Title
Disability Plan Actuarial Valuation Report (B)
Explanation
The City of Gainesville receives periodic actuarial valuation reports on its Disability Plan. The actuarial valuation is the process by which the fiscal status of the Plan is measured on a recurring basis. The September 30, 2003 valuation was prepared by Actuarial Concepts.
Fiscal Note
Based on the results of the September 30, 2003 valuation, the recommended City contribution rate for the Disability Plan effective October 1, 2004 is decreasing from 1.05% to 0.69% of covered payroll. Utilizing projected covered payroll figures, this equates to a fiscal year 2005 employer contribution of approximately $466,000 for both General Government and GRU. Funds necessary to cover this expenditure are included in the FY 2005 budgets of both entities.
Recommendation
The City Commission accept the September 30, 2003 actuarial valuation report for the Disability Plan and approve the recommended employer contribution rate of 0.69% effective October 1, 2004.