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Home My WebLink About(GMEBS ARC RETIREMENT PLAN ACTUARIAL REPORT AS OF MARCH 1, 2003 Au�usta Rich��onAl County Retire��nent Plan Actuanal Report as of March 1, 2003 A Part�c�pabng Member of the Geofgia Murnc�pal Employees 8enefit System (GMEBS} March 2003 Tow�ersP�mn Table of Contents ManaBre»:ent S�smmacry of T�atua�ion Results ... .. .. . MS Supplenrentallnfmmat�on . . . .. .. . . . . .. . . . SI 1bs�e�sP�rr�n Management Summary of Va/uation Resu/ts Hzghlsghts .. . .. . . . . . . . . . M�l Recomme�u�led Contrabutwns . . . . . . . .. .MS-2 State Fundin$ Standards . . . MS-4 .Asset Values . . . . . . . . MS-4 Funded Stats:s .. . . . . . . . MS-4 TomersP�rrrn , Augusta Richmond County MS-1 Highlights Tlvs report summanzes financaal results for the Augusta Richmond Counry Renrecnent Plan based upon actuanal valuanons as of March 1, 2003 and March 1, 2002 Mar 1, 2003 Mar 1, 2002 Recommended Contnbutwn Dollar amount $ 181,834 $ 168,316 Percent of Covered Payroll 2 6% 2 4% Asset Values Market Value of Assets (MV) $ 5,437,126 $ 6,178,246 Actuanal Vatue of Assets 6,477,885 6,308,424 Funded Status Present Value of Accrued Plan Benefits (PVAPB) $ fi $ 6,1 t8,506 Furtded Percentage (MV/PVAPB} 89 7% 101 0% Plan Termmation Basis (PTB) $ 7,574,945 $ 8,529.283 Funded Percentage (MV/PTBy 71 8% 72 4% TmNers.l'�nzn Augusta R�chmond Caunty MS-2 Ma�age�nent Summary T}us report prese,nts the results of the March I, 2003 actuanal valuanon of thc Augusra Richmond Counry Renrement Plan Thc prunary purposes of the valuanon are to • develop the recommended contribuaon and review the funded posinon of thc plan, • esamate die tnuumum annual contnbuaon under Pubhc Rcurcmcnt Systcros St�ndards Law (Georgia Code Secaon 47-20-10), and • provzde addiaorral 6nanaa! d�losures tor varcous rcpomng requu unposed upon the Pian and its sponsor Recommended Contributions The Board of Trustees of the Georgia Mucucapal Employecs Benefit System has adopted an actuar�al funding pohry for deoermatanon of annual conmbut�ons and the systemanc funduig of habilmcs ansmg under the plan The annual recommended conmbunon �s the sum of 1) thc normal cost, 2) the level dollar amoruzanon of the unfunded actuana! accrued habil.ity (uuaal unfunded actuac�sal accrued habihty over 30 years fcom 1988 and changes ui the unfunded actuanal accrued hability over 15 years for acn�anal gau�s and losses, 20 yeazs for plan provssions and 30 years for actuanai assumpaons and cost mechods from the end of the year duruig whtch such changes anse), and 3) interest on these amounts from the valuaaon date to the date contnbunons aze paid (assumed monthly) We11-tunded plans may have a full funchng credit apphed to reduoe the recommended conmbuaons Thss credit insures that conmbuaons are not reqwred �f a plan's assets exceed the present value of future benefits The recommended conmbut�ons undcr th�s pohcy for 2003 and 2002 are developed below f' 2003 2002 Normal Cost ��'� p� Jy Plan Benefits �� " 1 � $ 7�40 $ 76,359 `J Admm�strative Expenses ��( ��,.�� ` 24 l 25,201 Amort�zafion of the Unfunded L� Actuarial Accrued Liability 72,908 61,252 Interest 6,046 5,504 Fuli Funding Credit 0 0 Recammended Contribution 181,834 168,396 Covered Pay�otl 6�988,509 6,913,560 Recommended Contnbution as a Percent of Covered Payroll 2 6% 2 4% TtrwersP�rrsn Augusta R�chmond County MS-3 The precedmg actuana( terms are defined as follows • Normal cost - the walue of benefits for ane year of service for all acuve employees • Unfunded actuanal accrued hability - the excess of the actuartal acaued l�ab�lity ovcr thc actuanal value of assets as of �e vaivaaon date - the actuanal accrued liability means that part of die value of all part�pancs' benefits atmbutable eo pnor years ofservice, and - the actuarial value of assets relates to the market value of assets but reprGSents an "adJusted value" to reduce the effect of financsal markct flucniaaons on annual conmbuuons • Interest - an ad�ustment at the valuanon's assumed interest rate to account for the amuig of contnbunons • Full fundmg credit — the excess of the recommcnded cancnbution determir►ed vv�thout regard to thc full funding hnutatxon over the full funduig lim�t (the present valuc of future bencfits plus adminiscraave ea.penses less the market valuc of assers, munmucn of the normal cost for adm�nistrabve expenses) • Recommendcd conmbuaon - the normal cost plus an amount m fully amoraze the unfunded actuanal accrued lcability ovcr a spccified nutnber of vears (in the same manncr as mond�ily payments of pruic�pal and interest reduce the outstanduig balance of a mortgage) • Covered paycoll - annual reported salanes for all acave parncapants on the valuauon date • Recommended contnbuuon as a percent of covered payroll - the rano of the annual conmbution to covered payroll In future valuaeons, tlus percentage should remaui relanvely srable (cet the absence of changes to the plan prvvssions or to the actuana! assumpaons or mcthods) As the dollar amount of annual payroll uicrcases or decreases, the recocrunended contribunon �s expected ta ad�ust ui a like manner F.aperience of the plan which dif�'ers mater�ally from that expected by the actuanal assumpaons will also chan�e the perccntagc of payroll over time Sec pages SI-1 dirough SI-4 in the Supplemental Informaaon sect�on of tlus report tor further details on the calculat�on of the recommended contribunon Thu�ersP�rnn Augusta R�chmond County MS-4 State Funding Standa�ds The Plan Ls sub�cct ro mulunucn £LUiding standards of the Public Rearement Systems Standards Law (Georgia Code Secnon 47-20-10) The estunatcd nununum annual contnbunon under thcse standards �s $157,194 The C�BS Board of Trustces has adopoed an acnianal func�ng pohry wluch reywses a different fixndu�g level than the esamated minunum annual conmbunon to nummtze fluctvatYOns m annual conmbuaon amounts and to accumulate suffiuent funds to secure benefits under the plan If the employer contcibures the recommended conmbunon developed under the actuarial fund�ng poLry each ycar, the Plan will meet apphcable funduig st�ndards Thc development of the esamated muiunum annual contnbunon �s d�splayed on page SI-5 u1 the Supplemental Informanon sccnon of dvs report Asset Values 2003 2002 Maricet Value of Assets $ 5.437.i26 $ 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 v�nth changuig financial market condiaons To cn�umnJe th� eftect ot random vanaaons u� finanaal market values on the recommended conmbunon, the Board of Trustees adoptcd an asset valuat�on method for use m the calculanon The inethod for determicung che actuanal value of assets �s part af the GMEBS actuarial funding }�ol�ry It prodeices an ad�usted actuarial value of assets The smoottung tec.hruque gradually incorporates investment performance that exceeds or talLs short of the expeaed retum of 896, which �s the valuanon's invescment return assumpaon The asset valuatxon method �s more fully descnbed on page SI-10 ui the Supplemental Infortnanon secaon Informanon on the change in asset values from the preceding valuanon �s d�splayed on page SI•2 Funded Status The fi,uided status mcasures the abil�ty of the plan (through assets in the trust) to pay benefits earned by pamc,�pants The funded status percentage �s the ra�o of the market value of asscts to the present value of ptan benefits as of the valuauon datc A year-by-year compar�son of funded status percentages indicates the plan's progress in securuig parucip�nts' bcnefits Th�ersP�mn Augusta Richmond Cou�ty MS-5 D�erent techruqucs arc used to gauge a plan's funded statLU, two customary measures aze prescnted m ttus secnon Present Valuc of Accrued Plan Bcne6ts Basis - A compa.nson of thc market value oF assets to the present value of accrued plan benefits provides one measure ot the fundcd statUS of thc plan The present value of accrued plan ben�ts represents the ixnefits earned by plan parnapant� based on theur salacy and servYCe ivstory as of the valuaaon dac�e The ralculateon of rhese present values assumes the rearement p1an c�nnnues -- an on-going plan bas�s -- without recogcuzuig benefit vncreases from future service or salary ad�tutments On-going Plan Bas�s Present Va/ue of Accrued Market Va/ue Funded Year Plan Benefits of Assets Percentage 2003 $ 6,062,853 $ 5,437,126 89 7% 2002 $ 6,118,506 $ 6,178,246 101 0% The acruac7al funding pohry esrablsshes a rarget level of 125% to I5096 for macure plans Since ulnmare benefics undcr the plan are related to tugher final pay levels for partccipants, a pnuient funci�ng ob�ecnve exceeds 100°�6 of the present value of benefits based on current salary leveLs The chart on page SI-6 shows the development of the present value of accrued plan bcnefirs on an on-going plan basLs Tbw�tsPprrin Augusta Richmond County MS-6 Plan Tcrmuiation Basis - Another measure of the funded sratus of d�e plan gaugcs the suf�aency of ptan assers ro wver habiliaes in the evcnt of a plan terTrunauon The value of benefits on a plan rernunaaon bas�s ci�'ers from the on-gouzg plan bas�s catceilanon in the mterest assumpnon for the present valucs Lump sum distnbunons to paruc�pants usc a senes of mterest rares specified by a federal government agenry (specifically for this purpose) wluch are ad�ustcd for GMEBS plans each January 1 Since federally pre.scnbed uiterest raaes produce sigiuficandy lugher �strsbuuon amounts, the funded percentage on the plan tecnvnaaon bas�s �s typically lowcr than on an on-going plan basLs Plan Term�nat�on Bas�a Lump Sum Market Value Funded Year Present Values of Assets Percentage 2003 $ 7,574,945 $ 5,437,126 71 8% 2002 $ 8.529,283 $ 6,178,246 72 4% A funded percentage of I009b or more indicates each paracipant would receive a fvll d�smbunon of tus or her accrued benefit in rhe event of terctunaaon Lower funded percentages would requue the allocauon of the assets (in accordance wuh the plan's ternLS), yieldu�g less than full d�smbutions for some parnapants Thc funded sracus on a plan ternunanon bas�s �s descnbed more fully on page SI-7 Tm�sP�rr7n Supp/ementa! /nformation - Basu Fundin� Results . . . . . . . . . . .. SI-I Asse�s . . . . . .. . . .. . . . . .. SI-2 Unfunded Act�sarial Accrlsed I�abzlz�y . . . . . . . SI-3 Recommen�ed C�ontri&ut�on . . . . . SI-4 Fss�cmated Msnzmum Annual Con�bution �� r�t� ��t sy� s�� ,� .. .. . .. . . . . sr-s Present Value ofAccrued Plan Itene�ts (Or��osnp� Ba,r�,$) . . SI-6 Fresent Value ofAccrued Plan Ben.e�is (Placn Termznat:on Brxskc) . . . ... .. . . .. SI-7 .D:sclosures .. . . .. . . . . SI-8 Actuarial Assumptun�s and .Methods . .. . . . . . SI-10 Asset Data . . . . . SI-11 Partuzpant Datu . . . . SI-Il Actuarsal Certzfuatwn . . . SI-l3 Plan Prnmswns . . SI-I4 Tbw�ersP�rren Augusta Richmond County SI-1 Basic Funding Results Mar 1, 2803 Mar 1, 2002 Actrve Part�c�pants Employees 239 246 Officials 0 0 Pro�ected Annual Benefits $ 7,334,835 $ 7,697,390 Actuarial Accrued L�abil�ty Retirement 8enefits Employees $ 2,735,8i0 $ 2,296,504 Offic�als 0 0 Vested Benefits 746,870 656,361 Death Benefits 125,904 i 06,568 Disabd�ty Benefits 167,322 151,803 Retum of Employee Contnbutions 535.753 ss� Tota{ Act�ve uabdity 4,311,659 3,908,535 Present Value of Pro�ected Benefits 7,731,055 7,251,691 Terminated Panc��pants With Deferred 3 4 Vested Benefrts Annual8enefits $ 21,155 $ 35,081 Actuariat Accrued L�ability 38,193 63,167 Ret�red Participants and Beneftc�ar�es 77 81 Annual Benefits $ 336,952 $ 345,896 Actuanal Accrued l.iability 2,796,462 2,915,722 Total Actuarial Accrued Liability 7,146,314 6,887,424 Total Present Value of Pro�ected Benefits 10,565,710 10,230,580 Towoe�s�mn Au9usta Richmond County SI-2 ASS9t5 Market Value as of March 1, 2002 $ 6,178,2+46 Contr�but�ons 406,963 Oisbursements (479,101 } Investment Retum �E'��8.�82) Marke# Value of Assets as of March 1, 2003 5,437,126 Actuanal Value as of March 1, 2002 $ 6,3Q8,424 Contr�but�ons 406,963 Disbursernents (479,101) Assumed Mterest Equa{ to Valuation Rate 501,789 Expected Actuar�al Value as of March 1, 2003 6,738,075 Ad�ustment for D�fference Between Expected Value and � 0•�1901 Market Valus as of March 1, 2003 Actuanai Value of Assets as of March 1, 2003 6,477,885 See page SI-IO for a descnpnon of the asset valuabon method Tmversl'�rrin Augusta Richmond County SI-3 Unfunded Actuarial Accrued Liability Actuar�a! Accrued Uability as of March 1, 2003 7,146,314 Actuarta! Value of Asseis as of March 1, 2UO3 16,477�.885► Unfunded Actua��al Accrued l�ab�lity (Surpius) 668,429 Unfunded Actuanal Accrued Liabdrty as of March 1, 2002 579,000 Change due to contr�bution policy Normal cost due March 1, 2002 312,921 interest on unfunded 46,320 Interest on normai cost 25,034 Contribut�ons (406,963) Interest on conmbutions (16.2791 Net Change (38,967) Expected unfunded actuanal accrued liab►lity as of March 1, 2003 540,033 Change due to actuarial (gam) or loss 128,396 Change m plan prov�sions 0 Change in actuanal assumpt�o�s 0 Change m actuanal cost methods Q Unfunded actuanal accrued I�abdrty as of March 1, 2003 668,429 Toroe�sP�i-rtn Augusta Richmond County SI-4 Recommended Contribution Mar 7, 2003 Mar 1, 2002 Normal Cost Retirement Benefits Empioyess $ 201,231 $ 186,782 Officials 0 0 Vested Senefits 56,580 54,219 Death Benefits 10,076 9,250 Disabilrty Benefits 12,974 12,877 Return of Employee Contnbutions 35,319 49,793 Admm�strafive Expenses 24.�4Q �Q1, Total Normal Cost 340,820 338,122 Expected Employee Contributions 237,940 236,562 Empioyer Normai Cost 102,880 i01,560 Amort�zaUon of the Unfunded Actuarial Accrued 72,908 61,252 L�abihty Interest 6,046 5,504 Full Funding Credrt 0 0 Recommended Contribution 181,534 168,316 Tmv�e�sP�mn Augusta Richmond County SI-5 Estimated Minimum Annual Contribution Under Public Retirement Systems Standards L.aw (Georgia Code Section 47-20-10) Normal Cost $ 78,240 Amortizatron af the unfunded actuanal accrued liab�6ty In�Ual unfunded actuanal accrued liability over 15 years � from March 1, 2003 The change m the unfunded actuarial accrued liab�l�ty 124,631 arismg from plan changes over 20 years The change m the unfunded actuanal accrued liability � from exper�ence losses (gains) over 15 years The change in the unfunded actuanal accrued I�abit�ty E14,625) from assumpt�on and method changes over 30 years Interest 6,046 PRSSLaw Contnbution Ad�ustment 0 Totaf Estimated Mmimum Annual Contribution 157,194 TmversP�rrtn Augusta Richmond County SI-6 Present Value of Accrued P#an Benefits (On-going Basisj March 1, 2003 Number Present of Value Part�ci�ants of Benefits Vested Benefits of Rebred Partrcipants and 77 $ 2,796,462 Beneficiar�es currently recewing payments Other Vested Benefits Terminated vested partic�pants 3 38,193 Active parficipants 754 3,147,794 Total Present Value of Vested Benefits 5,982,449 Nonvested Benefits � $0,404 Totai Present Value of Accrued Plan Benefits 319 6,062,853 Market Value of Assets 5,437,126 Unfunded P�esent Vatue of Accrued Pian Benefits 625,727 (Surplus) Funded Percentage 89 7% TmversP�rrtn Augusta Richmond County SI-7 Present Value of Accrued Ptan Be�e�ts �Plan Termination Basis) March 1, 2003 Number Lump 5um of Value Part�cinants of Benefits Ret�red Parfic�pants and Beneficiar�es Currentfy 77 $ 3,325,391 Rece�vmg Payments Termmated vested partic�pants 3 80,323 Active parficipants � •16� Total Present Value of Accnaed 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% Tbw�ersP�rr�tn Augusta Richmond County SI-8 Disclosures Government Account�ng Standards Board Pension D�sclosu�es in Employsr F�nancial Reports Thc follow�ng uiformat�on �s prov�ded to ass�st the plan sponsor ui the development of notes to plan finanaal statcmcnts prepared uz accordancc wuh Sratemenc No 25 and to its finanaal sratemcnts prepared in accordance w�th Statement No 27 of the Govemment Accounang Standards lioard S�gnif�carrt actuar�al assumpt�ons The sigcuficant actuarial assumpnons used ta compute the actuauai ac.crued uabilrty and die annual recommended contnbuaon of the plan meet the Actuanal Standard of Pracnce No 4, Measuring Pension Obhgations, esrabLslung generally accepted actuactal pnnccples and pracaces The s�gnificant actuanal assumpaons used m the current valuauon are — rate of retum on mvestment 8 0% per year — pro�ected salary mcfeases for -- mflation 5 0% per year -- ment or sernonty 0 5% per year — post-reUrement benefit mcreases Not applicable Fund�ng pot�cy and annual contribut�ons The Eunding pol�ry for the plan is co contnbute an amount equal w the reconunended contnbuaon Lsted on page SI-4 in each year The recommended conmbuuon meets the �udeluies for calculaang an annual required contnbuuon set forrh m Paragraphs 9-10 of Statement No 27 These contnbunons are determuzed under the pro�ected wut creci�t actuanal cost method and the asset valuaaon method for developing the actuanal value of assets as desaibed on page SI-10 'The pc.riod, and related methcxi, for amomzfng the uuual unfuncled actuanal accrucd l�ability �s 30 years from 198$ and current changes in rhe unftu�ded actuanal accrucd l�ability over 15 years tor actuanal gvns and losses, 20 years Eor plan provis�ons and 30 yearc for �ctuarial assumpnons and cost methods as a level dollar amount These amorazaaon periods, if apphcable, are closed for th�s plan year The rcqwred conmbuuon ratc, if any, of acuvc plan members �s statcd �n the Summary of Plan Provisions secaon at the end ot dus report ��n Augusta R�chmond County S!-9 Fur�ded Status 'The table below sets forth reqwred supplementary �nformaaon to be d�sclosed in the schedute of fuc�ng progress The items presented are based on the March 1, 2003 actitanal valuauon • actuanal vatue of asscts $ 6,477,885 • actuanal accnied hability 7,146,314 • fUnded rauo 90 696 • total unfunded ae.tuarial kability(hu�ding excess) 668,429 • annual covered payroll 6,988,509 � raao of unfiuided (excess) to annual covered payroll 9 696 Effect of plan changes on the actuar�al accrued I�abd�ty The effect on the actuanal acerued liability of any current-year changes in acwanal assumpaons or benefit prov�sions �s 'The plan provisions valued and the actuar�al assumptions are the same as those used ui the preceduig valuaaon Effect of plan changes an recommended contnbut�ons The effect on the recommended contnbuaons of any current-year changes in actuarial assumpaons, benefit prov�sions or actuarial funchng method �s The plan prov�sions valued and the actuarial assumpteons and cost methods aze the same as those used to deternune the contnbunon rcqwrement for the preceding year Tbwersl'�rrcn Augusta Richmond County SI-10 Actusriat Assumptions and Methods Econom�c Assumpt�ons Interest Rate 8 0% Annual Rates of increase tn Salaries 5 5 Future Soc�al Secunty Wage Bases 5 5 Cost of Iwing ad�ustment Not appl�cable Demograph�c Assumptions Mortal�ty 1983 GAM Table Termmation Aqe te 20 258Q 30 1560 40 0945 50 0585 60 --- ��Y 50% of 1975 SSA study Retirement Employees 65 Police £t F�re Earl�er of 65 and 60 with 25 years of service Form of Payment L�fe annuity admm�strative Expenses $2,688 plus $33 per act�ve participant, $7fi per retired participant and $29 per terminated vested partic�pant Pension statements, �f requested, are $4 per person Contnbutory pians only add�tional $33 per act�ve or termmated vested part�cipant w�th an mdiv�dual balance Actuar�al Methads Normal Cost and Actuanal Acerued Liabd�ty Pro�ected Urnt Credit Actuanal Value of Assets Roll forward prior year's actuanai value with contribut�ons, d�sbursements, and expected return on mvestments, pius 10% of investment gains (losses) during 90 pr�ar years Tm�e�s,F�rrtn Augusta R�chmond County SI-11 Asset Data CMEBS has suppl�ed all assct dara uscd m thc valuauon The mazkct vaiue of assecs �s based on current values as of two months preceduig tfie valuaaon date and �s assumed to be currenc through rhac datc Participant Data The pnmary source of parnppant data for the current valuatxon �s a census of all parnapants wluch was prepared by the employer through GMEBS The data are typically collected by the employer two months pnor to valuauon date and assumed oo bc currcnt tJ:�rough that date A summary of acave pamapant data as of the valuaaon date �s present on the following page TawersP�rr�n i - - i � o00 00o e000 ori c�wcn 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L L 4 L L L L L l L L L E6 41 �0 � b ad tl a0 �I Itl a0 itl O al aa e0 10 i 10 �6 W t7 W 10 L q 4 L 1p � L q aQ L p� L q�p L b b L pl � l. tl 10 L 4 M L� b L q W �. � O m V1 v1 M N N O Vf vl 0� N N W Vf Vl m N V! m N 1A O N I/f m N V1 O t/1 Vf N vf Vl 0 VI u! - D 11 d � L D .D � D D � O � Er m E++CO Ev p� E++0o E�+ C� E++a Er m Ev O E++D Er Cp E++0o Er 0� � 7 O> 7 O> 7 O> 7 0> 7 O> 7 O> 7 O> 7 O> 7 O> 7 0> 7 O> > O> ZF-Q ZFQ ZF-Q Z}-Q ZFQ 2F-4 ZFQ ZFd ZF-Q ZI-�Q ZI-Q ZFQ +� ' m m q L Ol Q p� Q 01 Q OI � Of V' �- O b Y �-- N N f7 ('7 � � � N (Q L W 4 J L I 1 1 I � 1 I 1 1 1 1 � m +� N O In O tn O � In O III O > O m � N N f7 l7 V '7 In IL1 f0 O Y� Au�usta Richmond County S1-13 A�tuarial Certification Th�s valuaaon has been conduct+ed �n accordance with genera!!y accepted actuanal prux�ples and pracuces The actuanal assumpuons and mcthods employed in thc devclopment of the recommended contribunon have been selected by Towers Pcrnn considenng expenence of the plan and reasonable expecraaons In the aggrc�*atc, rhesc assumpaons and methods resuit �n a wtal contnbunon wtuch, m combuianon, offers the actuai�s best esamate of anticipaaed experience undcr the plan q ��,.�-�7',P�a J jean Struble TilLs, F S A, E A Towers Perr�n March 2003 Tar�ersP�mn GEORGtA MUIYICII'AL EMPLOYEFS BENEFIT SYSTEM SI1NQu1ARY OF RF�7T.REMENT PLAN FEA'TIJRES FOR 3-1-2003 VALUATION EMPiAYER Augusta-Richmond County (forrnerly "The Ctty of Augusta'� SOCIAL SECURITY Yes, but not before 1987 PARTICIPANT CONTRIBUTIONS 3 5% EFFECTIVE DATE 3-1-87 ELIGIBILITY REQUIREMENTS Empioyees 1 year (20 hours) Offic�aLs not covered NORMAL RETIREMEN'f AGE 65 (opt�onal 55+25 for Poi�ce and F�re) EARLY RET[REMENf 55+10 BENEFIT FORMULA 1 25%-2 0% dynamic breakpomt applies to all cmployees SERVICE NOT CREDITED Servtce pnor to 3-1-87 �s not cred�ted for benefit pucposes, but �s recognized to qual�fy participanu for vesting and early retirement VESTING 10 years DEATH BENEFITS Automattc Opt�on A{parttcipant must be et�g�ble for early or normal ret�rement to designate a benefic�ary to rece�ve death benefitsy DISA$IL1TY MINIMUM 20% COSTAF-LIVRVG -- ` SPECWL JOB CLASS Class 1= Police and F�re Emptoyees PENSION STATEIv�NTS Yes OTHER Eariy retirement �ncenhve prov�sion {"window") to allow full unceduced benefits for any employee who has attamed age 50 by 12/31 /96 and wmpEeted 5 years of serv�ce by 7/1/96 T'lie employee must etect such benefits, and terminate employment dunng the penod of October I, 1996 and December 23 1996 An addrtional ten (l0) yeais of servtce wil! be added to the caiculatlon of the emptoyee's total cred�ted service No changes m plan features smce last valuation February 27 2003