Fire Actuarial Valuation Report 2020￢
Village ot Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of FiscalYear Ending December 3'l,2O2O
Table ot Contents
Actuanal certincation
Summary
Statement of FiduCiary Net Position
Statement of Changes in Fiduciary Net Position
Schedule of Changes in Net Pension Liabi:ity and Re:ated Ratios
Pens[on Expense
Deferred Outrlows Of Res●urces and Deferred:n■ows of Resources Re:ated to Pens:ons
Rate of Return
Discount Rate and Net Pension Liab:lity Sensitivity
Schedule or cOntributions
Actuaria!Assumpt:ons for Total Pension Liabi:ity
Actuaria:Assumptions for Actuaria:ly Determined Contributions
Plan Provisions35678 10
11
13
14
21 ①∩y鷺 1■
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 E 68 Report as of FiscalYear Ending Docember 3'1, 2020
Actuarial Certif ication
This report is prepared in accordance with our underslanding of GASB Nos. 67 & 68 for the purpose of disclosing pension plans in financial statements.
Determinations for purposes other than meeting lhese requirements may be signilicantly different from lhe results contained in this report.
The inrormation presented in this report is based on:
. the actuarial assumptions included in this report;. the Plan Provisions;. participant information lurnished to us by the Plan Administrator;
. asset information fumished to us by the Plan Trustee.
We have reviewed the provided data for reasonableness when compared to prior information provided, but have not audited the data. Where relevant data may be
missing, we may have made assumplions we believe are reasonable for the purpose of the measurement. We are not aware of any significant issues with and have
relied on the data provided. Any enors in the data provided may result in a different result than those provided in this report.
The interest rate, other economic assumptions, and demographic assumptions have been selected by the plan sponsor with our recommendalions. The assumptions
used, in our opinion, are reasonable and represent a reasonable expectation of future experience under the plan. All calculations have been made in accordance with
generally accepted actuarial principles and practice.
A summary of any assumptions not included in this report, the plan provisions and the participant information is included in the Actuaial Valuation Reporl for funding
purposes.
Future acluarial measurements may ditfer significantly from the cunent 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 decrea"""
"rpected "" 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.
We did not perform an analysis of the potential range oI future measurements due to the limited scope of our engagement.
31 ‐①∩y鷺 1■
Village of Oak Brook Firenghters'Pension Fund
CASB Nos 67&68 Report as of Fisca:Year Ending December 31,2020
Actuarial Certification
The undersigned are compliant with the continuing education requirements of the Qualification Standards lor Actuaries lssuing Statements of Actuarial
Opinion in the United States.
To our knowledge there have been no significant events prior to the current year's measurement dale or as of the date of this report which could
materially affect the results contained herein.
Neither Nyhart nor any of its employees have any relationships with the plan or plan sponsor which could impair or appear to impair the objectivity of this
report.
Nyhad
03/16′2021
Mike Zurek,EA,MAAA Sue Simon,ASA,EA,FCA,MAAA
41 ①n血 ■
Village ot Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 3l,2O2O
Summary
Net Pension Liability
The components of the net pension liability at December 31
Total pension liability
Plan fiduciary net position
Net pension liability
Plan liduciary net position as a percent of the total pension liability
Pension Expense for the Fiscal Year Ended December 3'l
Aciuarial Assumptions
The total pension liability was determined using the following actuarial
assumptions
lnflation
Salary increases, including inflation
lnvestment rate of return, including inflation, and net of investmenl expense
Plan Membership
The total pension liability was determined based on the plan membership as
of December 31
lnactive plan members and beneficiaries currently receiving benefits
lnactive plan members entitled to but nol yet receiving benelits
Active plan members
Total members
$ 53,675,156 $ 52,392,619
12′31′2020 12′31′2019
(34.520,040)(30,896,236)
6431% 5897%
752.181 S 2.243,611
$ 19.155,116 S 21,496,383
250%
3750/.
675%
250%
375%
675%
2020 2019
84 84
5 1 ①∩y鷺 1■
village ot Oak Brook Firefighters' Pension Fund
GASB Nos, 67 & 68 Report as of Fiscal Year Ending Decembet 31,2o2o
Statement of Fiduciary Net Position
Assets
Cash and deposits
Securities lending cash collateral
Total cash
Receivables:
Contributions
Due from broker for investments sold
lnvestment income
Other
Total receivables
lnvestmenls:
Money Market Mutual Funds
Fixed lncome
Stock Equities
Mutual Funds
Total investments
Total assets
Liabilliles
Payables:
lnvestmenl management tees
Due to broker for investments purchased
Collateral payable for securities lending
Other
Total liabilities
Net position restricted for pensions
15,0000 14,9000
15,00000
67,392
1,494
S 14,900
$ 00
73,304
1,478
74,782
448,973
11,405,4490
18,969,936
30,824,358
30,914,04000
17,804
S 17,804
S 30,896,236
68,886
775,634
12,727,9590
20,950,664
34,454,257
34,538,143000
18,103
18,103
34,520,040
12′31′2020 12′31′2019
61 ⑪nm■
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2020
Statement of Changes in Fiduciary Net Position
12′31′2020 12′31′2019
Additions
Contributions:
Employer
Member
Nonemployer contributing entity
Total contributions
lnvestment income:
Net increase in fair value of investments
lnterest and dividends
Less investment expense, other than from securities lending
Net income other than from securities lending
Securities lending income
Less securities lending expense
Net income from securities lending
Net investment income
Other
Total additions
Deductions
Benefit payments, including refunds of member contributions
Administrative expense
Other
Total deductions
Not increase ln net position
Net position restricted for pensions
Beginning of year
End of year
1,834,554
317.5050 2,150,924
308,1760
S 2,152,059
S 3,816,997
804,297
(62,098)
$ 4,559,19600
3,087,451
$ 0
S 4,5591960
6,711,255
3,043,861
43,5900 $ 2,459,100
S 4.162,938
866,114
(57.520)
3 4,971,53200
4,971,5320
7,430,632
2,889,667
45,8980
2,935,565
4,495,067
26,401,169
30,896,236
3,623,804
30,896,236
34,520040
7 1 ①∩輌 EL
Village of Oak Brook Firctighters' Pension Fund
GASB Nos.67 & 68 Report as of FiscalYear Ending December 31,2020
Schedule ot Changes in Net Pension Liability and Related Ratios
12′31′2020 12′31′2019 12′31′2018 12′31′2017 12′31′2016
Total pension liability
Service cosl
lnterest
Changes of benefit terms
Differences between expected and actual experience
Changes of assumptions
Benelit payments, including refunds of member contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)
Plan fiduciary net posilion
Conlributions - employer
Contributions - member
Contributions - nonemployer conkibuting member
Net investment income
Benefit payments, including refunds of member contributions
Administrative expenses
Other
Net change in plan fiduciary net position
Plan liduciary net position - beginning
Plan fiduciary net position - ending (b)
Net pension liability - ending (a) - (b)
Plan fiduciary net position as a percentage ot the total
pension liability
Covered-employee payroll
Net pension liability as percentage ol covered-
employee payroll
53,675,156 s 52,392,619 $51,305,132 $50,181,210 $
818,358 $
3,489,0110
327,007
(307,978)
(3,043,861)
807,975 $
3,420,108
64,337
(139,992)
(175,274)
(2,889,667)
786,115 S
3,347,2780
(96,554)
(156,879)
(2,756,038)
782,892 $
3,287,8750
(768,292)
300,225
(2,695,712)
756,771
3.229.6500
(569,891)
90,432
(2,645,270)
1,282,537
52,392,619
1.087,487
51,305,132
1,123922
50,181.210
906,988
49,274,222
861,692
48.412,530
1834,554
317.5050
4.559,196
(3.043,861)
(43,590)02,150,924
308,1760
4,971,532
(2,889,667)
(45,898)02,064,689
300,0870
(4,255,489)
(2,756,038)
(45,569)02.080,231
295,4770
3.459,107
(2,695,712)
(41,034)049,274,222
1,801,476
273,7750
1,794,320
(2,645,270)
(40.567)03,623,804
30,896,236
4,495,067
26,401,169
(1,692,320)
28,093,489
3,098,069
24,995,420
1,183,734
23,811,686
34,520,040 S 30,896,236 s 26,401,169 $28,093,489 $24,995,420
a ,1,4r6is319,155,116
6431%
3,240,175 $
59118%
5897%
3,179,407 $
67611%
24,903,963
5146%
3,187,983
781 18%
22,087,721
5598%
3,085,809
71578°/。
24,278,802
5073%
2,918,844
83180%
81 o nJm■
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31,2020
Schedule ot Changes in Net Pension Liability and Related Ratios
12′31′2015
Total pension liability
Service cost
lnterest
Changes of benefit terms
Oifferences between expected and actual experience
Changes of assumplions
Benefit payments, including refunds of member contributions
Net change in total pension liability
Total pension liabilily - beginning
Total pension liability . ending (a)
Plan fiduciary net position
Contributions - employer
Contributions - member
Contributions - nonemployer contributing member
Net investment income
Benefit payments, including refunds of member contributions
Administrative expenses
Other
Net change in plan fiduciary net positaon
Plan fiduciary net position - beginning
Plan fiduciary net position . ending (b)
Net pension liability - ending (a) . (b)
Plan fiduciary net position as a percentage of the total
pension liability
Covered-employee payroll
Net pension liability as percentage of covered-
employee payroll
$ 746,748
3,040,3010
163,758
1,474,675
(2,615,406)
2,810,076
45602454
$ 48,412,530
$ 1,414.530
269,3490
(256,565)
(2,615,406)
(46,350)0S (1,234,442)
25046128
S 23811686
S S24,600,844
4918%
$ 2.812.001
87485%
91 ①∩yは 風
Village of Oak Brook Firefighlers' Pension Fund
GASB Nos. 67 & 68 Report as of FiscalYear Ending December 31, 2020
Pension Expense
Fiscal year ending
Service cosl
lnterest on total pension liability
Proiected eamings on pension plan investments
Changes of benelit lerms
Employee contribulions
Pension plan administrative expense
Other changes
Cunent period recognition of deferred outflows/(inflows) of resources
Ditferences between Expected & Actual Experience
in measurement of the Total Pension Liability
Changes of assumptions
Differences between Projected & Actual Earnings on
Pension Plan lnvestmenls
Total
S 818,358 3 807,975
12′31′2020 12′31′2019
3,489,011
(2,053,926)0(317,505)
43,5900
$ (240,194) S (289,195)
3,420,108
(1,765,998)
64,337
(308,176)
45,8980
297,871
(29,209)
(74,057)
(913,096)
$ 752,181 $ 2,243,611
101Page ⑪ ny鷺 風
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 58 Report as of Fiscal Year Ending December 31,2o2o
Deferred Outflows of Resources and Deferred lnflows of Resources Related to Pensions
Differences between expected and actual experience in
measurement ot the total pension liability for liscal year ending:
lnitial
Balance
lnitial
Amortization Period
Annual
Recognition
12/31/2020
Balance
December 31,2020
December31 2019
December 31,2018
December 31,2017
DeCember 31.2046$$S$$$$$$S$$$S$327,007
(139,992)
(96,554)
(768,292)
(569,891)
initial
Balance
40
40
50
50
50
ln tial
Amortzalon Penod
81,752
(34,998)
(19,311)
(153,658)
(113,979)
245,255
(69,996)
(38,621)
(153,660)0changes in assumptions for fiscal year ending:
(240,194)
Annual
Recognition
(17.022)
12′31/2020
Balance
DeCember 31,2020
DeCember 31,2019
December 31,2018
DeCember 31,2017
December 31,2016$$$$$$$$$$$$$$$(307,978)
(175,274)
(156.879)
300,225
90,432
40
40
50
50
50
(76.995)
(43,819)
(31,376)
60,045
18,088
(230,983)
(87.636)
(62,751)
60,0450
Differences between projected and actual earnings on pension
plan investments for fiscal year ending:
lnitial
Balance
lnitial
AmortizaOon Penod
(74,057)
Annual
Recognition
(321,325)
12/31/2020
Balance
December 31,2020
December 31,2019
December 34,2018
December 31,2017
December 31,2016$$$$$$$$$S$$$$$(2.505,270)
(3,205,534)
3,137,056
(1,784,101)
(207,638)
50
50
50
50
50
(501,054)
(641,107)
627,411
(356,820)
(41.526)
(2,004,216)
(1,923,320)
1,254,823
(356.821)0(913,096)(3,029,534)
111Page ①∩yは 1■
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31,2020
Deferred Outflows of Resources and Deferred lnflows of Resources Related to Pensions
Deferred Outflows Deferred lnflows
of Resources of Resources
Differences beヽ ″een expected and actual experience $ 245,255 $ (262,277)
Changes of Assumptions S 60,045 $ (381,370)
Net difference beh″een prolected and actua:earnings on pension plan investments $ 1,254,823 $ (4,284,357)
$ 1,560,123 s (4,928,004)
丁he ba!ances as of December 31,2020 ofthe deferred out3ows/(innows)Of reSOurces wi::be recognized in pension expense forthe nsca:year ending
December 31.
12ノ 31ノ 2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
丁hereafter
S(1,089,933)
$(639,492)
S(1,137,402)
S(501,054)
$0
$0
121Page ①∩山Q慮
Village of Oak Brook Firetighters' Pension Fund
GASB Nos. 67 & 68 Repori as of Fiscal Year Ending December 31, 2020
Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These expected future real rates of return are
combined to produce the long-term expected rate ol return by weighting the expected future real rates of return by the target asset allocation percentage and by adding
expected inflation. Best eslimates ot arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31 .
2020 are summarized in the following table:
Asset class Target allocation Long-term expected real rate of return
Money lrarket Mutual Funds
Fixed lncome
Stock Equities
Mutual Funds
Cash
Total
Long-term expecled rate of return is 6.75%.
l\roney-weighted rate of return is '14.99o/..
20%
370%
00%
610%
00%
050%
250%
550%
550%
000%
1000%
13 | D a q e ⑪ nJm庄
vinage Of oak Brook Firenghters'Pension Fund
CASB Nos 67 8 68 RepOrt as of Fiscal Year Ending December 31,2020
Discount Rate and Net Pension Liabi!ity Sensitivity
Discount rate
The discount rate used to measure the total pension liability was 6.75%. 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 contributions will be made at rates equal to the difference between actuarially determined
contribution rates and the member rate. Professional judgment on future contributions has been applied in those cases where coniribution patterns deviate from the
actuarially determined rates. Based on those assumplaons, the pension plan's llduciary net position was projected to be available to make all projected future benefit
payments of current plan members. Therelore, 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.
Sensitivity orthe net pension liabi∥ty to changes in the discount rate
The fo∥owing presents the net pension liab∥ity,calculated using the discount rate of 6 75%,as we∥as whatthe net pension∥ability would be ifit were calculated using
a discount rate thatis l‐percentage‐pointiower(575%)or l‐percentage‐point higher(775%)than the current rate:
1%Decrease Current Discount l%:ncrease
(575%) Rate(675%) (775%)
Net pension∥ab∥ity $ 26,034,103 S 19,155,116 S 13,477,596
141 ⑪∩m■
Village of Oak Brook Firetighterc' pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 31,2O2O
Schedule of Coniribulions
2020 2018 2017 2016
Actuarially determined contribution
Contributions in relation to the actuarially determined contribution
Coniribution deficiency (excess)
Covered-employee payroll
Contributions as a percentage of covered-employee payroll
Acluarially determined contribution
Contributions in relation to the actuarially determined contribution
Contribution defi ciency (excess)
Covered-employee payroll
Contributions as a percentage of covered€mployee payroll
2,194,631
1,834.554
2,150,924
2,150,924
2.064,689 S
2,064,689
2,080,231
2,080,231
2,015,441
1.801,476
360,077
3.179,407
5770%03,187,983
6747%03,085,809
6691%02,918.844
7127%
213,965
2,312,001
6406%
2011201420132012
1,826,637
1414.530
1,698,405
1,570,742
1,144,966
1,057,081
1072.568
1,001 528
978,767
995,110
412,107
2,818,219
5019%
127,663
2,674,017
5874%
87,885
2,762.080
3827%
71,040
2,687,097
3727%
(16,343)
2,668,624
3729%
15l P; r e ⑪∩yは 1■
2019
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31,2O2O
Actuarial Assumptions for Total Pension Liability
The lotal pension liability as of December 31, 2020 was determined using the following actuarial assumptions:
Aciuarial Cost Method Entry Age Method
Asset Melhod Market Value ol Assets
lnterest Rates
Discount Rate 6.75%
Expecled Long Term Rate ot Return 6.75%
Municipal Bond Rate N/A
lnflation 2.50Y.
Annual Pay lncreases 3.75'/"
Measurement Date December 31. 2020
Ad.hoc Cost.of-living lncreases 3.0% (1.25% for those hired on or after January 1, 201 1)
Mortality Rates
Healthy RP-2014 Mortality Table with a blue collar adjustment, with generational
improvement scale MP-2020 applied from 2013
Disabled 115% of the RP-2014 Mortality Table with a blue collar adjustment, with generational
improvement scale NrP-2020 applied from 2013
All other demographic assumptions As described in the assumptions section of the actuarial determined contribution
Experience Study An actuarial experience study was provided October 5, 2017 lo the Department of
lnsurance reflecting experience for the years 2O1'l - 2016 from numerous Funds valued by
the Department of lnsurance, including the Village of Oak Brook.
161Page ⑪ nyは 1■
Vi∥age of Oak Brook FireFlghters'Pension Fund
CASB Nos 67&68 RepOrt as of Fisca:Year Ending December31,2020
Actuarial Assumptions for Actuaria∥y Determined Contributions
Actuarial Cost Method Entry Age Normal Cost Method
Amorlization Method Closed level percentage of payroll amortization of 100% of the Unfunded Actuarial Accrued
Liability using a 2.50% pay|oll groMh assumption over the period ending on December 31,
2040 \2|-year amoiization in 2020)
Asset Method 5 year smoothing of assets gains and losses
lnterest Rates 6.75%, net of investment expenses
tnflation 2.50'/.
Annual Pay lncreases 3 75o/'
Ad-hoc Cost-oI-living lncreases 3.0% (1.25% tor those hared on or after Januarl, 201 1)
Mortality Rates
Healthy RP-2014 Mortalily Table with a blue collar adjustment, with generational
improvement scale N4P-2019 applied from 2013
Disabled 1 15% of the RP-2014 Morlality Table with a blue collar adjustment, with generational
improvement scale MP-2019 applied from 2013
20% of service deaths are assumed to be in the line of duty
Retiremeni Rates Recommended rates from the 2017 lDOl experience study:
Tier l
Age Rate
50‐51 10%
52‐53 120/●
54‐55 15%
56‐59 20%
60-62 25%
63‐64 33%
65‐69 50%
70+ 100%
Tier ll
Age Rate
50‐54 3%
55 300/O
56-59 20%
60-62 25%
63‐64 33%
65‐69 50%
70+ 100%
171 ⑪∩Jmュ
Village ot Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 31,2O2O
Actuarial Assumptions for Actuarially Determined Contributions
Disability Rates
Termination Rates
Marital Status and Ages
Expense Load
Recommended rates from the 201 7 1DOl experience study Sample rates include:
Age Rate
20 0010%
30 0068%
0420°/●
0900%
Rate
580%
350%
110%
100%
80% of disabilities are assumed to be in the line ol duty.
Recommended rates from the 2017 lDol experience study. Sample rates include:
80% of participants are assumed married with female spouses 3 years younger.
Equal to the administrative expenses paid in the prior year.
181Page O nttQ底
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembat 31,2O2O
Plan Provisions
E:igibl:ity for Parti●ipation
Firenghters ofthe V∥lage of Oak BrOOk
Accruai●f Benents
For employees hired prior to」anuary l.2011,the no「mal retirement benentis equalto 50%ofthe nnal sala″plus 2 5%of any service over 20 years(with a
maximum of30)timeS the nnal salary There is a minimum beneFt of$1,000 per month The beneFltis pald as a 100%joint and survivor benent vvith the
spouse,ch∥dren under 18,or dependent parents ofthe participant as the survivor
For emp!oyees hired on or after」anuary l,2011,the norma!retirement beneFtis equalto 2 5%ofthe nnal average salary times benent service(maximum
30 years) The benentis pald as a 66 67%joint and survivor beneFt vvith the spouse,children under 18.or dependent parents ofthe participant as the
survivor
BeneFlts
Nonna:Retirement
Eligib∥ity For employees hired priOr to」anuary l,2011,the normalretirement date is the nrst day Ofthe month on or after completion of 20
years or service and atainment of age 50
For employees hired on or after」anuary l,2011,the norrnalretirement date is the nrst day ofthe month on or after completion of 1 0
years of service and attainment of age 55
BeneFt unreduced Accrued BeneFt payab!e immediately
Early Retirement
Eligibility For employees hired plorto」anualγ l,201 l and terminating with!ess than 20 years of service
For employees hired on or alter」anualγ l,2014 who has attained age 50 and has 10 years Of seivice
BeneFt Forthose hired p百 o「to January l,2011,a reduced Accrued Benent sha∥be paid at age 60 based on the schedule below
Forthose hired on o「after」anuary l,2011,the Accrued BeneFtis reduced by 0 5%for each month priorto age 55
BeneFt Service Accrual Percentage BeneFt Service Accrual Percentage
lo 15 0% 15 300%
11 176% 16 336%
12 204% 17 374%
13 234% 18 414%
14 266% 19 456%
19 lPa!⑪ nyは 1■
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Reporl as of Fiscal Year Ending December 3'1, 2020
Plan Provisions
Termination
E∥gib∥ity PartiCipants termlna“ng before 20 years of service
BeneFt Refund of Contttbutions
Disabllity:n The Line of Duty
El gib∥ty
8enent
Disabillty Nolln The Line of Duty
E∥gb∥ity
Benent
For participants who become disabled in the line of duty.
The greater of 65% ol the tinal salary or the accrued benetit
For participants who become disabled outside of the line of duty.
50% of the final salary
Death ln the Line of Duty
Eligibility For participants who die in the line of duty.
Benefit The benefit is 100% of final salary paid to the survivor.
Death Not ln the Line of DutY
Eligibility For participants who die outside of the line of duly.
Benefit For those hired before January 1, 20'11 and greater than 20 years of service, a beneflt of 100% of the accrued benefit is paid to the
survivor. For those with more than 10 years of service, but less than 20 years of service, a benefit of 50% of the final salary as paid
to the survivor.
For those hired on or afler January 1, 2011, a benefit equal to the greater ol 54ok ol final salary and 66-2l3yo o, the accrued benefit
is Paid to the survivor.
Componsation
Final Salary is the salary altached to the rank held on the last day of service, or one year prior to the lasl day, whichever is greater.
Final Average Salary is the average monthly salary obtained by dividing the total salary of the firefighter during the 48 consecutive months of service wilhin
the last 60 months of service in which the lolal salary was the highest by the number o, months of service in that period. Salary will not exceed $106,800
adjusted from Januayl, 201'l with the lesser of 3% and 100% of the CPI on November 1.
201P ag(⑪∩無 虫
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of FiscalYear Ending Decembet 31,2O2O
Plan Provisions
Credited Service
For Vesting and Benefit Accrual purposes, pension service credit is based on elapsed time from hire.
Employes Contributions
9.455% of Compensation
COLA
Eligibiity All Participants
Benefit For employees hired prior to January 1, 2011 a compound COLA of 3% is granted each year after attainment of
age 55 and 'l Year of Payments
For €mployees hired after or on January 1, 201 1 a simple COLA of the lesser of 3olo and 50% of the CPI on November
'1 is granled each year after attainment of age 60 and 1 year of payments.
For disabled employees, a simple COLA is available afler attainment of age 60 and 1 year of payments. For
employees hired prior to January 1, 201 '1 the COLA is 3%. For employees hired after or on January 1, 20'11, the COLA
is the lesser of 3% and 50% of the cPl on November 1.
Plan Provisions Not lncluded
We are not aware of any plan provisions not included in the valualion.
Adlustments Made foi Subsequent Events
We are not aware of any event following the measurement date and prior to the date of this report that would materially impact
the results of this report,
21 C)∩山Q庄