6. Other Demographic Risks – members may terminate, retire or become disabled at times or with

Quarterly Pension Meeting · 2026-05-26 · agenda_item

The City of Jacksonville Beach is reviewing actuarial data for the Police Officers' Retirement System. This review includes analyzing demographic risks, investment returns, and the funded status of the pension plan. The system's actuarial value of assets and liabilities are being assessed, with a focus on the unfunded actuarial accrued liability. This process involves detailed financial modeling and projections. The current stage is under review as part of a quarterly pension meeting. This review could lead to adjustments in contribution strategies or investment management. Businesses specializing in actuarial consulting, financial analysis, and investment management may find opportunities to engage with the city on this ongoing civic agenda item. Early engagement could provide insight into potential future needs as the city manages its pension obligations.

Actuarial Value of Assets

29586 Thousands $

Actuarial Accrued Liability

29968 Thousands $

Unfunded AAL (UAAL)

382 Thousands $

Funded Ratio

98.7 %

Retiree Liabilities

12768 Thousands $

RetLiab / AAL

42.6 %

AAL / Payroll

578.8 %

Assets / Payroll

571.4 %

UAAL / Payroll

7.4 %

Non-Invest. Cash Flow

151 Thousands $

NICF / Assets

0.5 %

Market Rate of Return

18.5 %

5-Year Trailing Average

10.9 %

Actuarial Value of Assets

30087 Thousands $

Actuarial Accrued Liability

30982 Thousands $

Unfunded AAL (UAAL)

895 Thousands $

Retiree Liabilities

13995 Thousands $

Funded Ratio

97.1 %

RetLiab / AAL

45.2 %

AAL / Payroll

600.7 %

Assets / Payroll

583.4 %

UAAL / Payroll

17.4 %

Non-Invest. Cash Flow

(652) Thousands $

NICF / Assets

(2.2) %

Market Rate of Return

(15.9) %

5-Year Trailing Average

4.7 %

Actuarial Value of Assets

30856 Thousands $

Actuarial Accrued Liability

32999 Thousands $

Unfunded AAL (UAAL)

2143 Thousands $

Retiree Liabilities

15273 Thousands $

Funded Ratio

93.5 %

RetLiab / AAL

46.3 %

AAL / Payroll

565.2 %

Assets / Payroll

528.5 %

UAAL / Payroll

36.7 %

Non-Invest. Cash Flow

(601) Thousands $

NICF / Assets

(1.9) %

Market Rate of Return

9.6 %

5-Year Trailing Average

4.8 %

Actuarial Value of Assets

32652 Thousands $

Actuarial Accrued Liability

36548 Thousands $

Unfunded AAL (UAAL)

3896 Thousands $

Retiree Liabilities

17514 Thousands $

Funded Ratio

89.3 %

RetLiab / AAL

47.9 %

AAL / Payroll

623.1 %

Assets / Payroll

556.7 %

UAAL / Payroll

66.4 %

Non-Invest. Cash Flow

(540) Thousands $

NICF / Assets

(1.7) %

Market Rate of Return

23.2 %

5-Year Trailing Average

8.1 %

Actuarial Value of Assets

34355 Thousands $

Actuarial Accrued Liability

40919 Thousands $

Unfunded AAL (UAAL)

6564 Thousands $

Retiree Liabilities

17551 Thousands $

Funded Ratio

84.0 %

RetLiab / AAL

42.9 %

AAL / Payroll

564.9 %

Assets / Payroll

474.3 %

UAAL / Payroll

90.6 %

Non-Invest. Cash Flow

(219) Thousands $

NICF / Assets

(0.6) %

Market Rate of Return

9.4 %

5-Year Trailing Average

8.0 %

Investment return assumption

7.25 %

1-year rate

3.73 %

5-year rate

3.69 %

10-year rate

4.17 %

30-year rate

4.92 %

Valuation Accrued Liabilities

40918756 $

LDROM

56344582 $

UAAL at start of year

3896358 $

Normal cost for year

566465 $

Actual City/Chapter contribution

1103240 $

Interest accrual

272098 $

Expected UAAL before changes

3631681 $

Effect of assumption/cost method changes

741272 $

Effect of benefit changes

2381233 $

Expected UAAL after changes

6754186 $

Actual UAAL at end of year

6563892 $

Gain (loss)

190294 $

% of AAL at start of year

0.5 %

Gain (Loss) due to investments

(518088) $

Gain (Loss) due to liabilities

708382 $

2016

1.6 %

2017

(0.9) %

2018

1.4 %

2019

0.0 %

2020

3.1 %

2021

3.1 %

2022

(2.4) %

2023

(4.7) %

2024

0.1 %

2025

0.5 %

Initial Unf'd. actuarial accrued liability

(55256) $

Amort. Factor

3.728316 yrs.

Dollar Amount

(14821) $

% of Payroll

(0.20) %

Changes from experience deviations

1136957 $

Amort. Factor

1.930477 Yrs.

Dollar Amount

227950 $

% of Payroll

3.15 %

Changes from experience deviations

586136 $

Amort. Factor

2.845392 Yrs.

Dollar Amount

108670 $

% of Payroll

1.50 %

Changes from experience deviations

492455 $

Amort. Factor

3.728316 Yrs.

Dollar Amount

85298 $

% of Payroll

1.18 %

Changes from experience deviations

964532 $

Amort. Factor

4.580368 Yrs.

Dollar Amount

157079 $

% of Payroll

2.17 %

Changes from experience deviations

(306132) $

Amort. Factor

5.402629 Yrs.

Dollar Amount

(45362) $

% of Payroll

(0.63) %

Changes from experience deviations

(220348) $

Amort. Factor

6.196139 Yrs.

Dollar Amount

(30899) $

% of Payroll

(0.43) %

Changes from experience deviations

997763 $

Amort. Factor

6.961904 Yrs.

Dollar Amount

137677 $

% of Payroll

1.90 %

Changes from experience deviations

219770 $

Amort. Factor

7.700894 Yrs.

Dollar Amount

28808 $

% of Payroll

0.40 %

Changes from experience deviations

102832 $

Amort. Factor

8.414044 Yrs.

Dollar Amount

12539 $

% of Payroll

0.17 %

Changes from experience deviations

1043104 $

Amort. Factor

9.102260 Yrs.

Dollar Amount

120954 $

% of Payroll

1.67 %

Changes from experience deviations

(516717) $

Amort. Factor

9.766412 Yrs.

Dollar Amount

(54276) $

% of Payroll

(0.75) %

Changes from experience deviations

(597024) $

Amort. Factor

10.407342 Yrs.

Dollar Amount

(60016) $

% of Payroll

(0.83) %

Changes from experience deviations

816103 $

Amort. Factor

11.025861 Yrs.

Dollar Amount

(75112) $

% of Payroll

(1.04) %

Changes from experience deviations

(556507) $

Amort. Factor

11.622754 Yrs.

Dollar Amount

(47899) $

% of Payroll

(0.66) %

Changes from experience deviations

(360779) $

Amort. Factor

12.198776 Yrs.

Dollar Amount

(29460) $

% of Payroll

(0.41) %

Changes from experience deviations

211107 $

Amort. Factor

12.754658 Yrs.

Dollar Amount

17101 $

% of Payroll

0.24 %

Changes from experience deviations

(338603) $

Amort. Factor

13.291103 Yrs.

Dollar Amount

(25016) $

% of Payroll

(0.35) %

Changes from experience deviations

92093 $

Amort. Factor

13.808792 Yrs.

Dollar Amount

6816 $

% of Payroll

0.09 %

Changes from experience deviations

827506 $

Amort. Factor

14.308379 Yrs.

Dollar Amount

(59658) $

% of Payroll

(0.82) %

Changes from experience deviations

(878466) $

Amort. Factor

14.790498 Yrs.

Dollar Amount

(62688) $

% of Payroll

(0.87) %

Changes from experience deviations

727417 $

Amort. Factor

15.255760 Yrs.

Dollar Amount

50417 $

% of Payroll

0.70 %

Changes from experience deviations

1464659 $

Amort. Factor

15.704754 Yrs.

Dollar Amount

95228 $

% of Payroll

1.31 %

Changes from experience deviations

(28688) $

Amort. Factor

16.138049 Yrs.

Dollar Amount

(1763) $

% of Payroll

(0.02) %

Changes from experience deviations

(190294) $

Amort. Factor

16.556193 Yrs.

Dollar Amount

(11494) $

% of Payroll

(0.16) %

Changes from actuarial assumption and actuarial cost method revisions

(143237) $

Amort. Factor

2.845392 yrs.

Dollar Amount

(23328) $

% of Payroll

(0.32) %

Changes from actuarial assumption and actuarial cost method revisions

714017 $

Dollar Amount

63758 $

% of Payroll

0.88 %

Changes from actuarial assumption and actuarial cost method revisions

667012 $

Dollar Amount

56508 $

% of Payroll

0.78 %

Changes from actuarial assumption and actuarial cost method revisions

31486 $

Dollar Amount

2551 $

% of Payroll

0.04 %

Changes from actuarial assumption and actuarial cost method revisions

429749 $

Dollar Amount

33709 $

% of Payroll

0.47 %

Changes from actuarial assumption and actuarial cost method revisions

455586 $

Dollar Amount

33831 $

Changes from actuarial assumption and actuarial cost method revisions

(505243) $

Dollar Amount

(35311) $

% of Payroll

(0.49) %

Changes from actuarial assumption and actuarial cost method revisions

741272 $

Dollar Amount

44773 $

% of Payroll

0.62 %

Changes from amendments to benefit provisions

285181 $

Amort. Factor

0 yrs.

Dollar Amount

0 $

% of Payroll

0.00 %

Changes from amendments to benefit provisions

116892 $

Dollar Amount

20247 $

% of Payroll

0.28 %

Changes from amendments to benefit provisions

499931 $

Dollar Amount

68983 $

% of Payroll

0.95 %

Changes from amendments to benefit provisions

(2173428) $

Dollar Amount

(200035) $

% of Payroll

(2.76) %

Changes from amendments to benefit provisions

1365755 $

Dollar Amount

85869 $

% of Payroll

1.19 %

Changes from amendments to benefit provisions

1385753 $

Changes from amendments to benefit provisions

2381233 $

Dollar Amount

143827 $

% of Payroll

1.99 %

Totals

6563892 $

Financing Per.Amount

879442 $

% of Payroll

12.16 %

Contribution

0.00 %