|
Little Canada Fire Relief As:
<br />Benefit Per Year of Service 3,150
<br />Standard Calculation - Current Benefit Level
<br />Actual Projected
<br />2012
<br />2013 2014 2015 2016 2017 2018
<br />Beginning Assets $ 1,687,941 $ 1,803,551 $ 1,939,745 $ 1,856,468 $ 1,888,163 $ 1,917,918 $ 1,952,123
<br />Revenue:
<br />City contribution 15,000 15,000 15,000 15,000 15,000 15,000 15,000
<br />State Aid 38,731 38,731 38,731 38,731 38,731 38,731 38,731
<br />Investment earnings @ 5% 162,854 90,200 91,500 90,200 91,700 93,300 94,900
<br />Other 1,000 - -
<br />Total Revenue 217,585 143,931 145,231 143,931 145,431 147,031 148,631
<br />Expenses:
<br />Benefit payments 95,500 220,500 103,950 107,100 103,950 107,100
<br />Administrative 6,475 7,737 8,008 8,286 8,576 8,876 9,187
<br />Total Expenses 101,975 7,737 228,508 112,236 115,676 112,826 116,287
<br />Ending Assets 1,803,551 1,939,745 1,856,468 1,888,163 1,917,918 1,952,123 1,984,467
<br />Pension Liability (1,831,150) (1,944,828) (1,838,422) (1,839,566) (1,837,596) (1,834,740) (1,826,297)
<br />(Unfunded) /Overfunded $ (27,599) $ (5,083) $ 18,046 $ 48,597 $ 80,322 $ 117,383 $ 158,170
<br />Percent Funded 98% 100% 101% 103% 104% 106% 109%
<br />Benefit Per Year of Service $ 3,150 $ 3,150 $ 3,150 $ 3,150 $ 3,150 $ 3,150 $ 3,150
<br />Annual Financial Requirements:
<br />Service pensions costs:
<br />Normal cost $ 114,094 $ 105,094 $ 105,130 $ 101,094 $ 98,658
<br />Deficit amortization @ 10% 3,268 3,268 3,268 3,268
<br />Administrative costs 8,008 8,286 8,576 8,876 9,187
<br />Total Financial requirements 125,370 116,649 116,974 113,238 107,844
<br />Anticipated revenue:
<br />State aid - @ no increase 38,731 38,731 38,731 38,731 38,731
<br />5% of projected assets at year end 96,987 92,823 94,408 95,896 97,606
<br />10% of surplus 1,805 4,860 8,032 11,738
<br />Total anticipated revenue 135,718 133,359 137,999 142,659 148,075
<br />Required city support (10,348) (16,710) (21,025) (29,421) (40,231)
<br />2
<br />
|