ocean city-wright fire control district firefighters’ … · 2017. 11. 29. · 13420 parker...

OCEAN CITY-WRIGHT FIRE CONTROL DISTRICT

FIREFIGHTERS’ PENSION TRUST FUND

ACTUARIAL VALUATION

AS OF OCTOBER 1, 2017

CONTRIBUTIONS APPLICABLE TO THE PLAN/

FISCAL YEAR ENDED SEPTEMBER 30, 2019

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

November 21, 2017

Board of Trustees

Ocean City-Wright Fire Control District

Firefighters’ Pension Board

2 Racetrack Rd. N.E.

Ft. Walton Beach, FL 32547

Re: Firefighters’ Pension Trust Fund

Dear Board:

We are pleased to present to the Board this report of the annual actuarial valuation of the Ocean City-

Wright Fire Control District Firefighters’ Pension Trust Fund. Included are the related results for GASB

Statements No. 67 and No. 68. The funding valuation was performed to determine whether the assets and

contributions are sufficient to provide the prescribed benefits and to develop the appropriate funding

requirements for the applicable plan year. The calculation of the liability for GASB results was

performed for the purpose of satisfying the requirements of GASB Statements No. 67 and No. 68. Use of

the results for other purposes may not be applicable and may produce significantly different results.

The valuations have been conducted in accordance with generally accepted actuarial principles and

practices, including the applicable Actuarial Standards of Practice as issued by the Actuarial Standards

Board, and reflects laws and regulations issued to date pursuant to the provisions of Chapters 112 and

175, Florida Statutes, as well as applicable federal laws and regulations. In our opinion, the assumptions

used in this valuation, as adopted by the Board of Trustees, represent reasonable expectations of

anticipated plan experience. Future actuarial measurements may differ significantly from the current

measurements presented in this report for a variety of reasons including: changes in applicable laws,

changes in plan provisions, changes in assumptions, or plan experience differing from expectations.

In conducting the valuations, we have relied on personnel, plan design, and asset information supplied by

the Board of Trustees, financial reports prepared by the custodian bank, and the actuarial assumptions and

methods described in the Actuarial Assumptions section of this report. While we cannot verify the

accuracy of all this information, the supplied information was reviewed for consistency and

reasonableness. As a result of this review, we have no reason to doubt the substantial accuracy of the

http://www.foster-foster.com/

information and believe that it has produced appropriate results. This information, along with any

adjustments or modifications, is summarized in various sections of this report.

The total pension liability, net pension liability, and certain sensitivity information shown in this report

are based on an actuarial valuation performed as of October 1, 2016. The total pension liability was

rolled-forward from the valuation date to the plan’s fiscal year ending September 30, 2017 using

generally accepted actuarial principles. It is our opinion that the assumptions used for this purpose are

internally consistent, reasonable, and comply with the requirements under GASB No. 67 and No. 68.

The undersigned is familiar with the immediate and long-term aspects of pension valuations, and meets

the Qualification Standards of the American Academy of Actuaries necessary to render the actuarial

opinions contained herein. All of the sections of this report are considered an integral part of the actuarial

opinions.

To our knowledge, no associate of Foster & Foster, Inc. working on valuations of the program has any

direct financial interest or indirect material interest in the Ocean City-Wright Fire Control District, nor

does anyone at Foster & Foster, Inc. act as a member of the Board of Trustees of the Ocean City-Wright

Fire Control District Firefighters’ Pension Trust Fund. Thus, there is no relationship existing that might

affect our capacity to prepare and certify this actuarial report.

If there are any questions, concerns, or comments about any of the items contained in this report, please

contact me at 239-433-5500.

Respectfully submitted,

Foster & Foster, Inc.

By: ___________

Drew D. Ballard, EA, MAAA

Enrolled Actuary #17-8193

DDB/lke

Enclosures

TABLE OF CONTENTS

Section Title Page

I Introduction

a. Introductory Discussion 5

b. Changes Since Prior Valuation 7

c. Contribution Impact of Annual Changes 8

d. Comparative Summary of Principal Valuation Results 9

II Valuation Information

a. Reconciliation of Unfunded Actuarial Accrued Liabilities 15

b. Detailed Actuarial Gain/Loss Analysis 17

c. Actuarial Assumptions and Methods 18

d. Valuation Notes 20

e. Partial History of Premium Tax Refunds 22

f. Excess State Monies Reserve 23

III Trust Fund 24

IV Member Statistics

a. Statistical Data 28

b. Age and Service Distribution 29

c. Valuation Participant Reconciliation 30

V Summary of Plan Provisions 31

VI Governmental Accounting Standards Board Disclosure Information 33

Ocean City-Wright Fire Control District Firefighters' Pension Trust Fund FOSTER & FOSTER | 4

INTRODUCTORY DISCUSSION

The regular annual actuarial valuation of the Ocean City-Wright Fire Control District Firefighters’

Pension Trust Fund, performed as of October 1, 2017, has been completed, and the results are presented

in this Report. The results of this valuation are applicable to the plan/fiscal year ended September 30,

2019.

The contribution requirements developed in this valuation, compared with amounts developed in the

November 8, 2017 actuarial impact statement, are as follows:

Valuation Date 10/1/2017 10/1/2016

Applicable Fiscal Year End

9/30/2019 9/30/2018

Total Required Contribution

% of Total Projected Payroll

54.5% 50.6%

Member Contributions (Est.)


Required District and State Contribution


7.0%

47.5%

7.0%

43.6%

State Contributions (Est.)¹


261,635

12.5%

261,635

12.5%

Balance from District²

% of Total Projected Payroll 35.0% 31.1%

¹ Estimate based on amounts received during fiscal 2017. Reflects mutual consent of the

members’ collective bargaining agreement and the District on how State Monies are to be

allocated. It was agreed upon that all of the State money can be used towards plan funding.

² The required contribution from the combination of District and State sources for the year ending

September 30, 2019, is 47.5% of the actual payroll realized in that year. As a budgeting tool, the

District may contribute 35.0% of each Member’s Salary and then make a one-time adjustment to

account for the actual State Monies received.

As can be seen, the City’s Required Contribution has increased as a percentage of Total Annual Payroll.

This increase is due to actuarial assumption changes made in conjunction with the experience study dated


June 1, 2017 and a rise in assumed administrative expenses since the prior valuation. Partially offsetting

these increases were decreases attributable to net favorable experience realized by the plan during the

year, relative to the plan’s actuarial assumptions.

The plan experienced net favorable experience during the year. The principal components of favorable

experience were a 8.21% investment return (Actuarial Asset Basis) that exceeded the 7.75% assumption

and the termination of employment of participants not yet eligible for retirement with a substantial

amount of service. These participants must wait until age 55 to begin receiving benefits. These gains

were offset in part by losses caused by salary increases that were greater than assumed and the

disablement of an active firefighter.

The balance of this Report presents additional details of the actuarial valuation and the general operation

of the Fund. The undersigned would be pleased to meet with the Board of Trustees in order to discuss the

Report and answer any pending questions concerning its contents.

Respectfully submitted,

FOSTER & FOSTER, INC.

By:__________________________

Jason L. Franken, FSA, EA, MAAA

By:________________________



CHANGES SINCE PRIOR VALUATION

Plan Changes

Since the prior valuation, the plan was amended as follows:

• Amending the requirements for Normal Retirement eligibility from age 52 with completion of 25

years of service to age 50 with completion of 25 years of service. Please note the alternative of

age 55 with completion of 10 years of service will remain unchanged.

• Increasing the member contribution rate from 5.00% to 7.00% of Salary.

Actuarial Assumption/Method Changes

Since the prior valuation the following assumption changes were made:

• As mandated by Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed

from the rates used by the Florida Retirement System actuary in the July 1, 2015 actuarial

valuation to the rates used in the July 1, 2016 actuarial valuation for special risk lives.

• The investment return assumption was reduced from 7.75% to 7.50%.

• The salary increase assumption was changed from a flat 6.25% rate to a service-based table of

rates.

• The assumption that Members eligible for normal retirement at the valuation date will continue

working for one additional year was removed.

• The assumed termination rates were changed from an age-based table to a service-based table.


(1) Contribution Determined as of October 1, 2016 31.2%

(2) Summary of Contribution Impact by component:

Change in Available State Money -0.1%

Change in Normal Cost Rate -0.4%

Change in Administrative Expense Percentage 1.9%

Payroll Change Effect on UAAL Amortization -1.1%

Investment Return (Actuarial Asset Basis) -0.1%

Salary Increases 0.7%

Active Decrements -1.2%

Inactive Mortality 0.1%

Sponsor Contributions More Than Required -0.9%

Assumption Change 4.9%

Other 0.0%

Total Change in Contribution 3.8%

(3) Contribution Determined as of October 1, 2017 35.0%

CONTRIBUTION IMPACT OF ANNUAL CHANGES


COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS

New Assump Old Assump

10/1/2017 10/1/2017 10/1/2016

A. Participant Data

Actives 37 37 36

Service Retirees 15 15 14

Beneficiaries 0 0 0

Disability Retirees 1 1 0

Terminated Vested 11 11 5

Total 64 64 55

Total Annual Payroll $2,244,828 $2,232,840 $2,108,455

Payroll Under Assumed Ret. Age 2,095,594 2,232,840 2,108,455

Annual Rate of Payments to:

Service Retirees 855,085 855,085 779,279

Beneficiaries 0 0 0

Disability Retirees 18,363 18,363 0

Terminated Vested 116,084 116,084 25,407

B. Assets

Actuarial Value (AVA) 10,759,573 10,759,573 9,599,383

Market Value (MVA) 11,441,263 11,441,263 9,537,261

C. Liabilities

Present Value of Benefits

Actives

Retirement Benefits 10,552,644 9,950,609 10,279,264

Disability Benefits 88,201 84,082 87,243

Death Benefits 51,177 111,940 120,954

Vested Benefits 864,303 791,976 1,112,038

Refund of Contributions 91,750 79,482 42,897

Service Retirees 10,054,269 9,819,067 9,087,919

Beneficiaries 0 0 0

Disability Retirees 248,005 240,934 0

Terminated Vested 691,952 664,578 195,948

Total 22,642,301 21,742,668 20,926,263



C. Liabilities - (Continued) 10/1/2017 10/1/2017 10/1/2016

Present Value of Future Salaries 16,644,422 15,338,157 14,349,852

Present Value of Future

Member Contributions 1,165,110 1,073,671 1,004,490

Normal Cost (Retirement) 294,251 279,378 259,531

Normal Cost (Disability) 6,009 6,075 5,858

Normal Cost (Death) 2,594 5,788 5,512

Normal Cost (Vesting) 58,685 54,431 69,004

Normal Cost (Refunds) 13,508 12,853 7,681

Total Normal Cost 375,047 358,525 347,586

Present Value of Future

Normal Costs 2,884,273 2,482,672 2,409,039

Accrued Liability (Retirement) 8,242,512 7,976,230 8,446,955

Accrued Liability (Disability) 41,175 42,354 47,143

Accrued Liability (Death) 31,240 73,749 84,858

Accrued Liability (Vesting) 439,604 434,114 631,921

Accrued Liability (Refunds) 9,271 8,970 22,480

Accrued Liability (Inactives) 10,994,226 10,724,579 9,283,867

Total Actuarial Accrued Liability (AL) 19,758,028 19,259,996 18,517,224

Unfunded Actuarial Accrued

Liability (UAAL) 8,998,455 8,500,423 8,917,841

Funded Ratio (AVA / EAN AL) 54.5% 55.9% 51.8%


D. Actuarial Present Value of New Assump Old Assump

Accrued Benefits 10/1/2017 10/1/2017 10/1/2016

Vested Accrued Benefits

Inactives 10,994,226 10,724,579 9,283,867

Actives 4,072,603 3,748,026 4,844,628

Member Contributions 1,062,371 1,062,371 1,174,737

Total 16,129,200 15,534,976 15,303,232

Non-vested Accrued Benefits 1,081,339 1,030,834 283,632

Total Present Value

Accrued Benefits (PVAB) 17,210,539 16,565,810 15,586,864

Funded Ratio (MVA / PVAB) 66.5% 69.1% 61.2%

Increase (Decrease) in Present Value of

Accrued Benefits Attributable to:

Plan Amendments 0 0

Assumption Changes 644,729 0

New Accrued Benefits 0 642,826

Benefits Paid 0 (839,338)

Interest 0 1,175,458

Other 0 0

Total 644,729 978,946



Valuation Date 10/1/2017 10/1/2017 10/1/2016

Applicable to Fiscal Year Ending 9/30/2019 9/30/2019 9/30/2018

E. Pension Cost

Normal Cost (with interest) $389,111 $372,418 $361,055

% of Total Annual Payroll ¹ 18.6 16.7 17.1

Administrative Expenses (with interest) 70,883 70,968 27,306


Payment Required to Amortize

Unfunded Actuarial Accrued

Liability over 30 years

(as of 10/1/2017, with interest) 681,834 662,671 677,921


Total Required Contribution 1,141,828 1,106,057 1,066,282


Expected Member Contributions 146,692 156,299 147,592


Expected District and State Contribution 995,136 949,758 918,690


F. Past Contributions

Plan Years Ending: 9/30/2017

Total Required Contribution 1,014,906

District and State Requirement 902,139

Actual Contributions Made:

Members (excluding buyback) 112,767

District 869,937

State 281,985

Total 1,264,689

G. Net Actuarial (Gain)/Loss (206,944)

¹ Contributions developed as of 10/1/2017 are expressed as a percentage of total

annual payroll at 10/1/2017 of $2,095,594.


H. Schedule Illustrating the Amortization of the Total Unfunded Actuarial Accrued Liability as of:

Projected Unfunded

Year Actuarial Accrued Liability

2017 8,998,455

2018 8,966,859

2019 8,918,056

2026 7,942,831

2033 5,251,795

2040 1,369,709

2047 0

I. (i) 3 Year Comparison of Actual and Assumed Salary Increases

Actual Assumed

Year Ended 9/30/2017 13.01% 6.25%

Year Ended 9/30/2016 7.61% 6.25%

Year Ended 9/30/2015 3.03% 6.25%

(ii) 3 Year Comparison of Investment Return on Actuarial Value

Actual Assumed

Year Ended 9/30/2017 8.21% 7.75%

Year Ended 9/30/2016 6.40% 7.75%

Year Ended 9/30/2015 7.78% 7.75%

(iii) Average Annual Payroll Growth

(a) Payroll as of: 10/1/2017 $2,244,828

10/1/2007 1,600,239

(b) Total Increase 40.28%

(c) Number of Years 10.00

(d) Average Annual Rate 3.44%


STATEMENT BY ENROLLED ACTUARY

This actuarial valuation was 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, the techniques and assumptions used are reasonable and meet the

requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be

provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been

established or otherwise taken into account in the valuation. All known events or trends which may

require a material increase in plan costs or required contribution rates have been taken into account in the

valuation.

_____________________________


Enrolled Actuary #17-8193

Please let us know when the report is approved by the Board and unless otherwise directed we will

provide copies of the report to the following offices to comply with Chapter 112 Florida Statutes:

Mr. Keith Brinkman

Bureau of Local

Retirement Systems

Post Office Box 9000

Tallahassee, FL 32315-9000

Ms. Sarah Carr

Municipal Police and Fire

Pension Trust Funds

Division of Retirement

Post Office Box 3010

Tallahassee, FL 32315-3010


RECONCILIATION OF UNFUNDED ACTUARIAL ACCRUED LIABILITIES

(1) Unfunded Actuarial Accrued Liability as of October 1, 2016 $8,917,841

(2) Sponsor Normal Cost developed as of October 1, 2016 242,163

(3) Expected administrative expenses for the year ended September 30, 2017 26,287

(4) Expected interest on (1), (2) and (3) 710,919

(5) Sponsor contributions to the System during the year ended September 30, 2017 1,151,922

(6) Expected interest on (5) 37,921

(7) Expected Unfunded Actuarial Accrued Liability as of

September 30, 2017 (1)+(2)+(3)+(4)-(5)-(6) 8,707,367

(8) Change to UAAL due to Assumption Change 498,032

(9) Change to UAAL due to Actuarial (Gain)/Loss (206,944)

(10) Unfunded Actuarial Accrued Liability as of October 1, 2017 8,998,455

Type of Date Years 10/1/2017 Amortization

Base Established Remaining Amount Amount

Initial Base 10/1/2004 27 3,726,131 249,131

Benefit Change 10/1/2005 18 81,492 6,771

Method Change 10/1/2006 19 419,095 33,716

Prior Losses 10/1/2006 19 419,095 33,716

Benefit Change 10/1/2006 19 1,314,558 105,756

Actuarial Gain 10/1/2007 20 (722,137) (56,392)

Benefit Change 10/1/2007 20 196,061 15,310

Actuarial Loss 10/1/2008 21 2,667,796 202,682

Method Change 10/1/2008 21 (743,683) (56,500)

Actuarial Loss 10/1/2009 22 1,571,097 116,366

Actuarial Gain 10/1/2010 23 (59,558) (4,309)

Assum. Changes 10/1/2010 23 759,099 54,915

Actuarial Loss 10/1/2011 24 782,806 55,405

Actuarial Gain 10/1/2012 25 (496,912) (34,462)

Actuarial Gain 10/1/2013 26 (1,044,825) (71,102)

Actuarial Gain 10/1/2014 27 (524,316) (35,056)

Benefit Change 10/1/2014 27 (332,366) (22,222)

Actuarial Gain 10/1/2015 28 (56,074) (3,688)

Actuarial Loss 10/1/2016 29 279,908 18,127


Type of Date Years 10/1/2017 Amortization

Base Established Remaining Amount Amount

Assum. Changes 10/1/2016 29 392,966 25,449

Benefit Change 10/1/2016 29 77,134 4,995

Actuarial Gain 10/1/2017 30 (206,944) (13,210)

Assum. Changes 10/1/2017 30 498,032 31,791

8,998,455 657,189


(1) Unfunded Actuarial Accrued Liability (UAAL) as of October 1, 2016 $8,917,841

(2) Expected UAAL as of October 1, 2017 8,707,367

(3) Summary of Actuarial (Gain)/Loss, by component:

Investment Return (Actuarial Asset Basis) (45,000)

Salary Increases 223,166

Active Decrements (399,425)

Inactive Mortality 22,974

Other (8,659)

Increase in UAAL due to (Gain)/Loss (206,944)

Assumption Changes 498,032

(4) Actual UAAL as of October 1, 2017 $8,998,455

DETAILED ACTUARIAL (GAIN)/LOSS ANALYSIS


ACTUARIAL ASSUMPTIONS AND METHODS

Mortality Rate Healthy Lives (Inactive):

Female: RP2000 Generational, 100% Annuitant White

Collar, Scale BB.

Male: RP2000 Generational, 10% Annuitant White

Collar / 90% Annuitant Blue Collar, Scale BB.

Healthy Lives (Active):

Female: RP2000 Generational, 100% Combined

Healthy White Collar, Scale BB.

Male: RP2000 Generational, 10% Combined Healthy

White Collar / 90% Combined Healthy Blue Collar,

Scale BB.

Disabled Lives:

Female: 60% RP2000 Disabled Female set forward two

years / 40% Annuitant White Collar with no setback, no

projection scale.

Male: 60% RP2000 Disabled Male setback four years /

40% Annuitant White Collar with no setback, no

projection scale.

The above assumption rates were mandated by Chapter

2015-157, Laws of Florida. This law mandates the use

of the assumption used in either of the two most recent

valuations of the Florida Retirement System (FRS). The

above rates are those outlined in Milliman’s July 1, 2016

FRS valuation report for special risk employees. We

feel this assumption sufficiently accommodates future

mortality improvements.

The prior year rates were those outlined in Milliman’s

July 1, 2015 FRS valuation report for special risk

employees.

Interest Rate 7.50% per year compounded annually, net of investment

expenses. This is supported by the target asset class

allocation of the trust and the expected long-term return

by asset class.

Retirement Age Earlier of 1) Age 50 and 25 years of service or 2) age 55

and 10 years of service. This assumption is deemed

reasonable based on plan provisions.


Early Retirement It is assumed that Members who are eligible for Early

Retirement will retire at the rate of 5% per year. This

assumption is deemed reasonable based on plan

provisions.

Disability Rate See table below (1201). It is assumed that 75% of

disablements and active Member deaths are service

related. This assumption is deemed reasonable based on

plan provisions.

Termination Rate See table below. This assumption was adopted in

conjunction with the experience study dated June 1,

2017.

Salary Increases See table below. This assumption was adopted in

conjunction with the experience study dated June 1,

2017. Projected salary at retirement is increased 20% to

account for non-regular pay.

Payroll Growth Up to 5.0% annually. Assumption is limited by historical

10-year payroll growth. (2.10% for 2017 valuation;

2.10% for 2016).

Administrative Expenses $68,321 annually. This assumption is equal to the

amount paid out of the trust in the prior year.

Funding Method Entry Age Normal Actuarial Cost Method.

Actuarial Asset Method Each year, the prior Actuarial Value of Assets is brought

forward utilizing the historical geometric four-year

average Market Value return (net of fees). It is possible

that over time this technique will produce an

insignificant bias above or below Market Value of

Assets.

% Terminating

During the Year % Becoming Disabled

During the Year

Service Rate

Age Rate

<=9 9.00%

20 0.03%

10-19 4.50%

25 0.03%

>=20 2.00%

30 0.04%

35 0.05%

40 0.07%

45 0.10%

50 0.18%

55 0.36%

60 0.90%


VALUATION NOTES

Total Annual Payroll is the annual rate of pay for the fiscal year following the valuation date of all

covered Members.

Present Value of Benefits is the single sum value on the valuation date of all future benefits to be paid to

current Members, Retirees, Beneficiaries, Disability Retirees and Vested Terminations.

Total Required Contribution is equal to the Normal Cost plus an amount sufficient to amortize the

Unfunded Accrued Liability over no more than 30 years. The required amount is adjusted for interest

according to the timing of contributions during the year.

Entry Age Normal Cost Method - Under this method, the normal cost is the sum of the individual normal

costs for all active participants. For an active participant, the normal cost is the participant’s normal cost

accrual rate, multiplied by the participant’s current compensation.

(a) The normal cost accrual rate equals

(i) the present value of future benefits for the participant, determined as of the participant’s entry age,

divided by

(ii) the present value of the compensation expected to be paid to the participant for each year of the

participant’s anticipated future service, determined as of the participant’s entry age.

(b) In calculating the present value of future compensation, the salary scale is applied both

retrospectively and prospectively to estimate compensation in years prior to and subsequent to the

valuation year based on the compensation used for the valuation.

(c) The accrued liability is the sum of the individual accrued liabilities for all participants and

beneficiaries. A participant’s accrued liability equals the present value, at the participant’s attained

age, of future benefits less the present value at the participant’s attained age of the individual normal

costs payable in the future. A beneficiary’s accrued liability equals the present value, at the

beneficiary’s attained age, of future benefits. The unfunded accrued liability equals the total accrued

liability less the actuarial value of assets.


(d) Under this method, the entry age used for each active participant is the participant’s age at the time

he or she would have commenced participation if the plan had always been in existence under current

terms, or the age as of which he or she first earns service credits for purposes of benefit accrual under

the current terms of the plan.


PARTIAL HISTORY OF PREMIUM TAX REFUNDS

Received During Increase from

Fiscal Year Amount Previous Year

2005 23,346.92 N/A

2006 81,748.84 250.1%

2007 117,833.20 44.1%

2008 240,958.80 104.5%

2009 267,235.56 10.9%

2010 208,041.34 -22.2%

2011 212,600.02 2.2%

2012 261,902.86 23.2%

2013 256,099.63 -2.2%

2014 271,574.54 6.0%

2015 293,053.63 7.9%

2016 296,666.27 1.2%

2017 281,984.74 -4.9%


Actual Applicable Excess State

State Contribution "Frozen" Amount Monies Reserve

1998 $0.00 $0.00 $0.001999 0.00 0.00 0.002000 0.00 0.00 0.002001 0.00 0.00 0.002002 0.00 0.00 0.002003 0.00 0.00 0.002004 0.00 0.00 0.002005 23,346.92 89,920.00 0.002006 81,748.84 94,138.00 0.002007 117,833.20 94,138.00 23,695.20

2008 240,958.80 165,086.00 75,872.802009 267,235.56 185,828.00 81,407.562010 208,041.34 185,828.00 22,213.342011 212,600.02 185,828.00 26,772.022012 261,902.86 185,828.00 76,074.862013 256,099.63 185,828.00 70,271.632014 271,574.54 185,828.00 85,746.542015 293,053.63 293,053.63 0.002016 296,666.27 296,666.27 0.002017 281,984.74 281,984.74 0.00

462,053.95

Accumulated Regular Excess 462,053.95Accumulated Special Excess 0.00

Total Excess State Monies 462,053.95

Less Excess Used in FundingOrdinance No. 14-01 (Suppl. Elig.) (438,358.75)

Less Excess Used in Funding

Ordinance No. 08-01 (23,695.20)

Equals Current State Monies Reserve $0.00

EXCESS STATE MONIES RESERVE

Regular DistributionFirefighters' Distribution


ASSETS COST VALUE MARKET VALUECash and Cash Equivalents: Short Term Investments 419,460.08 419,460.08

Total Cash and Equivalents 419,460.08 419,460.08

Receivables: Investment Income 19,988.42 19,988.42

Total Receivable 19,988.42 19,988.42

Investments: U. S. Bonds and Bills 75,860.00 79,623.20 Corporate Bonds 2,257,794.12 2,336,065.96 Municipal Obligations 44,500.00 48,188.50 Stocks 6,184,569.11 8,537,936.85

Total Investments 8,562,723.23 11,001,814.51

Total Assets 9,002,171.73 11,441,263.01

LIABILITIES

Total Liabilities 0.00 0.00

NET POSITION RESTRICTED FOR PENSIONS 9,002,171.73 11,441,263.01

STATEMENT OF FIDUCIARY NET POSITIONSEPTEMBER 30, 2017


STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR THE YEAR ENDED SEPTEMBER 30, 2017

Market Value Basis

ADDITIONSContributions: Member 112,767.38 District 869,937.36 State 281,984.74

Total Contributions 1,264,689.48

Investment Income: Net Realized Gain (Loss) 483,648.94 Unrealized Gain (Loss) 947,308.65 Net Increase in Fair Value of Investments 1,430,957.59 Interest & Dividends 180,756.07

Less Investment Expense¹ (64,742.20)

Net Investment Income 1,546,971.46

Total Additions 2,811,660.94

DEDUCTIONSDistributions to Members: Benefit Payments 839,194.07 Lump Sum DROP Distributions 0.00 Refunds of Member Contributions 143.79

Total Distributions 839,337.86

Administrative Expense 68,321.38

Total Deductions 907,659.24

Net Increase in Net Position 1,904,001.70

NET POSITION RESTRICTED FOR PENSIONSBeginning of the Year 9,537,261.31

End of the Year 11,441,263.01

¹Investment related expenses include investment advisory, custodial and performance monitoring fees.


ACTUARIAL ASSET VALUATIONSEPTEMBER 30, 2017

Actuarial Assets for funding purposes are developed by increasing the Actuarial Assets used in the most recent actuarial valuation of the Fund by the average annual market value rate of return (net of investment related expenses) for the past four years. Actuarial Assets shall not be less than 80% nor greater than 120% of Market Value of Assets.

Details of the derivation are set forth as follows:

Plan Year End Rate of Return¹

09/30/2014 12.85%

09/30/2015 -6.14%

09/30/2016 11.55%

09/30/2017 16.06%

Annualized Rate of Return for prior four (4) years: 8.21%

(A) 10/01/2016 Actuarial Assets: $9,599,383.06

(I) Net Investment Income:

1. Interest and Dividends 180,756.07 2. Realized Gains (Losses) 483,648.94 3. Change in Actuarial Value 203,496.50 4. Investment Related Expenses (64,742.20)

Total 803,159.31

(B) 10/01/2017 Actuarial Assets: $10,759,572.61

Actuarial Asset Rate of Return = 2I/(A+B-I): 8.21%

10/01/2017 Limited Actuarial Assets: $10,759,572.61

10/01/2017 Market Value of Assets: $11,441,263.01

Actuarial Gain/(Loss) due to Investment Return (Actuarial Asset Basis) $45,000.40

¹Market Value Basis, net of investment related expenses.


SEPTEMBER 30, 2017Actuarial Asset Basis

REVENUESContributions: Member 112,767.38 District 869,937.36 State 281,984.74

Total Contributions 1,264,689.48

Earnings from Investments: Interest & Dividends 180,756.07 Net Realized Gain (Loss) 483,648.94Change in Actuarial Value 203,496.50

Total Earnings and Investment Gains 867,901.51

EXPENDITURESDistributions to Members: Benefit Payments 839,194.07 Lump Sum DROP Distributions 0.00 Refunds of Member Contributions 143.79

Total Distributions 839,337.86

Expenses:

Investment related¹ 64,742.20 Administrative 68,321.38

Total Expenses 133,063.58

Change in Net Assets for the Year 1,160,189.55

Net Assets Beginning of the Year 9,599,383.06

Net Assets End of the Year² 10,759,572.61


²Net Assets may be limited for actuarial consideration.

CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS


STATISTICAL DATA

10/1/2014 10/1/2015 10/1/2016 10/1/2017

Actives - Hired before 10/1/2014

Number 34 35 30 24

Average Current Age 38.7 39.3 40.2 41.2

Average Age at Employment 26.2 25.7 25.9 25.9

Average Past Service 12.5 13.6 14.3 15.3

Average Annual Salary $56,363 $57,551 $61,155 $68,224

Actives - Hired on or after 10/1/2014

Number N/A 2 6 13

Average Current Age N/A 28.9 28.3 27.8

Average Age at Employment N/A 27.9 27.6 26.8

Average Past Service N/A 1.0 0.7 1.0

Average Annual Salary N/A $43,478 $45,635 $46,726

Service Retirees

Number 11 11 14 15


Average Annual Benefit $52,493 $52,315 $55,663 $57,006

Beneficiaries

Number 0 0 0 0

Average Current Age N/A N/A N/A N/A

Average Annual Benefit N/A N/A N/A N/A

Disability Retirees

Number 0 0 0 1

Average Current Age N/A N/A N/A 34.7

Average Annual Benefit N/A N/A N/A $18,363

Terminated Vested

Number 5 5 5 11


Average Annual Benefit ¹ $16,578 $16,578 $12,704 $23,217

¹ The Average Annual Benefit excludes participants awaiting a refund of contributions.


AGE AND SERVICE DISTRIBUTION

PAST SERVICE

AGE 0 1 2 3 4 5-9 10-14 15-19 20-24 25-29 30+ Total

15 - 19 0 0 0 0 0 0 0 0 0 0 0 0

20 - 24 4 3 0 1 0 0 0 0 0 0 0 8

25 - 29 1 0 0 1 0 1 0 0 0 0 0 3

30 - 34 2 1 0 0 0 0 1 1 0 0 0 5

35 - 39 1 0 0 0 1 2 2 0 0 0 0 6

40 - 44 0 0 0 0 0 0 1 2 0 0 0 3

45 - 49 0 1 0 0 0 1 2 2 1 0 0 7

50 - 54 0 0 0 0 0 0 0 1 1 2 1 5

55 - 59 0 0 0 0 0 0 0 0 0 0 0 0

60 - 64 0 0 0 0 0 0 0 0 0 0 0 0

65+ 0 0 0 0 0 0 0 0 0 0 0 0

Total 8 5 0 2 1 4 6 6 2 2 1 37


VALUATION PARTICIPANT RECONCILIATION

1. Active lives

a. Number in prior valuation 10/1/2016 36

b. Terminations

i. Vested (partial or full) with deferred benefits (5)

ii. Non-vested or full lump sum distribution received 0

c. Deaths

i. Beneficiary receiving benefits 0

ii. No future benefits payable 0

d. Disabled (1)

e. Retired (1)

f. Continuing participants 29

g. New entrants 8

h. Total active life participants in valuation 37

2. Non-Active lives (including beneficiaries receiving benefits)

Service

Retirees,

Vested Receiving Receiving

Receiving Death Disability Vested

Benefits Benefits Benefits Deferred Total

a. Number prior valuation 14 0 0 5 19

Retired 1 0 0 0 1

Vested Deferred 0 0 0 5 5

Death, With Survivor 0 0 0 0 0

Death, No Survivor 0 0 0 0 0

Disabled 0 0 1 0 1

Refund of Contributions 0 0 0 0 0

Rehires 0 0 0 0 0

Expired Annuities 0 0 0 0 0

Hired/Term Same Year 0 0 0 1 1

b. Number current valuation 15 0 1 11 27


SUMMARY OF PLAN PROVISIONS

(Through Ordinance No. 2017-12)

Credited Service Total years and fractional parts of years of contributing

employment with the District as a Firefighter.

Salary Total W-2 Compensation, including lump sum sick and

vacation payouts at retirement.

Average Final Compensation Members hired before October 1, 2014: average Salary

for the best 3 years during the 5 years immediately

preceding retirement or termination.

Members hired on or after October 1, 2014: average base

pay plus Paramedic or EMT incentive pay.

Member Contributions 7.0% of Salary.

District and State Contributions Remaining amount required in order to fund to actuarial

soundness. District contributions shall not be less than

Member contributions.

Normal Retirement

Date Earlier of: 1) Age 50 and 25 years of Credited Service,

or 2) age 55 and 10 years of Credited Service.

Benefit 3.0% of Average Final Compensation times Credited

Service.

Form of Benefit Ten Year Certain and Life Annuity

(options available).

Early Retirement

Eligibility Age 50 and 10 Years of Credited Service.

Benefit Accrued benefit, reduced 3% per year.

Supplement $10 for each year of Credited Service. Commencing

immediately after Retirement and ceasing at the earlier

of death or age 65.

Vesting

Schedule Members hired before October 1, 2014: 100% after

seven (7) years of Credited Service.


Members hired on or after October 1, 2014: 100% after

ten (10) years of Credited Service

Disability

Eligibility

Service Incurred Covered from Date of Employment.

Non-Service Incurred 10 years of Credited Service.

Exclusions Disability resulting from use of drugs, illegal

participation in riots, service in military, etc.

Benefit Benefit accrued to date of disability but not less than

42% of Average Final Compensation for service-

incurred disability, and 30% of Average Final

Compensation for non-service-incurred disability.

Duration Payable for life with 10 years certain (options available)

or until recovery (as determined by the Board).

Death Benefits

Vested Monthly accrued benefit payable to

designated beneficiary for 10 years at Member's Normal

or Early Retirement Date.

Non-Vested Refund of accumulated contributions without interest.

Deferred Retirement Option Plan

Eligibility Satisfaction of Normal Retirement requirements.

Participation Not to exceed 60 months.

Rate of Return Participant’s election:

a) 6.5% annually, or

b) Actual net rate of investment return (total return net

of brokerage commissions, transaction costs, and

management fees) credited each fiscal quarter.

Form of Distribution Cash lump sum (options available) at termination of

employment.

Share Plan

Funded Status Not currently funded.


GASB 67STATEMENT OF FIDUCIARY NET POSITION

SEPTEMBER 30, 2017

ASSETSCash and Cash Equivalents: Short Term Investments

Total Cash and Equivalents

Receivables: Investment Income

Total Receivable

Investments: U. S. Bonds and Bills Corporate Bonds Municipal Obligations Stocks

Total Investments

Total Assets

Total Liabilities

NET POSITION RESTRICTED FOR PENSIONS

MARKET VALUE

419,460

419,460

19,988

19,988

79,6232,336,066

48,1898,537,937

11,001,815

11,441,263

0

11,441,263


GASB 67

ADDITIONSContributions: Member 112,767 District 869,937 State 281,985

Total Contributions 1,264,689

Investment Income: Net Increase in Fair Value of Investments 1,430,958 Interest & Dividends 180,756 Less Investment Expense¹ (64,742)

Net Investment Income 1,546,972

Total Additions 2,811,661

DEDUCTIONSDistributions to Members: Benefit Payments 839,194 Lump Sum DROP Distributions 0 Refunds of Member Contributions 144

Total Distributions 839,338

Administrative Expense 68,321

Total Deductions 907,659

Net Increase in Net Position 1,904,002

NET POSITION RESTRICTED FOR PENSIONSBeginning of the Year 9,537,261

End of the Year 11,441,263


STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR THE YEAR ENDED SEPTEMBER 30, 2017

Market Value Basis


GASB 67

Plan Description

Plan Administration

Plan Membership as of October 1, 2016:

Inactive Plan Members or Beneficiaries Currently Receiving Benefits 14 Inactive Plan Members Entitled to But Not Yet Receiving Benefits 5 Active Plan Members 36

55

Benefits Provided

Normal Retirement:

Early Retirement:

Disability:

Death Benefits:

Share Plan:

ContributionsMember Contributions: 7.0% of Salary.

The Ocean City-Wright Fire Control District Firefighters' Pension Trust Fund is a single-employer defined benefit pension plan administered by a Board of Trustees which acts as the administrator of the Plan. The Board consists of 5 Trustees, 2 of whom shall be legal residents of the District who are appointed by the District Board of Fire Commissioners, 2 of whom are Members of the Plan who are elected by a majority of the Firefighters who are Members of the Plan and a fifth Trustee who is chosen by a majority of the first 4 Trustees.

(For the Year Ended September 30, 2017)

The Plan provides retirement, termination, disability and death benefits.

Date:Earlier of: 1) Age 50 and 25 years of Credited Service, or 2) age 55 and 10 years of Credited Service.Benefit: 3.0% of Average Final Compensation times Credited Service.

Eligibility: Age 50 and 10 Years of Credited Service.Benefit: Accrued benefit, reduced 3% per year.

Vesting:Schedule: Members hired before October 1, 2014: 100% after seven (7) years of Credited Service.

Eligibility: Service Incurred: Covered from Date of Employment.Non-Service Incurred: 10 years of Credited Service.Benefit: Benefit accrued to date of disability but not less than 42% of Average Final Compensation for service-incurred disability, and 30% of Average Final Compensation for non-service-incurred disability.

Members hired on or after October 1, 2014: 100% after ten (10) years of Credited Service.

NOTES TO THE FINANCIAL STATEMENTS

Vested: Monthly accrued benefit payable to designated beneficiary for 10 years at Member's Normal or Early Retirement Date.Non-Vested: Refund of accumulated contributions without interest.

Supplemental Benefit:$10 for each year of Credited Service. Commencing immediately after Retirement and ceasing at the earlier of death or age 65.

District and State Contributions: Remaining amount required in order to fund to actuarial soundness. District contributions shall not be less than Member contributions.

Funded Status: Not currently funded.


GASB 67

InvestmentsInvestment Policy:The following was the Board's adopted asset allocation policy as of September 30, 2017:

Asset Class Target AllocationDomestic Equity 60%Broad Market Fixed Income 40%Total 100%

Concentrations:

Rate of Return:

Deferred Retirement Option Program

The DROP balance as September 30, 2017 is $0.

Eligibility: Satisfaction of Normal Retirement requirements.

Rate of Return: Participant’s election:a) 6.5% annually, orb) Actual net rate of investment return (total return net of brokerage commissions, transaction costs, and management fees) credited each fiscal quarter.

Participation: Not to exceed 60 months.

For the year ended September 30, 2017, the annual money-weighted rate of return on Pension Plan investments, net of Pension Plan investment expense, was 16.06 percent.

The Plan did not hold investments in any one organization that represent 5 percent or more of the Pension Plan's Fiduciary Net Position.

The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.


GASB 67

The components of the Net Pension Liability of the Sponsor on September 30, 2017 were as follows:

Total Pension Liability 19,778,527$ Plan Fiduciary Net Position (11,441,263)$ Sponsor's Net Pension Liability 8,337,264$ Plan Fiduciary Net Position as a percentage of Total Pension Liability 57.85%

Actuarial Assumptions:

Inflation 2.50%Salary Increases Service basedDiscount Rate 7.50%Investment Rate of Return 7.50%

Mortality Rate Healthy Inactive Lives:Female: RP 2000 Generational, 100% Annuitant White Collar, Scale BB.Male: RP 2000 Generational, 10% Annuitant White Collar / 90% Annuitant Blue Collar, Scale BB.Mortality Rate Healthy Active Lives:Female: RP2000 Generational, 100% Combined Healthy (previously Annuitant) White Collar, Scale BB.

Mortality Rate Disabled Lives:Female: 60% RP2000 Disabled Female set forward two years / 40% Annuitant White Collar with no setback, no projection scale.Male: 60% RP2000 Disabled Male setback four years / 40% Annuitant White Collar with no setback, no projection scale.

The most recent actuarial experience study used to review the other significant assumptions was dated June 1, 2017.

Domestic EquityBroad Market Fixed Income

The Total Pension Liability was determined by an actuarial valuation as of October 1, 2016 updated to September 30, 2017 using the following actuarial assumptions:

NET PENSION LIABILITY OF THE SPONSOR

The Long-Term Expected Rate of Return on Pension Plan investments can be determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of Pension Plan investment expenses and inflation) are developed for each major asset class.

These ranges are combined to produce the Long-Term Expected Rate of Return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Best estimates of geometric real rates of return for each major asset class included in the Pension Plan's target asset allocation as of September 30, 2017 are summarized in the following table:

Asset Class

For 2017 the inflation rate assumption of the investment advisor was 2.50%.

Long Term Expected Real Rate of Return

7.5%2.5%

Male: RP2000 Generational, 10% Combined Healthy (previously Annuitant) White Collar / 90% Combined Healthy Blue Collar, Scale BB.


GASB 67

Discount Rate:The Discount Rate used to measure the Total Pension Liability was 7.50 percent.

1% Decrease Current

Discount Rate 1% Increase 6.50% 7.50% 8.50%

Sponsor's Net Pension Liability 10,838,809$ 8,337,264$ 6,263,954$

The projection of cash flows used to determine the Discount Rate assumed that Plan Member contributions will be made at the current contribution rate and that Sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the Member rate. Based on those assumptions, the Pension Plan's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the Long-Term Expected Rate of Return on Pension Plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability.


GASB 67

09/30/2017 09/30/2016 09/30/2015Total Pension LiabilityService Cost 372,747 356,559 324,974 Interest 1,405,503 1,305,113 1,235,278 Change in Excess State Money - - - Changes of benefit terms 101,759 - (358,128) Differences between Expected and Actual Experience 219,507 (51,218) (466,348) Changes of assumptions 437,658 362,326 - Benefit Payments, including Refunds of Employee Contributions (839,338) (751,402) (574,097) Net Change in Total Pension Liability 1,697,836 1,221,378 161,679 Total Pension Liability - Beginning 18,080,691 16,859,313 16,697,634 Total Pension Liability - Ending (a) 19,778,527$ 18,080,691$ 16,859,313$

Plan Fiduciary Net PositionContributions - Employer 869,937 767,020 751,628 Contributions - State 281,985 296,666 293,054 Contributions - Employee 112,767 103,249 98,883 Net Investment Income 1,546,972 955,354 (511,711) Benefit Payments, including Refunds of Employee Contributions (839,338) (751,402) (574,097) Administrative Expense (68,321) (26,287) (31,115) Net Change in Plan Fiduciary Net Position 1,904,002 1,344,600 26,642 Plan Fiduciary Net Position - Beginning 9,537,261 8,192,661 8,166,019 Plan Fiduciary Net Position - Ending (b) $ 11,441,263 $ 9,537,261 $ 8,192,661

Net Pension Liability - Ending (a) - (b) 8,337,264$ 8,543,430$ 8,666,652$

Plan Fiduciary Net Position as a percentage of the Total Pension Liability 57.85% 52.75% 48.59%

Covered Employee Payroll¹ 2,255,348$ 2,064,973$ 1,977,651$ Net Pension Liability as a percentage of Covered Employee Payroll 369.67% 413.73% 438.23%

Notes to Schedule:

¹ The Covered Employee Payroll numbers shown are in compliance with GASB 82.

Changes of benefit terms:For measurement date 09/30/2017, the plan was amended as follows:

SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOSLast 10 Fiscal Years

For measurement date 09/30/2015, amounts reported as changes of benefit terms were resulted from the Actuarial Impact Statement, effective July 9, 2015. This Statement reflected the change to immediate commencement for the Supplemental Benefit. In addition, the new provisions for Members hired on or after October 1, 2014, as reflected in the No Impact Letter dated December 10, 2014. Members hired on or after October 1, 2014 will be 100% vested after ten years of service.

• Amending the requirements for Normal Retirement eligibility from age 52 with completion of 25 years of service to age 50 with completion of 25 years of service. Please note the alternative of age 55 with completion of 10 years of service will remain unchanged.• Increasing the member contribution rate from 5.00% to 7.00% of Salary.


GASB 67

Changes of assumptions:For measurement date 09/30/2017, amounts reported as changes of assumptions resulted from the following:

• The assumed termination rates were changed from an age-based table to a service-based table.

For measurement date 09/30/2016, as a result of Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed to the assumptions used by the Florida Retirement System for special risk employees.The inflation assumption rate was lowered from 3.00% to 2.50%, matching the long-term inflation assumption utilized by the Plan's investment consultant.

• As mandated by Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed from the rates used by the Florida Retirement System actuary in the July 1, 2015 actuarial valuation to the rates used in the July 1, 2016 actuarial valuation for special risk lives.• The investment return assumption was reduced from 7.75% to 7.50%.• The salary increase assumption was changed from a flat 6.25% rate to a service-based table of rates.• The assumption that Members eligible for normal retirement at the valuation date will continue working for one additional year was removed.


GASB 67

09/30/2014 09/30/2013Total Pension LiabilityService Cost 334,644 310,574 Interest 1,188,991 1,118,143 Change in Excess State Money 85,747 - Changes of benefit terms - - Differences between Expected and Actual Experience - - Changes of assumptions - - Benefit Payments, including Refunds of Employee Contributions (543,077) (534,162) Net Change in Total Pension Liability 1,066,305 894,555 - Total Pension Liability - Beginning 15,631,329 14,736,774 Total Pension Liability - Ending (a) 16,697,634$ 15,631,329$ -$

Plan Fiduciary Net PositionContributions - Employer 675,794 751,271 Contributions - State 271,575 256,100 Contributions - Employee 98,300 94,763 Net Investment Income 886,217 515,106 Benefit Payments, including Refunds of Employee Contributions (543,077) (534,162) Administrative Expense (16,744) (14,235) Net Change in Plan Fiduciary Net Position 1,372,065 1,068,843 Plan Fiduciary Net Position - Beginning 6,793,954 5,725,111 Plan Fiduciary Net Position - Ending (b) $ 8,166,019 $ 6,793,954

Net Pension Liability - Ending (a) - (b) 8,531,615$ 8,837,375$

Plan Fiduciary Net Position as a percentage of the Total Pension Liability 48.91% 43.46%

Covered Employee Payroll¹ 1,965,995$ 1,895,259$ Net Pension Liability as a percentage of Covered Employee Payroll 433.96% 466.29%

Notes to Schedule:




GASB 67

09/30/2017 09/30/2016 09/30/2015 09/30/2014 09/30/2013Actuarially Determined Contribution 902,139 830,119 761,399 829,650 756,208 Contributions in relation to the Actuarially Determined Contributions 1,151,922 1,063,686 1,044,682 861,622 756,208 Contribution Deficiency (Excess) (249,783)$ (233,567)$ (283,283)$ (31,972)$ -$

Covered Employee Payroll¹ 2,255,348$ 2,064,973$ 1,977,651$ 1,965,995$ 1,895,259$ Contributions as a percentage of Covered Employee Payroll 51.08% 51.51% 52.82% 43.83% 39.90%


Notes to Schedule

Valuation Date: 10/01/2015

Methods and assumptions used to determine contribution rates:

Funding Method:Amortization Method:Remaining Amortization Period:Mortality:

Interest Rate:

Retirement Age:

Early Retirement:

Disability Rates:

Termination Rates:

Salary Increases:

Payroll Growth:

Actuarial Asset Method:

Level Percentage of Pay, Closed.Entry Age Normal Actuarial Cost Method.

Actuarially determined contribution rates are calculated as of October 1, two years prior to the end of the fiscal year in which contributions are reported.

SCHEDULE OF CONTRIBUTIONSLast 10 Fiscal Years

Each year, the prior Actuarial Value of Assets is brought forward utilizing the historical geometric four-year average Market Value return (net of fees). It is possible that over time this technique will produce an insignificant bias above or below Market Value of Assets.

30 Years (as of 10/01/2014 valuation).

See table on following page (1201). It is assumed that 75% of disablements and active Member deaths are service related. This assumption is deemed reasonable based on plan provisions.

RP-2000 Table with no projection (Disabled lives set forward 5 years). We feel this assumption sufficiently accommodates mortality improvements.7.75% per year compounded annually, net of investment expenses. This is supported by the target asset class allocation of the trust and the expected long-term return by asset class.Earlier of 1) Age 52 and 25 years of service or 2) age 55 and 10 years of service. Also, any Member who has reached Normal Retirement is assumed to continue employment for one additional year. This assumption is deemed reasonable based on plan provisions.It is assumed that Members who are eligible for Early Retirement (age 50) will retire at the rate of 5% per year. This assumption is deemed reasonable based on plan provisions.

6.25% per year until the assumed Retirement age; see table below. Projected salary at retirement is increased 20% to account for non-regular pay.

See table on following page (1304). This assumption is deemed reasonable based on plan provisions.

Up to 5.0% annually. Assumption is limited by historical 10-year payroll growth. (3.00% for 2015 val; 3.60% for 2014).


GASB 67

Termination and Disability Rate Table:

Age

% Becoming Disabled During

the Year

% Terminating During the

Year20 0.03% 12.4%30 0.04% 10.5%40 0.07% 5.7%50 0.18% 1.5%


GASB 67

09/30/2017 09/30/2016 09/30/2015 09/30/2014 09/30/2013Annual Money-Weighted Rate of ReturnNet of Investment Expense 16.06% 11.55% -6.14% 12.85% 8.46%

SCHEDULE OF INVESTMENT RETURNSLast 10 Fiscal Years


GASB 68

General Information about the Pension Plan

Plan Description

Plan Membership as of October 1, 2016:

Inactive Plan Members or Beneficiaries Currently Receiving Benefits 14 Inactive Plan Members Entitled to But Not Yet Receiving Benefits 5 Active Plan Members 36

55

Benefits Provided

Normal Retirement:

Early Retirement:

Vesting:

Eligibility: Service Incurred: Covered from Date of Employment.Non-Service Incurred: 10 years of Credited Service.

NOTES TO THE FINANCIAL STATEMENTS(For the Year Ended September 30, 2018)

Disability:

Vested: Monthly accrued benefit payable to designated beneficiary for 10 years at Member's Normal or Early Retirement Date.Non-Vested: Refund of accumulated contributions without interest.

ContributionsMember Contributions: 7.0% of Salary.District and State Contributions: Remaining amount required in order to fund to actuarial soundness. District contributions shall not

The Plan provides retirement, termination, disability and death benefits.

Date:Earlier of: 1) Age 50 and 25 years of Credited Service, or 2) age 55 and 10 years of Credited Service.

Share Plan:Funded Status: Not currently funded.

Benefit: Accrued benefit, reduced 3% per year.Eligibility: Age 50 and 10 Years of Credited Service.

Benefit: Benefit accrued to date of disability but not less than 42% of Average Final Compensation for service-incurred disability, and 30% of Average Final Compensation for non-service-incurred disability.Death Benefits:

Schedule: Members hired before October 1, 2014: 100% after seven (7) years of Credited Service.

Supplemental Benefit:$10 for each year of Credited Service. Commencing immediately after Retirement and ceasing at the earlier of death or age 65.

Members hired on or after October 1, 2014: 100% after ten (10) years of Credited Service.

Benefit: 3.0% of Average Final Compensation times Credited Service.

The Ocean City-Wright Fire Control District Firefighters' Pension Trust Fund is a single-employer defined benefit pension plan administered by a Board of Trustees which acts as the administrator of the Plan. The Board consists of 5 Trustees, 2 of whom shall be legal residents of the District who are appointed by the District Board of Fire Commissioners, 2 of whom are Members of the Plan who are elected by a majority of the Firefighters who are Members of the Plan and a fifth Trustee who is chosen by a majority of the first 4 Trustees.Each person employed by the District Fire Department, except those who opt out of the Plan, as a full-time Firefighter, except for those who elect to opt out of the Plan, becomes a member of the Plan as a condition of his employment. All Firefighters are therefore eligible for plan benefits as provided for in the plan document and by applicable law.


GASB 68

Net Pension Liability

The measurement date is September 30, 2017.The measurement period for the pension expense was October 1, 2016 to September 30, 2017.The reporting period is October 1, 2017 through September 30, 2018.

The Sponsor's Net Pension Liability was measured as of September 30, 2017.The Total Pension Liability used to calculate the Net Pension Liability was determined as of that date.

Actuarial Assumptions:

Inflation 2.50%Salary Increases Service basedDiscount Rate 7.50%Investment Rate of Return 7.50%

Asset Class Target AllocationLong Term Expected Real Rate of Return

Domestic Equity 60% 7.5%Broad Market Fixed Income 40% 2.5%Total 100%

Mortality Rate Healthy Inactive Lives:

The Total Pension Liability was determined by an actuarial valuation as of October 1, 2016 updated to September 30, 2017 using the following actuarial assumptions:

The most recent actuarial experience study used to review the other significant assumptions was dated June 1, 2017.

The Long-Term Expected Rate of Return on Pension Plan investments can be determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of Pension Plan investment expenses and inflation) are developed for each major asset class.

These ranges are combined to produce the Long-Term Expected Rate of Return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Best estimates of geometric real rates of return for each major asset class included in the Pension Plan's target asset allocation as of September 30, 2017 are summarized in the following table:

Female: 60% RP2000 Disabled Female set forward two years / 40% Annuitant White Collar with no setback, no projection scale.Male: 60% RP2000 Disabled Male setback four years / 40% Annuitant White Collar with no setback, no projection scale.

For 2017 the inflation rate assumption of the investment advisor was 2.50%.

Female: RP 2000 Generational, 100% Annuitant White Collar, Scale BB.Male: RP 2000 Generational, 10% Annuitant White Collar / 90% Annuitant Blue Collar, Scale BB.

Mortality Rate Disabled Lives:

Mortality Rate Healthy Active Lives:Female: RP2000 Generational, 100% Combined Healthy (previously Annuitant) White Collar, Scale BB.Male: RP2000 Generational, 10% Combined Healthy (previously Annuitant) White Collar / 90% Combined Healthy Blue Collar, Scale BB.


GASB 68

Discount Rate:The Discount Rate used to measure the Total Pension Liability was 7.50 percent.The projection of cash flows used to determine the Discount Rate assumed that Plan Member contributions will be made at the current contribution rate and that Sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the Member rate. Based on those assumptions, the Pension Plan's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the Long-Term Expected Rate of Return on Pension Plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability.


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Total Pension Liability

Plan Fiduciary Net Position


(a) (b) (a)-(b)Reporting Period Ending September 30, 2017 $ 18,080,691 $ 9,537,261 $ 8,543,430 Changes for a Year:

Service Cost 372,747 - 372,747 Interest 1,405,503 - 1,405,503 Differences between Expected and Actual Experience 219,507 - 219,507 Changes of assumptions 437,658 - 437,658 Changes of benefit terms 101,759 - 101,759 Contributions - Employer - 869,937 (869,937)Contributions - State - 281,985 (281,985)Contributions - Employee - 112,767 (112,767)Net Investment Income - 1,546,972 (1,546,972)Benefit Payments, including Refunds of Employee Contributions (839,338) (839,338) - Administrative Expense - (68,321) 68,321

Net Changes 1,697,836 1,904,002 (206,166)Reporting Period Ending September 30, 2018 $ 19,778,527 $ 11,441,263 $ 8,337,264

Sensitivity of the Net Pension Liability to changes in the Discount Rate.

1% Decrease Current Discount

Rate 1% Increase 6.50% 7.50% 8.50%

Sponsor's Net Pension Liability 10,838,809$ 8,337,264$ 6,263,954$

Pension Plan Fiduciary Net Position. Detailed information about the pension Plan's Fiduciary Net Position is available in a separately issued Plan financial report.

Increase (Decrease)

CHANGES IN NET PENSION LIABILITY


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For the year ended September 30, 2017, the Sponsor has recognized a Pension Expense of $1,012,670.

Deferred Outflows of Resources

Deferred Inflows of Resources

Differences between Expected and Actual Experience - 353,581 Changes of assumptions 301,939 - Net difference between Projected and Actual Earnings on Pension Plan investments 318,648 - Employer and State contributions subsequent to the measurement date 1,151,922 Total 1,772,509$ 353,581$

OUTFLOWYear ended September 30:2018 (86,261)$ 103,849$ 77,973$ 2019 (49,680)$ (54,951)$ 77,975$ 2020 (49,676)$ (54,952)$ 146,147$ 2021 (49,676)$ 13,220$ (86,941)$ 2022 (49,676)$ (219,868)$ 51,852$ Thereafter (68,612)$ 531,350$ -$

FINAL PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES RELATED TO PENSIONS

On September 30, 2017, the Sponsor reported Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions from the following sources:

The outcome of the Deferred Outflows of resources related to pensions resulting from Employer and State contributions subsequent to the measurement date has been recognized as a reduction of the Net Pension Liability in the year ended September 30, 2017.Other amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions will be recognized in Pension Expense as follows:

FISCAL YEAR SEPTEMBER 30, 2017


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For the year ended September 30, 2018, the Sponsor will recognize a Pension Expense of $1,111,289.

Deferred Outflows of Resources

Deferred Inflows of Resources

Differences between Expected and Actual Experience 182,925 267,319 Changes of assumptions 606,267 - Net difference between Projected and Actual Earnings on Pension Plan investments - 420,400 Employer and State contributions subsequent to the measurement date TBDTotal TBD 687,719$

OUTFLOW INFLOWYear ended September 30:2019 (49,676)$ 133,331$ (54,952)$ 28,703$ 2020 (49,676)$ 133,331$ 13,220$ 96,875$ 2021 (49,676)$ 133,331$ (219,868)$ (136,213)$ 2022 28,049$ 133,331$ (158,800)$ 2,580$ 2023 36,585$ 72,943$ -$ 109,528$ Thereafter -$ -$ -$ -$

PRELIMINARY PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES RELATED TO PENSIONS

On September 30, 2018, the Sponsor reported Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions from the following sources:

Other amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions will be recognized in Pension Expense as follows:

The outcome of the Deferred Outflows of resources related to pensions resulting from Employer and State contributions subsequent to the measurement date will be recognized as a reduction of the Net Pension Liability in the year ended September 30, 2018.

FISCAL YEAR SEPTEMBER 30, 2018


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Reporting Period Ending 09/30/2018 09/30/2017 09/30/2016Measurement Date 09/30/2017 09/30/2016 09/30/2015Total Pension LiabilityService Cost 372,747 356,559 324,974 Interest 1,405,503 1,305,113 1,235,278 Change in Excess State Money - - - Changes of benefit terms 101,759 - (358,128) Differences between Expected and Actual Experience 219,507 (51,218) (466,348) Changes of assumptions 437,658 362,326 - Benefit Payments, including Refunds of Employee Contributions (839,338) (751,402) (574,097) Net Change in Total Pension Liability 1,697,836 1,221,378 161,679 Total Pension Liability - Beginning 18,080,691 16,859,313 16,697,634 Total Pension Liability - Ending (a) $ 19,778,527 $ 18,080,691 $ 16,859,313

Plan Fiduciary Net PositionContributions - Employer 869,937 767,020 751,628 Contributions - State 281,985 296,666 293,054 Contributions - Employee 112,767 103,249 98,883 Net Investment Income 1,546,972 955,354 (511,711) Benefit Payments, including Refunds of Employee Contributions (839,338) (751,402) (574,097) Administrative Expense (68,321) (26,287) (31,115) Net Change in Plan Fiduciary Net Position 1,904,002 1,344,600 26,642 Plan Fiduciary Net Position - Beginning 9,537,261 8,192,661 8,166,019 Plan Fiduciary Net Position - Ending (b) $ 11,441,263 $ 9,537,261 $ 8,192,661

Net Pension Liability - Ending (a) - (b) 8,337,264$ 8,543,430$ 8,666,652$

Plan Fiduciary Net Position as a percentage of the Total Pension Liability 57.85% 52.75% 48.59%

Covered Employee Payroll¹ 2,255,348$ 2,064,973$ 1,977,651$ Net Pension Liability as a percentage of Covered Employee Payroll 369.67% 413.73% 438.23%

Notes to Schedule:


Changes of benefit terms:For measurement date 09/30/2017, the plan was amended as follows:


For measurement date 09/30/2015, amounts reported as changes of benefit terms were resulted from the Actuarial Impact Statement, effective July 9, 2015. This Statement reflected the change to immediate commencement for the Supplemental Benefit. In addition, the new provisions for Members hired on or after October 1, 2014, as reflected in the No Impact Letter dated December 10, 2014. Members hired on or after October 1, 2014 will be 100% vested after ten years of service.

• Amending the requirements for Normal Retirement eligibility from age 52 with completion of 25 years of service to age 50 with completion of 25 years of service. Please note the alternative of age 55 with completion of 10 years of service will remain unchanged.• Increasing the member contribution rate from 5.00% to 7.00% of Salary.


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Changes of assumptions:For measurement date 09/30/2017, amounts reported as changes of assumptions resulted from the following:

• The investment return assumption was reduced from 7.75% to 7.50%.• The salary increase assumption was changed from a flat 6.25% rate to a service-based table of rates.

For measurement date 09/30/2016, as a result of Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed to the assumptions used by the Florida Retirement System for special risk employees.The inflation assumption rate was lowered from 3.00% to 2.50%, matching the long-term inflation assumption utilized by the Plan's investment consultant.

• As mandated by Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed from the rates used by the Florida Retirement System actuary in the July 1, 2015 actuarial valuation to the rates used in the July 1, 2016 actuarial valuation for special risk lives.

• The assumption that Members eligible for normal retirement at the valuation date will continue working for one additional year was removed.• The assumed termination rates were changed from an age-based table to a service-based table.


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Reporting Period Ending 09/30/2015 09/30/2014Measurement Date 09/30/2014 09/30/2013Total Pension LiabilityService Cost 334,644 310,574 - Interest 1,188,991 1,118,143 - Change in Excess State Money 85,747 - - Changes of benefit terms - - - Differences between Expected and Actual Experience - - - Changes of assumptions - - - Benefit Payments, including Refunds of Employee Contributions (543,077) (534,162) - Net Change in Total Pension Liability 1,066,305 894,555 - Total Pension Liability - Beginning 15,631,329 14,736,774 - Total Pension Liability - Ending (a) $ 16,697,634 $ 15,631,329 $ -

Plan Fiduciary Net PositionContributions - Employer 675,794 751,271 - Contributions - State 271,575 256,100 - Contributions - Employee 98,300 94,763 - Net Investment Income 886,217 515,106 - Benefit Payments, including Refunds of Employee Contributions (543,077) (534,162) - Administrative Expense (16,744) (14,235) - Net Change in Plan Fiduciary Net Position 1,372,065 1,068,843 - Plan Fiduciary Net Position - Beginning 6,793,954 5,725,111 - Plan Fiduciary Net Position - Ending (b) $ 8,166,019 $ 6,793,954 $ -

Net Pension Liability - Ending (a) - (b) 8,531,615$ 8,837,375$ -$

Plan Fiduciary Net Position as a percentage of the Total Pension Liability 48.91% 43.46% #DIV/0!

Covered Employee Payroll¹ 1,965,995$ 1,895,259$ -$ Net Pension Liability as a percentage of Covered Employee Payroll 433.96% 466.29% #DIV/0!

Notes to Schedule:




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09/30/2017 09/30/2016 09/30/2015 09/30/2014 09/30/2013Actuarially Determined Contribution 902,139 830,119 761,399 829,650 756,208 Contributions in relation to the Actuarially Determined Contributions 1,151,922 1,063,686 1,044,682 861,622 756,208 Contribution Deficiency (Excess) $ (249,783) $ (233,567) $ (283,283) $ (31,972) $ -

Covered Employee Payroll¹ 2,255,348$ 2,064,973$ 1,977,651$ 1,965,995$ 1,895,259$ Contributions as a percentage of Covered Employee Payroll 51.08% 51.51% 52.82% 43.83% 39.90%


Notes to Schedule

Valuation Date: 10/01/2015

Methods and assumptions used to determine contribution rates:

Funding Method:Amortization Method:Remaining Amortization Period:Mortality:

Interest Rate:

Retirement Age:

Early Retirement:

Disability Rates:

Termination Rates:

Salary Increases:

Payroll Growth:

Actuarial Asset Method:

SCHEDULE OF CONTRIBUTIONSLast 10 Fiscal Years

Actuarially determined contribution rates are calculated as of October 1, two years prior to the end of the fiscal year in which contributions are reported.

See table on following page (1304). This assumption is deemed reasonable based on plan provisions.6.25% per year until the assumed Retirement age; see table below. Projected salary at retirement is increased 20% to account for non-regular pay.

Each year, the prior Actuarial Value of Assets is brought forward utilizing the historical geometric four-year average Market Value return (net of fees). It is possible that over time this technique will produce an insignificant bias above or below Market Value of Assets.

30 Years (as of 10/01/2014 valuation).

Entry Age Normal Actuarial Cost Method.Level Percentage of Pay, Closed.

RP-2000 Table with no projection (Disabled lives set forward 5 years). We feel this assumption sufficiently accommodates mortality improvements.7.75% per year compounded annually, net of investment expenses. This is supported by the target asset class allocation of the trust and the expected long-term return by asset class.Earlier of 1) Age 52 and 25 years of service or 2) age 55 and 10 years of service. Also, any Member who has reached Normal Retirement is assumed to continue employment for one additional year. This assumption is deemed reasonable based on plan provisions.It is assumed that Members who are eligible for Early Retirement (age 50) will retire at the rate of 5% per year. This assumption is deemed reasonable based on plan provisions.See table on following page (1201). It is assumed that 75% of disablements and active Member deaths are service related. This assumption is deemed reasonable based on plan provisions.

Up to 5.0% annually. Assumption is limited by historical 10-year payroll growth. (3.00% for 2015 val; 3.60% for 2014).


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Termination and Disability Rate Table:

Age

% Becoming Disabled During

the Year

% Terminating During the

Year20 0.03% 12.4%30 0.04% 10.5%40 0.07% 5.7%50 0.18% 1.5%


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Deferred Inflows

Deferred Outflows

Pension Expense

Beginning balance $ 8,666,652 $ 593,140 $ 1,996,038 $ -

Employer and State Contributions made after 09/30/2016 - - 1,151,922 -

Total Pension Liability Factors:Service Cost 356,559 - - 356,559 Interest 1,305,113 - - 1,305,113 Changes in benefit terms - - - - Differences between Expected and Actual Experience with regard to economic or demographic assumptions (51,218) 51,218 - - Current year amortization of experience difference - (86,261) - (86,261) Change in assumptions about future economic or demographic factors or other inputs 362,326 - 362,326 - Current year amortization of change in assumptions - - (60,387) 60,387 Benefit Payments (751,402) - - -

Net change 1,221,378 (35,043) 1,453,861 1,635,798

Plan Fiduciary Net Position:Contributions - Employer 767,020 - (767,020) - Contributions - State 296,666 - (296,666) - Contributions - Employee 103,249 - - (103,249) Projected Net Investment Income 650,015 - - (650,015) Difference between projected and actual earnings on Pension Plan investments 305,339 305,339 - - Current year amortization - (129,239) (233,088) 103,849 Benefit Payments (751,402) - - - Administrative Expenses (26,287) - - 26,287

Net change 1,344,600 176,100 (1,296,774) (623,128)

Ending Balance $ 8,543,430 $ 734,197 $ 2,153,125 $ 1,012,670

FINAL COMPONENTS OF PENSION EXPENSEFISCAL YEAR SEPTEMBER 30, 2017


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Deferred Inflows

Deferred Outflows

Pension Expense

Beginning balance $ 8,543,430 $ 734,197 $ 2,153,125 $ -

Employer and State Contributions made after 09/30/2017 - - TBD* -

Total Pension Liability Factors:Service Cost 372,747 - - 372,747 Interest 1,405,503 - - 1,405,503 Changes in benefit terms 101,759 - - 101,759 Differences between Expected and Actual Experience with regard to economic or demographic assumptions 219,507 - 219,507 - Current year amortization of experience difference - (86,262) (36,582) (49,680) Change in assumptions about future economic or demographic factors or other inputs 437,658 - 437,658 - Current year amortization of change in assumptions - - (133,330) 133,330 Benefit Payments (839,338) - - -

Net change 1,697,836 (86,262) 487,253 1,963,659

Plan Fiduciary Net Position:Contributions - Employer 869,937 - (869,937) - Contributions - State 281,985 - (281,985) - Contributions - Employee 112,767 - - (112,767) Projected Net Investment Income 752,973 - - (752,973) Difference between projected and actual earnings on Pension Plan investments 793,999 793,999 - - Current year amortization - (288,039) (233,088) (54,951) Benefit Payments (839,338) - - - Administrative Expenses (68,321) - - 68,321

Net change 1,904,002 505,960 (1,385,010) (852,370)

Ending Balance $ 8,337,264 $ 1,153,895 TBD $ 1,111,289

PRELIMINARY COMPONENTS OF PENSION EXPENSEFISCAL YEAR SEPTEMBER 30, 2018

*Employer and State Contributions subsequent to the measurement date made after September 30, 2017 but made on or before September 30, 2018 need to be added.


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Increase (Decrease) in Pension Expense Arising from the Recognition of the of Differences Between Projected and Actual Earnings on Pension Plan Investments

Plan Year Ending

Differences Between Projected and Actual

EarningsRecognition

Period (Years) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026Recognitio 3 4 5 6 7 8 9 10 11 12

2014 (340,859)$ 5 (68,172)$ (68,172)$ (68,172)$ -$ -$ -$ -$ -$ -$ -$ 2015 1,165,439$ 5 233,088$ 233,088$ 233,088$ 233,088$ -$ -$ -$ -$ -$ -$ 2016 (305,339)$ 5 (61,067)$ (61,068)$ (61,068)$ (61,068)$ (61,068)$ -$ -$ -$ -$ -$ 2017 (793,999)$ 5 -$ (158,799)$ (158,800)$ (158,800)$ (158,800)$ (158,800)$ -$ -$ -$ -$

Net Increase (Decrease) in Pension Expense 103,849$ (54,951)$ (54,952)$ 13,220$ (219,868)$ (158,800)$ -$ -$ -$ -$

AMORTIZATION SCHEDULE - INVESTMENTS


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Increase (Decrease) in Pension Expense Arising from the Recognition of the Effects of Changes of Assumptions

Plan Year Ending

Changes of Assumptions

Recognition Period (Years) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Recognitio 3 4 5 6 7 8 9 10 11 122016 362,326$ 6 60,387$ 60,387$ 60,388$ 60,388$ 60,388$ 60,388$ -$ -$ -$ -$ 2017 437,658$ 6 -$ 72,943$ 72,943$ 72,943$ 72,943$ 72,943$ 72,943$ -$ -$ -$

Net Increase (Decrease) in Pension Expense 60,387$ 133,330$ 133,331$ 133,331$ 133,331$ 133,331$ 72,943$ -$ -$ -$

AMORTIZATION SCHEDULE - CHANGES OF ASSUMPTIONS


GASB 68 30

Increase (Decrease) in Pension Expense Arising from the Recognition of the Effects of Differences between Expected and Actual Experience

Plan Year Ending

Differences Between Expected and Actual

ExperienceRecognition

Period (Years) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026Recognitio 3 4 5 6 7 8 9 10 11 12

2015 (466,348)$ 6 (77,724)$ (77,725)$ (77,725)$ (77,725)$ (77,725)$ -$ -$ -$ -$ -$ 2016 (51,218)$ 6 (8,537)$ (8,537)$ (8,536)$ (8,536)$ (8,536)$ (8,536)$ -$ -$ -$ -$ 2017 219,507$ 6 -$ 36,582$ 36,585$ 36,585$ 36,585$ 36,585$ 36,585$ -$ -$ -$

Net Increase (Decrease) in Pension Expense (86,261)$ (49,680)$ (49,676)$ (49,676)$ (49,676)$ 28,049$ 36,585$ -$ -$ -$

AMORTIZATION SCHEDULE - EXPERIENCE


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