ACTUARIAL INFORMATION

An actuarial valuation is performed each fiscal year to measure pension benefit liabilities and specify a schedule of contributions that will fund the Plan in an orderly fashion and assure actuarial soundness.

The amount the City is required to contribute may vary from year to year, depending on, for example, participant turnover, benefit payments, and investment gains or losses of the trust fund.  The law requires that an independent professional, called an "enrolled actuary", certify that the City is meeting minimum funding requirements.

The report for fiscal year ended December 31, 2006, provided to the Plan by an enrolled actuary, shows a funding ratio of accrued vested benefits to net assets of 76.9 %. The actuary has declared that the Plan is funded on a sound basis.

Current Plan participants as of December 31, 2006:

                        Active Members                                      641

                        DROP Members                                     140      

                        Benefit Recipients                                   723

                        Terminated Vested Members                     25

                        Total Membership                                 1,529

CLAIMS BY PARTICIPANTS AND BENEFICIARIES

When you choose to retire, contact the Pension Office to apply for benefits at least 45 days prior to the last day you will be on the payroll.  Retirement benefits are paid each month on the first of the month.

Claims for death benefits will be paid in accordance with the terms of the Plan and the "Designation of Beneficiary Form" you have on file in the Pension Office.  To change your beneficiary, contact the Pension Office.  Be sure to keep the form up to date as circumstances change in your personal life.

You may file a claim for disability benefits if you expect an illness or injury will prevent you from further performance of your duties as a police officer or firefighter.  Contact the Pension Office to file a claim for benefits.

MEMBERSHIP

Membership is mandatory for all eligible employees.