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CalPERS Actuarial Valuation - June 30, 2019
<br />Miscellaneous Plan of the Conejo Recreation and Park District
<br />CalPERS ID: 2176990821
<br />June 30, 2018 June 30,,2019
<br />1. Present Value of Projected Benefits $76,883,886 $80,5611,993
<br />2. Entry Age Normal Accrued Liability 67,066,239 70.,230,050
<br />3. Market Value of Assets (MVA) 511841,145 54,106,403
<br />4. Unfunded Accrued Liability (UAL) [(2) — (3)] $15,225,094 $16,123,647
<br />5. Funded Ratio [(3) / (2)] 77.3% 77.0%
<br />This measure of funded status is an assessment of the need for future employer contributions based on the
<br />actuarial cost method used to fund the plan. The UAL is the present value of future employer contributions
<br />for service that has already been earned and is in addition to future normal cost contributions for active
<br />members. For a measure of funded status that is appropriate for assessing the sufficiency of plan assets to
<br />cover estimated termination liabilities, please see "Hypothetical Termination Liability" in the "Risk Analysis"
<br />section.
<br />Projected Employer Contributions
<br />The table below . shows the required and projected employer contributions (before cost sharing) for the next
<br />six fiscal years. The projection assumes that all actuarial assumptions will be realized and that no further
<br />changes to assumptions, contributions, benefits, or funding will occur during the projection period. As of the
<br />preparation date of this report, the year to date return for the 2019-20 fiscal year was well below the 7 percent
<br />assumed return. Actual contribution rates during this projection period could be significantly higher than the
<br />projection shown below. The projected normal cost percentages in the projections below reflect that the
<br />normal cost will continue to decline over time as new employees are hired into PEPRA or other lower cost
<br />benefit tiers.
<br />Total as a % of Payroll*
<br />Required
<br />Contribution
<br />Projected Future Employer Contributions
<br />(Assumes 7.00% Return for Fiscal Year 2019-20)
<br />Fiscal Year
<br />2021-22
<br />2022-23 2023-24
<br />2024-25
<br />2025-26
<br />2026-27
<br />Normal Cost %
<br />.8.70%
<br />8.6% 8.5%
<br />8.3%
<br />8.2%
<br />8.1%
<br />UAL Payment
<br />$1,272,496
<br />$1,426,000 1 $1r502f000
<br />$1,585,000
<br />$1,634,000
<br />$1,678f000
<br />Total as a % of Payroll*
<br />22.80916
<br />24.0916
<br />24.21 24.51 24,5%
<br />24.3%
<br />Projected Payroll
<br />I $9,0241016---..L—
<br />27 1177
<br />$9 2
<br />f 058,360
<br />1527f 161 $9,789 rJ58 $10
<br />$9
<br />$101334,,965
<br />*Illustrative only and based on the projected payroll shown.
<br />For some sources of UAL, the change in UAL is amortized using a 5 -year ramp up. For more information,,
<br />please see "Amortization of the Unfunded Actuarial Accrued Liability" under "Actuarial Methods" in Appendix
<br />A. This method phases in the impact of the change in UAL over a 5 -year period in order to reduce employer
<br />cost volatility from year to year. As a result of this methodology, dramatic changes in the required employer
<br />contributions in any one year are less likely. However, required contributions can change gradually and
<br />significantly over the next five years. In years when there is a large increase in UAL., the relatively small
<br />amortization payments during the ramp up period could result in a funded ratio that is projected to decrease
<br />initially while the contribution impact of the increase in the UAL is phased in.
<br />For projected contributions under alternate investment return scenarios, please see the "Future Investment
<br />Return Scenarios" in the "Risk Analysis," section.
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