Title
2018 Actuarial Valuation Report for the City of Gainesville General Employees’ Retirement Plan (B)
Submission of the Gainesville General Employees’ Retirement Plan Actuarial Valuation Report as of October 1, 2018 to the Board of Trustees for the General Employees’ Retirement Plan.
Explanation
The 2018 City Of Gainesville 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, 2018 to the Board of Trustees for the General Employees’ Retirement Plan. The actuarial valuation process evaluates the Plan’s assets and liabilities to calculate the Plan’s funding status, and determine the required annual contributions to the Plan expressed as a percentage of the covered payroll of active Plan members. The 2018 Actuarial Valuation also includes a reduction to the Plan’s long term investment return assumption from 8.0% to 7.9%.
The 2018 Actuarial Valuation Report estimates that the Plan was 70.3% funded as of October 1, 2018, with an actuarial value of assets of $399,538,409 and an actuarial accrued liability of $568,502,722. The 2018 Actuarial Valuation Report calculates that the employer contribution rate for the General Employees’ Retirement Plan for Fiscal Year 2020 should be 18.82% of covered payroll, an increase of .42% from the Fiscal Year 2019 contribution rate of 18.40%. The Employee contribution rate is fixed at 5.00%.
Fiscal Note
The Fiscal Year 2020 employer contribution rate of 18.82% calculated in the 2018 Actuarial Valuation Report is estimated to be approximately $16,645,142 based on a projected covered payroll of $88,443,898. Fiscal Year 2020 employer contributions for the General Employees’ Pension Plan are included in the City’s Fiscal Year 2020 Budget.
Recommendation
Recommended Motion: The Board of Trustees for the City of Gainesville General Employees’ Retirement Plan: 1) accept the 2018 Actuarial V...
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