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HomeMy WebLinkAboutCommunication received during the meeting lot «Ifb (esa.veA dvrr oral (A) mrnumCCditon CALPERS ACTUARIAL VALUATION -June 30, 2015 MISCELLANEOUS;PLAN OF THE CITY OF SEAL BEACH CaIPERS ID: 5401956184 =' 30-Year Amortization Schedule and Alternatives Alternate Schedules / currerS chedule Amortization 20 Year Amortization 15 Year Amortization Schedule Date lance Payment Balance Payment Balance Payment 6/30/2017 9,323,6261 490,751 9,323,626 703,984 9,323,626 854,692 6/30/2018 9,514,076 597,150 9,292,991 725,104 9,136,734 880,333 6/30/2019 9,608,494 709,490 9,238,162 746,857 8,909,240 906,743 6/30/2020 9,593,516 753,346 9,156,666 769,263 8,637,301 933,946 6/30/2021 9,531,943 808,098 9,045,827 792,341 8,316,764 961,964 6/30/2022 9,408,985 832,341 8,902,748 816,111 7,943,136 990,823 6/30/2023 9,251,669 857,311 8,724,293 840,594 7,511,564 1,020,547 6/30/2024 9,056,665 883,031 ' 8,507,068 865,812 7,016,805 1,051,164 6/30/2025 8,820,369 909,522 8,247,405 891,786 6,453,195 1,082,699 6/30/2026 8,538,884 936,807 7,941,337 918,540 5,814,619 1,115,180 6/30/2027 8,207,998 964,912 7,584,575 946,096 5,094,473 1,148,635 6/30/2028 7,823,156 993,859 7,172,485 974,479 4,285,628 1,183,094 6/30/2029 7,379,438 1,023,675 6,700,060 1,003,713 3,380,392 1,218,587 6/30/2030 6,871,527 1,054,385 6,161,892 1,033,825 2,370,463 1,255,145 6/30/2031 6,293,682 1,086,017 5,552,142 1,064,839 1,246,886 1,292,799 6/30/2032 5,639,703 1,052,184 4,864,503 1,096,785 6/30/2033 4,971,753 1,015,343 4,092,170 1,129,688 6/30/2034 4,291,904 975,346 3,227,797 1,163,579 6/30/2035 3,602,537 932,034 2,263,458 1,198,486 6/30/2036 2,906,374 885,246 1,190,600 1,234,441 6/30/2037 2,206,509 418,814 6/30/2038 1,937,762 431,379 6/30/2039 1,635,831 444,320 6/30/2040 1,297,837 457,650 6/30/2041 920,674 332,438 6/30/2042 645,045 305,119 6/30/2043 377,070 214,255 6/30/2044 183,206 117,665 6/30/2045 74,948 15,087 6/30/2046 64,928 67,318 Totals 1 20,564,892 18,916,323 15,896,351 Estimated Savings 1,648,570 4,668,542 Current CaIPERS Board policy prioritizes the order for which lump sum contributions In excess of the required employer contribution shall be applied. Excess contributions shall first be applied toward payment on the plan's side fund, and any remainder shall then be'applied toward the plan's share of the pool's unfunded accrued liability. Please contact the plan actuary before making such a payment to ensure that the payment is applied correctly. Rath Plan belonging to the Miscellaneous Risk Pool Page 10 t, City of Seal Beach Unfunded Liability Miscellaneous Safety Plan Safety Fire PEPRA Misc. • Balance Payment Balance Payment Balance Payment Balance Payment 06/30/17 $ 9,323,626 $ 490,751 $ 16,486,391 $ 886,527 $ 2,643,719 $ 288,863 $8,431 $ 360 06/30/18 $ 9,514,076 $ 597,150 $ 16,803,699 $ 1,064,928 $ 2,542,498 $ 288,863 $8,690 $ 480 06/30/19 $ 9,608,494 $ 709,490 $ 16,953,836 $ 1,253,234 $ 2,433,686 $ 288,863 $8,844 $ 606 06/30/20 $ 9,593,516 $ 753,346 $ 16,932,443 $ 1,335,688 $ 2,316,713 $ 288,863 $8,878 $ 740 06/30/21 $ 9,531,943 $ 808,098 $ 16,817,506 $ 1,427,644 $ 2,190,966 $ 288,863 $8,777 $ 594 $ 20,564,892 $ 36,233,136 $4,332,946 $ 22,680 • Combined Plans Balance Payment 06/30/17 $ 28,462,167 $ 1,666,501 06/30/18 $ 28,868,963 $ 1,951,421 06/30/19 $ 29,004,860 $ 2,252,193 06/30/20 $ 28,851,550 $ 2,378,637 06/30/21 $ 28,549,192 $ 2,525,199 $ 61,153,654 Is it time for a 5 year comprehensive financial projection? Is it time to include it as a City objective? CaIPERS August 2016 Statemnet a/o 06/30/2015 BB draft 1 10/17/2016