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CITY OF TALLAHASSEE PENSION PLAN FOR GENERAL EMPLOYEES CHAPTER 112.664, F.S. COMPLIANCE REPORT IN CONNECTION WITH THE OCTOBER 1, 2018 FUNDING ACTUARIAL VALUATION REPORT AND THE PLAN’S FINANCIAL REPORTING FOR THE YEAR ENDING SEPTEMBER 30, 2018
July 19, 2019
Board of Trustees Pension Plan for the City of Tallahassee Tallahassee, Florida Dear Board Members: Gabriel, Roeder, Smith & Company (GRS) has been engaged by the City of Tallahassee Pension Plan for General Employees (Plan) to prepare a disclosure report to satisfy the requirements set forth in Ch. 112.664, F.S. and as further required pursuant to Ch. 60T‐1.0035, F.A.C. This report was prepared at the request of the City and is intended for use by the Retirement System and those designated or approved by the City. This report may be provided to parties other than the System only in its entirety and only with the permission of the City. The purpose of the report is to provide the required information specified in Ch. 112.664, F.S. as well as supplement this information with additional exhibits. This report should not be relied on for any purpose other than the purpose described above. For financial reporting purposes under GASB 67, the liabilities were “rolled forward” from October 1, 2017 to the measurement date, September 30, 2018. The liabilities for this purpose were based on the October 1, 2017 Actuarial Valuation report dated June 5, 2018. The findings in this report are based on data or other information through September 30, 2018. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan’s funded status); and changes in plan provisions or applicable law. The scope of this engagement does not include an analysis of the potential range of such measurements. This report was based upon information furnished by the City and the Plan Administrator concerning Retirement Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year‐to‐year consistency, but did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the City and Plan Administrator. Except as otherwise indicated as required for the disclosures contained herein, this report was prepared using certain assumptions selected by the Board as described in our October 1, 2018 Actuarial Valuation report. This report is also based on the Plan Provisions, census data, and financial information as summarized in our October 1, 2018 Actuarial Valuation report. Please refer to the October 1, 2018
Board of Trustees Pension Plan for the City of Tallahassee July 19, 2019 Page ii
Actuarial Valuation report, dated May 16, 2019, and the GASB No. 67 actuarial disclosure report, dated January 3, 2019, for summaries and descriptions of this information. The use of an investment return assumption that is 2% higher than the investment return assumption used to determine the funding requirements does not represent an estimate of future Plan experience nor does it reflect an observation of future return estimates inherent in financial market data. The use of this investment return assumption is provided as a counterpart to the Chapter 112.664, Florida Statutes requirement to utilize an investment return assumption that is 2% lower than the assumption used to determine the funding requirements. The inclusion of the additional exhibits showing the effect of using a 2% higher investment return assumption shows a more complete assessment of the range of possible results as opposed to showing a one‐sided range as required by Florida Statutes. Peter N. Strong and Jeffrey Amrose are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement Plan as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. 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 us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate, and in our opinion, meet the requirements of Section 112.664(1), F.S. and Section 60T‐1.0035, F.A.C. Respectfully submitted, GABRIEL, ROEDER, SMITH AND COMPANY
By By Peter N. Strong, FSA, MAAA Jeffrey Amrose, MAAA Enrolled Actuary No. 17‐06975 Enrolled Actuary No. 17‐06599 Senior Consultant & Actuary Senior Consultant & Actuary
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
GRS RetirementConsulting
TABLE OF CONTENTS Title Page Ch. 112.664, F.S. Results
Schedule of Changes in Net Pension Liability 1. Using financial reporting assumptions per GASB Statement No. 67 1 2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 2 3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 3 4. Using the mandated mortality and funding interest rate +2% 4
Assets Versus Benefit Payments Projections 5. Using assumptions from the Plan’s latest actuarial valuation 5 6. Using assumptions prescribed in Section 112.664(1)(a), F.S. 6 7. Using assumptions prescribed in Section 112.664(1)(b), F.S. 7 8. Using the mandated mortality and funding interest rate +2% 8
Actuarially Determined Contribution 9
CH. 112.664, FLORIDA STATUTES
RESULTS
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
1
GRS RetirementConsulting
Schedule of Changes in the Employers' Net Pension Liability
Using Financial Reporting Assumptions per GASB Statement No. 67
Fiscal year ending September 30, 2018
1. Total pension liability
a. Service Cost 15,916,000$
b. Interest 86,053,000
c. Benefit Changes 118,000
d. Difference between actual & expected experience & Other 11,976,000
e. Assumption Changes 14,262,000
f. Benefit Payments (58,587,000)
g. Contribution Refunds (262,000)
h. Net Change in Total Pension Liability 69,476,000
i. Total Pension Liability ‐ Beginning 1,118,980,000
j. Total Pension Liability ‐ Ending 1,188,456,000$
2. Plan Fiduciary Net Position
a. Contributions ‐ Employer 18,814,000$
b. Contributions ‐ State ‐
c. Contributions ‐ Member 5,560,000
d. Net Investment Income 94,722,000
e. Benefit Payments (58,587,000)
f. Contribution Refunds (262,000)
g. Administrative Expense (493,000)
h. Other ‐
i. Net Change in Plan Fiduciary Net Position 59,754,000
j. Plan Fiduciary Net Position ‐ Beginning 1,074,804,000
k. Plan Fiduciary Net Position ‐ Ending 1,134,558,000$
3. Net Pension Liability / (Asset) 53,898,000
Certain Key Assumptions
Valuation Date 10/01/2017
Measurement Date 09/30/2018
Investment Return Assumption 7.60%
Mortality Table FRS Mortality ‐ Regular
Class
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
2
GRS RetirementConsulting
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions required under 112.664(1)(a), F.S.
Fiscal year ending September 30, 2018
1. Total pension liability
a. Service Cost 15,916,000$
b. Interest 86,053,000
c. Benefit Changes 118,000
d. Difference between actual & expected experience & Other 11,976,000
e. Assumption Changes 14,262,000
f. Benefit Payments (58,587,000)
g. Contribution Refunds (262,000)
h. Net Change in Total Pension Liability 69,476,000
i. Total Pension Liability ‐ Beginning 1,118,980,000
j. Total Pension Liability ‐ Ending 1,188,456,000$
2. Plan Fiduciary Net Position
a. Contributions ‐ Employer 18,814,000$
b. Contributions ‐ State ‐
c. Contributions ‐ Member 5,560,000
d. Net Investment Income 94,722,000
e. Benefit Payments (58,587,000)
f. Contribution Refunds (262,000)
g. Administrative Expense (493,000)
h. Other ‐
i. Net Change in Plan Fiduciary Net Position 59,754,000
j. Plan Fiduciary Net Position ‐ Beginning 1,074,804,000
k. Plan Fiduciary Net Position ‐ Ending 1,134,558,000$
3. Net Pension Liability / (Asset) 53,898,000
Certain Key Assumptions
Valuation Date 10/01/2017
Measurement Date 09/30/2018
Investment Return Assumption 7.60%
Mortality Table FRS Mortality ‐ Regular
Class
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
3
GRS RetirementConsulting
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions required under 112.664(1)(b), F.S.
Fiscal year ending September 30, 2018
1. Total pension liability
a. Service Cost 27,679,000$
b. Interest 83,431,000
c. Benefit Changes ‐
d. Difference between actual & expected experience & Other ‐
e. Assumption Changes ‐
f. Benefit Payments (58,587,000)
g. Contribution Refunds (262,000)
h. Net Change in Total Pension Liability 52,261,000
i. Total Pension Liability ‐ Beginning 1,491,584,000
j. Total Pension Liability ‐ Ending 1,543,845,000$
2. Plan Fiduciary Net Position
a. Contributions ‐ Employer 18,814,000$
b. Contributions ‐ State ‐
c. Contributions ‐ Member 5,560,000
d. Net Investment Income 94,722,000
e. Benefit Payments (58,587,000)
f. Contribution Refunds (262,000)
g. Administrative Expense (493,000)
h. Other ‐
i. Net Change in Plan Fiduciary Net Position 59,754,000
j. Plan Fiduciary Net Position ‐ Beginning 1,074,804,000
k. Plan Fiduciary Net Position ‐ Ending 1,134,558,000$
3. Net Pension Liability / (Asset) 409,287,000
Certain Key Assumptions
Valuation Date 10/01/2017
Measurement Date 09/30/2018
Investment Return Assumption 5.60%
Mortality Table FRS Mortality ‐ Regular
Class
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
4
GRS RetirementConsulting
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
Fiscal year ending September 30, 2018
1. Total pension liability
a. Service Cost 10,203,000$
b. Interest 85,676,000
c. Benefit Changes ‐
d. Difference between actual & expected experience & Other ‐
e. Assumption Changes ‐
f. Benefit Payments (58,587,000)
g. Contribution Refunds (262,000)
h. Net Change in Total Pension Liability 37,030,000
i. Total Pension Liability ‐ Beginning 911,680,000
j. Total Pension Liability ‐ Ending 948,710,000$
2. Plan Fiduciary Net Position
a. Contributions ‐ Employer 18,814,000$
b. Contributions ‐ State ‐
c. Contributions ‐ Member 5,560,000
d. Net Investment Income 94,722,000
e. Benefit Payments (58,587,000)
f. Contribution Refunds (262,000)
g. Administrative Expense (493,000)
h. Other ‐
i. Net Change in Plan Fiduciary Net Position 59,754,000
j. Plan Fiduciary Net Position ‐ Beginning 1,074,804,000
k. Plan Fiduciary Net Position ‐ Ending 1,134,558,000$
3. Net Pension Liability / (Asset) (185,848,000)
Certain Key Assumptions
Valuation Date 10/01/2017
Measurement Date 09/30/2018
Investment Return Assumption 9.60%
Mortality Table FRS Mortality ‐ Regular
Class
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
5
GRS RetirementConsulting
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions from the Plan's Latest Actuarial Valuation
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)2019 1,134,558,000 82,745,000 62,576,000 1,154,727,000 2020 1,154,727,000 84,108,000 66,581,000 1,172,254,000 2021 1,172,254,000 85,274,000 70,544,000 1,186,984,000 2022 1,186,984,000 86,236,000 74,348,000 1,198,872,000 2023 1,198,872,000 86,991,000 77,975,000 1,207,888,000 2024 1,207,888,000 87,549,000 81,144,000 1,214,293,000 2025 1,214,293,000 87,906,000 84,439,000 1,217,760,000 2026 1,217,760,000 88,057,000 87,344,000 1,218,473,000 2027 1,218,473,000 88,012,000 89,969,000 1,216,516,000 2028 1,216,516,000 87,769,000 92,536,000 1,211,749,000 2029 1,211,749,000 87,324,000 94,857,000 1,204,216,000 2030 1,204,216,000 86,681,000 96,934,000 1,193,963,000 2031 1,193,963,000 85,836,000 98,973,000 1,180,826,000 2032 1,180,826,000 84,784,000 100,743,000 1,164,867,000 2033 1,164,867,000 83,531,000 102,230,000 1,146,168,000 2034 1,146,168,000 82,080,000 103,543,000 1,124,705,000 2035 1,124,705,000 80,430,000 104,600,000 1,100,535,000 2036 1,100,535,000 78,588,000 105,390,000 1,073,733,000 2037 1,073,733,000 76,557,000 105,936,000 1,044,354,000 2038 1,044,354,000 74,341,000 106,269,000 1,012,426,000 2039 1,012,426,000 71,949,000 106,212,000 978,163,000 2040 978,163,000 69,394,000 105,818,000 941,739,000 2041 941,739,000 66,688,000 105,142,000 903,285,000 2042 903,285,000 63,840,000 104,162,000 862,963,000 2043 862,963,000 60,866,000 102,845,000 820,984,000 2044 820,984,000 57,777,000 101,254,000 777,507,000 2045 777,507,000 54,590,000 99,270,000 732,827,000 2046 732,827,000 51,322,000 97,070,000 687,079,000 2047 687,079,000 47,983,000 94,599,000 640,463,000 2048 640,463,000 44,592,000 91,801,000 593,254,000 2049 593,254,000 41,163,000 88,831,000 545,586,000 2050 545,586,000 37,706,000 85,666,000 497,626,000 2051 497,626,000 34,237,000 82,260,000 449,603,000 2052 449,603,000 30,769,000 78,703,000 401,669,000 2053 401,669,000 27,311,000 75,052,000 353,928,000 2054 353,928,000 23,870,000 71,320,000 306,478,000 2055 306,478,000 20,453,000 67,539,000 259,392,000 2056 259,392,000 17,064,000 63,746,000 212,710,000 2057 212,710,000 13,705,000 59,957,000 166,458,000 2058 166,458,000 10,377,000 56,201,000 120,634,000 2059 120,634,000 7,079,000 52,502,000 75,211,000 2060 75,211,000 3,808,000 48,883,000 30,136,000 2061 30,136,000 559,000 45,367,000 ‐
42.67
Certain Key AssumptionsValuation Investment Return Assumption 7.50%
Valuation Mortality Table
Note: As required in Section 112.664(1)(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of the
amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include
contributions from the employer, employee and State, the Fund is expected to be able to sustain the
benefit payment demands in the near‐term and long‐term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
FRS Mortality ‐ Regular Class
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
6
GRS RetirementConsulting
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions required under 112.664(1)(a), F.S.
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)2019 1,134,558,000 82,745,000 62,576,000 1,154,727,000 2020 1,154,727,000 84,108,000 66,581,000 1,172,254,000 2021 1,172,254,000 85,274,000 70,544,000 1,186,984,000 2022 1,186,984,000 86,236,000 74,348,000 1,198,872,000 2023 1,198,872,000 86,991,000 77,975,000 1,207,888,000 2024 1,207,888,000 87,549,000 81,144,000 1,214,293,000 2025 1,214,293,000 87,906,000 84,439,000 1,217,760,000 2026 1,217,760,000 88,057,000 87,344,000 1,218,473,000 2027 1,218,473,000 88,012,000 89,969,000 1,216,516,000 2028 1,216,516,000 87,769,000 92,536,000 1,211,749,000 2029 1,211,749,000 87,324,000 94,857,000 1,204,216,000 2030 1,204,216,000 86,681,000 96,934,000 1,193,963,000 2031 1,193,963,000 85,836,000 98,973,000 1,180,826,000 2032 1,180,826,000 84,784,000 100,743,000 1,164,867,000 2033 1,164,867,000 83,531,000 102,230,000 1,146,168,000 2034 1,146,168,000 82,080,000 103,543,000 1,124,705,000 2035 1,124,705,000 80,430,000 104,600,000 1,100,535,000 2036 1,100,535,000 78,588,000 105,390,000 1,073,733,000 2037 1,073,733,000 76,557,000 105,936,000 1,044,354,000 2038 1,044,354,000 74,341,000 106,269,000 1,012,426,000 2039 1,012,426,000 71,949,000 106,212,000 978,163,000 2040 978,163,000 69,394,000 105,818,000 941,739,000 2041 941,739,000 66,688,000 105,142,000 903,285,000 2042 903,285,000 63,840,000 104,162,000 862,963,000 2043 862,963,000 60,866,000 102,845,000 820,984,000 2044 820,984,000 57,777,000 101,254,000 777,507,000 2045 777,507,000 54,590,000 99,270,000 732,827,000 2046 732,827,000 51,322,000 97,070,000 687,079,000 2047 687,079,000 47,983,000 94,599,000 640,463,000 2048 640,463,000 44,592,000 91,801,000 593,254,000 2049 593,254,000 41,163,000 88,831,000 545,586,000 2050 545,586,000 37,706,000 85,666,000 497,626,000 2051 497,626,000 34,237,000 82,260,000 449,603,000 2052 449,603,000 30,769,000 78,703,000 401,669,000 2053 401,669,000 27,311,000 75,052,000 353,928,000 2054 353,928,000 23,870,000 71,320,000 306,478,000 2055 306,478,000 20,453,000 67,539,000 259,392,000 2056 259,392,000 17,064,000 63,746,000 212,710,000 2057 212,710,000 13,705,000 59,957,000 166,458,000 2058 166,458,000 10,377,000 56,201,000 120,634,000 2059 120,634,000 7,079,000 52,502,000 75,211,000 2060 75,211,000 3,808,000 48,883,000 30,136,000 2061 30,136,000 559,000 45,367,000 ‐
42.67
Certain Key AssumptionsValuation Investment Return Assumption 7.50%Valuation Mortality Table FRS Mortality ‐ Regular Class
Note: As required in Section 112.664(1)(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of the
amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include
contributions from the employer, employee and State, the Fund is expected to be able to sustain the
benefit payment demands in the near‐term and long‐term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
7
GRS RetirementConsulting
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions required under 112.664(1)(b), F.S.
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2019 1,134,558,000 60,680,000 62,576,000 1,132,662,000
2020 1,132,662,000 60,465,000 66,581,000 1,126,546,000
2021 1,126,546,000 60,020,000 70,544,000 1,116,022,000
2022 1,116,022,000 59,337,000 74,348,000 1,101,011,000
2023 1,101,011,000 58,411,000 77,975,000 1,081,447,000
2024 1,081,447,000 57,248,000 81,144,000 1,057,551,000
2025 1,057,551,000 55,843,000 84,439,000 1,028,955,000
2026 1,028,955,000 54,191,000 87,344,000 995,802,000
2027 995,802,000 52,295,000 89,969,000 958,128,000
2028 958,128,000 50,152,000 92,536,000 915,744,000
2029 915,744,000 47,757,000 94,857,000 868,644,000
2030 868,644,000 45,110,000 96,934,000 816,820,000
2031 816,820,000 42,203,000 98,973,000 760,050,000
2032 760,050,000 39,032,000 100,743,000 698,339,000
2033 698,339,000 35,597,000 102,230,000 631,706,000
2034 631,706,000 31,896,000 103,543,000 560,059,000
2035 560,059,000 27,927,000 104,600,000 483,386,000
2036 483,386,000 23,688,000 105,390,000 401,684,000
2037 401,684,000 19,179,000 105,936,000 314,927,000
2038 314,927,000 14,399,000 106,269,000 223,057,000
2039 223,057,000 9,347,000 106,212,000 126,192,000
2040 126,192,000 4,031,000 105,818,000 24,405,000
2041 24,405,000 ‐ 105,142,000 ‐
2042 ‐ ‐ 104,162,000 ‐
2043 ‐ ‐ 102,845,000 ‐
2044 ‐ ‐ 101,254,000 ‐
22.17
Certain Key Assumptions
Valuation Investment Return Assumption 5.50%
Valuation Mortality Table FRS Mortality ‐ Regular Class
Note: As required in Section 112.664(1)(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of the
amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include
contributions from the employer, employee and State, the Fund is expected to be able to sustain the
benefit payment demands in the near‐term and long‐term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
8
GRS RetirementConsulting
Asset and Benefit Payment Projection
Not Reflecting Any Contributions from the Employer, State or Employee
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
FYE
Market Value of
Assets (BOY)
Expected
Investment Return
Projected Benefit
Payments
Market Value of
Assets (EOY)
2019 1,134,558,000 104,811,000 62,576,000 1,176,793,000
2020 1,176,793,000 108,633,000 66,581,000 1,218,845,000
2021 1,218,845,000 112,439,000 70,544,000 1,260,740,000
2022 1,260,740,000 116,239,000 74,348,000 1,302,631,000
2023 1,302,631,000 120,046,000 77,975,000 1,344,702,000
2024 1,344,702,000 123,892,000 81,144,000 1,387,450,000
2025 1,387,450,000 127,797,000 84,439,000 1,430,808,000
2026 1,430,808,000 131,778,000 87,344,000 1,475,242,000
2027 1,475,242,000 135,874,000 89,969,000 1,521,147,000
2028 1,521,147,000 140,114,000 92,536,000 1,568,725,000
2029 1,568,725,000 144,523,000 94,857,000 1,618,391,000
2030 1,618,391,000 149,143,000 96,934,000 1,670,600,000
2031 1,670,600,000 154,006,000 98,973,000 1,725,633,000
2032 1,725,633,000 159,150,000 100,743,000 1,784,040,000
2033 1,784,040,000 164,628,000 102,230,000 1,846,438,000
2034 1,846,438,000 170,493,000 103,543,000 1,913,388,000
2035 1,913,388,000 176,803,000 104,600,000 1,985,591,000
2036 1,985,591,000 183,625,000 105,390,000 2,063,826,000
2037 2,063,826,000 191,032,000 105,936,000 2,148,922,000
2038 2,148,922,000 199,100,000 106,269,000 2,241,753,000
2039 2,241,753,000 207,921,000 106,212,000 2,343,462,000
2040 2,343,462,000 217,603,000 105,818,000 2,455,247,000
2041 2,455,247,000 228,254,000 105,142,000 2,578,359,000
2042 2,578,359,000 239,996,000 104,162,000 2,714,193,000
2043 2,714,193,000 252,963,000 102,845,000 2,864,311,000
2044 2,864,311,000 267,300,000 101,254,000 3,030,357,000
All future years
Certain Key Assumptions
Valuation Investment Return Assumption 9.50%
Valuation Mortality Table FRS Mortality ‐ Regular Class
Note: As required in Section 112.664(1)(c) of the Florida Statutes, the projection of the Fund assets do
not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes
and Plan provisions. For this reason, these projections should not be viewed as a representation of the
amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include
contributions from the employer, employee and State, the Fund is expected to be able to sustain the
benefit payment demands in the near‐term and long‐term future.
Number of years for which current market value of assets is adequate to sustain
the payment of expected retirement benefits, reflecting no contributions from the
Employer, Employee or State, contrary to Florida Statutes and Plan provisions:
City of Tallahassee Pension Plan for General EmployeesChapter 112.664, F.S. Compliance Report
9
GRS RetirementConsulting
A. Valuation Date
B. Actuarial Determined Contribution (ADC)
to Be Paid During Fiscal Year Ending
C. Assumed Dates of Employer Contributions Biweekly Biweekly Biweekly Biweekly
D. Annual Payment to Amortize Unfunded
Actuarial Liability $ 13,209,000 $ 13,209,000 $ 33,228,000 $ 0
E. Employer Normal Cost 12,536,000 12,536,000 24,600,000 6,022,000
F. Employer ADC if Paid on Valuation
Date: D + E 25,745,000 25,745,000 57,828,000 6,022,000
G. Employer ADC Adjusted for Frequency
of Payments 26,887,000 26,887,000 59,549,000 6,526,000
H. Employer ADC Adjusted for Frequency of
Payments as % of Covered Payroll 24.72 % 24.72 % 54.75 % 6.00 %
I. Assumed Rate of Increase in Covered
Payroll to Contribution Year 1.09 % 1.09 % 1.09 % 1.09 %
J. Covered Payroll for Contribution Year 109,952,000 109,952,000 109,952,000 109,952,000
K. Employer ADC for Contribution Year: H x J 27,180,000 27,180,000 60,199,000 6,597,000
L. Estimated State Revenue in Contribution Year 0 0 0 0
M. Net Employer ADC in Contribution Year 27,180,000 27,180,000 60,199,000 6,597,000
N. Net Employer ADC as % of Covered
Payroll in Contribution Year: M ÷ J 24.72 % 24.72 % 54.75 % 6.00 %
O. Expected Member Contributions 5,498,000 5,498,000 5,498,000 5,498,000
P. Total Contribution (including Members) 32,678,000 32,678,000 65,697,000 12,095,000
Q. Total Contribution as % of Covered Payroll
in Contribution Year: P ÷ J 29.72 % 29.72 % 59.75 % 11.00 %
R. Certain Key Assumptions
Investment Return Assumption 7.50% 7.50% 5.50% 9.50%
Mortality Table FRS Mortality ‐
Regular Class
FRS Mortality ‐
Regular Class
FRS Mortality ‐
Regular Class
FRS Mortality ‐
Regular Class
9/30/2020 9/30/2020 9/30/2020 9/30/2020
October 1, 2018
112.664(1)(b) F.S.
except 2% higher
investment return
assumption
112.664(1)(b) F.S.
Assumptions
112.664(1)(a) F.S.
Assumptions
Plan's Latest
Actuarial
Valuation
October 1, 2018
ACTUARIALLY DETERMINED CONTRIBUTION (ADC)
October 1, 2018 October 1, 2018