HomeMy WebLinkAbout2015-09-30 - Agendas - FinalLioneld Jordan Chairman
Sondra E. Smith Secretary
Roy Cate Position 1 Retired
Firemen's Pension and Relief Fund
Special Board of Trustees Meeting Agenda
September 30, 2015
Pete Reagan Position 2 Retired
Dennis Mullens Position 3 Retired
Ron Wood Position 4 Retired
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board of Trustees will be
held at 8:00 a.m. on September 30, 2015 in Room 111 of the City Administration Building.
Call to Order
Roll Call
New Business:
1. Discussion of sending the Firemen's Pension Plan to LOPFI
Fayetteville Fireman's Pension and Relief Fund
Meeting Date —30, ---
Adjourn Time °;�
Attendees:
Motion BY:
Roy Cate
Jordan
Mullens
Pete
Sondra Smith eC!
Ronnie Wood
1-1-.2
ARKANSAS LOCAL POLICE & FIRE RETIREMENT SYSTEM 620 W. 3rd, Suite 200
Little Rock, Arkansas 72201-2223
June 11, 2015 Telephone: 501.682.1745
Toll -Free: 866.859.1745
Board of Trustees Fax: 501.682.1751
Fayetteville Fire Pension Fund email: info@lopfi-prb.com
113 West Mountain, Suite 308 website: www.lopfi-prb.com
Fayetteville, AR 72701
Dear Trustees:
Enclosed is the consolidation report that lists revised employer contribution rates
to assign administration of the local fire pension fund to LOPFI. Pages four through
seven, for paid service, and page 17, for volunteer service, provide the employer
contribution rates for Local Plan and LOPFI benefits. The rates are:
Paid Service: Using a 15 -year amortization results in 36.96% of payroll without
a Cost Of Living Adjustment (COLA) for the Local Plan or 42.941/o of payroll with a
Local Plan COLA.
Using a 25 -year amortization results in 33.37% of payroll without
a Local Plan COLA or 37.63% of payroll with a Local Plan COLA.
Volunteer Service*: Using a 15 -year amortization results in a monthly dollar employer
contribution of $314.72 without a Local Plan COLA or $394.88 with a Local Plan
COLA.
Using a 25 -year amortization results in a monthly dollar employer
contribution of $253.78 without a Local Plan COLA or $318.42 with a Local Plan
COLA. .
If the Local Plan has its administration assigned to LOPFI this year the above
employer contribution rates will be used through the 2016 calendar year.
As stated earlier the valuation provides costs for a 15 -year and 25 -year
amortization period for the Local Plan liabilities. Once the amortization period is
properly completed (all actuarial assumptions met), the Local Plan portion of the
employer contribution rate will be satisfied. This will then leave the ongoing LOPFI
employer contribution costs. This report is valid until October 30, 2015, which means
LOPFI must receive all documents discussed in the next paragraph by October 30, 2015
in order to use these results.
*-Since Fayetteville Fire does not currently have any active LOPE volunteer firefighters, the employer contribution
rates for volunteer service do not include a rate for LOPFI volunteer coverage. Should volunteer firefighters be
enrolled in LOPFI, the applicable required employer contribution rate would be added to the volunteer rates in use at
that time. For reference purposes, the required employer contribution rate for LOPFI volunteer coverage is currently
$5.60 per member, per month.
Fayetteville Fire Pension Fund
June 11, 2015
Page 2 of 2
Should your Board and city officials wish to proceed with consolidation, please
execute the enclosed Resolution, Ordinance, and both originals of the Administrative
Services Agreement. Do not alter or replace the Agreements Both originals must be
received by LOPFI. One will be returned to you after approval of the LOPFI Board of
Trustees. Lastly, please be certain the Ordinance stipulates which amortization period
was approved (15 -year or 25 -year) and if a COLA was approved for the Local Plan.
If you have questions, please feel free to contact me at your convemence.
Respectfully,
eW6104�;1OZ
David B. Clark
Executive Director
Encl:
Gabriel Roeder Smith & Company One Towne Square 248.799.9000 phone
G—'NRS Consultants & Actuaries Suite 800 248.799.9020 fax
Southfield, MI 48076-3723 wwvw.gnbrielroedercom
June 10, 2015
Mr. David B. Clark
Executive Director
Arkansas Local Police and Fire Retirement System
620 W. 3rd, Suite 200
Little Rock, Arkansas 72201-2212
Re: Actuarial Analysis of Proposed Combined Contribution Rates for the
City of Fayetteville Paid and Volunteer Fire
Dear Mr. Clark:
As requested, enclosed are the results of actuarial valuations which determine the combined
employer contribution rates which would result from having the City of Fayetteville Paid and
Volunteer Firemen's "closed plan" (The Local Relief and Pension Fund for Employees Hired
Before January 1, 1983) administered by the Arkansas Local Police and Fire Retirement System
(LOPFl).
Please call if you have any questions or comments.
Respectfully submitted,
n , k A�
Waosk K
David L. Hoffman
"' t:� &W,
Heidi G. Barry, ASA, MAAA
DLH/HGB:sc
Enclosure
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
Requested By: Mr. David B. Clark, Executive Director
Arkansas Local Police and Fire Retirement System
Date: June 10, 2015
Submitted By: David L. Hof&nan and Heidi G. Barry, ASA, M.A.AA
Gabriel, Roeder, Smith & Company
Submitted in this report are the results of actuarial valuations which determine the combined employer
contribution rates which would result from having the City of Fayetteville Paid and Volunteer Firemen's
"closed plan" (The Local Relief and Pension Fund for Employees Hired Before January 1, 1983)
administered by the Arkansas Local Police and Fire Retirement System (LOPFI).
The date of the study was as of December 31, 2014. This supplemental valuation does not predict the
result of the December 31, 2015 valuation or of any other future actuarial valuation. (Future activities can
affect future valuation results in an unpredictable manner.) Rather, the supplemental valuation gives an
indication of the probable effect of the proposed changes on future valuations without comment on the
complete end result of the future valuations.
In accordance with LOPFI Board policy, the employer contribution rates established by this
valuation report are valid for purposes of joining the System until October 30, 2015.
This report is intended to describe the financial effect of the proposed plan changes. No statement in this
report is intended to be interpreted as a recommendation in favor of the changes, or in opposition to them.
Heidi G. Barry is a Member of the American Academy of Actuaries (MAAA) and meets the Qualification
Standards of the American Academy of Actuaries required to render the actuarial opinion contained
herein.
The calculations are based upon assumptions regarding future events, which may or may not materialize.
They are also based upon present and proposed plan provisions that are outlined in the report. If you have
reason to believe that the assumptions that were used are unreasonable, that the plan provisions are
incorrectly described, that important plan provisions relevant to this proposal are not described, or that
conditions have changed since the calculations were made, you should contact the authors of this report
prior to relying on information in the report.
If you have reason to believe that the information provided in this report is inaccurate, or is in any way
incomplete, or if you need further information in order to make an informed decision on the subject matter
of this report, please contact the authors of the report prior to making such decision.
In the event that more than one plan change is being considered, it is very important to remember that the
results of separate actuarial valuations cannot generally be added together to produce a correct estimate of
the combined effect of all of the changes. The total can be considerably greater than the sum of the parts
due to the interaction of various plan provisions with each other, and with the assumptions that must be
used.
6/10/2015 Gabriel Roeder Smith & Company -1-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
The actuarial methods and assumptions were the same as those used in the regular valuation as of
December 31, 2014. In particular, the economic assumptions used in the supplemental actuarial
valuation were net investment return of 8.0% per year and wage inflation of 4.0% (price inflation of
3.0%) per year.
Member information is summarized in the following table:
Major Local Fund Benefit Provisions:
Voluntary Retirement - Eligibility at 20 years of service regardless of age.
Paid: Annual benefit is equal to 90% of the highest year's pay. If the member has acquired more than 20
years of service credit, the benefit is increased by $240 annually for each additional year of service credit (to
a maximum annual addition of $1,200). If acquired more than 25 years of service credit, the benefit is
increased at age 60 by 1.25 % of highest year's pay for service over 25 years. (Maximum benefit is 100% of
final salary).
Volunteer: The minimum benefit for volunteer members is $1,200 per year. If the member has acquired
more than 20 years of service credit, the benefit is increased by $120 annually for each additional year of
service credit (to a maximum annual addition of $600).
Member Contributions — 6.0% of salary for paid members. $12 per year for volunteer members. Member
contributions are refundable without interest if termination of employment occurs before monthly benefits
are payable.
Automatic post-retirement benefit increases —None.
6/10/2015 Gabriel Roeder Smith 8c Company -2-
Valuation Data
Avera es
Average
Group
Active
Members
Payroll
Retired
Members
Monthly
Benefit(yrs.)
Age
Pa(Yrs.)
Age
Serv.
(yrs.)
Paid
LOPFI
LOPFI DROP
Local
Total
106
2
-
$ 6,079,826
72,893
$ 57,357
.36,447
37.7
58.3
N/A
16.0
14.0
N/A
16.0
57
2
45
104
$ 87,753
3,523
112,259
49.3
58.3
68.4
57.7
108
6,152,719
56,970
38.1
203,535
Volunteer
LOPFI
Local
Total
-
-
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-
6
6
N/A
$ 683
N/A
82
82.8
82.8
-
N/A
N/A
683
Major Local Fund Benefit Provisions:
Voluntary Retirement - Eligibility at 20 years of service regardless of age.
Paid: Annual benefit is equal to 90% of the highest year's pay. If the member has acquired more than 20
years of service credit, the benefit is increased by $240 annually for each additional year of service credit (to
a maximum annual addition of $1,200). If acquired more than 25 years of service credit, the benefit is
increased at age 60 by 1.25 % of highest year's pay for service over 25 years. (Maximum benefit is 100% of
final salary).
Volunteer: The minimum benefit for volunteer members is $1,200 per year. If the member has acquired
more than 20 years of service credit, the benefit is increased by $120 annually for each additional year of
service credit (to a maximum annual addition of $600).
Member Contributions — 6.0% of salary for paid members. $12 per year for volunteer members. Member
contributions are refundable without interest if termination of employment occurs before monthly benefits
are payable.
Automatic post-retirement benefit increases —None.
6/10/2015 Gabriel Roeder Smith 8c Company -2-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
PAID FIRE RESULTS
Asset information:
Asset information or the Local Pension & Relief Fund was derived from the Fund's annual financial report
provided to us. The date of the report was December 31, 2014. The reported market value of assets,
$4,377,557, for the Local Fund, as of December 31, 2014 was used in computing the employer contribution
rates. For purposes of our calculations, we assumed that the $4,377,557 Local Fund balance was
$4,361,699 for paid members and $15,858 for volunteer members. The computed employer contribution
rates are sensitive to changes in overall asset value. The actual amount transferred to LOPFI will
depend on the market value of Local Fund assets when they are actually liquidated and may differ
substantially from the value as of December 31, 2014. This will likely impact the actual rate
computed in the next valuation of the combined plans.
Results:
6/10/2015 Gabriel Roeder Smith & Company -3-
No COLA
3% COLA
Actuarial Accrued Liabilities (AAL)
Active Members
-
Other Benefit Recipients
$13,727,400
$17,960,748
Total AAL
$13,727,400
$17,960,748
Assets
Available to Fund AAL
$ 4,361,699
$ 4,361,699
Member DROP Balance
-
Total Assets
$ 4,361,699
$ 4,361,699
Unfunded AAL
$ 9,365,701
$13,599,049
6/10/2015 Gabriel Roeder Smith & Company -3-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
. CITY OF FAYETTEv1 LLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
15 -YEAR AMORTIZATION, 0% COLA
ACTUARIAL STATEMENT
Proposed Provisions:
No post-retirement benefit increases for Local Plan members with unfunded liabilities amortized over a
15 -year closed period.
Actuarial Information:
The following shows the computed employer contribution rate applicable to Local Plan unfunded liabilities:
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 36.96% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
6/10/2015 Gabriel Roeder Smith 8& Company -4-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
25 -YEAR AMORTIZATION, 0% COLA
ACTUARIAL STATEMENT
Proposed Provisions:
No post-retirement benefit increases for Local Plan members with unfunded liabilities amortized over a
25 -year closed period.
Actuarial Information:
The following shows the computed employer contribution rate applicable to Local Plan unfunded liabilities:
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 33.37% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
Comment D — The reader should note that the cash flow projection on page 10 shows the group running
out of money and therefore borrowing from LOPFI for a number of years. The financial reporting for this
group will be affected significantly as a result.
6/10/2015 Gabriel Roeder Smith & Company -5-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
15 -YEAR AMORTIZATION, 3% COLA
ACTUARIAL STATEMENT
Proposed Provisions:
3% compounded post-retirement benefit increases for Local Plan members with unfunded liabilities
amortized over a 15 -year closed period.
Actuarial Information:
The following shows the computed employer contribution rate applicable to Local Plan unfunded liabilities:
TtY�015&r20'1`6Comp`uted�
y ' , r� asex+cenofayroll `
Normal Cost 0.00%
Unfunded Accrued Liabilities 18.44
Total 18.44%
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 42.94% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
Comment D — The reader should note that the cash flow projection on page 10 shows the group running
out of money and therefore borrowing from LOPFI for a number of years. The financial reporting for this
group will be affected significantly as a result.
6/10/2015
Gabriel Roeder Smith 8c Company -6-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
25 -YEAR AMORTIZATION, 3% COLA
ACTUARIAL STATEMENT
Proposed Provisions:
3% compounded post-retirement benefit increases for Local Plan members with unfunded liabilities
amortized over a 25 -year closed period.
Actuarial Information:
The following shows the computed employer contribution rate applicable to Local Plan unfunded liabilities:
77-77777�.FY
1 Com
�n
�201'S=8r'20�6� rputea
e`er C r[
" as Percent oxolt'hh
Cgntributionsrfor
Normal Cost
0.00%
Unfunded Accrued Liabilities
13.13
13.13%
Total
Comment A — The computed employer contribution for LOPFI only for calendar years 2015 and 2016
is 24.50% of active member payroll. The combined annual employer contribution, if the Local Plan
comes under LOPFI administration, would be 37.63% for calendar years 2015 and 2016.
Comment B — The results shown above are based on the December 31, 2014 actuarial valuation. If the
fund comes under LOPFI administration in 2015, the December 31, 2015 valuation will determine the
calendar year 2017 employer rate. The 2017 employer rate and future employer rates are likely to differ
from rates above reflecting actual investment return and mortality experience.
Comment C — As noted earlier, these calculations are based on future events that may or may not
materialize. Readers of this report may have an expectation that the contribution shown above will be
paid for 15 years and the employer will be relieved of all liability at that time. That is not the case. As
long as benefits are payable there is a possibility that employer contributions will be needed.
6/10/2015 Gabriel Roeder Smith & Company -7-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
0% COLA, 15 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
Year Ended
Projected
$ in thousands
Investment
December3l
Payrolls
Benefits Contributions2
EaMingSAssets iMv
2014
$
4,362
2015
$ 6,399 $
1,343 $
765
$ 326
4,110
2016
6,655
1,334
829
309
3,914
2017
6,921
1,323
862
295
3,747
2018
7,198
1,311
897
284
3,617
2019
7,486
1,297
932
275
3,527
2020
7,785
1,282
970
270
3,485
2021
8,097
1,265
1,008
269
3,497
2022
8,420
1,246
1,049
272
3,571
2023
8,757
1,226
1,091
280
3,716
2024
9,108
1,205
1,134
295
3,940
2025
9,472
1,182
1,180
315
4,253
2026
9,851
1,157
1,227
343
4,665
2027
10,245
1,131
1,276
379
5,189
2028
10,655
1,104
1,327
424
5,836
2029
11,081
1,074
1,380
479
6,621
2030
11,524
1,043
1,435
545
7,559
2031
11,985
1,010
-
565
7,114
2032
12,464
975
-
531
6,669
2033
12,963
939
-
497
6,227
2034
13,481
901
-
463
5,789
2035
14,021
861
-
429
5,357
2036
14,581
819
-
396
4,934
2037
15,165
777
-
364
4,522
2038
15,771
733
-
333
4,122
2039
16,402
688
-
303
3,737
2040
17,058
642
-
274
3,369
2041
17,741
596
-
246
3,019
2042
18,450
551
-
220
2,688
2043
19,188
505
-
195
2,378
2044
19,956
460
-
172
2,090
2045
20,754
417
-
151
1,824
2046
21,584
375
-
131
1,581
2047
22,447
334
-
113
1,360
2048
23,345
296
-
97
1,161
2049
24,279
260
-
83
984
2050
25,250
226
-
70
828
2051
26,260
196
-
59
691
2052
27,311
168
-
49
572
2053
28,403
143
-
40
469
2054
1 29,539
120
-
33
381
6/10/2015 Gabriel Roeder Smith & Company -8-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
0% COLA, 15 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
(CONCLUDED)
1. LOPFI Active member count is assumed to stay level in future years -
2. Local plan contributions only, 12.46% of pay in 2015 and thereafter in addition to the LOPFI rate. The first year
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 15 year amortization schedule would be applied to calendar year 2030.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -9-
Projected
$ in thousands
Year Ended
Investment
December3l
Payrolls
Benefits Contributions2 Earnin s Assets iMv
2055
$ 30,721 $
101 $
- $ 27 $
307
2056
31,950
83
- 21
245
2057
33,228
68
- 17
194
2058
34,557
56
- 13
151
2059
35,939
45
- 10
117
.2060
37,377
35
- 8
90
2061
38,872
28
- 6
68
2062
40,427
22
- 5
51
2063
42,044
17
- 3
38
2064
43,725
13
3
28
2065
45,474
10
- 2
20
2066
47,293
7
- 1
14
2067
49,185
5
- 1
10
2068
51,153
4
- 1
7
2069
53,199
3
- 0
5
2070
55,327
2
- 0
3
2071
57,540
1
- 0
2
2072
59,841
1
- 0
1
2073
62,235
1
- 0
1
2074
64,724
0
- 0
1
2075
67,313
0
- 0
0
2076
70,006
0
- 0
0
2077
72,806
0
- 0
0
2078
75,718
0
- 0
0
2079
78,747
0
- 0
0
2080
81,897
0
- 0
0
2081
85,173
0
- 0
0
2082
88,580
0
- 0
"
2083
92,123
-
-
1. LOPFI Active member count is assumed to stay level in future years -
2. Local plan contributions only, 12.46% of pay in 2015 and thereafter in addition to the LOPFI rate. The first year
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 15 year amortization schedule would be applied to calendar year 2030.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -9-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
0% COLA, 25 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
Year Ended
Projected
$ in thousands
Investment
December3l
Payrolls
Benefits Contributions
Earnings Assets (Mv
2014
$
4,362
2015
$ 6,399 $
1,343 $
707
$ 324
4,050
2016
6,655
1,334
590
295
3,602
2017
6,921
1,323
614
260
3,153
2018
7,198
1,311
639
226
2,706
2019
7,486
1,297
664
192
2,265
2020
7,785
1,282
691
158
1,832
2021
8,097
1,265
718
125
1,410
2022
8,420
1,246
747
93
1,004
2023
8,757
1,226
777
63
617
2024
9,108
1,205
808
34
254
2025
9,472
1,182
840
7
(81)
2026
9,851
1,157
874
(18)
(382)
2027
10,245
1,131
909
(39)
(643)
2028
10,655
1,104
945
(58)
(859)
2029
11,081
1,074
983
(72)
(1,023)
2030
11,524
1,043
1,022
(83)
(1,126)
2031
11,985
1,010
1,063
(88)
(1,160)
2032
12,464
975
1,106
(88)
(1,118)
2033
12,963
939
1,150
(81)
(988)
2034
13,481
901
1,196
(67)
(760)
2035
14,021
861
1,244
(46)
(423)
2036
14,581
819
1,294
(15)
36
2037
15,165
777
1,345
25
630
2038
15,771
733
1,399
77
1,373
2039
16,402
688
1,455
140
2,281
2040
17,058
642
1,513
217
3,369
2041
17,741
596
-
246
3,019
2042
18,450
551
-
220
2,688
2043
19,188
505
-
195
2,378
2044
19,956
460
-
172
2,090
2045
20,754
417
-
151
1,824
2046
21,584
375
-
131
1,581
2047
22,447
334
-
113
1,360
2048
23,345
296
-
97
1,161
2049
24,279
260
-
83
984
2050
25,250
226
-
70
828
2051
26,260
196
-
59
691
2052
27,311
168
-
49
572
2053
28,403
143
-
40
469
2054
1 29,539
120
-
33
381
6/10/2015 Gabriel Roeder Smith & Company -10-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
0% COLA, 25 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
(CONCLUDED)
Year Ended
Projected $ in thousands
Investment
December 31
Payrolls
Benefits ContributionsZ Earnin
s Assets (MV)3
2055
$ 30,721 $
101 - $
27 $
307
2056
31,950
83 -
21
245
2057
33,228
68 -
17
194
2058
34,557
56 -
13
151
2059
35,939
45 -
10
117
2060
37,377
35 -
8
90
2061
38,872
28 -
6
68
2062
40,427
22 -
5
51
2063
42,044
17 -
3
38
2064
43,725
13 -
3
28
2065
45,474
10 -
2
20
2066
47,293
7 -
1
14
2067
49,185
5 -
1
10
2068
51,153
4
1
7
2069
53,199
3 -
0
5
2070
55,327
2
0
3
2071
57,540
1 -
0
2
2072
59,841
1 -
0
1
2073
62,235
1
0
1
2074
64,724
0 -
0
1
2075
67,313
0 -
0
0
2076
70,006
0 -
0
0
2077
72,806
0 -
0
0
2078
75,718
0
0
0
2079
78,747
0 -
0
0
2080
81,897
0 -
0
0
2081
85,173
0 -
0
0
2082
88,580
0 -
0
-
2083
1 92,123
-
-
1. LOPFI Active member count is assumed to stay level in future years.
2. Local plan contributions only; 8.87% of pay in 2015 and thereafter in addition to the LOPFI rate. The first year
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 25 year amortization schedule would be applied to calendar year 2040.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -11-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OFFAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
3% COLA, 15 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
6/10/2015 Gabriel Roeder Smith & Company -12-
Projected
($ in thousands
Year Ended
Investment
December3l
Payro111
Benefits Conti butions2
Earnin s Assets (MV)3
2014
$
4,362
2015
$ 6,399 $
1,343 $
860
$ 330
41209
2016
6,655
1,374
1,227
331
4,393
2017
6,921
1,404
1,276
346
4,612
2018
7,198
1,433
1,327
365
4,871
2019
7,486
1,460
1,380
387
5,177
2020
7,785
1,486
1,435
412
5,539
2021
8,097
1,510
1,493
442
5,963
2022
8,420
1,533
1,552
478
6,461
2023
8,757
1,554
1,614
519
7,041
2024
9,108
1,572
1,679
567
7,715
2025
9,472
1,589
1,746
623
8,496
2026
9,851
1,602
1,816
688
9,398
2027
10,245
1,613
1,889
763
10,436
2028
10,655
1,621
1,964
848
11,628
2029
11,081
1,625
2,043
947
12,993
2030
11,524
1,625
2,125
1,059
14,552
2031
11,985
1,621
-
1,101
14,031
2032
12,464
1,612
-
1,059
13,478
2033
12,963
1,599
-
1,016
12,895
2034
13,481
1,580
-
970
12,285
2035
14,021
1,555
-
922
11,652
2036
14,581
1,525
-
872
11,000
2037
15,165
1,488
-
822
10,334
2038
15,771
1,446
-
770
9,658
2039
16,402
1,398
-
718
8,977
2040
17,058
1,344
-
665
8,298
2041
17,741
1,286
-
613
7,626
2042
18,450
1,223
-
562
6,965
2043
19,188
1,156
-
512
6,321
2044
19,956
1,085
-
463
5,699
2045
20,754
1,012
-
416
5,104
2046
21,584
937
-
372
4,539
2047
22,447
860
-
329
4,007
2048
23,345
784
-
290
3,513
2049
24,279
709
-
253
3,057
2050
25,250
637
-
220
2,639
2051
26,260
567
-
189
2,261
2052
27,311
501
-
161
1,921
2053
28,403
439
-
136
1,619
2054
1 29,539
382
-
115
1,352
6/10/2015 Gabriel Roeder Smith & Company -12-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND 'VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
3% COLA, 15 -YEAR AMORTIZATION OF UAL IN LOPH
PAID FIRE PROJECTED CASH FLOW
(CONCLUDED)
1. LOPHActive member count is assumed to stay level in future years.
2. Local plan contributions only, 18.44% of pay in 2015 and thereafter in addition to the LOPH rate. The first year
contribution assumes that the City will be under LOPH administration for the last six months of 2015. The last year
contribution based on a 15 year amortization schedule would be applied to calendar year 2030.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015
Gabriel Roeder Smith & Company -13-
Projected
$ in thousands
nded
Investment
ber3l
P
Payrolls
Benefits Contributions= Earnin s Assets(MV
55
$ 30,721 $
329
- $ 95 $
1,118
2056
31,950
280
- 78
916
2057
33,228
237
- 64
743
2058
34,557
198
- 52
597
2059
35,939
164
- 41
475
2060
37,377
134
- 33
374
2061
38,872
108
- 26
292
2062
40,427
87
- 20
225
2063
42,044
69
- 15
172
2064
43,725
54
- 12
129
2065
45,474
42
- 9
96
2066
47,293
32
- 6
70
2067
49,185
24
- 5
51
2068
51,153
18
- 3
36
2069
53,199
13
- 2
25
2070
55,327
10
- 2
17
2071
57,540
7
- 1
12
2072
59,841
5
- 1
8
2073
62,235
3
- 0
5
2074
64,724
2
- 0
3
2075
67,313
1
- 0
2
2076
70,006
1
- 0
1
2077
72,806
1
- 0
1
2078
75,718
0
0
0
2079
78,747
0
0
0
2080
81,897
0
- 0
0
2081
85,173
0
0
0
2082
88,580
0
- 0
0
2083
92,123
0
- 0
0
2084
95,808
0
- 0
0
2085
99,640
0
- 0
-
2086
103,626
1. LOPHActive member count is assumed to stay level in future years.
2. Local plan contributions only, 18.44% of pay in 2015 and thereafter in addition to the LOPH rate. The first year
contribution assumes that the City will be under LOPH administration for the last six months of 2015. The last year
contribution based on a 15 year amortization schedule would be applied to calendar year 2030.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015
Gabriel Roeder Smith & Company -13-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
3% COLA, 25 -YEAR AMORTIZATION OF UAL IN LOPE
PAID FIRE PROJECTED CASH FLOW
Year Ended
Pro'ected
$ in thousands
Investment
December3l
Payroll'
Benefits Contdbutions2
Eamin s Assets mi
2014
$
4,362
2015
$ 6,399 $
1,343 $
776
$ 327
4,121
2016
6,655
1,374
874
310
3,931
2017
6,921
1,404
909
295
3,731
2018
7,198
1,433
945
279
3,523
2019
7,486
1,460
983
263
3,309
2020
7,785
1,486
1,022
247
3,092
2021
8,097
1,510
1,063
230
2,875
2022
8,420
1,533
1,106
213
2,661
2023
8,757
1,554
1,150
197
2,454
2024
9,108
1,572
1,196
182
2,259
2025
9,472
1,589
1,244
167
2,082
2026
9,851
1,602
1,294
154
1,928
2027
10,245
1,613
1,345
144
1,804
2028
10,655
1,621
1,399
136
1,718
2029
11,081
1,625
1,455
131
1,679
2030
11,524
1,625
1,513
130
1,698
2031
11,985
1,621
1,574
134
1,785
2032
12,464
1,612
1,637
144
1,953
2033
12,963
1,599
1,702
160
2,217
2034
13,481
1,580
1,770
185
2,592
2035
14,021
1,555
1,841
219
3,097
2036
14,581
1,525
1,915
263
3,751
2037
15,165
1,488
1,991
320
4,574
2038
15,771
1,446
2,071
390
5,589
2039
16,402
1,398
2,154
477
6,822
2040
17,058
1,344
2,240
581
8,298
2041
17,741
1,286
-
613
7,626
2042
18,450
1,223
-
562
6,965
2043
19,188
1,156
-
512
6,321
2044
19,956
1,085
-
463
5,699
2045
20,754
1,012
-
416
5,104
2046
21,584
937
-
372
4,539
2047
22,447
860
-
329
4,007
2048
23,345
784
-
290
3,513
2049
24,279
709
-
253
3,057
2050
25,250
637
-
220
2,639
2051
26,260
567
-
189
2,261
2052
27,311
501
-
161
1,921
2053
28,403
439
-
136
1,619
2054
1 29,539
382
-
115
1,352
6/10/2015 Gabriel Roeder Smith & Company -14-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
3% COLA, 25 -YEAR AMORTIZATION OF UAL IN LOPFI
PAID FIRE PROJECTED CASH FLOW
(CONCLUDED)
Year Ended
December3l
Payrote
Benefits Contributions2
Investment
Earnings Assets (MV)3
2055
$ 30,721 $
329 -
$ 95 $
1,118
2056
31,950
280 -
78
916
2057
33,228
237 -
64
743
2058
34,557
198 -
52
597
2059
35,939
164 -
41
475
2060
37,377
134 -
33
374
2061
38,872
108 -
26
292
2062
40,427
87 -
20
225
2063
42,044
69 -
15
172
2064
43,725
54 -
12
129
2065
45,474
42 -
9
96
2066
47,293
32 -
6
70
2067
49,185
24 -
5
51
2068
51,153
18 -
3
36
2069
53,199
13 -
2
25
2070
55,327
10 -
2
17
2071
57,540
7 -
1
12
2072
59,841
5
1
8
2073
62,235
3 -
0
5
2074
64,724
2 -
0
3
2075
67,313
1 -
0
2
2076
70,006
1 -
0
1
2077
72,806
1 -
0
1
2078
75,718
0 -
0
0
2079
78,747
0 -
0
0
2080
81,897
0 -
0
0
2081
85,173
0 -
0
0
2082
88,580
0 -
0
0
2083
92,123
0 -
0
0
2084
95,808
0 -
0
0
2085
99,640
0 -
0
-
2086
1 103,626
-
-
1. LOPFI Active member count is assumed to stay level in future years.
2. Local plan contributions only, 13.13% of pay in 2015 and thereafter in addition to the LOPFI rate. The first year
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 2S year amortization schedule would be applied to calendar year 2040.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company -15-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 31, 2014
VOLUNTEER FIRE RESULTS
Asset information:
Asset information or the Local Pension & Relief Fund was derived from the Fund's annual financial report
provided to us. The date of the report was December 31, 2014. The reported market value of assets,
$4,377,557, for the Local Fund, as of December 31, 2014 was used in computing the employer contribution
rates. For purposes of our calculations, we assumed that the $4,377,557 Local Fund balance was
$4,361,699 for paid members and $15,858 for volunteer members. The computed employer contribution
rates are sensitive to changes in overall asset value. The actual amount transferred to LOPFI will
depend on the market value of Local Fund assets when they are actually liquidated and may differ
substantially from the value as of December 31, 2014. This will likely impact the actual rate
computed in the next valuation of the combined plans.
Results:
6/10/2015 Gabriel Roeder Smith & Company -16-
No COLA
3% COLA
Actuarial Accrued Liabilities (AAL)
Active Members
-
-
Other Benefit Recipients
$
49,908
$
58,068
Total AAL
$
49,908
$
58,068
Assets
Available to Fund AAL
$
15,858
$
15,858
Member DROP Balance
-
-
Total Assets
$
15,858
$
15,858
Unfunded AAL
$
34,050
$
42,210
6/10/2015 Gabriel Roeder Smith & Company -16-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
VOLUNTEER FIRE RESULTS
If the Local Fund becomes administered by LOPFI, the per month employer contribution* for calendar year
2015 and thereafter would be as follows:
These contributions are in addition to the contribution determined for LOPFI members only. As of
December 31, 2014 there are no LOPFI Volunteer Firemen. These are the estimated contributions needed
to pay off the unfunded accrued liability associated with Closed Plan benefits and would be deposited in
the Local Fund Employer Accumulation Account.
Readers of this report may have an expectation that the contribution shown above will be paid for 15 or
25 years and the employer will be relieved of all liability at that time. That is not the case, as long as
benefits are payable there is a possibility that employer contributions will be needed.
* Contributions were calculated on a dollars per month basis since there are no active volunteers in LOPFI and the Local
Plan to calculate a per member per month rate.
6/10/2015 Gabriel Roeder Smith & Company -17-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
0% COLA, 15 -YEAR AMORTIZATION OF UAL IN LOPFI
VOLUNTEER FIRE PROJECTED CASH FLOW
Year Ended
LOPFIActive
Investment
Assets (MW
)ecember3l
Counts
Benefits Coutibutioos2
Earnings
15,858
2014
2015
NA
7,956
3,001
1,074
11,977
2016
NA
7,464
3,777
813
9,103
2017
NA
6,972
3,777
603
6,511
2018
NA
6,468
3,777
415
4,234
2019
NA
5,964
3,777
253
2,300
2020
NA
5,484
3,777
117
710
2021
NA
5,004
3,777
9
(509
2022
NA
4,560
3,777
(71)
(1,364
2023
NA
4,128
3,777
(123)
(1,838)
2024
NA
3,732
3,777
(145)
(1,939
2025
NA
3,348
3,777
(138)
(1,649)
2026
NA
2,976
3,777
(100)
(944
2027
NA
2,652
3,777
(32)
2028
NA
2,340
3,777
68
1,649
2029
NA
2,040
3,777
200
3,586
2030
NA
1,764
3,777
366
5,964
2031
NA
1,512
-
418
4,870
2032
NA
1,284
-
339
3,925
2033
NA
1,068
-
272
3,129
2034
NA
876
-
216
2,469
2035
NA
720
-
169
1,918
2036
NA
576
-
131
1,473
2037
NA
456
-
100
1,117
2038
NA
348
-
76
845
626.
2039
NA
276
-
57
42
464
2040
NA
204
31
326
2041
NA
168
-
22
240
2042
NA
108
-
16
172
2043
NA
84
-
it
124
2044
NA
60
-
8
84
2045
NA
48
-
5
53
2046
NA
36
-
3
32
2047
NA
24
-
2
22
2048
NA
12
-
1
12
2049
NA
12
-
0
0
2050
NA
-
12
-
0
0
1. As of December 31, 2014 there were no Active LOPH Volunteer Firemen.
2. Local plan contributions only, $314.72 per month in 2015 and thereafter in addition to the LOPH rate. The first year
contribution assumes that the City will be under LOPH administration for the last six months of 2015. The last year
contribution based on a 15 year amortization schedule would be applied to calendar year 2030.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. Thesedifferences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith & Company
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
0% COLA, 25 -YEAR AMORTIZATION OF UAL IN LOPFI
VOLUNTEER FIRE PROJECTED CASH FLOW
Year Ended
December3l
LOPFIActive
Count
Benefits
Conteibutions2
Investment
Earnings Assets (MV)3
2014
15,858.00
2015
NA
7,956
2,818
1,067
11,787
2016
NA
7,464
3,045
770
8,138
2017
NA
6,972
3,045
497
4,708
2018
NA
6,468
3,045
242
1,528
2019
NA
5,964
3,045
8
(1,383)
2020
NA
5,484
3,045
(206)
(4,028)
2021
NA
5,004
3,045
(399)
(6,385)
2022
NA
4,560
3,045
(570)
(8,470)1
2023
NA
4,128
3,045
(720)
(10,273),
2024
NA
3,732
3,045
(849)
(11,808)
2025
NA
3,348
3,045
(957)
(13,068)
2026
NA
2,976
3,045
(1,043)
(14,041)
2027
NA
2,652
3,045
(1,108)
(14,755)
2028
NA
2,340
3,045
(1,153)
(15,203)
2029
NA
2,040
3,045
(1,177)
(15,374)
2030
NA
1,764
3,045
(1,180)
(15,272)
2031
NA
1,512
3,045
(1,162)
(14,901)
2032
NA
1,284
3,045
(1,123)
(14,262)
2033
NA
1,068
3,045
(1,063)
(13,348)
2034
NA
876
3,045
(983)
(12,162)
2035
NA
720
3,045
(882)
(10,718)
2036
NA
576
3,045
(761)
(9,009;
2037
NA
456
3,045
(619)
(7,039;
2038
NA
348
3,045
(457)
(4,799;
2039
NA
276
3,045
(275)
(2,305;
2040
NA
204
3,045
(73)
464
2041
NA
168
-
31
326
2042
NA
108
-
22
240
2043
NA
84
-
16
172
2044
NA
60
-
11
124
2045
NA
48
-
8
84
2046
NA
36
-
5
53
2047
NA
24
-
3
32
2048
NA
12
-
2
22
2049
NA
12
-
1
12
2050
NA
12
-
0
0
2051
NA
-
0
0
1. As of December 31, 2014 there were no Active LOPH Volunteer Firemen.
2. Localplan contributions only; $253.78 per month in 2015 and thereafter in addition to the LOPH rate. The first year
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 25 year amortization schedule would be applied to calendar year 2040.
3. .Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith. & Company -19-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
3% COLA, 15 -YEAR AMORTIZATION OF UAL IN LOPFI
VOLUNTEER FIRE PROJECTED CASH FLOW
Year Ended
)ecember3l
LOPRActive
Count
Benefits
Contributimu2
investment
Ea s
Assets (MW
2014
$15,858
2015
NA
$7,956
$3,241
$1,084
12,227
2016
NA
7,692
4,739
862
10,136
2017
NA
7,392
4,739
707
8,189
2018
NA
7,068
4,739
564
6,423
2019
NA
6,720
4,739
436
4,878
2020
NA
6,348
4,739
327
3,596
2021
NA
5,988
4,739
239
2,585
2022
NA
5,604
4,739
173
1,892
2023
NA
5,232
4,739
132
1,531
2024
NA
4,860
4,739
118
1,527
2025
NA
4,488
4,739
132
1,910
2026
NA
4,128
4,739
177
2,697
2027
NA
3,780
4,739
253
3,909
2028
NA
3,432
4,739
364
5,579
2029
NA
3,084
4,739
511
7,745
2030
NA
2,760
4,739
697
10,421
2031
NA
2,424
-
739
8,735
2032
NA
2,112
-
616
7,239
2033
NA
1,824
-
508
5,923
2034
NA
1,548
-
413
4,788
2035
NA
1,296
-
332
3,824
2036
NA
1,068
-
264
3,020
2037
NA
864
-
208
2,364
2038
NA
696
-
162
1,830
2039
NA
552
-
125
1,403
2040
NA
444
-
95
1,053
2041
NA
336
-
71
788
2042
NA
264
-
53
577
2043
NA
204
-
38
411
2044
NA
144
-
27
295
2045
NA
108
-
19
206
2046
NA
84
-
13
135
2047
NA
60
-
8
84
2048
NA
36
-
5
53
2049
NA
24
-
3
32
2050
NA
12
-
2
22
2051
NA
12
-
1
12
2052
NA
12
-
0
-
2053
NA
-
1. As of December 31, 2014 there were no Active LOPH Volunteer Firemen.
2. Local plan contributions only, $394.88 per month in 2015 and thereafter in addition to the LOPH rate. The first year
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 15 -year amortization schedule would be applied to calendar year 2030.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual future contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder. Smith & Company -20-
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM
CITY OF FAYETTEVILLE PAID AND VOLUNTEER FIRE
ACTUARIAL VALUATION OF PROPOSALS UNDER CONSIDERATION
AS OF DECEMBER 319 2014
3% COLA, 25 -YEAR AMORTIZATION OF UAL IN LOPFI
VOLUNTEER FIRE PROJECTED CASH FLOW
YearEnded
)ecember3l
LOPFiActive
Count'
Benefits Com ibutlons2
Investment
Eamin s
Assets (MV)3
2014
2015
NA
$7,956
$3,012
$1,075
$15,858
11,988
2016
NA
7,692
3,821
807
8,925
2017
NA
7,392
3,821
574
5,928
2018
NA
7,068
3,821
347
3,028
2019
NA
6,720
3,821
128
257
2020
NA
6,348
3,821
(79)
(2,348)
2021
NA
5,988
3,821
(273)
(4,788)
2022
NA
5,604
3,821
(453)
(7,024)
2023
NA
5,232
3,821
(617)
(9,052)
2024
NA
4,860
3,821
(765)
(10,856)
2025
NA
4,488
3,821
(895)
(12,418)
2026
NA
4,128
3,821
(1,005)
(13,730)
2027
NA
3,780
3,821
(1,097)
(14,786)
2028
NA
3,432
3,821
(1,168)
(15,565)
2029
NA
3,084
3,821
(1,216)
(16,044)
2030
NA
2,760
3,821
(1,242)
(16,225)
2031
NA
2,424
3,821
(1,243)
(16,071)
2032
NA
2,112
3,821
(1,219)
(15,580)
2033
NA
1,824
3,821
(1,168)
(14,751)
2034
NA
1,548
3,821
(1,091)
(13,569)
2035
NA
1,296
3,821
(986)
(12,031)
2036
NA
1,068
3,821
(854)
(10,132),
2037
NA
864
3,821
(695)
(7,870)
2038
NA
696
3,821
(507)
(5,251)
2039
NA
552
3,821
(292)
(2,274)
2040
NA
444
3,821
(49)
1,053
2041
NA
336
-
71
788
2042
NA
264
-
53
577
2043
NA
204
-
38
411
2044
NA
144
-
27
19
295
206
2045
NA
108
13
135
2046
NA
84
-
8
84
2047
NA
60
-
5
53
2048
NA
36
-
3
32
2049
NA
24
-
2
22
2050
NA
12
-
1
12
2051
NA
12
-
2052
NA
12
-
0
-
1. As of December 31, 2014 there were no Active LOPF1 Volunteer Firemen.
2. Localplan contributions only, $318.42 per month in 2015 and thereafter in addition to the LOPFI rate. The firstyear
contribution assumes that the City will be under LOPFI administration for the last six months of 2015. The last year
contribution based on a 25 year amortization schedule would be applied to calendar year 2040.
3. Reported market value of assets. Assets are projected at the assumed rate of return of 8% per year.
Note: The actual fixture contributions for this group are affected by investment return, number of active members and life
expectancy. This projection does not show the effect on future employer contributions of differences between actual
and assumed future experience. These differences can have a significant effect on these results.
6/10/2015 Gabriel Roeder Smith &Company -21-
Resolution to Assign Local Plan Administration to LOPFI
Whereas, the Board of Trustees (the Board) of the FAYETTEVILLE FIRE Pension and Relief
Fund (the Local Plan), desires to assign administration of the Local Plan to the Arkansas Local
Police and Fire Retirement System (LOPFI) pursuant to Act 364 of 1981, as amended; and
Whereas, such action shall not change the benefit structure unless a benefit increase is approved
by the governing body of FAYETTEVILLE, Arkansas; and
Whereas, the Board received and reviewed the latest actuarial report from LOPFI, which states
the initial required employer contribution rate(s); and
Whereas, LOPFI will administer the Local Plan at an annual cost not to exceed 1/2 of 1% of active
member payroll plus 1% of average annual assets of the Local Plan; and
Whereas, the Board finds it is in the best interest of the Local Plan and its participants to have
LOPFI administer the Local Plan; therefore,
BE IT RESOLVED, the Board hereby elects to assign administration of the Local Plan to
LOPFI.
BE IT FURTHER RESOLVED the Board requests the CITY OF FAYETTEVILLE, a political
subdivision of the State of Arkansas, to act as its agent henceforth.
BE IT FURTHER RESOLVED the Board understands any agreement to administer the Local
Plan by LOPFI shall be entered into by and with the governing body of FAYETTEVILLE,
Arkansas, as the Board's agent, and that such agreement shall dissolve said Board of Trustees.
CERTIFICATION
We certify this Resolution accurately states the action of said Board of Trustees. Approved this
day of , 2015.
Chair
Sec/Treasurer
Member
Member
Member
Member
Member
ORDINANCE NO.
AN ORDINANCE TRANSFERRING ADMINISTRATION OF RETIREMENT COVERAGE
FOR ELIGIBLE MEMBERS OF THE FAYETTEVILLE FIRE PENSION AND RELIEF
FUND TO THE ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (LOPFI)
AND AUTHORIZING THE CHIEF ADMINISTRATIVE OFFICER TO ENTER INTO AN
IRREVOCABLE AGREEMENT WITH LOPFI.
WHEREAS, the Board of Trustees of the FAYETTEVILLE Fire Pension and Relief
Fund has elected to have its Pension Fund administered by LOPFI as stated by Resolution dated
, 2015, and that
WHEREAS, the Board of Trustees has requested by Resolution that the City of
FAYETTEVILLE, Arkansas to act as its agent henceforth.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
SECTION 1. If accepted by LOPFI, the administration of the FAYETTEVILLE Fire Pension
and Relief Fund shall be transferred to LOPFI under authority of Act 364 of 1981, as amended.
Such transfer shall mean the administration of the Pension Fund only and not a change in the
Pension Fund's benefit program unless a benefit increase is approved by the City of
FAYETTEVILLE, Arkansas.
SECTION 2. The Chief Administrative Officer is hereby authorized to enter into an irrevocable
agreement, using a fifteen (1 S) or twenty-five (25)dear amortization schedule (drafter of
Ordinance needs to select one amortization period). with LOPFI to administer the
FAYETTEVILLE Fire Pension and Relief Fund as stated in Section 1 hereof.
SECTION 3. It is the intent of the City Council and it is hereby ordained that the provisions of
this Ordinance shall be codified into the Code of Ordinances of FAYETTEVILLE, Arkansas and
the sections thereof may be re -numbered and re -lettered as necessary to accomplish such
intention.
SECTION 4. Due to the need to consolidate administration of the FAYETTEVILLE Fire
Pension and Relief Fund with LOPFI, an emergency is hereby declared to exist and this
Ordinance shall be in full force from and after the date of its passage and approval.
PASSED:
Date
ATTEST:
Witness
APPROVED:
Chief Administrative Officer
OQ�` LOPFI `pA'c�
N
ADMINISTRATIVE SERVICES AGREEMENT
This Administrative Services Agreement (Agreement) is entered into by and between the
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (LOPFI) and the CITY
OF FAYETTEVILLE for the benefit of its FIRE Pension and Relief Fund Fire Pension Fund).
PARTIES
The City of FAYETTEVILLE, a political subdivision, currently has and administers a
Fire Pension Fund.
LOPFI is an agency created by statute (A.C.A. 24-10-101, et. seq.) for the purpose of
providing a statewide retirement system with pooled administration.
The Mayor and City Council of FAYETTEVILLE desire to enter into an irrevocable
Agreement with LOPFI to administer its Fire Pension Fund and in consideration of the mutual
obligations hereinafter enumerated the parties agree as follows:
1. This Agreement is made pursuant to the authority of Act 364 of 1981, as
amended, of the General Assembly of the State of Arkansas.
V 2. This Agreement shall be effective sixty (60) days from the date affixed hereto, OJ
provided, however, at any time during the sixty (60) day period the LOPFI Board
of Trustees may reject this Agreement.
3. This Agreement is for the administration of the Fire Pension Fund and its benefit
structure shall not change, unless a benefit increase is approved by the City of
FAYETTEVILLE.
4. The actuaries for LOPFI have computed an initial employer contribution rate(s) to
be paid by the City of FAYETTEVILLE to support the benefits paid by the Fire
Pension Fund and will provide eligible participants with the benefits described in
Act 397 of 1983 (applies to Fire plans). The City of FAYETTEVILLE agrees to
always remit payment at the level established by the actuaries for LOPFI.
5. The annual fee paid to LOPFI for administration of the Fire Pension Fund shall
not exceed one half (1/2) of one percent (1%) of the annual payroll of the Fire
Pension Fund and one percent (1%) of the average annual Fire Pension Fund
assets. However, this fee is subject to change by legislative action. The fiscal
year shall be January 1 through December 31.
6. Benefits and member refunds shall be paid on the first business day of each month
and in accordance with LOPFI procedures.
yVO LOPFI xe
Q�� LOPFI �0,
O
v
City of FAYETTEVILLE
Page 2of3
7. LOPFI covenants and agrees to provide the following services:
a. investment of Fire Pension Fund assets and the award of annual interest to the
employer reserve account at the end of each fiscal year in an amount consistent
with the interest awarded to other LOPFI employer accounts;
b. process retirement applications including determination of eligibility,
calculation of service credit and benefit payment,amounts, payment of benefits
to eligible benefit recipients, and satisfaction of state and federal tax
withholding requirements, all in accordance with LOPFI procedures and
guidelines;
c. disability determinations, provided the employer submits appropriate materials
for said determinations. All disability determinations shall conform to LOPFI
procedures;
d. refund of member contributions to eligible terminating members; and
8. The City of FAYETTEVILLE covenants and agrees as follows:
a. upon execution of this Agreement all Fire Pension Fund assets and records
O shall be transferred to LOPFI. In the sole discretion of LOPFI certain o
investments may be allowed to matureto avoid penalties;
b. all employer and applicable employee contributions shall be remitted to LOPFI
in time to be recorded by the tenth (101) day of each month following the
month in which services were rendered. Remittance shall be made in the
manner and amounts prescribed by LOPFI, which shall include the use of
LOPFI's electronic reporting and LOPFI's e -Payment;
c. the City of FAYETTEVILLE shall execute all documents required by LOPFI to
aid in the administrative process;
d. all active members and beneficiaries of the Fire Pension Fund have been
deemed eligible pursuant to the standards prevailing at the time of the
determination of eligibility. The parties agree that LOPFI is bound by any
determination of eligibility or ineligibility made by the Board of Trustees of
the Fire Pension Fund as long as such determination(s) conform to state law.
The Fire Pension Fund and the City of FAYETTEVILLE indemnify and hold
LOPFI harmless for any eligibility decisions made by the Fixe Pension Fund.
e. the City of FAYETTEVILLE has disclosed to LOPFI all pending claims,
actions, suits, and threatened liabilities to the Fire Pension Fund.
9. Upon the passage of sixty (60) days following the execution of this document,
unless rejected by the LOPFI Board of Trustees, this Agreement shall become
permanent.
O^
'y°O� LOPFI `�a
LOPFI lO.�'
v
r
O
V
M
City of FAYETTEVILLE
Page 3 of 3
10. FAYETTEVILLE Fire Pension and Relief Fund Board of Trustees' Resolution
dated , 2015, and Ordinance No. 'dated
, 2015, of the City of FAYETTEVILLE, are incorporated by
reference herein as though set forth word for word.
This Agreement executed in duplicate originals this , day of , 2015.
ATTEST:
ATTEST:
FAYETTEVILLE, ARKANSAS
BY:
Chief Administrative Officer
LOPFI BOARD OF TRUSTEES
e_
LOPFI Board Chairman
a
O
i
iy°Oj LOPFI Sao
OQ�` LOPFI �pA'0i
v
ADMINISTRATIVE SERVICES AGREEMENT
This Administrative Services Agreement (Agreement) is entered into by and between the
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (LOPFI) and the CITY
OF FAYETTEVILLE for the benefit of its FIRE Pension and Relief Fund CEire Pension Fund).
PARTIES
The City of FAYETTEVILLE, a political subdivision, currently has and administers a
Fire Pension Fund.
LOPFI is an agency created by statute (A.C.A. 24-10-101, et. seq.) for the purpose of
providing a statewide retirement system with pooled administration.
The Mayor and City Council of FAYETTEVILLE desire to enter into an irrevocable
Agreement with LOPFI to administer its Fire Pension Fund and in consideration of the mutual
obligations hereinafter enumerated the parties agree as follows:
1. This Agreement is made pursuant to the authority of Act 364 of 1981, as
amended, of the General Assembly of the State of Arkansas.
O a
2. This Agreement shall be effective sixty (60) days from the date affixed hereto,
provided, however, at any time during the sixty (60) day period the LOPFI Board
of Trustees may reject this Agreement.
3. This Agreement is for the administration of the Fire Pension Fund and its benefit
structure shall not change, unless a benefit increase is approved by the City of
FAYETTEVILLE.
4. The actuaries for LOPFI have computed an initial employer contribution rate(s) to
be paid by the City of FAYETTEVILLE to support the benefits paid by the Fire
Pension Fund and will provide eligible participants with the benefits described in
Act 397 of 1983 (applies to Fire plans). The City of FAYETTEVILLE agrees to
always remit payment at the level established by the actuaries for LOPFI.
5. The annual fee paid to LOPFI for administration of the Fire Pension Fund shall
not exceed one half (1/2) of one percent (1%) of the annual payroll of the Fire
Pension Fund and one percent (1%) of the average annual Fire Pension Fund
assets. However, this fee is subject to change by legislative action. The fiscal
year shall be January 1 through December 31.
6. Benefits and member refunds shall be paid on the first business day of each month
and in accordance with LOPFI procedures.
O^
iy°Oj LOPFI `gyp
OQ�` LOPFI `pA'c�
v
City of FAYETTEVILLE
Page 2 of 3
7. LOPFI covenants and agrees to provide the following services:
a. investment of Fire Pension Fund assets and the award of annual interest to the
employer reserve account at the end of each fiscal year in an amount consistent
with the interest awarded to other LOPFI employer accounts;
b. process retirement applications including determination of eligibility,
calculation of service credit and benefit payment amounts, payment of benefits
to eligible benefit recipients, and satisfaction of state and federal tax
withholding requirements, all in accordance with LOPFI procedures and
guidelines;
c. disability determinations, provided the employer submits appropriate materials
for said determinations. All disability determinations shall conform to LOPFI
procedures;
d. refund of member contributions to eligible terminating members; and
8. The City of FAYETTEVILLE covenants and agrees as follows:
a. upon execution of this Agreement all Fire Pension Fund assets and records
U.
p shall be transferred to LOPFI. In the sole discretion of LOPFI certain O
investments may be allowed to mature to avoid penalties;
b. all employer and applicable employee contributions shall be remitted to LOPFI
in time to be recorded by the tenth (10d`) day of each month following the
month in which services were rendered. Remittance shall be made in the
manner and amounts prescribed by LOPFI, which shall include the use of
LOPFI's electronic reporting and LOPFI's e -Payment;
c. the City of FAYETTEVILLE shall execute all documents required by LOPFI to
aid in the administrative process;
d. all active members and beneficiaries of the Fire Pension Fund have been
deemed eligible pursuant to the standards prevailing at the time of the
determination of eligibility. The parties agree that LOPFI is bound by any
determination of eligibility or ineligibility made by the Board of Trustees of
the Fire Pension Fund as long as such determination(s) conform to state law.
The Fire Pension Fund and the City of FAYETTEVILLE indemnify and hold
LOPFI harmless for any eligibility decisions made by the Fire Pension Fund.
e. the City of FAYETTEVILLE has disclosed to LOPFI all pending claims,
actions, suits, and threatened liabilities to the Fire Pension Fund.
9. Upon the passage of sixty (60) days following the execution of this document,
unless rejected by the LOPFI Board of Trustees, this Agreement shall become
permanent.
iy pA,
ap LOPF1 `�a
LOPFI 1pA�'
v
City of FAYETTEVILLE
Page 3 of 3
10. FAYETTEVILLE Fire Pension and Relief Fund Board of Trustees' Resolution
dated , 2015, and Ordinance No. 'dated
2015, of the City of FAYETTEVILLE, are incorporated by
reference herein as though set forth word for word.
This Agreement executed in duplicate originals this — day of , 2015.
FAYETTEVILLE, ARKANSAS
BY:
Chief Administrative Officer
ATTEST:
LOPFI BOARD OF TRUSTEES
LOPFI Board Chairman
ATTEST:
a
O
'y
IVO
jLOPFI S�1110
�
7 7 a?
ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
To: Board of Trustees
FAYETTEVILLE Fire Pension Fund
From: PRB Staff
Re: 2014 Annual Actuarial Valuation
Date: May 11, 2015
620 W. 3rd, Suite 200
Little Rock, Arkansas 72201-2223
Telephone: 501.682.1745
Toll -Free: 866.859.1745
Fax: 501.682.1751
email: info@lopfi-prb.com
website: www.lopti-prb.com
Under state law the actuary for the PRB tests each local fire and police pension fund for actuarial
soundness. The PRB uses an annual valuation cycle to assist each Local Plan in monitoring the funding
progress of their plan. The enclosed valuation for December 31, 2014, answers the following questions
about your plan:
YES NO
1. Does income meet or exceed the Necessary
Employer Contribution (see page 4)? XX
2. Is the funded percentage at least 97% (see page 10),
OR are there enough assets to cover: all active
member contributions; all payments to current
beneficiaries; and 100% of all future payments
earned by active member (see page 11)? XX
3. Is the Local Plan actuarially sound?
(YES response to items 1 and 2) XX
FAYETTEVILLE FIREFIGHTERS PENSION FUND
ACTUARIAL VALUATION
AS OF DECEMBER 31, 2014
Osborn, Carreiro & Associates, Inc.
Actuaries Consultants Analysts
Little Rock, Arkansas
Osborn, Carreiro & Associates, Inc.
ACTUARIES CONSULTANTS ANALYSTS
May, 8, 2015
Board of Trustees
Fayetteville Firefighters Pension Fund
Gentlemen:
124 West Capitol Avenue, Suite 1690
Little Rock, Arkansas 72201
(501) 376-8043
This report presents the results of our actuarial valuation of the assets and liabilities of the
Fayetteville Firefighters Pension Fund as of December 31, 2014.
This valuation is required by Arkansas Code Annotated 24-11-205. The purpose of this
report is to (1) evaluate the actuarial status of the Fund, (2) determine the level contribution
requirement needed, (3) review the development of the Fund over the past several years, and
(4) present certain actuarial items on page 9 for disclosure under Governmental Accounting
Standards. This report is not intended for any other purpose.
The Arkansas Fire & Police Pension Review Board reviewed the experience study we
performed and a change in the assumed interest discount rate was made to 5%. If your plan
assumed something other than 5% in previous valuations, the effect of this change in
assumption is disclosed on page 5 of this report.
The implementation of Governmental Accounting Standards Board Statement No. 67 (GASB
67) is included in this report for the first time. GASB 68 will be added in the next valuation
report. There are four Appendices added to this report to disclose the necessary items for
GASB 67.
The member and financial information used in this report was supplied by the Arkansas Fire &
Police Pension Review Board. We did not audit this information, although we did review it for
reasonableness and consistency.
I certify that this report has been prepared in accordance with generally accepted actuarial
principles and practices. In my opinion, the actuarial methods used are appropriate and the
actuarial assumptions produce results which, in the aggregate, are reasonable.
Sincerely,
aa
Jody Carreiro, A.S.A., M.A.A.A.
Actuary
TABLE OF CONTENTS
EXHIBIT I CONTRIBUTIONS
EXHIBIT 2 COST AND LIABILITIES
EXHIBIT 3 SUMMARY OF FINANCIAL INFORMATION
EXHIBIT 4 COMPARISON WITH PRIOR YEARS
EXHIBIT 5 SHORT CONDITION TEST
EXHIBIT 6 EMPLOYEE AND RETIREE PROFILES
EXHIBIT 7 PRINCIPLE PROVISIONS OF THE PLAN
EXHIBIT 8 ACTUARIAL METHODS AND ASSUMPTIONS
APPENDIX 1 DISCUSSION OF GASB 67
APPENDIX 2 NOTES TO THE FINANCIAL STATEMENTS
APPENDIX 3 REQUIRED SUPPLEMENTARY INFORMATION
APPENDIX 4 CALCULATION OF SINGLE DISCOUNT RATE
c
EXHIBIT 1
CONTRIBUTIONS
The following contribution level reflects the payment of the current year Normal Cost for benefits
attributable to said year (see Exhibit 2) plus an amount sufficient to pay off the Unfunded Actuarial
Liability over a 5 -year period. These costs DO NOT include the contributions due to the Local
Police and Firefighters Retirement System ("LOPFI") for persons hired after 1982.
Full Volunteer or
Paid Part -Paid Total
2015 Necessary Annual Contribution to pay:
1 Normal Cost, plus
2 Pay off the Unfunded Actuarial
Accrued Liability
3 Total necessary
Less
4 Expected Employee Contribution
(6.00% of salary. $12 per active volunteer)
Necessary Employer Contribution
(This is the amount needed in
addition to investment income)
Covered Payroll
Necessary Employer Rate
$ 0 $ 0 $ 0
3,214,908 11,271 3,226,179
$ 3,214,908 $ 11,271 $ 3,226,179
0 - 0 - 0
$ 3,214,908 $ 11,271 $ 3,226,179
$ 0 N/A $ 0
N/A $ N/A N/A
These contributions assume that the dollar contribution grows at a rate of 4% per year. The
contributions are assumed to be made continuously throughout the year.
The actual 2014 contribution was $756,819 from the employer.
4
EXHIBIT 2
COSTS AND LIABILITIES
December 31,
2014
A Normal Cost
Dollar
Percent
(Cost to fund current active members)
Amount
of pay
1 Regular Retirement Benefits
$
0
N/A
2 Voluntary Termination Benefits
0
N/A
3 Survivors' Benefits
0
N/A
4 Disability Benefits
0
N/A
TOTAL
$
0
N/A
B Actuarial Accrued Liability
1 Active Lives
Regular Retirement Benefits
$
0
Voluntary Termination Benefits
0
Survivors' Benefits
0
Disability Benefits
0
TOTAL ACTIVE LIVES
$
0
2 Deferred Retirement Option
DROP Accounts
$
0
Future DROP Payments & Pensions
0
TOTAL DROP
$
0
3 Inactive Lives
Retirees
$
16,113,941
Disability Retirees
537,648
Widows & Children
1,705,373
TOTAL INACTIVE LIVES
$
18,356,962
4 Total Liability
$
18,356,962
C Assets
$
4,048,620
D Unfunded Actuarial Accrued Liability
$
14,308,342
5
EXHIBIT 3
SUMMARY OF FINANCIAL INFORMATION
(Items C, F -H, and J determined by Osborn, Carreiro and Associates, Inc.)
6
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
Year Ended
A. INCOME
12/31/2014
12/31/2013
12/31/2012
12/31/2011
12/31/2010
12/31/2009
12/31/2008
12/31/2007
12/31/2006
12/31/2005
1 Employee Contributions $
0 $
0 $
0 $
0 $
0 $
0 $
1,356 $
6,987 $
11,863 $
23,439
2 Employer Contributions
Employer/Court Fines/Other
0
0
0
0
0
0
2,713
13,973
25,854
46,878
Local Millage
525,538
527,430
511,961
498,381
508,192
485,345
441,697
388,877
370,649
339,416
3 State Insurance Premium Tax
Premium Tax Allocation
182,590
181,715
171,848
131,537
122,965
125,710
146,031
150,067
151,560
225,492
Additional Allocation
48,691
38,366
57,282
0
0
0
0
0
0
0
Guarantee Fund
0
0
0
0
0
0
0
0
0
0
4 Other Income
LOPFI Subsidy
0
0
0
0
0
0
0
0
0
0
Police Supplement (Act 1452 of 199
0
0
0
0
0
0
0
0
0
0
Future Supplement (Act 1373 of200
56,563
44,215
36,105
29,618
20,664
24,192
31,333
38,917
27,060
24,480
Other Income/Donations
365
11
6
34
973
390
0
1,044
540
176
Adjustment to prior year value
0
0
0
0
0
0
0
0
0
0
5 Net Investment Income
255,505
209,657
256,988
254,881
453,121
210,237
(530,711)
637,620
615,846
522,344
TOTAL INCOME $
1,069,252 $
1,001,393 $
1,034,190 $
914,451 $
1,105,915 $
845,874 $
92,419 $
1,237,485 $
1,203,372 $
1,182,225
B. EXPENSES
1 Administrative $
3,550 $
3,454 $
3,617 $
3,595 $
6,859 $
3,750 $
6,427 $
3,855 $
10,341 $
5,886
2 Benefits Paid
Monthly Benefits
1,358,341
1,388,309
1,420,659
1,432,673
1,434,269
1,434,487
1,436,083
1,430,646
1,281,954
1,097,427
Police Supplements
0
0
0
0
0
0
0
0
0
0
Future Supplements
56,316
44,215
35,960
29,618
20,664
24,192
31,333
38,766
26,749
24,390
DROP Payouts
0
0
0
0
0
2,973
553,503
4,589
838,944
458,082
Paid Current Year for Previous Year
0
0
0
0
0
0
0
0
0
0
3 Refunds
0
0
0
0
0
0
0
0
0
0
4 Other Expenses
250
250
225
357
0
0
0
0
0
0
TOTAL EXPENSES $
1,418,457 $
1,436,227 $
1,460,461 $
1,466,243 $
1,461,792 $
1,465,402 $
2,027,346 $
1,477,856 $
2,157,988 $
1,585,785
C. Non -Investment Cash Flow $
(604,709) $
(644,491) $
(683,259) $
(806,673) $
(808,998) $
(829,765) $
(1,404,216) $
(877,991) S
(1,570,462) $
(925,904)
6
EXHIBIT 3 (Continued)
D. ASSETS (at book value) 12/31/2014
12/31/2013
12/31/2012
12/31/2011
12/31/2010
12/31/2009
12/31/2008
12/31/2007
12/31/2006
12/31/2005
1 Cash & Checking Accounts $ 86,520 $
86,767 $
120,981 $
143,279 $
30,891 $
0 $
0 $
0 $
0 $
0
2 Bank Deposits 0
0
0
0
0
14,448
5,457
81,779
4,575
48,506
3 Savings and Loan Deposits 0
0
0
0
0
0
0
0
0
0
4 Other Cash Equivalents 238,957
295,726
163,396
256,499
275,104
117,108
573,102
181,873
288,565
234,940
5 US Govt. Securities 212,438
421,688
421,688
621,688
927,818
1,426,060
1,839,474
3,285,030
3,144,510
3,441,988
6 Non -US Govt Securities 0
0
0
0
0
0
0
0
0
0
7 Mortgages 0
0
0
0
0
0
0
0
0
0
8 Corporate Bonds 731,111
731,111
731,111
779,928
606,886
619,648
248,938
315,394
533,910
533,910
9 Common Stocks 2,044,158
2,121,259
2,642,932
2,718,778
3,225,906
3,219,060
3,337,250
4,136,988
4,185,381
4,873,882
10 Other 13,967
16,304
27,581
13,882
19,146
45,304
56,951
65,476
79,530
57,944
11 Payables (3,500)
0
0
(95)
0
0
(16)
(70,457)
(17)
(100)
TOTAL ASSETS $ 3,323,650 $
3,672,854 $
4,107,688 $
4,533,959 $
5,085,751 $
5,441,628 $
6,061,156 $
7,996,083 $
8,236,454 $
9,191,070
E. TOTAL MARKET VALUE S 4,377,557 $
4,624,857 $
4,682,930 $
5,015,419 $
5,573,909 $
5,787,509 $
5,823,185 $
8,725,231 $
8,961,980 $
9,636,034
F. RATIO OF ASSETS TO ANNUAL EXPENSES
Book Value Basis 2.3
2.6
2.8
3.1
3.5
3.7
3.0
5.4
3.8
5.8
Market Value Basis 3.1
3.2
3.2
3.4
3.8
3.9
2.9
5.9
4.2
6.1
G. RATIO OF ASSETS TO NON -INVESTMENT CASH OUTFLOW
Book Value Basis 5.5
5.7
6.0
5.6
6.3
6.6
4.3
9.1
5.2
9.9
Market Value Basis 7.2
7.2
6.9
6.2
6.9
7.0
4.1
9.9
5.7
10.4
H. SUMMARY OF NET INVESTMENT RETURNS
Book Value Rate of Return 7.58%
5.54%
6.13%
5.44%
9.00%
3.72%
-7.28%
8.18%
7.33%
5.72%
10 Year Average Return 5.04%
Market Value Rate of Return 8.27%
13.45%
7.51%
4.80%
11.06%
14.68%
-18.67%
7.52%
10.13%
1.91%
10 Year Average Return 5.63%
Note: The assumed liability discount rate is 5%. If the plan does not realize an investment return of 5% or moreover the long
term, the ultimate cost of the plan will be greater than the liabilities shown
in this report.
That is, the plan would need more money to meet its obligations.
7
EXHIBIT 3 (Continued)
12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010
I. TOTAL MARKET VALUE
1. Market Value, end of year 4,377,557 4,624,857 4,682,930 5,015,419 5,573,909
(Used for GASB calculations, page 9)
2. Market Value, beginning of year 4,624,857 4,682,930 5,015,419 5,573,909 5,787,509
J. DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS
1. Actuarial Value of Assets, beginning of year
4,280,264
4,514,274
5,244,338
6,054,749
6,764,712
2. Non Investment Net Cash Flow
(604,709)
(644,491)
(683,259)
(806,673)
(808,998)
3. Development of Investment Income
(a) Total Market Investment Income (I1 -I242)
(b) Assumed Rate for Immediate Recognition
(c) Amount for Immediate Recognition (JI x b)
(d) Amount for Phased In Recognition (a -c)
(e) Phased In Recognition
Current year: 20% of 3(d)
First Prior Year
Second Prior Year
Third Prior Year
Fourth Prior Year
Total Phased In Recognition
(f) Actuarial Value Investment Income
( 3(c)+ 3(e) )
4. Actuarial Value of Assets, End of year
( 1+2+3(f))
5. Net Investment Return on the
Actuarial Value of Assets
357,409
586,418
350,770
248,183
595,398
5%
5%
5%
5%
5%
214,013
225,714
262,217
302,737
338,236
143,396
360,704
88,553
(54,554)
257,162
28,679
72,141
17,711
(10,911)
51,432
72,141
17,711
(10,911)
51,432
54,394
17,711
(10,911)
51,432
54,394
(421,648)
(10,911)
51,432
54,394
(421,648)
20,258
51,432
54,394
(421,648)
20,258
56,363
159,052
184,767
(309,022)
(306,475)
(239,201)
373,065
410,481
(46,805)
(3,737)
99,035
4,048,620 4,280,264 4,514,274 5,244,338 6,054,749
9.4% 9.8% -1.0% -0.1% 1.60/c
Note: The Pension Review Board's Board Rule #11 first applies this methodology to determine the Actuarial Value
of Assets for the 12/31/99 actuarial valuation report. Different methods were used to determine the Actuarial
Value of Assets for the 12/31/98 and earlier reports.
8
EXHIBIT 3 (Continued)
ACCOUNTING INFORMATION
This page is included to provide the information required by the Governmental Accounting Standards Board
Statement No. 25 and 27. The values below are based on the assumptions contained in Exhibit 8.
The Annual Pension Cost disclosed in this exhibit will almost always differ from the actual cash
contribution to the fund. We must emphasize that these disclosures are shown in the city's financial
statements; Sound actuarial projections should be used to determine the actual cash contribution
requirements.
RECONCILIATION OF NET PENSION OBLIGATION (NPO)
REQUIRED SUPPLEMENTARY INFORMATION
(a)
2012
2013
2014
1. Actuarially Required Contribution
3,414,645
3,380,092
3,188,219
2. Interest on NPO
479,197
528,788
567,628
3. Adjustment to (1)
2,160,944
2,384,572
2,559,721
4. Annual Pension Cost (1)+(2)-(3)
1,732,898
1,524,307
1,196,125
5. Actual Contribution Made
741,091
747,511
756,819
6. Increase in NPO (4)-(5)
991,807
776,796
439,306
7. NPO Beginning of Year
9,583,948
10,575,755
11,352,552
8. NPO End of Year
10,575,755
11,352,552
11,791,858
REQUIRED SUPPLEMENTARY INFORMATION
(a)
(b)
(c)
(d)
(e)
(f)
(g)
Unfunded
Entry Age
Accrued
UAL as a %
Actuarial
Market
Actuarial
Liability
Funded
Annual
of Covered
Valuation
Value of
Accrued
(UAL)
Ratio
Covered
Payroll
Date
Plan Assets
Liability
(c) -(b)
(b)/(c)
Payroll
(d)/(f)
12/31/2003
10,625,689
19,833,848
9,208,159
53.6%
52,016
17702.7%
12/31/2005
9,636,034
20,119,597
10,483,563
47.9%
0
N/A
12/31/2007
a 8,725,231
18,566,993
9,841,762
47.0%
0
N/A
12/31/2008
5,823,185
17,521,460
11,698,275
33.2%
0
N/A
12/31/2009
b 5,787,509
20,849,028
15,061,519
27.8%
0
N/A
12/31/2010
5,573,909
20,511,098
14,937,189
27.2%
0
N/A
12/31/2011
5,015,419
20,159,623
15,144,204
24.9%
0
N/A
12/31/2012
4,682,930
19,673,887
14,990,957
23.8%
0
N/A
12/31/2013
c 4,624,857
18,764,842
14,139,985
24.6%
0
N/A
12/31/2014
4,377,557
18,356,962
13,979,405
23.8%
0
N/A
a Includes change in assumptions to 7% discount rate and 83GAM mortality.
b Includes change in assumptions to 5% discount rate and 83GAM mortality.
c Includes change in assumptions to 5% discount rate and 83GAM mortality.
9
Valuation
Date
12/31/1984
12/31/1986
12/31/1987
12/31/1989
12/31/1991
12/31/1993
12/31/1995
12/31/1997
12/31/1999
12/31/2001
12/31/2003
12/31/2005
12/31/2007
12/31/2008
12/31/2009
12/31/2010
12/31/2011
12/31/2012
12/31/2013
12/31/2014
EXHIBIT 4
COMPARISON WITH PRIOR YEARS
*Benefits or assumptions changed
Valuation
Date
12/31/1999
12/31/2001
12/31/2003
12/31/2005
12/31/2007
12/31/2008
12/31/2009
12/31/2010
12/31/2011
12/31/2012
12/31/2013
12/31/2014
*
*
*
*
*
Part-Paid/Volunteer
Active Members
0
0
0
0
0
0
0
0
0
0
0
0
10
Actuarial Computed
Emnlover Contribution
0
3,123
14,807
18,412
16,368
16,918
20,310
19,135
16,374
15,797
15,241
11,271
Funded
Percent
72.1%
74.4%
75.4%
72.4%
80.8%
93.0%
98.4%
89.3%
95.5%
74.9%
60.2%
50.9%
47.0%
42.6%
32.4%
29.5%
26.0%
22.9%
22.8%
22.1%
Full Paid
Actuarial Computed
Active Members
Employer Contribution
Total Plan
Unfunded
Normal
Annual
Percent
Dollar
Actuarial
Cost
No.
Payroll
of Pay
Amount
Assets
Liability
Percent
45
807,438
27.7%
223,455
3,078,619
1,193,660
22.1%
37
723,894
29.6%
213,935
4,006,484
1,379,340
21.8%
* 38
788,348
31.3%
246,479
4,460,948
1,455,161
23.4%
27
639,962
36.0%
230,328
5,189,846
1,976,463
26.6%
23
585,898
33.3%
195,273
5,999,964
1,427,422
25.5%
22
620,116
25.2%
156,484
7,271,255
544,779
25.4%
* 21
676,847
25.6%
173,401
8,897,591
148,392
29.8%
* 17
608,602
55.9%
339,974
10,797,686
1,295,764
38.0%
10
367,188
53.7%
197,315
12,352,474
588,369
37.7%
* 6
234,765
405.5%
952,076
12,920,017
4,319,925
55.4%
* 1
52,016
3270.0%
1,700,905
11,936,657
7,897,191
54.6%
* 0
0
0.0%
2,095,694
10,243,228
9,876,369
0.0%
* 0
0
0.0%
2,140,648
8,720,172
9,846,821
0.0%
0
0
0.0%
2,187,385
7,458,831
10,062,629
0.0%
* 0
0
0.0%
3,155,357
6,764,710
14,084,318
0.0%
0
0
0.0%
3,240,353
6,055,027
14,456,071
0.0%
0
0
0.0%
3,346,655
5,244,338
14,915,285
0.0%
0
0
0.0%
3,402,323
4,514,274
15,159,613
0.0%
0
0
0.0%
3,250,675
4,280,264
14,484,578
0.0%
0
0
0.0%
3,214,908
4,048,621
14,308,341
0.0%
*Benefits or assumptions changed
Valuation
Date
12/31/1999
12/31/2001
12/31/2003
12/31/2005
12/31/2007
12/31/2008
12/31/2009
12/31/2010
12/31/2011
12/31/2012
12/31/2013
12/31/2014
*
*
*
*
*
Part-Paid/Volunteer
Active Members
0
0
0
0
0
0
0
0
0
0
0
0
10
Actuarial Computed
Emnlover Contribution
0
3,123
14,807
18,412
16,368
16,918
20,310
19,135
16,374
15,797
15,241
11,271
Funded
Percent
72.1%
74.4%
75.4%
72.4%
80.8%
93.0%
98.4%
89.3%
95.5%
74.9%
60.2%
50.9%
47.0%
42.6%
32.4%
29.5%
26.0%
22.9%
22.8%
22.1%
EXHIBIT 5
SHORT CONDITION TEST
The Arkansas General Assembly has stated that the funding objective for these plans is to pay
for benefits with contributions that remain level as a percentage of employee payroll. Thus, the
long-term condition test is met when the actual contributions are fairly level and are paid when
due.
A short condition test can be used to measure a plan's progress. Under the short condition test,
the fund's assets are compared with:
1) Active member contributions;
2) The liabilities for future benefits to the present retirees and inactive members;
3) The liabilities for service already rendered by active members.
If the plan has been following level cost funding, liability (1) and liability
(2) above will almost
always be fully covered by the rest of the present assets.
In addition, liability (3) above will
at
least partially funded. The larger the funded portion of liability (3), the stronger the condition of
the fund.For a closed fund i.e., one like yours, where no new members are admitted), the funded
portion of liability (3) should be steadily increasing.
The following table illustrates the history of the short condition test for
this plan:
Computed Actuarial Liabilities
Portion of Liabilities
(1) (2) (3)
covered by Assets
Active Retirees, Actives -
Valuation Members Inactives, Employer
Valuation
Date Contributions and DROPS Financed
Assets
(1) (2)
(3)
12/31/1984 236,541 1,464,696 2,571,042
3,078,619
100% 100%
54%
12/31/1986 263,129 2,753,772 2,368,923
4,006,484
100% 100%
42%
12/31/1987 308,829 2,754,276 2,853,004
4,460,948
100% 100%
49%
12/31/1989 274,405 4,560,672 2,331,232
5,189,846
100% 100%
15%
12/31/1991 292,477 5,072,169 2,062,740
5,999,964
100% 100%
31%
12/31/1993 353,891 5,005,131 2,457,012
7,271,255
100% 100%
78%
12/31/1995 418,412 5,101,995 3,525,576
8,897,591
100% 100%
96%
12/31/1997 401,937 7,315,705 4,375,808
10,797,686
100% 100%
70%
12/31/1999 267,239 10,017,182 2,656,421
12,352,474
100% 100%
78%
12/31/2001 171,157 14,565,274 250,351
12,920,017
100% 88%
0%
12/31/2003 33,201 19,228,546 57,210
11,936,657
1000/. 62%
0%
12/31/2005 0 20,119,597 0
10,243,228
100% 51%
0%
12/31/2007 0 18,566,993 0
8,720,172
100% 47%
0%
12/31/2008 0 17,521,460 0
7,458,831
100% 43%
0%
12/31/2009 0 20,849,028 0
6,764,710
100% 32%
0%
12/31/2010 0 20,511,098 0
6,055,027
100% 30%
0%
12/31/2011 0 20,159,623 0
5,244,338
100% 26%
0%
12/31/2012 0 19,673,887 0
4,514,274
100% 23%
0%
12/31/2013 0 18,764,842 0
4,280,264
100% 23%
0%
12/31/2014 0 18,356,962 0
4,048,621
100% 22%
0%
11
Exhibit 6
Employee Profile
Employee data needed for the valuation was obtained from the records furnished by
the Arkansas Fire and Police Pension Review Board. The following table shows a
detailed breakdown of the present participants by the number of participants and
total salary.
Actives
Years of Service
30 and
nc nc �n n. rr +�l
Age
U-5
-iu iU-i)
i:) -/-u
w-/--)
/--)-JV
V�i ..,u.
Under
Count
0
0
0
0
0
0
25
Salary
0
0
0
0
0
0
0
25-29
Count
0
0
0
0
0
0
0 °0
Salary
0
0
0
0
0
0
0
30-34
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
35-39
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
40-44
Count
0
0
0
0
0
0
Salary
0
0
0
0
0
0
0 0,
45-49
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
50-54
Count
0
0
0
0
0
0
0
Salary
0
0
0
0
0
0
0
55-59
Count
0
0
0
0
0
0
0 0_
Salary
0
0
0
0
0
0
0 0"
60-64
Count
--o-0
Q
0
0
0
0
Salary
0
0
0
0
0
0
0 0'
65 &
Count
0
0
0
0
0
0
0 0,
Over
Salary
0
0
0
0
0
0
0 0
Unkwn
no
Count
0
0
0
0
0
0
0
Age
Salary
0
0
0
0
0
0
0 0
Total
Count
0
0
0
0
Salary`0.
0
A
0
0
Os
12
Exhibit 6
Employee Profile
Employee data needed for the valuation was obtained from the records furnished by the
Arkansas Fire and Police Pension Review Board. The following table shows a detailed
breakdown of the present participants by the number of participants.
Volunteers/Part-Paid Actives
Years of Service
30 and
T_a_1
Age
0-5
5-10 1U-15
15-20 LV -LJ
G7 -Ju vvGr
IULai
Under
Count
0
0
0
0
0
0
0 0
25
25-29
Count
0
0
0
0
0
0
00 �
30-34
Count
0
0
0
0
0
0
0 ti9
35-39
Count
0
0
0
0
0
0
0 0
40-44
Count
0
0
0
0
0
0
0 0
45-49
Count
0
0
0
0
0
0
0 0
50-54
Count
0
0
0
0
0
0
0 0'
55-59
Count
0
0
0
0
0
0
0 0
60-64
Count
0
0
0
0
0
0
0 �
65 &
Count
0
0
0
0
0
0
0 0:
Over
Unknown
Count
0
0
0
0
0
0
0 0
Age
Total
Count
0
0
0
�0
13
Exhibit 6
Inactive Profile
Employee data needed for the valuation was obtained from the records furnished by the
Arkansas Fire and Police Pension Review Board. The following table shows a detailed
breakdown of the present payees by the number of payees and total annual benefit.
Retirees and Survivors
Years Since Retirement
10 and
n c c in d)—, Tnt%]
This includes 36 retirees with annual benefit of $1,143,507 .
This includes 2 disableds with annual benefit of $40,110 .
This includes 14 survivors with annual benefit of $173,192 .
14
Exhibit 6
Deferred Retirement Option Plan Profile
Employee data needed for the valuation was obtained from the records furnished by the Arkansas Fire
and Police Pension Review Board. The following table shows a detailed breakdown of the current
participants on DROP by the number of participants and total annual DROP benefit.
DROP Participants
Years Since Electing DROP
Age
U-1
1
J -iv 10tai
Under
Count
0
0
0
0
0
0 0
40
Benefit
0
0
0
0
0
0 0
40-44
Count
0
0
0
0
0
0 - 0^,
Benefit
0
0
0
0
0
00
45-49
Count
0
0
0
0
0
0 0=
Benefit
0
0
0
0
0
0
50-54
Count
0
0
0
0
0
0 SO
Benefit
0
0
0
0
0
0 0,
55-59
Count
0
0
0
0
0
0
Benefit
0
0
0
0
0
0 Q`F
60-64
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0
65-69
Count
0
0
0
0
0
0 ' 0
Benefit
0
0
0
0
00
70-74
Count
0
0
0
0
0
0 0„
Benefit
0
0
0
0
0
0 Q`
75 &
Count
0
0
0
0
0
0 0
Over
Benefit
0
0
0
0
0
0 0'
Jnknowi
Count
0
0
0
0
0
0 .0
Age
Benefit
0
0
0
0
0
0 0;
Total
Count
Benefit
15
EXHIBIT 7
PRINCIPLE PROVISIONS OF THE PLAN
EMPLOYEE Member of Fire Department
EMPLOYER Fayetteville Fire Department
MEMBERSHIP Condition of Employment. Firefighters hired after 1982 must join the
statewide Local Police and Firefighters Retirement System
CREDITABLE SERVICE Determined on basis of service since employment
CONTRIBUTIONS
Employee 6% of salary. Volunteers contribute $12/year. Refundable if member
terminates before retirement eligibility.
Employer 1. Matching contribution equal to employee contribution
2. State Insurance Premium Tax turnback
3. Local Millage
FINAL SALARY Salary attached to the rank of the member at time of retirement, based
on regularly scheduled work -week.
DEFERRED This plan has elected to participate in the Deferred Retirement Option
RETIREMENT OPTION Plan effective 01/25/1996. Members who elect to participate have a
PLAN DROP account that is increased by the monthly amount of their
retirement as if they had retired as of the date DROP was elected. Has
not elected coverage under Act 1457 of 1999.
RETIREMENT BENEFITS
Eligibilfty 20 Years of Service regardless of age.
Benefit 90% of Final Salary, but not less than $4,200. ($1,200/year for
volunteer/part-paid). If service exceeds 20 years, the annual benefit is
increased by $240 for each year over 20, up to $1,200/year extra. ($120
for each year over 20 up to $600/year for volunteer/part-paid).
If service is more than 25 years, member receives an extra 1.25% (for
each year over 25) of Final Salary, payable once the retiree reaches age
60. The benefit cannot exceed 100% of Final Salary.
16
EXHIBIT 7 (Continued)
DEATH BENEFITS
EligibilityEligibilLty Death before 20 Years of Service not occurring while performing work
in gainful employment outside the fire department, or death after 20
years.
Benefit 1. Widow receives same amount as member is receiving or
eligible for.
2. Each child under age 19 receives $1,500/year. ($300/year for
volunteer/part-paid). If no surviving spouse, child receives
spouse's benefit to age 19.
DISABILITY BENEFITS
Eligibiliy Permanent physical or mental disability not acquired while performing
work in gainful employment outside the fire department.
Benefit Full Paid Non -duty disability
Retirement benefit but not less than $4,200/year.
Full Paid Duty related disability
Retirement benefit but not less than 65% of Final Salary and
not less than $4,200/year.
Volunteer/Part-Paid:
Computed as voluntary retirement benefit
17
EXHIBIT 8
ACTUARIAL METHODS AND ASSUMPTIONS
The assumptions for this valuation have been selected in accordance with Actuarial Standards of Practice
No. 27.The asset valuation method is prescribed in Arkansas Code Annotated 24-11-207. This prescribed
asset valuation method directly impacts the investment return assumption. The assumed salary growth is
restricted by A.C.A. 24-11-205 in relation to the investment return assumption.
ACTUARIAL COST METHOD The "entry age normal" cost method has been used.
PRE -RETIREMENT MORTALITY Deaths have been projected on the basis of the 1983 Group
Annuity Table for Males, set back five years for females.
Mortality rates at a few sample ages are:
Age Mortality rate per 1.000
25 0.464
35 0.860
45 2.183
55 6.131
POST RETIREMENT MORTALITY The 1983 Group Annuity Mortality Table was used. For
females, the male table was used with a five-year setback. The
life expectancy according to this table is as follows:
Age Males Females
55 24.87 29.23
65 16.74 20.68
MORTALITY BASIS AND PROJECTION The mortality assumptions do not include a projection for
mortality improvement. These rates were chosen after an
experience study for 2007-2012. No projection was deemed
necessary at this time since the recent experience study did not
show significant improvement over an experience study for
2000-2006 deaths.
VOLUNTARY TERMINATIONS
The 1971 Group Annuity Table for Males, set back five years
for females was used before the 12/31/2007 Valuation.
Annual termination rates at a few sample ages are:
Age Termination rate per 1.000
20 40
25 35
30
29
35
15
40
6
45
5
50
5
5
55
18
EXHIBIT 8 (continued)
ASSUMED DISCOUNT RATE
DISABILITIES
ASSET VALUATION
When a person had less than 4 years of service, we assumed
that his chances of voluntary termination were a multiple of
thereafter rates, with the following multiples being used:
1 st year
2.85
2nd year
2.00
3rd year
1.50
4th year
1.15
5.0%
The reports for the valuations as of 12/31/2009 through 12/31/
2012 were completed using an assumed discount rate of 5%.
A study of the returns of all fire and police plans was made of
the 2006-2012 experience. The components and variations of
appropriate portfolios were also reviewed. The Pension
Review Board determined that for comparison with previous
years and with other similar plans that a single discount
assumption of 5% should be used.
We continued the disability rates used in prior reports.
Disability rates at a few sample ages are:
Age
Disabilily rate per 1,000
20
0.8
25
0.8
30
0.8
35
0.8
40
2.0
45
2.6
50
4.9
55
8.9
60
14.1
One third of the disabilities were assumed to be service related.
For mortality after disability, we assumed rates based on the
Eleventh Actuarial Valuation of the Railroad Retirement
System, for occupational disabilities
See Exhibit 3, Part J
19
EXHIBIT 8 (continued)
SALARY GROWTH
EXPECTED RETIREMENT AND DROP
PATTERN
We have used the salary scale used in prior reports. Annual
assumed growth at a few sample ages is:
Since the plan allows full benefits at ages younger than the
traditional "65", an assumption that will have an important
impact is what percentage of people who are eligible for this
early retirement will actually take advantage of it.
This will depend on intangible things such as the economy,
health, financial ability to retire, Social Security eligibility, and
work patterns. Based on recent experience, we are using the
following assumed rates:
Retirement rate per 1,000
Age Retirement DROP
40-59 100 200
60+ 1,000 0
Note: A member was assumed to be eligible for
retirement or DROP after attaining age 40 with
20 years of service. It is also assumed that twice
the normal number will retire or elect DROP in
the first year of eligibility.
20
ANNUAL SALARY INCREASE
Age
Base
Merit
Total
20
4.0%
4.0%
8.0%
25
4.0%
3.2%
7.2%
30
4.0%
2.8%
6.8%
35
4.0%
2.5%
6.5%
40
4.0%
2.2%
6.2%
45
4.0%
1.7%
5.7%
50
4.0%
1.2%
5.2%
55
4.0%
0.7%
4.7%
60
4.0%
0.2%
4.2%
Since the plan allows full benefits at ages younger than the
traditional "65", an assumption that will have an important
impact is what percentage of people who are eligible for this
early retirement will actually take advantage of it.
This will depend on intangible things such as the economy,
health, financial ability to retire, Social Security eligibility, and
work patterns. Based on recent experience, we are using the
following assumed rates:
Retirement rate per 1,000
Age Retirement DROP
40-59 100 200
60+ 1,000 0
Note: A member was assumed to be eligible for
retirement or DROP after attaining age 40 with
20 years of service. It is also assumed that twice
the normal number will retire or elect DROP in
the first year of eligibility.
20
EXHIBIT 8 (continued)
RETIREMENT PATTERN AFTER Once a person is on DROP (Deferred Retirement Option
ELECTION OF DROP Program), they were assumed to retire from the department as
follows:
Years on
DROP Retirement rate per 1,000
1 100
2 200
3 200
4 300
5 or more 1,000
21
APPENDIX I
Discussion of GASB 67
Accounting Standard
For pension plans that are administered through trusts or equivalent arrangements, Govermental
Accounting Stands Board (GASB) Statement No. 67, "Financial Reporting for Pension Plans,"
(GASB 67) replaces Statements No. 25 and No. 50. GASB 67 establishes standards of financial
reporting and specifies the required approach for measuring the pension liability of employers
for benefits provided through the pension plan.
This discussion provides a summary of the information that is required to be disclosed under
GASB 67. A number of these disclosure items are provided in this report as noted. However,
certain information, such as notes regarding accounting policies and investments, is not included
in this report, and your internal staff will be responsible for preparing that information to fully
comply with this accounting standard.
Financial Statements
GASB 67 requires defined benefit pension plans to present two financial statements: a statement
of fiduciary plan net position and a statement of changes in fiduciary plan net position. Based
on the information that was provided to our firm, we compiled the Financial Statements that are
included in this report as Exhibit 3.
Notes to Financial Statements
Paragraph 30 of GASB 67 is an extensive list of notes to the plan's financial statements that are
required to provide additional disclosure. Many of these notes concern the plan provisions and
the actuarial assumptions used in making the calculations under this standard. Those items are
included as Exhibits 7 and 8 in this report.
Please note that several items mentioned in Paragraph 30 are beyond the scope of the included
information. Your internal staff will be responsible for preparing those notes.
This report includes some notes that are actuarial in nature and are written in the format we
understand is desired by GASB 67. These notes are included as Appendix 2 of this report.
These are only selected notes and not intended to be a complete compilation of notes to the
financial statements.
W
Required Supplementary Information
GASB 67 requires a 10 -fiscal year history of various information about the pension liability.
These schedules may be built prospectively since the presentation is not the same as all previous
years under previous standards. The four schedules are:
• Schedule of changes in the net pension liability.
• Schedule of the components of net pension liability along with related ratios.
• Comparison of actual employer contributions to the actuarially determined contributions
based on the plan's funding policy.
• Schedule of the annual money -weighted rate of return on pension plan investments.
These compilations can be found in Appendix 4 of this report. Please note that the money -
weighted rate of return schedule is based on all transactions occurring at mid -year. The standard
calls for a monthly calculation of the weighted, but we do not have the data sufficient to make
that calculation.
Single Discount Rate
Projected benefit payments are required to be discounted to actuarial present values using a
single discount rate that reflects (1) a long-term expected rate of return on pension plan
investments (to the extent that the plan's fiduciary net position is projected to be sufficient to pay
benefits) and (2) a tax-exempt municipal bond rate based on an index of 20 -year general
obligation bonds with an average AA credit rating as of the measurement date (to the extent that
the plan's net position with contributions associated with current plan member and the long-term
expected rate of return are not sufficient to pay benefits).
For the purpose of this valuation, the expected rate of return on pension plan investments is
5.0%; the municipal bond rate is 4.29%; and the resulting single discount rate is 4.4224%. The
resulting demonstration of the single discount rate calculation is shown in Appendix 4.
Valuation Date, Effective Date and Transition
GASB 67 is effective for fiscal years beginning after June 15, 2013. Since the fiscal year under
consideration for this report is 2014, the corresponding financial statement covers the fiscal year
from January 1, 2014 to December 31, 2014. We understand that the plan fiscal year and the
employer's fiscal year are the same. Therefore, the calculations included in this report are not
projected and reflect the beginning and the end of the above stated fiscal year.
23
APPENDIX 2
Notes to the Financial Statements
Cost of Living Adjustment (COLA)
The board of trustees has the ability to make ad hoc cost of living adjustments (COLA) and other
benefit improvements through a process that requires actuarial soundness and approval by the
Pension Review Board. Therefore, in the opinion of the actuary, any increases are not
substantively automatic, and no COLA is included in the determination of the Total Pension
Liability.
Long -Term Expected Return on Plan Assets
The long-term expected rate of return on pension plan investments was determined using a
building block method in which best -estimate ranges of expected future real rates of return. The
rates were built on a target allocation for all local police and fire pension funds, the target for an
individual fund will vary within the guidelines of Arkansas law and regulation. The target
allocation and the long-term expect rates of return are shown in the table below:
Asset Class
Target Allocation
Long-term
Expected Rate
of Return
Domestic Fixed Income
80%
5.0%
International Fixed Income
Domestic Equity
10%
7.8%
Foreign Equity
Cash
10%
2.0%
Total
100%
5.0%
Single Discount Rate
A single discount rate of 4.4224% was used to measure the Total Pension Liability. This single
discount rate was based on the expected rate of return on pension plan investments of 5.0%. The
projection of cash flows, based on the assumptions made, found that the pension plan's net
position was insufficient to make all projected future benefit payments of current plan members.
Therefore, the single discount rate was applied to all periods of projected benefit payments to
determine the Total Pension Liability.
Regarding the sensitivity of the Net Pension Liability to changes in the single discount rate, the
follow presents the plan's net pension liability, calculated using a single discount rate of 4.42%,
as well as what the plan's net pension liability would be if it were calculated using a single
discount rate that is 1 -percentage point lower or 1 -percentage point higher:
1% Current Single 1%
Decrease Rate Assumed Increase
3.42% 4.42% 5.42%
Total Pension Liability 21,269,266 19,118,634 17,318,206
Net Pension Liability 16,891,709 14,741,077 12,940,649
24
APPENDIX 3
Required Supplementary Information
GASB 67 requires a 10 -fiscal year history of various information about the pension liability.
These schedules may be built prospectively since the presentation is not the same as all previous
years under previous standards. The four schedules are:
• Schedule of changes in the net pension liability.
• Schedule of the components of net pension liability along with related ratios.
• Comparison of actual employer contributions to the actuarially determined contributions
based on the plan's funding policy.
• Schedule of the annual money -weighted rate of return on pension plan investments.
Please note that the money -weighted rate of return schedule is based on all transactions occurring
at mid -year. The standard calls for a monthly calculation of the weighted, but we do not have the
data sufficient to make that calculation.
The actuarially determined contribution rate was not calculated in the fashion described
historically. Therefore, that schedule will be completed prospectively.
The schedules follow this page.
25
Fiscal Year ending December 31,
Total Pension Liability
Service Cost
Interest
Benefit Changes
Difference between Actual & Expected
Experience
Assumption changes
Benefit Payments
Net Change in Total Pension Liability
Total Pension Liability -Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employee
Contributions - Employer
Net Investment Income
Benefit Payments
Administrative Expense
Reconciliation
Net Change in Plan Net Position
Plan Fiduciary Net Position - Beginning
Plan Fiduciary Net Position - Ending
Plan Fiduciary Net Position as a
Percentage of Total Pension Liability
Covered Employee Payroll
Net Pension Liability as a Percentage of
Covered Employee Payroll
City of Fayetteville, Arkansas Firefighters Pension Fund
Schedules of Required Supplementary Information
Schedule of Changes in the Employers' Net Pension Liability and Related Ratios
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
0 0 0 0 0 0 0
904,284 948,987 972,465 989,738 1,006,595 840,137 878,110
0 0 0 0 0 0 0
46,177 -469,723 -37,542 91,460 89,744 79,739 75,943
761,664 0 0 0 0 3,845,153 0
-1,358,341 -1,388,309 -1,420,659 -1,432,673 -1,434,269 -1,437,460 -1,989,586
353,784 -909,045 -485,736 -351,475 -337,930 3,327,568 -1,035,533
18,764,842 19,673,887 20,159,623 20,511,098 20,849,028 17,521,460 18,556,993
19,118,626 18,764,842 19,673,887 20,159,623 20,511,098 20,849,028 17,521,460
0 0 0 0 0 0 1,356
525,903 527,441 511,967 498;415 509,165 485,735 590,441
588,688 806,249 579,820 379,363 718,363 919,799 -1,497,830
-1,358,341 -1,388,309 -1,420,659 -1,432,673 -1,434,269 -1,437,460 -1,989,586
-3,550 -3,454 -3,617 -3,595 -6,859 -3,750 -6,427
0 0 0 0 0 0 0
-247,300
4,624,857
-58,073
4,682,930
-332,489
5,015,419
-558,490
5,573,909
-213,600
5,787,509
-35,676
5,823,185
-2,902,046
8,725,231
4,377,557
4,624,857
4,682,930
5,015,419
5,573,909
5,787,509
5,823,185
22.90% 24.65% 23.80% 24.88% 27.18% 27.76% 33.23%
0 0 0 0 0 0 0
N/A N/A N/A N/A N/A N/A N/A
26
Appendix 3 —Continued
City of Fayetteville, Arkansas Firefighters Pension Fund
Schedule of Required Supplementary Information
Schedule of Net Pension Liability
FY ending
December 31,
(TPL) Total
Pension
Liability
Plan Net
Position
(NPL) Net
Pension
Liability
Net Position
as % of
TPL
Covered
Payroll
NPL
as % of
Payroll
12/31/2007
a
18,566,993
8,725,231
9,841,762
46.99%
0
N/A
12/31/2008
a
17,521,460
5,823,185
11,698,275
33.23%
0
N/A
12/31/2009
b 1
20,849,028
5,787,509
15,061,519
27.76%
0
N/A
12/31/2010
b 1
20,511,098
5,573,909
14,937,189
27.18%
0
N/A
12/31/2011
b
20,159,623
5,015,419
15,144,204
24.88%
0
N/A
12/31/2012
b
19,673,887
4,682,930
14,990,957
23.80%
0
N/A
12/31/2013
b
18,764,842
4,624,857
14,139,985
24.65%
0
N/A
12/31/2014
c
19,118,634 1
4,377,557
14,741,077
22.90%
1 0
N/A
Note: a full 10 year schedule will be completed as information is available.
a. 1983 GAM, 7.00%
b. 1983 GAM, 5.00%
c. 1983 GAM, 4.42%
27
Appendix 3 —Continued
City of Fayetteville, Arkansas Firefighters Pension Fund
Schedule of Required Supplementary Information
Schedule of Contributions
FY ending
December 31,
Actuarially
Determined
Contribution
Actual
Contribution
Contribution
Deficiency
Excess
Covered
Payroll
Contribution
as % of
Payroll
2005
2006
2007
2008
2009
2010
2011
2012
3,414,645
741,091
2,673,554
N/A
N/A
2013
3,380,092
747,511
2,632,581
N/A
N/A
2014
3,188,219
756,819
2,431,400
N/A
N/A
Key Assumptions for ADC:
Cost Method Entry Age Normal
Amortization Method Level dollar, open
Remaining amortization 5 years
Asset Valuation Market Value
Investment rate of return 5.00%
Mortality 1983 Group Annuity Mortality
Note: a full 10 year schedule will be completed as information is available.
28
Appendix 3 — Continued
City of Fayetteville, Arkansas Firefighters Pension Fund
Schedule of Required Supplementary Information
Schedule of Investment Returns
FY ending
December 31,
Annual
Money -weighted
Rate of Return
2005
1.91%
2006
10.13%
2007
7.52%
2008
-18.67%
2009
14.68%
2010
11.06%
2011
4.80%
2012
7.51%
2013
13.45%
2014
8.27%
The amounts shown are net of investment expenses.
The actuary calculated these rates with the information that was provided, therefore, these rates are annual
money -weighted. Monthly money -weighted returns are not available.
9
APPENDIX 4
Calculation of the Single Discount Rate
GASB 67 includes a specific requirement for the discount rate that is used for the purpose of
the measurement of the Total Pension Liability. This rate considers the ability of the fund to
meet benefit obligations in the future. To make this determination, employer contributions,
employee contributions, benefit payments, expenses and investment returns are projected into
the future. The Plan Net Position (assets) in future years can then be projected and compared
to the obligation to make benefit payments in those years. As long as assets are projected to
be on hand in a future year, the assumed valuation discount rate is used. In years where
assets are not projected to be sufficient to meet benefit payments, the use of a "risk-free" rate
is required. The single discount rate is equivalent to applying these two rates to the benefits
that are projected to be paid during the different time periods.
For the purpose of this valuation, the expected rate of return on pension plan investments if
5.0%; the municipal bond rate is 4.29%; and the resulting single discount rate is 4.4224%.
The following tables are shown in this exhibit to provide the background for the development
of the single discount rate:
• Projection of Benefit Payments and Actuarially Determined Contributions
• Projection of Contributions. Since this plan is frozen with no new participants, there
are no expected contributions projected for new participants
• Projection of Plan Fiduciary Net Position
• Present Values of Projected Benefit Payments
The Local Police and Fire Pension Funds do not have formal funding policies. They
typically contribute the amounts required by law as outlined in Exhibit 7. For purposes of
this projection, any millage amount is assumed to increase by 1% annually; the premium tax
and additional allocation revenues, if any, are changed in proportion to the Net Pension
Liability; all other sources are assumed to remain level.
These projections are generated under the guidelines of GASB 67 and the related
implementation guide. They should be used solely to determine the single discount rate as
defined in the GASB statements. Any implication beyond that determination is beyond the
scope of this report.
9M
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1, 2015
Projected Projected
Proiected Benefit Payments Net Pension Actuarially
Current Current Liability at Determined
Year Retirees DROP Actives Total Beg of Year Contribution
1
1,343,422
0
0
1,343,422
13,663,428
3,080,767
2
1,335,052
0
0
1,335,052
13,565,988
3,058,796
3
1,325,172
0
0
1,325,172
13,460,019
3,034,903
4
1,313,820
0
0
1,313,820
13,345,196
3,009,013
5
1,301,050
0
0
1,301,050
13,221,179
2,981,051
6
1,286,874
0
0
1,286,874
13,087,621
2,950,937
7
1,271,232
0
0
1,271,232
12,944,160
2,918,590
8
1,254,038
0
0
1,254,038
12,790,422
2,883,925
9
1,235,235
0
0
1,235,235
12,626,021
2,846,857
10
1,214,725
0
0
1,214,725
13,232,757
2,983,661
11
1,192,387
0
0
1,192,387
12,644,602
2,851,047
12
1,168,123
0
0
1,168,123
12,050,021
2,716,983
13
1,141,852
0
0
1,141,852
11,450,675
2,581,846
14
1,113,545
0
0
1,113,545
10,848,393
2,446,046
15
1,083,087
0
0
1,083,087
10,245,119
2,310,022
16
1,050,438
0
0
1,050,438
9,643,019
2,174,264
17
1,015,723
0
0
1,015,723
9,044,406
2,039,291
18
978,968
0
0
978,968
8,451,580
1,905,623
19
940,281
0
0
940,281
7,866,928
1,773,799
20
899,867
0
0
899,867
7,292,848
1,644,358
21
857,923
0
0
857,923
6,731,644
1,517,820
22
814,728
0
0
814,728
6,185,535
1,394,686
23
770,492
0
0
770,492
5,656,562
1,275,416
24
725,426
0
0
725,426
5,146,654
1,160,444
25
679,845
0
0
679,845
4,657,617
1,050,178
26
633,971
0
0
633,971
4,191,026
944,973
27
588,015
0
0
588,015
3,74&304
845,150
28
542,261
0
0
542,261
3,330,728
750,997
29
497,010
0
0
497,010
2,939,349
662,751
30
452,514
0
0
452,514
2,574,958
580,590
31
409,017
0
0
409,017
2,238,128
504,643
32
366,807
0
0
366,807
1,929,210
434,989
33
326,183
0
0
326,183
1,648,273
371,645
34
287,340
0
0
287,340
1,395,086
314,558
35
250,498
0
0
250,498
1,169,206
263,627
36
216,016
0
0
216,016
969,936
218,697
37
184,200
0
0
184,200
796,181
179,519
38
155,170
0
0
155,170
646,471
145,763
39
129,051
0
0
129,051
519,145
117,055
40
106,001
0
0
106,001
412,326
92,969
41
85,988
0
0
85,988
323,881
73,027
42
68,850
0
0
68,850
251,604
56,730
43
54,406
0
0
54,406
193,346
43,595
44
42,480
0
0
42,480
147,037
33,153
45
32,806
0
0
32,806
110,682
24,956
46
25,052
0
0
25,052
82,463
18,593
47
18,915
0
0
18,915
60,811
13,711
48
14,146
0
0
14,146
44,391
10,009
49
10,486
0
0
10,486
32,055
7,228
50
7,690
0
0
7,690
22,869
5,156
31
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1, 2015
Projected Projected
Projected Benefit Payments Net Pension Actuarially
Current Current Liability at Determined
Year Retirees DROP Actives Total Beg of Year Contribution
51
5,569
0
0
5,569
16,101
3,630
52
3,980
0
0
3,980
11,176
2,520
53
2,803
0
0
2,803
7,640
1,723
54
1,941
0
0
1,941
5,139
1,159
55
1,321
0
0
1,321
3,398
766
56
882
0
0
882
2,209
498
57
578
0
0
578
1,412
318
58
372
0
0
372
887
200
59
235
0
0
235
549
124
60
146
0
0
146
334
75
61
89
0
0
89
201
45
62
54
0
0
54
119
27
63
32
0
0
32
69
16
64
19
0
0
19
40
9
65
11
0
0
11
22
5
66
6
0
0
6
11
3
67
3
0
0
3
6
1
68
2
0
0
2
2
1
69
1
0
0
1
1
0
70
0
0
0
0
0
0
71
0
0
0
0
0
0
72
0
0
0
0
0
0
73
0
0
0
0
0
0
74
0
0
0
0
0
0
75
0
0
0
0
0
0
76
0
0
0
0
0
0
77
0
0
0
0
0
0
78
0
0
0
0
0
0
79
0
0
0
0
0
0
80
0
0
0
0
0
0
81
0
0
0
0
0
0
82
0
0
0
0
0
0
83
0
0
0
0
0
0
84
0
0
0
0
0
0
85
0
0
0
0
0
0
86
0
0
0
0
0
0
87
0
0
0
0
0
0
88
0
0
0
0
0
0
89
0
0
0
0
0
0
90
0
0
0
0
0
0
91
0
0
0
0
0
0
92
0
0
0
0
0
0
93
0
0
0
0
0
0
94
0
0
0
0
0
0
95
0
0
0
0
0
0
96
0
0
0
0
0
0
97
0
0
0
0
0
0
98
0
0
0
0
0
0
99
0
0
0
0
0
0
100
0
0
0
0
0
0
32
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1, 2015
33
Payroll for
Employee
Employer
Employer
Employer
Employer
Current
Contributions
Contributions
Contributions
Contributions
Contributions
Total
Year
Employees
Current Emps.
Millage
Other
Prem Tax
Add Alloc
Contribuitons
1
0
0
525,000
0
182,500
49,000
756,500
2
0
0
530,250
0
181,199
48,651
760,099
3
0
0
535,553
0
179,783
48,271
763,606
4
0
0
540,908
0
178,249
47,859
767,016
5
0
0
546,317
0
176,593
47,414
770,324
6
0
0
551,780
0
174,809
46,935
773,524
7
0
0
557,298
0
172,893
46,421
776,612
8
0
0
562,871
0
170,839
45,869
779,580
9
0
0
568,500
0
168,644
45,280
782,423
10
0
0
574,185
0
176,748
47,456
798,388
11
0
0
579,927
0
168,892
45,346
794,165
12
0
0
585,726
0
160,950
43,214
789,890
13
0
0
591,583
0
152,945
41,065
785,592
14
0
0
597,499
0
144,900
38,905
781,304
15
0
0
603,474
0
136,842
36,741
777,057
16
0
0
609,509
0
128,800
34,582
772,891
17
0
0
615,604
0
120,805
32,435
768,844
18
0
0
621,760
0
112,886
30,309
764,955
19
0
0
627,977
0
105,077
28,213
761,267
20
0
0
634,257
0
97,409
26,154
757,820
21
0
0
640,600
0
89,913
24,141
754,654
22
0
0
647,006
0
82,619
22,183
751,808
23
0
0
653,476
0
75,554
20,286
749,315
24
0
0
660,011
0
68,743
18,457
747,211
25
0
0
666,611
0
62,211
16,703
745,525
26
0
0
673,277
0
55,979
15,030
744,286
27
0
0
680,010
0
50,065
13,442
741517
28
0
0
686,810
0
44,488
11,945
743,242
29
0
0
693,678
0
39,260
10,541
743,479
30
0
0
700,615
0
34,393
9,234
744,242
31
0
0
707,621
0
29,894
8,026
745,541
32
0
0
714,697
0
25,768
6,919
747,384
33
0
0
721,844
0
22,016
5,911
749,771
34
0
0
729,062
0
18,634
5,003
752,699
35
0
0
736,353
0
15,617
4,193
756,163
36
0
0
743,716
0
12,955
3,478
760,150
37
0
0
751,154
0
10,634
2,855
764,643
38
0
0
758,665
0
8,635
2,318
769,618
39
0
0
766,252
0
6,934
1,862
775,048
40
0
0
773,914
0
5,507
1,479
780,900
41
0
0
781,653
0
4,326
1,162
787,141
42
0
0
789,470
0
3,361
902
793,733
43
0
0
797,365
0
2,582
693
800,641
44
0
0
805,338
0
1,964
527
807,830
45
0
0
813,392
0
1,478
397
815,267
46
0
0
821,526
0
1,101
296
822,923
47
0
0
829,741
0
812
218
830,771
48
0
0
838,038
0
593
159
838,790
49
0
0
846,419
0
428
115
846,962
50
0
0
854,883
0
305
82
855,270
33
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit Payments Beginning January 1, 2015
34
Payroll for
Employee
Employer
Employer
Employer
Employer
Current
Contributions
Contributions
Contributions
Contributions
Contributions
Total
Year
Employees
Current Emps.
Millage
Other
Prem Tax
Add Alloc
Contribuitons
51
0
0
863,432
0
215
58
863,705
52
0
0
872,066
0
149
40
872,255
53
0
0
880,787
0
102
27
880,916
54
0
0
889,595
0
69
18
889,682
55
0
0
898,490
0
45
12
898,548
56
0
0
907,475
0
30
8
907,513
57
0
0
916,550
0
19
5
916,574
58
0
0
925,716
0
12
3
925,731
59
0
0
934,973
0
7
2
934,982
60
0
0
944,323
0
4
1
944,328
61
0
0
953,766
0
3
1
953,769
62
0
0
963,303
0
2
0
963,305
63
0
0
972,936
0
1
0
972,938
64
0
0
982,666
0
1
0
982,666
65
0
0
992,492
0
0
0
992,493
66
0
0
1,002,417
0
0
0
1,002,418
67
0
0
1,012,442
0
0
0
1,012,442
68
0
0
1,022,566
0
0
0
1,022,566
69
0
0
1,032,792
0
0
0
1,032,792
70
0
0
1,043,120
0
0
0
1,043,120
71
0
0
1,053,551
0
0
0
1,053,551
72
0
0
1,064,086
0
0
0
1,064,086
73
0
0
1,074,727
0
0
0
1,074,727
74
0
0
1,085,474
0
0
0
1,085,474
75
0
0
1,096,329
0
0
0
1,096,329
76
0
0
1,107,292
0
0
0
1,107,292
77
0
0
1,118,365
0
0
0
1,118,365
78
0
0
1,129,549
0
0
0
1,129,549
79
0
0
1,140,845
0
0
0
1,140,845
80
0
0
1,152,253
0
0
0
1,152,253
81
0
0
1,163,775
0
0
0
1,163,775
82
0
0
1,175,413
0
0
0
1,175,413
83
0
0
1,187,167
0
0
0
1,187,167
84
0
0
1,199,039
0
0
0
1,199,039
85
0
0
1,211,029
0
0
0
1,211,029
86
0
0
1,223,140
0
0
0
1,223,140
87
0
0
1,235,371
0
0
0
1,235,371
88
0
0
1,247,725
0
0
0
1,247,725
89
0
0
1,260,202
0
0
0
1,260,202
90
0
0
1,272,804
0
0
0
1,272,804
91
0
0
1,285,532
0
0
0
1,285,532
92
0
0
1,298,387
0
0
0
1,298,387
93
0
0
1,311,371
0
0
0
1,311,371
94
0
0
1,324,485
0
0
0
1,324,485
95
0
0
1,337,730
0
0
0
1,337,730
96
0
0
1,351,107
0
0
0
1,351,107
97
0
0
1,364,618
0
0
0
1,364,618
98
0
0
1,378,264
0
0
0
1,378,264
99
0
0
1,392,047
0
0
0
1,392,047
100
0
0
1,405,968
0
0
0
1,405,968
34
35
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount
Rate Devleopment
Projection of Benefit
Payments Beginning January 1, 2015
Projected
Projected
Beginning
Projected
Projected Projected
Investment
Ending
Plan Net
Total
Benefit Admin
Earnings
Plan Net
Year
Position
Contributions
Payments Expenses
5.00%
Position
1
4,377,557
756,500
1,343,422
0
204,205
3,994,840
2
3,994,840
760,099
1,335,052
0
185,368
3,605,256
3
3,605,256
763,606
1,325,172
0
166,224
3,209,914
4
3,209,914
767,016
1,313,820
0
146,826
2,809,936
5
2,809,936
770,324
1,301,050
0
127,229
2,406,439
6
2,406,439
773,524
1,286,874
0
107,488
2,000,578
7
2,000,578
776,612
1,271,232
0
87,663
1,593,620
8
1,593,620
779,580
1,254,038
0
67,820
1,186,982
9
1,186,982
782,423
1,235,235
0
48,029
0
10
0
798,388
1,214,725
0
-10,408
0
11
0
794,165
1,192,387
0
-9,956
0
12
0
789,890
1,168,123
0
-9,456
0
13
0
785,592
1,141,852
0
-8,906
0
14
0
781,304
1,113,545
0
-8,306
0
15
0
777,057
1,083,087
0
-7,651
0
16
0
772,891
1,050,438
0
-6,939
0
17
0
768,844
1,015,723
0
-6,172
0
18
0
764,955
978,968
0
-5,350
0
19
0
761,267
940,281
0
-4,475
0
20
0
757,820
899,867
0
-3,551
0
21
0
754,654
857,923
0
-2,582
0
22
0
751,808
814,728
0
-1,573
0
23
0
749,315
770,492
0
-529
0
24
0
747,211
725,426
0
545
0
25
0
745,525
679,845
0
1,642
0
26
0
744,286
633,971
0
2,758
0
27
0
743,517
588,015
0
3,888
0
28
0
743,242
542,261
0
51025
0
29
0
743,479
497,010
0
61162
0
30
0
744,242
452,514
0
7,293
0
31
0
745,541
409,017
0
8,413
0
32
0
747,384
366,807
0
9,514
0
33
0
749,771
326,183
0
10,590
0
34
0
752,699
287,340
0
11,634
0
35
0
756,163
250,498
0
12,642
0
36
0
760,150
216,016
0
13,603
0
37
0
764,643
184,200
0
14,511
0
38
0
769,618
155,170
0
15,361
0
39
0
775,048
129,051
0
16,150
0
40
0
780,900
106,001
0
16,872
0
41
0
787,141
85,988
0
17,529
0
42
0
793,733
68,850
0
18,122
0
43
0
800,641
54,406
0
18,656
0
44
0
807,830
42,480
0
19,134
0
45
0
815,267
32,806
0
19,562
0
46
0
822,923
25,052
0
19,947
0
47
0
830,771
18,915
0
20,296
0
48
0
838,790
14,146
0
20,616
0
49
0
846,962
10,486
0
20,912
0
50
0
855,270
7,690
0
21,190
0
35
36
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection of Benefit
Payments Beginning January 1,
2015
Projected
Projected
Beginning
Projected
Projected Projected
Investment
Ending
Plan Net
Total
Benefit Admin
Earnings
Plan Net
Year
Position
Contributions
Payments Expenses
5.00%
Position
51
0
863,705
5,569
0
21,453
0
52
0
872,255
3,980
0
21,707
0
53
0
880,916
2,803
0
21,953
0
54
0
889,682
1,941
0
22,194
0
55
0
898,548
1,321
0
22,431
0
56
0
907,513
882
0
22,666
0
57
0
916,574
578
0
22,900
0
58
0
925,731
372
0
23,134
0
59
0
934,982
235
0
23,369
0
60
0
944,328
146
0
23,605
0
61
0
953,769
89
0
23,842
0
62
0
963,305
54
0
24,081
0
63
0
972,938
32
0
24,323
0
64
0
982,666
19
0
24,566
0
65
0
992,493
11
0
24,812
0
66
0
1,002,418
6
0
25,060
0
67
0
1,012,442
3
0
25,311
0
68
0
1,022,566
2
0
25,564
0
69
0
1,032,792
1
0
25,820
0
70
0
1,043,120
0
0
26,078
0
71
0
1,053,551
0
0
26,339
0
72
0
1,064,086
0
0
26,602
0
73
0
1,074,727
0
0
26,868
0
74
0
1,085,474
0
0
27,137
0
75
0
1,096,329
0
0
27,408
0
76
0
1,107,292
0
0
27,682
0
77
0
1,118,365
0
0
27,959
0
78
0
1,129,549
0
0
28,239
0
79
0
1,140,845
0
0
28,521
0
80
0
1,152,253
0
0
28,806
0
81
0
1,163,775
0
0
29,094
0
82
0
1,175,413
0
0
29,385
0
83
0
1,187,167
0
0
29,679
0
84
0
1,199,039
0
0
29,976
0
85
0
1,211,029
0
0
30,276
0
86
0
1,223,140
0
0
30,578
0
87
0
1,235,371
0
0
30,884
0
88
0
1,247,725
0
0
31,193
0
89
0
1,260,202
0
0
31,505
0
90
0
1,272,804
0
0
31,820
0
91
0
1,285,532
0
0
32,138
0
92
0
1,298,387
0
0
32,460
0
93
0
1,311,371
0
0
32,784
0
94
0
1,324,485
0
0
33,112
0
95
0
1,337,730
0
0
33,443
0
96
0
1,351,107
0
0
33,778
0
97
0
1,364,618
0
0
34,115
0
98
0
1,378,264
0
0
34,457
0
99
0
1,392,047
0
0
34,801
0
100
0
1,405,968
0
0
35,149
0
36
37
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection
of Benefit Payments Beginning January
1, 2015
Present Value Present Value Present
Value
Beginning
Projected
Funded
Unfunded
Funded
Unfunded
Projected
Plan Net
Benefit
Portion of
Portion of
Portion of
Portion of
Payments at
Year
Position
Payments
Payments
Payments
Payments
Payments Single
Disc. Rate
1
4,377,557
1,343,422
1,343,422
0
1,316,387
0
1,319,416
2
3,994,840
1,335,052
1,335,052
0
1,245,891
0
1,255,665
3
3,605,256
1,325,172
1,325,172
0
1,177,781
0
1,193,587
4
3,209,914
1,313,820
1,313,820
0
1,112,088
0
1,133,245
5
2,809,936
1,301,050
1,301,050
0
1,048,836
0
1,074,702
6
2,406,439
1,286,874
1,286,874
0
988,008
0
1,017,974
7
2,000,578
1,271,232
1,271,232
0
929,523
0
963,012
8
1,593,620
1,254,038
1,254,038
0
873,286
0
909,754
9
1,186,982
1,235,235
1,186,982
48,253
787,228
33,883
858,161
10
0
1,214,725
0
1,214,725
0
817,886
808,172
11
0
1,192,387
0
1,192,387
0
769,821
759,713
12
0
1,168,123
0
1,168,123
0
723,133
712,733
13
0
1,141,852
0
1,141,852
0
677,792
667,197
14
0
1,113,545
0
1,113,545
0
633,800
623,102
15
0
1,083,087
0
1,083,087
0
591,106
580,391
16
0
1,050,438
0
1,050,438
0
549,705
539,056
17
0
1,015,723
0
1,015,723
0
509,673
499,166
18
0
978,968
0
978,968
0
471,023
460,728
19
0
940,281
0
940,281
0
433,799
423,779
20
0
899,867
0
899,867
0
398,077
388,389
21
0
857,923
0
857,923
0
363,910
354,604
22
0
814,728
0
814,728
0
331,372
322,488
23
0
770,492
0
770,492
0
300,489
292,062
24
0
725,426
0
725,426
0
271,276
263,334
25
0
679,845
0
679,845
0
243,772
236,336
26
0
633,971
0
633,971
0
217,972
211,055
27
0
588,015
0
588,015
0
193,856
187,465
28
0
542,261
.0
542,261
0
171,417
165,557
29
0
497,010
0
497,010
0
150,650
145,315
30
0
452,514
0
452,514
0
131,520
126,702
31
0
409,017
0
409,017
0
113,988
109,673
32
0
366,807
0
366,807
0
98,020
94,189
33
0
326,183
0
326,183
0
83,579
80,211
34
0
287,340
0
287,340
0
70,597
67,666
35
0
250,498
0
250,498
0
59,014
56,492
36
0
216,016
0
216,016
0
48,797
46,652
37
0
184,200
0
184,200
0
39,898
38,097
38
0
155,170
0
155,170
0
32,228
30,733
39
0
129,051
0
129,051
0
25,700
24,478
40
0
106,001
0
106,001
0
20,242
19,254
41
0
85,988
0
85,988
0
15,745
14,958
42
0
68,850
0
68,850
0
12,088
11,469
43
0
54,406
0
54,406
0
9,159
8,679
44
0
42,480
0
42,480
0
6,857
6,490
45
0
32,806
0
32,806
0
5,078
4,800
46
0
25,052
0
25,052
0
3,718
3,510
47
0
18,915
0
18,915
0
2,692
2,538
48
0
14,146
0
14,146
0
1,930
1,818
49
0
10,486
0
10,486
0
1,372
1,290
50
0
7,690
0
7,690
0
965
906
37
Year
38
City of Fayetteville, Arkansas Firefighters Pension Fund
Single Discount Rate Devleopment
Projection
of Benefit Payments Beginning January 1, 2015
Present Value
Present Value Present Value
Beginning
Projected
Funded Unfunded Funded
Unfunded
Projected
Plan Net
Benefit
Portion of Portion of Portion of
Portion of
Payments at
Position
Payments
Payments Payments Payments
Payments Single
Disc. Rate
51
0
5,569
0 5,569
0
670
628
52
0
3,980
0 3,980
0
459
430
53
0
2,803
0 2,803
0
310
290
54
0
1,941
0 1,941
0
206
192
55
0
1,321
0 1,321
0
134
125
56
0
882
0 882
0
86
80
57
0
578
0 578
0
54
50
58
0
372
0 372
0
33
31
59
0
235
0 235
0
20
19
60
0
146
0 146
0
12
11
61
0
89
0 89
0
7
7
62
0
54
0 54
0
4
4
63
0
32
0 32
0
2
2
64
0
19
0 19
0
1
1
65
0
11
0 11
0
1
1
66
0
6
0 6
0
0
0
67
0
3
0 3
0
0
0
68
0
2
0 2
0
0
0
69
0
1
0 1
0
0
0
70
0
0
0 0
0
0
0
71
0
0
0 0
0
0
0
72
0
0
0 0
0
0
0
73
0
0
0 0
0
0
0
74
0
0
0 0
0
0
0
75
0
0
0 0
0
0
0
76
0
0
0 0
0
0
0
77
0
0
0' 0
0
0
0
78
0
0
0 0
0
0
0
79
0
0
0 0
0
0
0
80
0
0
0 0
0
0
0
81
0
0
0 0
0
0
0
82
0
0
0 0
0
0
0
83
0
0
0 0
0
0
0
84
0
0
0 0
0
0
0
85
0
0
0 0
0
0
0
86
0
0
0 0
0
0
0
87
0
0
0 0
0
0
0
88
0
0
0 0
0
0
0
89
0
0
0 0
0
0
0
90
0
0
0 0
0
0
0
91
0
0
0 0
0
0
0
92
0
0
0 0
0
0
0
93
0
0
0 0
0
0
0
94
0
0
0 0
0
0
0
95
0
0
0 0
0
0
0
96
0
0
0 0
0
0
0
97
0
0
0 0
0
0
0
98
0
0
0 0
0
0
0
99
0
0
0 0
0
0
0
100
0
0
0 0
0
0
0
9,479,029
9,639,597
19,118,634
19,118,626
38
FAYETTEVILLE FIREFIGHTERS PENSION FUND
SPECIAL REPORT
PRESENTED SEPTEMBER 29, 2015
Osborn, Carreiro & Associates, Inc.
ACTUARIES • CONSULTANTS • ANALYSTS
124 West Capitol Avenue, Suite 1690
Little Rock, AR 72201 (501)376-8043
•
1690
Osborn, CaITeiro & Associates, Inc. One Union National Plaza, Suite
124 West Capitol Avenue
•
ACTUARIES • CONSULTANTS • ANALYSTS Little Rock, Arkansas 72201
(501) 376-8043
FAX (501) 376-7847
September 28, 2015
Fayetteville Fire Pension and Relief Fund
c/o City of Fayetteville
113 West Mountain
Fayetteville, AR 72701
RE: Fayetteville Fire Pension Fund
Ladies and Gentlemen:
This report presents the results of our January 1, 2015 actuarial study of the assets and liabilities
of the Fayetteville Fire Pension and Relief Fund (the "Pension Fund"). This report goes beyond
the present value of the liabilities calculated in the regular valuation to show the timing and
development of the income and expense streams. These streams are then reviewed with various
proposals to improve the long term security of the Pension Fund.
This report was completed according to the request of the Arkansas Fire and Police Pension
Review Board (PRB). The PRB is providing this information to the Pension Fund to meet their
obligation to provide options to improve funding as described in ACA §24-11-208.
PROCESS
We prepared a cash flow analysis. We first project out the benefit payments from the Pension
Fund for the next 50 years. Next, the contribution income to the fund was projected. The
contribution income includes the member contribution, the city match, local millage
contributions, and insurance premium tax distributions. Exhibit 7 details the assumptions we
made regarding these contributions. Note that in the 2011 legislative session, the methodology
for allocating insurance premium taxes was.changed and was first implemented in 2012. This
report reflects that change.
Once the benefit payout and contribution income projections were prepared, investment income
was added. Instead of assuming a single level rate of return, we have simulated the investment
results based on your current and expected future asset allocation. Exhibit 2 shows the results.
•
0
r�
•
Fayetteville Fire Pension — p 2
September 28, 2015
CURRENT STATUS OF FUND
Osborn, Carreiro & Associates, Inc.
ACTUARIES CONSULTANTS ANALYSTS
If no changes are made, the Pension Fund is expected to deplete its assets between 10 and 15
years from now. We calculated the risk of ruin to be over 80%. That is, in 80% of the simulated
results the Pension Fund spends all of its assets before all benefits are paid. The graph in Exhibit
2 shows the various outcomes of the simulations. Therefore, we would conclude that without
some significant change in the plan's cash flows, the Fund will run out of money.
This risk of ruin is slightly lower than projections showed five years ago due to a number of
factors, but the risk is still at an unacceptable level. The plan's position was better than projected
primarily due to stellar investment returns, favorable mortality experience, and large increases in
premium tax revenues due to legislation enacted in 2011.
The report completed as of January 1, 2010 (five years ago) projected that the Unfunded Accrued
Liability would be about $15.4 million by 12/31/2014. The actual UAL at 12/31/2014 was about
$13.9 million. This $1.5 million difference is comprised primarily of investment earnings above
the assumed amount ($940,000), the large increases in premium tax revenues due to the new
formula ($317,000), and mortality experience gains ($280,000).
POSSIBLE ACTIONS
We were asked to look at possible actions that could be taken by the board of the Pension Fund
or the city in an effort to ensure that all benefits are paid to all participants. Several of these
changes as well as the pros and cons of each action are discussed in Exhibits 1 and 3. Exhibit 1
describes the options available as a locally administered fund. Exhibit 3 discusses the options
available under a LOPFI consolidation. The purpose of the report is not to dictate a particular
action, but to describe for the board and the city the effects of different actions.
The possible actions reviewed are:
1. . No change in current plan, investment strategy or income.
2. Additional city contributions
3. LOPFI consolidation — 25 -year amortization
4. LOPFI consolidation — 15 -year amortization
Osborn, Carreiro & Associates, Inc. •
Fayetteville Fire Pension — p 3 ACTUARIES
September 28, 2015
PROJECTION DETAILS
CONSULTANTS ANALYSTS
In order the aid the city with its decision regarding LOPFI consolidation, we have added two
appendices which include several charts projecting the status of the plan under several different
assumptions. The key results of these projections are discussed in Exhibit 1 (Appendix A) and
Exhibit 3 (Appendix B).
CONCLUSIONS
Generally, we would conclude that the plan's position is likely to deteriorate without additional
revenue and that LOPFI consolidation will become more expensive the longer the board waits to
act. We would expect the plan to earn higher investment returns under LOPFI administration,
partially due to the removal of liquidity constraints, although the city would be required to make
the calculated contributions every year.
Note that the results shown in this study are projections, and not predictions. The results of our
projections depend, of course, upon the actuarial assumptions being met. The actual results
WILL vary on a year -by -year basis from the projections. Because of the size of the group, some
of the results may vary materially from these projections. This report is based on the participant
and financial data you supplied to the Arkansas Fire and Police Pension Review Board. We did
not audit this, data, although we did review it for reasonableness and consistency. This report is
not intended for any other purpose or for use by persons who are not familiar with such matters.
If you have any questions or comments, please let me know.
Sincerely,
foCti LJ'liV.za.J
)Carreiro, A.S.A., _M.A.A.A.
Actuary
•
L
TABLE OF CONTENTS
EXHIBIT I
POSSIBLE ACTIONS - LOCAL PLAN
EXHIBIT 2
SIMULATION RESULTS
EXHIBIT 3
POSSIBLE ACTIONS - LOPFI ADMINISTRATION
EXHIBIT 4
HISTORICAL FINANCIAL INFORMATION
EXHIBIT 5
MEMBER DATA PROFILES
EXHIBIT 6
SUMMARY OF THE PLAN'S PROVISIONS
EXHIBIT 7
ACTUARIAL AND SIMULATION ASSUMPTIONS
APPENDIX A
PROJECTION DETAILS - LOCAL PLAN
APPENDIX B
PROJECTION DETAILS - LOPF] ADMINISTRATION
1
•
EXHIBIT 1
POSSIBLE ACTIONS — LOCAL PLAN
This report is to provide possible actions and the projected effects of those actions. This should
provide the Board with the tools it needs to make important decisions for the future of the
Fund. The following is a discussion of possible changes in the Pension Fund, along with
positive and negative effects, if the plan remains under local control. We also make reference
to projections we have made, included in Appendix A, which model the potential impact of
each action. The discussion of various forms of LOPH consolidation are included as Exhibit 3.
No Changes. The Pension Fund could continue on the same path that they are currently
pursuing. The base benefit projection shows that the Pension Fund would deplete assets in
2020. If you assume the city would then be responsible for the benefit payments, then the
additional contributions needed would be benefit payments in excess of millage and premium
tax.
Positive. The Fund nor the City have to take any additional action at this time.
Negative. The projections show that the Fund cannot "earn" its way out of this in the
long term. The projection shows that the Fund would need to earn about 10% every
year to not deplete assets. A portfolio that could earn 10% would necessarily have a
very high variance. •
Negative. If the Fund did deplete its assets, the City is assumed to be responsible for
picking up the benefit payments. This would be difficult for the City and would be a
public relations problem.
Negative. The bond rating services do review the pension liabilities contained in the
City's financial reports. If the unfunded liabilities continue to grow or the Fund is
depleted, it could affect the City's ability to issue bonds. Please note that GASB67/68
moves the unfunded liability up to be a balance sheet item.
Scenario A of Appendix A illustrates a projection of the Fund's position, assuming no changes,
using the PRB's 5% investment return assumption with 1% millage growth. The plan projects
to deplete assets in 9-10 years, with additional contributions required to make up the shortfall
until approximately 2034. The expected first year LOPFI contribution continues to rise until
assets are depleted.
Scenario B also models the Fund's position with no changes, but under the assumption of 2%
annual millage growth. Under this scenario, the Fund would deplete its assets approximately 1
year later than in Scenario A, but the Fund would still require additional contributions for seven
years in order to cover benefit payments.
•
CJ
EXHIBIT 1 (continued)
Additional City Contribution. The City could find additional contributions to be made to the
Pension Fund to reduce the risk of ruin to an acceptable level, that is, 5%. We ran various
simulations to solve for the additional amount needed over 15 years ($200,000) and over 30
years ($150,000).
Positive. The City significantly reduces the risk of having to pay benefits from general
assets.
Positive. The City improves its financial statement by reducing the unfunded liabilities
and possibly their standing with bond underwriters.
Negative. The current economic conditions make it difficult for cities to find any
additional money for pension plans.
Scenarios C and D of Appendix A show projections under circumstances where the city board
started making such additional contributions to the Fund. How these amounts were determined
is discussed in further detail in Exhibit 2.
Scenario C illustrates the impact of an additional $150,000 per year in contributions over the
• projection period (at 5% investment return and 1% millage growth). The assets would decline
to about $1.3 million before stabilizing somewhere around 2029, and revenues would cover
benefit payments in approximately 2031.
Scenario D uses the same assumptions to show the impact of an additional $200,000 per year
over the next 15 years. The plan's unfunded liability would steadily be paid off, although the
Fund would still not be fully funded by 2039. Assets would decline until approximately 2026
before stabilizing just above $2.3 million.
Under both of these scenarios, future LOPFI consolidation costs are lower than in Scenarios A
and B, as the unfunded liability is lower—the earlier the contributions are made, the better.
EXHIBIT 2
SIMULATION RESULTS
Following this page there is a series of three graphs showing the projected assets and the
probabilities based on the simulation of investment results. These results are based on the
actuarial assumptions concerning income and benefits detailed in Exhibit 7. The simulation
looked at 2,000 series of 30 year investment results. The graph is read that the worst 5% of the
results fall below the first red line, the worst 10% fall below the first blue line. The green line
is where half of the results were better and half were worse. The three graphs are as follows:
Current Plan. This is the plan as it is now with no additional income. Over 80% of the results
depleted the fund, so even the median .(green) line goes to zero. Another thing to note is that
many simulations which deplete assets have losses in the first few years. In other words, the
fund cannot afford another big loss in the near term.
Additional Amount for 30 Years. We ran several simulations to find the additional city
money that would be needed to reduce the risk of ruin to about 5%. This would be considered
an acceptable level of risk. The graph shows that $150,000 additional every year for 30 years
would reduce the risk to about 5%. We should also note that additional money and moving to a
more conservative portfolio as the Fund becomes better funded further reduces risk. •
Additional Amount for 15 Years. We also solved for an additional city contribution over the
next 15 years to reduce the risk of ruin to about 5%. This amount was found to be $200,000.
This is shown in the last graph.
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EXHIBIT 3
POSSIBLE ACTIONS — LOPFI ADMINISTRATION
This report is to provide possible actions and the projected effects of those actions. This should
provide the Pension Fund with the tools they need to make important decisions for the future of
the Fund. The following is a discussion of possible changes in the Pension Fund, along with
positive and negative effects, under possible LOPFI consolidation options. We also make
reference to projections we have made, included in Appendix 13, which model the potential
impact of each action.
LOPFI Consolidation. A consolidation would allow the City to use its current income
streams of millage and premium tax along with other City funds to pay the unfunded liabilities
over a 15 or 25 year period based on the LOPH assumptions. Our projections considered both
15- and 25 -year amortizations, but we believe that the 15 -year option would be far too
expensive for the city's budget given current revenue streams.
Positive. After consolidation, the benefits are guaranteed by the LOPFI system. This
removes the risk of ruin from the City and the Fund.
Positive. GASB 67/68 will move the unfunded liability from the footnotes to the
balance sheet of the City. Consolidation will allow the use of higher investment
assumptions and therefore improve the City's financial statement and also improve its •
standing with bond underwriters.
Negative. The City must agree to pay whatever the actuarially calculated costs are
under LOPFI. The dollar cost of consolidation increases 4% a year before recognition
of other gains or losses. This is faster than premium tax and millage is projected to
grow.
Negative. The local board of the Pension Fund is dissolved. There can be benefit
improvements (for example, COLAs) in the future, but they come with the City
agreeing to pay whatever the actuarially calculated costs are under LOPFI.
LOPFI 25-yea'r Closed Amortization. Scenarios E through I all use LOPFI's 8% investment
income and discount rate assumptions: For this reason, the projected investment income is
higher and the calculated accrued liability is lower than in the non -consolidation scenarios.
Scenarios E - I project 25 -year amortizations, while Scenarios J - L look at a 15 -year
amortizations. Each of these projections assumes that any Fund revenue in excess of the
required LOPFI consolidation payment would be used to pay down the unfunded liability.
Scenario E uses the assumptions described above (25 -year amortization, 8% discount), with a
millage assumed to increase 3% per year. The city could currently afford the LOPFI payment
without any additional contributions if all other assumptions are met. The rate of increase over
the period shown in Exhibit 4 is just over 3% per year. However, we reviewed other scenarios
with lower millage growth, since the past five years has only shown 1.5% per year growth.
0
•
EXHIBIT 3 (continued)
Scenarios F and G show a 2% millage growth per year. The LOPFI payments are covered in
the first several years using current revenues. However, because the LOPFI payment increases
4% per year, current. revenues streams are projected to be insufficient in about 18 years. At that
point, the city would need to come up with additional contributions. Scenario G shows that this
shortfall is equivalent to about 30,000 per year in additional contributions over the period.
Scenarios H and I show a I% iniIlage growth per year. The LOPFI payments are covered in
the first several years using current revenues. However, because the LOPFI payment increases
4% per year, current revenues streams are projected to be insufficient in about 12 years. At that
point, the city would need to come up with additional contributions. Scenario I shows that this
shortfall is equivalent to about 90,000 per year in additional contributions over the period.
These Scenarios (F - I) were generated to illustrate the risk involved with different levels of
growth in future millage income.
LOPFI 15 -year Closed Amortization, Scenarios J - L show projections of the Fund under a
15 -year consolidation. This was the only option that LOPFI had available when discussed five
years ago. Scenario J projects the Fund's position under a 15 -year amortization using a 3%
annual millage growth assumption. Scenario K shows 2% millage growth and Scenario L
• shows 1% millage growth. All scenarios show that even though the initial LOPFI payment
could be afforded using current resources, additional resources would be needed in the second
and remaining years.
In conclusion, we don't believe that the city could currently afford I5 -year amortization option
consolidation with current fund revenue streams. However a 25 -year amortization
consolidation plan, using current millage and premium tax sources.as payment, may be feasible
without additional contributions. As the differences among these scenarios suggest, future
projections are sensitive to variation in future investment returns, mortality experience, and
millage growth—any deviation from what we have projected could have a significant impact
(to the city's benefit or to its detriment) when considering the plan's future financial position.
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Exhibit 5
Employee Profile
Employee data needed for the valuation was obtained from the records furnished by the
Arkansas Fire and Police Pension Review Board. The following table shows a
detailed breakdown of the present participants by the number of participants and total
salary.
Actives
Years of Service
30 and
Age 0-5 5-10 10-15 15-20 20-25 25-30 Over Total
Under
Count
0
0
0
0
0
0
0 0
25
Salary
0
0
0
0
0
0
0 0
25-29
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0; 0
30-34
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
35-39
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
40-44
Count
0
0
0
0
0
0
0, 0
Salary
0
0
0
0
0
0
0 0
45-49
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
50-54
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0. 0
55-59
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
60-64
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
65 &
Count
0
0
0
0
0
0
0 0
Over
Salary
0
0
0
0
0
0
0 0
Unknown
Count
0
0
0
0
0
0
0 0
Age
Salary
0
0
0
0
0
0
0: 0
Total
Count
0
0
0
0
0
0
0 0
Salary
0
0
0
0
0
0
0 0
•
•
0
•
•
Exhibit 5
Employee Profile
Employee data needed for the valuation was obtained from the records furnished by the
Arkansas Fire and Police Pension Review Board. The following table shows a detailed
breakdown of the present participants by the number of participants.
Volunteers/Part-Paid Actives
Years of Service
30 and
Age 0-5 5-10 10-15 15-20 20-25 25-30 Over Total
Under
25
Count
0
0
0
0
0
0
0I 0
25-29
Count
0
0
0
0
0
0
0; 0
30-34
Count
0
0
0
0
0
0
0; 0
35-39
Count
0
0
0
0
0
0
0 0
40-44
Count
0
0
0
0
0
0
0 0
45-49
Count
0
0
0
0
0
0
0: 0
50-54
Count
0
0
0
0
0
0
0 0
55-59
Count
0
0
0
0
0
0
0 0
60-64
Count
0
0
0
0
0
0
0 0
65 &
Over
Count
0
0
0
0
0
0
0 0
Unknown
Age
Count
0
0
0
0
0
0
0 0
Total
Count
0
0
0
0
0
0
0 0
12
Exhibit 5
Inactive Profile
Employee data needed for the valuation was obtained from the records furnished by the
Arkansas Fire and Police Pension Review Board. The following table shows a detailed
breakdown of the present payees by the number of payees and total annual benefit.
Retirees and Survivors
Years Since Retirement
10 and
Age 0-1 1-2 2-1 3-4 4-5 5-10 Over Tntnl
Under
Count
0
0
0
0
0
0
0
0
40
Benefit
0
0
0
0
0
0
0,
0
40-44
Count
0
0
0
0
0
0
0
0
Benefit
0
0
0
0
0
0
0
0
45-49
Count
0
0
0
0
0
0
0
0
Benefit
0
0
0
0
0
0
0
0
50-54
Count
0
0
0
0
0
0
1
1.
Benefit
0
0
0
0
0
0
21,465:
21,465
55-59
Count
0
0
0
0
0
6
3,
9
Benefit
0
0
0
0
0
271,496
86,069
357,565
60-64
Count
0
0
0
0
0
1
6
7
Benefit
0
0
0
0
0
48,927
213,442
262,369
65-69
Count
0
0
0
0
0
0
9
9
Benefit
0
0
0
0
0
0
251,749:
251,749
70-74
Count
0
0
0
0
0
1
6
7
Benefit
0
0
0
0
0
73,302
143,039
216,341
75-79
Count
0
0
0
0
0
0
9
9
Benefit
0
0
0
0
0
0
158,933
158,933
80-84
Count
0
0
0
0
0
0
4
4
Benefit
0
0
0
0
0
0
57,390
57,390
85 &
Count
0
0
0
0'
0
0
6
6
Over
Benefit
0
0
0
0
0
0
30,997
30,997
Unknown
Count
0
0
0
0
0
0
0
0
Age
Benefit
0
0
0
0
0
0
0
0
Total
Count
0
0
0
0
0
8
44
52
Benefit
0
0
0
0
0
393,725
963,084
1,356,809
This includes 36 retirees with annual benefit of $1,143,507 .
This includes 2 disableds with annual benefit of $40,110 .
This includes 14 survivors with annual benefit of $173,192 .
13
•
•
is
•
•
•
Exhibit 5
Deferred Retirement Option Plan Profile
Employee data needed for the valuation was obtained from the records furnished by the Arkansas Fire and
Police Pension Review Board. The following table shows a detailed breakdown of the current participants
on DROP by the number of participants and total annual DROP benefit.
DROP Participants
Years Since Electing DROP
Age 0-1 1-2 2-3 3-4 4-5 5-10 Total
Under
Count
0
0
0
0
0
0 0
40
Benefit
0
0
0
0
0
01 0
40-44
Count
0
0
0
0
0
0' 0
Benefit
0
0
0
0
0
01 0
45-49
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0 0
50-54
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0, 0
55-59
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0 0
60-64
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0 0
65-69
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0 0
70-74
Count
0-
0
0
0
0
0 0
Benefit
0
0
0
0
0
0 0
75 &
Count
0
0
0
0
0
0 0
Over
Benefit
0
0
0
0
0
0 0
Jnknowi
Count
0
0
0
0
0
0 0
Age
Benefit
0
0
0
0-
0
0 0
Total
Count
0
0
0
0
0
0 0
Benefit
0
0
0
0
0
0 0
14
EXHIBIT 6
PRINCIPLE PROVISIONS OF THE PLAN
EMPLOYEE Member of Fire Department
EMPLOYER Fayetteville Fire Department
MEMBERSHIP Condition of Employment. Firefighters hired after 1982 must join the statewide
Local Police and Firefighters Retirement System
CREDITABLE SERVICE Determined on basis of service since employment
CONTRIBUTIONS
Employee 6% of salary. Volunteers contribute $12/year. Refundable if member
terminates before retirement eligibility.
Employ I. Matching contribution equal to employee contribution
2. State Insurance Premium Tax turnback
3. Local Millage
FINAL SALARY Salary attached to the rank of the member at time of retirement, based on
regularly scheduled work -week.
DEFERRED RETIREMENT This plan has elected to participate in the Deferred Retirement Option Plan
OPTION PLAN effective 01/25/1996. Members who elect to participate have a DROP account
that is increased by the monthly amount of their retirement as if they had
retired as of the date DROP was elected. Has not elected coverage under Act
1457 of 1999.
RETIREMENT BENEFITS
Eligibility 20 Years of Service regardless of age.
Benefit 90% of Final Salary, but not less than $4,200. ($1,200/year for volunteer/part-
paid). if service exceeds 20 years, the annual benefit is increased by $240 for
each year over 20, up to $1,200/year extra. ($120 for each year over 20 up to
$600/year for volunteer/part-paid).
If service is more than 25 years, member receives an extra 1.25% (for each year
over 25) of Final Salary, payable once the retiree reaches age 60. The benefit
cannot exceed 100% of Final Salary.
15
•
•
•
• EXHIBIT 6 (Continued)
DEATH BENEFITS
ElieibilitX Death before 20 Years of Service not occurring while performing work in
gainful employment outside the fire department, or death after 20 years.
Benefit 1. Widow receives same amount as member is receiving or eligible for.
Each child under age 19 receives $1,500/year. ($300/year for
volunteer/part-paid). If no surviving spouse, child receives spouse's
benefit to age 19.
DISABILITY BENEFITS
Eligibility Permanent physical or mental disability not acquired while performing work in
gainful employment outside the fire department.
Benefit Full Paid Non -duty disabilitx
Retirement benefit but not less than $4,200/year.
Full Paid Dutv related disabilit
• Retirement benefit but not less than 65% of Final Salary and not less
than $4,200/year.
Volunteer/Part-Paid:
Computed as voluntary retirement benefit
•
16
EXHIBIT 6 (Continued)
•
CHANGES IN BENEFITS
December 6, 1996 Based on Cash Flow Valuation, increase from 50% base to
65% base benefit. Volunteers to $55 base.
June 6, 2001 Based on Cash Flow Valuation, increase from 65% base to
90% base benefit.
November 20, 2003 Temporary 3% Compound COLA for 3 years. Extend DROP
to 10 years.
January 4, 2007 NO benefit increases available based on Cash Flow Valuation.
•
17
•
•
0
EXHIBIT 7
ACTUARIAL METHODS AND ASSUMPTIONS
The assumptions for this valuation have been selected in accordance with Actuarial Standards of Practice No.
27.The asset valuation method is prescribed in Arkansas Code Annotated 24-11-207. This prescribed asset
valuation method directly impacts the investment return assumption. The assumed salary growth is restricted
by A.C.A. 24-11-205 in relation to the investment return assumption.
ACTUARIAL COST METHOD The "entry age normal" cost method has been used.
PRE -RETIREMENT MORTALITY Deaths have been projected on the basis of the 1983 Group
Annuity Table for Males, set back five years for females.
Mortality rates at a few sample ages are:
Age Mortality rate per 1.000
25 0.464
35 0.860
45 2.183
55 6.131
POST RETIREMENT MORTALITY The 1983 Group Annuity Mortality Table was used. For
females, the male table was used with a five-year setback. The
life expectancy according to this table is as follows:
AAe Males Females
55 24.87 29.23
65 16.74 20.68
MORTALITY BASIS AND PROJECTION The mortality assumptions do not include a projection for
mortality improvement. These rates were chosen after an
experience study for 2007-2012. No projection was deemed
necessary at this time since the recent experience study did not
show significant improvement over an experience study for 2000-
2006 deaths.
VOLUNTARY TERMINATIONS
The 1971 Group Annuity Table for Males, set back five years
for females was used before the 12/31/2007 Valuation.
Annual termination rates at a few sample ages are:
Ag_e
Termination rate per 1.000
20
40
25
35
30
29
35
15
40
6
45
5
50
5
55
5
18
EXHIBIT 7 (continued)
When a person had less than 4 years of service, we assumed that
his chances of voluntary termination were a multiple of
thereafter rates, with the following multiples being used:
Istyear
2.85
2nd year
2.00
3rd year
1.50
4th year
1.15
ASSUMED DISCOUNT RATE 5.0%
The reports for the valuations as of 12/31/2009 through 12/31/
2012 were completed using an assumed discount rate of 5%.
A study of the returns of all fire and police plans was made of
the 2006-2012 experience. The components and variations of
appropriate portfolios were also reviewed. The Pension Review
Board determined that for comparison with previous years and
with other similar plans that a single discount assumption of 5%
should be used.
DISABILITIES We continued the disability rates used in prior reports.
Disability rates at a few sample ages are:
Age
Disability rate per 1.000
20
0.8
25
0.8
30
0.8
35
0.8
40
2.0
45
2.6
50
4.9
55
8.9
60
14.1
One third of the disabilities were assumed to be service related.
For mortality after disability, we assumed rates based on the
Eleventh Actuarial Valuation of the Railroad Retirement System,
for occupational disabilities
IM
•
is
•
EXHIBIT 7 (continued)
SALARY GROWTH
EXPECTED RETIREMENT AND DROP
PATTERN
•
•
We have used the salary scale used in prior reports. Annual
assumed growth at a few sample ages is:
ANNUAL SALARY INCREASE
Ag_e
Base
Merit
Total
20
4.0%
4.0%
8.0%
25
4.0%
3.2%
7.2%
30
4.0%
2.8%
6.8%
35
4.0%
2.5%
6.5%
40
4.0%
2.2%
6.2%
45
4.0%
1.7%
5.7%
50
4.0%
1.2%
5.2%
55
4.0%
0.7%
4.7%
60
4.0%
0.2%
4.2%
Since the plan allows full benefits at ages younger than the
traditional "65", an assumption that will have an important
impact is what percentage of people who are eligible for this
early retirement will actually take advantage of it.
This will depend on intangible things such as the economy,
health, financial ability to retire, Social Security eligibility, and
work patterns. Based on recent experience, we are using the
following assumed rates:
Retirement rate per 1,000
Age Retirement DROP
40-59 100 200
60+ 1,000 0
Note: A member was assurned-to be eligible for
retirement or DROP after attaining age 40 with 20
years of service. It is also assumed that twice the
normal number will retire or elect DROP in the
first year of eligibility.
20
EXHIBIT 7 (continued)
RETIREMENT PATTERN AFTER Once a person is on DROP (Deferred Retirement Option
ELECTION OF DROP Program), they were assumed to retire from the department as
follows:
Years on
DROP
1
2
4
5 or more
21
Retirement rate Der 1.000
100
200
200
300
1,000
•
•
.7
•
J
EXHIBIT 7 (continued
INCOME RELATED ASSUMPTIONS
LOCAL MILLAGE The local millage was assumed to produce $525,000
in income per year increasing I% per year. This
amount averaged about $515,000 over the past five
years and has grown about 8% (about 1.5% per year)
over the last five years. The I% future assumption is
based on long term real estate projections tempered
by recent results.
CITY CONTRIBUTION The City's matching contribution was assumed to be
6% of covered payroll.
PREMIUM TAX The actual insurance premium tax turnback of
$221,178 (which includes additional allocation) was
used for 2015. Act 979 of 2011 significantly
changed the formula for allocation of premium taxes,
though the amounts allocated under the new formula
should be more stable as time passes.
INVESTMENT SIMULATIONS The investment simulations were based on the actual
portfolio of the plan as of December 31, 2014 and
the projected portfolio anticipated by the investment
policy. The simulations are based on the American
Academy of Actuaries 2006 paper, "Construction
and Use of Pre-packaged Scenarios".
The pre-packaged scenarios were in general
categories that we used. Money Market (MM)
includes cash and money market instruments.
Government (Gov) and Corporate (Corp) are
intermediate term high quality bonds. There is a
category for Large capitalization (LCap) and small
capitalization (SCap) US stocks. The Mid Cap
stocks in the portfolio were equally split between
LCap and SCap. The international (Intl) stocks are
also included.
22
EXHIBIT 7 (continued) •
IMCOME RELATED ASSUMPTIONS
Portfolio makeup - current and projected - Fayetteville Fire from 12/31/2014
•
23
MM
Gov
RE
Corp
LCap
SCap
Intl
Total
12/31/2014
5.50%
8.50%
0.00%
22.00%
48.00%
12.50%
3.50%
100.00%
12/31/2015
5.50%
8.50%
0.00%
22.00%
48.00%
12.50%
3.50%
100.00%
12/31/2016
5.50%
8.50%
0.00%
22.00%
48.00%
12.50%
3.50%
100.00%
12/31/2017
5.50%
8.50%
0.00%
22.00%
48.00%
12.50%
3.50%
100.00%
12/31/2018
5.50%
8.50%
0.00%
22.00%
48.00%
12.50%
3.50%
100.00%
12/31/2019
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2020
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2021
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2022
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2023
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2024
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2025
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2026
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2027
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2028
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2029
7.50%
10.00%
0.00%
25.00%
45.00%
10.00%
2.50%
100.00%
12/31/2030
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00% •
12/31/2031
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2032
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2033
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2034
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2035
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2036
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2037
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2038
10.00%
15.00%
0.00%
30.00%
35.00%
10.00%
0.00%
100.00%
12/31/2039
10.00%
20.00%
0.00%
40.00%
25.00%
5.00%
0.00%
100.00%
12/31/2040
10.00%
20.00%
0.00%
40.00%
25.00%
5.00%
0.00%
100.00%
12/31/2041
10.00%
20.00%
0.00%
40.00%
25.00%
5.00%
0.00%
100.00%
12/3.1/2042
10.00%
20.00%
0.00%
40.00%
25.00%
5.00%
0.00%
100.00%
12/31/2043
10.00%
20.00%
0.00%
40.00%
25.00%
5.00%
0.00%
100.00%
•
23
•
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APPENDIX B
PROJECTION DETAILS - LOPFI ADMINISTRATION •
•
29
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