HomeMy WebLinkAbout1991-08-29 - Agendas - FinalFIRE PENSION
AGENDA ITEMS
FOR
8-29-91
FAYET IEV1 LLL
THE CITY Of FAYETTEVILLE, ARKANSAS
•
DEPARTMENTAL CORRESPONDENCE
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TO:
FROM:
DATE:
SUBJECT:
Kevin D. Crosson
Administrative Services Director
Ben Mayes 'pis.
Finance Director
June 21, 1990
1989 Actuarial Valuation Reports - Firemen's and
Policemen's Pension and Relief Funds.
The actuarial reports were prepared by the actuarial firm of
Richard F. Camus and Associates, Inc. of Little Rock, Arkansas.
The valuation of both funds reflect a decrease in the portion of
computed actuarial liabilities covered by assets. The ratio of
assets to projected liabilities is below the level required to be
considered "actuarially sound".
To be considered actuarially sound, the assets of the plans must
cover 100% of liabilities for both active member contributions
and future benefits to the present retirees and inactive members
as well as 35% of projected liabilities for services already
rendered by active members.
The assets of both funds are sufficient to cover 100% of
liabilities for active member contributions and future benefits
to the present retirees. However, the remaining assets of the
Firemen's Pension Fund cover only 15% of projected future
liabilities for active members and the Policemen's Pension Fund
remaining assets cover only 1% of those projected liabilities.
This percentage is down from the 1987 valuations of 49% for the
Firemen and 2% for the Policemen.
The actuarial reports include a calculation of the contribution
necessary to cover the normal cost benefits plus an amount
sufficient to pay off the unfunded actuarial accrued liability in
future years. The City's contributions to the plans in 1989 were
in excess of the 1990 calculated contribution.
According to _Ms. Cathryn Hinshaw, Director of the State's
Arkansas Fire and Police Pension Review Board, this does not
increase the City's liability to the funds. Also according to
Ms. Hinshaw, the pensions cannot apply for benefit increases
until the funds are considered actuarially sound.
•
•
•
Memo to kevin D. Crosson, Administrative Services Director
from Ben Mayes, Finance Director
June 21, 1990
Page 2
The City's contributions to the funds are set by State Statute
and include State Insurance Turnback, Property Tax millage,
matching contributions of 6% for Firemen's Pension and 9%
(increased to 12% in 1990) for Policemen's Pension, and 10% of
city fines and forfeitures to the Policemen's Pension Fund. The
funds also derive revenue from the investment of assets.
Options:
1. Further study to determine if any action is needed or if the
contributions currently being made by the City will be sufficient
to reverse the trend.
2. Increase matching contribution to Policemen's Pension and try
to get the necessary changes to current Statute to allow
increased contributions to Firemen's Pension without Firemen
having to match the contribution.
3. Ask voters to approve an increase in the property tax millage
from the current 0.5 mill to the 1.0 mill allowed by Statute.
• ROUGH DRAFT - PRESS RELEASE, POLICE & FIRE PENSION ACTUARIAL
REPORTS
The City of Fayetteville has received the 1989 Actuarial
Valuations of the Fayetteville Policemen's and Firemen's Pension
and Relief Funds covering employees hired prior to January 1,
1983. These valuations were prepared by the actuarial firm of
Richard F. Camus and Associates, Inc. of Little Rock, Arkansas.
The valuations of both Pension Funds reflect that the City
contributions to the plans for 1989 were in excess of the
computed actuarial contribution necessary to fund current
benefit liabilities and the current year portion of the unfunded
actuarial liability. However, the plan assets of both funds
have dropped below the amount required to be considered
actuarially sound when compared to projected liabilities for
services rendered by all members.
Ms. Cathryn Hinshaw, Director of the State's Arkansas Fire and
Police Pension Review Board, said that, "While the results are
disappointing, the good news is that the City's contributions to
the plans are more than adequate to retire the debts of the
plans. As long as the City's contributions to the local plans
remain at the current levels, there is a good chance that the
trend we see in these 1989 valuations will reverse and become
more positive in future years."
The Boards of each of the plans are currently reviewing these
most recent valuations. Copies of these reports are on file in
the City Clerk's Office.
•
•
FAYET EVI LLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
•
•
To:
From:
Kevin Crosson
Administrative Services Director
Ben Mayes WIN.
Finance Director
Date: October 16, 1990
Subject: Firemen's Pension and Relief Fund
The following is a brief list of possible reasons for the change
in the status of the Firemen's Pension and Relief Fund from
"Actuarially Sound" at 12/31/87 to "Actuarially Unsound" at
12/31/89.
1. There were a total of ten firemen in the plan who
retired during this two-year period. According to
Catherine Hinshaw, Director of the State's Arkansas
Fire and Police Pension Review Board, each retiree adds
approximately $200,000 to the accumulated plan
liability at the date of retirement.
2. The percentage of active participants' liability
required to be funded was increased from 25% at
12/31/87 to 35% at 12/31/89.
3. The average salary of firemen has increased by
approximately 7% per year during this period.
4. It is the policy of the State to compare the 'cost'
of the Plan's assets to the accumulated liability in
determining the funded status of the Plan. By using
the 'market value' of the Plan's assets, the Plan
would have been considered "Actuarially Sound" at
12/31/89.
We asked the Actuarial Firm to quantify the factors responsible
for the change in status, but they were unwilling to do so
without additional cost. Ms. Hinshaw was unable to give us the
information without additional calculations by the Actuary.
The plan is supposed to be "Actuarially Sound" by the year 2003.
A study was done on the Police Pension Fund that indicated that
it would become "Actuarially Sound" by the year 2003 if a return
on investment of 6% is achieved. Actual return on investments in
the Firemen's Pension Fund was 6.71% in 1988 and 7.94% in 1989.
•
•
•
Memo to Kevin Crosson, Administrative Services Director
from Ben Mayes, Finance Director
Regarding Firemen's Pension and Relief Fund
10/16/90 Page 2
Per discussion with the staff at The Arkansas Fire and Police
Pension Board, they know of only one city in the State that is
currently contributing more than the required 6% matching
contribution. Please call if you have any question.
l CA l L, i LtAJ
ME Off Of EAVETTEVILLE, ARKANSAS
IliPARTMENTAL CORRESPONDENCE
•
•
To: Kevin D. Crosson
Administrative Services Director
Thru:
From:
Firemen's Pension and Relief Fund
Board of Trustees
Ben Mayes I%`I\
Finance Director
Date: September 28, 1990
Subject: Request to increase the City's contribution to the
Firemen's Pension and Relief Fund
Attached is an Agenda Request to retroactively increase the
City's contribution to the Firemen's Pension and Relief Fund from
the current 6% to 9% for 1989 and to 12% for 1990. The increase
for each year would become effective on the first pay period in
January of that year.
The Firemen's Pension and Relief Fund Board of Trustees requested
an increase in the City's contribution to help correct the
actuarially unsound condition of the fund as determined by the
actuarial valuation as of December 31, 1989. The City increased
its contribution to the Policemen's Pension and Relief Fund from
6% to 9% in 1989 and to 12% in 1990.
Section 33-1.15, pages 970 and 971, of the Handbook for Arkansas
Municipal Officials limits the City's Contribution to not less
than 6%. The attached copy of a memo from Jerry Rose to Scott
Linebaugh, dated July 9, 1990, advises that there is no
prohibition to an increase in the City's contribution, but
recommends that any increase be authorized by appropriation of
the City Board. (Both the Firemen and the Policemen in the plans
contribute 6% of their salary to the funds.)
Also attached is a Supplemental Budget Request in the amount of
$63,317 to fund the requested increase in 1990 and reduce the
Unreserved Fund Balance in the General Fund to cover the
additional expense.
If you have any -questions, please do not hesitate to call me.
•
•
FAYETTES1 LLE
THE CITY OF FAYETTEVILLE, ARKANSAS
•
DEPARTMENTAL CORRESPONDENCE
TO: Scott C. Linebaugh, City Manager
FROM: Jerry E. Rose, City Attorney l,l`s
-j
DATE: July 9, 1990
RE: City's contribution to Fire Pension Board
Prior to 1989 the contributions by cities and towns to the
policeman's pension and relief fund could not exceed the amount
contributed by the police officers (6%). A.C.A.§24-11-413(c). In
1989 Senator Malone initiated an amendment to allow a higher
contribution from a city or town if authorized by appropriation of
the cit' -'s or town's governing body. Act 187 of 1989.
No comparable prohibition has apparently ever existed in the
allowed contribution from cities or towns to the firemen's pension
and relief fund. A.C.A.§24-11-816(a)(4). Katherine Hinshaw of
the Arkansas Local Police & Fire Retirement System states that
• Senator Malone was aware of this when his amendment was drafted
and that's why he didn't attempt to amend the firemens' pension
and relief fund law.
M
Accordingly, it would appear the City may raise its
contribution to the Fire Pension Fund as it sees fit. With an
overabundance of caution, I would recommend that any increase be
authorized by appropriation of the City Board.
JER/cbp
Attachments
i
•
•
AGENDA REQUE ST
Date of Board Meeting October 16. 1990
FROM:
Firemen's Pension and Relief Fund Board of Trustees
Pen Mayes - Fjngnfe
Name Division
Adminisrrarinn
Department
BOARD ACTION REQUESTED:
Increase the City's contribution to the Firemen's Pension and Relief Fund from 6% to 9% for
1989 and 12% for 1990, to be effective retroactively on the first pay period in January of
1989 and 1990 respectively.
COST TO CITY:
Approximately $44,000/year beginning in 1991.
(1990) $63,317.00 101-3xx-5-109.04
Cost of this request Line item budgeted amount
% of Program completed
General Fire Pension Contribution
Account name
Funds used to date Account Number
Remaining balance
• BUDGET REVIEW:
Budgeted Item
Budget Adjustment Attached
Budget Coordinator Assistant City Manager
CONTRACT/LEASE REVIEW: GRANT APPLICATION REVIEW:
Accounting Supervisor Date
City Attorney Date
Purchasing Officer Date
MEW
Internal Auditor Date Internal Auditor Date
• STAFF REOO1lIDATION:
The staff recommends approval of this request. The actuarial valuation of the fund as of
December 31, 1989, determined that the fund was actuarially unsound for the first time.
The City is currently contributing 12% to the Policemen's Pension and Relief Fund.
•
•
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CITY OF FAYETTEVILLE, ARKANSAS
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•
FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND
PORTFOLIO PERFORMANCE 12/31/90 TO 07/31/91
12/31/90 07/31/91
NM CAPITAL MANAGEMENT $2,107,956 $2,311,881
ROXBURY 566,115 670,204
INCOME ACCT $2,565,153 $2,588,350 ',7
DOW JONES IND AVG
S & P 500
LONG TERM TREASURY BONDS
HIGH GRADE CORP BONDS
CPI (JAN)
NM CAPITAL - Thdes'ta-d a'""'r
ROXBURY
INVESTMENT: INCOME PORTFOLIO (NM)
07/31/91
+ 17.12
+ 19.71
+ 3.73
+ 6.73
+ 1.84
+ 9.67
+ 18.39
12/06/85 $1,000,000.00
4/23/87 6471585.00
1,647,585.00
EQUITY PORTFOLIO (ROXBURY)
06/20/86 $ 312,657.00
10/01/86 1951000.00
507,657.00
WITHDRAWALS:
JANUARY $20,000
FEBRUARY20,000
MARCH 20,000
APRIL 10,000
MAY 5,000
JUNE 17,000
JULY 22,000/ 0
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