HomeMy WebLinkAbout98.ONLINE 07-26-2017 Board Meeting Item 17 Attachment B - 2002-10-21 Towers Perrin Actuarial.pdf RETIREMENT
SYSTEM
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October 21, 2002
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Gui uRI:N n Mr. Blake Anderson
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G,A,AII«M•: Orange County Sanitation District
Post Office Box 8127
Fountain Valley, California 92728
Snn Jo,pua Hlu•
7Ranenuuno�
G,RRIw, AwNM1 Subject: AB 161 General Member Study—Orange County Sanitation District
ORAII.L Gx5.1,
c,,,,,:,,.ln D„,R„ , Dear Mr. Anderson:
oR,ul.rGn^'*+ The Orange County Sanitation District (OCSD) requested an actuarial study
K,ww,,.,, be completed which analyzed the impact on OCSD and members
Rolniw,i Swaa: P Y P
contributions of changing retirement benefits for all OCSD general members.
Ox,6LI.G,ICr,FRI Enclosed for your information are the results of that study, which were
A`.'"°""' completed by Towers Perrin.
ORtu:r Gnl V 11 Lau
Umcw•. If you have any questions, please call me at (714) 558-6222.
OR116LCM11) Sincerely,
G+Nuun Devn: L
Keith Bozarth
s.,Nll'aII1,N D,s IRII'I PI Chief Executive Offic r
0.1..F G,L,",,. Enclosed
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ORANGE COUNTY EMPLOYEES RETIREMENT SYSTEM. 222J IUell inglon Arenrre. Santa Ana. CA 9270/
Telephone(714;558-6200 Fa.,'r 714) 58-6230
Fascllumac�er/Plan Sponsors/OCSD study
t
IOrange County Employees Retirement System
AB 616 General Member Study
Orange County Sanitation District
r The Orange County Sanitation District asked Towers Perrin to analyze the impact on
` the Orange County Sanitation District (OCSD) and Member contributions of changing
retirement benefits for all General Members employed by OCSD. The Board of
Retirement approved this study requesting that results be provided to the Board and
then to OCSD. The benefits under consideration are those formulas allowed under
AB 616.
fThis report provides necessary background,actuarial assumptions and results for the
study.
BACKGROUND
General Members currently participate in the Orange County Employees Retirement
System (OCERS) under either Tier 1 or Tier 2, depending on their date of
employment. Benefits and the corresponding member contributions differ
significantly between the two tiers as described more fully below.
Benefits
Retirement benefits for Tier 1 members are based on a formula of 2% of final
earnings multiplied by years of service. Benefits for Tier 2 members are based on a
formula of 1.667% of final earnings multiplied by years of service. In each case,the
benefits are multiplied by a factor, described below, based on age at retirement.
Final earnings for Tier 1 members is based on the highest 12 months of earnings;
final earnings for Tier 2 members is based on the highest 36-month average.
Member contributions
Member contributions for Tier 1 General Members are determined under California
Government Code Section 31621.5. This section specifies that basic member
contributions should be sufficient to provide an annuity at age 60 equal to one two-
hundredth (1/200) of the member's final earnings per year of service. Member
contributions for Tier 2 General Members are determined under California
Government Code Section 31621. This section specifies that member contributions
should be sufficient to provide an annuity at age 60 equal to one one-hundredth
twentieth (1/120) of the member's final earnings per year of service.
The above portion of the member contribution is called the "basic" or "normal"
member contribution rate. These rates are determined using only three actuarial
assumptions: interest rate (8.0%), salary increase (5.5%) and healthy mortality (1983
Group Annuity Mortality). Essentially, the basic contribution rate for a Tier 2 member
is about 1.5 times the basic contribution rate for a Tier 1 member who entered the
System at the same age.
TerversHrrin
i
As required under Section 31873, both Tier 1 and Tier 2 members also contribute an
amount to fund one-half of the additional cost for the system's automatic three
percent cost-of-living benefit. This additional contribution is determined as a factor
that is applied uniformly to the basic contribution rate. This cost-of-living load factor
is determined based on all benefits provided and all the actuarial assumptions used
in the annual actuarial valuation, including for example: termination,withdrawal and
disability.
DETAILS OF PROPOSED CHANGES
This analysis was prepared for three benefit formulas with two definitions of final
earnings. Each of the three formulas is based on a 2.0% accrual rate. The formulas
differ only in the age factor used to determine the final benefit.
3.0% at 60 (Section 31676.171
The first formula,which will be referred to as "3.0% at 60", provides a benefit of two
percent of final earnings multiplied by years of service and multiplied by a factor
based on age at commencement. These age factors, based on factors contained in
California Government Code Section 31676.17,are 1.000 at age 50 increasing to
1.500 at age 60. It is the benefit at age 60 that provides the basis for the name "3.0%
at 60" (i.e.,2.0% times an age factor of 1.500 equals 3.0%). Please note that since
the age factor is 1.000 at age 50,the benefit accrual under this formula (and, as seen
below, all three formulas) is 2% at age 50.
2.5% at 55 (Section 31676.18)
The second formula,which will be referred to as"2.5% at 55", provides a benefit of
two percent of final earnings multiplied by years of service and multiplied by an age
factor. These age factors, based on factors contained in California Government Code
Section 31676.18,are 1.000 at age 50 increasing to 1.250 at age 55. It is the benefit
at age 55 that provides the basis for the name "2.5% at 55"(i.e., 2.0% times an age
factor of 1.250 equals 2.5%).
2.7% at 55 (Section 31676.19)
The third formula,which will be referred to as "2.7% at 55", provides a benefit of two
percent of final earnings multiplied by years of service and multiplied by an age
factor. These age factors, based on factors contained in California Government Code
Section 31676.19,are 1.000 at age 50 increasing to 1.350 at age 55. Again, it is the
benefit at age 55 that provides the basis for the name "2.7% at 55" (i.e., 2.0% times
an age factor of 1.350 equals 2.7%).
A complete set of age factors for the current formula, as well as the 2.5% at 55, 2.7%
at 55 and 3.0% at 60 formulas, are shown in Exhibit 1.
For each of these formulas,final earnings were analyzed using both a 12-month and
36-month averaging period.
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Towersarrin
IMPORTANT CONSIDERATIONS
Member contributions
Member contributions under each of the three formulas are very different than the
current member contributions. For each formula,the basic member contribution is
the percent of pay sufficient to provide an annuity at age 55 equal to one one-
hundredth (1/100) of the member's final earnings per year of service. This represents
more than a doubling of the basic member contributions for Tier 1 members and a
roughly 20% increase in basic member contributions for Tier 2 members. The cost-
of living load would provide a further increase in member contributions.
Benefit considerations
It should be noted that:
■ All three formulas provide an increase in benefits for all Tier 2 members
regardless of age at retirement and regardless of whether final earnings is based
on a 12-month or 36-month average. For the 3% at 60 and 2.5% at 55 formulas,
the percent increase decreases with increasing age. For the 2.7% at 57 formula,
the percent increase in benefits grows from age 50 to 53 (12-month final
earnings) or 54 (36-month final earnings) and then decreases with increasing age.
■ The 3% at 60 formula provides an increase in benefits for all Tier 1 members
regardless of age at retirement and regardless of whether final earnings is based
on a 12-month or 36-month average. In all cases, the percent increase decreases
with increasing age.
■ The 2.7% at 55 formula provides an increase in benefits for all Tier 1 members at
all ages if final earnings is based on a 12-month average. If final earnings is
based on a 36-month average, however, the current formula is expected to
provide a larger benefit at ages above 61. This"crossover age" is dependent on
change in compensation during the 36 months averaging period. The percent
increase in benefits grows from age 50 to 53 (12-month final earnings) or 54 (36-
month final earnings) and then decreases with increasing age.
■ The 2.5% at 55 formula provides an increase in benefits for Tier 1 members at
most ages if final earnings is based on a 12-month average. This formula
provides an increase for all retirement ages before age 62 (the crossover age).
For commencement ages at and after 62, however, the current formula provides
benefits that are about five percent greater than the 2.5% at 55 formula. If final
earnings is based on a 36-month average,the crossover age drops to age 61.
Again,the crossover age is dependent on change in compensation during the 36-
month averaging period. In all cases, the percent increase decreases with
increasing age.
For purposes of this analysis, we assumed that the current plan benefit would be
applied as a minimum (i.e.,the benefit provided under any of the alternative formulas
would not be less than the benefit provided under the current formula).
3
TbwersPerrin
Service Used
We prepared our analysis assuming that the change to the new benefit formulas
would apply only to future service and, separately, to all service. If the change
applies to all service, then arguably, members have not contributed as much in the
past as expected to fund the required member contribution account (recall that
member contributions are considerably greater under all three alternative formulas).
This leads to a "shortfall' in member contributions. We prepared our analysis
assuming that the members contribute this shortfall and, separately,that the shortfall
is added to the unfunded actuarial accrued liability (UAAL). In total, this shortfall
exceeds $250 million under all formulas studied. Obviously, the payment of this
shortfall should be carefully considered.
Exhibits 2 and 3 show the percent change in benefit under the different formulas for
a Tier 1 and Tier 2 member, respectively, retiring at various ages. For purposes of
these exhibits,we have not included a minimum of the current benefit formula.
ACTUARIAL ASSUMPTIONS
This analysis was prepared using the same assumptions as those used for the
December 31, 2001 actuarial valuation. As you recall, the non-economic
assumptions (e.g., mortality, retirement, termination) are reviewed during the
triennial investigation. At this point, we have no reason to suspect that changing the
formula to 2.5% at 55, 2.7% at 55 or 3% at 60 will change the incidence of retirement
(i.e.,the percentage of members retiring at various ages). This assumption,
however, should be carefully monitored in future experience studies.
RESULTS
The remaining exhibits show, by bargaining unit and in total,the change in normal
cost, actuarial accrued liability, and the corresponding amortization of the unfunded
actuarial accrued liability (UAAL) of the change in benefit formula. We have shown
results assuming the revised formula applies to all service and, separately to future
service only. We have estimated the shortfall in accumulated member contributions
and calculated the change in employer contributions assuming the shortfall is paid
by members and, separately,the shortfall is added to the UAAL. In each case,the
change in UAAL has been amortized over thirty years. Results are shown in dollar
terms and as a percentage of pay.
You will notice that for certain bargaining units and in total,the change in employer
normal cost is negative (i.e., a decrease). In addition,for certain bargaining units, the
change to the new formula decreases the total employer contribution. This results
from a combination of the sharp increase in member contributions,the small
increase in benefits for certain ages and the fact that certain of the bargaining units
are quite small. Obviously, the overall employer contribution will be constrained to
not less than zero.
4
5tvers Perrin
PARTICIPANT DATA
The participant data used for this analysis was the December 31, 2001 actuarial
valuation data supplemented with bargaining unit codes provided by OCERS. The
bargaining unit codes were matched to the valuation data. Only matched records are
included in the results shown in this report. Results for the unmatched records are
available.
i
I
5
owers Perrin
i
' Exhibit 1
Orange County Employees Retirement System
AB 616 General Member Pricing
AGE FACTORS
TIER 1 TIER 2 Proposed 1 Proposed 2 Proposed 3
Age at Section Section Section Section Section
Retirement 31676.12 31676.1 31676.17 31676.18 31676.19
3%at 60 2.5% at 55 2.7% at 55
50 0.6681 0.7091 1.000 1.000 1.000
51 0.7056 0.7457 1.050 1.050 1.070
52 0.7454 0.7816 1.100 1.100 1.140
53 0.7882 0.8181 1.150 1.150 1.210
54 0.8348 0.8556 1.200 1.200 1.280
55 0.8850 0.8954 1.250 1.250 1.350
56 0.9399 0.9382 1.300 1.250 1.350
57 1.0000 0.9846 1.350 1.250 1.350
58 1.0447 1.0350 1.400 1.250 1.350
59 1.1048 1.0899 1.450 1.250 1.350
60 1.1686 1.1500 1.500 1.250 1.350
61 1.2365 1.1947 1.500 1.250 1.350
62 1.3093 1.2548 1.500 1.250 1.350
63 1.3093 1.3186 1.500 1.250 1.350
64 1.3093 1.3865 1.500 1.250 1.350
65 1.3093 1.4593 1.500 1.250 1.350
69007 5MWRET ,.d t Pm00s10en.W Mamber PoCInglCompanson of Ben.ffl, .(Age FWtl .)
MW0021138 NJ
Divers Rrrin
II Exhibit 2
Orange County Employees Retirement System
f Percent Increase In Benefits for Tier 1 Member
Under AB 616
Section Section Section
Age at 31676.17 31676.18 31676.19
Retirement 3% at 60 2.5% at 55 2.7% at 65
FAE 1 FAE 3 FAE 1 FAE 3 FAE 1 FAE 3
50 50% 42% 50% 42% 50% 42%
51 49% 41% 49% 41% 52% 44%
52 48% 40% 48% 40% 53% 45%
53 46% 39% 46% 39% 54% 46%
54 44% 37% 44% 37% 53% 46%
55 41% 34% 41% 34% 53% 45%
56 38% 31% 33% 26% 44% 36%
57 35% 28% 25% 19% 35% 28%
58 34% 27% 20% 14% 29% 23%
59 31% 25% 13% 7% 22% 16%
60 28% 22% 7% 2% 16% 10%
61 21% 15% 1% -4% 9% 4%
62 15% 9% -5% -9% 3% -2%
63 15% 9% -5% -9% 3% -20A
64 15% 9% -5% -9% 3% -2%
65 15% 9% -5% -9% 3% -2%
All benefits are based on final 12 months earnings
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Towers Hrrin
■
Exhibit 3
Orange County Employees Retirement System
Percent Increase in Benefits for Tier 2 Member
Under AB 616
Section Section Section
Age at 31676.17 31676.18 31676.19
Retirement 3% at 60 2.5% at 55 2.7% at 55
FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
50 75% 69% 78% 69% 78% 69%
51 78% 69% 78% 69% 81% 72%
1 52 78°A 69% 78% 69% 84% 75%
53 78% 69% 78% 69% 87% 77%
54 77% 68% 77% 68% 89% 80%
55 76% 68% 76% 68% 90% 81%
56 76% 66% 68% 60% 82% 73%
57 73% 65% 60% 52% 73% 65%
58 71% 62% 53% 45% 65% 57%
59 68% 60% 45% 38% 56% 49%
60 65% 57% 37% 30% 48% 41%
61 59% 51% 32% 26% 43% 36%
62 51% 43% 26% 20% 36% 29%
63 44% 37% 20% 14% 29% 23%
' 64 37% 30% 14% 8% 23% 17%
65 30% 23% 8% 3% 17% 11%
1
' Diver Rerr•in
Onroe Carty Enplgees 12etirxfent SysNm
All 616 Study
Employer so-sanitation
Sargainlrg Unit CI.
Active Ms.M,Count 0
All Service
Employer pays sMrttall TIE0.1
G%at 60 2.6%at 66 2.2%at 66
Change ln; FAE1 FAES FAEI FAES FAEI PACs
Name,Co., $ - If - S - f - f - S
Act-al acaued Wbady(ML) $ - S - S - $ - $ - S -
Amon0ali0nof change inML S - $ - S - S - $ - $ -
Change in contribution:
-polar, If - S S $ $ - S -
.PxmnlolPay O.% ON% OM% am% 0.00% O.W%
Shortfall Amount S - S - f - $ - $
Member pays shonfall
S%a160 2.6%at 56 2.7%at 66
Change In: Fall FAES FAEI FAES FAEI FAE0
Nomul Com S - $ - S - S - $ - S -
AduanalAccruedLabildy(ML) S - S - s - f - $ - S -
Aimniza,ionofchangeinML S - $ - $ - $ - S - S -
Change in conirgWion:
-Coen. s s s s f f
-P.,..of Pay 0uu% am% gbp% o.M% o.M% am%
Future Service only
2%at 6p 2.6%rt66 2.7%a166
Change ln: FAE1 FAES FAEI FAES FAEI FAE2
Nmmal Coal If - S - $ S S - S
Muarial Accroea Lahhly(MU o 0 0 0 0 0
Amonhation of change in ML o 0 0 0 0 0
Change in..Inbulion:
-Dolan If - S - S - S S - $ -
-percent of pay 000% O00% am% OM% O00% ON%
Reese see aaemp.ny ng Mort raryn for aawmpnona and meiho0s
TOWMRrrin
Orange County Employees Retirement System
AB616Stucty
Employer 50-Sanitation
Bar9alning Unit 'CL'ili:
Adlve MemiserCouM 1
All SeMce
Employer pays shortfall TIER 2
3%at 60 2.6%at 66 IMAM
ch.N.In: FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
No.]Coat $ (29T) S (331) $ (352) $ (383) $ (322) S (354)
Aduanal Oc.W Labilily(AAL) $ 719 S 682 $ so S 606 $ "I $ 615
Ammfvalnnol Nangein AAL $ W S 61 3 ST S 54 $ 60 S 57
C.,.in mnOib0ion:
-Collars S CM $ aTq 3 (295) S (329) $ (262) $ (297)
-Pefmnl of Pay 4.59% -0.66% 4.74% U.93% -0.66% 4.75%
StiMlall A-1 S 263 S P3 3 259 $ 250 $ 271 $ 261
M.mber pays sternest
3%at 60 2.6%at66 2]%R66
Chang.ln: FAEI FAE3 FAE1 FAE3 FAE1 FAE3
NmrvlG I S 997) S (331) S (=) $ (363) S (322) $ (354)
Actuarial Acoue6 L"¢6ilty(AAL) S 436 $ 409 S 351 S ass S 410 S 381
Amoniz.tlon of change in AAL S 3B S 36 S 3s S 32 S 36 S M
Change in mnmorion:
-Dollars $ (266) S (295) S (318) S (351) S (zam S (320)
Percent of Pay —OM% -074% .08014 -0689, AT2% 401%
Future SeMce only
3%at 60 2.6%at 66 2.7%atM
Ca.N.ln: FAE1 FAE3 FAE1 FAE3 FAE1 FAE.
Nomul Cost S (297) S (331) S (354 S (383) S f322) S (M4)
Actuarial AEnu.a Liability(AAL) 0 0 0 0 0 0
Amortization of G W in PAL 0 0 0 0 0 0
Change in cvntribulion:
-Collars $ (297) $ (331) S (152) S (383) S (322) S (354)
-Persant of Pay ATS% -0.83% 4.9% L.97% -0.61% 459%
Pkaae see aCMTOaMrng Isoer tepml la assump.ws-o memWE
Towers Perrin
0..,.County Employees Rellnment System
AB 116 May
Employer 60-Sanitation
Bargainin00nd [[[CL
A.U.Member Count 1
All Samice
Emptoyer Pap..W.1l I TIER 1 S 2
3%at 60 a.6%at 66 2A%at 66
China.in: FAE1 PAN PAN PAN PAN PAN
N-1 CPa1 $ (207) 3 (331) $ M2) S (m,f) 3 (322) 3 C] )
Actuarial Acaued Lialaly(AAL) $ 319 3 682 5 640 5 60a 3 "1 3 S45
Amonixalien of mane.in AAL $ 64 3 at $ 53 $ 54 $ 60 $ 63
Cean9e In mnflow.:
O.Yn S (233) S (270) S (29s) 3 (329) 3 (262) S (297)
Percent of Pay 0.59% 0.58% A74% .0.83% -am% 4]5%
SMOf.DArmure S 283 5 273 $ 252 3 250 S 271 $ 251
M..b.r pays.NOTall
3%a150 2.6%at 66 2.7%966
Craig.in: PAN FAE3 PAN PAN PAN FAE3
N. 1Cool 1 (297) 3 (331) 3 (352) S (383) S (322) S (354)
AduarialA ed LNbINIy(AAL) $ 4M S am $ Mt $ 356 $ 41D S 384
AI1loniza0on of mange In AAL $ 39 S 36 S 30 S 32 S m S N
Crane.in mnblbunnan
-Warr $ (2M) $ (295) $ (318) S (MI) 3 (286) S (320)
-Parcenl of Pay D.65% -0.74% Dwy, 0.0% .0.72% 0.81%
Put..Spvlu only
Manor) 2.6%a166 2A%M 65
Change In: FAE1 FAE3 PAN FAE3 PAN PAN
Nerm.lC $ (297) $ (331) 3 (352) $ (383) S (322) S (350
Actuarial Ataund Liability(Al 0 0 0 0 0 0
Ammllnlion of an,in AAL 0 0 0 0 0 0
Chu,.in mnlributloo
-0o6an 3 (292) S (331) $ 1352) S (383) S (322) S (35Q
-Pon..of Pay .0.75% -oID% 4.89% .0.92% 0.311, 0.60%
P mmpnPn b n 01e1oon fa wmMlm rational.
aMrational.rational.rF�
lVwirs In
babble MEMBER INNER
Orange Cwny Employees parliament System
AS 616 StuRy
Employer 50-Samitatbn
Bargaining YNl xx j
Active Member Court A
All Servle.
Employs pryer allertfall TIER 1
3%Al 2.1%at 65 2.7%At 65
Changelre FAE1 PASS PAE1 FAE3 FAB1 ME3
NormalCwl S (16,192) $ (17.132) S 1,296 s lsA s 2.124 $ (1,0M
Acuarial Accrued Li.b,Wy(AAy $ 351,059 $ 270,551 f 69,065 3 (43,583) $ 190,041 S 371544
Amortization of change In PAL $ 3111" f 24,032 S 7.913 f (1.870) 3 16A51 $ am
Change in co erhuhion'.
Duran S 16,992 $ 6.900 S 9.211 S 12.210 s 19.w s 5,999
-Pemnt of Pry 4A1% 1.96% 2.85% 3,65% 5.68% tAT%
Shuthl Amount S e24,581 S 115,025 S e01 S 393.935 s 41317W $ 404A81
Member pays shortfall
3%at s0 2.6%9 66 2.T%at 66
Change fine FAES FAE3 ME3 PA93 PAE1 FAE3
Moral Cos f (15.192) S (0.132) 3 1.206 S 111.560 $ 2.126 S 0Os9)
Poll ACerva6 Liabilty(AAL) S (?3,522) f (144,474) S p11.418) 6 (492.499) $ (223,666) S (326,037)
Amoeiorem.lNane.mAAL $ (61531) $ (12,M) s (22,6a0) f (31102) f (19.666) S Mull
Charge in contribution:
Dollars S (22.723) S (29.985) $ (26,542) $ (22,252) $ (12,732) $ (30,130)
Panama of Pay AMIA 4,01% 4.63% ."% .5.10% 2.56%
Future Service only
3%also 2.5%at 66 2.2%at 55
Change In: PAS1 FAE3 FAEI FAE3 PAE1 ME3
Normal Coil S (16.194 S (17.132) i 12" $ ls$W $ 2.128 $ (1,0N3)
Acluerhl ACcrua6 LiabiWy(ML) 0 0 0 0 0 0
AmcAiaalion of change in PAL 0 0 0 0 0 0
Change in contribution:
Doman S (10.194 f (17.132) 3 1," $ 15,560 f 2.125 $ (1,069)
Percenrpfpay An% 4.92% 0.33% 436% 0.61% 4.31%
Plea cmmlmngng lean rgvn tar asaumpuonaane memM:
TownAT+rHn
i
Onnga County Emplayees ReOnmenl System
AS Sig Study
Em player 50-Sanitation
Eargaun,Unit , )U[ '!
Active Member Count 18
All Service
EmMoyer pays eborMall TIER 2
3%a160 2.6%at56 2]%atM
Change IS: FAEI FAE3 FAEI FAE3 FAEI FAE3
Nornal Cosl $ 22608 S 13.1141 S (INS) 6 (9.132) S 9333 S 1461
Achorol Accrued Liability(AAL) 5 758,351 $ 633,246 S 391.727 $ 284.758 S 554.993 $ A39,85e
ARmniaalion of change in AAL S 67362 $ 56.250 3 34.796 $ 25294 $ 49299 S 39.072
Chalgain wmMmlon:
-Dollars s N.610 $ 70,091 $ 32.931 S 16,162 s 59,632 S 40,533
-P..hI of pay 8.21% 5,40% 3.01% 1.0% 535% 3.70%
ShanfallAmunl S 396,971 S 362$21 S 363,564 s 350632 $ 380.527 S 366.576
Member pays ahoMall
3%at 50 2.6%at 66 22%at 66
Change in: FAEI FAE3 FAEI PAS FAEI FAE3
Normal COat S 22.508 $ 13'"1 $ (1,865) S (9,132) S 9,333 S 1461
Anualul Acvuel Labi3ly(AAL) $ 361.380 3 250.725 $ 28.143 s 165.874) S 124.466 S 232M
Amanitalion of change in AAL S 32,100 S 22.271 $ 2,W $ (5.851) S 15,497 $ 6,510
Change in contribution:
-pagan S 541.605 $ 38,112 $ MIS S (14,583) $ 24.SW 3 7.931
-Perwnlof Pay 49996 3,30% 006% -1.37% 2.22% 0.73%
Future Servce only
S%at 6a 2.M.1 US 2.7%at 56
Chenille.: FAE1 FAE3 FAEI FAE3 PAS FAE3
Normal Cost S n2 m $ 13,801 s (1.116S) $ (9,132) S 9.333 $ 1Aet
A.-,W Accrued LWIS.Wy AAL) 0 0 0 o a 0
AmMitalion of change a AFL 0 0 0 0 a 0
Change in conbibudion:
-CoMare $ 22AN $ 13,841 S (INS) S (91132) S 9,333 3 1.461
-Plant of Pay 306% 1.26% 4.17% .083% 085% 0,13%
Pla.ta.a.acrnmperrym9le.er unpae Nlassumplcn—af methods
Towers Penin
onlge cwmy EmgOyeez Reeremem sysrem
ABB166NEy
Employer 50-Sanitation
Bargaining Unit XX
Active Member Count 22
All Service
Employer pays s0olzlall TIER 162
J%rt 60 2.614at 66 2]%at66
Change In: FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Normal Cast S 6.315 f (3.291) $ (56T) J 7.447 S 11,455 5 371
Aduaall Acweol Lankly(AAL) S 1,109,410 $ 903.797 $ 4W.611 $ 241p96 S 745,03f S 517,409
AmaOizalbn of charge in AAL $ 98,546 5 80.282 S 42,209 5 21.425 S 66,179 $ 4,960
Change in mritlbNnn:
Colors If 1d,861 $ 78.991 $ 42.142 S 28.972 S 77,637 $ 46331
Percent of Pay 7.27% S.A% 2.92% 2.W9e 538% 321%
StortallAmaml $ 82102 S 797$45 5 765.087 S 744,568 S 794,23s S 771,09
Member pays shortfall
3%at 60 2.6%at 66 2.7%at 66
Chage I.: FAEt FAES FAE1 FAE3 PAS PASS
Normi Cost $ SA15 S 0,291) $ (567) S 7.447 $ 11.458 S 371
Actuarial AcweE Luhi3ry(AAL) S 287.858 S IN.251 $ (285.276) $ (59372) S (49200) 5 (253.649)
Amanaalion el change..AAL $ 25.STo $ 9,438 $ (25.340) $ (44.713) $ (4.370) $ (22.531)
Change in contribution:
-Cars. $ 31.665 $ 6.147 5 R5.9J7) J 133.266) $ 7.06 $ (22.1601
-Pwmnf of Pay 2.21% 043% -180% -2.58% 0.49% -1.54%
Future Service only
3%at 60 2.5%.65 22%at 65
Change in: FAEI FAES PAS FAE3 FAE1 FAE3
Normal Coal $ 6,315 $ 0.291) $ (567) $ 7.447 $ 11458 $ 371
Actuarial Acauad Liability(AAL) 0 0 0 0 0 0
Amanpalion of change in PAL 0 0 0 0 0 0
Change in congbmibnr
Oolars $ 6.315 $ (3.291) S (%T) $ 7.447 5 11.458 S 371
Percent of Pay 044% 423% -0O4% 052% 079% 003%
Please see accompanying leper repon for asuunplionz aM nwlhMz
TmversPerrin
parge Cmmy E�rylgees Deli remem system
AB 616 SmP/
Employer 50-Sanitation
Bargaining Unit
AdWe M.mOer Cunt 0
All Service
Employer pays sMMali TIER 1
3%ac60 2.6%At 66 3]%At 65
Change in: FAEI FAES FAEI FAN] FAEI FAES
Normal Cast f - S - E - f - f - $ -
Ad-nal Acaued CoeiNy(AAL) $ - f - f - $ - E - S -
An'onizalion of chap.in AAL f - f - S - $ - $ - $
Changa in ummlalian:
-MO.. $ f f - S - E - f -
-Percent of Pay 0.00% 0.00% 000% 000% 000% 000%
Shoniall Amount i - f - S - S - f - f -
Mem.er pay.show."
]%at 50 36%At Siff 2.7%at 55
Change In: FAEI FAE] FAEI FAE] FAEI FAE]
N.—I Cast f - f - S - f - f - It -
AduaralAcuuedLlahl6ry(ML) S - S - f - i - s - f -
Amonizaimafcha limMIL f - f - S - i - $ - S -
ChanOa in mnl�lWiml
-WIIars i f E - $ - S - f
Permntaf Pay 000% 00006 000% 000% 0.00% 000%
Future Service only
E%a160 2.6%at Siff 2P%a165
Clumcl. n: FAEI FAE] FAEI FAE] FAEI FAES
NooW CoM S - f - S i S - f
Aduanni Anaued CUOilny(ML) 0 0 0 0 0 0
Amortization of Gang.in ML 0 0 0 0 0 0
Clwnge in anhieution:
-Dollars S E 5 i f f
-
Penentaf Pay OW% 000% 0.00% 0.00% 0.00% Owe,
Pease I.a cmmparryin0lallw repan tar assariv arts end mMe]s
Towen nin
orange County Employee,aeurement System
AB 616 a,.,
Employer 60-Sanitation
Bargaining Unit , $B
Astiye Wimber Cminl 1
All Servlee
Employer pays elnrtall 21E112
MAN 2.6%at 66 2.7%At 66
Change In: FAE1 FAES FAE1 FAES FAE1 FAES
Nnmul Cos, $ nB S ate S Rq S (M) S 411 $ 62
Achemal Aemea Liabildy(AAL) S 24.9115 $ 21,931 S 16,301 S 15,61a $ 21859 $ 18,02
Arrome.11.of Na,e,in AAL S 2.217 S 1.946 $ 1.626 $ 1,%t $ 1.941 $ 1.665
Charge in mnliibu,un:
-l2allam $ ]jets S 2.358 S 1,602 S 1,035 $ 2.152 If 1.?"
-
Perron!of Pay 35S% 229% 190% 123% 2.98% 2.03%
SlwnhllAmoum $ 16.553 $ ISp52 S 15,10 $ 14.625 $ 15,669 $ 152M
Member Pays shortall
$%960 2.9%at 66 2]%at 65
Change in FAE1 FAIR FAE1 FAE$ FAEI FAE2
Nmnol Cost $ 228 S 410 $ (24) S (352) S Ht $ 82
Actuarial AevueC LpGNy(My S 8A03 S 5.939 S 3,136 S 966 $ 5.9641 S 3p93
Amortisation of Mange mPAL S 74 S M, S 209 S M S 533 $ 3"
Change in constitution
Miss; $ 1.524 S 9a1 $ 255 $ (26a) $ M3 S 390
-Pemanl cif Pay I'M 111% 0.30% 431% 1.12% BN%
Future SeMse only
MAIN 2.6%a1 IS 2]%at 65
Cnage ln: FA51 FAES FAE1 FAES FAE1 FAES
Normal Cosl $ 173 $ 410 $ (2i) $ (352) $ 411 $ 62
Aduatal AmueE Wbikly(AAL) 0 0 0 0 0 0
Amortization of Mange in AAL 0 0 0 0 0 0
Cessna in mnWbu,ion:
Dolan, $ tie S 410 $ (24) $ (352) S 611 S 62
-Pemanl of Pay A92% 0.09% -0A3% Al2% 049% 007%
I
Finesse see a[WmpaMing knei repM rar asaumpppns and metno05
TOWCTSPCi n
i
orangeC byi Employees ReelemaM System
AB 6165NEy
Employer 50-Sanitation
Bargaining Unit
Active Member C.mA 1
All Service
Employer pays sMMall TIER 162
3%al No 2.6%at 65 2.7%at 65
Change In! FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Nomal COM $ 238 S 410 S (24) S (352) S 411 3 62
Aeuarkl Acomed Liability(AAL) $ 24,955 $ 21.01 $ 18.Ml $ 15614 3 2169 $ 10.932
Anrotixaliin of change in AAL $ 2.212 S 1940 $ 1.6M $ 1387 $ 1.941 $ 1.686
CM1ange in contribution:
-Dollars $ 2.995 3 21358 3 1,602 $ 1035 $ 2.352 S 1,748
-Percent of Pay 355% 2.79% 1.90% 1,23% 2.78% 202%
Shortfall Amount $ 16,553 $ 15,952 $ 15.165 % 14,626 $ 15,869 $ 15109
Member wya sll0mall
3%960 2A%.166 2l%966
Charge in: FAEI FAE3 FAE1 FAE3 FAE1 FAE3
Normal Cost $ 776 3 410 S 94) $ (Mill 1 411 $ 62
Aeuarnl AcuuM Liability(My S 8p03 3 5.979 $ 3.136 S we $ 5,984 $ 3.693
AnnesIaminin oltltan,m ML $ 246 S 531 1 239 S M $ 532 $ 328
CO.,.inPonOi Non:
Dollars $ 1.524 S 941 $ 255 $ (264) $ 943 $ 390
-Pa..of Pay IM% 1A1% 0.M% -031% 112% 0M%
Future Service Only
3%M60 2A%.16a 2.7%a165
Charge in: FAE1 FAE3 FAE1 FAE3 PAS FAE3
Normal Cost $ 328 3 410 3 (24) S (352) $ 411 $ 62
Anvers]AcvuaJ Liability(Mq 0 0 0 0 0 0
Amptization cl change in ML 0 0 0 0 0 0
Change In oontrixtue,
-DON.. $ 378 3 410 $ (24) $ (M2) $ 411 $ 62
Payment of Pay 092% 0,49% 4.03% 4A2% D49% D07%
Please see acmmpyrym0 knor morn 1praceump4ons no nabons
Taw mItmn
Orange County Employees Perri System
AB 616 Sou ty
Employer 50-Sanitation
Bargaining UM SZ
Active 81emMr Count 36
All Service
Employer pays shortfall TIER 1
]X at 60 2A%a165 2.7%at 66
Change in: FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Narnal Coal S (58.580) $ (48,372) S (58.207) 1 (BSR17) $ (56918) $ (62,491)
Actuarial Acouna L'abiily(ML) S 3266.725 S 2,443,1% S 1, 1.253 $ 560.197 S 2.118926 S 1,284,495
Angel oMeni of Mange in MIL $ 290.175 S 217.020 $ 120,561 $ 49.761 S 188.183 S 114.098
Change in oortn ulim:
-ChAae S 231,595 $ 166,648 S 62.354 S (35.4w S 13120 S S1.6Ur,
-Permnl of Pay 8.37% 809% 225% -1.28% 074% 1.116%
ShonfallAnounl S 3,136,129 S 3.055A95 $ 2.972,946 S 2.909.615 $ 3.055.755 S 2987.559
Word,..pays.MMall
3%at so 2.5%al S6 2.7%at 65
Changem FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Normal Carl S (50.580) $ (46.372) S (11 10]) $ aS,217) S (55918) S (62.491)
Aa--I oco ani Luellny(ML) $ 13g596 S (622.329) $ (1,615,693) S (2. 9,428) S (937,229) $ (1,700.064)
Arroa¢alun of change in ML $ 11,601 S (55.280) S (143.518) $ (200.694) $ (83,252) S (161279)
C6anga in melNauloari
Caere $ (46.979) $ (103.02) $ (201725) S (293.911) S (140,1T0) S (213,770)
Permnl of Pay -1.70% -3.75% _729% -te62% -SAM -7329,
Faroe Service only
3%at 60 2.M.66 2.7%a165
Change In- FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Normal Cori S (511,40) $ (48.372) S (58.207) S (85,17) S (56918) S (62,491)
Aauar¢I Aco nal L'a8iey(AAL) 0 0 0 0 0 0
Amonizalun of Mange in ML 0 0 0 0 0 0
Change in m�lMulioh:
-Doug S (58$80) S (49.372) S (SB.207) S (85.211) $ (56,918) $ (62491)
-Permnl of Pay 5212% -175% -2.10% J.OB% -2.06% -2.26%
Travers='n c mmpan/Np k0er repel In awnpMla eM meIMM
Onnpe c—.,Enplgees Retirement Syrtem
AS 6166tury
Employer 50-Sanitation
Bargaining hilt _S$.':1
Active Member Count a56
All Service
Employer pays shoMall TIER 2
3%at 60 2A%atM 2]%H66
Change In: FAE1 PAS FAEt FAE3 FAE1 PASS
Normal Cast $ 655,690 S 405,425 S 112.967 $ (21p68) $ 363.921 S 185,010
Actuarul Acwee Leon,(AAL) $ 19,719,139 $ 16,909,855 S 12$56,030 $ 10A93,220 $ 16,132,458 $ 13,426.4M
Amortization of Mange in AAL S 1.754,265 $ 1501793 S 1,115,320 $ 896.559 S 1433,008 $ 1,197.W7
Change in mnlliBNim:
-Dollars S 2.41005 S 1.947,218 S 1220.287 S 825,4191 S 1.816.905 $ 1.303.092
-cement of Pay 8.11% 6.55% e.13% 2.78% 6AI% 4,65%
SMNaIIAmounl $ 10.110.197 $ 9.742,294 $ 9,260.240 $ 8.930,378 $ 9.691,555 S 9,336,M5
Member Pays shortfall
3%a160 2.6%at 65 2]%at 65
Change ln: FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Normal Cost $ 655690 $ 445,425 S 112.967 8 91,058) $ 383.977 S 186,010
Atluar.icvuea Went,(AAL) $ 9,638,942 S 7.164.561 S 3,295,793 S 1162892 3 64e0,933 S e,10,066
Amaization vl Burge in AAL $ 856.202 S 06.e10 S 292.157 $ 103392 S 572,132 S 361,79
Change in contribution:
-Colars S 1512,892 $ 1031835 S 405.724 5 32129 S g56.103 S 5 .?Sa
-Percent of Pay 009% 3.64% 1]2% 0,11% 322% 186016
FNme Service only
3%at 60 2.6%a166 2A%Me be
Cluing.In: FAE1 FAE3 Fall FAE3 FAE1 FAE3
Norman Coal S Oti $ e15,425 3 112,967 S (21,068) $ 3031977 S 1861010
Actuarlg Ac>uad Willity(AAL) 0 0 0 0 0 0
Apgrlintion atNang.in AAL 0 0 0 0 0 0
Changeincentrinnim:
Dollars 3 6%,690 $ 445425 $ 112,967 S p1,068) S 383,977 S 156,010
Pemenl of Pay 2.21% 1.50% 036% .0.24% 1,29% 0.0%
class.-a acwmvammp leeer repNur as:umnuonf ana mails
TonymPemn
s
O ranfle Cwnly Empl%eex Re4RTenl Syxlem
As$165tuoy
Employer 50-Sanitation
Bargaining Unit
Active Member Count 092
All Service
Employer pays slawall TIER l 8 2
3%at 0 2.6%At 66 21%M66
Change In: FAEI FAE3 FAEI FAR FAEI FAEI
Normal Cost S 5981111 $ 397.O64 6 54.261 S (156.284) f 327.060 6 123.519
ACuarol Aeauva L®MIOy IANq S 23,015.30 S 19,350.020 $ 13913,282 f 10.653.466 $ 13.251.013 S 14,760.928
AmoAiaation of change In PAL S 2.044.e40 S 1.718.813 $ 1,235,681 S 946,320 If 1,621.191 S 1.311.175
Change in contribution:
-Collars S 2.612,551 i 2.115,867 $ 1291 f 790.036 $ 1.9e8131 S I.436,694
.Percentol Pay 8.14% 6.51% 3.92% 2.0% 600% 4.42%
ShonfallAmount $ 13,246,326 $ 12.807.70 6 122M.186 S 11,84U.003 $ 12.747,310 $ 12,323.901
Member pays Shortfall
3%at 69 2.6%at 66 2A%at 66
Change in: FAEI FAEI FAEI FAE3 FAEI FAES
Nwmel Coal $ 596.111 f 397,0N S 51,261 S (156,284) S 322,060 S 123.519
Achieved Ac.ad LANIIy(AAL) f 9,]69,53] S 6.W.231 f I.M. fi f (1,166537) S 5,503,703 S 3.I32.o2e
American.al .as.is AAL S 962,313 S 581,130 S 1e9.239 $ (105.392) S MISM $ 216.05
Change in contribution:
-Coven S 1.465.914 6 W8.161 S 206,000 $ (261.681) S 815.960 $ 339,99e
-Percent of Pay 4.51% 3.01% 0.63% -081% 2.51% 1.05%
Future Service only
3%at so 2.5%at 56 2.7%at 66
Change In: FAEI FAE3 FAEI FAE3 FAEI FAES
Normal Cost i 598.11, $ 392,05a S Si 6 (156.284) S 327,060 S 123,519
Anusnal Accrued Lability(AAL) 0 0 0 0 0 0
Amoriaalien of change in AAL 0 0 0 0 0 0
Change to contribution:
-Covam i 596,111 $ 397,054 S 51,261 $ p56,204) $ 322,060 $ 123,519
-Percent of Pay 1.64% I.n% 0.17% -0.46% 1.01% 0.38%
Money see accompa%mg loner moon f0v assomauMs ant MPrPU
Dwm PC2 in
Cougs County Emplgrees Rnmorant System
AS 616 son,
Employer So-Sanitation
Bargaining Unit (Tour
Active Member count 60
All Servlcs
Employer pays Momelt TIER 1
3%460 2.6%at 66 2A1,6166
Cnnge ln: FAEI FAE3 FAE1 FAE3 FAE1 FAE3
Normal Can $ (74,772) S (65.W) S (56909) S ("ISIT) If (56.792) $ (63,580)
Amaral Acwel UaNny(AALI S 3.617.76a S 2.713717 S 1,446,338 S 516.6N S 2,3011,567 S 1,31i2.0A
Amortization of Mange in AAL S 321,35E $ 241,053 S 1211.474 S 45.891 S 205,06a $ 120y60
m C6an9aimnrig,din:
.ooli s S 266.W $ 175.569 S 71555 S (22.745) S 10,272 $ 57,605
Percent of Pay 7,92% 5.63% 330% 433% 4.82% 1,14%
50MbIlAmoad S 3.5E0.710 $ 3,000,520 $ 3,375,4,19 $ 3,301,51i1 S 3.469.462 S 3.M,040
Member pays Marttall
3%at 60 2.1%at 66 23%at 66
Cnargeln: FAE1 FAES FAE1 FAE3 FAE1 FAES
Normal Cost $ (74,772) S (aSsovd) S (%.909) S (61 S (61.792) $ (63.500)
Actuarial Accrued Lh0i9ry(AAL) $ 57,076 S (I64803) $ (tA29.111) $ (2.760.927) $ (1.160.895) S Q,030,C01)
Amortization of Mange in AAL S 5A20 S (Ea.113) $ OM3581 S (247,555) S 003.119) S 080]20)
Cnan9a in mnlrbulion:
-wlars $ (69,702) $ (133,617) S (228,267) S (316.193) f (157.911) S (243,900)
Percent of Pay -224% 429% -GAD% -10.15% .5.07% -70%
Fmve Service only
S%at60 2.6%at IS 2A%at66
Change in: FAE1 FAES FAE1 FAES FAE1 FAE3
Normal Cop S (76.7n) $ ("Act") $ (56.909) $ (fi8,631) $ (54.792) S (83580)
AduamUuuued Liability(PAL) 0 0 0 0 0 0
A.Hapion 01 Mange in AAL 0 0 0 0 0 0
OMyeincenit.uivi:
-Doll. S (74,772) S (65.504) S (56,909) S (68,837) $ (Sa.792) $ (63,580)
Pemmrt of Pay -2A0% -2.10% -IM% -2.20% -1.76% -2.06%
Please see acmmpanymp kRn mpM m for as&UmpUws and Nnods
TO;VMPenin
Orange Cwnly Employees Retirtmem System
A9 as SluEy
Employer 60-Sanitation
Bargaining unit Total
Active MemYr Count 476
All ii
Empl.,r pays shortfall TIER 2
3
%400 2.6%a166 2.2%AM
Chang.ln: FINE FAEI FAEI FAE3 FAEI FAES
Normal Cost S 6]9,6]9 S a59,Y15 S 110,226 S (60,935) S 393,399 S 187,179
Acluarul Accrued L®hihty(AAL) S 20,533.165 S 12S62.T1e $ 12,966,690 S 10,394,248 S 16,710.015 S 13.05.924
Amnizalim of change in AAl f 1823,936 f 1,560,051 $ 1,151,799 $ 923,294 S 1,4114,b6 $ 1,237,692
Change Pa wmnistr ion:
-Doran; f 2,503562 S 3.019,396 $ 1.262,525 $ &2,M9 S 1.877.307 $ 1<25,071
-Permnt of Pay am% 6.0% 409% 2.72% 5.07% 461%
Sh.m."Amounl S 10,524.000 $ 10,141,000 S 9.09,243 S 9,295,886 3 10,050,222 S 9.718,471
Member pay. MMall
3%at 60 2.6%at 55 27%at 65
Chasgein: Me FAE3 FAEI FAE3 FAEI FAE3
N.ICosl f 6]e. S S..MS f 110,725 S (M.935) f 393,329 f 187.179
Actuarial Ac W Wisely $ lo.009.161 S 7.421.674 $ 3.322.050 S 1011i S 6.621.791l S 4,217,453
AmMisaliOn al change in AAL $ Sagem $ 659,248 $ 395,569 S 97.WS f SM,197 S 374,626
Change in mmritatiom
-Da9ats S 1568,763 $ 1.11850 S <08,295 S 16,630 f 9811596 S 561.305
-Permnt of Pay 507% 362% 131% 005% 3,17% 162%
Future Service only
3%a160 2.5%at 66 2.3%a166
Change In: FAEI FAE3 FAEI FAE3 FAEI FAE3
Normal Cast $ 579.119 $ 459,345 $ 110.726 $ (M.939) $ 393599 S 187,179
Adthmal Accrued Wbi61y(AAL) 0 0 0 0 0 0
AmoltizMion of Mange in AFL 0 0 0 0 0 0
Change in contribution:
-Dalian $ 679,679 f 459A05 f 110.726 S (80.935) S 393,399 $ 187,129
-Percent of Pay 220% 1,48% 0.36% .026% 131% 0,61%
Pleds¢se¢accompanyingrllenepan for assumpOmS aq me1MLs
Towers Perrin
..Me Cusrly Employees Rourtmess System
A6616SW*
Employer 50-Sanitation
Bargaining Unit ?e5ffi,
Active Member Count $15
All Service
Employer pays sharuall TIER 16 2
agenda 26%a166 2.7%at56
Caangeln: FAE1 FAES FAE1 FAE3 FAE1 FAE3
NOmwl Low $ 60693T S 381,812 $ SJ.816 S (149.572) $ 338.607 $ 123.596
Acuarol Acauetl LabiWL) S 24.150948 S 20,276p30 $ 14,413.034 $ 10,910.862 S 19,018.581 $ 15,29T,963
Amol4vlion of Wn9e N AAI. S 2,145,251' 5 1801.109 $ IaW,273 S M.186 5 1.689.372 S 1.38879
Change In mnt,ftt,.n:
-Dollars $ 2.750,174 $ 2.194,9<5 5 1,L0091 $ 819,014 $ 2.027,979 $ 1,48217T
-Perwnl of Pay 8.08% 6.IS% 3.92% 2A1% 5,96% 43S%
ShoMall Amount 5 14084,714 $ 13,621,560 $ 13014.69T $ 12.999.447 5 1)557684 S 13,110,511
Member pays shortfall
a%at 60 2.6%a165 2]%at 65
Change In: FAE1 FAEI FAE1 FAE3 FAEI FAE3
Normal Cost $ 6o4.9oT $ 393,842 S 53.818 S (149.572) $ 338.607 $ 123.598
Actuarial Accrued Lability(AAL) $ 10.066; $ 6.654.870 $ 1398.337 $ (1686,565) $ 5.460.897 S 2.187.452
Armn¢ation of change M AAI $ 894,158 $ 591.1n 5 124.211 S (149,01) 5 485.017 $ 194,306
Charge in mneiadlion:
-Coal. $ 2A99065 $ all $ 11"I'M S (299,563) $ 823,684 S 317,904
-Permnl of Pay 4,40% 289% 052% -088% 2A2% 00%
Future Service only
3%at 60 25%MU 2]%a166
Clrvge ln: FAE1 FAE3 FAE1 FAE3 FAE1 FAE3
Normal Cost S 604.907 5 393,842 $ 9,818 $ (149.572) $ 338607 $ 123,598
Areas"Accrued Labdity(AAL) 0 O 0 0 0 0
Amanicalion of change In AAL 0 0 0 0 a 0
Cbarpe In mnlrsolion:
-wife. $ 604,967 $ 393.842 $ 53.818 $ (149$72) 5 338.607 $ 123598
-Pence of Pay 1.78% 1.16% 0.16% AA4% 099% 035%
%wse ace, rgg u accoroar,of lever r for asunpinns and methods
T0"rjemn