Fire Actuarial Valuation Report 2022Village of Oak Brook Firefighters' Pension
Fund
December 31, 2022
GASB Nos. 67 & 68 Report
Actuarial Certification 3
Summary 5
Statement of Fiduciary Net Position 6
Statement of Changes in Fiduciary Net Position 7
Schedule of Changes in Net Pension Liability and Related Ratios 8
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Table of Contents
Pension Expense 10
Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions 11
13Rate of Return
Discount Rate and Net Pension Liability Sensitivity
Actuarial Assumptions for Total Pension Liability
Schedule of Contributions
Actuarial Assumptions for Actuarially Determined Contributions
14
16
15
17
Plan Provisions 19
2 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
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 than meeting these requirements may be significantly different from the results contained in this report.
The information presented in this report is based on:
•the actuarial assumptions included in this report;
•the plan provisions;
•participant information furnished to us by the Plan Administrator;
•asset 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 errors 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 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 Actuarial Valuation Report for funding
purposes .
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.
We did not perform an analysis of the potential range of future measurements due to the limited scope of our engagement.
In preparing the results, Nyhart used Proval valuation software developed by Winklevoss Technologies, LLC. This software is widely used for the purpose of
performing pension valuations. We coded the plan provisions, assumptions, methods, and participant data summarized in this report, and reviewed the liability and
cost outputs for reasonableness. We are not aware of any material weaknesses or limitations in the software, and have determined it is appropriate for performing this
valuation.
3 | P a g e
The undersigned are compliant with the continuing education requirements of the Qualification Standards for Actuaries Issuing Statements of Actuarial
Opinion in the United States.
To our knowledge there have been no significant events prior to the current year's measurement date 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.
Nyhart
05/5/2023
John Toweson, ASAMatthew Branding, FSA, EA, CERA
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Actuarial Certification
4 | P a g e
Plan fiduciary net position as a percent of the total pension liability 51.54% 66.23%
Net Pension Liability
The components of the net pension liability at December 31
Total pension liability 59,739,608 57,099,837 $$
Plan fiduciary net position (30,792,683)(37,817,311)
Net pension liability 28,946,925 19,282,526 $$
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Summary
12/31/2022 12/31/2021
$$ 924,697 3,465,161 Pension Expense for the Fiscal Year Ended December 31
Active plan members
Inactive plan members entitled to but not yet receiving benefits
Inactive plan members and beneficiaries currently receiving benefits
Plan Membership
The total pension liability was determined based on the plan membership as
of December 31
Investment rate of return, including inflation, and net of investment expense
Salary increases, including inflation
Inflation
Actuarial Assumptions
The total pension liability was determined using the following actuarial
assumptions
27
47
5
2.25%
2022
Total members 79
2.25%
2021
48
4
29
81
4.00%-12.50%
6.75%
4.00% - 12.50%
6.75%
5 | P a g e
Assets 12/31/2022
Securities lending cash collateral 0 0
Total cash 15,163 15,397 $$
Receivables:
Contributions 0 0 $
Due from broker for investments sold 0 0
Investment income 0 73,061
Other 502,166 1,544
Total receivables 502,166 74,605 $$
Investments:
Cash and deposits 15,163 15,397 $$
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Statement of Fiduciary Net Position
$
12/31/2021
Illinois Firefighters' Pension Investment Fund $$ 29,710,890 0
Money Market Mutual Funds 565,659 1,091,913
Fixed Income 13,724,359 0
Stock Equities 0 0
Mutual Funds 22,919,192 0
Total investments
Total assets
Liabilities
Payables:
Investment management fees
Due to broker for investments purchased
Collateral payable for securities lending
Other
Total liabilities
Net position restricted for pensions
30,276,549
30,793,878
0
0
0
1,195
1,195
0
30,792,683
37,735,464
37,825,466
0
0
8,155
8,155
37,817,311
$
$
$
$
$$
$
$
$
$
6 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Statement of Changes in Fiduciary Net Position
Additions
Contributions:
Employer
Member
Nonemployer contributing entity
Total contributions
Investment income:
Net increase in fair value of investments
Interest 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
12/31/2022 12/31/2021
2,252,102
299,887
0
2,551,989
(6,349,869)
0
(1,577,101)
(32,265)
(6,349,869)
0
(3,797,880)
0
(4,740,503)
0
2,173,496
332,919
0
2,506,415
2,426,309
1,689,472
(74,200)
4,041,581
0
0
0
4,041,581
0
6,547,996
(7,024,628)
38,343
3,188,405
0
3,226,748
37,817,311
30,792,683
34,520,040
37,817,311
3,250,725
0
3,188,405
62,320
3,297,271
$
$
$
$
$
$
$
$
$
$$
$
$
$
$
$
$
$
$
$
$$
7 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Schedule of Changes in Net Pension Liability and Related Ratios
Total pension liability
Service cost
Interest
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 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 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
12/31/2022
801,777
3,800,750
0
1,101,246
124,403
(3,188,405)
57,099,837
59,739,608
2,639,771
2,252,102
299,887
0
(6,349,869)
(3,188,405)
(38,343)
0
(7,024,628)
51.54%
37,817,311
30,792,683
28,946,925
808,944
3,570,068
0
(41,604)
2,275,678
(3,188,405)
3,424,681
53,675,156
57,099,837
12/31/2021
2,173,496
332,919
0
4,041,581
(3,188,405)
(62,320)
0
3,297,271
34,520,040
37,817,311
19,282,526
66.23%
12/31/2020
818,358
3,489,011
0
327,007
(307,978)
(3,043,861)
1,282,537
52,392,619
53,675,156
1,834,554
317,505
0
4,559,196
(3,043,861)
(43,590)
0
3,623,804
30,896,236
34,520,040
19,155,116
64.31%
12/31/2019
807,975
3,420,108
64,337
(139,992)
(175,274)
1,087,487
51,305,132
52,392,619
(2,889,667)
2,150,924
308,176
0
4,971,532
(2,889,667)
(45,898)
0
4,495,067
26,401,169
30,896,236
21,496,383
58.97%
$
$
$
$$
$$$
$$
972.83%
$
$
648.26%
$
$
$
$
$
$$
$$
$
$$
$$
2,975,539 $3,179,407
591.18%676.11%
2,974,486 $3,240,175
781.18%
3,187,983 $
51.46%
24,903,963 $
26,401,169 $
28,093,489
(1,692,320)$
0
(45,569)
(2,756,038)
(1,255,489)
0
300,087
2,064,689 $
51,305,132 $
50,181,210
1,123,922
(2,756,038)
(156,879)
(96,554)
0
3,347,278
786,115 $
12/31/2018
8 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Schedule of Changes in Net Pension Liability and Related Ratios
Total pension liability
Service cost
Interest
Changes of benefit terms
Differences between expected and actual experience
Changes of assumptions
Benefit payments, including refunds of member contributions
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)
Plan fiduciary net position
Contributions - employer
Contributions - member
Contributions - nonemployer contributing member
Net investment income
Benefit payments, including refunds of member contributions
Administrative expenses
Other
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending (b)
Net pension liability - ending (a) - (b)
Plan fiduciary net position as a percentage of the total
pension liability
Covered-employee payroll
Net pension liability as percentage of covered -
employee payroll
12/31/2017 12/31/2016 12/31/2015
782,892
3,287,875
0
(768,292)
300,225
(2,695,712)
906,988
49,274,222
50,181,210
2,080,231
295,477
0
3,459,107
(2,695,712)
(41,034)
0
3,098,069
24,995,420
28,093,489
22,087,721
55.98%
756,771
3,229,650
0
(569,891)
90,432
(2,645,270)
861,692
48,412,530
49,274,222
1,801,476
273,775
0
1,794,320
(2,645,270)
(40,567)
0
1,183,734
23,811,686
24,995,420
24,278,802
50.73%
746,748
3,040,301
0
163,758
1,474,675
(2,615,406)
2,810,076
45,602,454
48,412,530
1,414,530
269,349
0
(256,565)
(2,615,406)
(46,350)
0
(1,234,442)
25,046,128
23,811,686
24,600,844
49.18%
$$$
$$$
$
$
$
$$
$$
$$
3,085,809 $2,918,844 $
715.78%831.80%
$$$
2,812,001 $
874.85%
9 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Pension Expense
Service cost
Interest on total pension liability
Projected earnings on pension plan investments
Changes of benefit terms
Employee contributions
Pension plan administrative expense
Other changes
Current period recognition of deferred outflows/(inflows) of resources
Differences between Expected & Actual Experience
in measurement of the Total Pension Liability
Changes of assumptions
Differences between Projected & Actual Earnings on
Pension Plan Investments
Total
801,777
12/31/2022
3,800,750
(2,529,895)
0
(299,887)
38,343
0
292,355
913,884
3,465,161
447,834
12/31/2021
808,944
3,570,068
476,775
0
(332,919)
(136,618)
(1,218,891)
0
62,320
(2,304,982)
924,697
$
$
$
Fiscal year ending
$
$
$
10 | P a g e
Differences between expected and actual experience in
measurement of the total pension liability for fiscal year ending:
Initial
Balance
Initial
Amortization Period
Annual
Recognition
12/31/2022
Balance
December 31, 2022 1,101,246 275,312 825,934 $$$4.0
December 31, 2021 (41,604)(10,401)(20,802)$$$4.0
December 31, 2020 327,007 81,752 81,751 $$$4.0
December 31, 2019 (139,992)(34,998) 0 $$$4.0
December 31, 2018 (96,554)(19,310) 0 $$$5.0
886,883 292,355 $$
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
Changes in assumptions for fiscal year ending:
Initial
Balance
Initial
Amortization Period
Annual
Recognition
12/31/2022
Balance
December 31, 2022 124,403 31,101 93,302 $$$4.0
December 31, 2021 2,275,678 568,920 1,137,838 $$$4.0
December 31, 2020 (307,978)(76,995)(76,993)$$$4.0
December 31, 2019 (175,274)(43,817) 0 $$$4.0
December 31, 2018 (156,879)(31,375) 0 $$$5.0
1,154,147 447,834 $$
Differences between projected and actual earnings on pension
plan investments for fiscal year ending:
Initial
Balance
Initial
Amortization Period
Annual
Recognition
12/31/2022
Balance
December 31, 2022 8,879,764 1,775,953 7,103,811 $$$5.0
December 31, 2021 (1,736,599)(347,320)(1,041,959)$$$5.0
December 31, 2020 (2,505,270)(501,054)(1,002,108)$$$5.0
December 31, 2019 (3,205,534)(641,107)(641,106)$$$5.0
December 31, 2018 3,137,056 627,412 0 $$$5.0
4,418,638 913,884 $$
11 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
Net difference between projected and actual earnings on pension plan investments
Changes of Assumptions
Differences between expected and actual experience
Deferred Outflows
of Resources
Deferred Inflows
of Resources
907,685
1,231,140
7,103,811
(20,802)
(76,993)
(2,685,173)
9,242,636 (2,782,968)$
$
$
$$
$
$
$
The balances as of December 31, 2022 of the deferred outflows/(inflows) of resources will be recognized in pension expense for the fiscal year ending
December 31.
Thereafter
$ 1,156,163
$ 1,792,509
$ 1,735,044
$ 1,775,952
$ 0
$ 0
12/31/2023
12/31/2024
12/31/2025
12/31/2026
12/31/2027
12 | P a g e
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 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 arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31,
2022 are summarized in the following table:
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Rate of Return
Asset class Target allocation Long-term expected real rate of return
Illinois Firefighters' Pension Investment Fund 100.0% 4.40%
Money Market Mutual Funds 0.00% 0.0%
Fixed Income 0.0% 0.00%
Stock Equities 0.0% 0.00%
Mutual Funds 0.0% 0.00%
Cash
Total
0.00% 0.0%
100.0%
Long-term expected rate of return is 6.75%.
Money-weighted rate of return is -16.96%.
13 | P a g e
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 contribution patterns deviate from the
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 of 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.
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Discount Rate and Net Pension Liability Sensitivity
Sensitivity of the net pension 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%) or 1-percentage -point higher (7.75%) than the current rate:
Net pension liability 36,682,135 28,946,925 22,579,592
1% Decrease
(5.75%)
Current Discount
Rate (6.75%)
1% Increase
(7.75%)
$$$
14 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Schedule of Contributions
Actuarially determined contribution
Contributions in relation to the actuarially determined contribution
Contribution deficiency (excess)
Covered-employee payroll
Contributions as a percentage of covered -employee payroll
Actuarially determined contribution
Contributions in relation to the actuarially determined contribution
Contribution deficiency (excess)
Covered-employee payroll
Contributions as a percentage of covered -employee payroll
2,316,400
64,298
2,252,102
2022
2,015,441
1,801,476
213,965
2016
2021 2020 2019 2018
2017 2015 2014 2013
0 360,077 0 0
0 412,107 127,663 87,885
2,173,496 1,834,554 2,150,924 2,064,689
2,080,231 1,414,530 1,570,742 1,057,081
2,173,496 2,194,631 2,150,924 2,064,689
2,080,231 1,826,637 1,698,405 1,144,966
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,974,486 3,240,175 3,179,407 3,187,983 3,085,809
2,918,844 2,812,001 2,818,219 2,674,017 2,762,080
75.71%67.08%57.70%67.47%66.91%
71.27%64.06%50.19%58.74%38.27%
15 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Actuarial Assumptions for Total Pension Liability
The total pension liability as of December 31, 2022 was determined using the following actuarial assumptions:
Actuarial Cost Method Entry Age Method
Asset Method Market Value of Assets
Interest Rates
Discount Rate 6.75%
Expected Long Term Rate of Return
Municipal Bond Rate
Inflation
Annual Pay Increases
Measurement Date
Ad-hoc Cost-of-living Increases
Mortality Rates
Healthy (pre-commencement)tional
Healthy (post-commencement)
Disabled
All other demographic assumptions
6.75%
N/A
2.25%
4.00% - 12.50% (varies by service)
December 31, 2022
3.0% (1.125% for those hired on or after January 1, 2011)
Pub-2010 Public Safety Employee Mortality Table with 1.081 adjustment for males, with
generational improvement scale MP-2021 applied from 2010
Pub-2010 Public Safety Healthy Retiree Mortality Table with 1.081 adjustment for males, with
generational improvement scale MP-2021 applied from 2010
The Pub-2010 Public Safety Survivor Mortality Table with 1.098 adjustment for females, with
generational improvement scale MP-2021 applied from 2010 is used for survivors
Pub-2010 Disabled Retiree Mortality Table with 1.178 adjustment for males, with
generational improvement scale MP-2021 applied from 2013
As described in the assumptions section of the January 1, 2023 funding report
Experience Study An actuarial experience study was provided December 1, 2021 to the Department of
Insurance reflecting experience for the years 2017 - 2020 from numerous Funds valued by
the Department of Insurance, including the Village of Oak Brook.
16 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Actuarial Assumptions for Actuarially Determined Contributions
Actuarial Cost Method
Amortization Method
Asset Method
Interest Rates
Inflation
Annual Pay Increases
Ad-hoc Cost-of-living Increases
Mortality Rates
Healthy (pre-commencement)tional
Healthy (post-commencement)
Disabled l
Retirement Rates
Entry Age Normal Cost Method
Closed level percentage of payroll amortization of 90% of the Unfunded Actuarial Accrued
Liability using a 2.75% payroll growth assumption over the period ending on December 31,
2040 (19-year amortization in 2022)
5 year smoothing of assets gains and losses
6.75%, net of investment expenses
2.25%
4.00% - 12.50% (varies by service)
3.0% (1.125% for those hired on or after January 1, 2011)
Pub-2010 Public Safety Employee Mortality Table with 1.081 adjustment for males, with
generational improvement scale MP-2020 applied from 2010
Pub-2010 Public Safety Healthy Retiree Mortality Table with 1.081 adjustment for males, with
generational improvement scale MP-2020 applied from 2010
The Pub-2010 Public Safety Survivor Mortality Table with 1.098 adjustment for females, with
generational improvement scale MP-2020 applied from 2010 is used for survivors
Pub-2010 Disabled Retiree Mortality Table with 1.178 adjustment for males, with generational
improvement scale MP-2020 applied from 2010
20% of deaths are assumed to be in the line of duty.
Recommended rates from the 2021 Consolidated Investment Fund Experience
study:
Tier I Tier II
Age Rate Age Rate
50-51 12%50-54 3%
52-53 15% 55 30%
54-59 20%56-59 20%
60-62 25%60-62 25%
63-64 33%63-64 33%
65-69 50%65-69 50%
70+ 100%70+ 100%
17 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Actuarial Assumptions for Actuarially Determined Contributions
Disability Rates Recommended rates from the 2021 Consolidated Investment Fund Experience
study. Sample rates include:
Age Rate
20 0.010%
30 0.068%
40 0.420%
50 0.900%
80% of disabilities are assumed to be in the line of duty.
Termination Rates Recommended rates from the 2021 Consolidated Investment Fund Experience
study. Sample rates include:
Age Rate
20 10.00%
30 4.00%
40 1.20%
50 1.00%
Marital Status and Ages 80% of participants are assumed married with female spouses 3 years younger.
Expense Load Equal to the administrative expenses paid in the prior year.
18 | P a g e
Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Plan Provisions
Eligibility for Participation
Firefighters of the Village of Oak Brook
Accrual of Benefits
For employees hired prior to January 1, 2011, the normal retirement benefit is equal to 50% of the final salary plus 2.5% of any service over 20 years (with a
maximum of 30) times the final salary. There is a minimum benefit of $1,159.27 per month. The benefit is paid as a 100% joint and survivor benefit with the
spouse, children under 18, or dependent parents of 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 benefit service (maximum
30 years). The benefit is paid as a 66.67% joint and survivor benefit with the spouse, children under 18, or dependent parents of the participant as the
survivor.
Benefits
Normal Retirement
Eligibility For employees hired prior to January 1, 2011, the normal retirement date is the first day of the month on or after completion of 20
years of service and attainment of age 50.
For employees hired on or after January 1, 2011, the normal retirement date is the first day of the month on or after completion of 10
years of service and attainment of age 55.
Benefit Unreduced Accrued Benefit payable immediately.
Early Retirement
Eligibility For employees hired prior to January 1, 2011 and terminating with less than 20 years of service
For employees hired on or after January 1, 2011 who has attained age 50 and has 10 years of service.
Benefit For those hired prior to January 1, 2011, a reduced Accrued Benefit shall be paid at age 60 based on the schedule below.
For those hired on or after January 1, 2011, the Accrued Benefit is reduced by 0.5% for each month prior to age 55.
Benefit Service Accrual Percentage Benefit Service Accrual Percentage
10 15.0%15 30.0%
11 17.6%16 33.6%
12 20.4%17 37.4%
13 23.4%18 41.4%
14 26.6%19 45.6%
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Village of Oak Brook Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Plan Provisions
Termination
Eligibility For employees hired prior to January 1, 2011, age 60 with 8 years of service.
For employees hired after or on January 1, 2011, age 55 with 10 years of service.
Benefit Accrued benefit. Refund of contributions for employees that do not meet the eligibility criteria above.
Disability In The Line of Duty
Eligibility For participants who become disabled in the line of duty.
Benefit The greater of 65% of the final salary or the accrued benefit
Disability Not In The Line of Duty
Eligibility For participants who become disabled outside of the line of duty.
Benefit 50% of the final salary
Death In 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 In the Line of Duty
Eligibility For participants who die outside of the line of duty.
Benefit For those hired before January 1, 2011 and greater than 20 years of service, a benefit 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 54% of the final salary is paid
to the survivor.
For those hired on or after January 1, 2011, a benefit equal to the greater of 54% of final salary and 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 firefighter during the 48 consecutive months of service within
the last 60 months of service in which the total salary was the 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 Firefighters' Pension Fund
GASB Nos. 67 & 68 Report as of Fiscal Year Ending December 31, 2022
Plan Provisions
Credited Service
For Vesting and Benefit Accrual purposes, pension service credit is based on elapsed time from hire.
Employee 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 1 year of payments
For employees hired after or on January 1, 2011 a simple COLA of the lesser of 3% and 50% of the CPI on November
1 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, 2011 the COLA is 3%. For employees hired after or on January 1, 2011, the COLA
is the lesser of 3% and 50% of the CPI on November 1.
Plan Provisions Not Included
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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