPANY
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N
N
ffl
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~I-<((I)
Dim GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH GENERAL EMPLOYEES WITH RATES
AGE
GROUP
0-19
20-24
25-29
30-34
35-39
40-44
45-49
SO-54
55-59
60-64
65-69
70-74
75-79
80-84
85+
TOTAL
SERVICE
GROUP
o
1
2
3
4
0-4
5-9
10 -14
15-19
20-24
25-29
30-34
35-39
40+
TOTAL
NUMBER
OF
PEOPLE
o
o
1
16
39
50
53
36
16
9
NUMBER
OF
PEOPLE
o
o
o
o
o
o
47
68
69
19
20
o
o
o
224
MAL
TOTAL
ANNUAL
EARNINGS
o
o
35856
627414
1662040
2213959
2398242
1548853
622595
361435
45775
29794
43088
42841
o
9631891
TABLE A. ANNUAL EARNINGS BY AGE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
o
o
35856
39213
42616
44279
45250
43024
38912
40159
45775
29794
43088
42841
o
43000
F
NUMBER
OF
PEOPLE
o
o
1
8
23
20
24
21
11
5
2
o
E M A
TOTAL
ANNUAL
EARNINGS
o
o
31010
308122
895299
847254
1041019
9014 7 6
390679
167621
74776
30394
o
33306
o
4720956
L E
AVERAGE
ANNUAL
EARNINGS
o
o
31010
38515
38926
42363
43376
42927
35516
33524
37388
30394
o
33306
o
W350
NUMBER
OF
PEOPLE
o
o
2
24
62
70
77
57
27
14
TABLE B, ANNUAL EARNINGS BY SERVICE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
o
o
o
o
o
o
40057
41863
43319
47063
49476
o
o
29794
43000
F
NUMBER
OF
PEOPLE
o
o
o
o
o
o
41
39
31
4
o
117
E
M A
TOTAL
ANNUAL
EARNINGS
o
o
o
o
o
o
1486677
1607299
1321814
232314
39546
o
33306
o
4720956
L E
AVERAGE
ANNUAL
EARNINGS
o
o
o
o
o
o
36260
41213
42639
58078
39546
o
33306
o
40350
NUMBER
OF
PEOPLE
o
o
o
o
o
o
88
107
100
23
21
o
1
341
31
AS OF 10/1/99
2
A L
TOTAL
ANNUAL
EARNINGS
o
o
66866
935536
2557339
3061213
3439260
2450329
1013274
529056
120551
60188
43088
76147
o
14 3 52 84 7
L
AVERAGE
ANNUAL
EARNINGS
o
o
33433
38981
41247
43732
44666
42988
37529
37790
40184
30094
43088
38074
o
42090
L
AVERAGE
ANNUAL
EARNINGS
o
o
o
o
o
o
38288
41626
43108
48979
49003
o
33 3 06
29794
42090
224
MAL
TOTAL
ANNUAL
EARNINGS
o
o
o
o
o
o
1882671
2846670
2989035
894198
989523
o
o
29794
9631891
o
o
117
trE'ml GABRIEL, ROEDER, SMITH & COMPANY
2
o
341
A L
TOTAL
ANNUAL
EARNINGS
o
o
o
o
o
o
3369348
4453969
4310849
1126512
1029069
o
33306
29794
14352847
MIAMI BEACH GENERAL GROUP B - WITH RATES
AGE
GROUP
0-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85+
TOTAL
SERVICE
GROUP
o
2
3
4
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40+
TOTAL
NUMBER
OF
PEOPLE
o
8
27
27
29
11
11
13
5
2
o
o
o
o
o
133
NUMBER
OF
PEOPLE
4
21
22
54
24
125
8
o
o
o
o
o
o
o
133
MAL
TOTAL
ANNUAL
EARNINGS
o
162632
698518
763807
795519
293569
298750
330885
120851
46218
o
o
o
o
o
3510750
MAL
TOTAL
ANNUAL
EARNINGS
95992
465563
518156
1499843
676929
3256482
254269
o
o
o
o
o
o
o
3510750
TABLE A, ANNUAL EARNINGS BY AGE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
o
20329
25871
28289
27432
26688
27159
25453
24170
23109
o
o
o
o
o
26397
F
NUMBER
OF
PEOPLE
o
1
8
19
9
6
3
2
4
o
o
o
o
o
o
52
E
M A
TOTAL
ANNUAL
EARNINGS
o
19843
226681
580484
264107
173265
80172
47344
107980
o
o
o
o
o
o
1499877
L E
AVERAGE
ANNUAL
EARNINGS
o
19843
28335
30552
29345
28877
26724
23672
26995
o
o
o
o
o
o
28844
NUMBER
OF
PEOPLE
o
9
35
46
38
17
14
15
9
2
o
o
o
o
o
185
TABLE B, ANNUAL EARNINGS BY SERVICE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
23998
22170
23553
27775
28205
26052
31784
o
o
o
o
o
o
o
26397
F
NUMBER
OF
PEOPLE
3
6
14
16
11
50
1
E
M A
TOTAL
ANNUAL
EARNINGS
71552
153950
383222
467969
361064
1437756
19843
42277
o
o
o
o
o
o
1499877
L E
AVERAGE
ANNUAL
EARNINGS
23851
25658
27373
29248
32824
28755
19843
42277
o
o
o
o
o
o
28844
NUMBER
OF
PEOPLE
7
27
36
70
35
175
9
o
o
o
o
o
o
185
32
AS OF 10/1/99
A L
TOTAL
ANNUAL
EARNINGS
o
182475
925199
1344292
1059627
466834
378922
378229
228831
46218
o
o
o
o
o
5010627
A L
TOTAL
ANNUAL
EARNI~GS
167544
619513
901377
1967812
1037992
4694238
274112
42277
o
o
o
o
o
o
5010627
L
AVERAGE
ANNUAL
EARNINGS
o
20275
26434
29224
27885
27461
27066
25215
25426
23109
o
o
o
o
o
27084
L
AVERAGE
ANNUAL
EARNINGS
23935
22945
25038
28112
29657
26824
30457
42277
o
o
o
o
o
o
27084
o
o
o
o
o
o
52
itEml GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH GENERAL EMPLOYEES WITH RATES
AGE
GROUP
0-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85.
TOTAL
0-19
20-24
25,29
30-34
35-39
40-44
45-49
50-54
55-59
60,64
65-69
70-74
75-79
80-84
85.
TOTAL
0-4
5-9
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
TABLE C, SERVICE GROUPS BY AGE GROUPS
S E
10-14
o
o
1
12
7
6
6
6
3
4
o
o
1
o
47
o
o
5
10
4
5
7
6
3
o
o
o
o
o
41
R V I
15-19
o
o
o
3
19
15
11
14
3
2
1
o
o
o
o
68
o
o
o
3
12
8
8
5
2
F E
o
o
o
o
C E
20-24
H
o
o
o
1
13
26
10
9
8
2
o
o
o
o
o
69
A L
o
o
o
o
o
3
11
3
1
1
o
o
o
o
o
19
G R 0
25-29
E
L
o
o
o
o
o
o
15
4
1
o
o
o
o
o
o
20
E
o
o
o
o
o
o
o
o
o
o
1
o
o
o
o
1
u P
30-34
35-39
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
33
AS OF 10/1/99
40+
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
TOTAL
o
o
o
o
o
o
o
o
o
o
o
1
o
o
o
o
o
1
16
39
50
53
36
16
9
1
o
o
o
o
o
39
8
9
7
3
M A
o
o
o
o
o
o
2
2
o
o
o
o
o
o
o
4
1
o
224
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
31
8
23
20
24
21
11
5
2
o
1
o
117
ItEm GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH GENERAL GROUP B - WITH RATES
AGE
GROUP
0-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85.
TOTAL
0-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85.
TOTAL
0-4
o
8
25
26
27
11
10
12
4
2
o
o
o
o
o
125
o
o
8
18
9
6
3
2
4
o
o
o
o
o
o
50
5-9
TABLE C, SERVICE GROUPS BY AGE GROUPS
S E
10-14
o
o
2
2
o
1
o
o
o
o
o
o
8
o
o
o
o
o
o
o
o
o
o
o
o
o
o
R V I
15-19
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
F E
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
C E
20-24
M
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
A L
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
G R 0
25-29
E
L
u P
30-34
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
E
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
35-39
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
34
AS OF 10/1/99
40.
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
TOTAL
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
8
27
27
29
11
11
13
5
2
o
o
o
o
o
133
o
o
o
o
o
o
o
o
o
o
o
M A
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
1
8
19
9
6
2
4
o
o
o
o
o
o
52
rfEJl GABRIEL, ROEDER, SMITH & COMPANY
35
MIAMI BEACH GENERAL INACTIVES BEFORE '93 10/1/99
Schedule of Non-Active Participant Data
Terminated Terminated
Vested Disabled Retired Non-Vested
Total Total Total Total
Age Number Benefit Number Benefit Number Benefit Number Bene fi t
Under 45 5 10505 3 49959 4 37795 0 0
45 to 49 12 35193 5 79681 3 21339 0 0
50 to 54 5 18487 7 163888 9 85287 0 0
55 to 59 2 34 3 49012 44 912057 0 0
60 to 64 4 4115 7 102541 79 1327403 0 0
65 to 69 2 491 7 79834 101 1516744 0 0
70 to 74 288 13 13 7 62 8 165 2279099 0 0
75 to 79 0 0 5 53655 124 1580061 0 0
80 to 84 6500 19897 103 1032447 0 0
85 to 89 0 0 0 0 55 473417 0 0
90 & up 0 0 0 0 24 150775 0 0
Total 32 75612 53 736095 711 9416425 0 0
Average Age 52.0 63,7 72.8 0.0
Average Benefit 2363 13889 13244 0
rEmI GABRIEL, ROEDER, SMITH & COMPANY
36
MIAMI BEACH GENERAL INACTIVES AFTER '93 10/1/99
Schedule of Non-Active participant Data
Terminated Terminated
Vested Disabled Retired Non-Vested
Total Total Total Total
Age Number Benefit Number Benefit Number Benefit Number Benefit
Under 45 10 94399 2 4B59B 3 20460 0 0
45 to 49 13 222093 0 0 3 1B432 0 0
50 to 54 1 10350 1 BB14 43 1196569 0 0
55 to 59 1 19B39 0 0 30 649140 0 0
60 to 64 0 0 0 0 21 4364BB 0 0
65 to 69 0 0 0 0 16 255924 0 0
70 to 74 0 0 0 0 6 79517 0 0
75 to 79 0 0 0 0 0 0 0 0
80 to 84 0 0 0 0 1 20024 0 0
85 to 89 0 0 0 0 0 0 0 0
90 &. up 0 0 0 0 0 0 0 0
Total 25 3466B1 3 57413 123 2676555 0 0
Average Age 43.8 44.7 57.4 0.0
Average Benefit 13867 1913 8 21761 0
m3 GABRIEL, ROEDER, SMITH & COMPANY
SECTION F
SUMMARY OF PLAN PROVISIONS
rEm! GABRIEL, ROEDER, SMITH & COMPANY
37
SUMMARY OF PLAN PROVISIONS
Effective Date
November 17, 1971 under Ordinance No. 1901; supersedes previous system under
Ordinance No. 845.
Eliaibilitv
Each general employee who works more than 30 hours per week is eligible for
membership on his date of employment. Members of the Unclassified System, the
Fire and Police System, and the City-sponsored Defined Contribution System are not
included.
Creditable Service
Service credited under the predecessor system plus service after such date with
respect to which member contributions are made.
Earninas
For each person who becomes a member after the Second Tier Date, base pay
including longevity, but excluding overtime, shift differential or extra compensation
allowances. For each person who became a member before the Second Tier Date,
actual salary or wages received. Earnings does not include lump sum payments of
unused sick or vacation time.
Second Tier Date
April 30, 1993 for members of AFSCME; August 1, 1993 for those classified as
"Other"; and February 21, 1994 for members of MBEBA.
Final Averaae Monthlv Earninas (FAME)
One-twelfth of average annual Earnings during the two highest paid years of
Creditable Service; for those entering the System after the Second Tier Date, the
average is taken over three years.
Normal Retirement
Eligibility
Age 50 and five years of Creditable Service; for those
entering after the Second Tier Date, age 60 and ten years of
Creditable Service.
Benefit
3% of FAME multiplied by the first 15 years of Creditable
Service plus 4% of FAME multiplied by years of service in
excess of 15, with the total not to exceed 90% of FAME; for
those entering after the Second Tier Date, 3% of FAME
multiplied by Creditable Service, with a maximum of 80% of
FAME.
rEm GABRIEL, ROEDER, SMITH & COMPANY
38
Form of Benefit - 50% joint and survivor annuity payable only to the spouse or,
if no spouse, to the surviving children until age 21; other
options are also available. Spouse's benefits cease upon
remarriage.
Earlv Retirement
Eligibility
When total of age plus service is 75, but at least age 50.
Benefit
Accrued pension actuarially reduced for number of years by
which Early Retirement Date precedes Normal Retirement
Date.
Delaved Retirement
Eligibility
Any time after the Normal Retirement Date.
Benefit
Calculated in the same manner as the Normal Retirement
Benefit but using the FAME and Creditable Service as of the
actual retirement date.
Disability Benefits
Eligibility
A total and permanent disability which renders a member
incapacitated, mentally or physically, for the further
performance of duty. Five years of Creditable Service is also
required unless the disability is service-connected.
Benefit
Accrued retirement benefit, without reduction, with a
minimum of 35% of FAME if ordinary disability and 75% of
FAME if service-connected. For those entering after the
Second Tier Date, the minimum service-connected benefit is
60% of FAME. Such amounts are reduced by workers'
compensation benefits and, in certain cases, earned income
will be considered in offsetting the benefit. The period of
disability shall be included in Creditable Service for purposes
of computing normal retirement benefits when a disability
retiree reaches normal retirement age.
Preretirement Death Benefits
For a member who has at least three years of Creditable Service but who dies before
commencement of retirement benefits, a monthly benefit is payable to the spouse or,
if no spouse, to the children until age 21. The benefit is equal to 50% of the accrued
normal retirement benefit without reduction with the result being a minimum of 30%
of FAME and a maximum of 40% of FAME.
Termination Benefits
Any member who terminates employment and does not request a refund of his own
contributions will receive his accrued benefit beginning at age 50, if at least five years
of Creditable Service are completed, or at age 62, if less than five years of Creditable
Service are completed. For those entering after the Second Tier Date, and who
terminate employment after ten years of Creditable Service, the accrued benefit is
payable at age 60.
lEmI GABRIEL, ROEDER, SMITH & COMPANY
39
Post Retirement Adiustments
All benefits in pay status are subject to a 1 1/2% increase each year as of October
1 st.
Contributions
From Members
10% of Earnings.
From the City
The amount necessary to fund the Plan properly according to
the Plan's actuary.
Chanaes Since Last Valuation
None.
rEm! GABRIEL, ROEDER, SMITH & COMPANY