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<br />- <br /> <br />- <br /> <br />~ <br />L <br /> <br /> UPDATED SERVICE CREDIT AND ANNUITY INCREASE STUDY <br /> ------------------------------------------------- <br /> CITY OF LA PORTE . . EFFECTIVE DATE JANUARY 1 1987 <br />I UPDATED SERVICE CREDITS <br /> PROPOSED PLANS <br /> --------------------------------------------- --------- ---- <br /> PRESENT PLAN 1 2 3 4 5 <br /> ------------ ------- ------- ------- ---- - ------- <br />1 DEPOSIT RATE 7.00% 7.00% <br /> MATCHING RATIO 2.0/1 2.0/1 <br /> VESTING 10 YRS 10 YRS <br /> UPDATED SERVICE CREDIT 100(86) 100% <br /> CONTRJBUTIqN RATES 1986 1987 1987 1987 1987 1987 1987 <br /> ------------------ ----- ----- ----- ----- ----- ----- ----- <br /> NORMAL COST 5.33 5.44 5.44 <br /> PRIOR SERVICE 1.22 1.15 1.20 <br /> SPECIAL ADDITION* -- -- 0.09 <br /> ----- ----- ----- ----- ----- ----- ----- <br /> RETIREMENT 6.55 6.59 6.73 <br /> SUPPLEMENTAL DEATH(A&R) 0.28 0.28 0.28 <br /> SUPPLEMENTAL DISABILITY 0.03 . 0.02 0.02 <br /> ----- ----- ----- ------ ------ ----- ----- <br /> TOTAL RATE (%) 6.86 6.89 7.03 <br /> UNFUNDED ACCRUED LIABILITY($ 1674391 1954706 <br /> AMORTIZATION PERIOD IN YEARS 24 25 25 25 25 25 <br />II ANNUITY INCREASES <br /> PROPOSED PI.ANS <br /> --------------------------------------------------------------- <br /> A B C D E <br /> ------- ------- ------- ------- ------- <br /> PERCENTAGE OF CONSUMER PRICE INDEX (CPI-U) 70 60 <br /> ADDITION TO THE PRIOR SERVICE CONTRIBUTION RATE (%) 0.02 0.01 <br /> ADDITION TO THE UNFUNDED ACCRUED LIABILITY ($) 23370 12600 <br />TO DETERMINE THE CITY'S CONTRIBUTION RATE UNDER VARIOUS COMBINATIONS OF UPDATED SERVICE CREDITS AND ANNUITY &NCREASES -- AnD <br />THE TOTAL RATE (%) UNDER THE APPROPRIATE UPDATED SERVICE CREDIT PLAN TO THE PERCENTAGE RATE SHOWN UNDER THE ARIOUS ANNUITY <br />INCREASE PLANS. <br />*ADDITION TO PRIOR SERVICE CONTRIBUTION RATE FOR SPECIAL'UPDATED SERVICE CREDITS FOR TRANSFERS THERE WERE 11 El.IGIBLE <br />TRANSFER EMPLOYEES FOR THE CITY ON THE STUDY DATE <br />