HomeMy WebLinkAboutInv# 2024-00000014 - FIRST STATE TRUST COMPANY - 01/12/2024Credit 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 $ 133,068.39
Account Investment Code Amount Code Amount
Number Option
7000016 C/D 214 $81,758.25 265 $51,310.14
**SELECT FROM THE FOLLOWING CREDIT CODES**
258. Rollover from Qualified Plan 31. Employer Contribution Prior Year
211. Receipt from Prior Trustee 215. Employer Matching Contribution
265. Employee Contribution Pre-Tax 249. Roth 401(k) Contribution
266. Employee Contribution After-Tax 217. Employer Matching Cont. Prior Year
213. Employee Contribution 218. Employer Qual Vol Elective Contribution
214. Employer Contribution 37. Participant Loan Payment
INTERNAL USE ONLY
Completed By: ____________Date:__________
Batch #:__________System Batch #:__________
QTR 1
For FYE 9/30/2024 Based
on 10/1/2022 Actuarial
Valuation
Annual
Contribution QTR 1 Contribution 001-18-00-519-22-10 66% 53,960.45
214 October 2023‐December 2023 327,033.00$ 327,033.00$ 81,758.25 107-15-02-524-22-10 9% 7,358.24
265 October 2023‐December 2023 ‐$ 51,310.14$ 401-33-01-533-22-10 17% 13,898.90
402-35-01-535-22-10 4% 3,270.33
403-38-01-538-22-10 4% 3,270.33
81,758.25$
TOTAL FY 24 QUARTERLY PAYMENT 133,068.39
Quarterly Contribution Breakdown
Payroll Pen Gen
Contribution
Payroll Pen Gen
Pickup System Generated
265 October 2023‐December 2023 9,513.37$ 41,796.77$ 51,310.14
First State Trust
VENDOR #10071
FY 2024 Budget
City of Dania Beach Retirement Plan for General Employees
Actuarial Valuation as of October 1, 2022
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 tend 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 $ 327,033 $ 1,054,714 (727,681)
As % of Covered Payroll 38.88 % 136.69 % (97.81) %
Estimated Pick-Up Contribution $ 135,240 $ 124,072 $ 11,168
As % of Covered Payroll 16.08 % 16.08 % 0.00 %
Total Employer Contribution $ 462,273 $ 1,178,786 $ (716,513)
As % of Covered Payroll 54.96 % 152.77 % (97.81) %
Increase
For FYE 9/30/2024 For FYE 9/30/2023
(Decrease)Valuation
Based on
10/1/2021
Based on
10/1/2022
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, 2022 was $1,164,792, an amount equal
to the minimum required employer contribution.
Revisions in Actuarial Assumptions and Methods
Per Board direction, the investment return assumption used in this actuarial valuation was lowered from
6.4% to 6.0% (compounded annually, net of investment expenses). In coordination with this change, the
assumed inflation rate disclosed in this report has also been updated from 2.40% to 2.50%. The Board
selected the revised return assumption following review of the investment return assumption study dated
October 26, 2022, prepared by GRS. The change increased the required employer contribution by $161,092.
Revisions in Benefits
There have been no revisions in benefits since the prior valuation.
Employee Benefit Amount Benefit Gross
Benefit Type PEN PICK UP - General Pension Pick-up
1202 GRANT, MITCHELL V 3,183.87 19,800.30
1239 GREENE, DARREN D 4,209.56 26,178.70
1314 JAMES, TAMMIE D 4,181.31 26,003.24
1316 LAJOIE, CORINNE A 6,010.20 37,376.70
947 MCHELLON, DONIAL 3,926.88 24,420.84
1143 PETERSON, TERRY 3,799.23 23,627.20
1321 SAUNDERS, JANICE L 2,846.61 17,702.86
1343 STEVENS, TANIA A 5,278.85 32,828.85
946 THOMAS, AHMAD 4,482.47 27,876.00
1205 WASHINGTON JR, WILLIS B 3,877.79 24,115.64
Benefit Type PEN PICK UP - General Pension Pick-up Totals 10 $41,796.77 $259,930.33
Grand Totals 10 $41,796.77 $259,930.33
Page 1 of 1Run by Yeimy Guzman on 01/10/2024 09:29:00 AM
Benefit History Report
Check Date Range 10/01/23 - 12/31/23
Sort by Benefit - Employee
Summary Listing
Employee Deduction Amount Deduction Gross
Deduction Type PEN GEN - General Pension Contribution
1202 GRANT, MITCHELL V 724.67 19,800.30
1239 GREENE, DARREN D 958.15 26,178.70
1314 JAMES, TAMMIE D 951.69 26,003.24
1316 LAJOIE, CORINNE A 1,367.99 37,376.70
947 MCHELLON, DONIAL 893.80 24,420.84
1143 PETERSON, TERRY 864.72 23,627.20
1321 SAUNDERS, JANICE L 647.92 17,702.86
1343 STEVENS, TANIA A 1,201.54 32,828.85
946 THOMAS, AHMAD 1,020.27 27,876.00
1205 WASHINGTON JR, WILLIS B 882.62 24,115.64
Deduction Type PEN GEN - General Pension Contribution Totals Employees 10 $9,513.37 $259,930.33
Grand Totals Deductions 10 $9,513.37 $259,930.33
Page 1 of 1Run by Yeimy Guzman on 01/10/2024 09:30:58 AM
Deduction History Report
Check Date Range 10/01/23 - 12/31/23
Sort by Deduction - Employee
Summary Listing