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Chapter 112.664 Compliance Report 2021                                                                         MIAMI SHORES VILLAGE POLICE  OFFICERS’ RETIREMENT SYSTEM   Chapter 112.664, F.S. Compliance Report  In Connection with the October 1, 2020 Funding Actuarial  Valuation Report and the Plan’s Financial Reporting for the  Year Ending September 30, 2020    September 24, 2021      Board of Trustees  Miami Shores Village Police Officers’     Retirement System  Miami Shores, Florida      Dear Board Members:    Gabriel, Roeder, Smith & Company (GRS) has been engaged by the Miami Shores Village Police Officers’  Retirement System (Plan) to prepare a disclosure report to satisfy the requirements set forth in Ch.  112.664, F.S. and as further required pursuant to Ch. 60T‐1.0035, F.A.C.     This report was prepared at the request of the Board and is intended for use by the Retirement Board  and those designated or approved by the Board.  This report may be provided to parties other than the  System only in its entirety and only with the permission of the Board.  GRS is not responsible for  unauthorized use of this report.    The purpose of the report is to provide the required information specified in Ch. 112.664, F.S. as well as  supplement this information with additional exhibits. This report should not be relied on for any  purpose other than the purpose described above.    The findings in this report are based on data or other information through September 30, 2020.  Future  actuarial measurements may differ significantly from the current measurements presented in this report  due to such factors as the following: plan experience differing from that anticipated by the economic or  demographic assumptions; changes in economic or demographic assumptions; increases or decreases  expected as part of the natural operation of the methodology used for these measurements (such as the  end of an amortization period or additional cost or contribution requirements based on the plan’s  funded status); and changes in plan provisions or applicable law.  The scope of this engagement does  not include an analysis of the potential range of such measurements.    This report was based upon information furnished by the Plan Administrator and the Village concerning  Plan benefits, financial transactions, plan provisions and active members, terminated members, retirees  and beneficiaries.  We checked for internal and year‐to‐year consistency, but did not audit the data.  We  are not responsible for the accuracy or completeness of the information provided by the Plan  Administrator and the Village.      This report complements the October 1, 2020 actuarial valuation report, dated July 21, 2021, and should  be considered in conjunction with that report. Except as otherwise indicated as required for the  disclosures contained herein, this report was prepared using certain assumptions selected by the Board  as described in our October 1, 2020 actuarial valuation report.  This report is also based on the Plan  Provisions, census data, and financial information as summarized in our October 1, 2020 actuarial       Board of Trustees   Miami Shores Village Police Officers’ Retirement System   September 24, 2021  Page ii      valuation report.  Please refer to the October 1, 2020 actuarial valuation report, dated July 21, 2021, for  summaries and descriptions of this information and for all relevant actuarial disclosures.    The use of an investment return assumption that is 2% higher than the investment return assumption  used to determine the funding requirements does not represent an estimate of future Plan experience  nor does it reflect an observation of future return estimates inherent in financial market data.  The use  of this investment return assumption is provided as a counterpart to the Chapter 112.664, Florida  Statutes requirement to utilize an investment return assumption that is 2% lower than the assumption  used to determine the funding requirements.  The inclusion of the additional exhibits showing the effect  of using a 2% higher investment return assumption shows a more complete assessment of the range of  possible results as opposed to showing a one‐sided range as required by Florida Statutes.    This report was prepared using our proprietary valuation model and related software which in our  professional judgment has the capability to provide results that are consistent with the purposes of the  valuation and has no material limitations or known weaknesses. We performed tests to ensure that the  model reasonably represents that which is intended to be modeled.    Melissa Zrelack and Dina Lerner are members of the American Academy of Actuaries and meet the  Qualification Standards of the American Academy of Actuaries to render the actuarial opinions  contained herein.  The signing actuaries are independent of the plan sponsor.    This report has been prepared by actuaries who have substantial experience valuing public employee  retirement systems.  To the best of our knowledge the information contained in this report is accurate  and fairly presents the actuarial position of the Retirement Plan as of the valuation date.  All calculations  have been made in conformity with generally accepted actuarial principles and practices, with the  Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.    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 us or under our direct supervision, and we acknowledge responsibility for the results.  To the best of our  knowledge, the results are complete and accurate, and in our opinion, meet the requirements of Section  112.664(1), F.S. and Section 60T‐1.0035, F.A.C.    Respectfully submitted,    GABRIEL, ROEDER, SMITH & COMPANY      By: _________________________________ _____________________________   Melissa Zrelack, MAAA, FCA Dina Lerner, ASA, MAAA, FCA   Enrolled Actuary No. 20‐06467 Enrolled Actuary No. 20‐08236  Consultant & Actuary    Consultant & Actuary                       TABLE OF CONTENTS          Title           Page         Ch. 112.664, F.S. Results                   Schedule of Changes in Net Pension Liability   1. Using financial reporting assumptions per GASB Statement No. 67 1  2. Using assumptions prescribed in Section 112.664(1)(a), F.S.  2  3. Using assumptions prescribed in Section 112.664(1)(b), F.S.  3  4. Using the mandated mortality and funding interest rate +2%  4       Asset Versus Benefit Payments Projections  1. Using assumptions from the Plan’s latest actuarial valuation  5  2. Using assumptions prescribed in Section 112.664(1)(a), F.S.  6  3. Using assumptions prescribed in Section 112.664(1)(b), F.S.  7  4. Using the mandated mortality and funding interest rate +2%  8      Actuarially Determined Contribution          9              CHAPTER 112.664, FLORIDA STATUTES  RESULTS                            Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    1  Schedule of Changes in the  Employers' Net Pension Liability  Using Financial Reporting Assumptions per GASB Statement No. 67 Fiscal year ending September 30,2020 1. Total  pension liability a. Service  Cost 826,391$                            b. Interest 2,306,113                           c. Benefit Changes ‐                                       d. Difference between actual  & expected experience & Other (23,107)                               e. Assumption Changes 795,173                              f. Benefit Payments (1,425,391)                         g. Contribution Refunds ‐                                       h. Net Change in Total  Pension Liability 2,479,179                           i. Total  Pension Liability ‐ Beginning 30,634,478                        j. Total  Pension Liability ‐ Ending 33,113,657$                      2. Plan Fiduciary Net Position a. Contributions ‐ Employer 808,455$                            b. Contributions ‐ Employer (from State) 105,165                              c. Contributions ‐ Member 264,605                              d. Net Investment Income 2,347,637                           e. Benefit Payments (1,425,391)                         f. Contribution Refunds ‐                                       g. Administrative Expense (86,101)                               h. Other ‐                                       i. Net Change  in Plan Fiduciary Net Position 2,014,370                           j. Plan Fiduciary Net Position ‐ Beginning 26,722,296                        k. Plan Fiduciary Net Position ‐ Ending 28,736,666$                      3. Net Pension Liability / (Asset)4,376,991                           Certain Key Assumptions Valuation Date 10/01/2019 Measurement Date 09/30/2020 Investment Return Assumption 7.00% Mortality Table FRS Mortality Rates from  7/1/19 FRS Valuation for  Special  Risk Class Members           Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    2  Schedule  of  Changes in the  Employers' Net Pension Liability  Using Assumptions required under 112.664(1)(a), F.S. Fiscal  year ending September 30,2020 1. Total  pension liability a. Service  Cost 826,391$                             b. Interest 2,306,113                           c. Benefit Changes ‐                                        d. Difference between actual  & expected experience & Other (23,107)                                e. Assumption Changes 795,173                               f. Benefit Payments (1,425,391)                          g. Contribution Refunds ‐                                        h. Net Change in Total  Pension Liability 2,479,179                           i. Total  Pension Liability ‐ Beginning 30,634,478                         j. Total  Pension Liability ‐ Ending 33,113,657$                       2. Plan Fiduciary Net Position a. Contributions ‐ Employer 808,455$                             b. Contributions ‐ Employer (from State) 105,165                               c. Contributions ‐ Member 264,605                               d. Net Investment Income 2,347,637                           e. Benefit Payments (1,425,391)                          f. Contribution Refunds ‐                                        g. Administrative Expense (86,101)                                h. Other ‐                                        i. Net Change in Plan Fiduciary Net Position 2,014,370                           j. Plan Fiduciary Net Position ‐ Beginning 26,722,296                         k. Plan Fiduciary Net Position ‐ Ending 28,736,666$                       3. Net Pension Liability / (Asset)4,376,991                           Certain Key Assumptions Valuation Date 10/01/2019 Measurement Date 09/30/2020 Investment Return Assumption 7.00% Mortality Table FRS  Mortality Rates from  7/1/19 FRS Valuation for  Special Risk Class Members   Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    3    Schedule  of Changes in the  Employers' Net Pension Liability  Using Assumptions required under 112.664(1)(b), F.S. Fiscal  year ending September 30,2020 1. Total  pension liability a. Service Cost 1,402,421$                         b. Interest 2,078,598                           c. Benefit Changes ‐                                        d. Difference between actual  & expected experience & Other 11,359                                 e. Assumption Changes ‐                                        f. Benefit Payments (1,425,391)                         g. Contribution Refunds ‐                                        h. Net Change  in Total  Pension Liability 2,066,987                           i. Total  Pension Liability ‐ Beginning 40,882,239                         j. Total  Pension Liability ‐ Ending 42,949,226$                      2. Plan Fiduciary Net Position a. Contributions ‐ Employer 808,455$                            b. Contributions ‐ Employer (from State) 105,165                               c. Contributions ‐ Member 264,605                               d. Net Investment Income 2,347,637                           e. Benefit Payments (1,425,391)                         f. Contribution Refunds ‐                                        g. Administrative Expense (86,101)                               h. Other ‐                                        i. Net Change in Plan Fiduciary Net Position 2,014,370                           j. Plan Fiduciary Net Position ‐ Beginning 26,722,296                         k. Plan Fiduciary Net Position ‐ Ending 28,736,666$                      3. Net Pension Liability / (Asset)14,212,560                         Certain Key Assumptions Valuation Date 10/01/2019 Measurement Date 09/30/2020 Investment Return Assumption 5.00% Mortality Table FRS  Mortality Rates from  7/1/19 FRS Valuation for  Special Risk Class Members           Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    4  Schedule of Changes in the  Employers' Net Pension Liability  Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption Fiscal  year ending September 30,2020 1. Total  pension liability a. Service  Cost 558,925$                           b. Interest 2,244,519                         c. Benefit Changes ‐                                      d. Difference between actual  & expected experience & Other 11,359                               e. Assumption Changes ‐                                      f. Benefit Payments (1,425,391)                        g. Contribution Refunds ‐                                      h. Net Change in Total  Pension Liability 1,389,412                         i. Total  Pension Liability ‐ Beginning 25,092,873                       j. Total  Pension Liability ‐ Ending 26,482,285$                     2. Plan Fiduciary Net Position a. Contributions ‐ Employer 808,455$                           b. Contributions ‐ Employer (from State) 105,165                             c. Contributions ‐ Member 264,605                             d. Net Investment Income 2,347,637                         e. Benefit Payments (1,425,391)                        f. Contribution Refunds ‐                                      g. Administrative Expense (86,101)                              h. Other ‐                                      i. Net Change in Plan Fiduciary Net Position 2,014,370                         j. Plan Fiduciary Net Position ‐ Beginning 26,722,296                       k. Plan Fiduciary Net Position ‐ Ending 28,736,666$                     3. Net Pension Liability / (Asset)(2,254,381)                        Certain Key Assumptions Valuation Date 10/01/2019 Measurement Date 09/30/2020 Investment Return Assumption 9.00% Mortality Table FRS  Mortality Rates from  7/1/19 FRS Valuation for  Special Risk Class Members         Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    5  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the  Employer, State or Employee Using Assumptions From the Plan's Latest Actuarial Valuation FYE Market Value of  Assets (BOY) Expected Investment  Return Projected Benefit  Payments Market Value of  Assets (EOY) 2021 28,065,492                       1,909,421                         1,576,111                         28,398,802                        2022 28,398,802                       1,928,786                         1,689,440                         28,638,148                        2023 28,638,148                       1,944,941                         1,706,557                         28,876,532                        2024 28,876,532                       1,955,390                         1,884,784                         28,947,138                        2025 28,947,138                       1,958,361                         1,941,094                         28,964,405                        2026 28,964,405                       1,956,918                         2,016,881                         28,904,442                        2027 28,904,442                       1,950,925                         2,068,164                         28,787,203                        2028 28,787,203                       1,942,297                         2,080,192                         28,649,308                        2029 28,649,308                       1,932,247                         2,091,553                         28,490,002                        2030 28,490,002                       1,919,661                         2,132,533                         28,277,130                        2031 28,277,130                       1,901,868                         2,215,167                         27,963,831                        2032 27,963,831                       1,879,952                         2,214,750                         27,629,033                        2033 27,629,033                       1,854,262                         2,279,143                         27,204,152                        2034 27,204,152                       1,821,834                         2,355,913                         26,670,073                        2035 26,670,073                       1,784,567                         2,352,504                         26,102,136                        2036 26,102,136                       1,742,832                         2,409,076                         25,435,892                        2037 25,435,892                       1,696,394                         2,403,397                         24,728,889                        2038 24,728,889                       1,647,346                         2,390,754                         23,985,481                        2039 23,985,481                       1,595,853                         2,375,170                         23,206,164                        2040 23,206,164                       1,542,005                         2,355,050                         22,393,119                        2041 22,393,119                       1,485,481                         2,343,918                         21,534,682                        2042 21,534,682                       1,425,937                         2,328,304                         20,632,315                        2043 20,632,315                       1,363,696                         2,301,885                         19,694,126                        2044 19,694,126                       1,299,121                         2,270,514                         18,722,733                        2045 18,722,733                       1,232,255                         2,238,170                         17,716,818                        2046 17,716,818                       1,163,399                         2,193,656                         16,686,561                        2047 16,686,561                       1,092,796                         2,150,374                         15,628,983                        2048 15,628,983                       1,020,375                         2,104,398                         14,544,960                        2049 14,544,960                       946,214                             2,055,242                         13,435,932                        2050 13,435,932                       870,415                             2,002,872                         12,303,475                        2051 12,303,475                       793,126                             1,946,210                         11,150,391                        2052 11,150,391                       714,480                             1,887,070                         9,977,801                          2053 9,977,801                         634,564                             1,825,190                         8,787,175                          2054 8,787,175                         553,478                             1,760,689                         7,579,964                          2055 7,579,964                         471,297                             1,694,308                         6,356,953                          2056 6,356,953                         388,075                             1,626,049                         5,118,979                          2057 5,118,979                         303,871                             1,555,929                         3,866,921                          2058 3,866,921                         218,737                             1,484,217                         2,601,441                          2059 2,601,441                         132,706                             1,411,286                         1,322,861                          2060 1,322,861                         45,786                               1,337,548                         31,099                                2061 31,099                                ‐                                      1,263,406                          ‐                                       40.00 Certain Key Assumptions Valuation Investment return assumption 7.00% Valuation Mortality Table Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the projection of the Fund assets do not include  contributions from the  Employer, Employee  or State, which is contrary to Florida Statutes and Plan provisions.  For  this reason, these projections should not be viewed as a representation of the  amount of time the Fund can sustain  benefit payments.  Under the GASB standards which DO include contributions from the  employer, employee and  State, the  Fund is expected to be able  to sustain the  benefit payment demands in the  near‐term and long‐term  future. Number of years for which current market value of assets are adequate to sustain the  payment of expected retirement benefits, reflecting no contributions from the Employer,  Employee or State, contrary to Florida Statutes and Plan provisions: FRS Mortality Rates from 7/1/20 FRS Valuation  for Special Risk Class Members     Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    6  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the  Employer, State or Employee Using Assumptions required under 112.664(1)(a), F.S. FYE Market Value  of  Assets (BOY) Expected Investment  Return Projected Benefit  Payments Market Value of  Assets (EOY) 2021 28,065,492                       1,909,421                         1,576,111                         28,398,802                        2022 28,398,802                       1,928,786                         1,689,440                         28,638,148                        2023 28,638,148                       1,944,941                         1,706,557                         28,876,532                        2024 28,876,532                       1,955,390                         1,884,784                         28,947,138                        2025 28,947,138                       1,958,361                         1,941,094                         28,964,405                        2026 28,964,405                       1,956,918                         2,016,881                         28,904,442                        2027 28,904,442                       1,950,925                         2,068,164                         28,787,203                        2028 28,787,203                       1,942,297                         2,080,192                         28,649,308                        2029 28,649,308                       1,932,247                         2,091,553                         28,490,002                        2030 28,490,002                       1,919,661                         2,132,533                         28,277,130                        2031 28,277,130                       1,901,868                         2,215,167                         27,963,831                        2032 27,963,831                       1,879,952                         2,214,750                         27,629,033                        2033 27,629,033                       1,854,262                         2,279,143                         27,204,152                        2034 27,204,152                       1,821,834                         2,355,913                         26,670,073                        2035 26,670,073                       1,784,567                         2,352,504                         26,102,136                        2036 26,102,136                       1,742,832                         2,409,076                         25,435,892                        2037 25,435,892                       1,696,394                         2,403,397                         24,728,889                        2038 24,728,889                       1,647,346                         2,390,754                         23,985,481                        2039 23,985,481                       1,595,853                         2,375,170                         23,206,164                        2040 23,206,164                       1,542,005                         2,355,050                         22,393,119                        2041 22,393,119                       1,485,481                         2,343,918                         21,534,682                        2042 21,534,682                       1,425,937                         2,328,304                         20,632,315                        2043 20,632,315                       1,363,696                         2,301,885                         19,694,126                        2044 19,694,126                       1,299,121                         2,270,514                         18,722,733                        2045 18,722,733                       1,232,255                         2,238,170                         17,716,818                        2046 17,716,818                       1,163,399                         2,193,656                         16,686,561                        2047 16,686,561                       1,092,796                         2,150,374                         15,628,983                        2048 15,628,983                       1,020,375                         2,104,398                         14,544,960                        2049 14,544,960                       946,214                             2,055,242                         13,435,932                        2050 13,435,932                       870,415                             2,002,872                         12,303,475                        2051 12,303,475                       793,126                             1,946,210                         11,150,391                        2052 11,150,391                       714,480                             1,887,070                         9,977,801                          2053 9,977,801                         634,564                             1,825,190                         8,787,175                          2054 8,787,175                         553,478                             1,760,689                         7,579,964                          2055 7,579,964                         471,297                             1,694,308                         6,356,953                          2056 6,356,953                         388,075                             1,626,049                         5,118,979                          2057 5,118,979                         303,871                             1,555,929                         3,866,921                          2058 3,866,921                         218,737                             1,484,217                         2,601,441                          2059 2,601,441                         132,706                             1,411,286                         1,322,861                          2060 1,322,861                         45,786                               1,337,548                         31,099                                2061 31,099                                ‐                                      1,263,406                          ‐                                       40.00 Certain Key Assumptions Valuation Investment return assumption 7.00% Valuation Mortality Table Note: As required in Section 112.664(1)(c) of the Florida Statutes, the projection of the  Fund assets do not include  contributions from the Employer, Employee  or State, which is contrary to Florida Statutes and Plan provisions.  For  this reason, these projections should not be viewed as a representation of the amount of time  the  Fund can sustain  benefit payments.  Under the GASB standards which DO include contributions from the employer, employee and  State, the  Fund is expected to be  able  to sustain the  benefit payment demands in the near‐term and long‐term  future. Number of years for which current market value of assets are  adequate to sustain the  payment of expected retirement benefits, reflecting no contributions from the  Employer,  Employee or State, contrary to Florida Statutes and Plan provisions: FRS Mortality Rates from 7/1/20 FRS Valuation  for Special Risk Class Members     Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    7  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the  Employer, State  or Employee Using Assumptions required under 112.664(1)(b), F.S. FYE Market Value of  Assets (BOY) Expected Investment  Return Projected Benefit  Payments Market Value of  Assets (EOY) 2021 28,065,492                       1,363,872                         1,576,111                         27,853,253                        2022 27,853,253                       1,350,427                         1,689,440                         27,514,240                        2023 27,514,240                       1,333,048                         1,706,557                         27,140,731                        2024 27,140,731                       1,309,917                         1,884,784                         26,565,864                        2025 26,565,864                       1,279,766                         1,941,094                         25,904,536                        2026 25,904,536                       1,244,805                         2,016,881                         25,132,460                        2027 25,132,460                       1,204,919                         2,068,164                         24,269,215                        2028 24,269,215                       1,161,456                         2,080,192                         23,350,479                        2029 23,350,479                       1,115,235                         2,091,553                         22,374,161                        2030 22,374,161                       1,065,395                         2,132,533                         21,307,023                        2031 21,307,023                       1,009,972                         2,215,167                         20,101,828                        2032 20,101,828                       949,723                             2,214,750                         18,836,801                        2033 18,836,801                       884,861                             2,279,143                         17,442,519                        2034 17,442,519                       813,228                             2,355,913                         15,899,834                        2035 15,899,834                       736,179                             2,352,504                         14,283,509                        2036 14,283,509                       653,949                             2,409,076                         12,528,382                        2037 12,528,382                       566,334                             2,403,397                         10,691,319                        2038 10,691,319                       474,797                             2,390,754                         8,775,362                          2039 8,775,362                         379,389                             2,375,170                         6,779,581                          2040 6,779,581                         280,103                             2,355,050                         4,704,634                          2041 4,704,634                         176,634                             2,343,918                         2,537,350                          2042 2,537,350                         68,660                               2,328,304                         277,706                              2043 277,706                              ‐                                      2,301,885                          ‐                                       2044 ‐                                       ‐                                      2,270,514                          ‐                                       2045 ‐                                       ‐                                      2,238,170                          ‐                                       2046 ‐                                       ‐                                      2,193,656                          ‐                                       22.08 Certain Key Assumptions Valuation Investment return assumption 5.00% Valuation Mortality  Table Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the  projection of the  Fund assets do not include  contributions from the  Employer, Employee  or State, which is contrary to Florida Statutes and Plan provisions.  For  this reason, these  projections should not be viewed as a representation of the amount of time  the  Fund can sustain  benefit payments.  Under the  GASB standards which DO include contributions from the  employer, employee and  State, the  Fund is expected to be able  to sustain the  benefit payment demands in the  near‐term and  long‐term  future. Number of years for which current market value of assets are  adequate to sustain the   payment of expected retirement benefits, reflecting no contributions from the  Employer,  Employee  or State, contrary to Florida Statutes and  Plan provisions: FRS Mortality  Rates from 7/1/20 FRS Valuation  for Special Risk Class Members     Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    8  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the  Employer, State  or Employee Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption FYE Market Value of  Assets (BOY) Expected Investment  Return Projected Benefit  Payments Market Value of  Assets (EOY) 2021 28,065,492                       2,454,969                         1,576,111                         28,944,350                        2022 28,944,350                       2,528,967                         1,689,440                         29,783,877                        2023 29,783,877                       2,603,754                         1,706,557                         30,681,074                        2024 30,681,074                       2,676,481                         1,884,784                         31,472,771                        2025 31,472,771                       2,745,200                         1,941,094                         32,276,877                        2026 32,276,877                       2,814,159                         2,016,881                         33,074,155                        2027 33,074,155                       2,883,607                         2,068,164                         33,889,598                        2028 33,889,598                       2,956,455                         2,080,192                         34,765,861                        2029 34,765,861                       3,034,808                         2,091,553                         35,709,116                        2030 35,709,116                       3,117,856                         2,132,533                         36,694,439                        2031 36,694,439                       3,202,817                         2,215,167                         37,682,089                        2032 37,682,089                       3,291,724                         2,214,750                         38,759,063                        2033 38,759,063                       3,385,754                         2,279,143                         39,865,674                        2034 39,865,674                       3,481,895                         2,355,913                         40,991,656                        2035 40,991,656                       3,583,386                         2,352,504                         42,222,538                        2036 42,222,538                       3,691,620                         2,409,076                         43,505,082                        2037 43,505,082                       3,807,305                         2,403,397                         44,908,990                        2038 44,908,990                       3,934,225                         2,390,754                         46,452,461                        2039 46,452,461                       4,073,839                         2,375,170                         48,151,130                        2040 48,151,130                       4,227,624                         2,355,050                         50,023,704                        2041 50,023,704                       4,396,657                         2,343,918                         52,076,443                        2042 52,076,443                       4,582,106                         2,328,304                         54,330,245                        2043 54,330,245                       4,786,137                         2,301,885                         56,814,497                        2044 56,814,497                       5,011,132                         2,270,514                         59,555,115                        2045 59,555,115                       5,259,243                         2,238,170                         62,576,188                        2046 62,576,188                       5,533,142                         2,193,656                         65,915,674                        All future years Certain Key Assumptions Valuation Investment return assumption 9.00% Valuation Mortality Table Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the  projection of the  Fund assets do not include  contributions from the Employer, Employee  or State, which is contrary to Florida Statutes and Plan provisions.  For  this reason, these  projections should not be  viewed as a representation of the  amount of time  the  Fund can sustain  benefit payments.  Under the  GASB standards which DO include  contributions from the  employer, employee and  State, the  Fund is expected to be able  to sustain the  benefit payment demands in the  near‐term and long‐term  future. Number of years for which current market value of assets are  adequate  to sustain the  payment of expected retirement benefits, reflecting no contributions from the  Employer,  Employee  or State, contrary to Florida Statutes and Plan provisions: FRS Mortality  Rates from 7/1/20 FRS Valuation  for Special Risk Class Members     Miami Shores Village Police Officers’ Retirement System  Chapter 112.664, F.S. Compliance Report    9  A. Valuation Date B. Actuarially Determined Contribution (ADC)  to Be Paid During Fiscal Year Ending 9/30/2022 9/30/2022 9/30/2022 9/30/2022   C. Assumed Date of Employer Contributions 12/31/2021 12/31/2021 12/31/2021 12/31/2021 D. Annual Payment to Amortize Unfunded Actuarial Liability $ 558,047 $ 558,047 $ 1,254,939 $ 0 E. Employer Normal Cost 667,980 667,980 1,200,425 360,998 F. Employer ADC if Paid on Valuation Date:  D + E 1,226,027 1,226,027 2,455,364 360,998 G. Employer ADC Adjusted for Frequency of Payments 1,334,228 1,334,228 2,609,772 402,057 H. Employer ADC Adjusted for Frequency of Payments  as % of Covered Payroll 44.34 % 44.34 % 86.73 % 13.36 % I. Assumed Rate  of Increase in Covered Payroll to Contribution Year 0.00 % 0.00 % 0.00 % 0.00 % J. Covered Payroll for Contribution Year 3,008,917 3,008,917 3,008,917 3,008,917 K. Employer ADC for Contribution Year: H x  J 1,334,228 1,334,228 2,609,772 402,057 L. Estimated State Revenue in Contribution Year 93,806 93,806 93,806 93,806 M.Net  Employer ADC in Contribution Year 1,240,422 1,240,422 2,515,966 308,251 N. Net Employer ADC as % of Covered Payroll in Contribution Year: M ÷ J 41.22 % 41.22 % 83.62 % 10.24 % O. Expected Member Contributions 270,803 270,803 270,803 270,803 P. Total  Contribution (including Members) in  Contributing Year 1,605,031 1,605,031 2,880,575 672,860 Q. Total Contribution as a % of covered payroll in Contribution Year: P ÷ J 53.34 % 53.34 % 95.73 % 22.36 % R. Certain Key Assumptions       Investment Return Assumption 7.00% 7.00% 5.00% 9.00%        Mortality  Table FRS Mortality   Rates from  7/1/20 FRS  Valuation for  Special Risk  Class Members October 1, 2020 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) October 1, 2020 October 1, 2020October 1, 2020 112.664(1)(b) F.S.   except 2% higher  investment  return  assumption 112.664(1)(b) F.S.  Assumptions 112.664(1)(a) F.S.  Assumptions Plans Latest  Actuarial  Valuation FRS Mortality   Rates from  7/1/20 FRS  Valuation for  Special Risk  Class Members FRS Mortality   Rates from  7/1/20 FRS  Valuation for  Special Risk  Class Members FRS Mortality   Rates from  7/1/20 FRS  Valuation for  Special Risk  Class Members