AGENDA SUMMARY REPORT - Mendocino Transit...

Meeting Date: June 26, 2019

Agenda Item: # 13

AGENDA SUMMARY REPORT

SUBJECT: SUMMARY: MTA’s Classic Plan Unfunded annual CalPERS Liability payment has increased as follows: 2016-2017 $ 35,670 2017-2018 $ 50,095 2018-2019 $ 72,735 2019-2020 $ 103,386 This unfunded liability portion of our CalPERS Classic Plan must be either paid monthly or paid by a reduced lump-sum payment annually. A similar but lesser increase is in effect for our CalPERS PEPRA plan. STAFF RECOMMENDATION: ATTACHMENTS: Documents from CalPERS showing required employer contributions.

Update on CalPERS Unfunded Liability

Discussion only.

June 26, 2019 Agenda Item # 13

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CALPERS ACTUARIAL VALUATION - June 30, 2017Miscellaneous Plan of the Mendocino Transit AuthorityCaIPERS ID: 1157424734

Required Employer Contributions

Fiscal Year

Required Employer Contributions 2019-20

Employer Normal Cost Rate 8.081°/oPlus, Either

1) Monthly Employer Dollar UAL Payment $ 8,615.47Or

2) Annual Lump Sum Prepayment Option $ 99,830

The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate(expressed as a percentage of payroll) plus the Employer Unfunded Accrued Liability (UAL) ContributionAmount (billed monthly in dollars).

Only the UAL portion of the employer contribution can be prepaid (which must be received in full nolater than July 31). Plan Normal Cost contributions will be made as part of the payroll reporting process.If there is contractual cost sharing or other change, this amount will change.

In accordance with Sections 20537 and 20572 of the Public Employees’ Retirement Law, if a contradingagency falls to remit the required con tributions when due, interest and penalties may apply.

Fiscal Year Fiscal Year

2018-19 2019-20Development of Normal Cost as a Percentage of Payroll’

Base Total Normal Cost for Formula 14.546°k 14.996%Surcharge for Class 1 Benefits2

None 0.000% 0.000°loPhase out of Normal Cost Difference3 0.000°/o 0.000%Plan’s Total Normal Cost 14.546% 14.996%Formula’s Expected Employee Contribution Rate 6.912% 6.915%Employer Normal Cost Rate 7.634% 8.081%

Projected Payroll for the Contribution Fiscal Year $ 1,951,354 $ 1,735,534

Estimated Employer Contributions Based on Projected PayrollPlan’s Estimated Employer Normal Cost $ 148,966 $ 140,249

Plan’s Payment on Amortization Bases4 72,735 103,386% of Projected Payroll (illustrative only) 3.727% 5.957%

Estimated Total Employer Contribution $ 221,701 $ 243,635% of Projected Payroll (illustrative only) 11.361% 14.038%

The results shown for Fiscal Year 2018-19 reflect the prior year valuation and may not take into account any lump sumpayment, side fund payoff, or rate adjustment made after June 30, 2017.

2 Section 2 of this report contains a list of Class 1 benefits and corresponding surcharges for each benefit.

The normal cost difference is phased out over a five-year period. The phase out of normal cost difference is 100 percentror the first year of pooling, and is incrementally reduced by 20 percent of the original normal cost difference for eachsubsequent year. This is non-zero only for plans that joined a pool within the past 5 years. Most plans joined a poolJune 30, 2003, when risk pooling was implemented.

See page 9 for a breakdown of the Amortization Bases.

Rate Plan belonging to the Miscellaneous Risk Pool Page 4


2 of 9


Plan’s Funded Status

June 30, 2016 June 30, 2017

1. Present Value of Projected Benefits (PVB) $ 8,703,730 $ 9,704,339

2. Entry Age Normal Accrued Liability (AL) 7,016,599 8,273,683

3. Plan’s Market Value of Assets (MVA) 5,535,412 6,740,067

4. Unfunded Accrued Liability (UAL) [(2)- (3)] 1,481,187 1,533,6165. Funded Ratio [(3)1(2)] 78.9°/o 81.5°Io

This measure of funded status is an assessment of the need for future employer contributions based on theselected actuarial cost method used to fund the plan. The UAL is the present value of future employercontributions for service that has already been earned and is in addition to future normal cost contributions foractive members. For a measure of funded status that is appropriate for assessing the sufficiency of plan assetsto cover estimated termination liabilities, please see “Hypothetical Termination Liability” in the “Risk Analysis”section.

Projected Employer Contributions

The table below shows projected employer contributions (before cost sharing) for the next six fiscal years.Projected results reflect the adopted changes to the discount rate described in Appendix A, “Statement ofActuarial Data, Methods and Assumptions” of the Section 2 report. The projections also assume that allactuarial assumptions will be realized and that no further changes to assumptions, contributions, benefits, orfunding will occur during the projection period.

Required Projected Future Employer ContributionsContribution (Assumes 7.25°/o Return for Fiscal Year 2017-18)

Fiscal Year 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25

Normal Cost O/ 8.081% 8.7% 8.7°/o 8.7% 8.7% 8.7%

UAL Payment $103,386 $122,000 $144,000 $162,000 $172,000 $183,000

Changes in the (ML due to actuarial gains or losses as well as changes in actuarial assumptions or methodsare amortized using a 5-year ramp up. For more information, please see ‘Amortization of the UnfundedActuarial Accrued Liability” under “Actuarial Methods” in Appendix A of Section 2. This method phases in theimpact of unanticipated changes in UAL over a 5-year period and attempts to minimize employer cost volatilityfrom year to year, As a result of this methodology, dramatic changes in the required employer contributions inany one year are less likely. However, required contributions can change gradually and significantly over thenext five years. In years where there is a large increase in UAL the relatively small amortization paymentsduring the ramp up period could result in a funded ratio that is projected to decrease initially while thecontribution impact of the increase in the UAL is phased in.

Due to the adopted changes in the discount rate for next year’s valuation in combination with the 5-yearphase-in ramp, the increases in the required contributions are expected to continue for six years from FiscalYear 2019-20 through Fiscal Year 2024-25.

For projected contributions under alternate investment return scenarios, please see the “Analysis of FutureInvestment Return Scenarios” in the ‘Risk Analysis” section.



3 of 9


Employer Contribution History

The table below provides a recent history of the required employer contributions for the plan, as determined bythe annual actuarial valuation. It does not account for prepayments or benefit changes made during a fiscalyear.

Fiscal Employer Unfunded LiabilityYear Normal Cost Payment ($)

2016- 17 7.159% $35,6702017- 18 7.200% $50,0952018- 19 7.634% $72,7352019- 20 8.081% $103,386

Funding History

The funding history below shows the plan’s actuarial accrued liability, share of the pools market value ofassets, share of the pools unfunded liability, funded ratio, and annual covered payroll.

Accrued Share of Pool’s Plan’s Share of AnnualValuation Liability Market Value of Pool’s Unfunded Funded Covered

Date (AL) Assets (MVA) Liability Ratio Payroll

06/30/2011 $ 4,203,441 $ 3,530,723 $ 672,718 84.0% $ 1,968,80106/30/2012 4,640,249 3,717,456 922,793 80.1% 1,998,48106/30/2013 5,222,684 4,417,777 804,907 84.6% 2,066,11206)30/2014 6,289,983 5,647,068 642,915 BY.S°/o 2,102,86206/30/2015 6,855,145 5,883,554 971,591 85.8% 1,956,46006/30/2016 7,016,599 5,535,412 1,481,187 78.9% 1,785,76506/30/2017 8,273,683 6,740,067 1,533,616 81.5% 1,594,056



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CALPERS ACTUARIAL VALUATION - June 30, 2017PEPRA Miscellaneous Plan of the Mendocino Transit AuthorityCaIPERS ID: 1157424734

Required Employer Contributions

Fiscal Year

Required Employer Contributions 2019-20

Employer Normal Cost Rate 6.985°/cPlus, Either

1) Monthly Employer Dollar UAL Payment $ 1,137.84Or

2) Annual Lump Sum Prepayment Option $ 13,185

The total minimum required employer contribution is the sum of the Plan Employer Normal Cost Rate(expressed as a percentage of payroll) pius the Employer Unfunded Accrued Liability (UAL) ContributionAmount (hi/led monthly in dollars).

Only the UAL portion of the employer contribution can be prepaid (which must be received in full nolater than Juiy 31). Plan Normal Cost contributions will be made as part of the payroll reporting process.If there is contractual cost sharing or other change, this amount will change.

In accordance with SectiOns 20537 and 20572 of the Public Employees’ Retirement Law, if a contractingagency fails to remit the required contributions when due, interest and penalties may apply

Fiscal Year Fiscal Year

2018-19 2019-20Development of Normal Cost as a Percentage of Payroll’

Base Total Normal Cost for Formula 13.092°k l3.735%Surcharge for Class 1 Benefits2

None O.000% 0.000%Phase out of Normal Cost Difference3 0.000% 0.000%Plan’s Total Normal Cost 13.092% 13.735%Plans Employee Contribution Rate 6.25O% 6.750%Employer Normal Cost Rate 6.842°k 6.985%

Projected Payroll for the Contribution Fiscal Year $ 398,986 $ 736,222

Estimated Employer Contributions Based on Projected PayrollPlan’s Estimated Employer Normal Cost $ 27,299 $ 51,425Plan’s Payment on Amortization Bases4 387 13,654

% of Projected Payroll (illustrative only) 0.097% 1.855%

Estimated Total Employer Contribution $ 27,686 S 65,079% of Projected Payroll (illustrative only) 6.939% 8.840°/o

The results shown for Fiscal Year 2018-19 reflect the prior year valuation and may not take into account any lump sumpayment, side fund payoff, or rate adjustment made after June 30, 2017.

2 Section 2 of this report contains a list of Class 1 benefits and corresponding surcharges for each benefit.

The normal cost difference is phased out over a five-year period. The phase out of normal cost difference is 100 percentfor the first year of pooling, and is incrementally reduced by 20 percent of the original normal cost difference for eachsubsequent year. This is non-zero only for plans that joined a pool within the past 5 years. Most plans joined a poolJune 30, 2003, when risk pooling was implemented.

See page 9 for a breakdown of the Amortization Bases.



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CALPERS ACTUARIAL VALUATION - June 30, 2017PEPRA Miscellaneous Plan of the Mendocino Transit AuthorityCaIPERS 10: 1157424734

Plan’s Funded Status

June 30, 2016 June 30, 2017

1. Present Value of Projected Benefits (PVB) $ 617,891 $ 1,138,267

2. Entry Age Normal Accrued Liability (AL) 126,061 206,535

3. Plan’s Market Value of Assets (MVA) 113,366 194,794

4. Unfunded Accrued Liability (UAL) [(2)- (3)] 12,695 11,741

5. Funded Ratio [(3) / (2)] 89.9% 94.30/0

This measure of funded status is an assessment of the need for future employer contributions based on theselected actuarial cost method used to fund the plan. The UAL is the present value of future employercontributions for service that has already been earned and is in addition to future normal cost contributions foractive members. For a measure of funded status that is appropriate for assessing the sufficiency of plan assetsto cover estimated termination liabilities, please see “Hypothetical Termination Liability” in the “Risk Analysis”section.

Projected Employer Contributions

The table below shows projected employer contributions (before cost sharing) for the next six fiscal years.Projected results reflect the adopted changes to the discount rate described in Appendix A, “Statement ofActuarial Data, Methods and Assumptions” of the Section 2 report. The projections also assume that allactuarial assumptions will be realized and that no further changes to assumptions, contributions, benefits, orfunding will occur during the projection period.

Required Projected Future Employer ContributionsContribution (Assumes J.2S/a Return for Fiscal Year 2017-18)

Fiscal Year 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25

Normal Cost % 6.985°/o 7.50/0 7.5°/u 7.5% 7.5% 7.5%

UAL Payment $13,654 $14,000 $660 $1,000 $1,400 $1,800

Changes in the UAL due to actuarial gains or losses as well as changes in actuarial assumptions or methodsare amortized using a 5-year ramp up. For more information, please see “Amortization of the UnfundedActuarial Accrued Liability” under “Actuarial Methods” in Appendix A of Section 2. This method phases in theimpact of unanticipated changes in UAL over a 5-year period and attempts to minimize employer cost volatilityfrom year to year. As a result of this methodology, dramatic changes in the required employer contributions inany one year are less likely. However, required contributions can change gradually and significantly over thenext five years. In years where there is a large increase in UAL the relatively small amortization paymentsduring the ramp up period could result in a funded ratio that is projected to decrease initially while thecontribution impact of the increase in the UAL is phased in.

Due to the adopted changes in the discount rate for next year’s valuation in combination with the 5-yearphase-in ramp, the increases in the required contributions are expected to continue for six years from FiscalYear 2019-20 through Fiscal Year 2024-25.

For projected contributions under alternate investment return scenarios, please see the “Analysis of FutureInvestment Return Scenarios” in the “Risk Analysis” section.



6 of 9

CALPERS ACTUARIAL VALUATION - June 30, 2017PEPRA Miscellaneous Plan of the Mendocino Transit AuthorityCaIPERS ID: 1157424734

Employer Contribution History

The table below provides a recent history of the required employer contributions for the plan, as determined bythe annual actuarial valuation. It does not account for prepayments or benefit changes made during a fiscalyear.

Fiscal Employer Unfunded LiabilityYear Normal Cost Payment ($)

2016 - 17 6.555% $252017 - 18 6.533% $932018- 19 6.842% $3872019 - 20 6.985% $13,654

Funding History

The funding history below shows the plan’s actuarial accrued liability, share of the pool’s market value ofassets, share of the pool’s unfunded liability, funded ratio, and annual covered payroll.

Accrued Share of Pool’s Plan’s Share of AnnualValuation Liability Market Value of Pool’s Unfunded Funded Covered

Date (AL) Assets (MVA) Liability Ratio Payroll

06/30/2013 $ 12 $ 16 $ (4) 133.3% $ 17,16006/30/2014 17,266 18,038 (772) 104.5% 163,82306/30/2015 52,037 49,510 2,527 95.1% 306,54106/30/2016 126,061 113,366 12,695 89.9% 365,12906/30/2017 206,535 194,794 11,741 94.3% 676,207



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A California Public Employees’ Retirement SystemP.O. Box 942715Sacramento, CA 94229-2715(888) CaIPERS (or 888-225-7377) Circular Letter: 200-042-16

Za1PERS YFY: (877) 249-7442 Distribution: VIwww.calpers.ca.gov

Circular Letter August 17, 2016

TO: ALL PUBLIC AGENCY EMPLOYERS

SUBJECT: JUNE 30, 2015 ACTUARIAL VALUATION REPORTS

The purpose of this Circular Letter is to inform you that the 2015 Actuarial Valuation reports arecompleted and available on myICaIPERS. We expect to have the reports also posted to theCaIPERS website in September. The 2015 Actuarial Valuation reports set the employercontribution rates for Fiscal Year 2017-18. Also, please note the change below to the non-pooled plans billing process.

All Plans Billed Separately for Normal Cost and Unfunded LiabilityPrior to Fiscal Year 2015-16, we billed employers for all contributions as a percentage of payroll.Beginning with Fiscal Year 2015-16, we began billing pooled plans as a percentage of payroll forthe normal cost portion and as a dollar amount for the unfunded liability portion. Starting inFiscal Year 2017-18 non-pooled plans will also be billed as a percentage of payroll for thenormal cost portion and as a monthly dollar amount for the unfunded liability portion.

Annual Lump-Sum Payment OptionAn annual lump-sum prepayment option is available for the unfunded liability portion. You canfind the lump-sum payment amount on page 4 of your valuation report. If you choose thisoption for Fiscal Year 2017-18, payment must be received and posted by CaIPERS prior toAugust 1, 2017. Instructions for paying the annual lump-sum amount will be included on yourJuly 1, 2017 invoice.

If you have any questions, please contact the CaIPERS Customer Contact Center at 888 CaIPERS(or 888-225-7377).

Alan MilliganChief Actuary


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