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<br />UPDATED SERVICE CREDIT AND ANNUITY INCREASE STUDY <br /> <br />728 - CITY OF LA PORTE <br />I. UPDATED SERVICE CREDITS <br /> <br />------------------------------------------------- <br />, <br />, <br /> <br />EFFECTIVE DATE - JANUARY 1. 1988 <br /> <br /> PROPOSED PLANS <br /> --------------------------------------------------------------- <br /> PRESENT PLAN 1 2 3 4 5 <br /> ------------ ------- ------- ------- ------- ------- <br /> DEPOSIT RATE 7.00% 7.00% 7.00% <br /> MATCHING RATIO 2.0/1 2.0/1 2.0/1 <br /> VESTING 10 YRS 10 YRS 10 YRS <br /> S.B. 505 OPTIONS NO NO YES <br /> UPDATED SERVICE CREDIT 100(87) 100% 100% <br /> CONTRIBUTION RATES 1987 1988 1988 1988 1988 1988 198ae <br /> ------------------ <br /> NORMAL COST 5.44 5.90 5.90 6.11 <br /> PRIOR SERVICE 1.31 1.31 1.31 1.38 <br /> SPECIAL ADDITION* 0.01 0.01 <br /> RETIREMENT 6.75 7.21 7.22 7.50 <br /> SUPPLEMENTAL DEATH(A&R) 0.28 0.27 0.27 0.27 <br /> TOTAL RATE (%) 7.03 7.48 7.49 7.77 <br /> UNFUNDED ACCRUED LIABILITY($) 1866272 1945557 2042084 <br /> AMORTIZATION PERIOD IN YEARS 24 25 25 25 25 25 <br />II. ANNUITY INCREASES <br /> PROPOSED PLANS <br /> <br />A <br /> <br />B <br /> <br />C <br /> <br />D <br /> <br />.i..______ <br /> <br />---~--e <br /> <br />PERCENTAGE OF CONSUMER PRICE INDEX (CPI-U) 70 <br />ADDITION TO THE PRIOR SERVICE CONTRIBUTION RATE (%) 0.01 <br />ADDITION TO THE UNFUNDED ACCRUED LIABILITY ($) 7831 <br />TO DETERMINE THE CITY'S CONTRIBUTION RATE UNDER VARIOUS COMBINATIONS OF UPDATED SERVICE CREDITS AND ANNUITY INCREASES -- ADD <br />THE TOTAL RATE (%) UNDER THE APPROPRIATE UPDATED SERVICE CREDIT PLAN TO THE PERCENTAGE RATE SHOWN UNDER THE VARIOUS ANNUITY <br />INCREASE PI,ANS. <br />*ADDITION TO PRIOR SERVICE CONTRIBUTION RATE FOR SPECIAL UPDATED SERVICE CREDITS FOR TRANSFERS. THERE WERE 11' ELIGIBI,E <br />TRANSFER EMPLOYEES FOR THE CITY ON THE STUDY DATE. <br />