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 its General Employees' Retirement System. This review includes analyzing demographic risks, investment returns, and the overall financial health of the pension plan. The system's actuarial valuation as of September 30, 2025, shows an Unfunded Actuarial Accrued Liability (UAAL) of over $22 million. The city is examining various financial measures and potential changes to actuarial assumptions and benefit provisions. This ongoing review is in its early stages, focusing on understanding current risks and future financial needs. The work involves detailed actuarial analysis, financial modeling, and potentially adjustments to contribution rates or benefit structures. Businesses specializing in actuarial consulting, financial analysis, and pension fund management may find opportunities to provide services as the city evaluates its long-term financial strategy.

Actuarial Value of Assets (AAL)

71,746 Thousands of Dollars

Actuarial Accrued Liability

94,241 Thousands of Dollars

Unfunded AAL (UAAL)

22,495 Thousands of Dollars

Funded Ratio

76.1 %

Retiree Liabilities

52,036 Thousands of Dollars

RetLiab / AAL

55.2 %

AAL / Payroll

465.1 %

Assets / Payroll

354.1 %

UAAL / Payroll

111.0 %

Non-Invest. Cash Flow

(1,187) Thousands of Dollars

NICF / Assets

(1.7) %

Market Rate of Return

9.4 %

5-year Trailing Average

8.1 %

Valuation Accrued Liabilities

94,240,863 $

LDROM

127,910,624 $

UAAL at start of year

17,280,531 $

Normal cost for year

855,108 $

Actual City contribution

2,839,477 $

Interest accrual

1,221,626 $

Expected UAAL before changes

16,517,788 $

Effect of timing/accounting

0 $

Effect of assumption/cost method changes

2,080,473 $

Effect of benefit changes

1,599,033 $

Expected UAAL after changes

20,197,294 $

Actual UAAL at end of year

22,495,053 $

Gain/(loss)

(2,297,759) $

% of AAL at start of year

(2.7) %

Gain (Loss) due to investments

(1,153,471) $

Gain (Loss) due to liabilities

(1,144,288) $

Actuarial Gain/(Loss) as a % of Beginning Accrued Liabilities

(2.7) %

Initial Unfunded Actuarial Accrued Liability

(266,606) $

Amount

(93,697) $

% of Payroll

0.00 %

Amount

830,757 $

Amount

136,131 $

% of Payroll

0.67 %

Amount

3,620,586 $

Amount

565,529 $

% of Payroll

2.79 %

Amount

2,816,885 $

Amount

419,596 $

% of Payroll

2.07 %

Amount

2,079,169 $

Amount

295,522 $

% of Payroll

1.46 %

Amount

313,554 $

Amount

42,537 $

% of Payroll

0.21 %

Amount

(818,787) $

Amount

(106,022) $

% of Payroll

(0.52) %

Amount

796,288 $

Amount

98,458 $

% of Payroll

0.49 %

Amount

949,402 $

Amount

112,132 $

% of Payroll

0.55 %

Amount

960,943 $

Amount

105,059 $

% of Payroll

0.52 %

Amount

2,280,449 $

Amount

231,047 $

% of Payroll

1.14 %

Amount

155,825 $

Amount

14,747 $

% of Payroll

0.07 %

Amount

(602,138) $

Amount

(54,117) $

% of Payroll

(0.27) %

Amount

(1,365,869) $

Amount

(118,415) $

% of Payroll

(0.58) %

Amount

(1,659,101) $

Amount

(141,122) $

% of Payroll

(0.70) %

Amount

561,707 $

Amount

45,957 $

% of Payroll

0.23 %

Amount

1,214,470 $

Amount

95,240 $

% of Payroll

0.47 %

Amount

(562,039) $

Amount

(42,701) $

% of Payroll

(0.21) %

Amount

(851,937) $

Amount

(62,821) $

% of Payroll

(0.31) %

Amount

(498,719) $

Amount

(35,893) $

% of Payroll

(0.18) %

Amount

(841,632) $

Amount

(59,643) $

% of Payroll

(0.29) %

Amount

1,587,449 $

Amount

110,764 $

Amount

4,964,772 $

Amount

377,753 $

% of Payroll

1.86 %

Amount

(321,589) $

Amount

(23,094) $

% of Payroll

(0.11) %

Amount

2,297,759 $

Amount

138,785 $

% of Payroll

0.68 %

Amount

103,373 $

Amount

32,013 $

% of Payroll

0.16 %

Amount

2,519,513 $

Amount

214,308 $

% of Payroll

1.06 %

Amount

2,044,097 $

Amount

167,242 $

% of Payroll

0.83 %

Amount

1,052,845 $

Amount

79,991 $

% of Payroll

0.39 %

Amount

1,094,290 $

Amount

80,692 $

% of Payroll

0.40 %

Amount

(568,095) $

Amount

(40,886) $

% of Payroll

(0.20) %

Amount

1,121,887 $

Amount

71,398 $

% of Payroll

0.35 %

Amount

2,080,473 $

Amount

125,661 $

% of Payroll

0.62 %

Amount

(2,728,463) $

Amount

(245,221) $

% of Payroll

(1.21) %

Amount

858,761 $

Amount

54,653 $

% of Payroll

0.27 %

Amount

1,599,033 $

Amount

96,582 $

% of Payroll

0.48 %

Totals

22,495,053 $

Totals

2,688,165 $

% of Payroll

13.28 %