Police Retirement Pension Board- 2022 Actuarial Fact Sheet2022 Florida Local Government Retirement Systems Actuarial Fact Sheet
City/District Name:Miami Shores Village Employee group(s) covered:Police
Current actuarial valuation date:10/1/2021
Market Value of Plan Assets (MVA):$34,910,081
Unfunded Accrued Liability (UAL):$3,485,884
Number of plan participants:64
10.70%
Assumed 7.00%
Funding requirement as percentage of payroll:46.16%
Percentage of payroll contributed by employee:9.00%
Benefit Formula Description:2.91% X AFC X SC, SC capped at 25 years
MVA Funded Ratio (5-year history):
Rate of
Return:
11.04%
6.96%
54.60%
6.46%
Employees covered by Social Security?Yes
*Adjusted by excluding plans from average whose Funded Ratios were not within two standard deviations from the mean
Actuarial Value of Plan Assets (AVA):$31,468,320
AFC Averaging Period (years):3
1/19/2023Date prepared:
Actuarial Accrued Liability (AAL):$34,954,204
Actuarial Value, Actual (2021 Plan Year)
Averages for all plans with 2021 current
actuarial valuation date
99.87%
86.52%
84.97%
87.89%
85.08%
100.64%*
89.72%*
86.46%*
88.93%*
85.90%*
Market Value, Actual 21.70%19.89%
**
**
**Excludes plans with zero payroll
Current valuation
1 year prior
2 years prior
3 years prior
4 years prior
Florida
Statute
Chapter
Discount
Rate
Pension
Liability
Market
Value of
Plan Assets
Net
Pension
Liability
Years
assets
sustain
benefit
payments
Total
Dollar
Contribution
Total
% of Pay
Contribution
34,767,849 35,168,683 -400,834 999.99 1,577,824 49.44
44,895,084 35,168,683 9,726,401 29.17 2,935,258 91.98
999.99 1,577,824 49.44
112.664(1)(a)
112.664(1)(b)
7.00%
Valuation Basis
5.00%
7.00%
Additional actuarial disclosures required by section 112.664, Florida Statutes:
N/A N/A N/A
Link to annual financial statements:
(For explanation of terms, see glossary on page 2)
34,767,849
35,168,683
-400,834
GASB 67 Reporting
7.00%
https://frs.fl.gov/forms/LOC5340488PDF10012021N1.pdf
Discount Rate
Total Pension Liability
Net Pension Liability
Market Value of Plan Assets
GASB 67 Funded Ratio 101.15%
Plan Status:Active
Funding requirement as dollar amount:1,473,160 N/A
Florida Department of Management Services | Page 1
Market Value of Plan Assets (MVA):The fair market value of assets, including DROP accounts.
Unfunded Accrued Liability (UAL):The difference between the actuarial accrued liability and the actuarial value of
assets accumulated to finance the obligation.
MVA Funded Ratio:Market Value of Plan Assets divided by Actuarial Accrued Liability (GASB)
Rate of Return (Assumed):Assumed long-term rate of return on the pension fund assets.
Funding requirement as percentage of
payroll:
Total Required Contribution (employer and employee) divided by total payroll of
active participants. No interest adjustment is included.
AFC:Average Final Compensation or some variant of compensation
(e.g., AME [Average Monthly Earnings], FAC [Final Average Compensation], FMC
[Final Monthly Compensation] etc.)
Actuarial Value of Plan Assets (AVA):Assets calculated under an asset valuation method smoothing the effects of
volatility in market value of assets. Used to determine employer contribution.
Actuarial Accrued Liability (AAL):Portion of Present Value of Fully Projected Benefits attributable to service credit
earned as of the current actuarial valuation date.
SC:Service Credit
Years assets sustain benefit payments:Assuming no future contributions from any source, the number of years the
market value of assets will sustain payment of expected retirement benefits. The
number of years will vary based on the Florida Statute Chapter assumption.
Florida Statute Chapter:112.664(1)(a) – uses mortality tables used in either of the two most recently
published FRS valuation reports, with projection scale for mortality improvement
112.664(1)(b) – uses same mortality assumption as 112.664(1)(a) but using an
assumed discount rate equal to 200 basis points (2.00%) less than plan’s assumed
rate of return.
Valuation Basis – uses all the assumptions in the plan's valuation as of the current
actuarial valuation date.
Discount Rate:Rate used to discount the liabilities. Typically the same as assumed rate of return
on assets.
Total Pension Liability:Actuarial Accrued Liability measured using the appropriate assumptions as
specified above and the Traditional Individual Entry Age Normal Cost method.
Total Dollar Contribution:Required contribution from all sources (i.e., employee and sponsor). Contribution
will vary based on the Florida Statute Chapter assumption.
Total % of Pay Contribution:Total Dollar Contribution divided by total payroll of active participants
Net Pension Liability:Total Pension Liability minus Market Value of Plan Assets.
Section 112.664 – Glossary of Terms
Actuarial Summary Fact Sheet – Glossary of Terms
Annual financial statements:A report issued which covers a local government retirement system or plan to
satisfy the financial reporting requirements of section 112.664(1), F.S.
Funding requirement as dollar amount:Total Required Contribution (employer and employee). No interest adjustment is
included.
Plan Status:Active, Closed (closed to new entrants) and Frozen (closed to new entrants and no
further benefit accruals)
Florida Department of Management Services | Page 2