Title
2020 Actuarial Valuation Report for the City of Gainesville General City of Gainesville Board of Trustees/General Employees’ Retirement Plan (B)
Submission of the General Employees’ Retirement Plan Actuarial Valuation Report as of October 1, 2020 to the Board of Trustees for the General Employees’ Retirement Plan.
Explanation
The 2020 General Employees’ Retirement Plan Actuarial Valuation Report presents a statement of the financial position of the General Employees’ Retirement Plan (the Plan) as of October 1, 2020 to the
Board of Trustees for the Plan. The actuarial valuation process evaluates the Plan’s assets and liabilities to calculate the Plan’s funded status, and determine the City annual required contributions to the Plan, expressed
as a percentage of the pensionable payroll of active Plan members. Once the Board of Trustees approves the 2020 Actuarial Valuation Report for General Employees’ Retirement Plan, it will be submitted to the Florida
Division of Retirement for review and approval.
The 2020 Actuarial Valuation Report estimates that the Plan was 99.0% funded as of October 1, 2020, with an actuarial value of assets of $597,614,519 and a total accrued liability of $603,573,071. The Report
calculates that the FY 2022 employer contributions for the General Employees’ Retirement Plan should be 5.53% of pensionable payroll, a decrease of 0.38% from the FY 2021 employer contribution rate of 5.91%.
The employee contribution rate is fixed at 5.00% of pensionable pay.
Fiscal Note
The FY 2022 General Employees Pension Plan employer contributions are estimated to be $2,267,238 for General Government (shared across
all funds) and $3,284,306 for Gainesville Regional Utility based the budgeted FY 2022 pensionable payrolls. The FY 2022 employer contributions for the General Employees’ Pension Plan are included in the
City’s proposed FY 2022 Budget.
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The Board of Trustees for the City of Gainesville General Employees’ Retire...
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