HomeMy WebLinkAboutInv# September2021 - FIRST STATE TRUST COMPANY - 09/24/2021Credit Ticket
INSTRUCTIONS: Please complete the lower portion of this form, detach it and forward it with your check to
Please make check payable to: First State Trust Company or FSTC
First State Trust Company
Lockbox # 7672 - P.O. Box 8500
Philadelphia, PA 19178-7672
Dania Beach GE Retirement Plan
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Dania Beach GE Retirement Plan
Total Amount of Check $ 342,183.64
Account Investment Code Amount Code Amount
Number Option
7000016 C/D 214 $302,400.25 265 $39,783.39
**SELECT FROM THE FOLLOWING CREDIT CODES**
258. Rollover from Qualified Plan 31. Employer Contribution Prior Year
211. Receipt from Prior Trustee 215. Employer Matching Contribution
265. Employee Contribution Pre-Tax 249. Roth 401(k) Contribution
266. Employee Contribution After-Tax 217. Employer Matching Cont. Prior Year
213. Employee Contribution 218. Employer Qual Vol Elective Contribution
214. Employer Contribution 37. Participant Loan Payment
INTERNAL USE ONLY
Completed By: ____________Date:__________
Batch #:__________System Batch #:__________
City of Dania Beach Retirement Plan for General Employees
Actuarial Valuation as of October 1, 2019
1
DISCUSSION OF VALUATION RESULTS
Closed Plan
In reviewing this Report, it is important for the reader to keep in mind that this Plan was closed to new
members after February 28, 2006. One consequence of this closure is that the required employer
contribution will generally continue to increase as a percentage of covered payroll as such payroll decreases
from year to year.
Comparison of Required Employer Contributions
The minimum required employer contribution developed in this year's valuation is compared below with
last year’s results.
Required Employer Contribution $1,209,601 $1,356,798 (147,197)
As % of Covered Payroll 157.58 %102.29 %55.29 %
Estimated Pick-Up Contribution $123,432 $213,279 $(89,847)
As % of Covered Payroll 16.08 %16.08 %0.00 %
Total Employer Contribution $1,333,033 $1,570,077 $(237,044)
As % of Covered Payroll 173.66 %118.37 %55.29 %
Increase
For FYE 9/30/2021 For FYE 9/30/2020
(Decrease)Valuation
Based on
10/1/2018
Based on
10/1/2019
Valuation
The contribution has been adjusted for interest on the basis that the contribution is paid at the end of each
quarter during the fiscal year.
The actual employer contribution for the year ending September 30, 2019 was $1,875,779, or 147.56% of
payroll based on a payroll amount of $1,271,226. The minimum required contribution was $1,815,438,
which was based on the greater of 142.81% of payroll or $1,792,079 dollar contribution requirement
determined in the October 1, 2017 actuarial valuation report.
Going forward, the dollar amount of the contribution should be considered the minimum required
contribution, without regard to the percent of payroll figure. Under the recently adopted Entry Age Normal
funding method, the payment on the plan’s unfunded actuarial accrued liability (UAAL) makes up the largest
portion of the City’s contribution requirement and is largely independent of active member payroll.
Furthermore, the percent of payroll figure becomes very volatile as the active member population shrinks
and therefore not a reliable measure for budgeting purposes.
QTR 4
For FYE 9/30/2021 Based
on 10/1/2019 Actuarial
Valuation
Annual
Contribution 001-18-00-519-22-10 66% 199,584.17$
214 July 2021 - September 2021 1,209,601.00$ 1,209,601.00$ 107-15-02-524-22-10 9% 27,216.02$
265 July 2021 - September 2021 -$ 401-33-01-533-22-10 17% 51,408.04$
402-35-01-535-22-10 4% 12,096.01$
403-38-01-538-22-10 4% 12,096.01$
302,400.25$
TOTAL FY 21 QUARTERLY PAYMENT $342,183.64
Quarterly Contribution Breakdown
Payroll Pen Gen
Contribution
Payroll Pen Gen
Pickup
265 July 2021 - September 2021 7,376.29$ 32,407.10$
39,783.39$
System Generated
39,783.39
First State Trust
VENDOR #10071
FY 2021 Budget
Quarterly Contribution
302,400.25$
Employee Benefit Amount Benefit Gross
Benefit Type PEN PICK UP - General Pension Pick-up
1202 GRANT, MITCHELL V 2,661.96 16,554.30
1239 GREENE, DARREN D 3,519.32 21,886.20
1314 JAMES, TAMMIE D 3,044.09 18,930.80
1316 LAJOIE, CORINNE A 5,060.69 31,471.90
947 MCHELLON, DONIAL 2,859.61 17,783.56
1143 PETERSON, TERRY 2,899.33 18,030.60
1321 SAUNDERS, JANICE L 2,380.00 14,800.80
1343 STEVENS, TANIA A 3,718.05 23,122.40
946 THOMAS, AHMAD 3,232.45 20,102.40
1205 WASHINGTON JR, WILLIS B 3,031.60 18,853.14
Benefit Type PEN PICK UP - General Pension Pick-up Totals 10 $32,407.10 $201,536.10
Grand Totals 10 $32,407.10 $201,536.10
Page 1 of 1Run by Taneisha Gaines on 09/24/2021 11:32:23 AM
GEN PEN Benefit History
Report
Check Date Range 07/01/21 - 09/30/21
Sort by Benefit - Employee
Summary Listing
Employee Deduction Amount Deduction Gross
Deduction Type PEN GEN - General Pension Contribution
1202 GRANT, MITCHELL V 605.92 16,554.30
1239 GREENE, DARREN D 801.01 21,886.20
1314 JAMES, TAMMIE D 692.86 18,930.80
1316 LAJOIE, CORINNE A 1,151.89 31,471.90
947 MCHELLON, DONIAL 650.89 17,783.56
1143 PETERSON, TERRY 659.89 18,030.60
1321 SAUNDERS, JANICE L 541.73 14,800.80
1343 STEVENS, TANIA A 846.30 23,122.40
946 THOMAS, AHMAD 735.77 20,102.40
1205 WASHINGTON JR, WILLIS B 690.03 18,853.14
Deduction Type PEN GEN - General Pension Contribution Totals Employees 10 $7,376.29 $201,536.10
Grand Totals Deductions 10 $7,376.29 $201,536.10
Page 1 of 1Run by Taneisha Gaines on 09/24/2021 11:30:58 AM
GEN PEN Deduction History
Report
Check Date Range 07/01/21 - 09/30/21
Sort by Deduction - Employee
Summary Listing