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Fire Actuarial Valuation Report 2016F05TER&F05TER ACTUARIES AND CONSULTANTS VILLAGE OF OAK BR00K FIREFIGHTERS'PENS10N FUND ACTUARIAL VALUATION AS OFJANUARY l,2016 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED DECEMBER 31,2016 ? FOSTER & FOSTER April20,2016 Board of Trustees Village of Oak Brook Firefi ghters' Pension Fund 1200 Oak Brook Road Oak Brook, lL 60523 Re:Village of Oak Brook Firefighters' Pension Fund Dear Board: We are pleased to present to the Board this report of the annual actuarial valuation of the Village of Oak Brook Firefighters' Pension Fund. The 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. Please note that this valuation may not be applicable for any other purposes. The valuation has 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 Article 4, Illinois Pension Code, 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 valuation, 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 veriff the accuracy of allthis information, the supplied information was reviewed for consistency and reasonableness. As a result of this review, we have no reason to One Oakbrook Terrace, Suite 720 Oakbrook Terrace, lL 601 81 ' (630) 620-0200 . Fax (239) ,{81 -0634 . www.foster-foster.com doubt the substantial accuracy of the 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 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 Village of Oak Brook, nor does anyone at Foster & Foster, Inc. act as a member of the Board of Trustees of the Village of Oak Brook Firefighters' Pension Fund. Thus, there is no relationship existing that might affect our capacity to prepare and certiff this actuarial report. If there are any questions, concerns, or comments about any of the items contained in this report, please contact me at 630-620-0200. Respectfu lly submitted, Foster & Foster, Inc. Enrolled Actuary # I 4-6888 JLF/lke Enclosures IVVSectionI TABLE OF CONTENTS Title Introduction a. Summary of Report b. Changes Since Prior Valuation c. Comparative Summary of Principal Valuation Results Valuation Information a. Development of January 1,2016 Amortization Payment b. Projection of Benefit Payments c. Actuarial Assumptions and Funding Methods d. Valuation Notes Trust Fund Member Statistics a. Statistical Data b. Age and Service Distribution c. Valuation Participant Reconciliation Summary of Current Plan Page l3 t4 t5 l7 t9 23 24 25 26 Village ofOak Brook Firefighters'Pension Fund FOSTER&FOSTERI4 SUMMARY OF REPORT The regular annual actuarial valuation of the Village of Oak Brook Firefighters' Pension Fund, performed as of January 1,2016, has been completed and the results are presented in this Report. The contribution amounts set forth herein are applicable to the plan/fiscal year ended December 31,2016. The contribution requirements, compared with those set forth in the January 1,2015 actuarial report, are as follows: Valuation Date Applicable Plan/Fiscal Year End Total Required Contribution o/, of Total Annual Payroll Member Contributions (Est.) %o of Total Annual Payroll Village Required Contribution % of Total Annual Payroll 1/1/2015 12/31/2015 S2,055,644 72.9% 266,463 9.455% 1,789,181 63.4% 1/1/2016 12/31/2016 S2,151,232 77.10/0 263,800 9.455% ⊇ゝ91 2ι し 1,887,432 ?, D ( 67.604 As you can see, the Total Required Contribution has increased as a percentage of payroll since the January 1,2015 actuarial valuation report. This is mostly driven by a decrease in payroll, which was expected to grow by 3.25o/o. Also contributing to the loss were the Actuarial Value of Assets, which ζ was partiJサ offs∝byσ ttincК T"ジ which ower than expected by about 0.7 This report uses actuarial assumptions and methods determined based on our discussion with the Board. The assumptions reflect our best estimate of future experience and the methods assign a reasonable portion of the contribution requirements to today's taxpayers. Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER15 The balance ofthis Report presents additional details ofthe 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. Respectfu lly submitted, FOSTER & FOSTER,INC. Jasoh L. Franken, FSA, EA, MAAA Village ofOak Brook Firefighters' Pension Fund FOSTER&FOSTERI6 tu Plan Chanees Since Prior Valuation There have been no Plan changes since the prior valuation. Actuarial Assumption/TVlethod Changes Since Prior Valuation There have been no changes to actuarial assumptions or methods since the prior valuation. Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTERIT COMPARATIVE StIMMARY OF PRINCIPAL VALUAT10N RESULTS 1/1/2016 A. Participant Data Number Included Actives Service Retirees Beneficiaries Disability Retirees Terminated Vested Total Total Annual Payroll Payroll Under Assumed Ret. Age Annual Rate of Payments to: Service Retirees Beneficiaries Disability Retirees Terminated Vested B. Assets Actuarial Value Market Value C. Liabilities Present Value of Benefits Actives Retirement Benefits Disability Benefits Death Benefits Vested Benefits Service Retirees Beneficiaries Disability Retirees Terminated Vested Total みらlら｀° 25,321,H5 為 F脚5 1/1/2015 $2,818,219 2,818,219 1,484,946 176,335 735,1380 25,198,974 25,046,128 16,800,828 2,244,071 543,647 691,517 21,365,542 1,399,662 10,612,546 34.536 53,692,349 S2,790,061 2,790,061 1,603,007 290,683 719,0710 17,746,838 2,608,640 461,391 743,111 22,097,215 2,091,411 9,242,317 38.166 55,029,089 Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER18 C. Liabilities - (Continued) Present Value of Future Salaries Present Value of Future Member Contributions Normal Cost (Retirement) Normal Cost (Disability) Normal Cost (Death) Normal Cost (Vesting) Total Normal Cost Present Value of Future Normal Costs Accrued Liability (Retirement) Accrued Liability (Disability) Accrued Liability (Death) Accrued Liabil ity (Vesting) Accrued Liability (Inactives) Total Actuarial Accrued Liabiliry Unfunded Actuarial Accrued Liability (UAAL) Funded Ratio (AVA / AL) D. Actuarial Present Value of Accrued Benefits Vested Accrued Benefits Inactives Actives Member Contributions Total Non-vested Accrued Benefits Total Present Value Accrued Benefits Funded Ratio (MVA / PVAB) Increase (Decrease) in Present Value of Accrued Benefits Attributable to: Plan Amendments Assumption Changes New Accrued Benefits Benefits Paid Interest Other Total Village of Oak Brook Firefighters'Pension Fund 1/1/2016 29,744,984 2,812,388 591,061 158,098 27,701 41,699 818,559 8,293,898 11,638,607 1,021,720 182,949 422,806 33.469.109 46,735,191 1/1/2015 29,465,369 2,785,951 557,528 130,496 36,353 37.589 761,966 7,560,920 11,203,788 931,858 196,570 386,927 33.412.286 46,131,429 33,469,109 5,051,726 2,390,661 40,911,496 392.909 41,304,405 57.700/000 (1,663,576) (2,615,406) 2,702,2720 (1,576,710) 33,412,286 5,095,940 2,443.225 40,951,451 1.929.664 42,881,115 58.40% 20,932,455 FOSTER&FOSTER19 Valuation Date Applicable to Fiscal Year Ending E. Pension Cost Normal Cost (with interest) % of Total Annual Payroll I Administrative Expenses (with interest) % of Total Annual Payroll ' Payment Required to Amortize Unfunded Actuarial Accrued Liability over 25 years (as of 011112016, with interest) % of Total Annual Payroll ' Total Required Contribution % of Total Annual Payroll ' Expected Member Contributions % of Total Annual Payroll ' Expected Village Contribution % of Total Annual Payroll ' F. Past Contributions Plan Years Ending: Total Required Contribution Village Requirement Actual Contributions Made: Members (excluding buyback) Village Total G. Net Actuarial (Gain)/Loss 1/1/2016 12/31/2016 $844,743 30.3 55,778 2.0 1,250,711 44.8 2,151,232 77.1 263,800 9.455 1,887,432 67.6 12/31/2015 2,058,530 1,789,181 269,349 1.414,530 1,683,879 (24,032) 1/1/2015 12/31/2015 $786,340 27.9 77,796 2.8 1,191,508 42.3 2,055,644 72.9 266,463 9.455 1,789,181 63.4 I Contributions developed as of lll12016 are expressed as a percentage of total annual payroll at lll12016 of $2,790,061. Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER110 H.Schedule Hlustrating the Amortization ofthe Total Unfunded Actuarial Accrued Liability as or PrdeCted unfunded Ycar Accrucd Liabilitv 2016 21,414,076 2017 21,515,272 2018 21,581,097 2024 21,007,254 2030 17,952,354 2035 12,373,797 2041 0 1.(i)3 Year Comparison of Actual and Assumcd Salary lncreases (ii) 3 Year Comparison of Investment Retum on Actuarial Value Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 12/31/2015 12/31/2014 12/31/2013 12/31/2015 12/31/2014 12/31/2013 Actual 3.46% 3.440/0 3.90% Assumed 4.25% 4.25% 4.25% 臓ぐ3・ケ虫°%ム(( Assumed 6.50% 6.750/0 6.750/0 Village ofOak Brook Firefighters'Pension Fund FOSTER&FOSTER111 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 the lllinois Pension Code and adhere to the Actuarial Standards of Practice. 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. J{(onL. Franken, FSA, EA, MAAA Enrolled Actuary # 1 4-6888 Village of Oak Brook Firefighters'Pension Fund FOSTER& FOSTER I l2 DEVELOPMENT OF JANUARY 1,2016 AMORTIZATION PAYN/IENT (l) Unfunded Actuarial Accrued Liability as of January 1,2015 (2) Sponsor Normal Cost developed as of January 1,2015 (3) Expected administrative expenses for the year ended December 31,2015 (4) Expected interest on (1), (2) and (3) (5) Sponsor contributions to the System during the year ended December 3 1 , 201 5 (6) Expected interest on (5) (7) Expected Unfunded Actuarial Accrued Liability as of December 3 l, 2015 (l)+(2)+(3)+(4)-(5)-(6) (8) Change to UAAL due to Assumption Change (9) Change to UAAL due to Actuarial (Gain)/Loss (10) Unfunded Accrued Liability as of January 1,2016 Years Remaining 25 1/1/2016 AInount 21,414,076 $20,932,455 495,503 75,385 1,395,267 1,414,530 45,972 21,438,1080 (24,032) 21,414,076 Amortization Amount l,211,943 Date EstabHshed 1/1/2016 Village of Oak Brook Firefighters'Pension Fund FOSTER&FOSTER113 PROJECTION OF BENEFIT PAYMENTS Pavments for Payments for TotalYear Current Actives Current Inactives Payments 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 62,325 112,460 184,290 252,193 316,662 401,080 484,467 568,069 656,070 764,774 887,871 1,033,890 1,178,268 1,339,420 1,499,829 1,672,280 1,845,703 2,009,320 2,167,359 2,341,852 2,484,837 2,629,396 2,753,792 2,887,862 3,011,460 3,122,422 3,226,829 3,332,845 3,413,530 3,493,415 3,568,873 3,617,579 3,656,351 3,684,908 3,702,836 3,711,051 3,709,242 3,696,927 3,673,479 3,638,236 2,608,203 2,595,065 2,616,041 2,632,337 2,652,432 2,659,989 2,673,520 2,677,435 2,676,324 2,675,345 2,653,026 2,622,896 2,584,693 2,538,193 2,483,267 2,419,957 2,348,417 2,268,988 2,182,147 2,106,020 2,007,559 1,904,016 1,796,301 1,685,536 1,572,865 1,459,317 1,345,995 1,234,089 1,124,636 1,018,570 916,725 819,783 728,366 642,950 563,749 490,913 424,447 364,270 310,267 262,166 2,670,528 2,707,525 2,800,331 2,884,530 2,969,094 3,061,069 3,157,987 3,245,504 3,332,394 3,440,119 3,540,897 3,656,786 3,762,961 3,877,613 3,983,096 4,092,237 4,194,120 4,278,308 4,349,506 4,447,872 4,492,396 4,533,412 4,550,093 4,573,398 4,584,325 4,581,739 4,572,824 4,566,934 4,538,166 4,511,985 4,485,598 4,437,362 4,384,717 4,327,858 4,266,585 4,201,964 4,133,689 4,061,197 3,983,746 3,900,402 Village of Oak Brook Firefighters'Pension Fund FOSTER&FOSTER114 ACTUARIAL ASSUMPTIONS AND FUNDING METHODS Mortality Rate RP-2000 Combined Healthy Mortality with Blue Collar Adjustment and no projection. Disabled Mortality Rate RP-2000 Disabled Retiree Mortality with no projection. Interest Rate 6.50yo per year compounded annually, net of investment related expenses. This assumption is supported by the results of a study performed in 2013. Retirement Age See table below. This is based on an experience study perform ed in 2012 - Disability Rate See table below. This is based on an experience study performedin2012. 85% of the disabilities are assumed to be in the line of duty. Termination Rate See table below. This is based on an experience study perform ed in 2012. Salary Increases 4.25% per year until the assumed Retirement Age. This assumption is consistent with assumed increase rates for other municipal Firefighter plans. Payroll Growth 3.25% Per Year. Cost-of-Living Adjustment Tier l: 3.00% per year after age 55. Those that retire prior to age 55 receive an increase of lll2 of 3.00%o for each full month since benefit commencement upon reaching age 55. Tier 2: 1.25% per year after the later of attainment of age 60 or first anniversary of retirement. Administrative Expenses Expenses paid out of the fund other than investment-related expenses are assumed to be equal to those paid in the previous year. Marital Status 85% of Members are assumed to be married. Spouse's Age Males are assumed to be three years older than females. Village of Oak Brook Firehghters' Pension Fund FOSTER&FOSTER115 %Tcllllinating %Becoming Disabled △璧 During thc Year During the Year ~ 20 9.00% 0.10% 30 2.50 0.20 40 1.00 0.50 _ 50 1.00 1.00 60 1.00 3.00 %Rctiring 量 During the Ycarl 50‐53 14.00% 54‐59 20.00% 60‐62 25.00%~~ 63-64 33.00% 65-69 50.00% 70+ 100.000/0 l The retiremcntrates for Ticr 2 Membcrs are the samc as for Tier l Members shown above exceptthere is a O%probability of retirement until age 55. Funding Method Entry Agc Nollllal Actuarial Cost Method. Actuarial Asset Method Commencing on January l,2Oll, investment gains and losses are smoothed over a S-year period. Amortization Method Level Percentage of Payroll over a period ending in2040. Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER116 VALUATION NOTES Total Annual Payroll is the projected 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. Normal (Current Year's) Cost is the current year's cost for benefits yet to be funded. Unfunded Accrued Liabiliiv is a liability which arises when a pension plan is initially established or improved and such establishment or improvement is applicable to all years of past service. Total Reouired Contribution is equal to the Normal Cost plus an amount sufficient to amortize the Unfunded Accrued Liability over a period ending in2040. 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 ofthe 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- Village ofOak Brook Firefighters'Pension Fund FOSTER&FOSTERI l7 (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, offuture benefits less the present value at the participant's attained age ofthe individual normal costs payable in the future. A beneficiary's accrued Iiability equals the present value, at the beneficiary's affained age, of future benefits. The unfunded accrued liability equals the total accrued liability less the actuarialvalue 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 ofwhich he or she first earns service credits for purposes of benefit accrual under the current terms ofthe plan. Village ofOak Brook Firefighters'Pension Fund FOSTER&FOSTERI I8 STATEMENT OF FIDUCIARY NET POSITION December 31,2015 ASSETS Cash and Cash Equivalents: Cash and Cash Equivalents Prepaid Expenses Money Market Total Cash and Equivalents Receivables: Accrued Past Due Interest Total Receivable Investments: Fixed Income MutualFunds Total Investments Total Assets LIABILITIES Liabilities: Payable: Expenses Total Liabilities Net Assets: Active and Retired Members'Equity NET POSITION RESTRICTED FOR PENSIONS TOTAL LIABILITIES AND NET ASSETS NIARKET VALUE 40,704 2,073 1,275,129 1,317,906 97,509 97,509 9,132,162 13っ 276,987 22,409,149 23,824,564 6,099 6,099 23,818,465 23,818,465 23,824,564 Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER 19 STATEMENT OF CHANGES IN FIDUCIARYNET POSITION FOR THE YEAR ENDED December 31,2015 Market Value Basis ADDITIONS Contributions: Member Village Total Contributions Investment Income: Net Increase in Fair Value of Investments Interest & Dividends Less Investment Expense ' Net Investment Income Total Additions DEDUCTIONS Distributions to Members: Benefit Payments Refund of Contributions/Transfers Total Distributions Administrative Expenses Total Deductions Net Increase in Net Position NET POSISTION RESTRICTED FOR PENSIONS Beginning of the Year End of the Year I Investment Related expenses include investment advisory, custodial and performance monitoring fees. 269,349 I,414,530 2,615,406 0 1,683,879 (1,439,894) 1,247,788 (49,981) (242,087) 1,441,792 2,615,406 54,049 2,669,455 (1,227,663) 25,046,128 23,878,465 Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTERI20 ACTUARIAL ASSET VALUATION December 31,2015 Actuarial Assets for funding purposes are developed by recognizing the total actuarial investment gain or lossforeachPlanYearoverafiveyearperiod. Inthefirstyear,2DYoofthegainorlossisrecognized. In the second year 40%o, in the third year 60%o, in the fourth year 80Yo, and in the fifth year 100%o of the gain or loss is recognized. The actuarial investment gain or loss is defined as the actual return on investments minus the actuarial assumed investment return. Actuarial Assets shall not be less than 80% nor greater than 120Yo of the Market Value of Assets. Gains/(Losses) Not Yet Recognized Plan Year Ending Amounts Not Yet Recognized by Valuation Year Gain/(Loss)2016 2017 2018 2019 2020 12/31/2012 12/31/2013 12/31/2014 12/31/2015 Total 460,345 92,069 0 0 369,181 147,672 73,836 0 (453,246) (271,948) (181,298) (90,649) (1,838,054) (1,470,443) (1,102,832) (735,222) )、凛3ヽめ (1,502,650)(1,210,294)(825,871)000(367,611) (367,611) 25,046,128 (985,576) 1,595,967 (242,087) (1,838,054) 23,818,465 1,502,650 Development of lnvestment Gain/Loss Market Value of Assets,1213112014 Contributions Less Benefit Payments & Administrative Expenses Expected Investment Eamings' Actual Net Investment Earnings 20 1 6 Actuarial Investment Gain/(Loss) 1 Expected Investment Earnings = 6.500/o x (25,046,128 + 0.5 x -985,576) Development of Actuarial Value of Assets Market Value of Assets,l2l3ll20l5 (Gains)/Losses Not Yet Recognized Actuarial Value of Assets, l2l3 I l20l 5 (A) 1213112014 Actuarial Assets: (I) Net Investment Income: 1. Interest and Dividends 2. Realized Gains (Losses) 3. Change in Actuarial Value 4. Investment Expenses Total (B) l2l3ll20l5 Actuarial Assets: Actuarial Asset Rate of Return = (2 x I) / (A + B - I): Market Value of Assets Rate of Return: 1 I 1 /201 6 Limited Actuarial Assets: Actuarial Gain/(Loss) due to Investment Return (Actuarial Asset Basis) Village of Oak Brook Firefighters'Pension Fund 25,321,115 25,198,974 1,247,788 (1,439,894) 1,349,804 (49,981) 1,107,717 25,321,115 4.48% ‐0.99% 25,321,115 (498,185) FOSTER&FOSTER121 CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS December 31,2015 Actuarial Asset Basis TNCOME Contributions: Member 269,349 Village 1,414,530 TotalContributions 1,683,879 Eamings from Investments Interest & Dividends 1,247,788 Net Change in Fair Value (1,439,894) Change in Actuarial Value 1,349,804 Total Earnings and Investment Gains 1,157,698 EXPENSES Administrative Expenses: Investment Related ' 49,981 - Other 54,049 TotalAdministrative Expenses 104,030 Distributions to Members: Benefit Payments 2,675,406 Refund of Contributions/Transfers 0 Total Distributions 2,615,406 _ Change in Net Assets for the Year 122,141 Net Assets Beginning of the Year 25,198,974 - Net Assets End of the Year 2 25,321,115 I Investment Related expenses include investment advisory, custodial and performance monitoring fees. 2 Net Assets may be limited for actuarial consideration. Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER122 STATISTICAL DATA 1/1/2013 1/1/2014 Actives - Tier I Number Average Current Age Average Age at Employment Average Past Service Average Annual Salary Actives - Tier 2 Number Average Current Age Average Age at Employment Average Past Service Average Annual Salary Service Retirees Number Average Current Age Average Annual Benefrt Beneficiaries Number Average Current Age Average Annual Benefit Disabilitv Retirees Number Average Current Age Average Annual Benefit Terminated Vested Number Average Current Age Average Annual Benefit 31 43.5 28.9 14.6 S87,1581 32.6 31.9 0.7 S60,168 19 67.8 S64,928 16 N/A Sll,703 14 64.4 S39,5052 31.8 SO 28 43.6 29.1 14.5 S88,7913 28.0 27.2 0.8 $62,622 21 67.4 $67,910 13 N/A S13,467 14 64.4 S41,530 1/1/2015 27 44.7 29.9 14.8 $92,3775 28.1 27.5 0.6 S64,808 21 68.6 $70,712 18 N/A S9,796 17 62.5 $43,2434 31.0 SO 1/1/2016 24 43.3 28.3 15.0 S93,8757 33.1 31.8 1.3 S76,722 22 68.3 $72,864 15 38.1 S19,379 16 62.8 $44,942 Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER 23 AGE 15‐19 20-24 25…29 30‐34 35‐39 40‐44 45‐49 50‐54 55‐59 60-64 65+ Total AGE AND SERVICE DISTRIBUTION PAST SERVICE 0 1 2 3 4 5‐9 10-14 15‐19 20‐24 25-29 30+ Total 0 0 0 0 0 o o o o o o o 0 0 0 0 0 o o o o o o o 1 2 1 0 0 o o O o o o 4 0 1 0 0 0 2 0 0 o o o 3 0001032 2 00o8 0000012 3 0 0o6 0 0 0 0 0 o l 1 3 0 0 5 0 0 0 0 0 0 o l l o o 2 0 1 0 0 0 0 o o l o o 2 0 0 0 0 0 0 0 o o o l l 000000 1411065750131 Village ofOak Brook Firefighters' Pension Fund FOSTER&FOSTER124 VALUATION PARTICIPANT RECONCILIATION l. Active lives a. Number in prior valuation ll1l20l5 b. Terminations i. Vested (partial or full) with deferred benefits ii. Non-vested or full lump sum distribution received c. Deaths i. Beneficiary receiving benefits ii. No future benefits payable d. Disabled e. Retired f. Continuing participants g. New entrants h. Total active life participants in valuation 2. Non-Active lives (including beneficiaries receiving benefits) Service Retirees, Vested Receiving Benefits 21 Receiving Death Benefits l8 Receiving Disability Benefits t7 Vested Deferred 4a. Number prior valuation Retired Vested Deferred Death, With Survivor Death, No Survivor Disabled Refund of Contributions Rehires Expired Annuities Data Corrections Hired/Termed in Same Year b. Number current valuation Total 60 Village ofOak Brook Firefighters'Pension Fund FOSTER&FOSTERI25 58 Article 4 Pension Fund Credited Service Salary Normal Retirement Date Benefit Form ofBenefit Cost-of-Living Adjustment SUMMARY OF CURRENT PLAN The Plan is established and administered as prescribed by "Article 4. Firefighters' Pension Fund - Municipalities 500,000 and Under" of the Illinois Pension Code. Years and fractional parts of years of service as a sworn Firefighter employed by the Village. Annual salary, including longevity, attached to firefighter's rank, as established by the municipality appropriation ordinance, excluding overtime pay, bonus pay and holiday pay except for the base 8 hours ofthe l0 pensionable holidays which is included. Tier l: Age 50 and20 years of Credited Service. Tier 2: Age 55 with l0 years of service Tier 1: 50% ofannual salary attached to rank on last day of service plus 2.50Yo of annual salary for each year of service over 20 years, up to a maximum of 75%o of salary. The minimum monthly benefit is $1,159.27 per month. Tier 2: 2.50% per year of service times the average salary for the eight consecutive years prior to retirement times the number of years of service. The maximum benefit is 75%o of average salary. Tier l: For married retirees, an annuity payable for the life of the Member; upon the death of the member, l00o/o of the Member's benefit payable to the spouse until death. For unmarried retirees, the normal form is a Single Life Annuity. Tier 2: Same as above, but with 66 2l3o/o of benefit continued to spouse. Tier 1: Retirees: An annual increase equal to 3 -00% per year after age 55. Those that retire prior to age 55 receive an increase of ll12 of 3.00%' for each full month since benefit commencement upon reaching age 55. Village ofOak Brook Firefighters' Pension Fund FOSTER&FOSTERI26 Disabilitv Benefit Eligibility Benefit Amount Pre-Retirement Death Benefit Service Incurred Non-Service Incurred Contributions Employee Village Disabled Retirees: An annual increase equal to 3.00%oper year of the original benefit amount beginning at age 60. Those that become disabled prior to age 60 receive an increase of 3.00Yo of the original benefit amount for each year since benefit commencement upon reaching age 60. Tier 2: An annual increase each January I equal to 3.00% per year or one-halfofthe annual unadjusted percentage increase in the consumer price index-u for the l2 months ending with the September preceding each November l, whichever is less, of the original pension after the attainment of age 60 or first anniversary of pension start date whichever is later. Total and permanent as determined by the Board of Trustees. Seven years of service is required for non- service connected disability. A maximum of: a.) 65%o of salary attached to the rank held by Member on last day ofservice, and; b.) The monthly retirement pension that the Member is entitled to receive if he or she retired immediately. For non-service connected disabilities, a benefit of50%o of salary attached to rank held by Member on last day of service. 100% of salary attached to rank held by Member on last day ofservice. A maximum of: a.) 54%o of salary attached to the rank held by Member on last day ofservice, and; b.) The monthly retirement pension eamed by the deceased Member at the time of death, regardless of whether death occurs before or after age 50. 9.455% of Salary. Remaining amount necessary for payment of Normal (current year's) Cost and amortization of the accrued past service liability over a period ending in 2040. Village ofOak Brook Firefighters'Pension Fund FOSTER&FOSTERI2T Vesting(Tcllllination) Less than 10 ycars Refund ofMember Contributions. 10 0r FnOrC years Either the te111lination beneflt,payable upon reaching age 60,provided contributions arc not withdrawn,or a refund _ ofmember contributions. The te111lination beneflt is based on the inonthly salary attachcd to the Member's rank at separation fronl scrvicc. The fo1lovFing schedule applies: … SeⅣice %of SJarv 10 15.00/0 11 17.6% 12 20.4% 13 23.4% 14 26.60/0 15 30.00/0 16 33.6% 17 37.4% 18 41.4% - 19 45.6% Board of Trustccs The Board consists ofヽ vo members appointed by the Fire _ Protection Villagc,two active Members ofthe Fire Departrncnt elected by thc Membership and onc retired Mcmbcr ofthe Fire Dcpartment electcd by the Membership. Village of Oak Brook Firefighters' Pension Fund FOSTER&FOSTER128