Loading...
Minutes 02-26-14 PensionMINUTES OF THE SPECIAL CITY COMMISSION MEETING HELD IN CHAMBERS AT CITY HALL, 100 BOYNTON BEACH BOULEVARD, BOYNTON BEACH, FLORIDA, ON TUESDAY, FEBRUARY 26, 2014, AT 2 P.M. PRESENT: Jerry Taylor, Mayor Woodrow Hay, Vice Mayor David T. Merker, Commissioner Michael M. Fitzpatrick, Commissioner ABSENT: Joe Casello, Commissioner DISCUSSION ON PENSIONS Mayor Taylor called the pension workshop to order at 2:02 p.m. Lori LaVerriere, City Manager James Cherof, City Attorney Janet M. Prainito, City Clerk Ms. LaVerriere recalled one of the initiatives from the strategic planning meeting is to look at the pension structure and try to make it more sustainable for the City. The first step is a Pension 101, to learn the basis for the existing system and open up the dialogue. The pension boards were invited, union representatives and the public to listen to a presentation by Mr. Paul Shamoun from the Florida League of Cities. He is known as a pension expert in the State of Florida and came highly recommended to explain a defined benefit program versus defined contribution and the trends across the State. A basic presentation would be given, questions from the Commission answered and then direction in terms of looking at reform and what form it may or may not take. Paul Shamoun, an Account Executive with the League of Cities, has been with the League for 15 years with 10 of those years overseeing the Florida Municipal Pension Trust Fund. It is an independent fund that has 200 pension plans valued at a half a billion dollars, covering pensions for approximately 7,000 employees. The plans are spread throughout the State. Mr. Shamoun had a good understanding of what the cities are facing and their plans for changes to deal with the "pension crisis ". Pension sustainability and the traditional idea of retirement has been commonly known as a three - legged stool with one -third employer provided, one -third social security and one -third being personal savings. Social security is a 50/50 split between the employer and employee. The traditional idea of retirement has changed greatly. 1 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL There is no statutory requirement that any city provide any pension to any employee. There are good reasons to offer a pension plan such as improved recruitment and with defined benefit plans, the retention aspect. Retirement benefits are provided to attract the best police, fire and general employees that can be found and keep them. There is an extensive cost to hire new police and fire and training. Retaining employees is very important to most cities. Rewarding long term service is another reason for pensions and incentivizing career employees to keep the knowledge that the city has invested in over the years, in the city. Security in retirement is another reason and it is a tax deferral until a later point in time. Commissioner Merker understood a pension is not a legal documentation required by the State. Mr. Shamoun replied a retirement benefit is not required by State law. Commissioner Merker deduced the only contract was between the City and the Union. Mr. Shamoun agreed and added that was how every city operates. It may be required by Charter or a Union contract. There are cities that have no retirement plans for their employees; usually very small cities. The main questions to be answered are as follows: When will I be able to retire? What is the standard of living I will have in retirement? What will the cost be to provide that standard of living? Who is paying for it? FEBRUARY 26, 2014 When talking about defined benefit pensions, contributions (money contributed) + compound interest (earnings in the market) = retirement benefits /assets minus the expenses. There is no way to get around the equation and the plan actuary attempts to balance that equation each year. The basic math is when earnings in the market go up, city contributions come down. Losses in the market, city contributions go up. Ultimately, the city is required to maintain the plan at a proper funded status. About 40% of the plans across the State are in the below 60% funded, about 40% of the plans are above 70% funded and about 20% are in the 60% to 70% range. Over the last three years the funded status of most plans have risen in the 15% to 20% range depending on the age of the plan and market trends. The percentage is the percent of money needed in the plan to pay what you have promised. If there was 100 %, the city would have 100% of the assets to pay the liabilities or the benefits that are being promised. 2 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 The average total cost of a fire plan in Florida is about 40% of pay, police plans are 38% and general employee plans have a typically much lower cost because of the lower benefit levels and later retirement ages. There are two aspects to the amount of money contributed each year. One, is the normal cost, what the benefits earned this year cost and the other is the UAAL (Unfunded Actuarial Accrued Liability) or paying for the past. For the average plan the 40% of pay includes less than three quarters of it pays for the current benefits and about a quarter of the cost pays for the unfunded liabilities of the past. Unfunded liabilities can be generated by losses in the market, retirement windows, early retirements and things that open liabilities in the plan. Commissioner Merker asked if the market declines and the individual pension decreases, the city is responsible for the loss. Mr. Shamoun clarified the contribution is not dollar- for - dollar. The unfunded liabilities are funded over a 30 -year period. The assumed _investment rate of return is a big driver. If the return is not made, the loss gets amortized over 30 years and each year there would be a payment to pay off what was not earned. Conversely, when a fund earns more than the assumed rate, little bits are recognized each year. This is outside of smoothing. In the defined benefit pension the employee contribution is constant and the city contribution is variable based on the actuary's calculations. In essence the city is required to contribute the total amount of funding necessary. Attorney Cherof interjected it is not an issue of whether the employees are a member of the union or not. The rule applies equally to all employees in and participating in a public pension system. When the market comes down there is no reduction to the employee. The value of the pension for that employee is not reduced. The city is required to contribute more to provide the same benefit even though the market has gone down. Ms. LaVerriere added, if there is a gain in the market the City realizes the gain and the amount the City contributes is reduced. It works both ways and unfortunately there has been more loss than gain. Mr. Shamoun advised there is no individual employee balancing. The plan has a promise to pay based on the formula, years of serves times the multiplier rate, times salary not a given dollar amount. The employee is not affected by losses or gains in the market in a defined benefit plan. The benefit is defined and set. The best, way to explain a defined benefit is to take the words literally; it defines the benefit at retirement. A defined contribution plan defines the contribution going into the plan. The city has guaranteed that it will pay based on the formula, a defined benefit. Mr. Shamoun continued, of the 40% of pay, average cost of a plan, across the State is 6% employee contributions. About 26% of pay is the average city cost across the State. The State covers close to 5% of the city's plan and the employees contribute more than 3 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 6 %. General employees do not get the State funding. It is consistent across all the police and fire plans. There would be no additional cost to include a 20 and out benefit. Some employees would leave earlier than anticipated and benefits would be lower. With the 20 and out benefit the municipality would cycle three employees through instead of two that does have a cost. Anything the actuary brings as a change to the plan only affects the people in the plan on that day. It does not take into account new employees. The actuary will claim it will save money because one person is gone, but the person will have to be replaced sooner. Over time it would have a cost. Another issue is the definition of compensation. Overtime bonuses, accrued sick and vacation and on vary rare occasions including off -duty pay, cannot be included in the calculations. Over time it will drop the cost of some of the plans. Multiplier rates getting up at 4% and higher is another benefit. Many plans have COLAs (cost of living adjustment) with an immediate increase and the plans that had the highest cost were the plans that coupled the COLA with the 20 and out. The value of a 3% COLA doubles the retirement benefit in approximately 26 years. It increases the cost. Many plans delay the COLA as a way to save money. There are plans that use a not forever COLA or time certain COLAs. The cities are getting creative in how the benefits are structured as opposed to giving them away forever. The DROP benefit, in some instances, has been extended up to eight years. The DROP is designed to keep employees longer, past retirement, but the benefits are set at a rate to induce an earlier retirement or take care of someone who retires earlier. Over the last ten years the bigger benefit is the guaranteed earnings in DROP accounts. Most plans used a guaranteed 6'/2% return. Over the last five years it has been positive for the plans because most plans have made more in income than they are paying out in DROP. Five years before, plans lost money by guaranteeing 6'/2% on DROP that created actual costs that were never calculated by the actuary when the plans were put in place. Premium taxes are rising, that is good news. For many years the police plans collected more than fire. Property values drive the fire money because it is based on the insurance premiums on homes. For the past several years fire has now collected more than police. The level percent of pay is a funding mechanism to pay off the unfunded liabilities used by all the plans. Any new benefit would have a cost and the actuaries fund it by developing an annual payment based on level percent of pay. The city would pay 5% for the next 30 years for the new benefit. Because it is based on pay and pay is guaranteed to go up at an assumed rate, the dollar cost payment will continue to go up. Unfunded liabilities from several years ago continue to cost more than the original amortization amount. Level percent of pay essentially takes out a negative amortization 4 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 loan. The unfunded liabililty for the fire plan does not peak until 2017 and then it declines. The cost of any new benefit funded under level percent of pay, go up based on an increasing cost. This is the way most pension plans fund their unfunded liability. The original cost and current cost of the unfunded liabilities can be greater than the original cost. The unfunded liability will continue to increase for the next couple of years and then drop dramatically. Ms. LaVerriere stressed over time it is paid off. The sky is not falling. Another issue is the investment rate assumptions. In 2009 it was 7.9 and has now gone down to 7.8 as the average across the State. This is the assumed earnings each year that is required to determine costs. The General Employees' Pension reduced their assumed rate to 7.5% from 8 %. The rates for fire and police are 8.35% and 7.75 %. It is a big area of concern for the Division of Retirement who wants the assumptions lowered. Most of the plans in the State of Florida have had five -year returns above 10 %. The 10 -year return on most plans is about 6 %. It is a huge driver of cost. Looking forward, 8% will be hard to obtain over the next 10 years. Mayor Taylor recalled there were several years that 8% was not achieved and it significantly increased costs. Asset allocation is important and plans are becoming aggressive by adding more equities in order to obtain the 8% or above return. Many plans have gone into alternative asset classes which may be a benefit long term, but assume some risk short term. In some instances they are increasing the risk and volatility of portfolios to get returns which could hurt the cities. If the funds lose money, the city has to make up the difference. Other cities are reducing benefits such as reducing the future multiplier or reducing the workforce. There are not many opportunities to reduce costs. Implementing share plans has been popular for police and fire. It is opening up a defined contribution plan for the State money. Some plans had extra State money coming in that could be used for the regular benefits. Other municipalities are adding a second tier with lower benefits that offers new employees a new deal with a different multiplier, retirement age changes or some variation between the minimum benefits and benefits of the current employees. There have been stop /start ordinances that resets the amount of State money that can be used. Basically, if more State money can be used, it would reduce the city's cost and allow some plans to avoid a shutdown of the plans. Some municipalities have placed police and fire in defined contribution plans and not received 175 and 185 funds. There are also freezing, closing and terminating plans plus hybrid plans that are being utilized. 5 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 If a plan is closed, no new employees are allowed to join. New hires would be offered a totally different plan. Nothing would change for the current employees. It does not save money and would increase the cost of the plan in the short term. When a plan is closed or frozen to new hires, the pension fund is no longer considered an ongoing living entity that would be self- sustaining forever. It has a finite life at that point. The amortization payments have to be reassigned to 10 or 15 years which increases the cost for the city tremendously. Freezing a plan is basically the same; however, the current members will no longer accrue any benefits in the plan. Benefits are determined on the freeze date and collect at whatever their normal retirement would be. This will increase the cost of the current plan. Ms. LaVerriere added it will also increase because there would be no additional employees contributing. In many cases, the result is they are not cost savings, rather cost increasing scenarios. Over the long run, with lower cost pension plans, there is savings. Terminating the plan is similar to freezing the plan except the members are given a lump sum payment of the present value. They would not receive a monthly payment, rather the lump sum payment is rolled into a defined contribution plan and all the employees are in a defined contribution plan. It is not practical for most employers due to unfunded liabilities or practical for union contracts or for retaining or attracting new employees. A hybrid plan could be for new or existing employees. Past benefits remain the same. The future multiplier rate is reduced. There could be a defined contribution plan added to the benefits. The employee contribution would go into both sides and the employee gets a smaller monthly benefit, but has a lump sum component from the 401K type account. It will save money both short and long term. Commissioner Hay inquired if it was the trend across the country and Mr. Shamoun replied it was not the trend across the country. The hybrid plans are more traditional in distributing the risk on the employee and some on the employer. Mr. Shamoun indicated costs in the Florida Retirement System (FRS) went up to begin to cover the full amortization payment for unfunded actuarial liabilities. Another legislative change requires many more reporting requirements for the pension boards. It will add to your actuary's bill each year due to the new disclosure and Governmental Accounting Standards Board (GASB) 68 requirements. The idea was to make all the plans comparable. In Mr. Shamoun's opinion the regulations would not succeed in gathering the information being sought. The deadline for submitting the information is impossible unless extended. Specific information on the pension plans will be required to be posted on websites. Legislatioh relating to the 175 and 185 funds has been rewritten but will probably not pass without required information from the Governor's office submitted. 6 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 There are new requirements set by GASB that will again generate more cost for actuarial reporting. The regulations attempt to standardize data and information gathering, most of which will not be very useful. Commissioner Fitzpatrick asked what the typical city contribution is for a defined contribution plan and a defined benefit plan. Mr. Shamoun did not have good statistics on the defined contribution plan figures. In his experience, the contributions run from 5% of pay to 15% of pay for defined contributions. The State average for police and fire defined benefits is 40% of total cost. Most cities are at 23% of pay. The employees are contributing approximately 6% in defined benefit plans. The State is covering about 10% or 11%. There were times when cities were making no contributions when the markets were really good. In some instances there were no required contributions. Ms. LaVerriere noted, in hindsight, they should have kept putting funds in to cover future losses. Mr. Shamoun had a plan that had a 10% floor that built up a huge reserve. When the rate went up to 16% of pay, the contribution remained at 10 %. They had done their own smoothing with contributions. Mr. Shamoun cautioned comparing one plan to another plan is an impossible exercise that should not be undertaken. The histories, employees, benefits, the investments from a cost standpoint, are all different. A ranking was attempted a couple years ago that was ineffective and created more questions. Commissioner Fitzpatrick inquired how the assumption rates are set and what the repercussions would be for changing them. The assumptions rates are set by the Board of Trustees by hiring an actuary and accepting the assumptions. Vice Mayor Hay asked if it was the responsibility of the city to get the information to post on the website and what was the penalty. Mr. Shamoun advised it would begin after next year and the pension boards would be making the information public. Mayor Taylor advised the General Employees reduced their assumption rate from 8% to 7.5% and it involved costs. Mr. Shamoun explained the Board is predicting the future compounding interest to be a lower number and the cost goes up. If the future money in the market is lower, then the City's cost would rise. A 7% assumption would increase the contribution rate substantially. It cannot be done in one year, rather over five or ten years. A balance has to be found. Mr. Shamoun stressed what the actuaries do in their valuations are very complex. It is not linear mathematics. Commissioner Merker found it difficult to understand that there is no common ground and all cities can have different pension plans. There is no consistent formula. It is like private enterprise. He felt the legislature should try to create some common ground. Mr. Shamoun stressed the cities have Home Rule authority. The actuaries have a standard set of assumptions and different methods of valuation that creates a non - standard for measuring value. Ms. LaVerriere did not feel consistency was relevant in the sense there is no connection between the cities or MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 reliance on one another; rather markets conditions and decisions made. She emphasized the cities and the League of Cities fight daily to be able to make local rules to control and set parameters in the plans that result in financial decision as a municipality with that responsibility in mind. To regulate the pension at a State level would be a fiasco. Every City has different financial challenges and markets. Commissioner Merker thought there should be private enterprise versus State or Federal rule. The purpose of government rule is consistency. Mr. Shamoun suggested Commissioner Merker was arguing against the defined benefit type plans as opposed to the defined contribution type plans. Private corporations had defined benefit plans for decades and went bankrupt. Governments work differently and most still have the traditional, defined benefit plan and many are reducing the future benefits. Five years ago, when the markets fell, there was concern the plans were doomed. Before that time, the contributions were small. The truth is in the middle. It is really about the long- term funding. It will take time to recover the losses because most plans fell to 50% and 60% funded status, but are now up to 70% and 80% funded since returns have improved. The outlook is getting better and many plans use smoothing techniques which did not recognize losses in the bad years. The opposite is true now. Mr. Shamoun encouraged the Commission to look long term as opposed to short term on the pension funds. Mayor Taylor commented the goal of the meeting was to be educated and informed. Lisa Jensen, a member of the General Employee' Pension Board, wanted to enlighten Commissioner Merker that the Board members use investment guidelines, policies and standards to invest. The trustees were not simply picking stocks and hoping for a good return. Commissioner Merker argued when individuals invest, the gain or loss is theirs without any guarantee of returns. There has to be plans for the highs and lows of the market. Ms. Jensen noted the plans were being made now and adjustments made. Ms. Jensen understood Commissioner Merker was suggesting getting rid of city governments and having big government rule. Mayor Taylor interjected the City guarantees their employees a certain pension amount. The City invests in the market to pay the benefits. If the market is above the plan rate, the plans build; when the market is below the plan, the City has to fill the gap. The Boards have professional advisors. Commissioner Merker contended the investing was done wrong. Mayor Taylor indicated the investments are monitored and, if necessary, other investment advisors are consulted. Commissioner Merker argued the guarantee is made and it is not being done properly. Hanna Matras, a City employee, inquired about the legal ramifications of some of the decisions. The Florida Constitution does not guarantee the benefits. Mr. Shamoun 8 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 indicated the State of Florida does guarantee accrued benefits. He advised the provisions are under Section 112. Once a benefit is accrued it cannot be taken away. No one has lost a benefit in the State of Florida. He thought the data may be referring to the Florida Retirement System. The State of Florida does not guarantee local pension plans to the extent, if a city goes bankrupt and roles to the county, the county may have to pick up those benefits. They can cut future accruals. However, there is a mechanism where the Division of Retirement will inform the Department of Revenue, who will divert the city's revenue sharing on its tax collections to the pension funds. It will bypass the city and make sure the required contribution goes into the fund. It has never happened though. Commissioner Fitzpatrick asked if there were any techniques to address the same type of market fluctuation if it should happen again. Mr. Shamoun reiterated the only solution is making more money or reducing benefits. Contract negotiations that have terms of two to three years can be an issue. He did not know of a way to predict and cope with market changes. One alternative would be to enact an ordinance that would initiate a funding floor that builds a city excess account within the plan. The problem with a defined contribution plan is only about 10% of the participants are able to manage their own assets. The 10% usually gravitate towards the Boards over time and function to safeguard the other 90% of investors. It is one of the biggest benefits of a defined benefit plan. Commissioner Fitzpatrick asked if there were any defined contribution plans that put everybody in the same pool and has a Board of Trustees. Mr. Shamoun replied there are plans with employee empowerment where the participants make the choices. Education is key to the success, but it is not the best method of retirement planning for most. Commissioner Fitzpatrick inquired if there were any hybrid plans with 80% defined benefit and 20% defined contribution to make it easier to smooth out the losses in the market. Mr. Shamoun responded they were called money purchase plans. They are gaining some interest, but not very prevalent in Florida. Mayor Taylor noted much of the data was State -wide and asked what is the status of the current pension plans of the City of Boynton Beach? Mr. Shamoun advised the City's plans fit into the average statistics across the State. The funded ratio is about 57% in the last police pension evaluation. In 2001, it was 91% in that same fund. In 2005, it had fallen to 62% and is now coming back up. In 2003 to 2006 there was a massive increase in unfunded liability with large liabilities added to the pension funds that are still not being paid off. Vice Mayor Hay asked if a lender could garnish pension benefits. Attorney Cherof advised the general answer was no. Mr. Shamoun added no court can assign the pension payment to someone else. They are not subject to creditors. The money is in an irrevocable trust. It is not subject to personal or City creditors. 9 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL FEBRUARY 26, 2014 Toby Athol, a member of the Police Pension Board, encouraged anyone with questions to attend the Board meetings. All meetings are open to the public and the source of a lot of information. The Board looks at the pension as a 30 -plus year plan. At the last meeting the Police plan was sustainable in the current methodology and went out 100 years with expenses and payments. There was an additional $15 million in principal in the last two years. The Board attempts to focus on long term rather than looking at short term gains or losses. The losses are smoothed out over five years and the gains are smoothed out over five years. There is saving and spending for those rainy days. Commissioner Fitzpatrick asked how much the City contribution increased when there were heavy losses. Attorney Cherof responded each year there is actuarial report. Part of it contains a history of contributions. Commissioner Fitzpatrick noted the income from taxes dropped 28% and the pension contribution increased several million. It was an unplanned expense in the budget. He understood the plan was sustainable for many years forward, but those few years when the contribution increases, it could be a political disaster. He wanted to see some plan so there are emergency techniques for future Commissions to cope with the higher payments. If not, it will not be a good time of the employees. Mayor Taylor indicated he and the City Manager had discussed the Commission does not hear about the information presented at the pension meetings. It was suggested that at least quarterly, the pension boards should come to the Commission with reports. Ms. LaVerriere added there are positives and the City is in a recovery state. General Employees' Pension grew by $14 million. It is a healthy plan according to the advisors with an 81% funding ratio in the next year or so. The average is 72% to76 %. The General Employee Plan is currently at 75% and it will be exceeded. M. Shamoun stressed there is positive smoothing money because there are gains that have not been recognized. It is part of keeping the City's rate as smooth as possible over time. He reiterated setting a floor may be a long term aid. Ms. LaVerriere commented better communication with the Commission would be beneficial. Vice Mayor Hay suggested more public information be placed on the web page so everyone is better informed. No one else having further comments, Mayor Taylor properly adjourned the meeting at 3:36 p.m. (Continued on next page.) 10 MEETING MINUTES SPECIAL CITY COMMISSION MEETING BOYNTON BEACH, FL ATTEST: et M. Prainito, MMC ity Clerk J h A. Pyle CMC puty City Clerk PiutL,*.t 11 FEBRUARY 26, 2014 Michael M. Fitzpatrick, Commissione u ti) v • rcs 0 a) c0 z g 09 � o a .� E �w .t) W v +r O 0 • O CA Pm* ct a a t N• J o•-• .% fa) fa) O � 1■A .b *4 S 1 3) l c4 cA '''A 05 cii t3 vic3 0 ,--4 a 1-;, cd •C) ct 1013 o (I) iI t*.A ‘"1 ° . j24 e VA . rk 2 1....• -v-k cd, S ' ,A Ow' 1 6 t 4 , 1 7 % #.1. c:6, rf % Jeas' 0,), C1) y` s*.4 0 y \1 ti) f°5` Jr- co 1-4 I PIA o 1.4 U ots) 03) sue` cd 'on Ak.a cd z 0 M m c H z 0 � 1 o-1 O 0 a a ce 0 co o H M 0 H LU cc uJ 0 J 0 0 uJ L 06 0 v�� co J v'- � cam, 0 % c- mo o- Z N 0) u es O d /g"'""' cl i, ?., T © O 1, 4. 4. .o -0-- 7co N o 4. N c o O O Q O Q O O 0 Lo O O uo O� O Q O, O 1.0 CA o� CA • 2 0 oc W 2 .ii""'*- 0 �.. • 0 -.....•••• c o Z 0 •ipi•J Pi DC tCS 0 � v •rm- 1 — -1-° 0 I W W C 0 •r G) O 0' 0 oo 0 O 0 N N O w z w w as W U 0 0 W 0 0 0 0 0 0 O� M N 0 1— E f.. z 0 U W 0 a 2 w W 11. 0,0 c o co U co ots U _ in cz O L Z) ( U u) c Q a) C/) as E = -2 a) > a))oc o) a)v o a) a) <,, m co J =o� 0 4 ...) a) '2 .- - -t oCD - a)o_Q a) � - > J ID. N a O =O 4) fl •o • 2U m• • • • O co co CD U 0_ (/) aa) '(,CY) v; E ' 2 O 4- W a) _c - ran (1) > }• N 0 Eo a) -• u_ Et J • • 0 • • • VI L 0 UJ a-+ L OZ N N a) X ro .4...) 2 cL >% co CL 4- 0 -61J 0 U L CL m otT) a) J a) >, j O C • y-- Z— • O O O - o I+-� N O O CT3 c i Q) C +� 0 Co Q) Q) 4 > .> O = > v) QU U . E v o o O o CO Co Co 0 Co CO o O o CO O O CO O O CO O O CO le f 0 0 w Z. 69 N d O N CD 1 0 ° V ) O N tri % *5 4•04 s 6 - 93 C4 (I) 0 o C� v �- ‘ 64 ° ( t ) o■ tf5 ,?? s •v) % C CS ' ift '0 (I) 4 • • • i -b- c. v 0 la 0 S - 75- " O ( t) - -t.. c c O 0 ; *.-,% .p ass C "e -.S 6 0 0 On 0 a� C• o Qom 0 (L V (J) 4 'C) o '3) � (A) 4/2 :='-', 0 o o� o5 o o st-, cf -.ti %6 (9 Y o o) � , - o r o- � CO � 0) � 0 � N • %- y ♦ e v b 7 '15 0 CO o w v- s.- 05 v-C 2, 0 -o o- - o 0 o - • w i • • a) - o a) (/) Q VS t el j ° � .. Q (0 L Z m c-1 U L _ ca +442 a a. W W L WI 0 uc � a1 Q a C V L `..? (0 a L ' � )b. C a L N a p p, • L iii: or v . u a v a. � c a. — + L a CC. Un CU cal ± � .n a U a v cp W W [L co a. ell ft ft ft ft LA LA — LA LA — N N 0 L u u '> CV 'n to E H edN E Si u O ul y O H 0 CU N et O 0 c L � O U L L �«- u cti 2 4- u . ...• ' 2 ' >. �. ,,g et N N o c ,4 � — j 0 u o u (..3 „, Z ai m �o � — c ao140 c co a.. rn "n 0- 0 E C °° U° E 7 „` L L . {U , a" L a! L eu C ...L., -(1) = -- 0 -0 0 a. = — 0 d oe el CCI 1 - 1 - 1 13 • LL W W O o • L W W 0 LL Z a 11 1t 11 11 11 11 11 11 LA LA LA LA O a) 0,0 a) Q CU u u ii u L V • ' N • 0 N 0 q) 4- + + - W O L O L 0 ml cu LA > LA _ a N- Q a N J 2. s. 0 c o U .42 0 �'� CI 0 .0 0 M tel "- c c z a R 3R L "- c c O Cap g 0 o a H 0 a. �' et V M 'e a5 L L O - = — o wa = — o CI 7 • 4 a W 3 3 42 E o 0 3 AA' E O • tr. z W W GL. ~L W W a. 17 t+=. 0 a 1t ft ft ft ft 1t 11 1t W 5) O � 0 Tv ( C) S0 a) ,S.), t -- 0 ,,, -r,. ow) cti e .. til % 0- e . 5 2 - . s 8 5 - co- 0 . .i % O •� ,.4.- -0 O O 0 0 O C%U Aci) -41) .3 (5) • 0 , ' 0 0 0 ,, .4 •.4S gr 0- Qp0 N () O s3 cn 05 • 0 C' 7's S.o..42- C. r5) O 0 e O rJ 4)?,. On i 0 (1) %. 0 , 0 -... -, 9 .1-• 3 V% e .„ cv (1 • • O 2 2 0 • 1.1- • • S. r5) s 0 Vs °°*a. 0 0 .• W 0 ‘45- -,‘ 'St s'' 0- A s:p 0 -- 0 e %6 o uo O 0 i f,- u- .... 0 u- z A i, t o co cv CU 9, 0 .. o o o o -o -o to) co co o- 0 tt5 � e o s. ...0 a) 0- .I.z. 3 o 0 cp % (1 % 6 Q o o p. 4 0s 17^ c) e � o e � (1) S. � e (t (a ., 0 ( l i l 0) 0 (1) .2 3 o' o O- • t(I) o y' 0 a. • . • O E a) 2 t a) (13 o E t c -� 4-, 0 co a a) . a) ▪ E L 2 2 -c E a) 47,- ) 1 . a 0 L O 0 O _c > -c E .f..., o •� c� a) c 0 0 a O N = c = a) > ..� a -0 ) (1) i) co E co (D L °2 t _o E 0 a) a) o co • • . 0 0 a) L • c co 0 0 CO CD 0 45 > 0 O O c O 2 a) > �� VJ • • • (w�, `) a) -o 4- 0 a) 0 L a) 0 0 E a) O E L O cu 0 0 U) ^ + 2 a) o_ :I- . O c3 Z • a) La c c (/) " al 0 :..c 4 ai - 0 E - o N p Q = L cn V � 0 � 0 O E L L O ; O c cn 2 4) = c (u (, O > _o 4 7 tan 22 C5 _a . (D E a) }' 0 U 2 a) (1) CO 2 2 0 -5 (i) (13 92 u ) 2 a) co co = O E cu = _ O 0a_ u_ ow0_5(02 • • • • • • • • • v u o 00. m • c 1' o > O ' N 0 0 H V N a O o `p A c • m- Z al o O L u C W c c LL 0) 0 N L c as _>,(1).1r oS Z 3 uo a *4 C 0 LU w W V "0 o a 11 1T 11 11 o . M ii E 0) N E p 43 0 L • A d. • g ai >, , E & 0 m 3 N C v7 • HO C C L c g: a a _ E r — L w E iu % w a L cc I O - o a A c c 0 O . p � J • V W . 0 W 43 0 a -c c O L 4' c O c ° a -o 0 u 43 L 0 N O 2 iJ A VE A Eo E � O D g w a O u. a 11 1T 11 1T 1T 11 11 1T H 0 V t 00 3 N E o a o N g o o . O v0u0 C cC = N c O u1 4, +EP Q tU L w A a c A a z •°-° a E o v EM >..wa -o . o c U 0 o , cU 7 tU id C 3 093 041,3 O c "a c O -O W c 0 -O w-vti F°- w >OF° -w§ 0 N W 0 M 0 0, a ' 0 ' 0 0 c c, 0 0 ts0 C u7 a A 0 rti ° V >. U • += M w 0 J 3 bG a E 2 E w a. w 1T 1T 1r 1T ft ft ft ft ft ft 1T 11 a 03 c a+ N L C A � g 0 0 q b0 C -� 0 v E q a+ m, I II LP c4 u- II M O N 3 5.- 0 0 Ci- .r Is u6 E V o c' 1 N 4-- c 0 C. 0 0) 0 e6 C CL L o 0 J 0 4 5 .. e M IC) 0 CD 0 S c ia 6 V 0 0 -C A- ) .-d" C " " C� CO cft N on M � i N Vi . � 0 _ •Itivot cil .70 C 0) - rA -Ci .a W . a j°Cj ° -0 -0 O L 3- CO ln 0 s.- 00 Q) 0 CO 0 cO e c (1) Q O e c .- 0 s (ll 0 CO 0 L O . dJ 0 0 0- e on C ' O 0 t!1 . v 0) v 0 0 0 m t Ps I %u %£8'L 0o N to ... M 0' .,o �n © 00 r -. N M %80'LI %1791 i a;Eg 'ITV %6 I - Z %£8'9 %9S'0£ Q o 00 hl ��o Q j C7 to ,4 N %a %IO'L Effective 20 4soD Ietaco N %£s'£ %00 I T %Li'b o� r' i ..r) r0 d 8 s X11'' 6 00 %18'P 4.63% %9L - £ I %LL - tr n'1 r` C %9i'S 4.33% %6VV'0 %SL'Z %£8'0 Q. 00 00 O O O r M r- t` G 0 °loZ£'0 %00'0 O Z ;SOD Imo 4 % 10' I i %t?'6'£ o e CD o 00 %££t at el— sset) rJ1 I Special Risk Class ssel3 uoddn Attorneys, Public Defenders • Justices and Judges • Local Officers sstip a3.uar auauxaea iaxuua8 uondO laauzaJitall Pal-TaJKI .g ri � e � cc L7 hl� -S i O • a0 � y � u Ai 145 e a 88 4 '� oa o 1 CU 7 0 a) -0 e $:2 orS o) a ca - O 7'► N u- (1) c 0 ca N T O cv • O • O N Ott ta 0 p ofs y v T4 64 8 I v • rn 5 v s.. o � o. p a C' S. r C s N v • .�- O 0 5; oci v V- v V " c4 s ' .. .•, () (l) 4 p) 7 0 cb CO 0 tJ p V"' • p -' � � n t4 O I p) cCS I4... •� Q. Z ipla 0 a) if) - Q ) v + p O p U ...c) T p v , O V v N O `�' O V► ca •' ,w• .N 7► CO p v i 4..) O 41 a s 7 p • r cu • M ` 0, INC. 0 W s. *: j -,,1o11 4 1E 1 t oo ;* Tv +-A O N' 7c O a) cn E ct toti 0 Ct O MI 4-, I..C7 V ° , CA ' ~ O N U • E o a) 0 0 0 . ri0 M N aA vi- fli IININ ;--4 CU CID C) diMJ Z r10 o C NI Z II; Ct a).0 C 4? po at • ••••• 5 0 ..... 4._. „ , 4U CCU P o cn V) M r4 a) as czs r24 0 o - P 1•11/ 0 o co g it . .. ,,, cic, .„) ,, ,4 c„ •,_, . ,4 CD PI "-I y . O V M R ;•-4 aA +J ui o ''"' •—■ 1a r••••1� ;E lz i O 05 7 PC1 t•4 rrn 71 H ,c g 75 :1-, '''', ,4 All .. tn '544 '11 lifi ° v % ct . e. A.> o ed Crl St C) Ci ,...4 0 rd clia P a" e ms s ° cd cs P 4k P 4) r aA - 0 0) C• S . cd PA ed o o) c o ftil TI) S O rd cd 0 ors �a • Iv en . c4 0- en lis S; CI° • In • i (t tt tU CL. a) > 4— ST) O 41 a) tU -O 0 6.'� V a 5 a) t� O 'O V 4) .61) CO a) 4°.. t� S 0' cti, .1r— - 0 - 0 co co (ts 0 4? " . ' U C3 0 " t i '' 2 -0 4— -° In ` CU 0 C et i . 4. 1 q 0) r ithi Cris C MI til tf). vt: 0.. Ms :CI t.) B (1) r....e I 3, .0 CD c va 2, - ip. 10 C3'` O (3) a) 4n a LA on -n .■ ..6 LA C . . C d.- (1) C .:.: 1 I 1% -1 Z CS C. O 4 • 06 C. 7 O O- 4) V y ,,,,ti a) u... c� Q) � u.- �"O co O O -+C3 3 . 4 J - 0 i,- p 0 >, tr7 tit '- ta) .. as on 0 on .., co c GA c,„ c 7%,,, "tit .. .,... tit v•-• a) %-- vi o .1..) A-) nn 4 i) c E 0- , !:' 4..), '' e'„, %... --• o 1 E, 0 , — a) %,./ CD -1-,... 0 — el a Icar- .ip_. 't ct• .°,.. &). rcs 4.- Z a) , o a) �' O a) m a s� 4- az s_ , ,_ Cl. 0 a. • 0 .r t! , 0 0 co 0 , 4,-) E. 16 02. , -o 4..J 0-o .,.... u„, E.-.6 tral on 00 c V a) E, a aa) S a) .{.-- a �4) tUay c, Ki �� O' N '"� FS O 6_t-- a) r- 0 -0 O' SI 10 di CO a-C Ili E O � N � 7‹ , ow 's 0 a) � tin .4t - c r. O a) a) . c.r" C `` ..,--- co (Re. #1% ( 3) * Co 5.... t-,,- - 1.- (1) 4 7.. E t S� O � 4 � e O a) ....0. c h i , V co ii, C tt$ as cc$ oz$ O a) (1) > O s o U a) V � a) 4 a) - N ftS 0 s s 4 4 4 , roiioAt c. e ca 0 .c.4 a) rt • �f 'C3 O 0 o sr: ‘A, on 0 c> E c %--6 Ct i 9C° .> c < cl (I) . 0 - 6--a cu -0 t o tCS�`�c�cS Oa N = 4-1 on , V O - , � '� c%4 co 0 tu (I) cl) s) ,.?0•46. et° 0 ow • 0 a • ri1ao0 O cd -c$ 4.) (,sk ff6 I S Ca -.10 c N � Cts S O N O- • �� 0 3 ccS o~~ ca " Q • • J O- N p) p WA C.) Li3 o o � � ° ' ° gip � a) �3. 0 ve, IP SO c Vs • 13) '. —2. C 't )6 t k9j ° c3 P ° s 0 . .1t ots s 00 _ 0 „ ci ..‘46•C)rt % CP 7, ...% -1 ?) 0 "*.- S 5.. -6 • •04.., O O p) • % - t4 Q 'CS a) , 4� Poi : - -p -C3 -a J+ O- s-• a) N 'C3 0 t4 N 04 N . 74 • .' 'O P O Cd y ti% 5.^ 'a « I r J" "' - O in S� a) RS N d ci) -1:::::) a) 0) J u 4) .1::) v f d S s e 0) -% s „ 0 ...,.‘A 9; %.5.1p It 4) N 7 r td y O O i �ctS cA a 7 °� (j) � � � - � a) 0 0:$ o i p ) In ccs (I 4) a) e / •%; • v O- * In x v c4 1 - 0) • tU a • *at • O L' CU a `' &e-- • • • t3 o • • • • we!, 0 • •