2021 Section 112.664 Florida Statutes Compliance – Police & Fire Employees (ADA-HTML)

CITY OF TITUSVILLE

POLICE OFFICERS' AND FIREFIGHTERS' 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 Police Officers' and Firefighters' 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 Cost979,9811,545,520652.975
Interest5,182,8924,800,8775,362,710
Share Plan Allocation396,025396,025396,025
Changes of Benefit TermsNO DATANO DATANO DATA
Differences Between Expected and Actual Experience827,1011,123,145664,277
Changes of Assumptions1,906,2062,789,8181,353,486
Benefit Payments, Including Refunds of Employee Contributions(4,701,028)(4,701,028)(4,701,028)
Net Change in Total Pension Liability4,591,1775,954,3573,728,445
Total Pension Liability - Beginning70,475,76088,093,66358,147,119
Total Pension Liability - Ending (a)75,066,93794,048,02061,875,564

 

Plan Fiduciary Net PositionACTUAL RATE 7.25%HYPOTHETICAL RATE 5.25%HYPOTHETICAL RATE 9.25%
Contributions - Employer1,168,7931,168,7931,168,793
Contributions - State792,050790,050792,050
Contributions - Employee506,015506,015506,015
Net Investment Income15,308,59415,308,59415,308,594
Benefit Payments, Including Refunds of Employee Contributions(4,701,028)(4,701,028(4,701,028)
Administrative Expenses(97,821)(97,821)(97,821)
Net Change in Plan Fiduciary Net Position12,976,60312,976,60312,976,603
Plan Fiduciary Net Position - Beginning64,812,18964,812,18964,812,189
Plan Fiduciary Net Position - End (b)77,788,79277,788,79277,788,792
Net Pension Liability - Ending (a) - (b)(2,721,855)16,259,228(15,913,228)


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 PositionProjected Total ContributionsProjected Benefit Payments*Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Positions
202177,754,595NO DATA6,243,284NO DATA5,410,88976,922,200
202276,922,200NO DATA5,048,915NO DATA5,393,83677,267,121
202377,267,121NO DATA5,153,169NO DATA5,415,06477,529,016
202477,529,016NO DATA5,270,472NO DATA5,429,79977,688,343
202577,688,343NO DATA5,374,811NO DATA5,437,56877,751,100
202677,751,100NO DATA5,464,260NO DATA5,438,87577,725,715
202777,725,715NO DATA5,547,590NO DATA5,434,01477,612,139
202877,612,139NO DATA5,620,746NO DATA5,423,12877,414,521
202977,414,521NO DATA5,640,423NO DATA5,408,08777,182,185
203077,182,185NO DATA5,676,863NO DATA5,389,92276,895,244
203176,895,244NO DATA5,707,066NO DATA5,368,02476,556,202
203276,556,202NO DATA5,717,685NO DATA5,343,05976,181,576
203376,181,576NO DATA5,721,351NO DATA5,315,76575,775,990
203475,775,990NO DATA5,707,099NO DATA5,286,87775,355,768
203575,355,768NO DATA5,686,590NO DATA5,257,15474,926,332
203674,926,332NO DATA5,661,677NO DATA5,226,92374,491,578
203774,491,578NO DATA5,630,416NO DATA5,196,53774,057,699
203874,057,699NO DATA5,571,512NO DATA5,167,21673,653,403
203973,653,403NO DATA5,529,196NO DATA5,139,43873,263,645
204073,263,645NO DATA5,454,358NO DATA5,113,89472,923,181
204172,923,181NO DATA5,357,982NO DATA5,092,70472,657,903
204272,657,903NO DATA5,248,093NO DATA5,077,45572,487,265
204372,487,265NO DATA5,110,090NO DATA5,070,08672,447,261
204472,447,261NO DATA4,970,831NO DATA5,072,23472,548,664
204572,548,664NO DATA4,819,176NO DATA5,085,08372,814,571
204672,814,571NO DATA4,670,951NO DATA5,109,73473,253,354
204773,253,354NO DATA4,521,637NO DATA5,146,95973,878,676
204873,878,676NO DATA4,347,540NO DATA5,198,60674,729,742
204974,729,742NO DATA4,165,119NO DATA5,266,92175,831,544
205075,831,544NO DATA3,979,742NO DATA5,353,52177,205,323
205177,205,323NO DATA3,790,394NO DATA5,459,98478,874,913
205278,874,913NO DATA3,598,027NO DATA5,588,00380,864,889
205380,864,889NO DATA3,403,822NO DATA5,739,31683,200,383
205483,200,383NO DATA3,207,799NO DATA5,915,74585,908,329
205585,908,329NO DATA3,014,180NO DATA6,119,09089,013,239
205689,013,239NO DATA2,821,512NO DATA6,351,18092,542,907
205792,542,907NO DATA2,631,519NO DATA6,613,96896,525,356
205896,525,356NO DATA2,446,946NO DATA6,909,387100,987,797
2059100,987,797NO DATA2,267,416NO DATA7,239,421105,959,802
2060105,959,802NO DATA2,093,646NO DATA7,606,191111,472,347
2061111,472,347NO DATA1,926,441NO DATA8,011,912117,557,818
2062117,557,818NO DATA1,766,361NO DATA8,458,911124,250,368
2063124,250,368NO DATA1,613,882NO DATA8,949,648131,586,134
2064131,586,134NO DATA1,469,419NO DATA9,486,728139,603,443
2065139,603,443NO DATA1,333,169NO DATA10,072,922148,343,196
2066148,343,196NO DATA1,205,223NO DATA10,711,192157,849,165
2067157,849,165NO DATA1,085,381NO DATA11,404,719168,168,503
2068168,168,503NO DATA973,520NO DATA12,156,926179,351,909
2069179,351,909NO DATA869,620NO DATA12,971,490191,453,779

*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 10/1Projected Beginning Fiduciary Net PositionProjected Total ContributionsProjected Benefit Payments*Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Positions
2070191,453,779NO DATA773,693NO DATA13,852,353204,532,439
2071204,532,439NO DATA685,662NO DATA14,803,747218,650,524
2072218,650,524NO DATA605,352NO DATA15,830,219233,875,391
2073233,875,391NO DATA532,507NO DATA16,936,662250,279,546
2074250,279,546NO DATA466,771NO DATA18,128,347267,941,122
2075267,941,122NO DATA407,743NO DATA19,410,951286,944,330
2076286,944,330NO DATA354,985NO DATA20,790,596307,379,941
2077307,379,941NO DATA308,011NO DATA22,273,880329,345,810
2078329,345,810NO DATA266,325NO DATA23,867,917352,947,402
2079352,947,402NO DATA229,428NO DATA25,580,370378,298,344
2080378,298,344NO DATA196,848NO DATA27,419,494405,520,990
2081405,520,990NO DATA168,135NO DATA29,394,177434,747,032
2082434,747,032NO DATA142,903NO DATA31,513,980466,118,109
2083466,118,109NO DATA120,816NO DATA33,789,183499,786,476
2084499,786,476NO DATA101,583NO DATA36,230,837535,915,730
2085535,915,730NO DATA84,949NO DATA38,850,811574,681,592
2086574,681,592NO DATA70,665NO DATA41,661,854616,272,781
2087616,272,781NO DATA58,481NO DATA44,677,657660,891,957
2088660,891,957NO DATA48,149NO DATA47,912,921708,756,729
2089708,756,729NO DATA39,440NO DATA51,383,433760,100,722
2090760,100,722NO DATA32,139NO DATA55,106,137815,174,720
2091815,174,720NO DATA26,051NO DATA59,099,223874,247,892
2092874,247,892NO DATA21,000NO DATA63,382,211937,609,103
2093937,609,103NO DATA16,829NO DATA67,976,0501,005,568,324
20941,005,568,324NO DATA13,397NO DATA72,903,2181,078,458,145
20951,078,458,145NO DATA10,588NO DATA78,187,8321,156,635,389
20961,156,635,389NO DATA8,301NO DATA83,855,7651,240,482,853
20971,240,482,853NO DATA6,447NO DATA89,934,7731,330,411,179
20981,330,411,179NO DATA4,955NO DATA96,454,6311,426,860,855
20991,426,860,855NO DATA3,766NO DATA103,447,2751,530,304,364
21001,530,304,364NO DATA2,827NO DATA110,946,9641,641,248,501
21011,641,248,501NO DATA2,094NO DATA118,990,4401,760,236,847
21021,760,236,847NO DATA1,529NO DATA127,617,1161,887,852,434
21031,887,852,434NO DATA1,100NO DATA136,869,2622,024,720,596
21042,024,720,596NO DATA778NO DATA146,792,2152,171,512,033
21052,171,512,033NO DATA540NO DATA157,434,6032,328,946,096
21062,328,946,096NO DATA368NO DATA168,848,5792,497,794,307
21072,497,794,307NO DATA246NO DATA181,090,0782,678,884,139
21082,678,884,139NO DATA161NO DATA194,219,0942,873,103,072
21092,873,103,072NO DATA103NO DATA208,299,9693,081,402,938
21103,081,402,938NO DATA64NO DATA223,401,7113,304,804,585
21113,304,804,585NO DATA39NO DATA239,598,3313,544,402,877
21123,544,402,877NO DATA23NO DATA256,969,2083,801,372,062
21133,801,372,062NO DATA13NO DATA275,599,4744,076,971,523
21144,076,971,523NO DATA8NO DATA295,580,4354,372,551,950
21154,372,551,950NO DATA4NO DATA317,010,0164,689,561,962
21164,689,561,962NO DATA2NO DATA339,993,2425,029,555,202
21175,029,555,202NO DATA1NO DATA364,642,7525,394,197,953

*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 1

Plan Assumptions: Discount Rate = 7.25%

Fiscal Year Beginning 10/1Projected Beginning Fiduciary Net PositionProjected Total ContributionsProjected Benefit Payments*Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Positions
21185,394,197,953NO DATA1NO DATA391,079,3525,785,277,304
21195,785,277,304NO DATANO DATANO DATA419,432,6056,204,709,909

*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 7


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 10/1Projected Beginning Fiduciary Net PositionProjected Total ContributionsProjected Benefit Payments*`Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Positions
202177,754,595NO DATA6,243,284NO DATA3,918,23075,429,541
202275,429,541NO DATA5,048,915NO DATA3,827,51774,208,143
202374,208,143NO DATA5,153,169NO DATA3,760,65772,815,631
202472,815,631NO DATA5,270,472NO DATA3,684,47171,229,630
202571,229,630NO DATA5,374,811NO DATA3,598,46769,453,286
202669,453,286NO DATA5,464,260NO DATA3,502,86167,491,887
202767,491,887NO DATA5,547,590NO DATA3,397,70065,341,997
202865,341,997NO DATA5,620,746NO DATA3,282,91063,004,161
202963,004,161NO DATA5,640,423NO DATA3,159,65760,523,395
203060,523,395NO DATA5,676,863NO DATA3,028,46157,874,993
203157,874,993NO DATA5,707,066NO DATA2,888,62755,056,554
203255,056,554NO DATA5,717,685NO DATA2,740,38052,079,249
203352,079,249NO DATA5,721,351NO DATA2,583,97548,941,873
203448,941,873NO DATA5,707,099NO DATA2,419,63745,654,411
203545,654,411NO DATA5,686,590NO DATA2,247,58442,215,405
203642,215,405NO DATA5,661,677NO DATA2,067,69038,621,418
203738,621,418NO DATA5,630,416NO DATA1,879,82634,870,828
203834,870,828NO DATA5,571,512NO DATA1,684,46630,983,782
203930,983,782NO DATA5,529,196NO DATA1,481,50726,936,093
204026,936,093NO DATA5,454,358NO DATA1,270,96822,752,703
204122,752,703NO DATA5,357,982NO DATA1,053,87018,448,591
204218,448,591NO DATA5,248,093NO DATA830,78914,031,287
204314,031,287NO DATA5,110,090NO DATA602,5039,523,700
20449,523,700NO DATA4,970,831NO DATA369,5104,922,379
20454,922,379NO DATA4,819,176NO DATA131,922235,125
2046235,125NO DATA4,670,951NO 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 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 Positions
202177,754,595NO DATA6,243,284NO DATA6,903,54878,414,859
202278,414,859NO DATA5,048,915NO DATA7,019,86280,385,806
202380,385,806NO DATA5,153,169NO DATA7,197,35382,429,990
202482,429,990NO DATA5,270,472NO DATA7,381,01584,540,533
202584,540,533NO DATA5,374,811NO DATA7,571,41486,737,136
202686,737,136NO DATA5,464,260NO DATA7,770,46389,043,339
202789,043,339NO DATA5,547,590NO DATA7,979,93391,475,682
202891,475,682NO DATA5,620,746NO DATA8,201,54194,056,477
202994,056,477NO DATA5,640,423NO DATA8,439,35596,855,409
203096,855,409NO DATA5,676,863NO DATA8,696,57099,875,116
203199,875,116NO DATA5,707,066NO DATA8,974,496103,142,546
2032103,142,546NO DATA5,717,685NO DATA9,276,243106,701,104
2033106,701,104NO DATA5,721,351NO DATA9,605,240110,584,993
2034110,584,993NO DATA5,707,099NO DATA9,965,159114,843,053
2035114,843,053NO DATA5,686,590NO DATA10,359,978119,516,441
2036119,516,441NO DATA5,661,677NO DATA10,793,418124,648,182
2037124,648,182NO DATA5,630,416NO DATA11,269,550130,287,316
2038130,287,316NO DATA5,571,512NO DATA11,793,894136,509,698
2039136,509,698NO DATA5,529,196NO DATA12,371,422143,351,924
2040143,351,924NO DATA5,454,358NO DATA13,007,789150,905,355
2041150,905,355NO DATA5,357,982NO DATA13,710,939159,258,312
2042159,258,312NO DATA5,248,093NO DATA14,488,670168,498,889
2043168,498,889NO DATA5,110,090NO DATA15,349,806178,738,605
2044178,738,605NO DATA4,970,831NO DATA16,303,420190,071,194
2045190,071,194NO DATA4,819,176NO DATA17,358,699202,610,717
2046202,610,717NO DATA4,670,951NO DATA18,525,460216,465,226
2047216,465,226NO DATA4,521,637NO DATA19,813,908231,757,497
2048231,757,497NO DATA4,347,540NO DATA21,236,495248,646,452
2049248,646,452NO DATA4,165,119NO DATA22,807,160267,288,493
2050267,288,493NO DATA3,979,742NO DATA24,540,123287,848,874
2051287,848,874NO DATA3,790,394NO DATA26,450,715310,509,195
2052310,509,195NO DATA3,598,027NO DATA28,555,692335,466,860
2053335,466,860NO DATA3,403,822NO DATA30,873,258362,936,296
2054362,936,296NO DATA3,207,799NO DATA33,423,247393,151,744
2055393,151,744NO DATA3,014,180NO DATA36,227,130426,364,694
2056426,364,694NO DATA2,821,512NO DATA39,308,239462,851,421
2057462,851,421NO DATA2,631,519NO DATA42,692,049502,911,951
2058502,911,951NO DATA2,446,946NO DATA46,406,184546,871,189
2059546,871,189NO DATA2,267,416NO DATA50,480,717595,084,490
2060595,084,490NO DATA2,093,646NO DATA54,948,484647,939,328
2061647,939,328NO DATA1,926,441NO DATA59,845,290705,858,177
2062705,858,177NO DATA1,766,361NO DATA65,210,187769,302,003
2063769,302,003NO DATA1,613,882NO DATA71,085,793838,773,914
2064838,773,914NO DATA1,469,419NO DATA77,518,626914,823,121
2065914,823,121NO DATA1,333,169NO DATA84,559,480998,049,432
2066998,049,432NO DATA1,205,223NO DATA92,263,8311,089,108,040
20671,089,108,040NO DATA1,085,381NO DATA100,692,2951,188,714,954
20681,188,714,954NO DATA973,520NO DATA109,911,1081,297,652,542
20691,297,652,542NO DATA869,620NO DATA119,992,6401,416,775,562

*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 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 Positions
20701,416,775,562NO DATA773,693NO DATA131,015,9561,547,017,825
20711,547,017,825NO DATA685,662NO DATA143,067,4371,689,399,600
20721,689,399,600NO DATA605,352NO DATA156,241,4651,845,035,713
20731,845,035,713NO DATA532,507NO DATA170,641,1752,015,144,381
20742,015,144,381NO DATA466,771NO DATA186,379,2672,201,056,877
20752,201,056,877NO DATA407,743NO DATA203,578,9032,404,228,037
20762,404,228,037NO DATA354,985NO DATA222,374,6752,626,247,727
20772,626,247,727NO DATA308,011NO DATA242,913,6692,868,853,385
20782,868,853,385NO DATA266,325NO DATA265,356,6213,133,943,681
20793,133,943,681NO DATA229,428NO DATA289,879,1793,423,593,432
20803,423,593,432NO DATA196,848NO DATA316,673,2883,740,069,872
20813,740,069,872NO DATA168,135NO DATA345,948,6874,085,850,424
20824,085,850,424NO DATA142,903NO DATA377,934,5554,463,642,076
20834,463,642,076NO DATA120,816NO DATA412,881,3044,876,402,564
20844,876,402,564NO DATA101,583NO DATA451,062,5395,327,363,520
20855,327,363,520NO DATA84,949NO DATA492,777,1975,820,055,768
20865,820,055,768NO DATA70,665NO DATA538,351,8906,358,336,993
20876,358,336,993NO DATA58,481NO DATA588,143,4676,946,421,979
20886,946,421,979NO DATA48,149NO DATA642,541,8067,588,915,636
20897,588,915,636NO DATA39,440NO DATA701,972,8728,290,849,068
20908,290,849,068NO DATA32,139NO DATA766,902,0529,057,718,981
20919,057,718,981NO DATA26,051NO DATA837,837,8019,895,530,731
20929,895,530,731NO DATA21,000NO DATA915,335,62110,810,845,352
209310,810,845,352NO DATA16,829NO DATA1,000,002,41711,810,830,940
209411,810,830,940NO DATA13,397NO DATA1,092,501,24212,903,318,785
209512,903,318,785NO DATA10,588NO DATA1,193,556,49814,096,864,695
209614,096,864,695NO DATA8,301NO DATA1,303,959,60015,400,815,994
209715,400,815,994NO DATA6,447NO DATA1,424,575,18116,825,384,728
209816,825,384,728NO DATA4,955NO DATA1,556,347,85818,381,727,631
209918,381,727,631NO DATA3,766NO DATA1,700,309,63220,082,033,497
210020,082,033,497NO DATA2,827NO DATA1,857,587,96821,939,618,638
210121,939,618,638NO DATA2,094NO DATA2,029,414,62723,969,031,171
210223,969,031,171NO DATA1,529NO DATA2,217,135,31326,186,164,955
210326,186,164,955NO DATA1,100NO DATA2,422,220,20728,608,384,062
210428,608,384,062NO DATA778NO DATA2,646,275,49031,254,658,774
210531,254,658,774NO DATA540NO DATA2,891,055,91234,145,714,146
210634,145,714,146NO DATA368NO DATA3,158,478,54137,304,192,319
210737,304,192,319NO DATA246NO DATA3,450,637,77840,754,829,851
210840,754,829,851NO DATA161NO DATA3,769,821,75444,524,651,444
210944,524,651,444NO DATA103NO DATA4,118,530,25448,643,181,595
211048,643,181,595NO DATA64NO DATA4,499,494,29553,142,675,826
211153,142,675,826NO DATA39NO DATA4,915,697,51258,058,373,299
211258,058,373,299NO DATA23NO DATA5,370,399,52963,428,772,805
211363,428,772,805NO DATA13NO DATA5,867,161,48469,295,934,276
211469,295,934,276NO DATA8NO DATA6,409,873,92075,705,808,188
211575,705,808,188NO DATA4NO DATA7,002,787,25782,708,595,441
211682,708,595,441NO DATA2NO DATA7,650,545,07890,359,140,517
211790,359,140,517NO DATA1NO DATA8,358,220,49898,717,361,014

*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 10


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 = 9.25%

Fiscal Year Beginning 10/1Projected Beginning Fiduciary Net PositionProjected Total ContributionsProjected Benefit Payments*Projected Administrative ExpenseProjected Investment EarningsProjected Ending Fiduciary Net Positions
211898,717,361,014NO DATA1NO DATA9,131,355,894107,848,716,907
2119107,848,716,907NO DATANO DATANO DATA9,976,006,314117,824,723,221

*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 11


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
Investment Rate of Return:7.25%5.25%9.25%
Minimum Required Contribution (Fixed $) $1,802,707$3,719,196$840,532
Minimum Required Contribution (% of Payroll) 21.60%44.60%10.00%
Expected Member Contribution561,211555,796566,627
Expected State Money396,025396,025396,025
Expected Sponsor Contribution (Fixed $) $845,471$2,767,375$0
Expected Sponsor Contribution (% of Payroll)10.10%33.10%0.00%


ASSETS:

ITEMSACTUAL RATE
 7.25%
HYPOTHETICAL RATE
 5.25%
HYPOTHETICAL RATE
 9.25%
Actuarial Value (Note 1)71,027,20671,027,20671,027,206
Market Value (Note 1)77,754,59577,754,59577,754,595


LIABILITIES

Present Value of BenefitsACTUAL RATE
 7.25%
HYPOTHETICAL RATE
 5.25%
HYPOTHETICAL RATE
 9.25%
Active MembersNO DATANO DATANO DATA
Retirement Benefits19,385,54329,511,55813,463,307
Disability Benefits 1,395,3922,012,1391,016,664
Death Benefits 436,570641,125315,865
Vested Benefits2,478,8454,336,6111,501,564
Refund of Contributions 395,185417,927374,889
Service Retirees43,896,42953,330,36237,131,971
DROP Retirees (Note 1) 1,863,5222,250,4851,591,910
Beneficiaries 5,298,0306,333,0994,538,187
Disability Retirees 3,725,6574,657,8483,088,369
Terminated Vested3,778,6555,031,0922,940,322
Share Plan Balances (Note 1)976,303976,303976,303
Total:83,630,131109,498,54966,939,351


ITEMSACTUAL RATE
 7.25%
HYPOTHETICAL RATE
 5.25%
HYPOTHETICAL RATE
 9.25%
Present Value of Future Salaries64,487,96972,894,45557,814,105
Present Value of Future Member Contributions4,191,7184,738,1403,757,917
Total Normal Cost1,020,1211,641,304665,586
Present Value of Future Normal Costs (Entry Age Normal)7,597,83714,063,5014,363,717
Total Actuarial Accrued Liability (EAN) (Note 1)76,032,29495,435,04862,575,634
Unfunded Actuarial Accrued Liability (UAAL)5,005,08824,407,842(8,451,572)

City of Titusville General Employees' Pension Plan FOSTER & FOSTER Page 12


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

ITEMS
ACTUAL RATEHYPOTHETICAL RATEHYPOTHETICAL RATE
Investment 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)1,105,9381,762,207728,542
Administrative Expenses (Note 2)110,920110111,990
Payment Required To Amortize UAAL (Note 2)585,8491,847,139(689,678)
Minimum Required Contribution$1,802,707$3,609,456$150,854


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 13