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06-16-1997
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' . . i . ' . . �i ).�'R 1• 11} .''`. .. . �1' . . �. . , i . � . , .� . . . . . . ! � i . � ' � � . • ' . : , I ' i . � , f. . .$ , . ;t � ;4��i . . � �.. . . . , . . . � '` ' ' . ,' , •.f s .! i .r `. ' :i' . , ... '� , ,' . . • � . . ' � ' .. � I ,� �•� � . , ��11t ` � �. ;i. . . • ' .' -�` . ,- � , 't ' . . �. ' . f' �'` �; ' . , .' � . � . • ' � . � � , � ' ? I� � � y��.7'e,. ' .r �, :� �` . 1 f . �I ' • ' � : z.�. , . . , , . ' ' . ' , . ' . ro�i� ';t"t��:'r:F+£S f=�7 a �. . ` . '.�' :;, f , � t , • ', ' . �, ' . ' . ' �. ' !1 � : .' '� r ). . �,4����#��is;,C-f�.7�:ii�E•,�;e���i� i � . ., ' ` ' � ' r' ,a ��' .., . .� '�r.•� !, "�' 1}i ���ht.?� .:E,"c�,�.�'7't..3•.:i� :At�z°1;4/���i ' e .i:.i. .�.1"t:.F�l�:f��' .';. �'"'.i� °�,��`' ',� 1t r � j` ��y .6 y,� �r • ' �� �'. r„ �:x. :2�� � � � , , : .. : , , "1'f =. y�'�+Tix.: � + : r'• . . .it ..�"I;�tlAk��:'^,-+�.'.s : ...e".�s:;;�:ry—j:. � , . . . , . ... . - ,. . ' .. ' ' ' • ': ; ' � ' ,i .f'., i � i � .. , ` . ' . .. ' . . , � . . , . � ' . • . ' , . . , - . ., . , . . ' . ' r . . � e. 1 ., , ' . � .. . .. , . . i . ' � � 3 � ' 1 . . , , ! . � < , � , . . � ' � � . , e . ` . � � ' . � ' . ACTtON AGENDA� . • i . . � . . � � '-. � ' � . ' . � , . , � ; Bfl�rd o# Trustees of the EmpEnyees' Pension Fund � ' ' , � ; ;:R =: - � � . . ° • ' ` J�rie 16, 1997 . , . � 3� : . , " , . ' ' .. � . � � ; , . .. . ' . ' .; � ,z . � � , � � : . � ; :',{ . . , , ".�1,. ,Cail to order�� � . . � � - � 1. 9: � 7 a.m. ' - � ' ' � + ; : . �. � �'�1PProval of M`snutes: 612197 2. Approved as sui�mit#ed. � � . � �. ` ;. , , . . . � �:" �� : • . 3. Amar�dmsr�t ta lr�vestmer�t ' 3.. Ap�rov�cl. � ' ,� , �� , � � , Management Agreement witli � , � . . . i ; , • Afiiar�ce Capitai Management, L.P. - . . . � ' �, . , � w��ich lowers the investment . . � . �. ; ��,� ;' , ma�agement fee sc�edule for the � �� , . , ' , j � ' City of L"lt�arwater �mplayees' . . , • . . . � � '. . Pension Plan' � . � � � , � .;. „ � ' I „ 4, , Au#hor�ze staff search for core � 4. Authorize�i. � • . ', . , � � fix�d inaome" styie manager for � , � � , • �. . � � � . �mployess Pension Fund; authorize " � : � , • . '• � � . . Galtan & Associates ta assist with ' � � . ! � , � : ' � search;.��thari�e cost af search, . ', . . s . � including sta#f trave� of approx. � � � �� � � v3,500 to be paid from p4nsion ' � . ' � fund � , . , � � . . -, • , • . � '. 5. Accepi Acivary's Repart for � 5. Accepted. � • � � , ,�mploye�s' Pension Plan for plan � . ' ' � � . � year baginning 'i /'� 197 which � - � ' . � requires city contribution of at� , � . � . ' � least 7°�fo {est. 53,146,874) of � � � � compensation of all emplayees . �. participating in the plan and. an , � ' . additiona! cpr�tributian jest. . � � , $33$,526), representing the . � , . � . �� dif#erence hetween the F(arida . � '`. � 5tatutes required contribut�on of � � � , , 53,485,400 and the City's . �, , � � . . � estimatad cr�ntrlbUtion per ebove, � � . io be deductec� from existing credit � . , , • �atat�ce of the plan {c�rrer�t�y, ' . ' $3�503,365) � � • ' , . , � �, • ' . � , .. . ,' , . ' 6: Other Business: , � 6. Na�e, ' . . � ,. 7. Adjaurnment; � 7. 9:35 a:m. � ' ; , • , � ,' , • . �:. , , �r. � �,�,, ° , , , � . . ' :�� '��i �'�'`i `�S . , ', � ' 1�'•, '�r�., � . , ' ' - � . , , � � ' ' t , . . , � ' , i �"� � ' f , � ' ' . 4 r,,..< ay } tF k !'i llem �; ��.. � �� � Empjoyee's �Pension Plan �`��"`�`�?` " y%: ;'srs:�;;;.r: �r � ;:'<�t •� s:; Tl"!l5t��'S � Me�ting D�te: ; .� `�'�� � � A�enda Cover Memorandum � ��:`���"'� n���s � SUB.IECT: � 1 ,. Amend existing investment management contract wlth Aliiance Capital Manag�ment, L,P. FtECQMM�NDATiONIMOTiDN: Approve tl�e attached "Amendment To lnvestment Management Agreement' with Alliance Capital Management, L.P. wh�c�t lowers the investmertt management fee sc�edule for the City o€ Clearwater Employe�s' Pension Plan, ,� and that th� a rc rfate offlcials be a�ihorized ta execute same. � E3ACKGRQUND: . ' �� 4 Earlier this year iwo members of the Pension In�estment Committee attended the Cailan Investment Institute: Based upon knowS�dge that fhey ieamed from the instatute, ihe committee negotiated with � Alkiance Capitat Management, [..P. to lower their investment mana�ement fee. ,��� Cunently the fee is .40°% for the �rst $25 miifion and .35°� �crr alt amo�n#s over $25 m�llion. _� The new fee wil! be .2(}% €ar all amounts. � • Ussng iha actual number for the last 12 months th� new fee wil! resuit in a savi�gs of $102,D00. iiflvlewed by: L� p n1 BttdQat Purchn■Enp Rirk M�mt. 15 ACM Oth iH�A i�lA h1A Oripinatln� nepa�tment: Fi��ance User popartment; FinancQ er Advertised; Datn: �' Paper: SUbr�jttt b, r� � � Not Ftcqulrcd � � A�focted par#les: � ' �C��L. ❑ Notlfled ity ent�qll O Not Rtquired � Prtni�sd an racyci�d papar Casts: � Cnmmisslon Actlon: o ❑ Appravad Total ❑ Approvec! w/Candltions ❑ OeNed Currcnt Fiscal Year ❑ Canttnuecf ta; Funding 5ource: C] caplta� lmprovemenl: Q Operoting: ❑ Olhet: Agprapriatlan Cocie Attachmontg: Mfcndmsnt to Agreemen! ❑ None , �t�,, :.,. ,� � ' t ,� � , , i ' ,. . . .� . u , . . � . ' � . i. � . � . � ' � • • . . ' � . � , , . . 3 , . . ..' . . , r ' , ' 1 . , � ,r. .. ' . . . ' . . � i . ' ' .. . � • � � � ' � � . ���•.'�a���'_i�5.!(.,�� '. . ., i , .. •� . , . .. , i:P��.;1�_ „•;':��,i', �ti��' '3P�•t,-,��i...' .' . . ' , • , . � . . � . ,s;` t-. �.r, ;�<•.:� .�•� , , ., <c:9. . � �. .. ,i� .. :T` . •��r�u":z. .� , � , . � .. . . . �� , . , . . , . . . . . . . . . �: '. . . � , • . . , i . � . � � � ' • . . . �:.__ _ ... A,,, I�U ENDM�NT T4 INVESTMENT MANAGEMENT AGRE�MENT • This Amendment is enkered into this day of , 199�, betw�en . tiie TRUST�ES OF THE ClTY OF CLEARWATER EMPLOYEES' PEiVS1ON P1.AN � �.�f�ereinafter ref�Red ta as tfie "C�ient") ars� A[.�lANCE CAPITA�: MANAGEMENT L,P., �(herelnaHer referred ta aa.the "Invcstment Manager"}, � . � WITNESSETH � �` WHEREAS, Client and Shlelds Asset Managem�nt, Inc. e�tered �nto �n � 1�rvestment Mar�agemer�t Agreem�nt on Oc#ober � 4, 1 Q91. � � WHEREAS, Shietds Asset Management, inc, assigr�ed its in#eresi #a Ailtanc� Capita) Mar�agement I..P, and Glient consented ta said assignment ar� February 28, 19�4. . � .. WHEREAS, the parties agree ta amend thaf Agraement ir+ part as descri�ed tterein. � , NQW, THEREFORE� in considerafian of fF�e tor�gaing and ti�e mutt�a� covenants ar�d agreem�nts, t�e parties agres as �ollows: � 1. . Paragraph IV Fees is deleted in its entfrety and is now arnend�d as foliows: °The lnvestm�nt Manager's fees wil! be cafculated and payabte . at the end of each caiendar qua�ter. The fae for any three manth �eriad is ih� amount obtained by multi}�lying the maricet . ' value of the port%tio at t�e end of tk�e quarter by one fourth of the annua� raie set fort� �elow. � - 0.20% a� al! asssts under management . 1n no event sha11 the fee calcuiated hereinunder exceed the ��vestmer�t NfaRager's t�et� cuRent published fees. . If this agr�ement sna(I cammence or ferminate between regular quarteriy valuation date�, a pro rata adjustment shatl be made with respect to #he fee for such quarter." 2. A�I oth�r terms and cnnditiaRS of t�e Agt'e�m�nt shall r�mairt +n f�ll force and � effect. , � - I � . . 4i 0 r;r;�`� �f,;':', ' . , ' . .. .. : ... . � � �.� . ' � ' � ; . � . . , � . � `��`, � , , . . t`., .� �. � � � , . � . , � . . • � • � 1 , ' S ;' �!r'� . � . . ` .. � . , . + . . . ' � � . , . � ' ' . . . ' .. `. .. ' . ` , , . � � . ' ' . , � . �. .� � � . .1 � . :�. . . . ` , . , ;'';.� ��r�'i` . : '.1� � , ,' , � • . , ' + • 't. � � . . � .. � ' j' _ � a.• � . . � . • � . �. . . � � � , ' . , . . . �1 ' . � , � F, ' . . �, . . . ' �� . , . . ..r ' ' ' . . . ' .� . � '� ' . �4 ''r '',I 1 , `, . , � � ' `� I � ` . - � ' ?•. • ' � , �� � � , � . ' � ' ' ' '. , � , ', jf ' ,� , , i'��. 1 . .'( . .. . ,. . � . , . � . . ' . ' , l' ' . . .. r � ���..� �. ' :f' � # . . . � .. I 1 . , . . . . ' � . . . . ' I . �' i � ' ' � ' �E . t , _ . . . ' . . � . 4 � • ' . ' • . ' . . . , S' � • II � .I . . . f . . . � � . r . . . �f ; 1 , � . � ' . ' � � � ` � ' , �4•' ' ' � + � , . ;.=i .1, ''t � . . . � � . ,. . .� ' ; . � , ' . ' . . � , ' , ' � . ;y�l,r':I''. ,. ,: '. '� ._•F �a . z� ' .. .. . ' , ' ,. ' � . . ' ' ' .' ' . -�F : { if �..,�:tf . � o � : . 'iy� � '. '. . �' . . ; . . . . . r . � . . . � . , . a�.'��+i.E S' ���T -.A'e�l�" 4':��+�iS�'!f' ' �� � � �' . - ' � . r . . f�t�i� �.i.:!���... `�' . ' �i >>'SY::� 1�i7{3 :i�:'./p ,... ,i� �� ' � ' . . �.. .��. ,>. .;a. � -... , . . . . „��' �. ..'i.: sl.. '�::a,(�� � v� r.i� :I�. �I!.,1�. .°i .•�, n .� � , �, . . . .. . ... . . ... .. .,> . I , . � . . e • ;,�� � ' . ' ' 1 , .� ' ' � . , . , � . , ' . . . i � , . ' , I . . , . . . . . . • . � . . 3 � . _ . ' ' : 51�aturo Pago lc Am,endmant tc� Inva�tment ManaAQmant AArnument , , , , � �, ; � .; , . , . . , . - - ' � � � , � . ' ' . � � �, .�.IN WITNESS WHER��F, thc� parti�s have set their seal an the dat� frst abvve � ' � writt�n. ` . . ; . , . � � . �. . • , . ; �` . ,�3 � � � Approved as to #orm:. � � . � . 7RUSTEES O� THE CITY QF � � � '. � ClEARWATER EMPLOYEES' � � . '„ , F. , ; � � � � - PENSION PLAN � � .. � � . I _ �� . � � . � � � � . � � ,. . . . , :,, . , . , . . � G� � . � � ....,.�..� � � '. .��.Jo n Garassas, Asst. City Attamey Rita.Garvey, Ch�irpers�n � , ., , � . . , � • , . � ' � � � I �� � . € � , � � � . - � � � . R�bert K. Clark, Trustee , ' � , � . . . i . . , , . . , � � � � � � � .. . , . . , ,.. � i ! �� � '�. . ' . ., � . . � � . Ed Hooper, Trust�e . � � , „ � . �, . . ,� ,' � �� � ATTEST: � . . Cynthia Gaudeau, City Clerk . �• . �...�:.. , . . Witness Witr�ess . � . �� � J. B. .lahnson, Trustee� , � � Karer� 5�e1, Tr�stes ALl.tANCE CAP�TAL MANAGEMENT l..P. t CorporaC�o � cretary E w ki4'' . L ;r''} ,�,l� ,' ' ; ' , t+a��� �t��, ;�,:€,� . � , . , � � ' • � .....,� I . . Employee's Pension Pl�n �t�� #: :.�� �� � '' ��� � � � .. ; � � . �, :�. � , Trtistee's M��rfng oars; Y � ,���{�. �� '� �. A enda Cover Memorandum . : ��� R' ``�� � `�� � _�� :��� SUBJECT: � � Adding a'cor�e �xed income" style manager for the Employse's Pension Fund . � REC[]MMEIVDA'TIQNIM�TION: � . , AuthQrize staff to conduct a search for a"core fixed income" style manager for the Emp�oyees � Pension Fund, autharize Callan & Associates to assist with tha ��arch, authorize th� cost ofi the . search, inc�uding staff travel of approximately $3,5Q0, to be paid from the pensian fund, ��� n�d that the approprfat� oKcials tre au#horized to execute same. � � B�4+CKGROUND: n Fot the calendar year ending Decem�er 31, �996, the Employee� Pension Pian had a rate of rvturn of �4.$°�a. • At March 30, 1997, the plan had investments wikh a markot value of $3�D.1 millian. Tnis amounk is evenly spiit between equity and fixed income on a cost basis. . � Market Values bv Manaaer in Millio�s Ark 2G.4 �ic�Choff Aelkus 5�.6 � Shi�Ids1Alliance Denver 47.fi I'ool�d Cash Hanson 60.2 59. � 60.9 �.3 • l.ast year at khis time the trusteas approved the addition of a°value" equity manager to diversify the �quity portion of the investments. The P�nsion Plan currently f�as four equity managers. o Gurrently the Pension Plan has two fixed income managers each with a differe�t investment style. The fixed income investment managers are: Alliance Capita� Mark�ts (core} and Eickhoff, Piper & Willoughby (passive veasury and insurance contracts). . R��lewed by: Ortg(natirg �epartment: Cqsts; CommJsslor� Actiorr: tegal I�IlA FlnancQ S3,6Q0 ❑ Approvcd Budget Wj'1.+� 7otat � AApro�ed wlConditEnns Purcl�asing ' A iJser Depariment: � Denied Rlsk Mgst�t. Rf�A ��nancc Current Fisca! Yoar � Con!]nued to: IS N!A Funding Source: ACM 0 Capltal Impiovement: i?lher Advertised: D Operating: Date: , f� Olhrr: �mployees Attachments: � pension Plaq �ti� Paper: Submitted y: ' ii �tot Ruqutred Appraprfatton Codes AHected Partles: Bds-o7�41o•s�o1aD-58s-oao � �-' ,�eC. ❑ Natified 6a6-07410-54720D-586-000 ❑ tJane City a grr Not Required � P�Inted an recyc�ed paper ��t .r,,,,.61' ,. � '�, � ' � �'. . ; ' . . . .` . � . ' . ' ' ' ...' ', . , , . ( D ' y ' ' . . . . , ! � , . � . . ' � � ' ., . 1 . . • • . . . ' • • . , ' , � . . ' . � ; , , . ' ' . � '. �. , 't . , � � . ' ' . ' . . .. ' . . e�• ,�`'' 1 ', �. ' . : r ,1 fl . ' ' .1 • ' , ,. , . . . � i ' � . ... ' .. � ., , ' • ' '. . ,•' . , ' . .�' - ' ' . ' ^ � . ? . � , � ' • . . - . ' ' . ' . . . ' . � `' ' � � � ' < < . •. , , � , , e � � t i. , ' . , � , ' . � . � � , .. . . � ' � � I . . .. , , '" �,! ,. �i,' ' ', j }1,,1. f. . f I ' `!Y . . . '. . F-. • ,i� � r 1 . , � �j ' ' , r. .. 'j, i � : , . . . � , � . ' . � . . . ' . . ' . .. , � . '`,i'- . " ' ;' ,�� ��� . �' , , . �, � ,' r � �� ' , • � f. � � �� 1 • ,1`�j{' ,€ ,'•Ll�t 1 � .,. .' ' , . ti �J. � . . e . . . . � . . . ' • , }.R f`lel.�'5i-�'��� f {�`��.F''.Si`r`j.: �'S 5 � , � . � r ' .. , . . . . . . :1 . �. . � .. � t � . � , A� i f 1 :'1 �dl�h� •:J=. r r :i ,i i'�•.' :1 . . lr .. . . I . .... ... . ��T� �.. �:F�.'��.�j'1: ':�.:w. ,. �.. . . .. . r.r.�. . -F. �"i.'.� . , . . . �. . . , . . . � . , . 'I'�. . , �,. ., ' . .. . ' ' . . ' ' . e � " ' . t , E�� �� • The Ciky conlracts with C�11an & Associat�s to provide performance measurement and to provide �, information vri investment managers: � � �.�, � . � . .� . � f��• The �nve�tment Committee unanimou�ly recamrnends #hat an additional "cote �ixed income" style �,' manager be added to better diversify the fixed income investments, �" , ,. , � . �•�' The lnvestment Committee is mado, up of the City Manager+ Finance Direc#or, Assistant Finance '� �� �. �� Director, Finance Controiler, Risk M�nag�r, Senior Accoun#ant and Casfi & investments i+Jfanager �.: • Callan's fee'far the search wil! be $20,OOQ This fee will be paid by directing investme�#� �trades ��, through tF�eir broker and wili noi be an addi#ionai direct expense o� #he penston plaR.� �� ,�..,The In�estment Committee will come back to the Truste�s in late summer or early fall w9th the rQSUlts : � � of the s�arch �or approvat. , � . � • By adding an additional "cor� �xed income" manager ihe investment fie� wili increase by an estrmated . ° � $'�2,500 per year. .'• � The ca�t of cammittee m�mber tra�el to investigatelr�search the top ranked firm �s) is estimated at � .$3,5QQ. 7he actua) amount will be affecter� by the location of the in�estment manager(s� and ih� .. . number that needs to be.researched. �, . . . ,. I. . . . . , , , . . �` . , ' . . � j: ii . ' . r-�. ,..,, • ��: � � , , . , , . , �� � iY' r' , f• ' � � • [�i �, .. ,��, r i.l� .. • ,...� , , ' . ,' a lrl�, s . Trustee Agenda Cover Memorandur�t ,�i, .:t �LBRi �': ' �. .,�i, Mesting Date: ������ ����'� . V�'�'` <: ,. �. � :�: : . :: { : .. . . : ;. . . . SUBJECT: Actuary's Report for the Empioyees' Pension Plan for the plan year beflinning '{ /1/97 RECOMMENC3ATIONlMOTIQN: Accept t�e Actuary's Report for the Employees' Pe�sion plan for the pian year beginning 1/1/97 which requires a City cantrihutior� of at �east 7°% �estimatsd� . 53,146,874) of t�e comp�ens�tion of all employaes participating in the plan and an additional contribution (estimated 5338,a261, repr�senting th� d�fference between the �lorida Statutes� � required contribution (�3,485,440� and t�� City's estimated cant�ibution per above, to be dsducted from ihe exlsting credit balanc� of ihe plan� (curr�ntly, 53,503,3fi5) r,i and that the apprflpriate atticials be auihorized tq exe�ute samQ. BaACK�ROUN�: . �5.�l.�Clf �R12..o�: � .• The attached acivarial valuation and report as of January 1, 1997 calls for a total req�'sred c�antribution of S7,C181,828 (page 5�. � Empioyees cor�tribute 8°ra of sal�ry anticipated to be 53,59fi,428. � Th� difference to be contributed by the city o# 53,485,404 is a decrease of 51�474,$44 fro�n last year. This decreas� is primarily due to excellent investment performance in '� 995 (23.3fi°Yo? and 7996 (�4.80%?. • 7he funded status of accumu�ated pla� benefits increased from 140% in 1996 to '� 51 °� in 19�7. �nvestl-t�,n�e��rr��: • As m�ntioned above, the Employees' Pension Plan has had excellent investme�t pgrformance d�ring the past two years. # Since the City us�s a smoothing appro�ch #o asset valuation, tF�e difference hetween the actual return for each year and the assumed rate o€ 7% is spread over 5 years. • Bas�d upon �t�is method, the aG#uarial rate of return f4r 1996 was t't .54% and �33,76G,5Q7 af �x�stin� inv�stm�nts are not recagnized in deiermining the 1997 funding requir�m�nt. �.�8 i��: • H�ving a credit ba�ance is not a normal occu�rence in a pensian p1an. - iiovtewo� by: Originatin� Llop�rtment: Costs: Commisaion Actton: l.�Q�I nla Fine�cs N!A ❑ qpp�ov*d � Budp�t Tataf Q A�rproved wfCondit(one p�ucha�lnq n!a User popartment: NIA 0 DanEad REsk Mqmt. nle Cu�ront Flscaf Year Q Co�tfnucd to: IS n1+� Financc Fundin� SOUrC6: ACM � Cnrltel � Irnprov�ment: BtF�er Rdvartised: � ° aperaUnq: !]ate: f� Contri6utiana! Ai4achments: Oshar: �arnEn � Papsr: • 1997 ActuarEn� Roport dreft Submitt by: � Not R�qulrad Appropriatlon Codo / � /� • Affactod Parties: ��(� r,J � ❑ Notitied CI Non� City N1a�fay�r � 0 Not R�qutr�d '� �tint�d on r�rycl�1 p+�p�r c.rr�.. 1.� � ��: �z.'3i.� •r '��.r�: Y .,j..rt:c.4r•�f ., 'E'al.s'. ''�, f � ' , � r', r '' ��i .' r.• � . . �: ' ,� . � �> . � . '.. ,r .. ... 9" . • � . 1 :' .�.,� �'3:d�ci �'�'; °r�ti�� �•}� : ' •' , '�' . . ' ' '• , . � sl�,� �, . . �, .. �ti�'.. r����, . , ; . . . . , . , ' '. '. .. ' � ' . . � . . ,' ' � . . , . :t: , , �r' , . � ' '.( :s . � . .,' ,� ' . ' , ' �1 . , . ' .. ' ' �., ' „ ... , ,� ' . , �. . .,'? 3 . .� �'�r ' ,� , V� `� • ' �' .� � ; . , ` ' � . . , : � ., , .. � . ;`'.. ' , . . . �' . . . •. . � .� . 'i'�9: ;, , .eE� ' ; E � �s ' , .. • . • , . , . ., i ' .. . . •• � . . ' . , :i ��L`� •7,i. . Yt. . ^ ' � , � ' 1 • �i� 1 � . . ' . . � .1 � . ' . ' . ��.. ' j � I`. .f, e .� � � , . . .l� . � , . . � .. . � .i) . . , . .. . ,. . . '' j��t i, �•r�. :�: ,?` � . ,r. � ' , �5. ' 'j .'��' � ' �' ', ' e ' .1; i ,.�'. . . , <s'' 'y' ` , i,,` . � . . . , . . + .. . ' . . . . ' r� �r,f•'C. . °r', �� 4f�=' �,:i' ' , ;i� ,17 - ; .. �,. : .� i , . . . ,. {i�.a:i' "t � s��. ��� �,:t.� � �j �; E ���, ' � � : . � . ; . , � . ' . .. . `€ ' . ' ' . . . . ' . ` � . :.� r.' 1�,:: !' 1: ',��, � 'e" . �3 � , �i' ;i . ' . x , � . � ' ' ;, , e . :� • . . I '• .+, V�, '�e"p!. . ,j. ' . ��1•,l;�.. . . � .. . ' i S �. r ' .�. , '�r 1�' ��i� 1 �4� i:.' ytj � '• . ' . i .. . . ` • .�.si,r.51'i#t:�f.,����'�,, i;!`,:' '�i�� - � � �... :i , �. . � .,�+' ' . _ . � . '.. " � �, � , � ' ,�' .� � . r7����r,``�`�}��}?�y'�fa�S7;dr��e.,i r �'t: :�• " 4`� . .. � ';i " ' � . , ' � " , � � . ' , i rr�c�a��.tt�:,��`�r:��;�1., �*`i. �`=iip''}i. , i . . , .:« �.,i��,XSl�l...�k.:...._�1 �...... . � erN �:�� ,.s..s.. ...� � ° '�".7Lti°., � a��: . .• 1•. .. �. , . . ':"i� � '/�'i�"' � �'.i!':f:''°`^,-. . . :�• . . • . . . , ,.. ` ' ., . � • ; . ;� . , , , � , .� .� ' � .. < . . . • . . � . °` �� �` Thg pension fund �redit balance was �irst established in 1999 when actual contributions � �`-. , , . . . ware.in excess of those�determined�td be.required, Tf�(s occu�s when the Florfda Statute �� ' �'��; ` � �-`:,requlred,COniribution !s lsss than,the'o�dinance required contribut�an. ' . , . � ', . ` `r ���:�, �+ ��"he cred�t .b�lance continued to increase through 7 994 due to excnss cantrib.utions and •. �, ' �.'..; , interest earning� on tF�e credit batance. � . � � ' . � , �•� in 1995 ant1, � 9 996, due to incre�sed funding, re�uirsments, a portian of the credit balance � . '�� � � � � was usad. ° � � ' ' � . , ' " ; �, � The history of the amount of ti�e cred�t balance is as� fvilows's'� � �� � . �� , �. : ; • 111197 � � ' 8fi5,313 " . . . � . , . . ` � �, 11'i�192 . , . , �25,885 , . 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' , ' , • � ' • � r d �'��� � • , • , � , . � � � ` � . + , wo�r�on�i r�r�on Am� . , . . ' � . . ' . ; . , + . .. . ; . ' ' . • : . ' . .. ,� ;. .. � , , � . . ',3, � ' . , � ` , .� , � . . . �� . ! , � . . , • � . ' , . . , , ' ' ; . . ' �. . . ' . S ' ; . . . � . . . . .' ' 'I . . ` . • ``4,� i .� ; . � � � � , . . � :; � . . r. . . � , . . ... � ' . ' , ,' � . . . . . � . . � , ' . . . ' . • � . � • . • � ' ` , " , , . � . . . . . . � . . . � . . � . . . r � ' . . .i . ;, ..� ,' ��� . n i � f ' � , , t � � Y ' ' ` , . , .. . . I . . . . . ; . , � Y • � ' . � ; • f, . . , . . . . , � . c'. . � .r , . � , ' ' � . ' . � � • � . ' �� .� ' . . , ' � ' . . � ' ' ' ' � ' . . ' . . � . „ . � . . ' r �. � . `. ? . ' '' . , t , ., . , , . �' ' , � , � , , ' • � , . . ' • , ' . ��� , . ,� . . , , . . . , . . , � • , ! �' , . . . . ! AGTUARX `. S REPaRT FOR TH� . � . �°F� , . , .,; . . . r . . , , , . . � . .��ys,, ''f� , ' . i ' ,. , . ,, � , � � . � . � CITY � �F' Ci�EARWAT�R �MPLOYEES' FENSION P„LAN . �"M1�� '•�k,:�� �{ ' ' ? . .,. � . . , , • ' r�r.;:.� � �`:?{:' �i' .' � • • . . . . • .. . . ' . � �4�Y..-S�� � �. f.�r�.{� � � � . . ` F � . , . . . . . r .. . , _�:'�trv.F�sJ�� , �µ�,4;.f''. ., . � As oE Janu�zy 1, 1997 ���`�.� �° . . :� �: .. � , . • ,i ��i'� ' , FE::i� • ' . � , • � � � �.. .. . ' to determine an�ual caatribu��i�h �'r �`�;�� � .. , , � . . �. . ' � , bliT.'.i� �F�f.iw. r . . , . , , �ar the Plan Yea � a:�.01/03./97 - .1��' ��1•�9��• , , � � ` ' ; . �;;�.�� 1 � a � �. �, � o °� . � � E • . , . . ' , . . �ta be pai.d in the Fi�a °�`� x: U � 9 A9 3 /98 , ' � ''� . . . :� , , , � . , , , . , � , � � . , . 31 ' � . . � . � �. . . . ' . . . • { �, , . , . . ' � . ,� � � , ���� � . ' ; ' . � , • ,� � '}� ��.�f� . ,�Y:F , � ' I ' � ; ` ., #. � �� a ; �+3��� ;�,,"''�'�. � . ' . � . ' ' . ' , . . � ._. �i��� L{it13.�. ' . . I . . �y� j,� ,-���_, , ' � . . 7 � � . . • 1 ' ' � ' ' . � .. ' � � . l . . ' ' ' , - ' � ' E � ,. . � . . � � . . ' � . • f . . i . . . . . � . I: . . , . . ' . .'r ' , . � . r , . � It r ' . , ' I ' • . , . � ' ' ' ;'Drah F�r Discussion Purposcs Qnly-Sub,�ect ta Revision-Not for Further Distribution �� � .f11.. k . � � ... . ' , ' . . � � . . � Dr�ft � � � � ' ' . - � � � •�,', , �'�' e . , . , .� " r,i..� .. .... . � . .. �� CoapNra i Lyhr�d LLt�, ' ,. ���� I � o�+��+arw w,�ous bm , � June 2, i99? . . , ...� � ,. �� ,City of C�4arxat�r . , P.O. Box 4748 � � � : .' Cl�arsv�t�r, �L 33518-4748 � . Ladi.ea� and, G�nt�emea: � Tk�is repart presen�� the r�su1C� af the Januaxy 1, 199'l ac�uarial va�,'E�"�� of the City of Cl'eaYwarer Employeee' Pens�.on P�.an. ie has been prepa��d�r'p�'�inarily to � pres�ent ta m,anagement th� cantributian requi.xements for 1997 and a�so';�l�e curxent � •���<s �v:..�.. status af funding of accumu].ated plan bez�e�i��. SecCiori.".�tT��vf th�a repaX���ina].udes a presentstion of the in�ormation requizeri by Ch� Gov"eri=siierst Accountzng�,:S�andaxds Yr'iwkie� .�f, , y. Board i�ASBT Statements Na. 25 and �7. �F.:-.Lt, ..,,�� i. -:� ��N� <r; ;,,.�.. . ^E'.-f • ��s>.;n, ..'.t:,iG. '�`;:.;: :�i� . 'ka*gY�.y,e»° `�.;,a.;� Dux aal.cul,ations w�re based vn ff.x�anci :-f3�a and emp1, ,�e data �urniahe��y the City af Cle�rxater. ��`� ���`� .I.t i:. �. The veluat�on �►ae b� . > encrally . p �axia�. � oda, and we per�a�ned �,:.•�� 1� .• �_�„,,. auch tests ae vr� can �t`��:r� '"'��eagary to :�. ���" e�};,ccur.acy of �he resul�a . To our , know].�dge there arc ��a�n ���s or �xpe ;i��o be l�xovided by the plxun �or which a iia 3:1'�� ' �urrent�i��� ` t�iwwn�s nat est�bZished. We certify . that �he �mounts ,/��+,t:ei'R;�.L:ito-3 t afe,�? b':3)s.i�ix�4'.'�+�;'t.,., {f..a.;:i> pr�,�Ctd�� '�: ie accorrg�?�Y�ug-„;xeport ha+te� be� approgriately deterrr�f�ie�! a�cord.�ng s r, ... � � _.; . ,. . ,� . �a �� actu � assump�;�i�g�v�i���d here�,n. ��;�� �� . ���� �.�� '��� �k ¢:::. � " ':'°"5�tatement by �nrol.led 7�ctuary �;�;.•;� r}::s:.:;: . �w .f . i:.� ...n �r�'.... .. Th�s aC�uax�:�►i�valuation and/or cost deCermi.nation was prepared and completed by me ar und�*�„��'"c3irect supervision, and Y aCknowlesige z�spor�sibili�y £vr the resul�s. To �he best of my knowled�e, the results are complet� ar.3 accurat�, and in my apinian, Che �echniques and assumptians uses are reasonable and meet the xequirements anr3 int�nt of Part VII, Chapter ].12, Florida 5tatutes. Thexe i� no benefit or expens� to b� pravxd�d by the plan or gaid from tMe glan's.$staets £er whzch iiabiiiti�s or c�zrent cost3 have nat been established or orherwise taken fn�o accaunt•in the valua�i,an. A�l known ev�nts ar trends which may require a materxal irx�rease in p? an CoSCS or recrui.red corieributiion rates have beer► taken into ac�ounC in the valuation. • Respectfully sz.tlxrsitted, Stephen M... Met2 ' � Associate af the Soca.�ty oi Actuaries � Enro�.lec� Actuary Number 96�4342 Mark K. :�.neeh= Assaciate of Ghe Society of Actuarie� Enrolled Actttaxy :lurrti�ez �5-��}71 � � . Draft For Disce�ssian Purposes OnIY-Su�ject t� Revision-Not for Further Distributior� ��_ . Draft � `��la: ' .. � '',, � . . f � • ' . . ' ��' ' ' ' ' . ' . � � � r � � '` • ,. , , : r .i�' ,l( 1`r�" � ' � s ` I , .' � , . ' ' I ,. . ' . . , . • ' �r , ^. . . '; ., � � .. , �'f�' I " � .� . � � , ' • . � � . . . . f.'. �.[` . .; E . .� . ., ' +' .. , � � . '' i �. . , ' . ,. • : . . ' ' . ; . ; i � �'�j .. i f'.' ' �,t , � r ' . ' , � �,.� .',' , ' .. � . . .. . , . . . � • " •. . , � � i ' ' ' � .� ' � '� 1° � ,� ,l � < . . 1, ' t � . . � . . ' � ' ' - ' � � � . " � . . . .. ' 1� . . i:. � . ' ' �. r . � . ° � . , ' • ' . ' ' ' � . ' il • . . � �. `.f••✓����r�� . ' i� ... . . � . , . , }., ., ' �� � ' �, ' ' . ' . . , . ' 1 . . �.� ' I 7 ' � ' §> . . .. . � ' . • . 5 • ' . . . " � . . . � ,. ':}' . t .. ��'��k' 9 ., '1`,'.1"(., '1 � . . .. . . � . ; .. : y . . . . . � ' � � . . ; � r . � �� :�':�' , .. i� • �� .. , i . ; ; � , . . . . ' �. .. ` � • . • , .��_,� �. . , ' , � � ' ' � : 1r �� ."�, , t . . ` .;' R� � ,i j `. . . . .. ` . . • , � , , � 1 , �ti�^���: Ei y`�4�:'� g�( E:•��dt. ,�t.l: , . ,'. - . . � . ' .: , .'i . r .• . .. , . . . . . � , � • . . , ' ' . . � , . . . . � 4' < i� .r. :1:;':�i'•,y , � ' . � . . . . , �. . .t:., ��sr ., ��`..'�:. :i."f�i,1'r:%�� l�s• �'f' .. � - • . . ' . , . 'VJi.J� . . �. . . /�'Y' .(,• . �': � . , � 1ai�. . . .. . ... . . � . .. r . . ..�........ �< e.a � .�� ., s . . , .l�. .��;�.. , . ... � . . .+. . .. �f ' �. � '� . Coo�ea i #.yt�and LLP. ;' ' , ' . . . ' . . ' . i �. � � � . : . � . . , . . a ��b+bt �rn�k+rr �ms , ! . ,� ' , . � , , • ' ' ' ' , ' . . , �. , , ', . , ' ' . , . , . , : . ' �, � , `. , � ' ' . � '�. , � � ,. • . ' C O�i'r T E P7 T S � . ' . ' , , . . : „ • ; .; . , , . , ' ' �, . �. . � . _ . . •. . � � . . � ' � . . . � ' Paaes " , : � S£C"xION`'i ' � SCtt+�NAItY . ' � . 1-6 ' . � � ' •` SSCTIQN II FUNDiNC3 1 . � � . � ..7-11 ' •�> . • , � ..� . � , , . . . � . � , ' SECTION IIt � ASSETS � . - . , . ' 12-15. �, - �� ,! , ` , , ; � � � . , � � � �" .. SECTION IV ACCdUHTING ° . ' ' � � ��'"7..7 . � ', ' SECT"�ON V CENSi15 DATA � � � � �',�r �';�18=�0 . , , ' ' ' � ' s��€ :v�u ,�� ��'`t�:j4 �? , . � �' SECTION VY ASSi]MPTi0N5 AND MLTHODS . � '� :;::;.;�z, �1-�2 � ' , . ;� .�,,,, �rg:�i�. y . ..€; ' . ' . 4s,"'e..,�.! ..�; ;. '� �j r , ('I.i't�. � � � • . SEC'rYON VZI � SLiMMAl�Y qF PL�1I3 PROV3S�ONS ` •<<: •�" ; { �3-24 . I' . . ^�i.;��;�'� . '�r��;; i . � , � ` •:'z a: ��:,Q . "� i , SECTION VYi� . CONiPA�FWTIV� SLf�+�4�lARY QF �s�.. . ` �� �;;�'' , { F``�'�• ., ' r. .y. � � � � � PRINCIpAL VALUATION RES ,,�`.��, . • ,� �� �����-29 � I � `, r . ;. � , • , , �,-: . � �i • , � � � . , �� , "` : � ' �: � ' � . � t. r�,.; �� •`,.y� .. • # ,�= -��a`��`�.� ��k�'�t . ' . N��,,�"��'t}�,�" �%'°i�"� ' , � u ���� : , .r ���',+ �y�'h � . `.�.F. ".�'•a tr%'rr , � ��� ;�y'.w.a:. ��'.a `�f ' , ' �� ,.tir'W��'v�•' ' ' , ' � ' ' � . f� i ' ' . ' , . . . , , ' . , I' ' _ . ' � ' . . Dr�ft �...... � . � , ' For Discussi�n Aumo�cs Qnlv-Sui��ect tn P.cvis�nn-Nnt far F�.�rttirr T�istributinn �.w�, �o , � , ` ; '. � , . � . , . ,, , , . , . � . , .. � ' " . . � :. . '.: � . .. ...., . , � • . , , . . . . , �� Cna�rs i I.Ytxand LLp. � � �� � � � o�e+.uianN w.vw� wm . . � � CITX OF CLEAFtWATER �MPLQYE�S' PENSION QI,.AN , SECTION - ' SiTt�A�(A�Y A. Actuarv' ��,omme��� Thi.s� repdr� preaentt� tha highiights of the January l. �997 actuarfa], vslua�ion . pr�pared to deCet�nine the cantribution requi.remsnts far the 1997-96 fiscal year. Sin�e thc 3ast actuari.al, v�luatiqn of the plan on January 1, 1996� ther� have betn no changes �n �he actuarial ass�pCi.ona and methods ox �h� p�an provi�i,onn , For a dmtail�d deecript�.on of the plan provisians, please see 3ectinn VxI and far a detaiied descrip��an af the actuarxal aasump�ions and meChoda, dp.l.eame eet� �,rn Sec�ion v3 of thia z�port, -��'�"`�•:�„`, . r'�%5.., �, ;�s . :•� Mf.,� The minimum requixr:d City cnaCril�utian. for the �997 p�an yenf� v f�s.�.$3, 4H5, 40(i .,�� . : ,. (excluding the credit balance) compared to S4, 960,,24,�":•Fax.� 1995 . As a, gerc�n�.ag� o� payxo2Z, thfs r�pxesents a decrease from 1�,.22 , to� 7.75�. The chanc;a in the �:.:�..,r �.; ..ti minixnum requixed Gon�ri.buta.on i.� �rimarily due to ��he�Eal:�owing facGtir� : t,�� �,.:.;;E} ..�:• „wi�• �'f� �,: + an a�tuariai irivestment return ��s��.,5� in campa����to an assumed=%r��e o� 7 . (f � , ,;r',. � actual sal �����s�a af 6.7 c i�on �o �'�•eat�um�d ra�e of 5.0�, arid �.�s` w' ��,�,.�° n ,����� E,���M�� � q, a,. � r��a� cxpent��5�,� �;'�the year w�e" $].11, fl01 more than expeated. t�c �a�� ,�.,.., r:.,,�>� �:�. � �� i;4.�•;�::a; ��� y. �#;r a`f�.s$,` ^!, "'k.i;�, 'A,.`.^'. 4',.: {I�; �� �' :�• �" • "-,'.�' �'-.w:� �.. '������Se pl czedit ., . �:��s� cuzrently equal, to tt full year'r� �antribution, �'s�aning the CiCy�ou��,�es�en�ia,Iiy ak�p one year' � fu.nd�.ng �nd atill Comply �r��h Sta �"iaw.'ith� o�d�.t�anc�, how�ver, requires the City �o make contrzbutipns eY� if .<��ate law daeg naC). The reCOnciliation cf �he min�.mum raquired �an�x�.b1i'Cipn from the 1995 plan year ?evel to the I997 level is as falkows: 1„ ;� -;,. t;:�;:, :4�:�a� � Minimum Cqntributian - i995 $ a,960,29g Increase�(pecrease? in Normal CosC (1,929,649} In�rease/{1�eCrea�e) in expected expenses 3.11,001 {�nG�ea�e}/l��crease in expected emplayee cats�ribut�ans (59,711) � 'Increa��/fDecreasel ia Het Interest _, _{__96_�4851 Mini.rn�xr� Contzibu�ion - Z997 , $ 3, 985, 400 In addition, the m�rket value o£ asse�s o� �he plan e:cceeds the ac�.uaria� valu� by� more than $33 m�.l�.icn. 4vez Che next �our y�ars c:�is excess wi�Z be inc?.uded in the actuarial va3.ue and wi�Z h��p zeciuce the fu :c�i.ng requirements. T�e Eunded status pf the pl�n increased compared Co the pzior year. The satio of asaet� �t market value te the actuarial present va].ue of accumulated plan benefi.ts increased �rom 14Q� at �anuary 1, 1996 to 151ic at January 1, 1997. flrafi � Fc�f J?i�C���cinn Pt�r�osc� nr�1v-�ilri�cl tc� P.ei•isinn-'�'nt f�- Fu*thcr !�?Strihu�in� Dfaf� �.— - � . J � . . . � . � . ' • ` " , , . , , . .. " . ' ' . . . , .. . ,'I� r. . , ' . . ,' ,, ' , '. ' ' . , ' ' . ' ' , ' F , � ' , . ' � � ,. - ' ' ' • � � ,' f . , .. . ; � . ' � � . .� . � . , ' ' . . .. . , 0 1 • .. . • ' . ' . 't' � � � ' . ' � ' . . , . . , .e . . ' . . . , ' , ' , , . ' , . ' , , , � 5,� , ' ` , '�4 `' �,i .� , f ' , .. • • . � , , . , , ,1 , .`r.`, _�, ,1, i . , , � . '. • • . . . .. . � [ �. . ' �! . . , . • , if, • t . . : .' � ' . , �' ' ., � ' ,� . � . ' ' � , . '��. . . �� ' . . '}.i , . ,'` ,. . ' . , �• ' . � . , . ' ,. . � ' . . . ' ', . .. ' ' ' � � . . . ' � .f � }� � .. . . .. � ' . , • ' ' . � . , . , . �`,Y:• '' �.i`,:te��)�y; . .. . , , . :, � . . . � . . , �. . ' ;�}c":.�t1". i r.� '1.: �•;i;.o , .. 't��.rF.p..�l. ... ' ' .. . . . . ,..� ,� q 'i�, . , �.:r . .. �. . .. ..v,,. , .. �. . .� .. . . � . � .. , _. ,. , „ , � � i • •i , � � . � . � � . � � i:QOjlMi � t�71� �a.i� ' , , , . � , � ; • ' • � � i �� l . �.�,.,,�. �� . . , . ,, � . . � . . . . . � � ; ' • • CITY �F CL�WATER EMPLQYE�5' P�NSYON pL1W . � .. ,. ' ' . S� . O I - SUMMI�RY cant { nuedJ ,t , I �,•- � . f, � ' E. Ccrs mits � r t e a Y ar ndi Dec mber 31 1997 �� i i d� o Ca t • ., � Florida StatuCes S 3,48S,4p0+ � , � 7� of palro3.1', � . � 3. ].4G, 874 . . ., The emp3oy�x contribut�on is agsumed to be made'unifazmly duxzng Che �rst twa .a..�: ; quaxtexs of �he fiscal year beginning on Octaber 1, 1997. Difi 4�ic�irll. �n �.he investment return du� to coneributicns actuax�. b�in made a'�`�'��s""�Yr y g C,;,�n��.O�her C�me wi27, b� recognized a� an actuarial gain or loss in th� fq.3.lowiz�g��*a�u�Cion. The . rtrinim�m required co:��ribu�ion represents a fundin�..leveT;��ahich will �`-�ii��nEy the rssinimum'funding zequirements under Part.VlT, Chapr�r�a13.2, F1oz�daY;5.tatutes. . , PZ�ase refer �a Sec�ian VI and V.TI a� the xepoxt foY�:�� siz�umary o� the�a��uarial „ n:'r «cji F:,�..: . l',D•:,i assumptions and plan provisions, r p�ctively. ���;,��;;:� ��� '��: ° � . ���-��'�_ �r� ' �"'� . .i.:,;�'�`'�"'. Draft Fn� I7��ci�ssinr p,lrnnsec �1ntv-�+.�-•iCCt tn .P,e��isinn-Nnt fc�r Further I�ieEribution Dr•�{ , , . 2 i�r4��- .. .. . .. . . . , �� • . �� � - � , " ,. ' . . , , . , �� � ' � � ,; � ; � :� . , . r. g � i�.. � � . .. ' . . �. _' � . .r . � �p�p��,� � � +� �y�Aa i+�. . • Dro+.n+arr+ �rvloM �nn �. �. ., ., i �' , � , � , . � f � � ' � . CITY QF CLEAAWATER �MPLpYEES' P�NSx�N PLAN . , . S�Ct Q;i I - 5iJ'M7�iR't (,ccr�t�tt��d) C. �omv�i�a�ive Summarv of prin�iaal Valuatian Result� � Ac�uariai Va1u��ian Prepaxed �s of: Jan 1,, 1997 Jan 1; 1996 Jan 1. 1995 '(a} Participant.Data , Number inc�uded �� � . Acrive M�mbexr� �. 1,461 ,�.422 1.394 Retix�es and Benefici.ar3.es • • 427 399 .�;";�; 38p �t�,;�z:, �5.��.,r•. Termi,nated vested Particzpants � e s� .ck;:"�'?•:,��� g ��<Ytz�;.:a ;':. Annual Payral�. o� Active� $ 44, 955, 345 S 4q;,,208, 964 $�4�;�r�37�., 332 . , r::,��) '�'S .' . .�. M ]'.t.�. J �I��' Ar�nualixed Bea�fiCS � �nr;�:;'S;' ,°q�;'':�;'' $;" - xiY�"' , Ftetixees and Benefi.czaries $ 6, 617, 34Zi:. .• �rr7,�2, 14B 5�aB 578 �-..., �T�rminatcd Vested partic�, an.ta a 76 63�, ��`���2 640 "�Z� �4U I� N.p; i �?,�`'�� � r�;, P.�:. • �� , t fbi aatuarial Reser�ves ��� 'Y � � . Maxket Va�ue � �.��� °��$3 t �, � ° , 707 $2 ��3, 151 $217, 777, B�9 Ac�uarial Value �: � ~ . t#,���� Oa $244 � 74g � 48S $2Z5, 482, 7Z6 �' ��' Rx � '��� � . (C6rsyLi�i:�.s�.��,8� ��:�Er�} k,�. ,�; . 3:Jr.#�eL;�;�����-�� � , K.L`,4'�,�• � �N� :�,,.• Pre�y ' � �-M�1' b i� ��N�i3F{€•+�i't �rit Va3.0 Expect��¢t�;�eCi��, f��t�.'""n �. , �:ii��.. ��"°"� � ��x� Activ�;'�?artic panta: ��"' Retix'�men�r`8+3ne�iGs $216, 752, Z11 $217., 067, 333 $177, �60, 724 Te�-;it�Ti'atlo�rl'�'�enefiCs 13, 7bfi, 527 13, 555, 552 12, 025, 6ZB �.:....: ,,,.. DiS�bf,1,�C'y 84nefits 10,918,448 I0�g�4,398 10�8�2,342 A�ach Henefi�s 3,38�,956 3,258,520 �,83.4,Z34 Rest�2ld o� �mployee CCnCXibtlt,ios�5 1 793 016 I. 67S 3A8 ,,,_,^1.3&2`173 Total Active $246,623,�58 $;39,982.151 $204,705,1D]. Tersninated Vested Par�,icipants 749, 997 77.1, 55]. 680, 848 keCi.rees a^c� B�neficiar�es ' �3. 7y� . 5�� ,,,��;��35. E7.i 58 768 478 Totai Pxesent Vaiue of • Expected Aenei�ts $3�1,112,771 $304,929,586 $Z6g,�.54,�427, Liabi].ities Due anci Un�aid ,$ 27U,977 $ 234,955 $ 196,231 Drafi Far Dis�us5ian �'umn�cc C.1�1����uhi�rt to Rc��ir�nn-h'rn fr�r F�rther T�istrihuti4n l�caft � �� . • ' ,� � ��� � ' . � . . � • . � . , . � � . � ' , ,, , . . , ., � . , ' ' . ' �� . � � � ' . . . ' , � � .� '�'r. �,�. .� _•i�'.+ .1 , ,:;,.;I `1j . . - ' . ,. . . .. . ,. . .. , . . . „ • . ,� - . . ., (� (� Coopors & �ybf*nd Ll.l�. . � • . ��� I � p�d�r+Yqe�i . . . NMCM �rsff . CITX OF CLF.I�iWAT£R �MPL�Y�£S' P�NSION PLAN � � � S�CTF�jv I - SLF��MA�tY �cantinuectl . f • � , . • � � �.� C. C��S��,ti ,v,e �umrnarv af_ Prir�,c�'xpal Valua�i�,on R�sul�cs, fcanCinued) Actuaria� Valuation Prep�red as ai: Jan�1,�97 Jan 1, 1996= 1 �� � Sc) L,iabfliti,es tcantis�ued} � � � � Un�unded Actuarfal Accrued Liabi�.�.ty , �'rozen Initial Liab.�(FI�,1 - 1/1/79 $ 3,66I,433 S�,�34,456 $ 4 731,304 � � Supplemcntal FIL - 3/2 J?9 ]., 537, 295 1, 734, 13�,1,,, �.� ,: .�•�'�24, 632 ' Suppiem�ntal FiL - 1/iJB�.. ' Z64, 779 276, 66�?:Y�#,^'iv�`�.�288, 3.52 Supplem�at�l FIL - 1/1/62 ' (3,218,790? i�3,348,786}�Y.�3.,474,278) .�: , . Supplementa]. F�i - 1/�/87 1, �9&, 94.� °t'•.'�.�. 326, 510 �'�.:�.y.354, 3.4� , � Supplemeatal FiL - 3/2/88 1, �61, 49�.,=.''� ��1, 49�., 9�3 ��l�y°�20, 396 , �.,� Supplcmental F��, - 1/�,/99 1, 943., 23�';"�;: 3,s;978, 253 ��'�12, 853 As$et valuation M,e�had - 1/�./94 .��fi r����,,�t�3;�: ' �,�;� ' ChaYf,g� � 'hr����` 3, 597, 54��r� x3.6�12, 682 3,'�B"4, 869 �lan Amendment - 2/1/�6 ����_+"�' �,�`•*� � . ..'M�y4-, 904.370 �� • Q63 � a�2 ,^ d • s;�r�• . .a; �'C7tdx .fn". $ � •�°� , :�. 6r 3�2 $ 1�5� 379� 893 $ x1.946, 0?0 ' � .. �. �.� �� . : � . >x ��� ��, (d) Fur�ding 1�ccount di � lance .��:�, 'z:�aY. P�s�T{`.. %••'�'� «1tj�5 ,'�t�Yi�'��� .� x rf � fi: �a � °�`i"^. ro , �'T �'. !�3"4..Y3�. ��i�S`Hr "''h.i"y" ? � t,tIS� y.,; ��x' , ��� $ 4 801 3Q2 $ 5 �Q4 094 $ -0 839 984 :� sR�,'.".��;r ,r�" 4 �i' �}{rs4, +(f3e: �"t �, ► i r � ► e F � Yettar: '�;�. �_� �'�a� • �,� ae �`• ^",• �� :r y R�, ,� red � ,��oyer Ccn£��buCirons j4,9f0,29q1 i3,7a1,904) (2,563,746) � E� �o �r C�ptrxbutions'Made 3,326,216 7.,fl67,825 2,63U,293 �. Y �. �nCeY�st dii:f�Credit Balance 33b 091 372 287 342 643 _�„ r.... ,..>%:�.. :;,'; � r; ~ �'r�a�',�, CurrenC,�;Y�^a.r Cre$it �alance $ 3, 503, 36� $ 9, 801, 302 $ 5, 304. 36� (e} Actuarial Preserit Value af Accru�d � Aenefits isee 5ub�ecCion IV far � detail) $2Q2,942,80� 5190.�0�,777 S1&�,��7,705 i" Chan�es DuXing Pricr Year: Va�ue from Prior Year: $190,506,^77 5:66,51�,7Q5 S1a0,B62.7�� werleFits Paid . ;;,-�5,6"gs :E,�;�,370; (S�Z94,2_�] T_nterest, Agi.ng a;;d �eriefit� Accrued Z9, :�i, 7Gti ��, ."s05. D84 20, 929, .�37 Chartge in Assumgt�cns 0 0 0 . Change in Pian Prc•: i.sionS 7� "�, ''Sa . 35B 0 Net Change S 3.2,436,025 S 23,999,87� S 15,634,985 • Value at Currelnt Year $202,4a2,802 S19Q�506,777 $166,517,705 Draft Fr.r l�iccusc��r p,lrnnCc� nnl��-Suh�cct to Pc���i���^.ti'n� f�� F':�^4,^r l�i:T*jh.••;�� . � � �-, f• �v .� � � . . ,� , . . ' . ' � .� ', . , ,. , , . „ ' 1 ' . . ' . ` ` . � ii.i f. ` • .;. . . . . . . , c:'� 's � � �' •7 . ;,�' � -,tf 4<�r:, e . � . . . ... . . . � . - ., . , . . �� coopan i� �yb�.no L�.P. . � � �� � , D�+wrw wr+cw �m► _ r, � ,. . , . .. . . � � . CTTY OF CLEARWATER EMPLAYEES` PENSi�N PL1#N SE�CTION T - 5�Y �ontznuedj., � C. Comnarat�,,,v,e suraunant _ai �z�ncinal Valua,ti�n Results, {cantinued) • Actuarial�VaXuatian Pxepared ae of: a 1 97 Jan I. 3.�95 n 1 1� (F} Peria:Ean Coat far Year � Nozmal CosG . $ 3, 092, 928 S 4, 52Z, 577 $ 3, 715,146 AmortizaGion cf Unfunded �'roxen � � Ir�i�ial �iabil.iCy 2, 504 , 845 2, 504, 845 Z, 370, 32]. Adminis�rat�ve Expensea 1,126,697 947,356 „���$49�675 ..r.,,�;cc,.�r::;;v Shortfall for £ycpenaes in Pziar Year •, I29, 3�1 14'1 r 6.8J.'•>;�.,.� ��' �4, 245 , .., r....,.: zn�eresG AdjueCment � 228 03.7 324 50�"",,���"". 244, 79'7 ' . .rf,et f 'kn TaCal Res;ui7c�d ConCribution $ ,7, OBZ, 8�2�,4.$-`'8,, 49G, 961 $��t6;�24,18A As a P�rcentage of Pmyroli 15 .`i3'�'�� �. 19. 24 �:�"kr�, i5 . U� ����. �{ � r,.� .:v., �,.,...,, <''%�r.� c;7<:tS" �-�'"�;;;:- s:i , ;.H � � AnGic�.pa�.ed Employe� Contributions �,� ��,� 3, 59G , 428 ��TM , �� yN ;: � 536,717 $ �. �,280 � As a F�roentage of Payro2l � ;����� 8. Q� �'"� g_ 8. 0� 6. Ot u4> �y Ci,t Re ired Contr� ���• � Y q� w,: w S 'r� . 85, 4D0 S „s960, 2�44 $ 3, 741, 904 Ar; a]�erc�ntage of �1�'0'� :�� ��������� 7. 8� 3.]..2t 9. atr �'�� �� � (g) ��� I� e�z ActuaZ;�Ciyn�r�liut�ons ��z;�=� .awt�:.r: �/t �;",ty :a.3:•i¢r,,.:'fh Y(" t�`�' y'�� 'i'�•v r+^-k,�'.'�t': f�i` �,j �'j� �j� �y �+� s ^Y A {,iFt��'i°� ��x, lnye� ��,t ,t . �'�.;:�� �'^''"" $ 3, 898, B40 $ 2, 667, 825 $ 2, S3Q, 293 � C�'�y �:�� . ��• 3. 326. 216 2, 867, 82� 2. 630. 293 �+�.�;: �'.';;�a.', ,"��� ��yoCal�:� $ 7, 225, 055 S 5, 735, 650 $ 5, 26Q, 586 Y'.,.;[`S'�r�.�VXyY � �..+tiJ�"� fh} Gains and Lasses N/A N/A N/A {i? ather Present Val�es � Fresen� Va2u� af Futtsre Salaz�ies At attained age . • $388,Z69,500 $377j422,700 $356,834,7d0 at e.^.tr•� age $316,2i5,aea S3Q7,107,500 $284,929,504 Drah �or Discu�cton Pum�scc C�niti�-SUhie�:t in Rr.�•i���n-'�'nt f�r �'urthcr T?i�tr�}�t+ti�r 'n.. {+ � � , ' . . ' . . . . . ' ' � , i� ' . , . . . . ' . � . , . i ' I' �.. ��� f 1' � ' . � 1 , . . A, � � . .. � . . ; .� � . , . � . . . . ' . . 1 . 4 ' . . ' . � . � ' � ' � i,. . . , � , . • .i .�. " ' � . . , . ' . . . • ' , _ ' +y�., .. ;`�. i '{��.. . s(�i�.,.. n�.. , ... . , , .. . . .� . '... .�� . r � • � . .. .. .(.. . . . ,. . � . ' : IC�ope� . co��.� a �.ya��d u.r, ' ' , • ' ' & y� hr�tld (.�.d..:�,r..�;�..+�, ' . , 3 �� . � � � � � �� ' ' CITY OF C:�EARWATER P,M�LOYE$8' PEPISION PI+}�N - . , . � � ` � � � 58CTI'Oi� x - _SUt�+lARY (�antinued} " � : . , � , ' , C, Ccmx�a�r��, vw ,Summarv Qf Princinal Va�ud�,�on'Resu3.�s, {continued� ;. Aatuarial Vaivation Frepared as o�: , �ar� l,_1��7 Jan_�. I92� �an _l�_ 1995 . (i.i Other p�eaen� Valuet� (cont�nued) .� � . Pr.ee��t Valu� of Emr�].avee�Contr�.butfons ' � ' � At a�.taitled age , $ 31,000,124 $ 30,126,481 $ 2 353,8a9 • • At ent�ry age • 2�, 740, 604 24, 025, 915��,�14b, 164 , � �!Kt«�.:;;>"�;: d�s'� `�Lr rM.f+' • � Pxesent Va].ue o� Future Normal Costs '��: '���Y3•�^ - a 26, 721, 63.� �`$.:38. 606, 50? $';�2; Q29, 725 , . • . � � ' . ;,�.r���'y.A}y x�'.•.��':, ' . ' Pret�en� V��ue of� BeneEits . �, �� � �� . - f .:��., � :; �'. � �,�.. ;;i . �„��,,��. �p��y�:sr ���,`�� � }w� i�ib . "�F Ack3.ve Emp2aye�e - a� entry age ���.�."��5,085,369 �,771,Ga2 $ 54,2Gd,500 . � � � >' � ,x� . �, �. � �r3:'• ' ( j } Campari�an oi ` �i� „ ; Agaumed ��� " ``� � � � � `5�'�.`>- � t. � •„ �:r�;� .. " . v sx:.:.., * n���. - � x �:•:v.;. * �'r �ir Increa �� Inv_estmen� �,etux�7 . „yT:Sk�iy :Ya., y, � ' -- - ��,'��: ���'�� Assu s ��' Actual surn ,� a���;.�� . , � �,k���'�ik,:�''� . C .��� ,� � � �*,;.,;: '�'' Market Actuarial 3"� �""` � �'�`�' value Vait�e - •,,r . � :��,�,�� �v, �����, �.. I2%31f9��;F'�' � 7.4� 5. 0$ ' 13 .2i; 23/A 7. pk � 12 ��,�&7 5.9� 5.0� 10.78� N/A 7.4� � 12�31/88 9.1� 5.Ok 9.1�� N/A 7.O�k 12/31f89 8.7; 5.0� 20.84� N/A 7.p� 12/31/9Q . 5.3� S.Q�C 6.21'� N/A 7.Q� � 12/31/9�. 5.1# 5. fl�C 28 . 52i N/A 7. D�k �. 1,2/31/9: . 6.6� 5.0� 6.49� N/A 7.0� I �.2I3�r93 • ' 1.2� 5.0� 9.24'� 7.42t 7.0� , 12/31/94 4.4�k 5.Ot . 0.8°t E.28� 7.0�t 12/31/95 6.�4� • 5.0� 23.35'� 9.?�t 7.D�r 12/3�.f 96 £. 7� 5. 0� i�i . 80 � i].. 54� 7. 0'k i Draft Fc+T� DiSCt��s�nn Pum��c�� n^��••C���+irct tn Rr��iti�n-'�'�c ft�r Furth�r �i;trtbutis�rt Draft . � G �; : .. . . . , � 'i � .y�. � . . - .. . . , � � ' � . _ . . � ' , ' � . � , , . . , � ' � ' , � , . ' � � • . � . . . . " , ' � . , , , � . . , � � � ' � , . �::..'. . �.. , , ' . . .,. ' . , . ". . � . " . . ' . . ' ; . .. . .�. . j '' • � . , , i . , • � � � ' � , . , ; � ..� . . ' . • ' � . � . .• . . . , . . . . . . �+ , . ' ' ' ' � . . ' ' � . + i. • ' . , . ' � � . _ . ' . 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Accrued Liabilizy ' ' �. • � . ' a� af Januaxy �.,� 1996 $26, 379, 893 , ` ; ;: � . . � ' ' � . ' . • ` �r�ter�st to �ecetnber 3�, 1996 '. �„ ]., 846 r_593 , ,. , � � . , , , $28, 226� 486 . ' . . . 2 . . Emp].oyer Narmal Cast* fox Yeaz wi.th interesG ��.� � � . �,°.`. ,' ' . � �o D�ecember ��.,, 1996 , � , � ���,�r���80� OGO � , � ' ' ° � .R�E�,`� + .t� '�1 �.�i;3��.�'.>;.. , " ' � . 3 . ' . Requirsd. Employex Contr#.butions for Period '�• "�����> 6 2 ,9� , , . � , . • . �,,..�,":�,� ' �,s <�f , ; � .,. � ; �- <r u:' � . � :.=�:Sr;ys% '.�`: :,.,. . � 4, U'nfunded �razen� Actuarial Accrued Liability `'r,;:.;:�z��•' .. � , �.,y,:.; , 'i� �+'i Yx.�;s`+-• • . � as of DeCember 31.. 1996 �s��.� �•:��t '�t „� 4' :<�.� ' • , LI��mA 1 + 2 » 3) • .f., ���' � $2�:;':�� 6 302 � I �.� • �4I�Y�,���.v . . . , 'i'i iiA" , , . � '��,: ts} "S � ' � . � • ' , ' �� . �' �ncxud�a Rxpens � justments � . �' . � . >:=i+�,r tk. 'x�, r� I ' ' � f�' i r t � - �'> .� - . �� ��. ' � . i 5� �' `� ��� k °' !��� v � • . ' ...w�.s�.-,S�:ii�:�,�ls'x� "+F.;�rhi'�..'x'{�n, `�?Yi�a . � Draft �d�. . ' i � � � , F�r iai�cL�«�nn P�*ra�^c rini��• SuhjeCt tc� Re��i�i�n-I�'�t fnr Further DiStrihution � 7 a Dr��t I :.�'.� ' . I• � ' ' + � ` , � . � ! �' • .,f :, . � • . , , ' : .. � . �G� � co� : +.ie�►� Lc.P. �� ( �w � � � CYTY OF CY,EARiry1ATER EMPIAYE�S' P£NSiON PI,AN • , E �N I- FCiNDING cantinued� • B. v 1 m t o No oet The.Noxmal Coeti ic� the pvrtion of the co�t of projec�ed benefits which is allocaGed to the current yea� by the Actuarial cost method. ThE Hor�nal Coet far the plan Ysars begir�ning January 1, 299'1, January 1, 1996 and �'anuary 1, 1995 are datermined as fol.low� : Ta�a7. pxojacted A�tuarial Liabfl�.txz The present value ae� of the begitining oP 1�he plan ysar aE a].3, bene�its� ex�r�c�ed to be paid in the Eutuze ta currenC partfcipanC�. � Active participant� � Terminated ve�ted participanCS ���, � Retir�d and dfsabled par�icipanta � . r�'�< ��.� , • Tota�, participants � `�"� [`radit Ha���ca� �`�, ntributio '� ' �F-!�� frc�tn prior yemrs r ec�, K�7x fu�ure ��� � � � 4 �,,r TCs:..k + ,: ? t. v: ;�.s, Funudx,�:��:z*.�ctuarial�v��;�.of fund a�ai��'��a a`_�}����'�`��igix�n�#ng O�r:�:�'�}�A11 year. �!:''fr> Jan 1 �997 J'an 1, z99G Jan �. 1 �� ���.�� �<>,.,..,,��� ;t,�y'�� �:.;,,• z� w's....: ,, :t��, � . ' "��Yr . , `�? . .. . � . ... y. '�'. .':�.x.' �'.: v�:; $246, 623, 258.;°$239,�982, 151 $ZO�;`'7D5, �0� 744 997,r:,;;,W'.:; . � , .. ����.�i, 561 �,�.6$a, sae 7��,7g4�S1�,�, '�.� 235, 874 58 . $ 47,� �i �1,112,771 ,�Z9.586 $Z64,154,4Z7 `������ '�€;��r, . ���� �� �'"' �. . �,. �{� �� ;, 355 $ 4, $OI, 30Z $ S, 304, 094 � $272,346,20Q $2�4,744,488 $22S,48Z,72G �cc�liil'� a� Tc��� 1�rojaa�,�a�.�;Act�nrial �,., , . , ,. Liafi;tl ry Ovbt;':tho Fund�'Minus tho Cradit ._; ..... Ba�a��t, T2st",��arrion of the projected total�Ft�tU�Yia� liability to be funded in Che��tlire. $ 52, 2fi9, 936 S 6� , 986, 9D0 $ 43, 9�5, 795 � This portion is di.vided a,z�tQ two camponent� : a. tTnfunded Frozen Actuaxa.al Accrued Liability S 25,546,302 $ ib,379,893 $ 11,946,07� b. T�resent va�ue a£ �uture sez�vice liability {fusided aver the exgected £uCur� service years of current � gd,Xt'lCi�ants} $ 26,723,63� S 30.606,507 $ 3i3Oi9.725 PxQeent V�lue v� Future Cavered Payroll: $388,169,S�a S37",222,700 $356,8"sA,700 Draft Fa- T)iccu��inn }'i3m��e� Onla••S��F�i"rt ��+ R�t�isinn-'.�Inl �'s�r F+:-''�^* T�:".�ihtltinn nr:��� . � '7 , i. _ �!f .. ' '�`'. . . . ' ' , . , . , ' : , . , I .. . . . � ' � � . . '. . � - . , • , • ,s� ,. . . . � , . . ` , . ' e • � , , �. ' ' , . ' , . .' ' , �� .. . . , � , , � . � r 3 � . . . ' �� ., ' . . � ' . � . . � ' ' . ' , . � , � , .�.�; � J � . � ' , . .. . � � , ,' ' , . ' . � . .� . � . . • � � . ' . . ' '� _ � �. . , , , ' `.' . ,, ' .' f. ,..�.. . , ' ' , . . ' ' . 1 . ' :F. r ['' . . . � . ' , � 1 ' . . ' . . � . .. . 1.4 . � ' . . •, . , � ', . �� . • � � ' . ' ' • ' . . , , . . . . �� � fi�s'�' . i� '}' � . �I, , t. . ' ., r . '. • � , � �, " � I ' ' . .. ' t� � � i . � . ' . � , � . . , l ' ' . . . i ' . , F ' ' , ` . , � ' .�, � ., •. � . .f. . •.. . � . , i , , . } E � . � ' . �Ft.�� . , E . r � � ' , . •� � � ' . .. � " . � � , �'4�;�!1r�•1��3i.'-.�f: I. ���.'. ; . . . �� . � ' � . ' . . . . � . 4.i;�. �SLi�'U�.�r a'��?.. .'�. . . • ' � . � ` . � , , . . � � i�. � :� • . . . ',t, , , ��`,� 1�;�.+�.•_i! � ....,.. . ' .. r, I , t.,. - „ � . � . . , 'i,. C ' " .. .. ... .. , . .._.. ., . ... . "f' . . =1 �� . . L'�Odt?ff� � �.�f�A(! �..�.i�. .. � .. � � ' . , ' � I Y�.� � � O�t'frWOrrF MivfolM Iirm � � • . . ; , , � , ; . � ' - ' ' ' CZTSC QF CLE11RWi�'1`ER Fl►1PIAYEES' PEN3�ON QLAN -' � .� . . . '. ' s�c�rzorr' ��� ..�N�,...,{C�r.�,nu,ea} � � , , r�r. . � � � . � . . �. � � - � : � , �'�.� �: ,� . � B. Devel.oQ,ment of Nonna7.� CopC, (cnntin�ce�l) '� ,� , . . � • , ' . Jar3 1,_ 1957 +7an _].�_19_�6 ,�„Ta�n 1�_29�5 . �.. ,' Natmnl Co�t Rat�e� The ratio af the pre�ent � � ' � � .. ' v�lue of fuCure service 3iabiliey tn the . � , Present Vaiue•c€ �Futurt Cavered 1�ayxoll, 6,88� 10.231� „ 8.98t .'. ' , . , «' � ,.11nnuhl Cav�red pxyra�l: ;h� repor�ed ' � � '. � � payrol�.. �or p�.an pazt�cipants who have , ���'�,� ' . �'� �°;�,�•r,.�� nat attained the �ssucned zetircmeaC age. $ 44, 955.398 S�4, ��8, � 4::;$^�¢7., 37�., 332 ' . . . . .�.; ,... .�. ;;' , . .Nnrm�al Coakr The annual cost as o� rhe � ,,�;``�'�s ��y . , beginning o� �he plan yeaz to fund. the '�3;;.,��;,�' . . - '•y. �•.- .., • .�,�;,s,r j ; � , ti,-:: Y.:�. � �u�ure scrvic� liabi].ity over the : , ,;�4 ,...., .,«�c�. � " ected future }•��� tifY�'�� . :�.,..,{` ,� . exp year� of servi,ce of tit .� s,��.� ��� ����; � �a � ' , . current par�icipr�n�s. , ' ���� 3� 092, 928 f:�t�4, 522, 577 $ 3,��, iq6 , , , �� . . � , ,�."�»'�� x+1�; � � . ' � , .. , ' i e 0 p��ft _ For Discussian Furnnse�s f?r!�:-Suhject tn Re��isi�n-N�t for Furthcr I�i�trih+�tir� Dr�`' . Q ,r . � �. � .. . ' • .. . , � '. � . • . . . , . . � � � . � � , , � � • . i, . . , , - , • . . . , , , �. . . � . . , , . . . ' : . � . , � _ � ; , , . . , . e. . , ' . , , ' ', �. ' � � � � � ' � � , � ' � � . � , � � ' � . � • '. : � ' ' , , . � . � . . . : , ,... . , , � , � . . :jj. � ti:. f ..> . . , . ,. . . , . . ' , . . . . . . � �.�':': . � . � . . . r.� : ari�:' �. . .. . . . i • � . , , . . , . , �r . � . , . . . , . C �+$ CoaP�rs i Lybrand LLP. � ' � . ' . � ��� I � AroM+�bn�1 �Na� Artn � . . . . � CITY OF CLEARWAT£R EMPLAYEES' P�NSION PLAN - � • � S�CT_ ON �i - F�TNAING �cortt3:nued} , � • C. �t��¢ule af �,�i,rnor�i.zati�P Pavmen�.� � , . � ' , • Initiai Jan 1, 1997 ' l�ru�ua]. .����� �ni�ial Amartizatian Unamorti,zed Amortization �. �at�bli,shed �+aaon o t Feriod Yeaxs) Amount pavmet�� 1/1/7�+ F`razen'� IniCfal ' � , Liability {FIL) $ 9,y26,419 24.5 $ 3,66�.,433 $ 792,558 �� Z/1/79 � 8upplemenCal FZL 2, 707.962 30. 0 1, 637, ����"�:t. 29 yAr< ��, 203, 9a9 ' . . ' �p�i��9�;^�kt�OO• a!�'^;,>:, °�'%=t '� 1/1/81 5upplemental FIL 390,421 � 30.4 264,'�78'•`�`.°:s;�, 29,409 � ..:�� • t�.:r,�:,, :,r°. ,' • �,,:,r . .•; z �:�,<....;4 � 7./1/62 Supplementai FIL �(4� 5Z1, 995} 30.0 ��°;:;�� � {3, ��8, 790} ��>:•:�,y�340, 571j +�iF,,t.�.r fw. . ��,•�{1, ' ' .'. �./1/87 Supplementai FIL 1 519 30 . 0 ,���">�w''�r i'�: ���� :. ' ' f��:r� �;fi�yiarr��,;��+��g6, 9qA �4,ai3 . �� �.;, �� ;�� s� � 1/]./88 5uppiemental FIL 1, 673, •��. 30. Q ��� 1, �61, �499 ZZ6, 057 � � �/1/89 Supplem �, Z, 177, �� 0 �, 941, 231 16a, fl18 �� .• 1/1/9d Asg�t V Ci � ` , � �s.. . . ��.. Method' C�I�����,S��t� 3, 724, �� 34.0 3, 597, 542 280 493 , � t,iif"�,�i. �=a'r{f y,?c«`�£t��?, ��%• . I . � "� • fl.r'n� :'i�i71. i� A�nend�;p�`�y�� �„�,, 063, 642 3Q.0 � la��,04, 37p �� �34. 524 �.4,�t 4.�f,zr.� k� z . �g`•� 36 983 592 �al CttX es ;�- � $ . � � $28, 795, 092 $2, 845, 416 >: f ' ..,�,"..:?; v,s �f. �'o�a��;C��dits a 52l 985} 3 2i8 j 750) _�340, 5�1} �� � �;z�''' • Tot��I S32 46� 607 5�25 546,302 $2,SO�.ati5 • � v���. .�,�� . I , . . I * Estab].3shed Ju],y ], � 1963 and being amar�ized over a forty-yeax periad beginning � on that date. Draft For 17isr,uc�r�� Pt:'^^ •'c (7'��V-�f!�+jCCt SC! F?!'�'j�inn-!�'n! fn� Fur!1?t'!' n��tl'l�'.!!lf�ll ra P�:�Fr ��.�['1.. , i.. , .. ' , � . . , ' � ' . . , , � ,�� .. _ ' .. � . . : ' � '. . , .. ' , , ' . . .� , � ' , ' . ��.� � , � .. . , .. � • . _ , • � . . F � ' ' . ' . . ' ' � . . . ' i ' . . � � . . ` ,� t� ' , .. .[ ', . f 1 ' . �f � . ' ' . �' . � i � ' � . ' ' t ' `� . ' . ' ' . 1 . . � � ' • • • 1 • � ' [ , e � � . • � .. ' } • � � '; �', . .. v •, , i � • , • , ' ' . ' ,` I � • • � • •' • , . . � �� � 1' ,� . . ; �e,.. .i • • � �r •, '�., e • ' � ' • ' S �' ' .�' /� , 'f . . . � , r � ' i . � � j� r I ' , . 1 ' � • � � � ;��'�' :i:A .��s'ti���'�,:if�:i��»�,.' � . e ,, t 1 ; � , , ' _ .. . . . , , . . , . :,irte � . � .�, - y�:r >itw•,Y�, j , . � � , + � � l. . . . d . ; �C c�op«rs � tylttrnd LtP. ; ' � - , . . &L rand � ���..�.. � �� � � � � _ , � � �. : . , , � ' CZTY OF CLEARWATER Et1PIAYE�S' PENSibN PLAN � •� � � 1 ' � , . ,' , . SF,CTIOfi - F'UDiDI23G conti ue 1 ' �. . A��i.ci,patg�l Amor�.�za,�.�on' Schedul,e . ' , Shown below�in thc ant�cipated amortization achcduZe for the Unfunded Frozen Actua�ia7. Accrued La.abi.lity.taking xnto accoun� the plan'g Eundiag pelicy. . �Anr,i.ci at�d Amortization Sa edu�e � • Unfunded Frozen , ��` , ', • � ' � ' �,: �i:;!"�iy `� . . , ate Actuarial Accrued L�ab� i� �.,�,�,,,�r�a; � � ���.�;: , , • , ..�/:� ��i;.x. � �s�� -. . ��, 54�, 3a2 ""� ;,�. �.F,.,; .�..:,�.,, z. � �998 � 24, 654, 359 '��;....:,' . �.�':;>'�4 . �;.;;;, • t�':�is, , � • 1.999 � 23, b99, 980 :'. ��� . �,.-�,�,�;� . 2 0 0 U . 2 2, 6!� � 7 94 ���;�, ;.;��;��'� � Za26 ' � �, 0 ���� "�: . M . � -� . ' . � � 4n .July Z, 1963 the Ltn�unded Froxen a Accrued xity was eetab�.�.ahed ' equal to the dif�er ���rz th� rat �en � n's acc xi.t�bi].ity, determin�d under the Entry Ag��i� ���s ding M�t � �, �� ctuar�a]. value� o� piazt aat�ets . Accorci3.ng to the pla�'�.,�f ...,,�;ri9 Po1�Cy► n3.ti '�].iabi2ity ia �o he �mort�,xed by �• s .• �?y��a a ae�G�;���`��level pa�n��"i�►�`�,�b�er a for �year periad.. 5uhsequen� changes 3.n the 1Qi����'• ��razen AC��r£�3;, Accrued �:abi}.i�y due tp p�an amendmenC� �ax changea 3.n�, �uaria ���sumptioi��g��ta=xe�•'�xo"b� amor�ixed aa a straight-line baeis over a,period t ���:a af ���`�rty •.�r. . By�'C,pntri�ti.ng more than �he sta�ed funding palicy� th� amor�i'�ation, ;,the Unfwcis�ed Frozen Ac�uaria]. Accrued Liability can be accelerated. t<:sr : �.; �._r��: • . s. ::; ,��:;.��:. ��'.� t , .,.;..fw.�;.,:,,,y,.. , � �� ,; � �3"fi�t.�„'�` � � 'i�ry.:.s� t Draft F�r i?��cus�ion P�crnnscs C}n!�'-Suhicct ic� P.e�'l�i^n-'sol ft�r Furthcr Di�trihuti�n Draf� .�.._.. . � • , l� , ' �' , . ' , . , 1 � � � ,� e � , •l � • '' � . ' � . . .�. . . , . � , � �y,f/���.��RF�. �y::t.w ' � ' • .1 . � � ' . j.� S' ' • . . �. .. �� a . .. �. . . � . t ' , . ��� � Cavp�n 1� I.ytKatd LLP. - � � � a a+b�rorr! oK►fr� km ■■w�■wiw . �s Drait � . CiTY Oi' CI,EARWATBR EMPLOYE�3' 1?ENSxON PLAN S�CT20N III�- A5S T Comparative 8alance 5he�t '. , ,' � As of December�31; 1996 , • � � �� Marke� Va1ue ASSETS ' . � 1,996 _ Cash S 4,112,267 Money hlazkct Accounts 17,286,857 Guarante�d �nv�etment�Contrac�a � ' 23�97Q,714 Corpor�t� Equ�.ty Securities �74,6�8,327 Treasury Bnnda �7,797�93� �Shozt '�exm Trea�uzy Portfolio 0 L�omestic Carpora�e BQnds . 20,727,766: .,�•� : ��. Federai Agency &dnds � , 15, 264;`91�7;:j Asse� BaCked Bandm �. � o ' Totai Ynve�tm�n�s r�;,. 3 04 � 76y� �.•a�f�3���,;i��'� Recaivable� : �� .,� ''a���i �nCer��1� - poaled cash � 6q, e '. �Ioyer Cantri.b ,ys, � < z,54g,9 �' Accrued Ynaome * � s>�, 0 . '� ,�.._..�...... �'ata],s,lURA4ts ��� ��.�-��x;�'' • ' �;�"? $3D6, 383, fi89 Lia�i�`i��ities : �`�''�" • �`""�' �� Pa}i�bles �Y :: Plaxi�"GIa��A Accoi�t� ��ayab2e �....w To�al Liabili.ties Actuarial ]teserves: Accumuiateci Member Con�ributiac�s Balance of Actuarial Reserves Tatal Actuaria7. Reserves TOTAL LIASILIZ`I�S AND ACT[JAt2IAL RESER17E5 $ n 0 270,977 $ 270�977 28,871,966 �7__7_,_240, 74� 3G6_._�:.�, �C'' a3a� 6�383�68A t • Market VaJ.ue _' 1995 S 872,779 . 11., 47�. OZ8 Zs, a.00, aoa ].4��,M�82, �53 <,r.�4`�:.��.'13 , 562 ��_-..�,� '�'��'�::'Y•��5, 475, 973 � �'��. �;��.�4� 802, 879 ';8';19�, 434 'l�,i;f►8 2 ,� 5 5 8 263;�4y��',.,t�. y 951 �` so,iz� 1,3�B,B3B ��..�4� 69� $267,4a7,615 $ '0 , 0 234 455 $ 239,455 27,031,973 �ao.�gi,i�e �i3,�61 $267,44?,616 � FOi nlSCL':-�'�n P�r[?nc�•< ll!+1�'-Sl!!�tr^f ic� t2C�'iSl[�n.�'C+� f+�f F.'rifl^r Pi�•tri}'�1!i^'? . rZ � nr��• . . , . . , , �f; r ' . . . . . , , ,. .. , • i . .' . � , � , � . . . � , . � ' . � � � . . , ', . . . . • � . ' i . � � " � . . � . . � � , . . � � � ' . • � ' � , . . 1 � . . . . . . . . . . . � � . . . • . � r ' °.. ♦ . . . � i , . ' . � �. 1 � �,' I i . , ' 1 , � • • , . . ' • • � . ,`, . ;, , '•. .• ,• .',' ; r , • , ' � . � . � , � , S ` } � . . . . . ' ' � ' ' ' ' ` , . . . , . � � ; . ; � . . ` � / . r'f��• ! �,�` �• 1 ' ,', r� � � . , , . , ' . �. , .. . , . . . . � . . ' � . !. . ' . . f' . ' e� . . � . . . . .' , .. ; r i . . . . � �,�'; ' °'" :! i,`F.tY.F.: � }. . , . . . , � . � � � . • . ' . . . � . . , F�S� � ..,:4:.���'. .. .,� . � .1�:i:. ' . . � . � . . , , . . , , " , . . .. . . .,.. .. . ' .��5.,. . . . . .� . . . , . ... ..... .. _ � . . +f' . ,. . t . . . . � . . � . ' , , ., � . , � ' . . , , �� ' C�oop�ts �. �ybillxi LLP. � , ' . ' ' .. • � , ' �-�,�,� �" � � o��+a+r nrvlp.s kn► , . - ' ' ' CITY OF. CLEARWAx$R EMPIAYE�S' PENSION PLAN .. � . � � ' .. ,' � . � � �CTZO�t I�I_ As�,�T�. icQ�stiri�sed). . � � � � , ' � . . ,. . . r . . , . . . . � Schedulc af Changes in Ac�uarial Resexves � . �• ,' For Ghe Plan Y�ar Ended December 31, 3.99G . , �' � - , • • . � . . , ' . � , • , t� t a . � • . RevenueB: . . •' • . • �mploye� �Contributiorss ' , . ' � $ 3, 898, 840 • •��. , �E�player Contribut�ans , . . ' �. �, 3,326,�16 , ,� .. �. Earnfngs• pn xnveatments . . � � ' :,�..��: , � � � Int�x��t � � ' , ' , • $7, 4I.9, 106 4f.�`�?.$:.r'".�"� , ' •'r+'„t;:� t• ^ "°n^' ' .f • ` Dividends � ' �., 797 � ?9?�; �' ":`'`:-; , . Rea�ized Ne�' C3aine on SecuriGies , . � � �•:... • .� r� � � { �; .. „ :�.. .1j:'.'{ ' ', . � ��LO �4:�is�'�o . � . T'xansac�ions � �B 9 . - "f , . . ,�^ . . �•::�:.. iry . . , �•�''. . 36,����,508 . ' '''' `•=•�`;'�;�, s..;� %� , ' � �"R�� . • Unreaxized AppreGi.at�on (Depreci.a�ion� .%��;�� 4 ;�� �.V + . . � I , � � , on Inrreatmenta . , ' � �.� 372. 358 , � . � ,' . �� � , I � � • Y , 46,731,922 � , �' E7Cp�AiBBa: � ;. { * , I • � - ' Bene£f�� paid ��s30, 048 I . . S 'x . y . . �� � . • ' Refundg..nf Con�ribu��.dn�t•�:.=� ��<�^�� • 175,63z • Net C`.�qge i�;�i7ictuari�l. Reaerv�s �:;:�.: ��s'�;���. . ;.,�,...��>. ,.�>�� Aetuar�.���eerves at Beginning a� Plan Year Actua�rial Reserves at Er�d af P�,an Y�ar 6,697 Q ^, 7,832�.376 38,899,546 267 . 213 �,161 $306,112,707 �. � Draft For Disct�«inn Pumc��es C}nly-fiuhicct-t� Re�: ��i�n-l��at f�� F�Jfi!1C." �istrihuti�n 1]r�f � � . � 13 ��J. ,... .. . . , . ' �I' ' + , ' ' ' . . . � i . . . . • � ' • ' � I , • • . � ' r ' • ' " ' • . .. ! . � . � • 1 � � � . ' ' ' . . 1 I � . . . � ' , i e . . � . . , ' • • • • , • � ! ' . . . . ' . 1 . . ' � t , ' . � � . ' ' �. �� ' , e � . � ' ' . i . ' . �� . . � . ' ' . . , _' , ' . - , ., . �. ' . .f ' i r . � . . . . � � ` f. i ' . ''�i ;l� . E' . ' , . ' � . ir � ' _ ' ' , � • • 1 I ' ' 1 ,, . ' ,•r 1 � • , . . �� .t: �. . . . .. .. • . ' . ' � .. � . . . � � � , F?'31::�.����!iit. �f��" �I! i�i1. .''y 1 ' ', i � ' I ' . . . , . . . . � , t . . �,1 . .1 . ' � . .. . ..�fi i',� �1 r1i � � . •.i�i •� . ' . . . . . r . • i . . .. . .. . • . � . .I ' . . . �. . . , i .. . , e � , ��+ � ��7 N ���� . " ' ' ' � t��,� � S PRI�OMi0�1r lM�krM �1RY . . ' ' , . ' ' , ' ' . , • s ' > � , ' , • CITY' OF. CLF.I�R'FFATER EMPLOYEES' P�NSION �I�AN . ,,. , � . . � �EC'1'IOt3 xIT �- ASSETS - {acnC�ir�uadl � . . ,�:'. ; . I`� iaraft . , . � � � � Devel,ogment �of �Actuaxi,al Value ,of Asaets 1. . Actuar�al Rc�merves at Beginrefng �� ' of Plan Yeax �. Time weigh�ed Employee Cantribu�ion� � � {.5 x 3�895,840) 3. Ta.n�e WeighCed Ernployer ContzibuC:Lons . � {.5 x .�125 x 3�326,�16) 4. �'ime,Weigh�ed Senefit Payments � c�.��2�� .x {6, 705, fi79i. • � � 5. Ti.me WeighCed Expenses . �� � . � c.s x �,�zs,�6��) . � 6.. �ime weighGed Va cxuarial R rv iICesn� 1 + � - 5} ` . '� t 7. E � ad Aeset Rp� 't`y�' :;� #'�"r��,�yt ���� �,`�x�;, � '�°3 ; . �.�-. � x . a����;. �� ���� �•�' � , �,�,�� � °�" .� �� �f=�,"� � � 8. �ua� t R�tu �� ' �;;* ��,.. , , �t: • � ,.x 9. i�3f�erer��a;+of Expected Retvrn over Ac�.ual Rettirn , . ;� ,. t.,.t...., �', c;"( ItL�' 7 - � } ��;_:.�:_...� ., '�t�.'�;.�rr'�'"fv 10. Actis�r�.al Reserv�s a� £nd of P�an Year �,].. �xpected Actuarial Raserves at �nr� of Plan Year (Items 9 + 10) . 12. Di.f�ezence aetween Actual and Expec�ed A�SS�t Return (I�ems 1D-1Z} �rh��? hry � } ; }si. { s . � ; ..,:.. , q �,. ��';�`j.b r�i?3��:���5 i�f',�� fyr � '��f �°�� ,� $267, 2Z3, �,61 1.949�420 • ���,. .��%�s.f,�07 689 d; x wZ'�f� � .� "� aE�y?, K�J�.�! ,.,..:, . T�C!.s-�'� {�".`i: ; i' 3 ;i}?3 � 93b ���; �:, 265,733,685 18,601,358 39,506�85K •�2Q, 905E 508} , 3q6,�12,707 285, 207,1.99 �2a, �os�oe ' � � Fr; T�isc�uzsic�n P�!rn�'^� �%n��'-Su�ie�t;� Rcti�ic�n�-Nc�t fnr F�rthc�r i�istrihutinn . . r� Drafl .;' , . . • � . .. � . , . • ' . ' • . , ' • . , � � : - : , . , , , - , ,. . . . . . , � � .� � . . ' ,, � � ° • ' �, � � � , , , , , . . .. ' , • . � . � • , , - ' , , ' . . � ' �. � , , , `,��� . • . ., . � , ' . •. ' 'i ' . .. � ' . . � . . . ... . . . 1 � . , ' . . . . ' � . . ' 1 ' ' . •} r..., r � � ,, . ' . � . �. � : •� ' . .� , � ' '' . .� x ' ' � ' .� '' . .f' . '' .i/. . .'. ` ' E ; . ' . . � �� ..:',' . I . . .. ' ' ; i . �' . .� . . ' . i`. � . .1 /. . � .. 'I,, ' 'F� � .. . ��.� , . � . , � • � ` . . , + . . .i � �, . .�� . � 't �1 . I ' . ' 1 ' ' , ' '• ' , i . � . ' : . , t ' • '. y:. .����Y6.�,4s�:{i�'�i:�,.'�,�9i� ' � ' . . . . � ' ' • I I �'•-_;��.c.l"�.. 't'� •t�� '°���✓A�'i:. � 4.•r. . � � , .. �., .. , • . . ,1/,f' r ..� . . ` �ir �. ,� . ����' . . � .. . � r , . . . � ' .f� . . .�.' �' I � CoO�rp i Lybrarx! LLP. ' � ' � . , ' � . �/�{ . , , . . < . � � � . . � ,� ,�' ^� � � � prnN�iar�l w►k� lern . . . � . , , . � , . ; . • � ' � � . � . • , . �'�• i �. CIT7C QF CLEARWATER EMPLOYEES' PENS ION ALAN ,„ . � , ' , ' . � � � ;, . .. � : . ' � •. E I - ASSET��,���?,nued} ' . , �� .' ' Dave�oprneat of Actuarial Value af Assets f�on�inued),• � ,'. � � . , . , , . , . • . : � � � AmounC ' � 1�mouxlt .�,. • �� '� Aanual � � Exa3uded Exclnded ' ' Date • Initia�. � - Amotu�� Prior Current �.�� . .� . . , � Establishsd ' A.mount i2ecoanized ' Valuation , Valum�,�or� _ � . , . . '� � .. � '. � 01/Q1/9� • ' $ � g, 655.37Q $ 931, Q7A $ [1, 862.3,48 } $� ;r,i��(931, 0741 • . • . 'Y!���w� Ly V�'r . .,i, ,� � . ' , p��RPo� ,�i.�y� . . , . . ' . , . ' ��',:.�"'``�;�,3�., . ,� �4y:� ' 01/O1/95 $(13� Y2Z, 6491 $�2, 624 , 530} $ .7-; A7��. 599 �:Y' S, 249, D59 . . , , . . . � � . i' ' . ,�r .��. : . '�: �. �" �' �� � ' ' �`�`',`'}" I ,.t;:. '�ti E{ O1/i11/96, $ 35 � 60Q;��.az ��, , a2a ��(�B;:�R'�0�,.�41 S i��.� o, oes) . :. ;;;� �i:��,��y��• � � .. � � ��'i�. `x��;� . t ; , v.y'4 , y' � };.�-� . � � ai/oi/9�. $ zo, �os. sne � S a,. �. "�` $ '' o $ �16, 7�4, 406} . t. s I ' ' ' I , 1�� �� 4'�� � . � , TaCal -° . ��. " : , y $ (33, 766, 507') ,' ' �` t �`,;.�,h � ��� � . �' .� �5��"���� �'��� . � � � ' � �� � j Act��isi R"�`� �s x.y; `� $306 � lI2 � 707 +� . �♦. I. �7.t� � '15,3 . � ; . Actuax'a,�tl Va�11e� of Asse�s 5272, 3g6, Z00 � 'J�S:FsY ' ,R,£,`:':• ;.. , . . _ .r .i.�l._ ' _ _ � � , 1 Dr�ft �� . � . FC�C DiSCticci7�[ pt��n� �- �?r�?��-Sirhiect �c� Reti•icic�n-1n� f�r Furshrr Dictribution . rs Dr1ft � 4.,, � . . . ; •! , ' ` , .. �,. . , � , � . . � < ,� . .f • .'. .. . . �� :;,:: (': �r� • i�,t . ;r' ' . , ` , ' . . V , f . ' ,' , , ; ''} <,. . ',� � Is. ' ' � , '1S' ii� , .i: � . { . . . , � ' .. . .. • � . ' :- � � . � . . ' ' , ` " . ., '� , ' ' ' ' ' . ' ' . ' .. ' , � , . . '� :f� . .. , . . . ' . i , o . � � � � . . � . � . . � ` . �. . • . ' . ' � . ' ' . ' . � ' ' � ' . . ' ... � � .. . . . ' , . ' . . �i . . � ' . . ' , F.. , � � ,� 1�� , � � .. 1. ' � . ' . , ' . �. �, ' ' � ' ' . . . � i'•.�+, . . ti ' i � '`, s . S' ' ' , ' � �. � . i . � , � "' . ' . . � . . r' f�. � , . � �° . ,� l . � . .: `, J!i4 f'i . . , ' ' ' � , � � . ' � ' � . , . • . � ' .. , • r.� � . � � .. ' ' . , ' " . �..� ." t. „.., , ' . . � ' �. . :�� ' '.. • , ' • • . . '' � . � ` . � - , . . .�� , �r �� � � , , . r �� . .,' . � . ' ' ' . . ' ; � , . , � . � . � . , . . , , f..• . ' .j .11 .l�.1 •'� � . ` . .. '! � � . ' 1 . . , ,+r � . , r. . � �'• . . � . �f(�(���r�'"�=i��=:��Sr,';: Ka�y„�..�,.,' '�. � . � .; ` � ' �, . , . � . , ' , S�%•..iS.A?1�J>...,.�_ .v� �:.:,°.'.���y..Y � � . . . � ,.r...�... ., ,�.i• r.r..•.��. . ,�1:�: .. . . ' ' . t, .s., . . . . . , '� , . . . . � +ex�.. .. .. . . . . .. . , . . . . ' ' ., , , , . . . . � � ' . � . . , ' r � �Otl{!fti � L�f1d �.�P� ` , 3 . . ' ' . . S I � �"""`" ( � O�o�M�aW s�v+ua �nn . � . . f. . � ,. . �� , � . .. I � • . � . , CITY OF CLEAAWATER EMPLOYEES' P£NBION PL�AN ' . . � . . � ' ' . E O — A ' .� , . . , . , �' � , . . � � A. g�an �ear�.vtion and Ccntxibutior�,�nformat�vn • � . ., , . �, Membership o� �the plan consisted ,of the fol.law;Eng a� .Janua�ry 2, 1996, the dato ai � ,' ' • � the latest actuarial. valuatian: . ' � � � � �. � Retireea�and banaficiari�s ' � , ' � ' � � � ' � �' . ' rec�i�ing bensfita � , � � �399 ,.' � ,' � Termiriated p�an member� entitled , .. , � � , � � . , �o b�t no� ye� receiving benefits � � 8 � , :,� Ac�ive plan �membera • , � � 3 422 . : �i; , . , � ,. �� � , . , ,. � Tatal , � . , . 1 8 ,.d`�"�' `$��. , , . >�r "is'�• . , '. , , • », '�', � ��_ , � . ' . � N�mber of partic3.pating empZoyers .' � , : -:�r., , 1 ��l,.,;' . � . , � • , � .. �, . - � • ��..�.,, . ' , ' . � � ' . • . � . ' , • ' . ' .iy ' ' �q �,�rfi' ' : .� . , ' • ' � � T�?' � . ,,,, �T�9�±j� . , , "s . ;�.:''' .�, . �;- ��" , ' . . v�. , �, , .:�� Fv, � . • , • , , . � ���f±�:„� � ' , ' . . . ` ' ;�,C�4� . .Draft• �� , . . � �. , ��� '�_�. ' i �K��ii �� � ' 1���� � . � �4rE w , Y� � � Fac Discussior� Purposes 4nly-Suh�ect t� Rcvision-h`ot for F�.:�her Di�tri�uti�n . !b j. . .,. .. . . � . . , , � Draf, , ' � .. � . ! ,. , . � . . 3 � " ' ' . ., ' . . � � " � .. . .. , t . '. . � � � . i , � �1 .. � . I •fP� !+ •. 1 3 .• � � . . . . r�v � � � �i{�N� �QO�A L ��ff1� �� � � p�aMwionN �anAs.ys 1►[fl � � > � ,, , l� . • . . . .. ..� . � ' CYTX QF CL�ARWATBR ENLC�I.QYEFiS' PENS�QN PLAN : t �. d u I a p � ' Actc�axi,a� . . Accrt�,ed ' UAAL as a , , Actuarial Li,abi],ity fAALi Unfunded p�rcentri;ge Actuar�a,1 valua a� Frozen Entry AAL Fuxid�d Cavezed of Cav�r�d Vaivation .Ass�t� Age (vAAL) ltatio Pa}►�o13 Payxoil Dz e � {;�l M _ib-a1 -- _,{a[b) {cl { {b-a) /af Ol/0]./91 $141, 665, 769, $152, 118 � 075 $ 10, 252, 311 931t $34 � 532, �5�f,�'� 30� OZ/Q3./9� $i84, 74G, 269 $194, 55�,126 $ 9, 803, 957 95t $36, 6 ��,.-,.� �fx•�" Z7t �:.;� , �x 02/Olf 93 $19�,315, 690 $.'.07, 639, 701 $ 9, 324, D11 95'k $38, 7�,7r; 0�9:;� 24�' • ,.... O1/0�/94 $27.3, 014, 4'74 $225, 549, 3�6 $ IZ, 53�, 8T� 9;4�t''�'"., $38, 710, 9"/!�:; ��, 32l� 01./�1/9�S $�25, 482, 72G $237, 428, 796 � 11; 946, �7f? � 9S�"'� $41, 371, 33� :.�;�': �9� , '�. � Y ;: 1.' i'`.,:4 ' ., f z. ��iTc. ,�x.'4� r. •.:a� ;. QI/UZ/96 $Z�14 � 744 i�488 $27�, r�24 � 38�. �26, 379, 993 '„hQ!j��4��$44, 208, 964 �`��;Fr ' 60� O1/01�97 $272, 346 , 2fl0 $297 �$92 � 5Q2 ,A u'� ; r 545 � 307 ����*^� $44 � 955 � 345 5�,�,.••+ 57�c � � � The in�arsnation presen�ed in �hs requir �� � mentary e� u�es was detiermined ge paxt a� tihe �actuaria or�a at �he e cated, tiona2 iafo�aC�Eot� ars at tha la�QSt uctu .. .�l�. �ian �ol� � '� Y�' i � ation d$�� �,.�h; t, '�_.� �o :� 0�.�41/96� �=�t�� �k���vip}(�,�'s:Y ;vsi� � ��Z F { '.`9i'i.^'.c�� { ) f��.c' �'y�.,� ����� .o;�:SF�k�:'wti». f . . , , y� Actu cog� �ha �`` Frozen �ntry.Ag� '�°� � � �,��', �, ��,�i• �,�:.., li�G k.:4�;�} �:�;�,Amor�ix�t�:iar� methad.°�• Level noll.ar Cln9ed .;..,. ;�„ � ,. . m �. �` . . ..-.W^ �:;� E�;�..:� , �'fiea�aii��.rtg amar�ization periods Variou� �f...., 1•3 �:� J4�n ✓""N A"s' t valuaCion method� Ffve Year nuerage• Actuariai a�aumptions: inves�mene rate of retuzn 7,D� Pro�ec��d �alary �.naxeases 5.0� Incaud� mez�it increaaes 2.O�k Cost-of-la.ving adjustments 3.Ot � , � � Draft �. . . .. . . . Ef�ective January l, 1994 the asset valuati.on methad was changed Eram mark�t val,ue ta a five year average method. ' �ar Diccucsion Purpo�n� OR�v-S�h�r.ct to Rc�t�icir+n-'�'c�t for Frrr?hrr Pi�trih���i�s� � . 17 � n1'•}r' I - _ —.3. .. . , . .. . �� � ' . . � . ; ' S . . . . . . .' . . " i • F � . � ' . ' . � . ' ' . � . � ' � , � � T.' . � i . 1 • . , " ' ' ' ' . ' � • , 1 . 1 . • ., . . , . �. . . . . � � � ' . . � �F' � . . . . . �• . . . ' . �`"y'� . . � '�' ' �; � � . � � � � ,� . ' � � . � . ' � - . . , . �� f. . .�' ' �•.�'�• ' , f ' � ' . , , ' � � . ` S ' � 1 � �` •, . ' ' . t' � I 1 � 1 . � � . . . ' .. ` " . . . , , ' - 1 � . • r 1 ` • , � ,• ' . ' + �' ,. . ' , f �}�, .` �' , ' � , � � � t . , ' ' ' 'Il . . . . • . � � � • ' ' ' .. • ' � � i . . . i � . . i ♦� • !. i � . • . � i . . ' i `��ii1�i••,7i ,'•iS�-j: �•1i i�,k�.ii .. . . . . . . . •� ' . , � � � � /Y` �'t.li:'ti�•:1: .•�r'. . �, ° . i y6 . '.Ir, , ' � e , ' � . . . � . . . . � i . . . . .. . . ,. . . �' , � : . . . � _ � . . • . ; � �L' JcQap.r. a �.y�,a �;' . - . � :. , &L �a��d � !. �...� � � . � ' � �� . . CI'�Y' O� CL�AiI{QA'I'ER £MpIAYE88� PENSTON �LAN ' . � � . . . � , ' ' � �F.S�'�'34��, , i�,.,=.,.5����$ A. . . • '' A�surr�na�y qf changes ixt the employet,ria�a �rom January 1, 1996 through Jar�uazy 1. . . 1997 fo�lavr�. � EmplayeaB wha do r�at, pa�ticip�te in the plan are no� i.hc].uded. . . , Retired . � , � � � Terminated Parttcfgan�e � AcCfve V�sted and ' . , . � ' �il.�,�QY_�-ea Emnl.ovees �engf�ciariea T�ta1 , � Participants inc�uaed in the � R^`d���'{`.����'' C��, r�a"-�. �� Jarivary 1, 1996 vaivataaa 1, 42� 8 �99�t ; t<<' 1, 829 . r�,� ' �. �i�: `.: ,.'..;,.• `*'.:.<; .>. �Ionvested tex�ninations (53) ;;.�:-:'•, � ��.�,�� (5�} , � � . �,.:'t.�'• ...�'��• � � �if'�, ' ,,: � ��•r�•��, F����i�r . . D3�a Itev��iaris ' ;�t � ��} �3�s.�- ��.�a" . ' k . �`•:t . ' � VeSted �exmina►�iana 2 J b�athe with eligib �� ary � � , I7e�th�. 't.hout eli.gib�.+R;�,�s�°�v`� ��;i; � ' b � � W .� . f '� . �„�. �.��� S r� .;�1�;,,, ��° f6) C%J � �°� � ��� ���3�� is ��iz���- . Fie�C�����l1cnt$ '� °���� � (33) ilj . 34 ��"w�a� �r�'� •S'��.�. . ♦.} M �. 1 C'83h ��l�t,'�tl@Rle��l�5 + w � «;s.u;;: .Mt>'„ ` ' i>.-, .�.�`:. .a.; , � Ret�ire'���� ~�.yY�µ � 3 � 1) • 2 � New parti.cipants � , �.25 �25 �a�tii.c:ipants i.ncluded in the January 1, 1997 v�luation ].,a61. [� 427 1.,896 __...__._, Active _Pazticitaants : . , Ful�y vested � 650 Partial�y vested Q . Non-vesGed B1� �otal ]., 451 ' Dr�ft Fc)t Dl�Cl��Sin� fa�+r*t�c�c �rl�t�.��rhiect tn F<�•.•;ririri-h'c�t ('c,r t'urthc�r �itrrihzr�ion � Dr3f' . ! �' - � ;!'� • .. .� , . 1 1 � ` ' ' ' . ' .' , ' , , ' �. ' . . � ' � f' , . ' � . . . � . ' . , . , , ' .,1 . , , � � � � .. . , , � . . . . . ' ' 1 � � � ' , . . . . . .� , . . , ' � � ' . . ' . . ' • . ' • . . • ', I� i,' ' ' . . �. ' .. . . . , _ ` , . , . , . , , , , � . , ,' . ' , ' . � ' . . . . ' . ` . . , , • .. ' + � . . , . .E . ' ' ' ' ' ' , . . .. ' � , 1' 'I { �� E� , f�. ` 1 � 1 ' ,. ' ' ' . ' , • ' , , . ` . � ;�' ' , . � . ' ` i ' � .; , .. • . ' • . , , . ,' . `' , ., ' .t, ' , , �, ; � � ; ; . . , � 1 , . 1 . lIF`i,s'�`i1���ii" ,•p1 t;�'• •• ' �. , . • , ' . � ' ' ... � � ' I � ' . 5 "' ' ' �w. � r�::'S"�i:;. f �t, '.��'tl';%i�Yr�l�:°i'�i:r.L' .� � . , ' • ':'^- ,. .. . . , • .. . . ... . . . . . . . . . ,.. , . . � .. , � . . . ' r.40�f� % �.�fxflti �.�.P. • . ' . , . . , . . I .�` "' I � P�a1�iOn�l MrvioM Afln ' , . . , , . , • � �' CITY QF CLEAR.WATER E1'�PLO�EfiS' PENSION PLAN � . ' SECTxON V - CENSUS DATA (con�inued} . ` �,.:�. ., g' Ag� -- ae�v�re Distributi.an af Act�ve ParticiflanCs _as �f Januaxv x. x997 �'. ' ' • . � ' Xea�� of �e�erice � . , , � � ' . Attai�ned � 0 - 4 5�9 �a_ia iS_19 Z��24 . 25+ _ To�a�. ^ � '� Agg_ • �Ig�, No . N� N, o y. No . No . Na . Earninas LTnder °�S 39 0�. 0 0 0 � 39 $ 994, 779 . , . �� . s�" ��. . 25 to �29 88 35 U • 0 0 (3 124�k"`;$��:�r�;�586, 51S • - Y�3..<..,r ;�� , . ±, y ^i;}w. 30 �0 34 90 . . 92 35 , .Z � „04"�'� "e :Y;•Y:;k , 219 $syz7,:.06d, 626 . ' . 't L., �. .,� 4 >�,•,:;, .f � "X� 1..,.. 35: to 39 �6 89 B7 22 0 �..'`+.�fl 254 �.0 �'� �;r �, $ �i'7?12,157 . � . 1..• :.. ..4f . � }y�',:ii • �.k." ' t . '�k�c"�N �' . � r"'r 40 ta 44 44 7fi 59 �� 30 �� ��, 288 $10, ��, 747 �� � 45�ti� 49 . 38 51 40 52 l� 250 $ 9,449,334 � . '+ 5Q �a 54 21 '�, � Z5 .� �, 2Q 155 $ 5, 965� aaa 55 to � '� 16 ':�2 x�'�� 4 ��? 14 1� S1 5 2, 994, 025 � �g ��x dt'�:. '�'ia� Re ^'�: , s�, F' j, �r�� �ip'�''A�1.'��.��i i� 60 �� 64 5 ��+��"�� ��0 7 A 7 37 $ 1,337,356 •�..� e �� , � , � . �� `�� . 65 +�, ,...,. „,-7. �.„ U � 2 C] 14 5 45{%,859 , •p� . ���rµ. k :;� t. -. i��.�'r:t� :�`,..::: 'i'o�a� ti::;.'�;--:;"�r;';�98 g13 2S1 2i7 132 50 1, 461 $51, 50U, B50 ,y.�+r,p,��'�' . Actxv� ParLicipant Statisrics Average Age 4•]..9 y�aXs Aver3ge Service �Z0.2 yedrs � Dnft Fc►r Piccuss�nn itrrn^�r�• (?n)v-Stthiect:�n Re�'�� inn-Nnt for Furit�er I�istriht�tinn Drafi; ' ' � !� � � 1 ' • . . ' � ' � � , � ..' i ' .�' . ' ' , , ' . �. . ' �9 ' . . . ... , . . . , " , , ' � � � , ' ' ' , r ' . , � � � . . � , i i . ' • , , . � . , .e ' . � . , . . . , .� . ' • _ ..� ' . , . , ' • ' . e . . . . � ' . . ;�` . I � � , ' � I i. ; ' . •' . . 1 . ' , � ' � , ' • r'' ' , , . . ' . � ' � . . , � . . ' . • � . . . � . ' , , . . � , ' . . . . . , � � ^ ,.t� :I���r�. . .. . � . . . � ' ' '��i+.� . . . '{ � . . . . 5. , , ti - . . . � . � � � � " . , . , � i , . . , .. , . . . . . • . . , �� �; CnoPors � Lytxand LL.�. � � . � ���� � a qra�M�rw �wr�:� t�m, . ' CITY E7P CLEARWATER 'EMPYAYE�S' P�NSION PLAN . . N VI - ASS PTiONS AND METHOD3 ' � . A•, �����al. As'sumutians , , ,. � en Yie1 :'Tha 3.nves�men� rate of earnings i� assumed to,be 7� per annur�, Moz_talitv; Mortality was ba�ed an the 1983 Group Arrnui�y Mortality Table for Ma�.e� ; � wiCh femai� age� ee� back six yeazs. ,' ,� Withdrawa�, ; Pre»retiremen� wi.thdrawals are assumed �o occur in accordanae wi.�h �. . standard ACAX@8 of maderake turnovex rates (Scale 255} far ma3.�s and heavy turnover � ratea #�caae 355) far female�. Sampke xates are sk�own below: � � •^ . . , Rate a� Withdrawal e•.�''�;��� M"� . , ���.�::�r ��s�' ' �ge � al� Femalg ,�-,;•.����r.� . � ...J ' ='. . . . .���r:.r; . . ' � . �p � • 14 . 9� 37:9i��. , �ff ;,,,; . • �5 9.9i� ��2:�4� .,>�;:`- � . . � TF �.,�ys : � � ' 30 6.9� ]:,4�i9��.�.,s,,_ t.,:, .w � 3 a ,�� +� . 9t 1�:4iii'�`'"L� ��,�+ � ' 40 �' . 8# 7 �. ��. 4 5 � ' � 4 . �� . �. ' 2 . - � `�.a ` � ;��# t �' Q . 9 ` � ,�} an ver pr� ��0�� : .' 0. 0� r �"�:i#i� eu� Yx'j' . .i;y�, ' '� v1�'i . 'it....r��is_tf , D �'' � Pre-re�c�t.� incidenc �t�f diaahili.ty is assumed tv occux �n a,. ...' ce ` a aLand ��' :���; oE mcdera�e disability r�t�,ea {Class 1, 1952 Intez- ". Ca ?. R for �e� ;� e��l���saumed to be double that far males. Sars��e ratea � i.is�'.- ;w. Kt-.� .; . fax . ��es ar '?xlt�own bel,a}t�c,.a . , . �,•:;s ��,��;, � � .�-.;'�'"'� ..•':i `�;., Aae In�idence o�_Aisaba.ZiCY _ S.. _— • 7"A��1r'�� x�;fS{•ii ?f" . �i�;�.M�r' ., 2q ' .27t � - 25 .�7� • ' � 30 .17� � � 35 . �.S�Y � ' 40 .20� ' �45 � .23� , 50 .29� 55 . .39� ' 60 .59� � ' 65 i.44� 70 1, 74�Y � 5ervire vs. Non=se�vice: A1Z pre-r�Cirertterz� deatns aze assumed tr�.be nan-�ervi�e . related, Al1 incidence of disa}ail3.ty i.s ssaumed to be service relatied. � Salarv 5ca1e: Fi�ture saZaries are asaumed to zncrQase at the rate of 5t per year, 3� due to coat-of-livir�g, and 2t due.to meri� incr�as�s. 1 Drafi Far D�Ccu�si�n Purnn��s Onl��-Suhicct �o �',c��i�inn-hTc; for F�:nhc� I�ictrihisti�n , i�rati . .�n � �f ; - . , ' �;:`�.�:1:`/`�t.. • .'% . � .. �� � ,, . . , . � . . � . . . . . 1 � `�!' .` . , . .. � '` ' . . � . . , ' ; ' . ` . . . , ' : ' 1 ' , ` , ,� ' i . .���,�`�• '. , . .� � � . . . . . ` ' � . ' .. ' . . . •J � ' . ' ' � ' , s' . �. . . � , �� `• 1 " � b � 1 . . ,. ! � � . . ' f � � . , i . • � ,. , " � I, ` , ' ' " , ' . . 1 . . {'• " �'_•` • f r „ • ! • . . , . . � � . � .. � • ' . . � . . ' 1. ' . . . , . . .� .! , . : t' . . . � � �T ' , � �. ` . . ' . , . � . . . � . , ' 5,i. .• i � '' ' L , i " . . �.,': , . ,.1 .1.1' .• '+ ' i . ' , I � , ' , � � � r � r' ' . '' � � � ' ' � . .. I . . . ' . 1 �, ,•S. .� 0 ! � . . � . F � r . � . �� � � � ' � . ,•{•.� . � . . . ' ' � , r ' • . . . .. . .! . � � � e . , .. 1 ' l � . • _ . � . . . . 1 r . . . . • . � i r f ' . . . � . • ' � 1�, /. ' ,`.I.' 4 � ,'I ' I' •1'. ' .1 .r . . .``' � , . ' ' 1 , ' 1i e .} , •. . � � ' ' { ' .' • 1.• ' �. 1 • . ' ' • � • �1• � . . l�', ' . ' i '.. .. f . ., . �� ' 1' , � „ � F � �. ' ' � ' . . ' � . , , ,` I ' ' I ' i � . . . � . . . , .�. r,1�. ;lt'r ��� �� 1..."A.° '� � 44e s .l � � . � � . � . . . . ' .� . . . rj%.�F�':.'.£�.....I:.:.;°;r:�.,j."`i1F ��t...� �. •� � � (. � � . �I � . . . . . ' . �f, .,,��. . . .. . ' . . .. .. _. . . . . �f'k• ,.t' . � n , � .�, .�, , �� .r .. �,'. . . • .. . , . . . , .. 'F � . '!. � ,.,. � COOpMts i I.ybtand LLp.1 • • . t ' ' • . � " � ���� � � � �+r w►� Irrr► • . , r . , � � • � . . , • . - . . . � . ., . '� ' � CITY Op CI.EARWATER EMpLQYE£S' P�NSION PLAN ' �• ' ' • . • ` - . � � : � � � , � . ' . � S�CTIQN V - CENSiJS DATA ican�inued} • � ' I � ' '. � C. v C�un� a B ne i ae a Januar 1 1 7, . • , .�. � � , � � . ' ; ' • , . . Numbex of: Aanual � � .. , , ' . ' � � , Parti.cipar}ta gh.n��i�, ; .. . - � �� ' '. � , . Term�na�ed Vest�d Particfpant3 � . � 8 • �' $ . 7B � C31 " . � . � � R�ti�ed ParGicip�nCs and ��nefi�iaries � ' 427 � $6,617,342 . . • . . , . � . ' . � . , �y�� , ' , . . , , . �,�. ���� , �, � ,, , ' . . , , sr��� � ���":���, - • • . � ,�,�K`:,'i`���i �s:i�',:' , . . . , . . ' .1•` '.'t'a '`+ s'ti�: � E � . . _' , � ' . ' .. , .j�.,�;:�s'� . ' i. :'i;� . , . . � � t � i.. s . etlSr:"• . ��"yf',��. . . 1 r . ' . ' . ' � . ' `fi�th;�.f��S . +I��;� ' . . � ' , ' � ' ' � . . , . *���Y� . . ��� . . . . . � i . . � • � , �� � , . � , . . . . ' t . . �., r . ' � � . . . ' ' , . ' . . ' �: ' ' , � � . . ., . � ' . � � . '> ; ' is a . . ' ,. '. � ,� , ' ' .. . , . _ . .�r,;� •J . . ' ,34f „ � . "� , . �'� 'g�� . �� � �r�..� 9: �,�', ,`t .'�=+ . . � :�. � °���c�..h� .. �4 �p'L 4w;, , y���`� . �� � �� A M j . � '�`��.; ,•r.," ��.��,.r , �'y;.,,';,aw t';i� ;<Y` ' ��''°�3� _ . � I. ' ' , . - . . ' �, , ' , _' . � � , � , .. . ' Draft Far Disc�,;ssion Pur�oscs��n4y-Subjert�o Revision-Not for Further Distribution . , . � �� � �, . �, � , . . . . . , . : � � Dr� ft , . .. � , , ,. , � , ,� , � .. �t� ,�''< k' � � � . ;i. � , . �. . 3 . . . ' . . . . I �� coe�»rs i Lylxsn0 LL.P. �� � s P�a+.wnw owiar �rm ' ' . , CYTY d� CLEARWATER EMPLOYEEB' PEI+iBION PLAN � sS, t"����?'I Vi w_��S�,IMPTIflN5 ANA__M�TNQAS {,�cntinued} A. , (continued) , r Each �ctive particfpant ie as�umed to retire on tha laCe� aE the. actuarial valuation data or hi.s Nottna�. Reti.rem�nt Date. � T C n r ion: The emplayer cantir�.butian ie assumed to be made uni.formly . �. during the f�rst twa quarxera af the fiscal year beginnirig on Che Octaber 1 EollGwing �he valuation date. . � . , �;y, Emnla�e� „Covergd: Al]. paxticipants as af the actuarial valua�iaz�;�`d������v"' , �YrG�'hP�ii �4iFY." � ause :�ighty-��ve pereent (85�) af the'acGive par�is�.panCs are a��tFmed to be � married (a� have dependents elig'ible tor Survivor' a Be.�i����s? . Femala `yspi�us�s are aasumed to 'ba �ive year� yaungcr than male spouses. �;�,;�*;, , �:�ix • �:.:;� : �� �.�'. ~,`�'R. }Tyi'� ti !k f�•w�' '"�"'�' i� , � e sea ; Expenses are assumed to e .�•r��aat year's a�� t��. expenses . �;� � . C�mDietenc�a of l�+eumntio�zs : A11 bene e:cpenges ' e provi.d�d by the P1an , aze recogn�z�d in ti ...,. �ation. AZ �� o enGm ar ,�ken i.nto uccaunt; no current txenda are�t(s���� diacanti °`� ' uture. Thds�tuari��alua o��se���� based on a five year moving av�rage o� asseta val�"'�; at s,�i��merit valtit�:; The statement value reflects an amor�ized value for bond��:'�1d maxlt�qt value for equity investr�ent�. From the staCement va3tte, ac�u�l and expec�ed retiurri on investments is derived. Any difference between the actuai return . on inv���ts for a ga.ven year and the expec�ed re�urn is spread over fi�e years. �f�er �'�ve years the entzre amaunt ia fu31y recogt�ized. However, �he Actuarial Value of Assets wiil nev�r exce�d 12Qt nor �all belaw 80� of the market value oi � a��ets. The use of a derived value of p].an asse�s rather Ci:an current market value wilx produce a more eL-ab1.e funcia,ng patCez-n far the plan by partially eliminatin� the effect oE unusuai market E].uctuations. C. A�tuarial Cost h]ethad The acCUazaal cost m�thod is the Frozen �ntrV Aq�_Actuarial Ccst Method. Unde� Ch�.s m�Chod the excess of the actuari�.l present valus oE prajecte� benef�.ts over the sum of the actuaria� value of assets p�us the Unfunded Frczeri Activarial Accrued Liability is funded on a�eve1 baais avex the future compensaCian af acCf.ve employees. The porCion of this eacess allqcatsd to tli� current year, ie calk�d the Nai-ma� Coat. The Frazen Actuarial Accruerl Lzability is determined using Che Entry Age Actuarial Co�t Method, This �rozen Actuari�l Accrued I,iability is adjusted frorn �ime La time to reflect changes in the plan ar in the actuarial assumpt�ons. The [7nfunded Frozen :,ctuarial Accruet3 LiabiliCy is separately amortized over a��xed number of years. �� Draft FnrI�isrU��;��, r��rrnrn,• {��I.;.Cil�„�'C� rr. j?r:'1�1�n•�1nt fnr j'1?�t„�nt..�,►,��fjn� t7. r. .. . , . . .,� , . � � � , : . • ., � � , , ;� , . � , . �� , � ' . . , . � . , � . . • �;•. ''r, , . ,'. �f , '. . a�� _ � �f�:'., . . ! . • ., '. . ' �` � � �oap.ra a I.ybr,na LL,p. � � , ',' • ' . ' f . . . � "*�+J �+�� a q�oMer�nN savrc�a w+r , I, � � -� ' ' ": CZT1' OP CLEARWATER EMPLOYE,ES ` 12EN520N PL1UJ � . ` SE�ION VI�_., , SUMMARY OP �?T�Al`1 PRQVISIONS Thi� summary ia intended as an�aut].ine of plax� pravisiong and does not a3.ter the i,ntent, nr me�nir�g af the prouisians cantained i.n �he con�ract and/or plan docu�nent. Plats Y��r; Janu�xy 1 to Dacemb�r 31,• ,' � �liai,����y: Any pezmanent employee �hall paxticipate i,n the plan �ssunedia�ely. ' Curr�nt _ Emvlovee Contri.butians : e. Ot of wage� and �a].arieg act,ually paid to . a partfcipant. . . � � . , { �t�r��t �tv_eraqe Monthiv Com�ensaticn; The total Compenaation xeaeived duz�����r�`1as� �ive years o� scrvice di.vided bx aixty. '�`�•````�:�:�' ; �;�v ; , f,,r. r� 'f,� ,a>: , � ' . ' ^' � ��, ;£'y, Accrued B�nefi.t : A monthly beaef it equal �0 2, 75� o�� Avez-age Monthly C�iriipen�atxon ,. .: .� <. ,.,,: . muleip].ied by th� number of yeaxs o� service to date;'w;s„ ,� �;:�:,�; ;�: � • • ,.r-., e.•. . �,y:.>�' s�o�; �.r�r: No�rma�. R�tiz�ment: �~��: �,� ���'"� 4'�;� �. �sN7 � ���� � Y, �� a. ��ia�.b�t tv {Narmal Itetirgr�g a . � • Non-Hazax "`• �� �� Con►ple�i ����' ast 20 ears oE aervice axid �he atta3,n�menG 7� aege � ar th� ��o' � � 3Q years a� aervi,ce. � �� f , � q� �' `�' �� � ,;�''���'�ardous �ti�;y'� `�,�y'�'omplGtior� �.�.0 yea�s a� service. �� �:.r�;� .�:� ,:_, °�� t.. b.} 1. me t���` t��wji�.�}�3�e participan�'a Accrued Benefi� payabl� as of hia • � .. Yi ��.4 L ! ��� ��,�;i�tu�l �4��, rement �tx� an or af�er his Normal Retiremen� DaCe. No ad�uatmes� f�ppli�� ���c deferresi""retirement beyand his Nozmal Ret�zemenG Da�e. �$;:',';�. � �ye-�- c. N'�ri�` rai^rn af Senefit: A manthly aru�uiky for the :ife of �he participant, Rn N�i " A��a=•the part�icipant'a death, �00� of the Normal ltetirement BeneEit shall be paid as a 5uxvi�ar. �+nnui.ty ta the spouse far fzve years. AfCe�r five year�� such � Survi.vox AnnuiCy is reduced Cn 50� of the ariga.na]. a�naunt. The Survivor 1�rtuity ceas�s upvn death ox rema�ri.ag� of �he spcuse. Disab�lity,_Bene�i,�: a. Eii ibi�zt : Tata� �nd perisian�nt disability. If th� disaba.li.ty is non-service connected, there is an addi�.ionai requir�ment of the completzon of 1D years af s�rvice. 23 Draf't Fc�r T�i�ct�e5i�r� purnnses nnlv-Suhi�ct tr� Rc��isian•Not t'or Fu�t�rer Distributinn Dra� , , __ --- �.... i I A ■ . ' - . 1 , . � ' . ' , � . , , I.. �. � ..� � . ' � 1 . � ' . .' . � • , . � . , � . ` , . � � � 1 i , t . . ' . . . . � • . ' � . ' ' � . ' . , . � . � ��r.�{� � • . " . . !� , . . ' � , . . , . . ' . t� • , �'7,` ' t .l 1 � . � � . . . � . f•`f� ., . . �r`, ,. .. . .. .i . .. . .. , , ' ` . • � • . • • , , �(' CbQj1K� t �jt�ilAa �..LP. . � . ', , � ' 6;L rar�d � �• �.«�. �, - . � - � � � � � ' � � :. ., . , , Draft , CIZ`Y O� CI.EARWA'T�R EMPLOYE�S P�NSIQN PLAN • . SECTTaN VI� - SLJNQ+�[RRY OF PLAN PFtOV�SIQNa �canti,nuedj � ' ' a , continued: , ' b. p,�, The par��ca.pant's �Accrued ��neEi�, payable inunedfaCeiy. I� the d�eabi�iCy ia aervice cannected, �he Di�abi].ity �enef�.� mus� be at leasC, , 66,57�r of Avarage MonChly Compsnsation... . . c. Foxm of 8�-nef-'�t : A monthly annui�y for the li.i� of the partxcipan�.. �After �h� paxtiCipant�e death, a Survivor Annuity is pravxded as de�cribed under Che Normal Farm af 8enefit. � , �e a t�k : ' ,�r,�;,�.�.",r;�`��} , �;�`• `w;4`. �;, - y.Y 'Y r � . ?i^' �{•;!; . a. Eliaibi3�tv: Any acC�ve�y-Qmpinyed paz�icipan�. .�,r"�' ��; °�'�.. b. De th Benafit. The paxticiparit' � Accrued SeneL•�;�`��,payable immedi����3.y. �If det�th is service CbnrieCted, the 1]eath Benefit must �`.`a�ri'7:�ast 66.67� a�:��lverage Manthly Compcnsati�an. � ��` '� �'w"'�0�''''� � , �' > . � v c. f Bene ; A tr+on�h�.y 5urviva as descr tu�der the Nor�aal Fram of Benofit. . �� yps�ed T��n,�i�tiot�: � . �' -%s•��;� ,� • �" > Y ;�� a.,��'��� Cc r��� �''�,���,,�,of lU y�a��;'of �exvi�e. '' -��, ��` �'' �'� ��;'MF� ,. ��� � �;� b b. :��' . a A� f .�s�s ��rticiparit' a Accrtxad Henefit paysb].e � a� af his � y4yL armal. Rr�� ernent D�t�; provid�d En�p�.oyee ConCri.bu�ions are nat re�unded. .. . ,� ���,� � - �;;",';sv � ��,e. =� c. ,'F��'�,`Ym af�ainnent : A monthly annu:;ty Far the �.ife o£ Ghe parti.cipant. After Ghe pa��i nt'� death, a 5urvivor :,tznuity is provided as described under the , Noi�t�rzn of Bsnefit, begi:tz:'_�g at �he latt�:r of the par�±cipanC's Nax�na� Retirem�nt ��te or date of death. � Non-_��ested Ter'srii.na�i�?: a. rl.iaa.biiitv: Any active�.y-emgloyed participaat. . b. Senefit: Refund of Emp�.oyee Ccr.t:ib�ticns with 5� f:�terest. c. FaXm' of H�neEit: Lump surr�. , ' ?.4 . �� � , For Discussion Purnnres Onlv-Cu�^�e,t ta Re��isio�-1��t for Fur:he�r Dist:�huti�n Dr�fT i � . � ' " � . . ' � . , s , i , ' , • . , . ' . ' 1 'r• . � ' � r � . . � . . � •• • ' ' . . 1.= � � , ' . t. �' . t ' � ' , i' �1 � . . ' 1. , . ' f . ' . ,. ' � � .i . . ' � � . � . ,. . ✓1 ' ` i . � , E.� . .1 � f � . . . ' ' i � ' . , . . .. � ' ' � . , . . • � . !: � ' , , . � . . ' , ' . . . . . ' , . , � ' 1 i ' ' 'l� . ' ,1.' " • . : . ' ' fs ' " . . , , . ' � - , ',. •. . � ' , .. , , ' ' . " ' � . , � � . . � , , . , , r � ' , ' . .�� � . � ' - � rs ., '.. ' . �. 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M�• N N N M , � � . � . � ' ' . � , ' /p� �[ K K t uy�� t M1 . ' ' , ''�O�Y'� i N Z .� � . • ry p, A � � o , • , � . . m q N .'a�s �n���� " . . ' • � ' � � ' {�_►.�s:#�+"d�?�'.�``�� ' � �,� , , ' M N M M M �r•}fi•;� r•.Sr�. - � ~ Y��'� ' �i.r�`} ' ' Z r�i! � ,���e�� ' `j�� ;i � � � Y ,.r,� ' ^y� � f' t� � ci °C ' ►O. rO.. �. � a nO7r Nq r� '� �. ' ;� t # � : y;i : ' � � � . a . W G P rn r �O Kf u� . �%'�� 1�'y^i°� • •... , � � .. , t,x �, pv :� Z ' . . • u M �t q�n O� � In ;. ��� fi'" �Y ."•r.Y. qp� a�'�; � �yit 7 ' L'7 ti � Q- � M M ', t�tx� ��` {���� - . . , 0. � . ' � v R � � "`r y M �, �. ' .3' . . tA � � � M M �� # � (�J� ^ � . Y . � i \� � , . � �^, �- �w . � r � � " �s •c � r> a .c g a � � N ' u�i o � � � � �Y z � � . � i� ��o o �o. , � '. r p� � w .Q • � � .Syt� a 4 ��t,�.;3wl�'�aY r G � C��. 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