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Gains and Losses (Prior Plan Year)
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For the purposes of reconciling the change in the Plan's unfunded actuarial accrued liability as reported in the prior July 1, 1998 Actuarial Valuation, and as summarized in this report, the following information is provided:
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1.
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Unfunded Actuarial Accrued Liability at 7/1/1998
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$12,000,011
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2.
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Normal Cost Due 7/1/1998
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$1,277,606
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3.
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Interest on (1) and (2) to 7/1/1999 (at 7.25% per annum)
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$962,627
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4.
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Contributions (Employer and Employees) Applicable to the 1998 Plan Year (with interest adjustment to 7/1/1999)
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$2,440,754
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5.
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Expected Unfunded Actuarial Accrued Liability at 7/1/1999 [(1)+(2)+(3)+(4)]
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$11,799,490
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6.
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Actual Unfunded Actuarial Accrued Liability at 7/1/1999
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$11,227,804
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7.
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Gain (Loss) for the 1998-1999 Plan Year [(5)-(6)]
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$751,686
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Analysis of the 1998-1999 Experience Gain (Loss)
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The amount reported on Item (7), above, is the net result of the following:
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(a)
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From Plan Asset Performance
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$216,003
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(b)
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Other sources ("net effect" of salary increases, terminations, new entrants, retirements, etc.)
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$355,683
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Total Gain/Loss: [(a)+(b)]
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$571,686
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1.
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Market value of assets at 7/1/1998
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$30,752,046
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2.
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Actual income and disbursements in prior year weighted for timing:
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Item
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Amount
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Weight for Timing
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Weighted Amount
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(a) Member contributions
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$436,005
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50.00%
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$218,003
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(b) City Contributions
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$1,709,997
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50.00%
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$854,989
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(c) Miscellaneous Revenue
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$0
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50.00%
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$0
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(d) Benefit Payments
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($1,811,128)
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50.00%
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($905,564)
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(e) Administration
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($42,848)
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50.00%
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($21,424)
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(f) Total
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$146,004
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3.
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Market Value of assets adjusted for actual income disbursements [(1)+(2)(f)]
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$30,898,050
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4.
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Assumed rate of return on plan assets for the year
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7.25%
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5.
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Expected return [(3)*(2)]
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$2,240,109
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Actual Return on Market Value of Assets for Prior Year
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6.
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Market value of assets at 7/1/1998
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$30,752,046
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7.
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Income (less investment income) for prior plan year
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$2,145,982
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8.
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Disbursements paid in prior year
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$1,853,976
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9.
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Market value of assets at 7/1/1999
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$33,286,308
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10.
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Actual Return [(9)+(8)-(7)-(6)]
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$2,242,256
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Gain/(Loss)
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11.
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Investment gain/(loss) for prior year [(10)-(5)]
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$2,147
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Actuarial Value of Assets as of 1/1/1999
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12.
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Market Value of assets at 7/1/1999
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$33,286,308
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13.
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Deferred Investment gains and (losses) for last 3 years:
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Plan Year
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Gain/(Loss)
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Percent Deferred
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Deferred Amount
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(a) 1996
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$48,703
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25.00%
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$12,018
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(b) 1997
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$535,042
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50.00%
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$267,521
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(c) 1998
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$2,147
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75.00%
|
$1,611
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(d) Total
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$537,190
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|
$281,150
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14.
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Item 12 less item 13(d)
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$33,005,158
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15.
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1999 Tax Year Levy (i.e., the 7/1/1998 Plan Year Contributions)
|
$2,145,919
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16.
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Interest Adjustment on item (15) to 7/1/1999
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($156,699)
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17.
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Remaining portion of the 1998-1999 Tax Levy (i.e., the 7/1/1997 Plan Year Contributions)
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$870,905
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18.
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Interest Adjustment on item (17) to 7/1/1999
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($10,101)
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19.
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Actuarial Value of Plan Assets at 7/1/1999 [(14)+(15)+(16)+(17)+(18)]
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$35,855,182
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