FIle Ref. #193 (2 of 3)
(1?P
OCTOBER 1,1999
ACTUARIAL VALUATION REPORT
FOR THE
CITY OF MIAMI BEACH
RETIREMENT SYSTEM FOR UNCLASSIFIED
EMPLOYEES AND ELECTED OFFICIALS
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
ImD GABRIEL, ROEDER, SMITH & COMPANY
I-I
GABRIEL, ROEDER, SMITH & COMPANY
Consultants & Actuaries
301 East Las Olas Blvd,. Suite 200. Ft. Lauderdale, FL 33301.954-527-1616. FAX 954-525-0083
January 19,2000
Board of Trustees
City of Miami Beach Unclassified
Retirement System
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
, {2~L - ~~t_
By:
By \
. Step en Palmquist, AS AM, FCA
Enrolled Actuary No. 99-1560
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.
~~
I Signature .
I);!? )~)() 0
Date
99-1560
Enrollment Number
rEm! 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. Derivation of Employer Normal Cost 4
3, Actuarial Gains and Losses 5
4. Recent History of Valuation Results 9
5. Recent History of Required and
Actual Contributions 12
6. Actuarial Assumptions and Cost Method 13
7. Glossary of Terms 15
C. Pension Fund Information
1, Summary of Assets 16
2. Summary of Fund's Income and Disbursements 17
3. Actuarial Value of Assets 18
4. Investment Rate of Return 19
D. Financial Accounting Information
1, FASB No. 35 20
2. GASB No. 25 21
3. GASB No. 27 24
4. Other Disclosures 26
E. Miscellaneous Information
1. Reconciliation of Membership Data 27
2. Statistical Data 28
3. Age/Service/Salary Distribution 30
F. Summary of Plan Provisions 35
mmJ GABRIEL, ROEDER, SMITH & COMPANY
SECTION A
DISCUSSION OF VALUATION RESULTS
rEml GABRIEL, ROEDER, SMITH & COMPANY
DISCUSSION OF VALUATION OF 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 $ 666,897 $ (666,897)
As % of Covered Payroll 0.00% 11.24% (11.24)%
The contribution has been adjusted for interest on the basis that employer contributions
are made on October 1st. The actual employer contribution for the year ending September 30,
1999 was $285,305.
Revisions in Benefits
There have been no revisions in benefits since the last valuation.
Revisions in Actuarial Assumotions and Methods
There have been no changes in actuarial assumptions or methods since the last
valuation.
Actuarial EXDerience
There was a net actuarial gain of $4,970,831 for the year which means that actual
experience was more favorable than expected. The gain arose from investment earnings
above the assumed rate of 9%. The rate of return was 18.8% based on the actuarial value of
assets and 19.1 % based on market value. Offsetting this investment gain were salary
increases above the assumed rate of 6%.
The net actuarial gain for the year translates into a decrease in annual employer
contributions of 11.24% of covered payroll.
rEm! GABRIEL, ROEDER, SMITH & COMPANY
2
Analvsis of Chanae in Emolover Contribution
As previously indicated, the required contribution has decreased by 11.24% of covered
payroll. The components of this change are as follows:
Contribution Rate Last Year
Actuarial Experience
11.24%
(11.24)
Contribution Rate This Year
0.00%
The remainder of this Report includes detailed actuarial valuation results, financial
information, miscellaneous information and statistics, and a summary of plan provisions.
NOTE: Throughout this Report, "Group A" refers to those active members of the System who
were hired before October 17, 1992 and "Group 8" refers to those hired thereafter.
~ GABRIEL, ROEDER, SMITH & COMPANY
SECTION B
V ALUA liON RESULTS
mml GABRIEL, ROEDER, SMITH & COMPANY
3
I SUMMARY OF VALUATION RESULTS I
I I As of ()(::tober 1 I
1999 I 1998
I COVERED GROUP I
A. Number Included in the Valuation
1. Active Members 109 112
2. Inactive Members 137 130
B. Covered Annual Payroll $ 6,055,140 $ 5,933,226
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 70,824,853 67,291,185
D. Actuarial Value of Assets 67,951,798 59,655,012
E. Actuarial Present Value of Future
Contributions
1. Total: C - 0 2,873,055 7,636,173
2. Portion Assigned to Unfunded Frozen
Actuarial Accrued Liability (UFAAL) 0 0
3. Portion Assigned to Future Normal Costs 2,873,055 7,636,173
I CURRENT ANNUAL COST I
F. Annual Payment Needed to Amortize UFAAL 0 0
As % of B --- ---
G. Annual Employer Normal Cost 0 611,832
As % of B --- 10.31%
H. Interest on F and G from Valuation Date to
Contribution Date( s) 0 55,065
As % of B --- 0.93%
I. Required Employer Contri: F + G + H 0 666,897
As % of B --- 11.24%
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
~ GABRIEL, ROEDER, SMITH & COMPANY
4
I DERIVATION OF EMPLOYER NORMAL COST I
As of Odober1
1999 1998
A. Actuarial Present Value of Projected Benefits for
1. Active Members
a. Service Retirement Benefits $ 23,457,698 $ 23,348,577
b. Vesting Benefits 2,807,740 2,951,259
c. Disability Benefits 1,621,993 1,554,048
d. Preretirement Death Benefits 389,250 368,519
e. Return of Member Contributions 1,393 1,229
f. Other 0 0
g. Total 28,278,074 28,223,632
2. Inactive Members
a. Service Retirees and Beneficiaries 36,636,490 32,985,385
b. Disability Retirees 0 0
c. Terminated Vested Members 5,910.289 6.082.168
d. Total 42,546,779 39,067,553
3. Total For All Members 70,824,853 67,291.185
B. Actuarial Value of Assets 67,951,798 59,655,012
C. Unfunded Frozen Actuarial Accrued Liability
(UFAAL) 0 0
D. Actuarial Present Value of Projected Member
Contributions 4,296,307 4,182,915
E. Actuarial Present Value of Projected
Employer Normal Costs: A3 - B - C - D (1,423,252) 3,453,258
F. Actuarial Present Value of Projected Covered
Payroll 42,963,100 41,829,200
G. Employer Normal Cost Rate: 100 x ElF (3.31)% 8.26%
H. Annual Payroll of Active Members 6,055,140 5,933,226
I. Assumed Amount of Administrative Expenses 158,686 121 ,748
J. Employer Normal Cost: (G x H) + I (41,739) 611,832
~ GABRIEL, ROEDER, SMITH & COMPANY
5
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. Employer Normal Cost as a Percentage of Covered
Payroll
1. Last Valuation
2. Current Valuation
3. Difference: 1 - 2
8.26%
(3.31 )
11.57
B.
Actuarial Present Value of Future Covered Payroll
$42,963,100
C.
Net Actuarial Gain (loss): A3 x B
4,970,831
Net actuarial gains in previous years have been as follows:
Year Change in Employer Net
Ending Normal Cost Rate Gain (Loss)
9/30/89 1.11% $ 617,389
9/30/90 (3.37) (2,230,401 )
9/30/91 3.51 2,206,147
9/30/92 (0.10) (51,357)
9/30/93 5.13 2,364,561
9/30/94 (0.09) (41,669)
9/30/95 5.62 2,768,530
9/30/96 1.74 811,526
9/30/97 4.37 2,036,346
9/30/98 (6.21 ) (2,597,593)
Figures C2 and C3 show the figures from the previous table in graphic form.
~ GABRIEL, ROEDER, SMITH & COMPANY
III
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EBB GABRIEL, ROEDER, SMITH & COMPANY
7
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 year:
Investment Return Salary Increases
Year Ending Actual Assumed Actual Assumed
9/30/89 14.6% 8.0% 3.2% 6.0%
9/30/90 (2.3) 8.0 12.3 6.0
9/30/91 21.6 8.5 3.4 6.0
9/30/92 5.8 9.0 2.4 6.0
9/30/93 14.1 9.0 6.3 6.0
9/30/94 4.8 9.0 6.0 6.0
9/30/95 24.1 9.0 7.6 6.0
9/30/96 13.9 9.0 8.6 6.0
9/30/97 19.1 9.0 7.4 6.0
9/30/98 4.3 9.0 4.1 6.0
9/30/99 18.8 9.0 7.1 6.0
Average 12.3% 6.2%
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 C4 and C5 show the figures from the previous table in graphic form.
~ GABRIEL, ROEDER, SMITH & COMPANY
8
History of Investment Return
Based on Actuarial Value of Assets
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rEm! GABRIEL, ROEDER, SMITH & COMPANY
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[iSJI GABRIEL, ROEDER, SMITH & COMPANY
300
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Figure C7
~ GABRIEL, ROEDER, SMITH & COMPANY
Recent History of Employer Normal Cost
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rEm! GABRIEL, ROEDER, SMITH & COMPANY
12
RECENT HISTORY OF FtEQUIRED AND ACTUAL CONTRIIBUTIONS
Recommended City
Contribution
For Fiscal
Valuation Year Ended Actual City
Date Seotember 30 Amount % of Payroll Contribution
10/1/88 1990 $ 1,732,449 24.67% $ 1,732,449
10/1/89 1991 1,871,038 26.65 1,972,313
10/1/90 1992 2,117,615 26.07 2,050,406
10/1/91 1993 1,600,386 22.50 1,769,238
10/1/92 1994 1,509,587 23.16 1,509,587
10/1/93 1995 574,282* 9.64* 574,282
10/1/94 1996 602,174 9.64 602,174
10/1/95 1997 572,832 8.44 572,832
10/1/96 1998 594,655 9.01 594,655
10/1/97 1999 285,305 4.39 285,305
10/1/98 2000 666,897 11.24 ---
10/1/99 2001 0 0.00 ---
*
Figures do not match the October 1. 1993 Actuarial Report. Results were revised to
reflect the 3/2/95 receipt of the Pension Obligation Bond. The required City contribution
without reflecting the Pension Obligation Bond would have been $1,073,773, or 18.03% of
covered payroll, for the '94-'95 fiscal year.
~ GABRIEL, ROEDER, SMITH & COMPANY
13
ACTUARIAL ASSUMPTIONS AND COST METHOD
A. Cost Method
1. Funding
2. Accumulated Benefit Obligation
B. Investment Earnings
(including inflation)
C. Salary Increases
(including inflation)
D. Inflation
E. Retirement Age
F. Turnover Rates
G. Mortality Rates
H. Disability
1. Rates
2. Percent Service Connected
I. Asset Value
J. Administrative Expenses
K. Increase in Covered Payroll
L. Cost of Living Adjustment
M. Changes Since Last Valuation
Frozen Entry Age Actuarial Cost Method. (Same
as the Aggregate Method when the unfunded
actuarial liability is $0.)
Accrued Benefit Method
9% 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 retirement rates.
See Table below.
1983 Group Annuity Mortality Tables for males
and females.
See Table below.
25%
Market Value of assets less unrecognized capital
appreciation where capital appreciation is
recognized at the rate of 20% each year.
Expenses paid out of the fund other than
investment related expenses are assumed to be
equal to the average of actual expenses over the
previous two years.
NIA
1.5% per year after retirement.
None.
[Em GABRIEL, ROEDER, SMITH & COMPANY
14
Annu.al Rate of
Age Turnover Disability
25 11.7% 0.09%
30 10.5 0.11
35 8.3 0.14
40 5.7 0.19
45 3.5 0.30
50 1.5 0.51
55 0.6 0.96
60 0.5 1.66
Annual Rate e,f Retirement for
Those Eligible to Retire
GrolLlp A Group B
Age Rate Age Rate
50-52 25% 60 60%
53-58 15 61-64 40
59-64 40 65 100
65 100
IEmI GABRIEL, ROEDER, SMITH & COMPANY
15
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 Assumotions 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.
Frozen Entry Aae Actuarial Cost Method is a method under which the excess of the
Actuarial Present Value of Projected Benefits of the group included in the valuation, over the
sum of the Actuarial Value of Assets, the Unfunded Frozen Actuarial Accrued Liability and the
Actuarial Present Value of Future Member Contributions (if any) is allocated as a level
percentage of earnings of the group between the valuation date and the assumed retirement
age. This allocation is performed for the group as a whole, not as a sum of individual
allocations. The portion of this Actuarial Present Value allocated to a specific year is called the
Emolover Normal Cost. Under this method, actuarial gains (losses) reduce (increase) future
Normal Costs.
Frozen Actuarial Accrued Liabilitv is the portion of the Actuarial Present Value of Projected
Benefit which is separated as of a valuation date and frozen under the Actuarial Cost Method
being used. This separated portion is the sum of an initial Unfunded Actuarial Accrued Liability
and any increments or decrements in the Actuarial Accrued Liability established subsequently
as a result of changes in pension plan benefits, Actuarial Assumptions, or methods.
Unfunded Frozen Actuarial Accrued Liabilitv is the portion of the Frozen Actuarial Accrued
Liability remaining after the addition of interest and the deduction of amortization payments.
EEmI GABRIEL, ROEDER, SMITH & COMPANY
SECTION C
PENSION FUND INFORMATION
mml GABRIEL, ROEDER, SMITH & COMPANY
16
SUMMARY OF ASSETS
9/30/99 9/30/98
Cash and Securities - Market Value
Cash and Savings Accounts $ 253,849 $ 265,879
Money Market Funds 659,629 3,022,708
Treasury Bills --- ---
Commercial Paper --- ---
Treasury and Agency Bonds & Notes --- ---
Corporate Bonds --- ---
Common & Preferred Stocks 68,836,099 54,939,287
Pooled Equity Funds --- ---
Pooled Bond Funds 15,734,128 15,745,541
Other Securities 250,000 250,000
Total 85,733,705 74,223,415
Receivables and Accruals
Member Contribution --- ---
Employer Contribution --- ---
Interest and Dividends 77,161 75,500
Other - Sales Not Yet Settled --- 472,790
Total 77,161 548,290
Payables
Benefits --- ---
Refunds --- ---
Expenses --- ---
Other --- ---
Total --- ---
Net Assets - Market Value 85,810,866 74,771,705
Net Assets - Cost Value NA 59,692,799
mmI GABRIEL, ROEDER, SMITH & COMPANY
17
PENSION FUND INCOMIE AND DISBURSEMENTS
Year Ending Year Ending
9/30/99 9/30/98
Market Value at Beginning of Period $ 74,771,705 $ 77,120,728
Income
Member Contributions 613,211 648,982
Employer Contributions 285,305 594,655
Other Contributions --- ---
Investment Earnings 13,981,636 (193,872)
Transfer from Other Systems 15,164 52,775
Other Income --- ---
T otallncome 14,895,316 1,102,540
Disbursements
Monthly Benefit Payments 3,249,378 2,902,944
Lump Sum Distributions --- ---
Refunds of Contributions 128,280 66,440
Investment Related Expenses 290,863 352,441
Other Administrative Expenses 187,634 129,738
Insurance Premiums --- ---
Other Expenses --- ---
Total Disbursements 3,856,155 3,451,563
Net Increase During Period 11,039,161 (2,349,023)
Market Value at End of Period 85,810,866 74,771,705
EEmI GABRIEL, ROEDER, SMITH & COMPANY
18
ACTUARIAL VALUE OF ASSETS
The Actuarial Value of Assets is equal to the market value less capital appreciation which
has not yet been recognized. Capital appreciation, the total of realized and unrealized gains, is
being recognized at the rate of 20% per year. Recognized and unrecognized capital
appreciation for this year's valuation is developed in the table below.
(1) Amount of (1) Amount of (1) Amount of (1)
Year Capital Recognized Recognized by Unrecognized by
Ending Appreciation Each Year Valuation Date Valuation Date
9/30/95 $ 8,296,418 $ 1,659,284 $ 8,296,418 $ 0
9/30/96 9,381,378 1,876,277 7,505,108 1,876,270
9/30/97 18,755,761 3,751,152 11,253,456 7,502,305
9/30/98 (1,935,741) (387,148) (774,296) (1,161,445)
9/30/99 12.052,423 2,410,485 2,410.485 9.641,938
46,550,239 9,310,050 28,691,171 17,859,068
Actuarial Value of Assets = Market Value - Unrecognized Capital Appreciation
= $85,810,866 - $17,859,068
= $67,951,798
Investment earnings recognized in the Actuarial Value of Assets are computed as
follows:
$ 67,951,798
- 59,655,012
898,516
+ 3.856.155
Actuarial Value this year
Actuarial Value last year
Contributions during year
Expenses during year
11,254,425
290.863
10,963,562
Gross Investment Earnings
Investment related expenses
Net Earnings recognized
ItEml GABRIEL, ROEDER, SMITH & COMPANY
19
INVESTMENT RATE OF RETURN
The investment rate of return has been calculated on the following basis:
Basis 1 - Interest, dividends, realized gains (losses) and unrealized appreciation
(depreciation) divided by the weighted average of the market value of the fund
during the year. This figure is normally called the Total Rate of Return.
Basis 2 - Investment earnings recognized in the Actuarial Value of Assets divided by
the weighted average of the Actuarial Value of Assets during the year.
Year Ended Basis 1 Basis 2
9/30/89 14.6% 14.6%
9/30/90 (2.3) (2.3)
9/30/91 21.6 21.6
9/30/92 5.8 5.8
9/30/93 14.6 14.1
9/30/94 5.3 4.8
9/30/95 25.9 24.1
9/30/96 22.7 13.9
9/30/97 35.2 19.1
9/30/98 (0.3) 4.3
9/30/99 19.1 18.8
Average Compounded Rate
of Return for Number of
Years Shown 14.2% 12.3%
Average for Last 5 Years 19.9% 15.8%
rEm! GABRIEL, ROEDER, SMITH & COMPANY
SECTION D
FINANCIAL ACCOUNTING INFORMATION
DIm! GABRIEL, ROEDER, SMITH & COMPANY
20
I FA5B NO. 35 INFORMATION I
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 $ 36,636,490 $ 32,985,385
b. Terminated Vested Members 5,910,289 6,082,168
c. Other Members 15,460,289 15,644,271
d. Total 58,007,068 54,711,824
2. Non-Vested Benefits 287,804 240,748
3. Total Actuarial Present Value of Accumulated
Plan Benefits: 1 d + 2 58,294,872 54,952,572
4. Accumulated Contributions of Active Members 5,106,032 4,930,485
c. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Year 54,952,572 50,756,294
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment NIA NIA
b. Change in Actuarial Assumptions NIA NIA
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 6,719,958 7,165,662
d. Benefits Paid (3.377.658) (2,969.384)
e. Net Increase 3,342,300 4,196,278
3. Total Value at End of Year 58,294,872 54,952,572
D. Market Value of Assets 85,810,866 74,771,705
E. Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods.
mill GABRIEL, ROEDER, SMITH & COMPANY
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23
SCHEDULE OF EMPLOYER CONTRIBUTIONS
(GASB Statement No. 25)
Year Ended Annual Actual Percentage
September 30 Required Contribution Contribution ContribUted
1991 $ 1,871,038 $1,972,313 105.4%
1992 2,117,615 2,050,406 96.8
1993 1,600,386 1,769,238 110.6
1994 1,509,587 1,509,587 100.0
1995 574,282 574,282 100.0
1996 602,174 602,174 100.0
1997 572,832 572,832 100.0
1998 594,655 594,655 100.0
1999 285,305 285,305 100.0
ErIS1I GABRIEL, ROEDER, SMITH & COMPANY
24
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB Statement No. 27)
Employer Fiscal Year End September 30: 1999 1998
A. Annual required contribution (ARC) $285,305 $594,655
B. Interest on Net Pension Obligation (NPO) (13,774 ) (14,438)
C. Adjustment to ARC (21,325) (21,821 )
D. Annual Pension Cost (A + B - C) 292,856 602,038
E. Actual Contributions 285,305 594,655
F. NPO at beginning of year (153,039) (160,422)
G. Increase (decrease) in NPO (D - E) 7,551 7,383
H. NPO at end of year (F + G) (145,488) (153,039)
THREE YEAR TREND INFORMATION
riD GABRIEL, ROEDER, SMITH & COMPANY
25
REQUIRED SUPPLEMENTARY INFORMATION
GA5B 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
11.24%
10.00%
Actuarial Cost Method
Frozen Entry Age
Amortization Method
NA
Remaining amortization period
NA
Asset valuation method
5 year smoothed market
Actuarial assumptions:
Investment rate of return
Projected salary increases
Includes inflation and other general increases at
Cost-of-Iiving adjustments
9.0%
6.0%
4.0%
1.5% per year.
mmJ GABRIEL, ROEDER, SMITH & COMPANY
26
OTHER DISCLOSURES
A. Required Annual Contributions for Fiscal Year Ending September 30, 1999.
Employer Normal Cost
$ 261,748
Payment Towards Unfunded
Actuarial Liability
o
Interest on These Amounts from
Actuarial Valuation Date to
Expected Payment Dates
23,557
Total Required Contribution
285,305
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.
EimI GABRIEL, ROEDER, SMITH & COMPANY
SECTION E
MISCELLANEOUS INFORMATION
EEmI GABRIEL, ROEDER, SMITH & COMPANY
27
RECONCILIATION OF MEMBE:RSHIP DATA
From 10/1/98 From 10/1/97
To 10/1/99 To 10/1/98
I A. Active Members I
1. Number Included in Last Valuation 112 128
2. New Members Included in Current Valuation 4 2
3. Non-Vested Employment Terminations 0 (6)
4. Vested Employment Terminations (3) (4)
5. Service Retirements (5) (10)
6. Disability Retirements 0 0
7. Deaths 0 0
8. Other - Transfers from General 2 2
9. Other - Transfers to 401A (1) ~
10. Number Included in This Valuation 109 112
I B. Terminated Vested. Members I
1. Number Included in Last Valuation 35 35
2. Additions from Active Members 3 4
3. Lump Sum Payments (1) 0
4. Payments Commenced (3) (4)
5. Deaths 0 0
6. Other ~ ~
7. Number Included in This Valuation 34 35
C. .. Service Retirees,Di~bility Retirees and Beneficiaries
1. Number Included in Last Valuation 95 81
2. Additions from Active Members 5 10
3. Additions from Terminated Vested Members 3 4
4. Deaths Resulting in No Further Payments 0 0
5. Deaths Resulting in New Survivor Benefits 0 0
6. End of Certain Period - No Further Payments 0 0
7. Other ~ ~
8. Number Included in This Valuation 103 95
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ZI-<{
[EGJ GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH UNCLASSIFIED
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
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
o
1
7
9
9
7
4
4
1
o
o
o
o
42
NUMBER
OF
PEOPLE
o
o
o
o
o
o
10
20
9
1
2
o
o
o
42
MAL
TOTAL
ANNUAL
EARNINGS
o
o
o
57928
436176
562276
549302
555958
227292
189748
49374
o
o
o
o
2628054
MAL
TOTAL
ANNUAL
EARNINGS
o
o
o
o
o
o
53B174
125B166
612300
73424
14 5 9 90
o
o
o
262B054
TABLE A, ANNUAL EARNINGS BY AGE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
o
o
o
57928
62311
62475
61034
79423
56823
47437
49374
o
o
o
o
62573
F
NUMBER
OF
PEOPLE
o
o
o
1
5
12
6
7
5
1
2
o
o
o
o
39
E
M A
TOTAL
ANNUAL
EARNINGS
o
o
o
43836
231972
704106
344734
34B452
249990
53482
134550
o
o
o
o
2111122
L E
AVERAGE
ANNUAL
EARNINGS
o
o
o
43836
46394
5B676
57456
49779
49998
53482
67275
o
o
o
o
54131
NUMBER
OF
PEOPLE
o
o
o
2
12
21
15
14
9
5
3
o
o
o
o
81
TABLE B, ANNUAL EARNINGS BY SERVICE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
o
o
o
o
o
o
53817
6290B
68033
73424
72995
o
o
o
62573
F E
NUMBER
OF
PEOPLE
o
o
o
o
o
o
12
10
15
2
o
o
o
o
39
M A
TOTAL
ANNUAL
EARNINGS
o
o
o
o
o
o
5664BB
504530
915070
125034
o
o
o
o
2111122
L E
AVERAGE
ANNUAL
EARNINGS
o
o
o
o
o
o
47207
50453
61005
62517
o
o
o
o
54131
NUMBER
OF
PEOPLE
o
o
o
o
o
o
22
30
24
3
2
o
o
o
B1
30
AS OF 10/1/99
A L
TOTAL
ANNUAL
EARNINGS
o
o
o
101764
668148
1266382
894036
904410
477282
243230
183924
o
o
o
o
4739176
A L
TOTAL
ANNUAL
EARNINGS
o
o
o
o
o
o
1104662
1762696
1527370
19845B
145990
o
o
o
4739176
L
AVERAGE
ANNUAL
EARNINGS
o
o
o
50882
55679
60304
59602
64601
53031
4B646
6130B
o
o
o
o
58508
L
AVERAGE
ANNUAL
EARNINGS
o
o
o
o
o
o
50212
58757
63640
66153
72995
o
o
o
58508
Imml GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH UNCLASSIFIED
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
4
0-4
5-9
10-14
15-19
20-24
25-29
30-34
35-39
40+
TOTAL
NUMBER
OF
PEOPLE
o
o
o
2
1
3
5
1
1
o
o
o
o
o
o
13
2
NUMBER
OF
PEOPLE
3
2
2
1
o
8
5
o
o
o
o
o
o
o
13
M
A L
TOTAL
ANNUAL
EARNINGS
o
o
o
94432
33644
158782
270218
61672
49192
o
o
o
o
o
o
667940
TABLE A, ANNUAL EARNINGS BY AGE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
o
o
o
47216
33644
52927
54044
61672
49192
o
o
o
o
o
o
51380
F
NUMBER
OF
PEOPLE
o
o
3
1
5
2
o
1
2
1
o
o
o
o
o
15
E
M A
TOTAL
ANNUAL
EARNINGS
o
o
100776
30654
249366
133822
o
31824
95602
5980
o
o
o
o
o
648024
L E
AVERAGE
ANNUAL
EARNINGS
o
o
33592
30654
49873
66911
o
31824
47801
5980
o
o
o
o
o
43202
NUMBER
OF
PEOPLE
o
o
3
3
6
5
5
2
3
1
o
o
o
o
o
28
TABLE B, ANNUAL EARNINGS BY SERVICE GROUPS
E
AVERAGE
ANNUAL
EARNINGS
44746
51090
55380
61672
o
51106
51818
o
o
o
o
o
o
o
51380
F
NUMBER
OF
PEOPLE
E
M A
TOTAL
ANNUAL
EARNINGS
64740
o
36712
170300
73502
345254
302770
o
o
o
o
o
o
o
648024
L E
AVERAGE
ANNUAL
EARNINGS
64740
o
36712
34060
36751
38362
50462
o
o
o
o
o
o
o
43202
NUMBER
OF
PEOPLE
4
2
3
6
2
17
11
o
o
o
o
o
o
o
28
31
AS OF 10/1/99
A L
TOTAL
ANNUAL
EARNINGS
o
o
100776
125086
283010
292604
270218
93496
144794
5980
o
o
o
o
o
1315964
A L
TOTAL
ANNUAL
EARNINGS
198978
102180
147472
231972
73502
754104
561860
o
o
o
o
o
o
o
1315964
L
AVERAGE
ANNUAL
EARNINGS
o
o
33592
41695
47168
58521
54044
46748
48265
5980
o
o
o
o
o
46999
L
AVERAGE
ANNUAL
EARNINGS
49745
51090
49157
38662
36751
44359
51078
o
o
o
o
o
o
o
46999
M
A L
TOTAL
ANNUAL
EARNINGS
134238
102180
110760
61672
o
408850
259090
o
o
o
o
o
o
o
667940
o
1
5
2
9
6
o
o
o
o
o
o
o
15
~
~ GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH UNCLASSIFIED
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
o
1
1
1
2
2
2
1
o
o
o
o
o
10
o
o
o
1
2
2
1
3
2
o
o
o
o
o
12
R V I
15-19
o
o
o
o
6
4
4
2
1
3
o
o
o
o
o
20
o
o
o
o
F E
o
o
o
o
2
5
2
3
1
M
o
o
o
o
o
4
2
2
1
o
o
o
o
15
C E
20-24
A
o
o
o
o
o
o
9
M
G R 0
25-29
L
o
o
o
o
o
o
1
o
o
o
o
o
o
o
o
E
o
o
o
o
o
o
o
1
o
o
1
o
o
o
o
2
E
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
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
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
32
TOTAL
o
o
o
1
7
9
9
7
4
4
1
o
o
o
o
42
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
1
5
12
6
7
5
5
2
1
1
o
o
o
o
o
o
10
A
o
o
o
o
o
o
1
o
1
o
o
o
o
o
o
2
L
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
2
o
o
o
o
39
mmI GABRIEL, ROEDER, SMITH & COMPANY
MIAMI BEACH UNCLASSIFIED
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
1
1
2
3
1
o
o
o
o
o
o
o
8
o
o
2
1
2
1
o
2
o
o
o
o
o
o
9
TABLE C, SERVICE GROUPS BY AGE GROUPS
S E
10-14
o
o
o
1
o
1
2
o
o
o
o
o
o
o
5
o
o
o
3
o
o
o
o
o
o
o
o
6
R V I
15-19
o
o
o
o
o
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
C E
20-24
M
G R 0
25-29
L
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
E
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
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
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
33
TOTAL
o
o
o
2
1
3
5
1
1
o
o
o
o
o
o
'13
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
o
F E
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
A
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
L
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
1
5
2
o
1
2
o
o
o
o
o
15
EiSJ GABRIEL, ROEDER, SMITH & COMPANY
34
MIAMI BEACH UNCLASSIFIED 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 13 206465 0 0 0 0 0 0
45 to 49 21 497719 0 0 0 0 0 0
50 to 54 0 0 0 0 27 947124 0 0
55 to 59 0 0 0 0 22 768576 0 0
60 to 64 0 0 0 0 22 845106 0 0
65 to 69 0 0 0 0 12 335599 0 0
70 to 74 0 0 0 0 7 167611 0 0
75 to 79 0 0 0 0 10 307844 0 0
80 to 84 0 0 0 0 2 30084 0 0
85 to 89 0 0 0 0 1 28762 0 0
90 & up 0 0 0 0 0 0 0 0
Total 34 704184 0 0 103 3430707 0 0
Average Age 44.0 0.0 61.6 0.0
Average Benefit 20711 0 33308 0
lEmI GABRIEL, ROEDER, SMITH & COMPANY
SECTION F
SUMMARY OF PLAN PROVISIONS
IIimI GABRIEL, ROEDER, SMITH & COMPANY
35
SUMMARY OF PLAN PROVISIONS
Effective Date
April 1, 1988
Eliaibilitv
Each unclassified employee and elected official is eligible for membership on the later of
his date of employment or April 1, 1988.
Creditable Service
Service credited under the predecessor system up to April 1, 1988 plus service after
such date with respect to which member contributions are made.
Earninos
Base pay including longevity, but excluding overtime, shift differential or extra
compensation allowances.
Final Averaae Monthlv Earninas (FAME)
One-twelfth of annual Earnings during the last year of Creditable Service; for those hired
after October 17, 1992, average of Earnings during the highest three years of Creditable
Service. Payments for accumulated leave are not included in FAME.
Normal Retirement
Eligibility
Age 50 and five years of Creditable Service. For those hired after
October 17, 1992, age 60 and ten years of Creditable Service.
Benefit
4.0% of FAME multiplied by Creditable Service up to October 1,
1992; 3% of FAME multiplied by Creditable Service after
September 30, 1992. If service is at least 20 years on October 1,
1992, the maximum benefit is 90% of FAME; if less than 20 years of
service on October 1, 1992, the maximum benefit is 80% of FAME.
For those hired after October 17, 1992,3.0% of FAME multiplied by
Creditable Service with a maximum benefit of 80% of FAME.
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.
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.
~ GABRIEL, ROEDER, SMITH & COMPANY
36
Disabilitv 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 25%,
35% for those hired after October 17, 1992, of FAME if ordinary
disability and 50%, 60% for those hired after October 17, 1992, of
FAME if service-connected. 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 five 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. Spouse's benefits cease upon remarriage.
Termination Benefits
For a member with less than five years, ten years for those hired after October 17, 1992,
of Creditable Service when he terminates, his accumulated employee contributions, plus an
additional 10% of his accumulated contributions multiplied by years of service, not to exceed
ten years, is returned to him. For a member with five or more years, ten or more for those
hired after October 17, 1992, of Creditable Service when he terminates, he may either take a
return of contributions plus the additional amount described above or his accrued benefit is
payable at his Normal Retirement Date.
Post Retirement Adiustments
All benefits in pay status are subject to a 1 1/2% increase each year as of October 1st.
Contributions
From Members
From the City
10% of Earnings.
The amount necessary to fund the Plan properly
according to the Plan's actuary.
Chanoes Since Last Valuation
There have been no changes in benefits since the last actuarial valuation.
rEm! GABRIEL, ROEDER, SMITH & COMPANY