60T-1.0035. Additional Actuarial Disclosures

(1) All reporting fields terms referenced in subsections (2) through (4), are as required under Section 112.664(1), F.S., unless expressly stated otherwise. (a) Whenever used in this section “Annual Financial Statements” means a report issued which covers a local government retirement system or plan to satisfy the financial reporting requirements of Section 112.664(1), F.S. (b) For purposes of compliance with Section 112.664(1), F.S., “receipt of the certified actuarial report” means formal approval of the report by the board of trustees. (c) The actuarial disclosures required under this section must be submitted together with a certification statement, signed and dated by the plan actuary. The certification statement will be in the following format: “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), F.S., and Section 60T-1.0035, F.A.C.” Signature Name Enrollment Number Date Cover letter attached (2) The reports required to be filed electronically with the Department of Management Services under Section 112.664(1), F.S., shall use the following format: Electronic Reporting Format ‒ Must be submitted as a semi-colon delimited file in the following layout: Reference Field Name Field Value Field Layout Variable length with the maximum number of characters (v#) or Fixed Length with the number of characters (f#) (Negative values indicated with dashes) (a) City/District v25 (b) Plan Name v50 (c) Plan Type v25 (d) Valuation Date f8 using MMDDYYYY format (e) Interest Rate: (e)(1) Discount Rate, net of investment fees v5 using xx.xx format (e)(2) Long-Term Expected Rate of Return, net of investment fees v5 using xx.xx format (f) Certification Statement (f)(1) Signature Y / N f1 (f)(2) Actuary’s Name v50 (f)(3) Enrollment Number v10 (f)(4) Signature Date f8 using MMDDYYYY format (f)(5) Cover letter attached (pdf)? Y / N f1 Section 112.664(1)(a), F.S. (descriptive separator, not part of the electronic file) (g) Total pension liability: Place responses in paragraphs (g)(1)-(10) Leave blank (g)(1) Service cost $_______________ v20 rounded to the nearest whole dollar, exclude “$” in beginning of field and exclude commas; example 12313445 (g)(2) Interest $_______________ Use paragraph (g)(1) field layout (g)(3) Benefit changes $_______________ Use paragraph (g)(1) field layout (g)(4) Difference between expected and actual experience $_______________ Use paragraph (g)(1) field layout (g)(5) Changes in assumptions $_______________ Use paragraph (g)(1) field layout (g)(6) Benefit payments $_______________ Use paragraph (g)(1) field layout (g)(7) Contribution refunds $_______________ Use paragraph (g)(1) field layout (g)(8) Net change in total pension liability $_______________ Use paragraph (g)(1) field layout (g)(9) Total pension liability – beginning of year $_______________ Use paragraph (g)(1) field layout (g)(10) Total pension liability – ending of year $_______________ Use paragraph (g)(1) field layout (h) Plan fiduciary net position: Place responses in paragraphs (h)(1)-(11) Leave blank (h)(1) Contributions – Employer $_______________ Use paragraph (g)(1) field layout (h)(2) Contributions – State $_______________ Use paragraph (g)(1) field layout (h)(3) Contributions – Member $_______________ Use paragraph (g)(1) field layout (h)(4) Net investment income $_______________ Use paragraph (g)(1) field layout (h)(5) Benefit payments $_______________ Use paragraph (g)(1) field layout (h)(6) Contributions refunds $_______________ Use paragraph (g)(1) field layout (h)(7) Administrative expense $_______________ Use paragraph (g)(1) field layout (h)(8) Other $_______________ Use paragraph (g)(1) field layout (h)(9) Net change in plan fiduciary net position $_______________ Use paragraph (g)(1) field layout (h)(10) Plan fiduciary net position ‒ beginning of year $_______________ Use paragraph (g)(1) field layout (h)(11) Plan fiduciary net position – ending of year $_______________ Use paragraph (g)(1) field layout (i) Net pension liability/(asset) [paragraph (g)(10) minus (h)(11)] $_______________ Use paragraph (g)(1) field layout Section 112.664(1)(b), F.S. (descriptive separator, not part of the electronic file) (j) Total pension liability: Place responses in paragraphs (j)(1)-(10) Leave blank (j)(1) Service cost $______________ Use paragraph (g)(1) field layout (j)(2) Interest $______________ Use paragraph (g)(1) field layout (j)(3) Benefit changes $______________ Use paragraph (g)(1) field layout (j)(4) Difference between expected and actual experience $______________ Use paragraph (g)(1) field layout (j)(5) Changes in assumptions $______________ Use paragraph (g)(1) field layout (j)(6) Benefit payments $______________ Use paragraph (g)(1) field layout (j)(7) Contribution refunds $______________ Use paragraph (g)(1) field layout (j)(8) Net change in total pension liability $______________ Use paragraph (g)(1) field layout (j)(9) Total pension liability – beginning of year $______________ Use paragraph (g)(1) field layout (j)(10) Total pension liability – ending of year $______________ Use paragraph (g)(1) field layout (k) Plan fiduciary net position: Place responses in paragraphs (k)(1)-(11) Leave blank (k)(1) Contributions – Employer $______________ Use paragraph(g)(1) field layout (k)(2) Contributions – State $______________ Use paragraph (g)(1) field layout (k)(3) Contributions – Member $______________ Use paragraph (g)(1) field layout (k)(4) Net investment income $______________ Use paragraph (g)(1) field layout (k)(5) Benefit payments $______________ Use paragraph (g)(1) field layout (k)(6) Contributions refunds $______________ Use paragraph (g)(1) field layout (k)(7) Administrative expense $______________ Use paragraph (g)(1) field layout (k)(8) Other $______________ Use paragraph (g)(1) field layout (k)(9) Net change in plan fiduciary net position $______________ Use paragraph (g)(1) field layout (k)(10) Plan fiduciary net position ‒ beginning of year $______________ Use paragraph (g)(1) field layout (k)(11) Plan fiduciary net position – ending of year $______________ Use paragraph (g)(1) field layout (l) Net pension liability/(asset) [paragraph (j)(10) minus (k)(11)] $______________ Use paragraph (g)(1) field layout Section 112.664(1)(c), F.S. (on last valuation basis) (descriptive separator, not part of the electronic file) (m) Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits v6 using xxx.xx format Section 112.664(1)(c), F.S. (on Section 112.664(1)(a), F.S. basis) (descriptive separator, not part of the electronic file) (n) Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits v6 using xxx.xx format Section 112.664(1)(c), F.S. (on Section 112.664(1)(b), F.S. basis) (descriptive separator, not part of the electronic file) (o) Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits v6 using xxx.xx format Section 112.664(1)(d), F.S. (on last valuation basis) (descriptive separator, not part of the electronic file) (p) Recommended Plan contributions in Annual Dollar Value $______________ Use (g)(1) field layout (q) Recommended Plan contributions as a Percentage of Valuation Payroll v6 using xxx.xx format Section 112.664(1)(d), F.S. (on Section 112.664(1)(a), F.S. basis) (descriptive separator, not part of the electronic file) (r) Recommended Plan contributions in Annual Dollar Value $______________ Use paragraph (g)(1) field layout (s) Recommended Plan contributions as a Percentage of Valuation Payroll v6 using xxx.xx format Section 112.664(1)(d), F.S. (on Section 112.664(1)(b), F.S. basis) (descriptive separator, not part of the electronic file) (t) Recommended Plan contributions in Annual Dollar Value $______________ Use paragraph (g)(1) field layout (u) Recommended Plan contributions as a Percentage of Valuation Payroll v6 using xxx.xx format (3) A complete electronic copy of the plan’s Annual Financial Statements in compliance with the requirements in Sections 112.664(1)(a) and (b), F.S., submitted in a portable document format (PDF). (a) The generational mortality used by Pension Plans when submitting under Section 112.664(1)(a), F.S., will reflect the mortality improvement before and after the measurement date in the following format: 1. Total pension liability: a. Service cost $________________ b. Interest $________________ c. Benefit changes $________________ d. Difference between expected and actual experience $________________ e. Changes in assumptions $________________ f. Benefit payments $________________ g. Contribution refunds $________________ h. Net change in total pension liability $________________ i. Total pension liability – beginning $________________ j. Total pension liability – ending $________________ 2. Plan fiduciary net position: a. Contributions – Employer $________________ b. Contributions – State $________________ c. Contributions – Member $________________ d. Net investment income $________________ e. Benefit payments $________________ f. Contributions refunds $________________ g. Administrative expense $________________ h. Other $________________ i. Net change in plan fiduciary net position $________________ j. Plan fiduciary net position – beginning $________________ k. Plan fiduciary net position – ending $________________ 3. Net pension liability/(asset) [subp-subparagraph (3)(a)1.j. minus (3)(a)2.k.] $________________ (b) Administrators of Pension plans complying with the reporting requirements in paragraph (3)(a) above, will additionally provide disclosure under Section 112.664(1)(b), F.S., in the following format: 1. Total pension liability: a. Service cost $________________ b. Interest $________________ c. Benefit changes $________________ d. Difference between expected and actual experience $________________ e. Changes in assumptions $________________ f. Benefit payments $________________ g. Contribution refunds $________________ h. Net change in total pension liability $________________ i. Total pension liability – beginning $________________ j. Total pension liability – ending $________________ 2. Plan fiduciary net position: a. Contributions – Employer $________________ b. Contributions – State $________________ c. Contributions – Member $________________ d. Net investment income $________________ e. Benefit payments $________________ f. Contributions refunds $________________ g. Administrative expense $________________ h. Other $________________ i. Net change in plan fiduciary net position $________________ j. Plan fiduciary net position – beginning $________________ k. Plan fiduciary net position – ending $________________ 3. Net pension liability/(asset) [sub-subpararaphs (3)(b)1.j. – (3)(b)2.k.] $________________ (4) Each plan is required to disclose the number of months or years for which the current market value of assets will sustain the payment of expected retirement benefits, based on the results in the plan’s latest actuarial valuation, and under the conditions specified in subsection (3) above. This must be calculated by preparing a month-by-month projection of the market value of assets, credited with the long-term expected rate of return on investments, reduced by assumed benefit payments. The number of months or years the projected benefits are sustained would then be reported. All demographic and economic assumptions in the valuation are to be used in this calculation. This calculation will be prepared using information provided in the plan’s latest valuation, and then repeated twice more, varying the mortality table and long-term expected rate of return on investments/discount rate. The Annual Financial Statements must contain a table in the following format calculating the number of years, and fractional parts of years, for which current market value of assets are adequate to sustain the payment of expected retirement benefits: Add: Month/Year Market value of assets Investment return Subtract: Projected benefit payments. (5) Each plan is required to disclose the recommended contributions to the plan, stated as an annual dollar value and as a percentage of valuation payroll, based on the results in the plan’s latest actuarial valuation, and under the conditions specified in subsections (3) and (4) above. (6) No additional charts or graphs are prescribed by the Department for compliance with Section 112.664(2)(b)3., F.S. (7) If the plan’s actuarial valuation report is revised and reissued subsequent to the release of the Annual Financial Statements, all the updated actuarial disclosure items identified in this section must be updated and electronically transmitted to the Department within 60 days of receipt of the revised report from the plan actuary. The Annual Financial Statements will not be required to be reissued and resubmitted to the Department.