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Home My WebLink AboutCITY OF ARC RETIREMEHNT PLAN ACTURAIL REPORT AS OF MARCH 1,2000 (GMEBS) . , City ofAu�gu,ctac Rich�nond County Ret�irem�nt I'lan Actuarial Report as of March 1, 2000 A Participating Member of the Georg�a Murncipal Employees Benefit System (GMEBS) Apnl 2000 Tbt�e�sP�rrnc Tab/e of Contents Managemcnt Sum�rrary of Valuatio�i Results ....................................... MS Suppleme�stal Inf�rnu�ction ........................................................................ SI T7ra�e�sP�rren ' Management Summary of Va/uation Results HsBbtiBhts .............................................................................................MS-.1 Recom»u�:ded Contribut�io�s ...............................................................MS-2 StateFundin8 Stacnr�ards ....................................................................MS-4 AssetValu.es ..........................................................................................MS-4 Fust�ed Stut�s ......................................................................................MS-4 Thw�ersl'�rrin C�ty of Augusta R�chmond County MS-1 Highlights . Ttvs report summanus finanaa! results for the City of Augusra Rrchmond County Reurcment Plan based upon acnianat valuaaons as of March 1, 200Q and March 1, 1999 Mar 1, 2000 Mar 1,1999 Recommended Contribution Doltar amount $ 204,576 $ 191,385 Perceni of Covered Payrol( 2 7% 2 3% Asset Valuss Market Value of Assets (MV) $ 6,826,359 $ 5,875,980 Actua�ial Value of Assets 5,559,655 5,084,977 Funded Status Present Value of Accrued Pian Benefits (PVAPB) $ 6,054,837 $ 5,555,520 Funded Percentage (MV/PVAPB) 112 7% 105 8% Plan TerminaUon Basis (PTB) $ 7,093,015 $ 7,358,706 Funded Percentage (MV/PTB) 96 2% 79 9% 7h�v�cts�n City of Augusta R�chmond County MS-2 Management Summary Thss report prescnts thc results of the March 1, 2000 actuarial valuanon of che Cary of Augvsra Richcuond County Rearement Plan The pnmary purposes of the valuanon are to • dcvelop the recommendcd contribunon and revicw the funded posinon of the plan, • esamate the 1*+tn,*num annual conmbuaon under Pubhc Reuremcnt Systems Stt�nndazds I,aw (Georgia Code Secaton 47-20-10), and • provide addinonal finanual ci�sclosures for vanous reporang rtquuements unposed upon the Plan and its sponsor Recommended Contributions The Board of Trusoees of the Georgia Munic�pal Employces Benefit Sysum has adopted an acnxanal fundmg pohry for dcccnnuiaaon of annual contnbuuons and the syscemauc funding of habiliucs ansmg undcr the plan The annual r�commended contnbunon �s the sum of 1) the normal cost, 2) the lcvcl dollaz amorazauon of the unfi.uided actuanai a�cnzed hability (uunal unfunded actuanal acuuod liability over 30 years from 1988 and changes ui the unfunded actuanal accnud I�ab�ty over 15 years for actuanal gau�s and losses, 20 yeazs for plan provis�ons and 30 yeazs for acnaanal assumpaons and cost methods from the end of the ycar duruig which such changes anse), and 3) uitcrest on these aznount� from die valuanon datc oo the date contnbuaons are paid (assumed monthly) Well-fiu�ded plans inay have a full fiu�duig uedit apphed to roduce die recommended conmbuaons Tlvs crodit u�sures that conmbuaons ace not requued if a plan's assets excecd thc present v�luc of future benefits The recommendcd contnbuuons under this pohcy for 2000 and 1999 aze developed below 2000 1899 Normal Cost Pian Benefits $ 84,812 $ 66,537 Admmistrat�ve Expenses 26,031 27,467 Amortization of the Unfunded Actuar�al Accrued Liabd�ty 86,868 91,076 Interest 6,867 6,305 Full Fund�ng Credit 0 0 Recommended Contr�but�on 204,576 191,385 Covered Payroll 7,719,739 8,303,748 Recommended Contribution as a Percent of Covered Payroll 2 7% 2 3% Tbw�ersP�rren ..� — - -- - C�ty of Augusta Richmond County MS-3 Thc prccedsng actuanal terms azc defined as follows • Nonnal cost - the valuc of bencfits for onc year of serna for all arnve employecs • Unfundcd actuanal ac.crucd liab�ty - the �cess of the actuanal accsued habiliry ovcr thc actuanal value of asscts as of the valuauon datc - the actuanal accrued liability mcans that part of thc value of all paraapants' benefits attnbutablc to pnor ycars of s�rvice, and - thc accuanal value of asscts rclata to th� markct value of asscts but represencs an "ad�ustcd valu�" ro reducc the effea of finanaal markct fluctuanons on annual conmbuaons • Interest - an ad�uscmcnt at thc valuauon's assumcd sntcrest raoe to account for thc aming of conmbutions • Full funduig cred�t — nc� cxccss of rhe recommendad wntnbuuon dcurmincd vv�thouc regard to the full funduig linuraaon over the full fundu�.g luYUt (the prescnt value of fururc bcncfits plus adm�n�stranvic expcnscs lcss the mazket value of assets, muiunum of the normal cost for admin�stranvic expenses) • Rccommended conmbunon - the normal cost plus an amount to fiilly amordzc the unfundal actvanal acaucd hability over a specif'iod number of years (m the same manner as monthly payments of pruiapal and inurest reduce the outsranduig balance of a mortgage) • Coverod payroll - annual rcported salanes for all acave paraapants on thc valuaaon dacc • Recommended conmbunon as a percent of covered payroll - the rano of the annual contnbunon to covered payroll In future valuanons, tlus percenrage should remaui rclanvcly stable (ui the absence of changes tio rhe plan prowsions or to the actuanal assumpuons or methods) As thc dollar amount of annual payroll �ncreases or decteases, the recommended conmbunon �s expecced to ad�ust ui a like manner Expenence of the plan wluch dtffers matcnally from that expected by the actuanal assumpnons will also changc the perccnrage of payroll ovcr ame See pages SI-1 through SI-4 m the Supplemental Informanon sernon of ttus report for further details on the calculaaon of rhe recomm�nded contnbunon Tbu�ersl'�rrin City of Augusta Richmand County MS-4 State Funding Standards The Plan �s sub�oct o� muumum fundtng standazds of thc Pubhc Rcnccmcnt Sysums Srandards Law (Goorg�a Code Sccaon 47-20-10) The esnmatcd musunum annual conmbunon under thesc standards ss$17$,545 The GMEBS Boazd of Trustces has adopted an actuanal fundusg pohry which r�cs a diffcrent Cvndu►g level than the esttmaad mimm� �� pntrlbAriotl tp mm�mi�� fluctuaaons in annual contnbunon amounts and to accumulau suffiac,nt funds o� securc bcncfits undcr the plan If che cmployer conuibutes thc r000mmended con�bunon dcvr,loped undcr the actuanal funduig pohry each y�ar, the Plan will meet apphcable funduig standards The devclopment of the csumated aununum annual conmbuuon �s dLSplayai on page SI-5 m the Supplemenral Tnformanon secaon of tivs report Asset Valuss 2000 1989 Marlcet Value of Assets $ 6,826,359 S 5,875,980 Actuarial Value of Assets � 5,559,655 S 5,084,977 The market value of assets �s the current value of assets on the valuat�on dat+e Tlus value fluctuatcs vv�th changing finanaal mazkct condiaons To m+n+�*+»P the effcct of random vanaaons in finanaal market values on thc rccommended conmbunon, the Boazd of Trustecs adopud an asset valuanon method for usc ui the calculauon The mcthod for determuung thc acttianal walue of assets �s part of the GMEBS acruanal fiu�ding pohry It produces an adjusted act�arial value of assets The smoothuig techcnque gradually mcorporaus mvesunent performance �at exceeds or falLs shott of the expected retum of 8%, wluch �s the valuaaon's uivestment retum assumpuon The asset valuanon method �s more fully descnbed on page SI-10 ui the Supplcmental Informauon searon Informanon on the change m asset valucs from thc precui�ng valuanon u d�splayed on pagc SI-2 Funded Status The funded sratus measures thc ability of the plan (through assets uz the mut) to pay benefits earned by partiapanrs The fundcd sratus percenrage �s the rano of the markct value of asscts to the prescnt value of plan bencfits as of thc valuanon dau A ycar-by-year comparison of furuied statvs percrnrages u�cates the plan's progress ui secunng pamapants' bcncfits To�e�sP�rrin City of Augusta Richmond County MS-5 D�'crent occhiuques are used to gaugc a plan's funded sratus, two customary measures arc presenud m th�s sccnon Present Value of Accr►ud Plan Brnefits Bas�s - A comparsson of thc market valuc of asscts �o thc prescnt valu� of accruod plan benefits provides one mcasure of the fiindcd sran�s of the plan Thc presrnt valu+e of accr��ed plan bencfits represents thc bencfits earned by plan pacaapants bascd on thcar salary and scrvia h�story as of thc valuaaon daoe The calc�ilanon of thcsc present values assumes the rearement plan conunwes -- an on-$uuig Plan bas�s -- vcnrhout reoogruzuig bcncfit mcrcascs from future service or salary ad�ustments On-going Plan Basis Present Valus of Accrued Merket Value Funded Year Plan Benefrts of Assets Percentage 2000 $ 6,054,837 $ 6,826,359 112 7% 1999 $ 5,555,520 $ 5,875,980 105 8% Thc actvanal fundmg poLcy establ�shes a rarget levcl of 12596 to 15096 for matvre plans Smcc ulnmau benefits under the plan are rclaud ro htgher final pay levels for pamapants, a prudent fundu�g ob�ecave exceods 100% of che present value of benefits based on current salary levels The chart on page SIfi shows the devclopment of the present value of accnud plan lxnefits on an on-going plan bas�s Tbu�etsP�trin City of Augusta Richmand County MS-6 Plaa Termination Basis - Anotfier measure of the fundcd stanu of thc plan gaugcs thc sufficienry of plan assets to cover 1►abiliues in the event of a plan urminanon The value of benefits on a plan terminanon bas�s diffecs from die on-gouig plan bas�s calculanon m the iaoacst assumpaon for nhe presazt values Lump svm d,smbuaans no paraupancs use a senes of mtierest rates spec�fied by a fcderai govemment agency (specafically for this purpose) wluch ar� adjustod for GMEBS plans cach january 1 Suicc fedually Qrescnbcd u�tcrest ratas produce sigmficandy htgher d�smbuaon amounts, the funded percentage on thc plan ticrnunanon basis �s typically lowcr than on an on-going Qlan �s�s Plan Tsrmination Basis Lump Sum Market Va/ue Funded Year Present Va/ues of Assets Percentage 2000 $ 7,093,015 $ 6,826,359 96 2% 1999 $ 7,358,706 $ 5,875,980 79 9% A fixaded percentage of 10096 or more indicaus each patac►pant wauld receive a full dismbuaon of his or her accrucd benefit in the evcnt of termu�aaon Lower funded percentagcs would reqwre the allocauon of the assets {in accordance vv�th the plan's terms), }nclduig less than full distnbunons for some paraapants The funded status on a plan ternunanon bas�s �s descnbod more fvlly on pagc SI-7 Tbw�e�sP�rren Supp/ementa/ /nfoimation BasicPunding Re,�rslts ............................................................................ SI-1 Assets....................................................................................................... SI-2 Unfundad Actuaria� Accru�d Liability ................................................ SI-3 Re�a�rr�»erid�d Contribut�ion .................................................................. SI-4 Es�imated Minimum Annual Contribu�ion u»der Public Ret�ir�ement Syste�rts Standards Is+cw ............................. SI-5 Pre.sent Yalue ofAccrued Plan ��crufsts (Ois gaing Bc�ris) ................... SI-6 P�rrescnt Value ofAccrlred Pl�n Be�u,/its (Plan TerminACC#on Bas�s) .................................................................... SI-7 Disclosurts.............................................................................................. SI-8 Actuarial Assumpt�oas and Methads .................................................. S� l0 AssetDatac ............................................................................................. SI-ll Participant ................................................................................. SI-ll ActuariatC�ertifuation ....................................................................... SI-l3 Plan.I'�i»visions ..................................................................................... SI-14 T7�ersP�rrin City of Auausta R�chmond County S�-� Basic Funding Results Mar 1, 2000 Mar.1,1999 Active Participants Employees 300 340 Offic�als 0 0 Pro�ected Annual Benefits $ 9,4fi2,150 $ 10,990,174 Actuanal Accrued Lisbdity ReUrement Benefits Employees $ 1,838,6Q9 $ 1,610,024 Officials 0 0 Vested BenefRs 532,332 451,184 Death Benefrts 87,325 86,337 D�sabitity Benefits 144,350 142,3'! 1 Return of Employee Contr�but�ons 980.9$3 � 1.114 Total Active Liability 3,583,599 3,200,970 Present Value of Pro�ected Benefits 7,262,923 7,014,551 Termmated Partic�pants Wrth Deferred 2 1 Vested Benefits Annual8enefits $ 9,622 $ 7,734 Actuanal Accrued L�abd�ty 16,491 13,079 Retired Participants and Beneficiaries 75 73 Annual Benehts $ 325,525 $ 319,Q62 Actuanai Accrued Liability 2,822,411 2,797,702 Total Actuanal Acc�ued Liabdity 6,422,501 6,011,751 Totaf Present Vaiue of Pro�ected Benef�ts 10,101,825 9,825,332 T1n�e�sFbrri�t -- -- C�ty of Augusta R�chmond County SI-2 Assets Market Value as of March 1,1999 $ 5,875,980 Contnbut�ons 484,794 Disbursements {554,857) Investment Return '! •d20.�2 Markot Value vf Asssts as of March 1, 2000 6,826,359 Actuanal Value as of March 1,1999 $ 5,084,9�7 Conv�but�ons . 484,794 D�sbursements (55�4,857) Assumed Interest Equal to Valuatron Rate 403,996 Expected Actuar�al Value as of March 1, 2000 5,418,910 Ad�ustment for D�fference Between Expected Value and (14� Market Value as of Merch 1, 2000 Actuarisl Value of Aasets ss of March 1, 2000 5,559,655 Sce pagc SI-10 for a dcscnpnon of the assct valuanon method Tbt�sl'Lrrin City of Augusta Richmond County SI-3 Unfunded Actuarial Accrued Liability Actuanal Accrued uabdity as of March 1, 2000 6,422,501 Actuanal Value of Assets as of Ma�ch 1, 2000 �,`�i9•� 51 Unfunded Actuana{ Accrued Liabdity �Surplus) 862,846 Unfunded Aotusrial Accrued Liability as of March l, 1999 926,774 Change due to contnbution pohcy Normal cost due March 1, 1999 355,553 Interest on unfunded 74,142 Interest on normal cost 28,444 Contributrons (484,794) Interest on contribubons f79.�21 Net Change (46,047) Expected urtfunded actuarial accrued Irab�lity as of March 1, 2000 880,727 Change due to actuar�al (gain) or loss (17,881) Change �n plan provisions 0 Change in actuanal assumpt�ons 0 Change m actuanal cost methods � Unfunded actuarial accrued liability 862,846 as of March 1, 2000 Tbw�rsl�rrin City of Augusta R�chmond Caunty SI-4 Recommended Cantribution Mar 1, 2000 Mar.1,1999 Normal Cost ReU�ement Benefits Employees $ 190,710 $ 186,914 Offic�als 0 0 Vested Benefits 52,950 50,449 Death Benefits 8,981 9,&47 Disabrlity 8enefits 15,182 17,099 Retum of Employee Contribunons 85,503 91,244 Admmistratnre Expenses �,Q,� 2 -� Total Normal Cost 379,357 383,020 Expected Employee Contr�butrons 268,514 289,09fi Employer Normal Cost 110,843 94,004 Arnort�zation of the Unfunded Actuarial Accrued 86,866 91,076 Liabd�ty Interest 6,867 fi,305 Full Funding Credn 0 0 Recommended Contribut�on 204,576 191,385 Thw,ers�rrxn City of Augusta R�chmond County SI-5 Estimeted Minimum Annual Contribution Under Pubtic Retirement Systerr�s Stsndards Law {Georgia Code Section 47-20-7 0) Normal Cost $ 84,812 Amortizabon of the unfunded actuanal accrued l�abdity Irntial unfunded actuarial accrued habd�ty over 18 years � from March 1, 2000 The change m the unfunded actuarial accrued 4abii�ty �25,906 ans�ng from plan changes over 20 years The change �n the unfunded actuanal accrued liabdity (23,158) ftom experience losses (ga�ns) over 15 years The change in the unfunded actuarial accrued liabdity t15'882� from assumpt�on and method changes over 30 years Interest 6,867 Futl Funding Cred�t 0 Total EsUmated Min�mum Annual Contnbution 178,545 Tbw�rsP�rrin City of Augusta R�chmond County SI-6 Present Value of Accrued Plan Benefrts (On-going Basis� March 1, 2000 Number Present of Value ParUcioants Qf Benefits Vested Benefits of Retired Participants and 75 $ 2,822,411 Beneficianes currently rece�ving payments Other Vested Benefrts � Term�nated vested partcipants 2 16,491 Active partcipants 110 3,148,792 Total Present Value of Vested Benefits 5,987,694 Nonvested Bertefits ,� 67,,143 Total P�esent Value of Accrued Pfan Benefits 377 6,054,837 Market Value af Assets 6,826,359 Unfunded Present Value of Accrued Plan Benefits {771,522) (Surplus) Funded Percentage 112 7% 7bwier�P�rrrn CitY of Augusta R�ahmond County SI-7 Present Value of Accrued Pian Benefits (Pian Tern�ination Basis) March 1, 2000 Number Lump Sum of Value Paific��ants of Benefits Ret�reci Parbc�pants and Beneficiar�es Currentiy 75 $ 3,548,357 Rece�v�ng Payments Terminated vested partcipants 2 37,310 Active part+cipants � ��`� Totat Present Value of Accrued Plan Benefits 377 7,093,015 Market Value of Assets 6,826,359 Unfunded Present Value of Accrued 266,656 Plan Benefits (Surplus) Funded Percentage 96 2% �7ra�ersP�rr�n Crty of Augusta R�chmond Coun S�-8 Disclosures Giovamment Accounting Standards Board Psnsian Dtsc{osuros in Employer Financial Reports: The followuig uiforinatwn �s providcd to ass�st the plan sponsor m the development of nooes m plan financ�al stauments prcpared m accordance with Statemcat No 25 and to its financsal staocments prcpazcd m accordana v�nth Statcmcnt No 27 of thc Govcrnmcnt Accounnng Srandards Boazd Signifiwnt actuarial assumptions The sigcvficant actuanal assumpno� usod to compute the actuanal accrued liability and the annual recommended contnbunon of the plan meet the Actuanal Srandard of Praarce Na 4, Measurmg Penswn Obhgaaons, esrablishing generally accepted actuainal pnnaples and pracaces The sigruficant acnianal assumpaons used ui the current valuaaon are - rate of return on mvestment 8 0% per year - pro�ected salary increases for -- inflation 5 0% per year - ment or senionty 0 5% per year - post-retirement benefR increases Not app{icable Punding policy and snnual contributions The fiuiduig pohry for the plan u m conmbute an amount equal to the recommended contnbuuon l�sted on page SI-4 m each year The recommended conmbuuon mats the guideLnas for calculaang an annua! requu�ed contnbunon sec fordi in Paragraphs 9-10 of ° Sratement No 27 Thcse conmbunons arc determuied under nc� pro�ected ucut crcdit actuanal cast method and the asset valuauon method for dcvelopmg the acnaana! value of assets as descnbed on page SI-10 The penod, and related method, for amorazuig the uunal unfunded ac�tuanal accrued liability �s 30 years from 1988 and current changes u� rhe unfunded acn�anal accrued hability over 15 years for actuanal ga�ns and lasses, 20 years for plan prov�sions and 30 ycars for actuanal assumpaons and cost mcthods as a level dollar amount These amortizaaon penods, �f apphcable, are dosed for this plan yeaz The requued conmbunon rate, if any, of aarvc plan members �s srated �n the Sunnmary of Plan Prov�sions sernon at the end of th�s report Tbu�ersP�rrin . Cit�of Augusta Richmond County SI-9 Funded Status The table below scts forth roquu�ed supplementary u�formanon m bc d�sclosed in the schedule of funduig progress Thc itcros presaited are basod on the March 1, 2000 actuanal valuaaon • actuanal value of assets $ 5,559,655 • accuanal accrucd hability 6,422,501 • fundcd rano 86 69b � total unfundcd actuanal habiliry(funding cxccss) 862,846 • annual covered payroll 7,719,739 • rano of unfiindai (cxass) to annual covcrcd payroll 11296 Effect of pisn changas on the actuarial accrued liability The ef�'ect on thc actuaual accrucd hability of any current-year changes m ac�vanal assiunptions or benefit prov�sions �s Thc plan prov�sions valued and thc actuarial assumpaons are the same as those used m thc preceding valuauon Effect of plan changes on recommended contributions The effect on the recommended contnbunons of any currrnt-year changes m acnianal assumpaons, buiefit prov�sions or acnaanal funduig method �s Thc plan prov�sions v�lued and the actuanal assumpuons and cost methods azc che same as those used to deternune the conmbunon reguuement for the preceduig year 7bu�sR�rrYn �� . . Crty of Augusta Richmond County SI-10 Ac�tuarial Assumptions and Methods Economic Assumptions Interest Rate 8 0% Annual Rates of mcrease in Salaries 5 5 Future Social Security Wage Bases 5 5 Cost of Iw�ng ad�ustment Not appl�cable Demographic Assumptions Mortal�ty 1983 GAM Table Termmat�on As�e R� 20 2580 30 7560 40 0945 50 0585 fi0 --- Disabdrty 50% of 1975 SSA study Retirement Employees 65 Pofice and Fire Earlier of 65 and 60 wnh 25 years of service Form of Payment L�fe annwty Admm�stratrve Expenses $2,460 plus $30 per active parncipant, $70 per ret�red parbc�pant and $26 per termmated vesied pa►ticipant Pension statements, if requested, are $4 per person Contnbutory plans only additional $31 per actrve or terminated vested parUcipant wfth an indiv�dual batance Actuarial M�thods Normal Cost and Actuanal Accrued Liab�lrty Projected Urnt Credit Actuanal Va{ue of Assets Roll forvvard pnor year's actuar�al value wrth contr�buiFOns, disbursements, and expected return on mvestments, plus 10% of mvestment gams (lossesy dunng 10 prior years Tbs�ersP�rrtn C�ty of Augusta REChmond County S1-11 Asset Data GMLBS has supphed all asset data uscd ui thc valuanon Thc mazkct valuc of assets �s based on current values as of two months preccding the valuanon date and �s assumed m be current through that date Participant Data The pnmary source of paraapant dara for the current valuanon �s a census of all paruapants which was prepared by the unployer through C�BS The data are typically collected by the employer two months pnor to valuanon date and assumcd to be currcnt through that dau A summary of arnve paraapant data as of the valuanon date �s present on thc followuig page Totv�e�sP�rrtn Ip�P IflmCD (Ohl7 NlYO h�00 WIfIN NID� Np0 pWN i ± O O O N V h N C O m�- � tll Of P O� O/ V r/� N V N �- O/ V � M P 1► Of O!9 l�) I � .-O N'101 l'!V NN �fh PO� fOl7 MV �PO! hm l7HP 1 O m O �N 10 h t� O In O� O W O�O � Y 1� � h l7 � W i F Q N ^ N ^ N � N t► N O N n N a N ` V N Q N ^ N 1 � � � r H 1 1 1 1 I t o p O O O O O O O O O O O O O O O O O O O O O p O O O O O O O O O O O O 1 A 1 L 1 > 1 O i a o00 000 000 000 000 000 000 000 000 000 000 000 i � i o 1 M 1 1 O I N O D O O O O O O O O O O O O O O O O O O O O O p O O O O O O d O O O O O o i � N 1 In \ 1 N ID O I ED O1 1 t► 000 000 000 000�000 000 000 000 000 000 000 000 M O I N � � O •. � o u O 1 N O > a u � 0 0 o ` a o00 000 000 000 000 oov o00 000 000 000 000 00o v� u e i • N �o P > 1� t F. L m O O tA > >. M O 000 p00 000 Pm� Ol�►� 1DPH b0t0 l701f1 �f0 Pl7N NOlO Ol7P < C a+ L � N.•m �O �'IDO �"01m '+��- �'V1Pl Of N� �'N'- C C O I p� ��N �V �� O � V h1D �C1N O 7 O O N 1� If� m h q � Ifl P� O Ifl A O P 17 P1 P O v � nN �N a ON � MN �N NN �N �fN �N O � N at t C O ]. � O O W 000 000 ��O! NN� m�7 NNN V�O �rD� ah0 1719V 000 mmN 17h49 MAm Nbiff NOIH �MIl1 �N q� 10m ♦ d E Iff ~ �f QN m� l9.- VN P!m Wm OfW �O�O t p, �tD W� �V �-� mW NM ON hlfl IOM 11 d Gl E ON ON �N lON ION ION OlN Ol0 ON O C V � W � � 1► If1 Ifl N �" . 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Crty ofAugusta Richmond County 5�-13 Actuarial Certificstion Th�s valuanon has been conducted in accordance vinth generally accepted acruanal pruiaplcs and praaras The actuazial assumpnons and mcthods employcd in thc dcvclopmcnt of the recommcndcd contnbuaon have becn scicctcd by Towers Pemn considenng cxpcncna of t!x plan and reasonabk acpcctaaons In thc aggrcgau, � assumpnons and methods result ui a total conmbuaon wluch, in combuiaaon, offcrs thc accuary's bcst csumatc of annapatcd cxpcncnce undcr die plan �t. u.,�.+ �fi�t,�.b.� Tc.�lc s v Jean Strublc TiWs, F S A, E A Towers Perrtn Apri12000 Tos�ers�rrin a � � C��ORGIA MLTI�TI(`IPAL EMP YEES BENEFIT SYS'TEM S�,T�AI RY..,Q� R�TIREMENT PLAN FEATURES FOR 3 1 2000 VALUATION EMPLOYER Augusta-Richmond County (fomierly "The C�ty of Augusta'� SOCIAL SECtJRTTY Yes, but not before 1987 PARTICII'AIVT CONTRIBIJTTONS 3 5% EFFECITVE DATE 3-1-87 ELIGIDILTTY REQLRREMENTS Employees 1 year (20 hours) O�c�als not covered NORMAL RETIItEMENT AGE 65 (opbonal 55+25 for Pol�ce and Fu�e) EARLY RETIREMENT 55+10 DATE IIVDEXED 3-1-87 [dynamic bre.ak pomt] (apphes to all employees) BENEFIT FORMULA 125%-2 0% SERVICE NOT CREDTTED Sernce pnor to 3-1-87 is not cred�te� for benefit purposcs, but is recogmzed W qualdy panc�ipants for veshng and early retuement VESTII�IG 10 years DEATH BENEFiTS Automahc Opbon A DISABILPIy N�IINIMUM 20% COST-OF-LIVING -- SPECIAL JOB CLASS Class l= Pohce and F�rc Employecs PENSION STATEMENTS No OTF�R Early rearement incentive prov�sion (`�ndow") to allow full uTUeduced benefits for any emplo}�ee who has attained age 50 by 12/31/96, and completed 5 yeais of servtce by 7/1/96 The employee must elect such benefits, and termmate employment dunng the penod of October 1, 1996 and December 23, 1996 An addiUona) ten (10) years of service v►nll be added to the calculat�on of the employee's wtal cred�ted sernce No changes m plan features smce last valuahon Mazch 1, 2000