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HomeMy WebLinkAbout2025 Dania General Chapter 112.664 Compliance Report       City of Dania Beach Retirement Plan for  General Employees  112.664, F.S. COMPLIANCE REPORT    IN CONNECTION WITH THE OCTOBER 1, 2025 FUNDING ACTUARIAL  VALUATION REPORT AND THE PLAN’S FINANCIAL REPORTING FOR THE YEAR  ENDING SEPTEMBER 30, 2025          June 23, 2026    Board of Trustees  City of Dania Beach Retirement Plan   for General Employees  Dania Beach, Florida      Dear Board Members:    Gabriel, Roeder, Smith & Company (GRS) has been engaged by the City of Dania Beach Retirement Plan  for General Employees (Plan) to prepare a disclosure report to satisfy the requirements set forth in Ch.  112.664, F.S. and as further required pursuant to Ch. 60T‐1.0035, F.A.C.     This report was prepared at the request of the Board and is intended for use by the Retirement Plan and  those designated or approved by the Board.  This report may be provided to parties other than the Plan  only in its entirety and only with the permission of the Board.    The purpose of the report is to provide the required information specified in Ch. 112.664, F.S. as well as  supplement this information with additional exhibits. This report should not be relied on for any purpose  other than the purpose described above.    The findings in this report are based on data or other information through September 30, 2025.  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.  The scope of this engagement does not include  an analysis of the potential range of such measurements.    This report was based upon information furnished by the Plan Administrator and the City concerning  Retirement Plan benefits, financial transactions, plan provisions and active members, terminated  members, retirees and beneficiaries.  We checked for internal and year‐to‐year consistency, but did not  otherwise audit the data.  We are not responsible for the accuracy or completeness of the information  provided by the Plan Administrator and the City.      This report complements the October 1, 2025 actuarial valuation report, dated April 14, 2026, and should  be considered in conjunction with that report. Except as otherwise indicated as required for the  disclosures contained herein, this report was prepared using certain assumptions selected by the Board as  described in our October 1, 2025 actuarial valuation report.  This report is also based on the Plan  Provisions, census data, and financial information as summarized in our October 1, 2025 actuarial  valuation report.  Please refer to the October 1, 2025 actuarial valuation report, dated April 14, 2026, for  summaries and descriptions of this information and for all relevant actuarial disclosures.    Board of Trustees  City of Dania Beach Retirement Plan for General Employees  Page ii    The use of an investment return assumption that is 2% higher than the investment return assumption  used to determine the funding requirements does not represent an estimate of future Plan experience  nor does it reflect an observation of future return estimates inherent in financial market data.  The use of  this investment return assumption is provided as a counterpart to the Chapter 112.664, Florida Statutes  requirement to utilize an investment return assumption that is 2% lower than the assumption used to  determine the funding requirements.  The inclusion of the additional exhibits showing the effect of using  a 2% higher investment return assumption shows a more complete assessment of the range of possible  results as opposed to showing a one‐sided range as required by Florida Statutes.    This report was prepared using our proprietary valuation model and related software which in our  professional judgment has the capability to provide results that are consistent with the purposes of the  valuation and has no material limitations or known weaknesses. We performed tests to ensure that the  model reasonably represents that which is intended to be modeled.    Nicolas Lahaye and Travis N. Robinson are members of the American Academy of Actuaries and meet the  Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained  herein.  The signing actuaries are independent of the plan sponsor.    This report has been prepared by actuaries who have substantial experience valuing public employee  retirement systems.  To the best of our knowledge the information contained in this report is accurate  and fairly presents the actuarial position of the Retirement Plan as of the valuation date.  All calculations  have been made in conformity with generally accepted actuarial principles and practices, with the  Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.    With respect to the reporting standards for defined benefit retirement plans or systems contained in Section  112.664(1) F.S., the actuarial disclosures required under this section were prepared and completed by us or  under our direct supervision, and we acknowledge responsibility for the results.  To the best of our  knowledge, the results are complete and accurate, and in our opinion, meet the requirements of Section  112.664(1), F.S. and Section 60T‐1.0035, F.A.C.    Respectfully submitted,    GABRIEL, ROEDER, SMITH & COMPANY      By: _________________________________ _____________________________   Nicolas Lahaye, FSA, MAAA, FCA Travis N. Robinson, ASA, MAAA, FCA   Enrolled Actuary No. 26‐07775 Enrolled Actuary No. 26‐08351                    TABLE OF CONTENTS         Title                   Page     Ch. 112.664, F.S. Results                   Schedule of Changes in Net Pension Liability    1. Using financial reporting assumptions per GASB Statement No. 67   1  2. Using assumptions prescribed in Section 112.664(1)(a), F.S.     2  3. Using assumptions prescribed in Section 112.664(1)(b), F.S.     3  4. Using the mandated mortality and funding interest rate +2%     4      Assets Versus Benefit Payments Projections  1. Using assumptions from the Plan’s latest Actuarial Valuation     5  2. Using assumptions prescribed in Section 112.664(1)(a), F.S.     6  3. Using assumptions prescribed in Section 112.664(1)(b), F.S.     7  4. Using the mandated mortality and funding interest rate +2%     8     Actuarially Determined Contribution             9            CHAPTER 112.664, FLORIDA STATUTES  RESULTS    City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 1  Schedule of Changes in the Employers' Net Pension Liability  Using Financial Reporting Assumptions per GASB Statement No. 67 Fiscal year ending September 30,2025 1. Total pension liability a. Service Cost 242,937$                             b. Interest 1,771,836                            c. Benefit Changes ‐                                       d. Difference between actual & expected experience & Other 248,193                               e. Assumption  Changes ‐                                       f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Net Change in Total Pension Liability (188,243)                              i. Total Pension Liability ‐ Beginning 30,513,270                          j. Total Pension Liability ‐ Ending 30,325,027$                       2. Plan Fiduciary Net Position a. Contributions ‐ Employer 456,885$                             b. Contributions ‐ Employer (From State)‐                                       c. Contributions ‐ Non‐Employer Contributing Entity ‐                                       d. Contributions ‐ Member 172,218                               e. Net Investment Income 2,087,955                            f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Administrative Expense (131,562)                              i. Other ‐                                       j. Net Change in Plan Fiduciary Net Position 134,287                               k. Plan Fiduciary Net Position ‐ Beginning 30,999,434                          l. Plan Fiduciary Net Position ‐ Ending 31,133,721$                       3. Net Pension Liability / (Asset)(808,694)                              Certain Key Assumptions Valuation Date 10/01/2024 Measurement Date 09/30/2025 Investment Return Assumption 6.00% Mortality Table FRS Mortality for Regular Class  Members (7/1/2023 FRS  Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 2  Schedule of Changes in the Employers' Net Pension Liability  Using Assumptions required under 112.664(1)(a), F.S. Fiscal year ending September 30,2025 1. Total pension liability a. Service Cost 246,165$                             b. Interest 1,805,127                            c. Benefit Changes ‐                                       d. Difference between actual & expected experience & Other ‐                                       e. Assumption  Changes ‐                                       f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Net Change in Total Pension Liability (399,917)                              i. Total Pension Liability ‐ Beginning 31,064,883                          j. Total Pension Liability ‐ Ending 30,664,966$                       2. Plan Fiduciary Net Position a. Contributions ‐ Employer 456,885$                             b. Contributions ‐ Employer (From State)‐                                       c. Contributions ‐ Non‐Employer Contributing Entity ‐                                       d. Contributions ‐ Member 172,218                               e. Net Investment Income 2,087,955                            f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Administrative Expense (131,562)                              i. Other ‐                                       j. Net Change in Plan Fiduciary Net Position 134,287                               k. Plan Fiduciary Net Position ‐ Beginning 30,999,434                          l. Plan Fiduciary Net Position ‐ Ending 31,133,721$                       3. Net Pension Liability / (Asset)(468,755)                              Certain Key Assumptions Valuation Date 10/01/2024 Measurement Date 09/30/2025 Investment Return Assumption 6.00% Mortality Table FRS Mortality for Regular Class  Members (7/1/2024 FRS  Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 3  Schedule of Changes in the Employers' Net Pension Liability  Using Assumptions required under 112.664(1)(b), F.S. Fiscal year ending September 30,2025 1. Total pension liability a. Service Cost 377,491$                             b. Interest 1,475,338                            c. Benefit Changes ‐                                       d. Difference between actual & expected experience & Other ‐                                       e. Assumption Changes ‐                                       f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Net Change in Total Pension Liability (598,380)                              i. Total Pension Liability ‐ Beginning 37,731,573                          j. Total Pension Liability ‐ Ending 37,133,193$                       2. Plan Fiduciary Net Position a. Contributions ‐ Employer 456,885$                             b. Contributions ‐ Employer (From State)‐                                       c. Contributions ‐ Non‐Employer Contributing Entity ‐                                       d. Contributions ‐ Member 172,218                               e. Net Investment Income 2,087,955                            f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Administrative Expense (131,562)                              i. Other ‐                                       j. Net Change in Plan Fiduciary Net Position 134,287                               k. Plan Fiduciary Net Position ‐ Beginning 30,999,434                          l. Plan Fiduciary Net Position ‐ Ending 31,133,721$                       3. Net Pension Liability / (Asset)5,999,472                            Certain Key Assumptions Valuation Date 10/01/2024 Measurement Date 09/30/2025 Investment Return Assumption 4.00% Mortality Table FRS Mortality for Regular Class  Members (7/1/2024 FRS  Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 4  Schedule of Changes in the Employers' Net Pension Liability  Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption Fiscal year ending September 30,2025 1. Total pension liability a. Service Cost 176,362$                             b. Interest 2,014,235                            c. Benefit Changes ‐                                       d. Difference between actual & expected experience & Other ‐                                       e. Assumption Changes ‐                                       f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Net Change in Total Pension Liability (260,612)                              i. Total Pension Liability ‐ Beginning 26,227,181                          j. Total Pension Liability ‐ Ending 25,966,569$                       2. Plan Fiduciary Net Position a. Contributions ‐ Employer 456,885$                             b. Contributions ‐ Employer (From State)‐                                       c. Contributions ‐ Non‐Employer Contributing Entity ‐                                       d. Contributions ‐ Member 172,218                               e. Net Investment Income 2,087,955                            f. Benefit Payments (2,451,209)                          g. Contribution Refunds ‐                                       h. Administrative Expense (131,562)                              i. Other ‐                                       j. Net Change in Plan Fiduciary Net Position 134,287                               k. Plan Fiduciary Net Position ‐ Beginning 30,999,434                          l. Plan Fiduciary Net Position ‐ Ending 31,133,721$                       3. Net Pension Liability / (Asset)(5,167,152)                          Certain Key Assumptions Valuation Date 10/01/2024 Measurement Date 09/30/2025 Investment Return Assumption 8.00% Mortality Table FRS Mortality for Regular Class  Members (7/1/2024 FRS  Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 5  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions from Plan's most recent actuarial valuation FYE Market Value of  Assets (BOY) Expected  Investment Return Projected Benefit  Payments Market Value of  Assets (EOY) 2026 31,130,395            1,797,904                     2,330,643                     30,597,656                   2027 30,597,656            1,764,133                     2,390,883                     29,970,906                   2028 29,970,906            1,722,881                     2,512,452                     29,181,335                   2029 29,181,335            1,675,317                     2,518,763                     28,337,889                   2030 28,337,889            1,624,797                     2,515,865                     27,446,821                   2031 27,446,821            1,571,954                     2,495,171                     26,523,604                   2032 26,523,604            1,517,440                     2,465,888                     25,575,156                   2033 25,575,156            1,461,397                     2,437,073                     24,599,480                   2034 24,599,480            1,404,057                     2,397,068                     23,606,469                   2035 23,606,469            1,345,777                     2,353,714                     22,598,532                   2036 22,598,532            1,287,712                     2,273,320                     21,612,924                   2037 21,612,924            1,230,373                     2,213,431                     20,629,866                   2038 20,629,866            1,173,388                     2,146,791                     19,656,463                   2039 19,656,463            1,116,955                     2,081,102                     18,692,316                   2040 18,692,316            1,061,187                     2,011,727                     17,741,776                   2041 17,741,776            1,006,322                     1,939,490                     16,808,608                   2042 16,808,608            952,593                        1,864,106                     15,897,095                   2043 15,897,095            900,266                        1,785,328                     15,012,033                   2044 15,012,033            849,596                        1,704,212                     14,157,417                   2045 14,157,417            800,822                        1,620,758                     13,337,481                   2046 13,337,481            754,185                        1,535,470                     12,556,196                   2047 12,556,196            709,905                        1,448,881                     11,817,220                   2048 11,817,220            668,186                        1,361,562                     11,123,844                   2049 11,123,844            629,207                        1,274,116                     10,478,935                   2050 10,478,935            593,121                        1,187,167                     9,884,889                      2051 9,884,889               560,054                        1,101,321                     9,343,622                      All  future  years Certain Key Assumptions Valuation Investment return assumption 6.00% Valuation Mortality Table Number of years for which current market value  of  assets are  adequate  to  sustain the  payment of  expected retirement benefits, reflecting no  contributions from the Employer, Employee or State, contrary to Florida  Statutes and Plan provisions: Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the projection of the Fund assets do  not include contributions from the Employer, Employee  or State, which is contrary to Florida Statutes  and Plan provisions.  For this reason, these projections should not be viewed as a representation of the   amount of time the Fund can sustain benefit payments.  Under the GASB standards which DO include  contributions from the employer, employee and State, the Fund is expected to be able to sustain the  benefit payment demands in the near‐term and long‐term future. FRS Mortality for Regular Class Members (7/1/2024 FRS Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 6  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the Employer, State  or Employee Using Assumptions required under 112.664(1)(a), F.S. FYE Market Value  of  Assets (BOY) Expected  Investment Return Projected Benefit  Payments Market Value  of  Assets (EOY) 2026 31,130,395            1,797,904                     2,330,643                   30,597,656                  2027 30,597,656            1,764,133                     2,390,883                   29,970,906                  2028 29,970,906            1,722,881                     2,512,452                   29,181,335                  2029 29,181,335            1,675,317                     2,518,763                   28,337,889                  2030 28,337,889            1,624,797                     2,515,865                   27,446,821                  2031 27,446,821            1,571,954                     2,495,171                   26,523,604                  2032 26,523,604            1,517,440                     2,465,888                   25,575,156                  2033 25,575,156            1,461,397                     2,437,073                   24,599,480                  2034 24,599,480            1,404,057                     2,397,068                   23,606,469                  2035 23,606,469            1,345,777                     2,353,714                   22,598,532                  2036 22,598,532            1,287,712                     2,273,320                   21,612,924                  2037 21,612,924            1,230,373                     2,213,431                   20,629,866                  2038 20,629,866            1,173,388                     2,146,791                   19,656,463                  2039 19,656,463            1,116,955                     2,081,102                   18,692,316                  2040 18,692,316            1,061,187                     2,011,727                   17,741,776                  2041 17,741,776            1,006,322                     1,939,490                   16,808,608                  2042 16,808,608            952,593                        1,864,106                   15,897,095                  2043 15,897,095            900,266                        1,785,328                   15,012,033                  2044 15,012,033            849,596                        1,704,212                   14,157,417                  2045 14,157,417            800,822                        1,620,758                   13,337,481                  2046 13,337,481            754,185                        1,535,470                   12,556,196                  2047 12,556,196            709,905                        1,448,881                   11,817,220                  2048 11,817,220            668,186                        1,361,562                   11,123,844                  2049 11,123,844            629,207                        1,274,116                   10,478,935                  2050 10,478,935            593,121                        1,187,167                   9,884,889                    2051 9,884,889               560,054                        1,101,321                   9,343,622                    All  future years Certain Key Assumptions Valuation Investment return assumption 6.00% Valuation Mortality Table Number of years for which current market value  of assets are adequate to  sustain the payment of  expected retirement benefits, reflecting no  contributions from the  Employer, Employee or State, contrary to Florida  Statutes and Plan provisions: Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the  projection of the  Fund assets do  not include  contributions from the  Employer, Employee or State, which is contrary to Florida Statutes  and Plan provisions.  For this reason, these projections should not be  viewed as a representation of the  amount of time  the Fund can sustain benefit payments.  Under the GASB standards which DO include  contributions from the employer, employee and State, the  Fund is expected to be  able to sustain the  benefit payment demands in the  near‐term and long‐term future. FRS Mortality for Regular Class Members (7/1/2024 FRS Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 7  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the Employer, State  or Employee Using Assumptions required under 112.664(1)(b), F.S. FYE Market Value  of  Assets (BOY) Expected  Investment Return Projected Benefit  Payments Market Value  of  Assets (EOY) 2026 31,130,395            1,198,603                     2,330,643                   29,998,355                  2027 29,998,355            1,152,117                     2,390,883                   28,759,589                  2028 28,759,589            1,100,135                     2,512,452                   27,347,272                  2029 27,347,272            1,043,516                     2,518,763                   25,872,025                  2030 25,872,025            984,564                        2,515,865                   24,340,724                  2031 24,340,724            923,726                        2,495,171                   22,769,279                  2032 22,769,279            861,453                        2,465,888                   21,164,844                  2033 21,164,844            797,852                        2,437,073                   19,525,623                  2034 19,525,623            733,084                        2,397,068                   17,861,639                  2035 17,861,639            667,391                        2,353,714                   16,175,316                  2036 16,175,316            601,546                        2,273,320                   14,503,542                  2037 14,503,542            535,873                        2,213,431                   12,825,984                  2038 12,825,984            470,104                        2,146,791                   11,149,297                  2039 11,149,297            404,350                        2,081,102                   9,472,545                    2040 9,472,545               338,667                        2,011,727                   7,799,485                    2041 7,799,485               273,190                        1,939,490                   6,133,185                    2042 6,133,185               208,045                        1,864,106                   4,477,124                    2043 4,477,124               143,378                        1,785,328                   2,835,174                    2044 2,835,174               79,323                           1,704,212                   1,210,285                    2045 1,210,285               15,996                           1,620,758                    ‐                                 2046 ‐                            ‐                                 1,535,470                    ‐                                 2047 ‐                            ‐                                 1,448,881                    ‐                                 2048 ‐                            ‐                                 1,361,562                    ‐                                 2049 ‐                            ‐                                 1,274,116                    ‐                                 2050 ‐                            ‐                                 1,187,167                    ‐                                 2051 ‐                            ‐                                 1,101,321                    ‐                                 19.75 Certain Key Assumptions Valuation Investment return assumption 4.00% Valuation Mortality Table Number of years for which current market value  of assets are adequate to  sustain the payment of  expected retirement benefits, reflecting no  contributions from the  Employer, Employee or State, contrary to Florida  Statutes and Plan provisions: Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the  projection of the  Fund assets do  not include  contributions from the  Employer, Employee or State, which is contrary to Florida Statutes  and Plan provisions.  For this reason, these projections should not be  viewed as a representation of the  amount of time  the Fund can sustain benefit payments.  Under the GASB standards which DO include  contributions from the employer, employee and State, the  Fund is expected to be  able to sustain the  benefit payment demands in the  near‐term and long‐term future. FRS Mortality for Regular Class Members (7/1/2024 FRS Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 8  Asset and Benefit Payment Projection  Not Reflecting Any Contributions from the  Employer, State  or Employee Using Assumptions under 112.664(1)(a), F.S. except 2% higher investment return assumption FYE Market Value  of  Assets (BOY) Expected Investment  Return Projected Benefit  Payments Market Value of  Assets (EOY) 2026 31,130,395             2,397,206                       2,330,643                   31,196,958                 2027 31,196,958             2,400,121                       2,390,883                   31,206,196                 2028 31,206,196             2,395,998                       2,512,452                   31,089,742                 2029 31,089,742             2,386,429                       2,518,763                   30,957,408                 2030 30,957,408             2,375,958                       2,515,865                   30,817,501                 2031 30,817,501             2,365,593                       2,495,171                   30,687,923                 2032 30,687,923             2,356,398                       2,465,888                   30,578,433                 2033 30,578,433             2,348,792                       2,437,073                   30,490,152                 2034 30,490,152             2,343,329                       2,397,068                   30,436,413                 2035 30,436,413             2,340,764                       2,353,714                   30,423,463                 2036 30,423,463             2,342,944                       2,273,320                   30,493,087                 2037 30,493,087             2,350,910                       2,213,431                   30,630,566                 2038 30,630,566             2,364,574                       2,146,791                   30,848,349                 2039 30,848,349             2,384,624                       2,081,102                   31,151,871                 2040 31,151,871             2,411,681                       2,011,727                   31,551,825                 2041 31,551,825             2,446,566                       1,939,490                   32,058,901                 2042 32,058,901             2,490,148                       1,864,106                   32,684,943                 2043 32,684,943             2,543,382                       1,785,328                   33,442,997                 2044 33,442,997             2,607,271                       1,704,212                   34,346,056                 2045 34,346,056             2,682,854                       1,620,758                   35,408,152                 2046 35,408,152             2,771,233                       1,535,470                   36,643,915                 2047 36,643,915             2,873,558                       1,448,881                   38,068,592                 2048 38,068,592             2,991,025                       1,361,562                   39,698,055                 2049 39,698,055             3,124,880                       1,274,116                   41,548,819                 2050 41,548,819             3,276,419                       1,187,167                   43,638,071                 2051 43,638,071             3,446,993                       1,101,321                   45,983,743                 All  future  years Certain Key Assumptions Valuation Investment return assumption 8.00% Valuation Mortality Table Number of  years for which current market value  of assets are  adequate  to  sustain the  payment of expected retirement benefits, reflecting no  contributions from the  Employer, Employee or State, contrary to Florida  Statutes and Plan provisions: Note: As required in Section 112.664(1)(c) of the  Florida Statutes, the projection of the  Fund assets do  not include  contributions from the Employer, Employee  or State, which is contrary to Florida Statutes  and Plan provisions.  For this reason, these  projections should not be viewed as a representation of the  amount of time the  Fund can sustain benefit payments.  Under the GASB standards which DO include  contributions from the  employer, employee  and State, the  Fund is expected to be able to sustain the   benefit payment demands in the  near‐term and long‐term future. FRS Mortality for Regular Class Members (7/1/2024 FRS Valuation)   City of Danial Beach Retirement Plan for General Employees  Chapter 112.664, F.S. Compliance Report 9  A. Valuation Date 10/1/2025 10/1/2025 10/1/2025 10/1/2025 B. Actuarially Determined Contribution (ADC)  to Be Paid During Fiscal Year Ending 9/30/2027 9/30/2027 9/30/2027 9/30/2027   C. Assumed Dates of Employer Contributions Quarterly Quarterly Quarterly Quarterly D. Annual Payment to Amortize Unfunded Actuarial Liability $ 260,447 $ 260,447 $ 1,027,657 $ 0 E. Employer Normal Cost 189,540 189,540 318,281 121,986 F. Employer ADC if Paid on Valuation 449,987 449,987 1,345,938 121,986 Date: D + E G. Employer ADC Adjusted for Frequency 466,488 466,488 1,379,088 127,907 of Payments H. Employer ADC Adjusted for Frequency of Payments as % of Covered Payroll 53.52 % 53.52 % 158.23 % 14.68 % I. Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 % 0.00 % 0.00 % 0.00 % J. Covered Payroll for Contribution Year* 871,559 871,559 871,559 871,559 K. Employer ADC for Contribution Year: H x J 466,488 466,488 1,379,088 127,907 L. Allowable Credit for State Revenue  in Contribution Year 0 0 0 0 M.Net Employer ADC in Contribution Year 466,488 466,488 1,379,088 127,907 N. Net Employer ADC as % of Covered Payroll in Contribution Year: M ÷ J 53.52 % 53.52 % 158.23 % 14.68 % O. Expected Member Contribution (Including 172,046 172,046 172,046 172,046 Pick‐Up Contributions) P. Total Contribution (Including Members) in Contribution Year 638,534 638,534 1,551,134 299,953 Q. Total Contribution as % of Covered Payroll in Contribution Year: P ÷ J 73.26 % 73.26 % 177.97 % 34.42 % R. Certain Key Assumptions      Investment Return Assumption 6.00% 6.00% 4.00% 8.00% Mortality Table FRS Mortality for Regular Class Members (7/1/2024 FRS Valuation) ACTUARIALLY DETERMINED CONTRIBUTION 112.664(1)(b) F.S.   except 2% Higher  Investment Return  Assumption 112.664(1)(b) F.S.  Assumptions 112.664(1)(a) F.S.  Assumptions Plan's Latest  Actuarial  Valuation * Excludes picked‐up member contributions.