Title
2010 Actuarial Valuation Report for the City of Gainesville Consolidated Police Officers' and Firefighters' Retirement Plan (B)
This item involves the Consolidated Police Officers' and Firefighters' Retirement Plan actuarial valuation as of October 1, 2010.
Explanation
The Consolidated Police Officers' and Firefighters' Retirement Plan Actuarial Valuation Report presents a statement of the financial position of the Consolidated Police Officers' and Firefighters' Retirement Plan (the Plan). The Board of Trustees for the Consolidated Police Officers' and Firefighters' Retirement Plan has approved the 2010 Actuarial Valuation Report, and it is now being submitted to the City Commission for approval of the City contribution rate. The actuarial valuation process assesses the fiscal status of the Plan, and is used to determine the annual contribution to the Plan which is expressed as a percentage of the covered payroll of Plan members.
The 2010 Actuarial Valuation Report indicates that the Plan was 89% funded as of October 1, 2010, with an actuarial value of assets of $177,250,288 and an actuarial accrued liability of $199,836,557. The 2010 valuation recommends that the required employer contribution rate for the Consolidated Police Officers' and Firefighters' Retirement Plan should be 11.77% of payroll for fiscal year 2012, up from 9.08% for fiscal year 2011.
Fiscal Note
The 2012 Fiscal Year Consolidated Police Officers' and Firefighters' Retirement Plan contribution rates presented in the 2010 Actuarial Valuation Report have been included in the 2012 Fiscal Year Budget. At 11.77% of payroll, Fiscal Year 2012 City contributions are projected to be approximately $2,865,693.
Recommendation
Recommended Motion: The City Commission: 1) accept the 2010 Actuarial Valuation Report for the City of Gainesville Consolidated Police Officers' and Firefighters' Retirement Plan; 2) approve the 2012 Fiscal Year Consolidated Police Officers' and Fire...
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