Florida Administrative Code (Last Updated: April 18, 2024) |
60. Department of Management Services |
60T. Division of Retirement - Local Retirement |
60T-1. Local Retirement Systems |
1(1) 2All reporting fields terms referenced in subsections (2) through (4) are as required under Section 17112.664(1), F.S., 19unless expressly stated otherwise.
23(a) Whenever used in this section “Annual Financial Statements” means a report issued which covers a local government retirement system or plan to satisfy the financial reporting requirements of Section 53112.664(1), F.S.
55(b) For purposes of compliance with Section 62112.664(1), F.S., 64“receipt of the certified actuarial report” means formal approval of the report by the board of trustees.
81(c) The actuarial disclosures required under this section must be submitted together with a certification statement, signed and dated by the plan actuary. The certification statement will be in the following format:
113“With respect to the reporting standards for defined benefit retirement plans or systems contained in Section 129112.664(1), F.S., 131the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements of Section 177112.664(1), F.S., 179and Section 60T-1.0035, F.A.C.”
183Signature
184Name
185Enrollment Number
187Date
188Cover letter attached
191(2) 192The reports required to be filed electronically with the Department of Management Services under Section 207112.664(1), F.S., 209shall use the following format:
214Electronic Reporting Format 217‒ Must be submitted as a semi-colon delimited file in the following layout:
230Reference
231Field Name
233Field Value
235Field Layout Variable length with the maximum number of characters (v#) or Fixed Length with the number of characters (f#)
255(Negative values indica258ted with dashes)
261(a)
262City/District
263v25
264(b)
265Plan Name
267v50
268(c)
269Plan Type
271v25
272(d)
273Valuation Date
275f8 using MMDDYYYY format
279(e)
280Interest Rate:
282(e)(1)
283Discount Rate, net of investment fees
289v5 using xx.xx format
293(e)(2)
294Long-Term Expected Rate of Return, net of investment fees
303v5 using xx.xx format
307(f)
308Certification Statement
310(f)(1)
311Signature
312Y / N
315f1
316(f)(2)
317Actuary’s Name
319v50
320(f)(3)
321Enrollment Number
323v10
324(f)(4)
325Signature Date
327f8 using MMDDYYYY format
331(f)(5)
332Cover letter attached (pdf)?
336Y / N
339f1
340Section 341112.664(1)(a), F.S.
343(descriptive separator, not part of the electronic file)
351(g)
352Total pension liability:
355Place responses in (g)(1)-(10)
359Leave blank
361(g)(1)
362Service cost
364$_______________
365v20 rounded to the nearest whole dollar, exclude “$” in beginning of field and exclude commas; example 12313445
383(g)(2)
384Interest
385$_______________
386Use (g)(1) field layout
390(g)(3)
391Benefit changes
393$_______________
394Use (g)(1) field layout
398(g)(4)
399Difference between expected and actual experience
405$_______________
406Use (g)(1) field layout
410(g)(5)
411Changes in assumptions
414$_______________
415Use (g)(1) field layout
419(g)(6)
420Benefit payments
422$_______________
423Use (g)(1) field layout
427(g)(7)
428Contribution refunds
430$_______________
431Use (g)(1) field layout
435(g)(8)
436Net change in total pension liability
442$_______________
443Use (g)(1) field layout
447(g)(9)
448Total pension liability – beginning of year
455$_______________
456Use (g)(1) field layout
460(g)(10)
461Total pension liability – ending of year
468$_______________
469Use (g)(1) field layout
473(h)
474Plan fiduciary net position:
478Place responses in (h)(1)-(11)
482Leave blank
484(h)(1)
485Contributions – Employer
488$_______________
489Use (g)(1) field layout
493(h)(2)
494Contributions – State
497$_______________
498Use (g)(1) field layout
502(h)(3)
503Contributions – Member
506$_______________
507Use (g)(1) field layout
511(h)(4)
512Net investment income
515$_______________
516Use (g)(1) field layout
520(h)(5)
521Benefit payments
523$_______________
524Use (g)(1) field layout
528(h)(6)
529Contributions refunds
531$_______________
532Use (g)(1) field layout
536(h)(7)
537Administrative expense
539$_______________
540Use (g)(1) field layout
544(h)(8)
545Other
546$_______________
547Use (g)(1) field layout
551(h)(9)
552Net change in plan fiduciary net position
559$_______________
560Use (g)(1) field layout
564(h)(10)
565Plan fiduciary net position 569‒ beginning of year
573$_______________
574Use (g)(1) field layout
578(h)(11)
579Plan fiduciary net position – ending of year
587$_______________
588Use (g)(1) field layout
592(i)
593Net pension liability/(asset) [(g)(10) minus (h)(11)]
599$_______________
600Use (g)(1) field layou604t
605Section 606112.664(1)(b), F.S.
608(descriptive separator, not part of the electronic file)
616(j)
617Total pension liability:
620Place responses in (j)(1)-(10)
624Leave blank
626(j)(1)
627Service cost
629$______________
630Use (g)(1) field layout
634(j)(2)
635Interest
636$______________
637Use (g)(1) field layout
641(j)(3)
642Benefit changes
644$______________
645Use (g)(1) field layout
649(j)(4)
650Difference between expected and actual experience
656$______________
657Use (g)(1) field layout
661(j)(5)
662Changes in assumptions
665$______________
666Use (g)(1) field layout
670(j)(6)
671Benefit payments
673$______________
674Use (g)(1) field layout
678(j)(7)
679Contribution refunds
681$______________
682Use (g)(1) field layout
686(j)(8)
687Net change in total pension liability
693$______________
694Use (g)(1) field layout
698(j)(9)
699Total pension liability – beginning of year
706$______________
707Use (g)(1) field layout
711(j)(10)
712Total pension liability – ending of year
719$______________
720Use (g)(1) field layout
724(k)
725Plan fiduciary net position:
729Place responses in (k)(1)-(11)
733Leave blank
735(k)(1)
736Contributions – Employer
739$______________
740Use (g)(1) field layout
744(k)(2)
745Contributions – State
748$______________
749Use (g)(1) field layout
753(k)(3)
754Contributions – Member
757$______________
758Use (g)(1) field layout
762(k)(4)
763Net investment income
766$______________
767Use (g)(1) field layout
771(k)(5)
772Benefit payments
774$______________
775Use (g)(1) field layout
779(k)(6)
780Contributions refunds
782$______________
783Use (g)(1) field layout
787(k)(7)
788Administrative expense
790$______________
791Use (g)(1) field layout
795(k)(8)
796Other
797$______________
798Use (800g)(1) field layout
803(k)(9)
804Net change in plan fiduciary net position
811$______________
812Use (g)(1) field layout
816(k)(10)
817Plan fiduciary net position ‒ beginning of year
825$______________
826Use (g)(1) field layout
830(k)(11)
831Plan fiduciary net position – ending o838f year
840$______________
841Use (g)(1) field layout
845(l)
846Net pension liability/(asset) [(j)(10) minus (k)(11)]
852$______________
853Use (g)(1) field layout
857Section 858112.664(1)(c), F.S. 860(on last valuation basis)
864(descriptive separator, not part of the electronic file)
872(m)
873Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits
895v6 using xxx.xx format
899Section 900112.664(1)(c), F.S.
902(on Section 904112.664(1)(a), F.S. 906basis)
907(descriptive separator, not part of the electronic file)
915(n)
916Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits
938v6 using xxx.xx format
942Section 943112.664(1)(c), F.S.
945(on Section 947112.664(1)(b), F.S. 949basis)
950(descriptive separator, not part of the electronic file)
958(o)
959Number of Years, and fractional parts of Years, for which the Market Value of Assets are adequate to sustain expected retirement benefits
981v6 using xxx.xx format
985Section 986112.664(1)(d), F.S.
988(on last valuation basis)
992(descriptive separator, not part of the electronic file)
1000(p)
1001Recommended Plan contributions in Annual Dollar Value
1008$______________
1009Use (g)(1) field layout
1013(q)
1014Recommended Plan contributions as a Percentage of Valuation Payroll
1023v6 using xxx.xx format
1027Section 1028112.664(1)(d), F.S.
1030(on Section 1032112.664(1)(a), F.S. 1034basis)
1035(descriptive separator, not part of the electronic file)
1043(r)
1044Recommended Plan contributions in Annual Dollar Value
1051$______________
1052Use (g)(1) field layout
1056(s)
1057Recommended Plan contributions as a Percentage of Valuation Payroll
1066v6 using xxx.xx format
1070Section 1071112.664(1)(d), F.S.
1073(on Section 1075112.664(1)(b), F.S. 1077basis)
1078(descriptive separator, not part of the electronic file)
1086(t)
1087Recommended Plan contributions in Annual Dollar Value
1094$______________
1095Use (g)(1) field layout
1099(u)
1100Recommended Plan contributions as a Percentage of Valuation Payroll
1109v6 using xxx.xx format
1113(3) 1114A complete electronic copy of the plan’s Annual Financial Statements in compliance with the requirements in Sections 1131112.664(1)(a) 1132and (b), F.S., submitted in a portable document format (PDF).
1142(a) The generational mortality used by Pension Plans when submitting under Section 1154112.664(1)(a), F.S., 1156will reflect the mortality improvement before and after the measurement date in the following format:
11711. Total pension liability:
1175a. Service cost 1178$________________
1179b. Interest 1181$________________
1182c. Benefit changes 1185$________________
1186d. Difference between expected and actual experience 1193$________________
1194e. Changes in assumptions 1198$________________
1199f. Benefit payments 1202$________________
1203g. Contribution refunds 1206$________________
1207h. Net change in total pension liability 1214$________________
1215i. Total pension liability – beginning 1221$________________
1222j. Total pension liability – ending 1228$________________
12292. Plan fiduciary net position:
1234a. Contributions – Employer 1238$________________
1239b. Contributions – State 1243$________________
1244c. Contributions – Member 1248$________________
1249d. Net investment income 1253$________________
1254e. Benefit payments 1257$________________
1258f. Contributions refunds 1261$________________
1262g. Administrative expense 1265$________________
1266h. Other 1268$________________
1269i. Net change in plan fiduciary net position 1277$________________
1278j. Plan fiduciary net position – beginning 1285$________________
1286k. Plan fiduciary net position – ending 1293$________________
12943. Net pension liability/(asset) [(3)(a)1.j. minus (3)(a)2.k.] 1301$________________
1302(b) Administrators of Pension plans complying with the reporting requirements in paragraph (3)(a) above, will additionally provide disclosure under Section 1322112.664(1)(b), F.S., 1324in the following format:
13281. Total pension liability:
1332a. Service cost 1335$________________
1336b. Interest 1338$________________
1339c. Benefit changes 1342$________________
1343d. Difference between expected and actual experience 1350$________________
1351e. Changes in assumptions 1355$________________
1356f. Benefit payments 1359$________________
1360g. Contribution refunds 1363$________________
1364h. Net change in total pension liability 1371$________________
1372i. Total pension liability – beginning 1378$________________
1379j. Total pension liability – ending 1385$________________
13862. 1387Plan fiduciary net position:
1391a. Contributions – Employer 1395$________________
1396b. Contributions – State 1400$________________
1401c. Contributions – Member 1405$________________
1406d. Net investment income 1410$________________
1411e. Benefit payments 1414$________________
1415f. Contributions refunds 1418$________________
1419g. Administrative expense 1422$________________
1423h. Other 1425$________________
1426i. Net change in plan fiduciary net position 1434$________________
1435j. Plan fiduciary net position – beginning 1442$________________
1443k. Plan fiduciary net position – ending 1450$________________
14513. Net pension liability/(asset) 1455[(3)(b)1.j. – (3)(b)2.k.] 1458$________________
1459(4) Each plan is required to disclose the number of months or years for which the current market value of assets will sustain the payment of expected retirement benefits, based on the results in the plan’s latest actuarial valuation, and under the conditions specified in subsection (3) above. This must be calculated by preparing a month-by-month projection of the market value of assets, credited with the long-term expected rate of return on investments, reduced by assumed benefit payments. The number of months or years the projected benefits are sustained would then be reported. All demographic and economic assumptions in the valuation are to be used in this calculation. This calculation will be prepared using information provided in the plan’s latest valuation, and then repeated twice more, varying the mortality table and long-term expected rate of return on investments/discount rate. The Annual Financial Statements must contain a table in the following format calculating the number of years, and fractional parts of years, for which current market value of assets are adequate to sustain the payment of expected retirement benefits:
1637Add: Month/Year Market value of assets Investment return Subtract: Proje1647cted benefit payments.
1650(5) Each plan is required to disclose the recommended contributions to the plan, stated as an annual dollar value and as a percentage of valuation payroll, based on the results in the plan’s latest actuarial valuation, and under the conditions specified in subsections (3) and (4) above.
1697(6) 1698No additional charts or graphs are prescribed by the Department for compliance with Section 1712112.664(2)(b)3., F.S.
1714(7) If the plan’s actuarial valuation report is revised and reissued subsequent to the release of the Annual Financial Statements, all the updated actuarial disclosure items identified in this section must be updated and electronically transmitted to the Department within 60 days of receipt of the revised report from the plan actuary. The Annual Financial Statements will not be required to be reissued and resubmitted to the Department.
1782Rulemaking Authority 1784112.665 FS. 1786Law Implemented 1788112.664 FS. 1790History–New 4-29-15.