2021 Section 112.664 Florida Statutes Compliance – General Employees (ADA-HTML)

CITY OF TITUSVILLE

GENERAL EMPLOYEES' PENSION PLAN

SECTION 112.664, FLORIDA STATUTES COMPLIANCE DETERMINED AS OF THE OCTOBER 1, 2021 VALUATION DATE


Foster & Foster Actuaries and Consultants Logo


Foster & Foster Actuaries and Consultants Logo


May 17, 2022

VIA E-MAIL


Ms. Julie Enright, Plan Administrator

City of Titusville

Post Office Box 2806

Titusville, FL 32781-2806


Re: City of Titusville General Employees' Pension Plan Section 112.664, Florida Statutes Compliance

Dear Julie:

Please find enclosed the annual disclosures that satisfy the October 1, 2021 financial reporting requirements made under Section 112.664.

Our office will submit this information electronically to the Department of Management Services. However, it is important for you to be aware that this report must also be made available on the Plan or Plan Sponsor’s website, if such website exists. A deadline for this website publication is not made clear in the law.

In addition to the enclosed report, the Plan or Plan Sponsor's website must provide a link to the Division of Retirement's Actuarial Summary Fact Sheet for the Plan, and also report the previous five years' assumed and actual rates of return, along with their respective asset allocations. The Board should contact its Investment Consultant for this information.

With respect to the reporting standards for defined benefit retirement plans or systems contained in Section 112.664(1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements of Section 112.664(1), Florida Statutes, and Rule 60T-1.0035, Florida Administrative Code.

If there are any questions, concerns, or comments about any of the items contained in this report, please feel free to contact me.

Respectfully submitted,

Foster & Foster, Inc.


By:      /s/      

Douglas H. Lozen, EA, MAAA Enrolled Actuary #20-7778

Enclosures

cc via email: Pedro Herrera, Board Attorney

cc via email: Jessica A. De la Torre Vila, Legal Assistant

13420 Parker Commons Blvd., Suite 104 Fort Myers, FL 33912 · (239) 433-5500 · Fax (239) 481-0634 · www.foster-foster.com


Introduction                                                                   Section 112.664, F.S. Requirements

When reviewing the following schedules, please note the following:

  1. The purpose of producing this report is solely to satisfy the requirements set forth by Section 112.664, Florida Statutes, and is mandatory for every Florida public pension fund, excluding the Florida Retirement System (FRS).
  2. None of the schedules shown have any impact on the funding requirements of the Plan. These schedules are for statutory compliance purposes only.
  3. In the schedules that follow, the columns labeled “ACTUAL” represent the final recorded GASB 67/68 results. The columns labeled “HYPOTHETICAL” illustrate what the results would have been if different assumptions were used.
  4. It is our opinion that the Plan’s actual assumptions utilized in the October 1, 2021 Actuarial Valuation Report, as adopted by the Board of Trustees, are reasonable individually and in the aggregate, and represent our best estimate of future Plan experience.
  5. The “Number of Years Expected Benefit Payments Sustained” calculated in Section II: Asset Sustainability should not be interpreted as the number of years the Plan has left until it is insolvent. This calculation is required by 112.664, Florida Statutes, but the numeric result is irrelevant, since in its calculation we are to assume there will be no further contributions to the Fund. As long as the Actuarially Determined Contribution is made each year the Plan will never become insolvent.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 3


SECTION I - GASB                                                      Section 112.664, F.S. Requirements

SCHEDULE OF CHANGES IN NET PENSION LIABILITY

FISCAL YEAR SEPTEMBER 30, 2021

 

ITEMACTUAL RATEHYPOTHETICAL RATEHYPOTHETICAL RATE
Discount Rate:7.25%5.25%9.25%

 

Total Pension Liability

ACTUAL RATE 7.25%HYPOTHETICAL RATE 5.25%HYPOTHETICAL RATE 9.25%
Service Cost1,120,5391,666,394787,836
Interest4,990,2994,514,9325,267,902
Changes of Benefit TermsNO DATANO DATANO DATA
Differences Between Expected and Actual Experience(111,383)68,014(239,365)
Changes of Assumptions1,625,9912,315,4191,183,049
Contributions - Buy BackNO DATANO DATANO DATA
Benefit Payments, Including Refunds of Employee Contributions(4,615,504)(4,615,504)(4,615,504)
Net Change in Total Pension Liability3,009,9423,949,2552,383,918
Total Pension Liability - Beginning67,724,53482,731,03256,971,520
Total Pension Liability - Ending (a)70,734,47686,680,28759,355,438

 

Plan Fiduciary Net PositionACTUAL RATE 7.25%HYPOTHETICAL RATE 5.25%HYPOTHETICAL RATE 9.25%
Contributions - Employer1,678,9951,678,9951,678,995
Contributions - Employee348,573348,573348,573
Contributions - Buy BackNO DATANO DATANO DATA
Net Investment Income14,147,70114,147,70114,147,701
Benefit Payments, Including Refunds of Employee Contributions(4,615,504)(4,615,504)(4,615,504)
Administrative Expenses(98,206)(98,206)(98,206)
Net Change in Plan Fiduciary Net Position11,461,55911,461,55911,461,559
Plan Fiduciary Net Position - Beginning61,693,51761,693,51761,693,517
Plan Fiduciary Net Position - End (b)73,155,07673,155,07673,155,076
Net Pension Liability - Ending (a) - (b)(2,420,600)13,525,211(13,799,638)


City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 4


SECTION II - ASSET SUSTAINABILITY                              Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 1

Plan Assumptions: Discount Rate = 7.25%

Fiscal Year Beginning 10/1Projected Beginning
 Fiduciary Net Position 
Projected Total
 Contributions
Projected Benefit
 Payments*
Projected Administrative
 Expense
Projected Investment
 Earnings
Projected Ending
 Fiduciary Net Position
202173,155,076NO DATA5,868,689NO DATA5,091,00372,377,390
202272,377,390NO DATA5,398,617NO DATA5,051,66172,030,434
202372,030,434NO DATA5,433,922NO DATA5,025,22771,621,739
202471,621,739NO DATA5,512,713NO DATA4,992,74071,101,766
202571,101,766NO DATA5,572,137NO DATA4,952,88870,482,517
202670,482,517NO DATA5,586,215NO DATA4,907,48269,803,784
202769,803,784NO DATA5,586,897NO DATA4,858,24969,075,136
202869,075,136NO DATA5,567,270NO DATA4,806,13468,314,000
202968,314,000NO DATA5,556,172NO DATA4,751,35467,509,182
203067,509,182NO DATA5,512,985NO DATA4,694,57066,690,767
203166,690,767NO DATA5,465,995NO DATA4,636,93865,861,710
203265,861,710NO DATA5,389,651NO DATA4,579,59965,051,658
203365,051,658NO DATA5,325,761NO DATA4,523,18664,249,083
203464,249,083NO DATA5,232,835NO DATA4,468,36863,484,616
203563,484,616NO DATA5,112,845NO DATA4,417,29462,789,065
203662,789,065NO DATA4,999,806NO DATA4,370,96462,160,223
203762,160,223NO DATA4,863,941NO DATA4,330,29861,626,580
203861,626,580NO DATA4,732,320NO DATA4,296,38061,190,640
203961,190,640NO DATA4,585,184NO DATA4,270,10860,875,564
204060,875,564NO DATA4,423,782NO DATA4,253,11660,704,898
204160,704,898NO DATA4,256,425NO DATA4,246,81060,695,283
204260,695,283NO DATA4,086,243NO DATA4,252,28260,861,322
204360,861,322NO DATA3,918,237NO DATA4,270,41061,213,495
204461,213,495NO DATA3,748,372NO DATA4,302,10061,767,223
204561,767,223NO DATA3,565,809NO DATA4,348,86362,550,277
204662,550,277NO DATA3,385,306NO DATA4,412,17863,577,149
204763,577,149NO DATA3,202,563NO DATA4,493,25064,867,836
204864,867,836NO DATA3,027,183NO DATA4,593,18366,433,836
204966,433,836NO DATA2,852,821NO DATA4,713,03868,294,053
205068,294,053NO DATA2,667,232NO DATA4,854,63270,481,453
205170,481,453NO DATA2,490,517NO DATA5,019,62473,010,560
205273,010,560NO DATA2,311,183NO DATA5,209,48575,908,862
205375,908,862NO DATA2,137,305NO DATA5,425,91579,197,472
205479,197,472NO DATA1,968,460NO DATA5,670,46082,899,472
205582,899,472NO DATA1,808,757NO DATA5,944,64487,035,359
205687,035,359NO DATA1,654,436NO DATA6,250,09091,631,013
205791,631,013NO DATA1,508,727NO DATA6,588,55796,710,843
205896,710,843NO DATA1,372,503NO DATA6,961,783102,300,123
2059102,300,123NO DATA1,244,957NO DATA7,371,629108,426,795
2060108,426,795NO DATA1,125,391NO DATA7,820,147115,121,551
2061115,121,551NO DATA1,014,242NO DATA8,309,546122,416,855
2062122,416,855NO DATA911,990NO DATA8,842,162130,347,027
2063130,347,027NO DATA818,000NO DATA9,420,507138,949,534
2064138,949,534NO DATA732,216NO DATA10,047,298148,264,616
2065148,264,616NO DATA654,171NO DATA10,725,471158,335,916
2066158,335,916NO DATA583,482NO DATA11,458,203169,210,637
2067169,210,637NO DATA519,675NO DATA12,248,933180,939,895
2068180,939,895NO DATA462,195NO DATA13,101,388193,579,088
2069193,579,088NO DATA410,503NO DATA14,019,603207,188,188
2070207,188,188NO DATA364,088NO DATA15,007,945221,832,045
2071221,832,045NO DATA322,482NO DATA16,071,133237,580,696
2072237,580,696NO DATA285,260NO DATA17,214,260254,509,696


*All DROP Balances paid in 2021.

Number of Years Expected Benefit Payments Sustained: 999.99

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 7.25% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 5


SECTION II - ASSET SUSTAINABILITY                              Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 1

Plan Assumptions: Discount Rate = 7.25%

Fiscal Year Beginning 10/1
Projected Beginning
 Fiduciary Net Position
Projected Total
 Contributions
Projected Benefit
 Payments*
Projected Administrative
 Expense
Projected Investment
 Earnings
Projected Ending
 Fiduciary Net Position
2073254,509,696NO DATA251,972NO DATA18,442,819272,700,543
2074272,700,543NO DATA222,213NO DATA19,762,734292,241,064
2075292,241,064NO DATA195,627NO DATA21,180,386313,225,823
2076313,225,823NO DATA171,884NO DATA22,702,641335,756,580
2077335,756,580NO DATA150,669NO DATA24,336,890359,942,801
2078359,942,801NO DATA131,699NO DATA26,091,079385,902,181
2079385,902,181NO DATA114,733NO DATA27,973,749413,761,197
2080413,761,197NO DATA99,570NO DATA29,994,077443,655,704
2081443,655,704NO DATA86,037NO DATA32,161,920475,731,587
2082475,731,587NO DATA73,976NO DATA34,487,858510,145,469
2083510,145,469NO DATA63,231NO DATA36,983,254547,065,492
2084547,065,492NO DATA53,685NO DATA39,660,302586,672,109
2085586,672,109NO DATA45,243NO DATA42,532,088629,158,954
2086629,158,954NO DATA37,820NO DATA45,612,653674,733,787
2087674,733,787NO DATA31,340NO DATA48,917,063723,619,510
2088723,619,510NO DATA25,733NO DATA52,461,482776,055,259
2089776,055,259NO DATA20,932NO DATA56,263,247832,297,574
2090832,297,574NO DATA16,867NO DATA60,340,963892,621,670
2091892,621,670NO DATA13,467NO DATA64,714,583957,322,786
2092957,322,786NO DATA10,656NO DATA69,405,5161,026,717,646
20931,026,717,646NO DATA8,358NO DATA74,436,7261,101,146,014
20941,101,146,014NO DATA6,501NO DATA79,832,8501,180,972,363
20951,180,972,363NO DATA5,013NO DATA85,620,3151,266,587,665
20961,266,587,665NO DATA3,832NO DATA91,827,4671,358,411,300
20971,358,411,300NO DATA2,902NO DATA98,484,7141,456,893,112
20981,456,893,112NO DATA2,176NO DATA105,624,6721,562,515,608
20991,562,515,608NO DATA1,613NO DATA113,282,3231,675,796,318
21001,675,796,318NO DATA1,180NO DATA121,495,1901,797,290,328
21011,797,290,328NO DATA851NO DATA130,303,5181,927,592,995
21021,927,592,995NO DATA602NO DATA139,750,4702,067,342,863
21032,067,342,863NO DATA418NO DATA149,882,3422,217,224,787
21042,217,224,787NO DATA283NO DATA160,748,7872,377,973,291
21052,377,973,291NO DATA187NO DATA172,403,0572,550,376,161
21062,550,376,161NO DATA121NO DATA184,902,2672,735,278,307
21072,735,278,307NO DATA75NO DATA198,307,6752,933,585,907
21082,933,585,907NO DATA46NO DATA212,684,9773,146,270,838
21093,146,270,838NO DATA27NO DATA228,104,6353,374,375,446
21103,374,375,446NO DATA15NO DATA244,642,2193,619,017,650
21113,619,017,650NO DATA8NO DATA262,378,7793,881,396,421
21123,881,396,421NO DATA5NO DATA281,401,2404,162,797,656
21134,162,797,656NO DATA2NO DATA301,802,8304,464,600,484
21144,464,600,484NO DATA1NO DATA323,683,5354,788,284,018
21154,788,284,018NO DATA1NO DATA347,150,5915,135,434,608
21165,135,434,608NO DATANO DATANO DATA372,319,0095,507,753,617


*All DROP Balances paid in 2021.

Number of Years Expected Benefit Payments Sustained: 999.99

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 7.25% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 6


SECTION II - ASSET SUSTAINABILITY                              Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 2

Plan Assumptions: Discount Rate = 5.25%

Fiscal Year Beginning 10/1

Projected Beginning Fiduciary Net Position

Projected Total Contributions

Projected Benefit Payments*

Projected Administrative Expense

Projected Investment Earnings

Projected Ending Fiduciary Net Position

202173,155,076NO DATA5,868,689NO DATA3,686,58870,972,975
202270,972,975NO DATA5,398,617NO DATA3,584,36769,158,725
202369,158,725NO DATA5,433,922NO DATA3,488,19367,212,996
202467,212,996NO DATA5,512,713NO DATA3,383,97465,084,257
202565,084,257NO DATA5,572,137NO DATA3,270,65562,782,775
202662,782,775NO DATA5,586,215NO DATA3,149,45860,346,018
202760,346,018NO DATA5,586,897NO DATA3,021,51057,780,631
202857,780,631NO DATA5,567,270NO DATA2,887,34255,100,703
202955,100,703NO DATA5,556,172NO DATA2,746,93752,291,468
203052,291,468NO DATA5,512,985NO DATA2,600,58649,379,069
203149,379,069NO DATA5,465,995NO DATA2,448,91946,361,993
203246,361,993NO DATA5,389,651NO DATA2,292,52643,264,868
203343,264,868NO DATA5,325,761NO DATA2,131,60440,070,711
203440,070,711NO DATA5,232,835NO DATA1,966,35036,804,226
203536,804,226NO DATA5,112,845NO DATA1,798,01033,489,391
203633,489,391NO DATA4,999,806NO DATA1,626,94830,116,533
203730,116,533NO DATA4,863,941NO DATA1,453,44026,706,032
203826,706,032NO DATA4,732,320NO DATA1,277,84323,251,555
203923,251,555NO DATA4,585,184NO DATA1,100,34619,766,717
204019,766,717NO DATA4,423,782NO DATA921,62816,264,563
204116,264,563NO DATA4,256,425NO DATA742,15812,750,296
204212,750,296NO DATA4,086,243NO DATA562,1279,226,180
20439,226,180NO DATA3,918,237NO DATA381,5215,689,464
20445,689,464NO DATA3,748,372NO DATA200,3022,141,394
20452,141,394NO DATA3,565,809NO DATANO DATANO DATA


*All DROP Balances paid in 2021.

Number of Years Expected Benefit Payments Sustained: 24.60

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 5.25% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 7


SECTION II - ASSET SUSTAINABILITY                              Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 3

Plan Assumptions: Discount Rate = 9.25%

Fiscal Year Beginning 10/1Projected Beginning Fiduciary Net PositionProjected Total ContributionsProjected Benefit Payments*Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Position
202173,155,076NO DATA5,868,689NO DATA6,495,41873,781,805
202273,781,805NO DATA5,398,617NO DATA6,575,13174,958,319
202374,958,319NO DATA5,433,922NO DATA6,682,32676,206,723
202476,206,723NO DATA5,512,713NO DATA6,794,15977,488,169
202577,488,169NO DATA5,572,137NO DATA6,909,94478,825,976
202678,825,976NO DATA5,586,215NO DATA7,033,04080,272,801
202780,272,801NO DATA5,586,897NO DATA7,166,84081,852,744
202881,852,744NO DATA5,567,270NO DATA7,313,89383,599,367
202983,599,367NO DATA5,556,172NO DATA7,475,96885,519,163
203085,519,163NO DATA5,512,985NO DATA7,655,54787,661,725
203187,661,725NO DATA5,465,995NO DATA7,855,90790,051,637
203290,051,637NO DATA5,389,651NO DATA8,080,50592,742,491
203392,742,491NO DATA5,325,761NO DATA8,332,36495,749,094
203495,749,094NO DATA5,232,835NO DATA8,614,77399,131,032
203599,131,032NO DATA5,112,845NO DATA8,933,151102,951,338
2036102,951,338NO DATA4,999,806NO DATA9,291,758107,243,290
2037107,243,290NO DATA4,863,941NO DATA9,695,047112,074,396
2038112,074,396NO DATA4,732,320NO DATA10,148,012117,490,088
2039117,490,088NO DATA4,585,184NO DATA10,655,768123,560,672
2040123,560,672NO DATA4,423,782NO DATA11,224,762130,361,652
2041130,361,652NO DATA4,256,425NO DATA11,861,593137,966,820
2042137,966,820NO DATA4,086,243NO DATA12,572,942146,453,519
2043146,453,519NO DATA3,918,237NO DATA13,365,732155,901,014
2044155,901,014NO DATA3,748,372NO DATA14,247,482166,400,124
2045166,400,124NO DATA3,565,809NO DATA15,227,093178,061,408
2046178,061,408NO DATA3,385,306NO DATA16,314,110190,990,212
2047190,990,212NO DATA3,202,563NO DATA17,518,476205,306,125
2048205,306,125NO DATA3,027,183NO DATA18,850,809221,129,751
2049221,129,751NO DATA2,852,821NO DATA20,322,559238,599,489
2050238,599,489NO DATA2,667,232NO DATA21,947,093257,879,350
2051257,879,350NO DATA2,490,517NO DATA23,738,653279,127,486
2052279,127,486NO DATA2,311,183NO DATA25,712,400302,528,703
2053302,528,703NO DATA2,137,305NO DATA27,885,055328,276,453
2054328,276,453NO DATA1,968,460NO DATA30,274,531356,582,524
2055356,582,524NO DATA1,808,757NO DATA32,900,228387,673,995
2056387,673,995NO DATA1,654,436NO DATA35,783,327421,802,886
2057421,802,886NO DATA1,508,727NO DATA38,946,988459,241,147
2058459,241,147NO DATA1,372,503NO DATA42,416,328500,284,972
2059500,284,972NO DATA1,244,957NO DATA46,218,781545,258,796
2060545,258,796NO DATA1,125,391NO DATA50,384,389594,517,794
2061594,517,794NO DATA1,014,242NO DATA54,945,987648,449,539
2062648,449,539NO DATA911,990NO DATA59,939,403707,476,952
2063707,476,952NO DATA818,000NO DATA65,403,786772,062,738
2064772,062,738NO DATA732,216NO DATA71,381,938842,712,460
2065842,712,460NO DATA654,171NO DATA77,920,647919,978,936
2066919,978,936NO DATA583,482NO DATA85,071,0661,004,466,520
20671,004,466,520NO DATA519,675NO DATA92,889,1181,096,835,963
20681,096,835,963NO DATA462,195NO DATA101,435,9501,197,809,718
20691,197,809,718NO DATA410,503NO DATA110,778,4131,308,177,628
20701,308,177,628NO DATA364,088NO DATA120,989,5921,428,803,132
20711,428,803,132NO DATA322,482NO DATA132,149,3751,560,630,025
20721,560,630,025NO DATA285,260NO DATA144,345,0841,704,689,849


*All DROP Balances paid in 2021.

Number of Years Expected Benefit Payments Sustained: 999.99

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 9.25% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 8


SECTION II - ASSET SUSTAINABILITY                              Section 112.664, F.S. Requirements

PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS

Table 3

Plan Assumptions: Discount Rate = 9.25%

Fiscal Year Beginning 10/1Projected Beginning Fiduciary Net PositionProjected Total ContributionsProjected Benefit Payments*Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Position
20731,704,689,849NO DATA251,972NO DATA157,672,1571,862,110,034
20741,862,110,034NO DATA222,213NO DATA172,234,9012,034,122,722
20752,034,122,722NO DATA195,627NO DATA188,147,3042,222,074,399
20762,222,074,399NO DATA171,884NO DATA205,533,9322,427,436,447
20772,427,436,447NO DATA150,669NO DATA224,530,9032,651,816,681
20782,651,816,681NO DATA131,699NO DATA245,286,9522,896,971,934
20792,896,971,934NO DATA114,733NO DATA267,964,5973,164,821,798
20803,164,821,798NO DATA99,570NO DATA292,741,4113,457,463,639
20813,457,463,639NO DATA86,037NO DATA319,811,4073,777,189,009
20823,777,189,009NO DATA73,976NO DATA349,386,5624,126,501,595
20834,126,501,595NO DATA63,231NO DATA381,698,4734,508,136,837
20844,508,136,837NO DATA53,685NO DATA417,000,1744,925,083,326
20854,925,083,326NO DATA45,243NO DATA455,568,1155,380,606,198
20865,380,606,198NO DATA37,820NO DATA497,704,3245,878,272,702
20875,878,272,702NO DATA31,340NO DATA543,738,7756,421,980,137
20886,421,980,137NO DATA25,733NO DATA594,031,9737,015,986,377
20897,015,986,377NO DATA20,932NO DATA648,977,7727,664,943,217
20907,664,943,217NO DATA16,867NO DATA709,006,4678,373,932,817
20918,373,932,817NO DATA13,467NO DATA774,588,1639,148,507,513
20929,148,507,513NO DATA10,656NO DATA846,236,4529,994,733,309
20939,994,733,309NO DATA8,358NO DATA924,512,44510,919,237,396
209410,919,237,396NO DATA6,501NO DATA1,010,029,15811,929,260,053
209511,929,260,053NO DATA5,013NO DATA1,103,456,32313,032,711,363
209613,032,711,363NO DATA3,832NO DATA1,205,525,62414,238,233,155
209714,238,233,155NO DATA2,902NO DATA1,317,036,43315,555,266,686
209815,555,266,686NO DATA2,176NO DATA1,438,862,06816,994,126,578
209916,994,126,578NO DATA1,613NO DATA1,571,956,63418,566,081,599
210018,566,081,599NO DATA1,180NO DATA1,717,362,49320,283,442,912
210120,283,442,912NO DATA851NO DATA1,876,218,43022,159,660,491
210222,159,660,491NO DATA602NO DATA2,049,768,56824,209,428,457
210324,209,428,457NO DATA418NO DATA2,239,372,11326,448,800,152
210426,448,800,152NO DATA283NO DATA2,446,514,00128,895,313,870
210528,895,313,870NO DATA187NO DATA2,672,816,52431,568,130,207
210631,568,130,207NO DATA121NO DATA2,920,052,03934,488,182,125
210734,488,182,125NO DATA75NO DATA3,190,156,84337,678,338,893
210837,678,338,893NO DATA46NO DATA3,485,246,34541,163,585,192
210941,163,585,192NO DATA27NO DATA3,807,631,62944,971,216,794
211044,971,216,794NO DATA15NO DATA4,159,837,55349,131,054,332
211149,131,054,332NO DATA8NO DATA4,544,622,52553,675,676,849
211253,675,676,849NO DATA5NO DATA4,965,000,10858,640,676,952
211358,640,676,952NO DATA2NO DATA5,424,262,61864,064,939,568
211464,064,939,568NO DATA1NO DATA5,926,006,91069,990,946,477
211569,990,946,477NO DATA1NO DATA6,474,162,54976,465,109,025
211676,465,109,025NO DATA-NO DATA7,073,022,58583,538,131,610


*All DROP Balances paid in 2021.

Number of Years Expected Benefit Payments Sustained: 999.99

This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 9.25% interest.

It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 9


SECTION III - FUNDING                                           Section 112.664, F.S. Requirements

ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR 

ENDING SEPTEMBER 30, 202

Valuation Date: 10/1/2021

ITEMSACTUAL RATEHYPOTHETICAL RATEHYPOTHETICAL RATE
Investmen Rate of Return:7.25%5.25%9.25%
Minimum Required Contribution (Fixed $) $1,859,820$3,550,789$968,627
Minimum Required Contribution (% of Payroll)12.50%23.80%6.50%
 Expected Member Contribution386,118382,392389,844
Expected Sponsor Contribution (Fixed $)$1,473,702$3,168,397$578,783
Expected Sponsor Contribution (% of Payroll)10.00%21.30%4.00%


ASSETS:

ITEMSACTUAL RATE 
7.25%
HYPOTHETICAL RATE 
5.25%
HYPOTHETICAL RATE 
9.25%
Actuarial Value (Note 1)67,950,41367,950,41367,950,413
Market Value (Note 1)73,155,07673,155,07673,155,076


LIABILITIES

Present Value of BenefitsACTUAL RATE 7.25%HYPOTHETICAL RATE 5.25%HYPOTHETICAL
RATE 9.25%
Active MembersNO DATANO DATANO DATA
Retirement Benefits23,620,92933,630,74917,443,195
Disability Benefits 543,760749,195411,588
Death Benefits 116,510175,40882,194
Vested Benefits650,6311,224,515373,144
Refund of Contributions 289,167303,408276,336
Service Retirees43,269,79151,385,14437,262,154
DROP Retirees (Note 1) 4,246,9755,034,7283,675,113
Beneficiaries 2,315,0082,717,3902,016,045
Disability Retirees 80,63691,59871,931
Terminated Vested3,129,1174,132,4552,468,214
Total:78,262,52499,444,59064,079,914


ITEMSACTUAL
RATE 7.25%
HYPOTHETICAL
RATE 5.25%
HYPOTHETICAL
RATE 9.25%
Present Value of Future Salaries91,438,200101,467,03883,364,665
Present Value of Future Member Contributions2,285,9552,536,6762,084,117
Total Normal Cost1,129,5451,712,672777,999
Present Value of Future Normal Costs (Entry Age Normal)6,644,18811,537,4564,069,128
Total Actuarial Accrued Liability (EAN) (Note 1)71,618,33687,907,13460,010,786
Unfunded Actuarial Accrued Liability (UAAL)3,667,92319,956,721(7,939,627)

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 10


SECTION III - FUNDING                                            Section 112.664, F.S. Requirements

ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR

ENDING SEPTEMBER 30, 2023

Valuation Date: 10/1/2021

ITEMSACTUAL RATEHYPOTHETICAL RATEHYPOTHETICAL RATE
Investmen Rate of Return:7.25%5.25%9.25%

 

PENSION COSTACTUAL
RATE 7.25%
HYPOTHETICAL
RATE 5.25%
HYPOTHETICAL
RATE 9.25%
Normal Cost (Note 2)1,231,8251,849,729856,634
Administrative Expenses (Note 2)110,923109,853111,993
Payment Required To Amortize UAAL (Note 2)517,0721,591,207(601,057)
Minimum Required Contribution$1,859,820 $3,550,789 $968,627 (Note 3)


Note 1: The asset values and liabilities include accumulated DROP Balances as of 9/30/2021.

Note 2: Contributions developed as of 10/1/2021 displayed above have been adjusted to account for assumed salary increase and interest components.

Note 3: Reflects normal cost minimum funding requirements of Chapter 112, Florida Statutes.

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 11