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Home My WebLink AboutARC RETIREMENT PLAN ACTUAARIAL REPORT AS OF MARCH 1, 2003 (GMEBS) Au�usta Rich��on� County Retire��nent Plan Actuanal Report as of March 1, 2003 A Participat�ng Member of the Georgia Municipal Empioyees Benefit System (GMESS) March 2003 Tmv,ersP�inn Table of Contents ManaBement Summacry of Yaluut�on �esaitts . .. . . .. . MS Supplementallnfi�rr�at�on . . . .. .. .. . . .. . . . SI ZbsversP�r�n Management Summary of Va/uation Results Hsghlzghts .. . .. . . . . . . . . . M�-1 Reronr�neru� Contr�butzons . . . . . . . .. .MS-Z State FundinB Stacndards . . . MS-4 Asset Values . . . . . . . . MS-4 Funded St,at�rs .. . . . . . . . MS-4 Tawersl'�rnn Augusta R�chmond County MS-i Highlights Ttus report summanzes finanual results for the Augusra Richmond County Rebrement Plan based u�on actuanal valuaaons as of March 1, 2003 and March 1, 2002 Mar 1, 2003 Mar 1, 2002 Recommended Contnbut�on Dollar amount $ 181,834 $ 168,316 Percent of Covered Pay�all 2 6% 2 4% Asset Values Market Value of Assets (MV) $ 5,a37,126 $ 6,178,246 Actuanal Vatue of Assets 6,477,885 6,308,424 Funded Status Present Value of Accrued Plan Benefits (PVAPB) $ 6,Ofi2,853 $ 6,118,506 Funded Percentage (MV/PVAPB} 89 7% 101 0% P�an Termmation Basis (PTB) $ 7,574,945 $ 8,529,283 Funded Percentage (MV/PTB) 71 8% 72 4°/a Tmv�e�s.P�mn Augusta Richmond County MS-2 Managen�ent Summary Tlvs report prtsents the results of thc March 1, 2003 actuanal valuanon of thc Augusra Richmond County Renrement Plan The prunary purposes of the valuanon are to • develop che recommended contnbuaon and review the funded posinon of thc plan, • esnmatc the muiunum annuai conmbuaon undcr Publ�c Rcuremcnt Systcros St�ndards Law (Georgia Code Searon 47-20-10), and • provide addiaonal finanaal d�losures tor various rcporang reqturements unposed upon the Plan and us sponsor Recommended Contributions The Board of Trustces of the C�eorgia Mucucipal Employecs Benefit System has adoptcd an actuanal funding pohry Eor determuianon of annual contnbut�ons and the systemaac funci�ng of habiliaes ansmg under the plan The annual recommended contnbuuan �s the sum of 1) th� norma! cost, 2) the level dollar amoruzaaon of the urifi.uided actuanal accrucd hab�ry (uuua! unfunded actuacial accrued habihty over 30 years fcom 1988 and changes ui the unfunded actuanal accrued Lability over 15 years for actuanal gau�s and losses, 20 years for plan prov�s�ons and 30 years for actuariat assumpnons and cost merhods from the end of the year dunng whtch sttch char►ges anse), and 3) interest on these amounts from the valuaaon date to the date contnbudons are paid (assumed monthly) Well-tundcd plans may have a full funduig credit apphed to redua the recommendal contnbuaons Thzs aodit �nsures that contn.buaons are not reqwred if a plan's assets exceed the present valwe of furure benefits The recommended contnbunons under th�s pol�cy for 2003 and 2002 are developed below f' 2003 2002 Normal Cost ` ��'� 7 � Plan Benefits ��'` `� � 1 � $ 7�40 $ 76,359 Admmistrative Expenses ��( �� ` 24,640 J 25,201 Amortizat�on of the Unfunded � Actuarial Accrued Liabdity 72,908 61,252 Interest 6,046 5,504 Fuli Funding Credit 0 0 Recommended Contribution 181,834 168,346 Covered Payroli 6,988,509 6,913,560 Recommended Contribut�on as a Percent of Covered Payrotl 2 6% 2 4% Tbw+e�sP�rnn ....�.� Au�usta Richmond County MS-3 The preceding actuanal terms are defined as follows • Normal cast - the value of benefits for one year of serv�ce for all acave employees • Unfunded actuanal accrued habiliry - the excess oE the actttanal acaued hability over thc actuana! vatue of assets as of �e valuanon date - rhe acnianal accrucd ltability means that part of the value of all paracipants' benefits attnbutable ro pnor yracs of sernce, and - thc actuariat value of assets celates to d�e market value of assets but represents an "adJusoed vatue" to reduce �e ef�ect of financial market flucnianons on annual conmbunons • Intemst - an ad�usnnent at the valuaaon's assumed mterest rate to account for the nmmg of conmbuaons • Full funduig credit — rhe excess of the recommcnded conmbunon determuzed v�nthout regard ro the full funduig luYUtanon over the fiill funduig limit (the present valuc of future benefits plus administraave e�.penses tess the market value of assets, muvmucn of the norma! cost for admuustranve expenses) • Recommendcd rnnmbunon - the normal cost plus an amount m fiilly amoroze the unfunded actuanal accruat hab�hty ovcr a speufied number of vears (in the same manncr as montfily payments of pruicipal and interest reduce the oursrandu�g balance of a mortgage) • Covered payrotl - annual reparted salancs for all aarve paracipants on nc� valuaaon dare • Recommcnded conu�buuon as a percent of covered payroll - the rano of the annual conmbunon to covered payr�ll In future valuaeans, ttus percentage should remun relaavely srable (in the absence ot changes to the ptan provisions or eo the actuanal assuinpaons or methods) As the dollar amount of annual payroll uicrrases or decrcases, the reconunended contribunon �s expected to ad�ust sn a W�e mannec F,xperience of the plan which diE�'ers mater�ally from that cxpected by thc actuacYal assumpaons wiII also changc che percentagc of payroll over tune Sec pages ST-1 duough SI-4 in the Supplemental Informauon secaon of tlus report Eor further details on the calculauan of the recommended contribunon Ttrn�ersP�mn Augusta R�chmond County MS-4 State Funding Standards The Plan Ls sub�cct to muiunum funding standards of the Public Reurement Systems Standards Law (Georgia Code Secaon 47-20-10) The estunated muumum annual contribuuon under thcse standards �s $157,194 The GMEBS Board of Trustees has adopoed an actuanal fundsng pohry wtuch reqwres a different funding level than the esamated minunum annual conmbuaon to cYUnimize fluctuatxons in annual conmbuaon amounts and to accumulate sufiic►ent fiinds to secure benefits under the plan If the employer contributes the reeommend.ed contnbuaon developed under the actuarial fund�ng pol�ry each ycar, the Plan will meet apphcable funduig standards Thc development of the esamated muuinum annual contnbuaon �s d�splayed on page SI-5 ui the Supplemental Informaaon sec�on of th�s rcporc Asset Values 2003 2002 Market Valus of Assets $ 5,437,126 $ 6,178,246 Actuanal Value of Assets $ 6,477,885 $ 6,308,424 The market value of assets �s the current value of assets on the valuanon date This value fluctuates vvith changuig finanaa! market condiaons To nunimize the eftect oE random vanaaons in financial market values on the recommendcd conmbunon, the Board of Trustees adopted an asset valuat�on method for use in thc calculanon The method for determicung the actuazial value of assets �s part af the GMEBS actuarial funduzg pohry It produces an ad�usted actuarial value of assets The smooth�ng techcuque gradually mcorporates investment performance that exceeds or talls short of the expecced return of 896, which �s the valuaaon's invesement return assumpaon The asset valuat�on method �s more fully described on page SI-10 ui the Supplemenral Informauon secaon Informanon on thc changc in asset values from the prcceduig vaivaaon �s d�splayed on page SI-2 Funded Status The fiuided status mcasures the abihty oEthe plan (through assets tn the trust) to pay benefits earned by parnc,�pants The funded status percentage �s the rat�o of the market value oE asscts to the present value of plan benefits as of the valuauon date A year-by-year comparison o£ funded sutus percentages ind�cates the plan's progress in securu►g pamcip�nts' bcnefits �P�irren Augusta Richmand County MS-5 Different techtuqucs arc used m gauge a plan's funded sratus, two customary measures aze prescnted m th�s secaon Pcescnt Value of Accrued Plan Bcne6ts Bas�s - A comparison of thc marke� value of assets to the present value of accrued plan benefits provides one mcasure ot the fiu�ded sratvs of thc plan Thc present value of accrued plan ben�ts represents the bencfits eamed by plan part►cipants based on dieu salary and servYCe h�story as of the valuanon daee The ralcutaaon of these present values assumes the rearement plan connnues -- an on-going plan bas�s -- wittiout recogiuzuig benefit increases from future service or salary ad�ustinents On-going Plan Bas�s Present Va/ue of Accrued Market 1/a/ue Funded Year Plan Benefits of Assets Percentage 2003 $ 6,062,853 $ 5,437,126 89 7% 2�2 $ 6,118,506 $ 6,178,246 101 0% The actuariat funding pohry esrabl�shes a target level of 125% ro I50% for mature plans Since ulnmate benefics under the plan are related to tugher fuial pay levels for paraapants, a prudent funduig ob�ecave exceeds 100°ib of thc presuit v�alue of benefits based on current salary leveLs The chart on page SI-6 shows the development of the present value of accrtted plan bcn�ts on an on-go�ng plan basLs TbwiersP�rr�n Augusta Richmond County MS-6 Plan Termination Basis - Anotfier measure of the funded status of the plan gatigrs the suf�icienry of plan assers ta cover liab�lcaes in the event of a plan tum�nauon The vaIue of benefits on a plan ternunaaon bas�s d�ffers from the on-gouig plan bas�s calculat�on ui the inurest assumpuon for the present valucs Lump sum d�stributxons to parac►pants usc a senes of interest rares spec�ficd by a federal government agenry (specifically for this purpose) wluch are ad�usted for GMEBS plans each January 1 Suice federally pr�cnbed uitcrest rates produce significandy lugher dismbunon amounts, the funded percentage on the plan terminauon bas�s is typically lowcr than on an on-going plan bas�.s Pla� Term�nat�on Bases Lump Sum Market Value Funded Year Present Values of Assets Percentage 2003 $ 7,574,945 $ 5,437,i26 71 8% 2002 $ 8.529,283 $ 6,178.2a6 72 a°Io A funded peretntage of I0095 or more uidicates each paracspant would rece�ve a full dismbunon of tus or her accrued benefit in the event of termtnauon Lower funded percentages would requu�e the ailocauon of the assets (�n accordance vv�th the plan's t�erms), yielcicng less than full d�stnbutions for somt pamc�pants The funded sratus on a plan termuianon bas�s is descnbod more fully on page SI-7 Tvw�sP�rnn Supp/ementa/ /nformation � Basu Fundsn8 Results . . . . . . . . . . .. SI-I Asset� . . . . . .. . . .. . . . . .. SI-2 Unfufu�er�l Actuaru�cl Aur�ied I�abslzty . . . . . . . SI-3 Recommended Contrihut�on . . . . . SI-4 Est:mateAl Mznzmum AnnuACl Cont�nbutwn unde�r PublZC Ret�ire�neytt Systems Standacrds Lam .. .. ... .... SI-5 Present Value ofAccrued PlACn I�enef'ts (On-�o:n� Baszs) . . SI-6 Fresetit Value ofAccrued PIACn Benefzis (Placn Termznatwn Bas�s) . . . ... .. . . .. SI-7 .D:,cclosures .. . . .. . . . . S� 8 Actuariacll9ssum,�iticrr�s and Methods . .. . . . . . SI-IO Asset Data . , . . . SI-Il Partuzpant DatAc . . . . SI-11 Actuarial Certifi�atzvn . . . SI-l3 Plan Provaswns . . SI-l4 .Tbwie�sl'�rran Augusta Richmond County SI-1 Basic Funding Results Mar 1, 2003 Mar 1, 200Z Act�ve Part�c�pants Employees 239 246 Officiats 0 0 Pra�ected Annua! Benefits $ 7,334,835 $ 7,697,390 Actuarial Accrued l�abif�ty Retirement 8enefits Empioyees $ 2,735,810 $ 2,296,504 Officials 0 0 Vested Benefits 746,870 656,361 Death Benefits 125,904 i 06,568 Disabil�ty Benefits 167,322 151,803 Retum of Empioyee Contribut�ons � ss7�.299 Total Actave uabd�ty 4,311,659 3,908,535 Present Value of Pro�ected Benefits 7,731,055 7,251,691 Term�nated Panc��pants W�th Deferred 3 4 Vested Benefrts Annual8enefits $ 21,155 $ 35,081 Actuarial Accrued L�ability 38,193 63,167 Ret�red Part�cipants and Beneficiaries 77 81 Annua{ Benefits $ 336,952 $ 345,896 Actua�ial Accrued l.iabihty 2,796,462 2,915,722 To#al Actua��al Accrued Liabdity 7,146,314 6,887,424 Total Present Value of Pro�ected Benefits 10,565,710 10,230,580 TowersPtmn Augusta Richmond County SI-2 Assets Market Value a� of March 1, 2002 $ 6,178,246 Conmbut�ons 406,963 Disbursements (479,101) Investment Retum {66 •9821 Market Value of Assets as of March 1, 2003 5,437,126 Actua�al Value as of March 1, 2002 $ 6,308,424 Contr�but�ons 406,963 Disbursements (479,101 } Assumed Interest Equa{ to Valuat�on Rate 501,789 Expected Actuar�al Value as of March 1, 2003 6,738,075 Ad�ustment for Difference Between Expected Value and 260•1901 Market Valus as of March 1, 2003 Actuanai Value of Assets as of March 1, 2003 6,477,885 See page SI-10 for a descnpnon of the asset valuation method Tmv�rsl'�rrzn Augusta Richmond County SI-3 Unfunded Actuarial Accrued Liability Actuanal Accrued Liability as of March 1, 2003 7,146,314 Actuana! Value of Assets as of March 1, 2003 16.477.8851 Unfunded Actua�tal Accrued Ltabdity (Surplus) 668,429 Unfunded Ac�tuanal Accrued Liabdrty as of Ma�ch 1, 2002 579,000 Change due ta co�tnbution pohcy Normat cost due March 1, 2002 312,921 interest on unfunded 46,320 Interest on normai cost 25,034 Contribut�ons (406,963) Inierest on contnbutions (16.2791 Net Change (38,967) Expected unfunded actuanal accrued liabil�ty as of March 1, 2003 540,033 Change due to actuarial (gamj or loss 128,396 Change in plan provisions 0 Change in actuanal assumptions 0 Change m actuar�al cost methods � Unfunded actusr�at accrued liabilrty as of March 1, 2003 668,429 Tmversl�rrin Augusta Richmond County SI-4 Recommended Contribution Ma� 1, 2003 Mar 1, 2002 Normal Cost Ret�rement Benefits Employees $ 201,231 $ 186,782 Officials 0 0 Vested 8enefits 56,580 54,219 Death Benefits 10,076 9,250 Disability Benefits 12,974 12,877 Retum of Employee Confibutions 35,319 49,793 Administratcve Expenses �Q 2�.201 Total Normal Cost 340,820 338,122 Expected Employee Contributions 237,9A0 236,562 Employer Normai Cost 102,880 1p1,560 Amort�zaUon of the Unfunded Actuarial Accrued 72,908 61,252 uabihty Interest 6,046 5,504 Full Funding Credrt 0 0 Recommended Contribution 181,834 1fi8,316 Tow�rsP�mn Augusta Richmond County SI-5 Estimated Minimum Annual Contribution Under Public Retireme�t Systems Standards Law (Georgia Code Section 47-20-70) Normai Cost $ 78,240 Amortization af the unfunded actuarial accrued liabii�ty tniUal unfunded actuanal accrued liabdity ove� 15 years � from March 1, 2003 The change in the unfunded actuarial accrued liability 124,631 arismg from plan changes over 20 years The change m ttie unfunded actuanal accrued liabii�ty (37,098) from experience losses (gains) over 15 years The change in the unfunded actuanal accrued habilrty (14,625) from assump#�on and methad changes over 30 years Interest 6,046 PRSSLaw Contnbution Ad�ustment 0 Total Estimaied Mmimum Annual Contribution 'f57,194 T'owe�s.P�rrzn Augusta Richmond County SI-6 Present Value of Accrued Pian Benefits (On-going Basisj March 1, 2003 Number Present of Value Part�cinants of Benefits Vested Benefits of Ret�red Part�c�pants and 77 $ 2,796,462 Beneficiartes currently receiving payments �ther Vested Benefits Terminated vested partic�pants 3 38,193 AcUve panc�ipants 154 3,147,794 Total Present Value of Vested Benefits 5,982,449 Nonvested Benefits .�.� � Total Present Value of Accrued Plan Benefits 319 6,062,853 Market Value of Assets 5,437,126 Unfunded P�esent Value of Accrued Pian Benefits 625,727 (Surpius} Funded Perce�tage 89 7% TowersPprrin Augusta Richmond County SI-7 Present Value of Accrued Plan Bene�ts (Plan Termination Basisj March 1, 2003 Number Lump Sum af Value Particinants of Benefits Renred Participants and Beneficianes Currently 77 $ 3,325,391 Recerving Payments Termmated vested participants 3 80,323 Act�ve parfic�pants � �169-231 Total Present Value of Accrued Plan Benefits 319 7,574,945 Market Vaiue of Assets 5,437,126 Unfunded Present Value of Accrued 2,137,819 Plan Benefits (Surplus) Funded Percentage 71 8°/a TbwersP�rrtn Augusta Richmond County SI-8 Disclosures Governn�ent Account�ng Standards Boa�d Pension D�sclosures in Employer F�nancial Reports Thc followuig uiformat�on �s prov�ded to ass�st the plan sponsor in the devclopment of notes to plan finanaal statcmcnts prepazed ui accordancc wuh Sratement No 25 and to its . finanaal srarement� prcpared in accordance with Statement No 27 of the Govemment Actounting Standards Roard Significant actuarial assumpt�ons The significant actuarial assumpaons used ta compute the actuaual accrued l�abihty and thc annual recommended contnbuaon of the plan mect the Actuanal Standard of Praarce No 4, Measuring Pens�on Obhgations, esrabl�slvng generally accepted actuarial pnnciples and pracnces The ugiuficant actuanal assumpaons used m the current valuanon arc - rate of retum on investment 8 0% per year - pro�ected salary mcreases for -- inflation 5 0% pe� year -- mer�t or sernonty 0 5% per yea� - post-reUrement benefit mcreases Not applicable Fund�ng pet�cy and annual corttribut�o�s The Eunding pol�ry for the plan �s to connnbute an amount equal ta rhe reconunended contr�bunon Lsted on page SI-4 in each year The recommended conmbuaon meets the �udel�nes for calculaang an annual reqiured conmbunon set forth m Paragraphs 9-10 of Statement No 27 These conmbunons are dctermined under the pro�ected urut creci�t actuanal cost method and the asset valuauon mcthod Eor developing thc actuanal value of assets as descnbed on page SI-10 The pe.nod, and related methcxi, for amortzzing the iruual unfiuided actuarial accrucd l:ability �.s 30 years from 1988 and current changes in the unfunded acruanal acaued l�ab�ty over 15 years tor actuanal gvns and losses, 20 years Eor plan provisions and 30 yeacs for �cruaria! assumpt►ons and cost methods as a level dollar amoun�. These acnornzauon periods, if applicable, are closed for th�s plan year The reqwred contribuuon rate., if acty, of acave, plan members is stated u� rhe Sumn�ry of Plan Provisions secaon at the end ot dus report Towiers P�mn Augus#a Richmond County S!-9 Funded Status The tible below sets forth reqwred supplementary �nfortnaaon to bc ci�sclosed in the schedule of fund�ng progress The items presentcd are based on the March 1, 2003 actuanal valuauon • actuanal watuc of asscts $ b,477,885 + actuanal accru�d habiliry 7,I46,314 • fvnded rauo 90 6% • total unfi�nded ac.tuanal hability(fiuu�ng excess) 668,429 • annua! covered payroll 6,988,509 • raao of unfunded (excess) to annual covered paycoll 9 690 Effect of plan changes on the actuar�a! accrued i�abd�ty The effect on the actuanal accrued liability of any current-year changes m actuanal assumpaons or benefit provis�ons is 'The plan provys�ons valucd and the actuarial assumpt�ons arc the same as those used m the preceduig valuaaon Effect of pian changes on recommended contnbutions The cffcct on the recommended contnbuaons of any current-year changes in actuanal assumpaotu, benefit provisions or actuarial fundu�g method �s Thc plan prov�s�ons valued and the actuanal assumpaons and cost methods are the same as those used to deternune thc contnbunon reqwrement for thc prcceding year �buaersP�rrrn Au�usta Richmond County SI-10 Actuariat Assumptions and Methods Econom�c Assumpt�ona Inte�est Rate 8 0% Annual Rates of increase m Salaries 5 5 Future Soc�al Security Wage Bases 5 5 Cost of bv�ng ad�ustment Not appl�cable Demograph�c Assurript�ons Mortality 1983 GAM Table Termmation Aae �e 20 2580 30 1560 40 0945 50 0585 so --- D�sab�lrty 50% of 1975 SSA study Ret�rement Employees 65 Pobce �r F�re Earlier of 65 and 60 w�th 25 years of service Form of Payment L�fe annuity admirnstrative Expenses $2,688 plus $33 per act�ve part�cipant, $76 per ret�red partic►pant and $29 per termmated vested partic�pant Pe�sion statements, �f requested, are $4 per person Contnbutory pians only additwnal $33 per active or terrninated vested part�cipant w�th an ind►vidual balance Actuar�al Methods Normat Cost and Actuanal Accrued Liabil�ty Pro�ected Unit Credit Actuariai Value of Asse#s Roll forward prior year's actuariai value w�th contributions, d�sbursements, and expected return on �nvestments, pius 10% of mvestment gams (losses) durmg 10 pr�or years Towe�s�P�mn Augusta R�chmond County SI-11 Asset Data CMBBS has suppl�ed all assct dara uscd u� thc valuauon Thc mazlc�ct value of assets u based on current values as of two months preceduig the valuaaon date and �s assumed to be current through chac date Participant Data The prunary sourcc of pamc�pant data for che current valuanon �s a census of all paruapants wluch was prepared by the employer through GMEBS The data are typica(ly collected by the employer two months pnor bo valuaaon date and assumed to bc currcnt through that date A summary of acave paracrpant data as of the valuaaon date �s present on the followrag page Towe�sP�rrtn i - - 1 �- 000 000 MOO OM lh�M hhst O��D InhQ KfOO 17�Ph (7l`9� �O1^ . 1 10 in In V A IA (D (7 Pl M f� �l It1 (� l7 m IA �^ V(O � 01 P N h (O O Q � +' �- O In m m 1� P O O<O f� t0 lV {U O I� O<O (V ID N 1 O I�� N�- NCA ODW I+tO NGD ht� mN WlV m01 1 1- �N OM hN MN tON ON CON Nl+l 6lM aQN ; M I[1 O O Cl lh V � 1 1 1 1 I + � O O O O O O O G O O O O O O O O O O O O O G O O O O O O O O O O O O O O t I L I • 1 > 1 O 1 i � O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O - 1 1 1 O 1 M 1 1 (O 1 Of O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O ! tV O 1 1 N 1 tn � \ � N O � � \ f �+ i a o00 000 000 000 000 000 000 000 000 ooa o00 00o u O 1 N 1 1 m F � o u O t N a u 4 m m o L a o00 000 000 00o inr�co c��v rin-- nnv an� u�mv a�rn vmn �n U O ��O C�Q �1'� 1Q0� fOM m10 IAN l7m" . h 10 �Of C1t0 QO IOh �N P� f0m Wh m j WM VIOD tOm l9a N 1AN O1W NN p t •, mM m N Q!N Q th fOCO PCl 1� l7 � l7 b • O �- .- N � .- � N m 7. • � 000 000 000 �mN IAhN OIOW fAfDP CD1010 f010/7 IAlql7 000 OIQ� < V �+ l .- .- p! P W .- N(9 .- Of f0 e- {T N O N �" [D Y ^ aw m... m� am vu� vv m.- �� a � m o o� o.- r�w cncp a roa ov coo O U � '�� M �N mN MN �N I�M ml7 4 a O f0 O In � 10 ^ � l��l O C �+ Ol 000 000 @'f00 MN� IOWp 1111pN {p�n OHP M�10 MIL1N ��AfO m1�0 a A O m 1 1A In N iA N �- 1� tfl .- m.- .- 1[1 Ol �- t0 h 10 I!1 � P t0 f0 m l7 N V .O E � 10 � .-O �N MN �t0 Q1h hfr 1010 I+Ip (`'!M Mtfl � L O. h� NO IO�T Wf0 ffllp PN Qfb OI(O m� 6ff0 II y V Q CO�V 0110 N OfN �N NN PN PN �^�- mN Q T�, V m lh M (7 N . N OI a Y � � � O O O O O O O O O q O O O O O O O p O O p O Q O O O O O O O O O p O O O C 1! 1 � O a �rn i a � � m u a � � � Q � i �n ooa o00 000 000 000 000 000 000 000 000 000 000 � � m � a � m i > i +� i n o00 000 000 000 oac o00 000 000 ooa o00 000 000 cr � a � � o i � � a � o00 000 000 000 000 000 000 000 000 000 000 000 r � a i c � a � i � o 000 000 000 000 000 000 000 000 000 000 000 000 � � � i � T a T T �. �. � 7. A A � �. ?� A >. >. >. �. �. !� �. ?. A >. LL LL Ll LL �L L(. Ll l.L l.L !-L LL LL a6 a1 10 � 10 00 tl 1tl U Iq a0 itl W al EO k �6 i r0 O a0 t6 a0 O '- .- ... .- '- ... � r. .- � � ._ .- .- � .- r- � .- .- .- .- .- � L q q� L� EO l q q� L p� L p�y L l0 � l q� L d 10 L q d L� q t pp W L� O mUfN Nt/1N ONVI ClNN dNN 6�NIn mNVI ONVf mNVI OV�N NVfVI mNV1 - O L d � L D .O 1� � � D � � Ea+p E+� CD Ev Or E++ W Ev Oe Er O� E++ O Er 01 E+� m Er ae E++ os E�+Oi � 7 O� 7 6� 7 O� 7 O� 7 O! 7 O� 7 O� 7 O� 7 O 7 7 O> 7 O> 7 O 7 ZF-Q ZFQ ZF-d ZI-Q ZFQ 2F4 ZF-Q ZFQ ZFQ Z1-Q ZFQ ZF< � � m m m L W � � Q Ol Q Of � Of V' O tl a+ �- N N M t7 � �f 111 IA (O L W Q J l 1 1 1 1 1 1 I 1 I 1 � m r � O In O 1[7 � O � IA O In O > O m '- N N f7 P'1 � �7 In in iD O H Augusta Richmond County SI-13 Actuarial Certification Tlvs wal�raaon has been conducted �n accordance with generally accepted actuanal pruiaplcs and pracnces The actuanal assumpaons and mcthods employed in thc dcvclapmcnt of the recommended contribution have been selected by Towers Pcrnn consideruig expenence of the plan and reasonable expectaaons In the aggrcgatc, thesc assumpaons and methods result in a total con�bunon wtuch, u3 combuiaaon, offers rhe actuar�s best estunate of ant�ctpat.ed experience undcr the plan �� Jean Smible Tillis, F S A, E A Towers Perr�n March 2Q03 TowersP�rrtn GEORGIA iVQlNICII'AI. EMPLOYEES BENEFIT SYSTEM S�J _NMARY OF RF�1fFtEMENT PLAN FEATURFS FOR 3-1-2003 VALUATION EMPiAYER Augusta-Richmond County (formerly "The C�ty of Aug�sta'� SOCIAL SEClJR3TY Yes, but not before 1987 PARTICIPANT CONTRIBUTIONS 3 5% EFFECTIVE DATE 3-1-8'7 ELIG1BiLITY REQUIREMENTS Employees 1 year (20 hours) Offiaais not covered NORMAL RETiKEMENf AGE 65 (opt�onal 55+25 for Pol�ce and Fire) EARLY RETIREM�,'NT 55+10 BENEFiT FORMtJLA 1 25%-2 0% dynam�c breakpomt applies to all employees SERVICE NOT CRBDITED Sernce pnor to 3-1-87 �s not cr+ed�ted for benefit purposes, but �s recogmzed to qual�fy panc�ipants for vestmg and early retirement VESTING 10 years DEATH BENEFITS Automatic Opt�on A(partic�pant must be el�g�ble for early or normal rehrement to des�gnate a beneficiary to receive death benefitsN DISABILITY MINIMUM 20% COST-0E-LI V ING — ' SPECIAL JOB CLASS Class 1= Police and F�re Emptoyees PENSfON STATEMENTS Yes OTHER Early retirement mcent�ve prov�sion {"wmdow") to allow full unreduced benefits for any employee who has attamed age 50 by 12J31/96 and wmpEeted 5 years of serv�ce by 7/1/96 7'lie employee must eleM such benefits, and term�nate employment dur�ng the penod of October 1, 1996 and December 23 1996 An addiUonal ten (10) yeais of sernce will be added to the calculation of the employee's totai cred�ted service No chan�es �n plan features smce (ast valuation Febnrary 27 2003 __._ _