Police Actuarial Valuation Report 2020￢
￢
Village of Oak Brook police pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, ZO2O
Table of Contents
Actuarlal Certillcation
Summary
Statement of Fiduciary Net Posllion
Stalement of Changes in Fiduciary Nel Position
Schedule of Changes in Net Pension Llability and Related Ratlo3
P6nsion Expenss
Detorred Outflows of Resources and Oeferred lnflows of Rssources Related lo Pensions
Rate of Retum
Di3counl Rate and Net Psnsion Liablllly SeGitivity
Schedule of Contrlbulions
Actuarial Assumpilons for Toial Penslon Liability
Actuarial Assumptions tor Actuarially Determinod Contributions
Plan Provisions35678 10
11
13
14
15
16
17
19
2lPaae ①∩yは 1■
Village of Oak Brook police pension Fund
GASB Nos.67 & 68 Report as of FiscalYear Ending December 31,2020
Actuarial Certification
This report is prepared in accordance with our understanding of GASB Nos. 67 & 68 for the purpose of disclosing pension plans in financial statements.
Determinations for purposes other lhan meeting these requirements may be signilicantly different from the results contained in this report.
The information presented in this report is based on:. the actuarial assumptions included in this reporl;. the plan provisions;. participant information furnished to us by lhe Plan Administrator;. assel information furnished 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 assumptions 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 resull 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 recommendations. 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 Acluarial Valuation Report for funding
purposes.
Future actuarial measurements may differ signiricantly from the cunent measurements presented in this report due to such factors as the following:. plan experience differing trom that anticipated by the economic or demographic assumplions;. changes in economic or demographic assumptions;
' increases or decreases expected as part of lhe natural operation of the methodology used for these measurements (such as the end of an amortization period
or addilional 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 of future measurements due to the limited scope of our engagement.
31 ⑪ nyは 基
Village of Oak Brook police pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 31,2020
Actuarial Certif ication
The undersigned are compliant wilh the continuing education requirements of the Qualification Standards for Actuaries lssuing Statements of Aciuarial
Opinion in the United Stales.
To our knowledge there have been no significant evenls prior to lhe cunent yea/s measurement date or as of the date of this reporl which could
materially arfect the resulls 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.
Nyhart
03/16/2021
M ke Zurek.EA,MAAA Sue Simon,ASA,EA,FCA,MAAA
41 ①∩yは 1■
Vi∥age of Oak Brook Police Pension Fund
CASB Nos 67 8 68 RcPortaS of Fiscal Year Ending December 31,2020
Summary
Net Pension Liability
The components of lhe net pension liability at December 3'l
Total pension liability
Plan liduciary net position
Net pension liability
Plan fiduciary net position as a percent of the total pension liability
Pension Expense tor the Fiscal Year Ended December 31
Actuarial Assumptions
The total pension liability was determined using the following actuarial
assumPtions
lnflation
Salary increases, including inflation
lnveslment rate of relurn, including inflation, and net of investment expense
Plan Memb6rship
The total pension liability was determined based on the plan membership as
of Oecember 31
lnactive plan members and beneficiaries currently receiving benefits
lnaclive plan members enlilled to but not yet receiving benefits
Active plan members
Total members
12′31′2020 12′31′2019
64,108,697
(44,837,122)
63,107,741
(41,183,345)
19,271,575
6994%
4,301,118
250%
375%
675%
21,924,396
6526%
3,092,993
250%
375%
675%
2020
89
51 C)∩山9■
84
Vi∥age of Oak Bro●k Po:ice Pension Fund
CASB Nos 67&68 Report as of Fisca:Year Ending December 31.2020
Statement of Fiduciary Net Position
Assets
Cash and deposits
Securities lending cash collateral
Total cash
Receivables:
conlributions
Due from broker for investments sold
lnveslment income
Other
Total receivables
lnvestmenls:
Money Market Mutual Funds
Fixed lncome
Stock Equities
Mutual Funds
Total investments
Total assets
Liabiliti6s
Payables:
lnveslment management fees
Due to broker for investments purchased
Collateral payable lor secudties lending
Other
Total liabilities
Net poaltion restricted for pensions00 22,329
S 22,329
12′31′2020 12′31′2019
247,7610 127,6770
247,76100
96,196
3,231
127.67700
97.229
3,144
99,427
2,611,554
11,236.7440
30,664,984
100,373
2,833,731
11,255,9400
26,888,453
44,513,282 40,978,124
44,860,470 41,206.174000
23,348
23,348
44,837,122 183,345
61 ∈)∩山Qユ
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31,2020
Statement of Ghanges in Fiduciary Net Position
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
Net increase in net position
Net position restricted for pensions
Beginning of year
End of year
71
12′31′2020
1,803,644
521,1510
$ 2,324,795
$ 3,382,858
1,120,874
(76,329)
4,427,40300
$ 0
$ 4,427,4030
6,752,198
3,060,323
38,0980
3,098,421
3,653,777
41,183,345
44,837,122
12′31ノ 2019
2,057,112
378,6990
2,435,811
5,439,789
1,167,022
(77,639)
6,529,17200
$ 0
$ 6,529,1720
8,964,983
2,904,890
41,3920
2,946,282
6,018,701
35,164,644
41,183,345
⑪∩血 虫
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 58 Reporl 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 cost
lnterest
Changes of benefit terms
Differences between expected and actual experience
Changes of assumptions
Benefit payments, including refunds of member contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)
Plan fiduciary net positlon
Contributions - employer
Contributions - member
Contributions - nonemployer contributing member
Net investment income
Benefit payments, including refunds of member contributions
Administrative expenses
Olher
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending (b)
Net pension liability - ending (a) - (b)
Plan ,iduciary net position as a percentage of the total
pension liability
Covered-employee payroll
Net pension liability as percentage of covered-
employee payroll
2,635,125
60,472,616
64,108,697 $63,107,74',1 $60,472,616 $58,193,184 s
869,540 $
4,215,1810
(698,928)
(324,515)
(3,060,323)
852.541 $
4,041,408
63,841
778,897
(196,672)
(2.904,890)
890,871 $
3,902,7220
199,802
(182,060)
(2,531,903)
833,296 $
3,650,6330
(347,589)
1,964,218
(2,315,047)
800,389
3,563,1450
(856,825)
96,439
(2,364,839)
4,000,955
63,107,742
2,279,432
58,193,184
3,785,511
54,407,673
1,238,309
53,169,364
1.803.644
521,1510
4,427,403
(3,060,323)
(38,098)02.057,112
378,6990
6.529,172
(2,904,890)
(41,392)01,946,714
410,3160
(2,385,632)
(2,531,903)
(54,667)01,748,025
386,7270
4,461.837
(2.315,047)
(35,776)054,407,673
1,527.927
383,2380
2.176.018
(2,364,839)
(39,522)03,653,777
41,183,345
6,018,701
35,164,644
(2,615,172)
37,779,316
4,245,766
33,534,050
1,682,822
31,851,228
44,837,122 $41,183,345 $35,164,644 $37,779,816 S 33,534,050
$ zr,gzn,ggo 25,307,972
5815%
3,849,863
65737%
19,271,575
6994%
20,413,368
6492°/。
3,892,216
52447%
20,873,623
6163%
3.329,224
54511%
65260/.
3,932,044 $
55758%
4,179,054 $
46115%
81 ⑪∩yは 1■
Village of Oak Brook Police 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
Differences between expected and actual experience
Changes of assumptions
Benefit payments, including refunds of member contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)
Plan tiduciary net position
Contributions - employer
Contributions - member
Contributions - nonemployer contributing member
Net investment income
Benelit payments, including refunds of member contributions
Administrative expenses
Other
Net change in plan liduciary net position
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
$ 816,276
3,338,2380
(48,037)
1,597,133
(2,346,686)
3,356,924
49812.440
$ 53,169,364
$ 1,336,683
358,4990
(429,965)
(2,346,686)
(38,647)0S (1,120,116)
32971344
3 31851228
$ S21,318,136
5991%
s 3,735,548
57068%
91 1 薇ny鷺風
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 31,2O2O
Pension Expense
Fiscal year ending
Service cost
lnterest on lotal pension liability
Projected earnings on pension plan investments
Changes of benefit terms
Employee contributions
Pension plan administrative expense
Olher changes
Cunent pedod recognition of defened outflows/(inflows) of resources
Differences between Expected & Actual Experience
in measurement of the Total Pension Liability
Changes of assumptions
Differences between Projected & Actual Eamings on
Pension Plan lnvestments
Total
12′31′2020 12′31′2019
869,540
4.215,181
(2,753,766)0(521,151)
38,0980
(184,930)
271,482
(633.336)
852,541
4,041,408
(2,356.385)
63.841
(378,699)
41,3920
(54,753)
655,811
227,837
1,301,118 3.092,993
101 ⑪∩山9■
Village of Oak Brook Police Pension Fund
GASS Nos. 67 & 68 Report as of FiscalYear Ending December 3'1, 2020
Deferred Oufflows of Resources and Deferred lnflows of Resources Related to Pensions
Differences between expected and actual experience in
measurement of the total pension liability for fiscal year ending:
lnitial
Balance
Annual
Recognition
12/31′2020
Balance
lnitiel
Amortization Period
December 31.2020
December 31,2019
December 31,2018
December 31,2017
December 31.2016
Changes in assumpiions for liscal year ending:$$$$$$$$$$SSS$$(698,928)
778,897
199,802
(347,589)
(856,825)
lnitial
Balance
50
50
50
50
50
initial
Amo市 zation PeHod
(139,786)
155,779
39,960
(69,518)
(171,365)
(559,142)
467.339
79,922
(69,517)0(184,930)
Annual
Recognition
(81,398)
12′31/2020
Balance
December 31,2020
December 31,2019
December 31.2018
December 31,2017
December 31,2016$$$$$$$$$$SSSSS(324,515)
(196,672)
(182,060)
1,964,218
96,439
50
50
50
50
50
(64,903)
(39,334)
(36.412)
392,844
19,287
(259,612)
(118,004)
(72,824)
392,8420
Differences between projected and actual earnings on pension
plan investments for fiscal year ending:
lnitial
Balance
lnitial
Amortization Period
271,482
Annual
Recognmion
(57.598)
12′31′2020
Balance
December 31,2020
December 31,2019
December 31,2018
December 31,2017
December 31,2016$$$$$S$$$$$$SS$(1,673,637)
(4,172,787)
4,928.023
(2,205,581)
(42,705)
50
50
50
50
50
(334,727)
(834.557)
985,605
(441,116)
(8,541)
(1,338,910)
(2.503,673)
1.971,208
(441,117)0(633.336)(2.312,492)
11 lP a q e ⑪∩yは 1■
Village of Oak Brook Police Pension Fund
GASB Nos. 67I 68 Report as of FiscalYear 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■veen expected and actual experience s 547,261 S (628.659)
Changes of Assumptions s 392,842 S (450,440)
Net difference be●veen prolected and actual earnings on pension plan investments s l,971,208 S (4,283,700)
s 2,911,31l s (5,362,799)
The balances as Of December 31,2020 ofthe deferred outnows/ぐ n10WS)●fresOurces w∥be recognized in pension expense forthe nscal year ending
December 31
12′31′2021
12′31′2022
12′31′2023
12′31′2024
12′31′2025
Thereafte「
S(386.167)
S(268,375)
S(1.257.530)
S(539,416)
$0
$0
121 ①∩yは 1底
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 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 tuture real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each major assel class. These expected future real rates of relurn are
combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding
expected inflation. Best estimates of arilhmetic 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 Market Mutual Funds
Fixed lncome
Stock Equities
Mutual Funds
Cash
Long-lerm expected rate of return is 6.75%.
lvloney-weighted rate of relurn is 10.860/0.
Tota1 loo o%
70%
280%
00%
650%
00%
050%
250%
550%
550%
000%
131 ⑪∩触 虫
Vi∥age of Oak Brook Police Pension Fund
CASB Nos 67 8 68 Report as of FiscalYear Ending December 31,2020
Discount Rate and Net Pension Liability 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 thal 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 contribution patterns deviate trom lhe
actuarially determined rates. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit
payments ol current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Sensitivity of the net ponsion liability to changes in the discount rate
The following presents the net pension liability, calculated using the discount rate of 6.75%, as well as what the net pension liability would be if it were calculated using
a discount rate that is 1-percentage-point lower (5.75%) o|I -percentage-point higher (7.75%) than the cunent rate:
lolo Decrease Current Discount lyo lncrease
(575%) Rate(675%) (775%)
Net pension liability S 28,108,860 S 19,271.575 S 12,046,762
141 ⑪∩yは 1■
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decamber 31,2O2O
Schedule of Contributions
2019 2017
Actuarially determined contribution
Contributions in relation to the acluarially determined contribution
Contrlbution defi ciency (excess)
Covered-employee payroll
Conlributions as a percentage of covered-employee payroll
Actuarially determined contribution
Contibutions in relation to lhe actuarially determined contribution
Contribution defi ci€ncy (excess)
Covered-employee payroll
Contributions as a percentage of covered-employee payroll
2,169,845
1,803,644
2,057,112
2.057.112
1.946,714 $
1,946,714
1,748,025
1748,025
1,708,330
1.527,927
366,201
3,932,044
4587%
20150 3,849,863
5343●/.03,892,216
50020/。03,829,224
4565%
180,403
3,735,548
40900/。
2012 2011
1,550,233
1,336,683
1,485.673
1.259,824
1,205,519
1,171,537
969,024
977.367
885,339
674.170
213,550
3.631,184
3681%
225,349
3.598,016
3501%
33,982
3,646,309
3213%
(8,343)
3,340,998
2952%
211,169
3,288,064
2050%
151 ①∩Jmュ
2020 2018 2016
2013
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending Decembet 31,2020
Actuarial Assumptions for Total Pension Liability
The total pension liability as of December 31, 2020 was determined using the following actuarial assumptions;
Actuarial Cost Method Entry Age Method
Asset Method Market Value of Assets
lnterest Rates
Discount Rate 6.75%
Expected Long Term Rate of Return 6.750/o
Municipal Bond Rate N/A
lnflation 2.50'/o
Annual Pay lncreases 3.75ok
Measurement Date December 31, 2020
Ad-hoc Cost-ofJiving lncrcases 3.0% (1.25% for those hired on or after January 1, 2011)
Mortality Rates
Healthy RP-2014 Mortality Table with a blue collar adjustment, with generational
improvement scale MP-2020 applied from 2013
Disabled 1'15% of the RP-2014 Mortality Table wilh a blue collar adjustment, with generational
improvement scale NrP-2020 applied from 20'13
All other demographic assumplions As described in the assumptions section of the actuarial determined contribution
Experience Study An actuarial experience study was provided October 5, 2017 to the Department of
lnsurance reflecting experience for the years 2011 - 2016 from numerous Funds valued by
the Department of lnsurance, including the Village of Oak Brook.
16 | P a g e ⑪ ny鷺 風
Village of Oak Brook Police Pension Fund
GASB Nos.67 & 68 Report as of Fiscal Year Ending December 31,2020
Actuarial Assumptions for Actuarially Determined Contributions
Aclurrl.lcoat u.thod Entry l€e Nomalco3t M€lhod
Anonh.tbn n thod Clos€d bv€l p€rcontago of payloll amorlization of 10O% ot lh6 lJntunded Acuadal AEr.u.d
Lisbilily l,3irE a 2.50% pafoll growth assumption ov6r ft6 p€rbd ending on Decomb€r 31 ,
2040 (2r-yaar amonizetion in 2020)
ar..l Xlthod 5 year smoolhing of a$et gains and losses
lnt rt3t R.t 3 6.75%, n6t ofinv€stn€nt and adminbtdive expens€6
lnflation
Annual Pay lncreases
Ad-hoc Cost-of-living lncreases
Mortality Rates
Healthy
Disab:ed
Retirement Rates
2.50%
3.75%
3.0%(1.25%for those hired after l′1/2011)
RP-2014 Mortality Table with a blue collar adjustment, with generational
improvement Scale MP-2019 applied from 2013
't'15% of the RP-2014 Mortality Table witha blue collar adjustment, with generational
improvement scale MP-2019 applied from 2013
10% of deaths are assumed to be in the line of duty
Recommended rates from the 2017 lDOl experience study:
Tier l 丁ier∥
Age Rate Age Rate
50‐51 150/● 50¨54 5%
52‐54 20% 55 40%
55-64 25% 56-64 25%
65‐69 40% 65‐69 40%
70+ 100% 70+ 100%
17lPac1e ⑪∩ゞ撫
Village of Oak Brook Police Pension Fund
GASB Nos.67 & 68 Report as of FiscalYear Ending Docember 31,2020
Actuarial Assumptions for Actuarially Determined Contributions
Disability Rates
Termination Rates
Marital Status and Ages
Expense Load
Recommended rales from the 2017 lDOl experience study. Sample rales include:
Age Rate
60%of disabi:ities are assumed to be in the∥ne of duty
Recommended rates from the 201 7 1DOl experience study Sample rates include:
Age Rate
20 1040%
000%
014%
042%
071%
560%
190%
150%
80% of participants are assumed to be married with female spouses 3 years younger.
Equal to the administrative expenses paid in the prior year.
18lP a 9 e C)∩山Q庄
Village of Oak Brook Police Pension Fund
GASB Nos, 67 & 68 Report as qf Fiscal Year Ending Decembet 31,2O2O
Plan Provisions
Eligibility for Participation
Police Officers of the Village of Oak Brook
Accrual of Benefits
For employees hired prior to January '1, 201 1 , the normal retirement benefit is equal to 50% of the final salary plus 2.5olo of any service over 20 years (with a
maximum of 30) times the flnal salary. There is a minimum benefit of $1,000 per monlh. The benefit is paid as a 100% joint and survivor benefit with the
spouse, children under 18, or dependent parents o, the participant as the survivor.
For employees hired on or after January '1, 2011, the normal retirement benefit is equal to 2.5% of the final average salary times beneflt service (maximum
30 years). The benefit is paid as a 66.67% joint and survivor beneUt with the spouse, children under 18, or dependent parents of the participant as the
survivor.
Benefit3
I{ormal Retlremeni
Eligibility For employees hired prior to January 1, 2011, the normal reiirement date is ihe first day of the month on or after completion of 20
years of service and attainmenl of age 50.
For employees hired on or after January 1, 2011, the normal retirement date is th€ first day of the month on or after completion of 1O
years of service and attainmenl of age 55.
Benefit Unreduced Accrued Benefit payable immediately.
Early Rstiaement
Eligibility For employees hired prior to January 1, 2011 and terminating with less than 20 years of service
For employees hired on or after Januayl, 201'l who has attained age 50 and has 10 years of service.
Benefit For those hired prior to Januayl, 2011 the Accrued Benelit of 2.5% offinal salary times seNice shall be paid at age 60.
For those hired on or afler January 1, 2011 the Accrued Benelil is reduced by 0.5% for each month prior to age 55.
Terminatlon
E∥gibi“ty Partic pants terminalng before 20 years of service
Benent Refund of Contributions
191 ⑪ nyは 1■
Village of Oak Brook Police Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31,2020
Plan Provisions
Disability:n The Line of Duty
E∥gib∥ity
Benent
For participants who become disabled in the line of duty.
The greater of 65% of the final salary or accrued benefit
Disability Not ln The Line of Duty
Eligibility For participants who become disabled outside of the line of duty.
Beneflt 50% ofthe 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 duty.
Benetit For those hired before January '1, 2011 and greater than 20 years of service, a beneflt of 100% of the accrued benelit is paid to the
suryivor. For those with more than 10 years of service, but less than 20 years of service, a benefit of 50% of the final salary is
provided to the survivor.
For those hired on or after January 1, 2011, a benelit equal to the greater ot 54o/o ot final salary and of 66-2/3% of the accrued
benefit is paid to the survivor.
Compensation
Final Salary is the salary attached to the rank held on the last day of service, or one year prior to the last day, whichever is greater.
Final Average Salary is the average monthly salary obtained by dividing the total salary of the police officer during the 48 conseculive months of service within
the last 60 months of service inwhichthetolal salarywasthe highest by the number of months of service in that period. Salary will not exceed $106,800
adjusted from January 1, 2011 with the lesser of 3% and 100% of the CPI on November 1.
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Village of Oak Brook Police Pension Fund
GASB Nas. 67 I 68 Reporl as of FiscalYear Ending Oocembet 31,2O2O
Plan Provisions
Credited Service
For Vesting and Benefit Accrual purposes, pension service credit is based on elapsed time lrom date of htre.
Employee Contributions
9.9'l o/o of Compensation
COLA
Eligibility All Participants
Benetit For employees hired prior to January 1, 2ol '1, a compound CoLA of 3% is granted each year after attainment of age 55 and I year
of payments.
For employees hired after or on January '1, 20'11, a simple COLA of the lesser of 3% and 50% of the Cpl on November I is granted
each year after attainment of age 60 and 1 year of payments.
For disabled employees, a simple COLA is available after 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 January 1, 201 '1, the COLA is the lesser of 3ol. and 50% of the Cpt
on November 1.
Plan Provisions Not lncluded
We are not aware of any plan provisions not included in the valuation
Adjustments Made for 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.
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