HomeMy Public PortalAbout11-09-2020 COW Agenda and PacketCommittee of the Whole Workshop of the President and the Board of
Trustees
Monday, November 09, 2020
7:00 PM
24401 W. Lockport Street
Plainfield, IL 60544
In the Boardroom/Virtual
Agenda
A.CALL TO ORDER, ROLL CALL, PLEDGE
A.1.Seeking Board consideration of a motion to appoint Trustee Wojowski as this evening’s
Chair.
B.APPROVAL OF THE MINUTES
B.1.Approval of the Minutes of the Committee of the Whole Workshop held on
October 26, 2020.
10-26-2020 COW Minutes
C.PRESIDENTIAL COMMENTS
D.TRUSTEES COMMENTS
E.PUBLIC COMMENTS (3-5 minutes) -
•Please email public comments by Monday, November 9, 2020 at 3:00 p.m. to
publiccomments@goplainfield.com, please note Public Comments in the email subject line.
•Village Meetings are livestreamed on the Village’s Website -
https://plainfield-il.org/pages/agendasmeetings, click “in progress” when available.
•Live meetings are broadcast on Comcast Channel 6 and AT&T U-verse Channel 99.
F.WORKSHOP
F.1.ZONING CODE UPDATES REGARDING SPECIAL USES
Staff will present a handful of recommended changes to the permitted use matrix of the
Zoning Code to adjust what uses require special use approval and what are permitted by
right in various zoning districts.
Special Uses Staff Report
F.2.YEAR 2020 TAX LEVY
1
Committee of the Whole Workshop of the President and the Board of Trustees Page - 2
2020 Tax Levy Staff Report
Police Pension Fund Actuarial Valuation as of May 1, 2020
F.3.2021-2022 DRAFT FISCAL YEAR BUDGET
Staff will provide an overview of the Village’s Miscellaneous Funds proposed budgets
(MFT, Bond & Interest, Tort Immunity, Audit, Police Pension, DARE, TIF, and Alcohol
Enforcement).
DRAFT 2021-2022 Miscellaneous Funds Budget Detail
REMINDERS -
•November 11 Village Offices Closed for Veterans Day
•November 12 Historic Preservation Commission – 7:00 p.m.
•November 16 Village Board Meeting – 7:00 p.m.
•November 17 Plan Commission – 7:00 p.m.
•November 23 Next Committee of the Whole Workshop – 7:00 p.m.
2
Minutes of the Committee of the Whole Workshop of the President
and the Board of Trustees
Held on October 26, 2020
Boardroom/Virtual
Mayor Collins called the meeting to order at 7:00 p.m. Board Present: Mayor Collins, Trustee
Kalkanis, Trustee Larson, Trustee Wojowski, Trustee Benton, and Trustee Bonuchi. Board Absent:
Trustee Calkins. Others Present: Brian Murphy, Village Administrator; Michelle Gibas, Village
Clerk; Allen Persons, Public Works Director; Jon Proulx, Planning Director; Lonnie Spires, Building
Official; Traci Pleckham, Management Services Director; and Anthony Novak, Police Commander.
Trustee Bonuchi moved to approve the Minutes of the Special Meeting and Committee of the Whole
Workshop held on October 12, 2020. Second by Trustee Larson. Voice Vote. All in favor, 0
opposed. Motion carried.
PRESIDENTIAL COMMENTS
Mayor Collins:
Encouraged everyone to wear a face mask, social distance, and support local businesses.
TRUSTEE COMMENTS
Trustee Wojowski expressed concern regarding not getting data from the Will County Health
Department and suggested filing a FOIA Request.
Trustee Larson:
Suggested sending a FOIA to the Will County Health Department requesting data regarding
outbreaks by setting.
Reminded everyone about the Halloween participation signs.
Encouraged everyone to support local businesses.
PUBLIC COMMENTS
Clerk Gibas noted that five (5) public comments were submitted:
Ken Hurley submitted an email with questions and comments regarding the retail concept
plan at 14926 S. Route 59.
Mike Scarcelli submitted an email with questions and comments about the retail concept plan
at 14926 S. Route 59.
Mark Swain submitted an email with questions and comments about the retail concept plan at
14926 S. Route 59.
Sheri Seibert submitted an email supporting the opening of restaurants and schools.
Gary Matthies submitted an email expressing concern regarding an increase of truck traffic on
Drauden.
WORKSHOP
1) 14926 S. ROUTE 59
Mr. John Argoudelis, attorney for the applicant, reviewed the concept. Mr. Argoudelis stated that the
applicant is requesting feedback from the Village Board on the concept of building a 5,200 square
foot multi-tenant retail building on a vacant lot on the west side of Illinois Route 59, south of
Walgreens. Mr. Argoudelis pointed out that the building would not be designed to have a drive-
through.
3
Village of Plainfield
Committee of the Whole Meeting Minutes – October 26, 2020
Page 2
Trustee Benton expressed concern regarding headlight traffic for existing residents. Trustee Benton
stated that he was not opposed to B-1 zoning. Trustee Bonuchi stated that she would be unable to
approve any proposal without having more information. Trustee Larson stated that she does not
object to B-1 zoning, but would need to know more information before approval. Trustee Wojowski
stated that there needs to be some discussion regarding Oak and Arnold. Trustee Wojowski indicated
that he was not opposed to B-1 zoning, but would need more information on the building, tenants,
and traffic flow before he would approve. Trustee Kalkanis stated that she agrees with Trustee
Wojowski and would also like to have more options/details before approval. Mayor Collins
expressed concern regarding the incomplete plans submitted to the Village Board. Mayor Collins
stated that he would prefer to see office-oriented businesses in that location.
2)2020-2021 BUDGET UPDATE
Mrs. Traci Pleckham, Management Services Director, gave an update on the current fiscal year
budget. Mrs. Pleckham reviewed the general fund revenues.
Mayor Collins thanked staff for the update and read the reminders.
Trustee Bonuchi moved to adjourn. Second by Trustee Larson. Voice Vote. All in favor, 0 opposed.
Motion carried.
The meeting adjourned at 7:34 p.m.
Michelle Gibas, Village Clerk
4
5
MEMORANDUM
SUS
1i/[[...iT u
If- 1 1 1 i Ei.lul' rl l 1 I 1
VILLAGE OP
PLAINFIELD
To: Mayor Collins and the Board of Trustees
From: Traci Pleckham — Assistant Village Administ r/Management Services Director
CC: Brian Murphy — Village Administrator
Date: November 3, 2020
Subject: Year 2020 Tax Levy
Attached please find the proposed 2020 tax levy calculations. Rather than calculating the tax
levy based on maintaining the same levy dollar amount, staff has calculated the 2020 levy by
maintaining the 2019 levy rate of .4669. Consistent with Village Board direction, this levy rate
has remained unchanged for the past seven years.
Tax levy revenue and rate projections are largely a product of the Village's overall Equalized
Assessed Valuation (EAV). The EAV used in the property tax calculation averages the property
owner's assessed valuation over a three-year period. Based on preliminary information
received from Will and Kendall Counties, the overall estimated EAV has increased by
approximately 6%. The Village's official EAV will not be available until the spring of 2021.
It is important to point out that the Village approves the annual tax levy based on dollars
requested (not rate). The County Clerk then calculates the tax rate needed to produce the
amount of dollars requested by each taxing district. Because of this, staff is using in its
calculations a higher overall Equalized Assessed Value (EAV). This higher EAV estimate is to
ensure that the Village captures the entire amount of the Village's EAV, while still maintaining
the 2019 levy rate of .4669. The 2020 levy represents a total request of $7,400,000; however
the actual dollar amount the Village will receive is anticipated to be less.
As a reminder, the information provided is specific only to the Village of Plainfield's portion of
the property tax bills. The Village of Plainfield's portion of the 2019 tax levy was 5.50%. Or, for
every dollar paid in property taxes by Village residents, 5.50 cents is paid to the Village of
Plainfield.
The Village Board must approve the annual property tax levy ordinance and file in both Will and
Kendall Counties prior to the last Tuesday in December. The proposed 2020 tax levy timeline is
as follows:
November 16, 2020 Village Board Meeting: Motion to acknowledge the preliminary
estimate of the 2020 tax levy in the amount of $7,400,000
November 26, 2020: Newspaper publication of the Notice of the Public Hearing for the
Tax levy
December 7, 2020 Village Board Meeting: Public Hearing on the proposed 2020 Tax
Levy
December 7, 2020 Village Board Meeting: consideration of the 2020 Tax Levy Ordinance
for the Village of Plainfield
6
VILLAGE OF PLAINFIELD
2020 TAX LEVY WORKSHEET
2019 Equalized Assessed Valuation
Estimate of 2020 Equalized Assessed Valuation:
Levy
Corporate
Police Protection
Immunity
IMRF
Audit
Police Pension
Operating Levy
GO Bonds (1999A)
Total Levy
Increase over 2019
Operating Levy
Increase over 2019
Total Levy
1,465,066,425
1,585,000,000
Recommended Levy
2019
2019 Extended Recommended Rate
Levy Rate Levy Request ProducedPercentage
3,223,618
1,302,283
150,842
550,815
30,716
1,582,121
6,840,395
0
0.2200
0.0889
0.0103
0.0376
0.0021
0.1080
0.4669
0.0000
3,225,000 0.2035
1,535,000 0.0968
350,000 0.0221
550,000 0.0347
40,000 0.0025
1,700,000 0.1073
7,400,000 0.4669
0 0.0000
6,840,395 0.4669 7,400,000 0.4669
559,605
559,605
43.5811
20.7432%
4.7297%
7.4324%
0.5405%
22.9730%
100.00%
7
Village of Plainfield - Will County
Comparison of Tax Rates per $100 of Assessed Valuation
2009 2013 2014 2015 2016 2017 20182019Levy
Levy Levy Levy Levy Levy Levy Levy
Village of Plainfield
Will County & Forest Preserve
School District 202
Joliet Junior College 525
Plainfield Township Park District
Plainfield Public Library District
Plainfield Fire Protection District
Township and Other
Total Tax Rate
Rates Rates Rates Rates Rates Rates RatesTaxRatePercentage
0.4079
0.6543
4.5876
0.2144
0.1740
0.1421
0.8419
0.1483
7.1705
0.4669
0.8186
6.2265
0.2955
0.2535
0.2013
0.9970
0.2106
9.4699
0.4669
0.8410
6.2622
0.3085
0.2742
0.2057
1.0122
0.2125
9.5832
0.4669
0.8295
6.2410
0.3065
0.2692
0.2021
1.0036
0.2091
9.5279
0.4669
0.8091
5.8941
0.3099
0.2560
0.1939
0.9674
0.1991
9.0964
Township and Other
Plainfield Public Library 2.18%
District
2.17%
Plainfield Township
Park District
3.01%
Joliet Junior College 525
3.46%
Plainfield Fire
Protection District
11.00%
0.4669
0.7881
5.7067
0.2994
0.2541
0.1921
0.9650
0.1952
8.8675
0.4669
0.7431
5.5732
0.2924
0.2591
0.1893
0.9537
0.1908
8.6685
Village of Plainfield
5.50%
0.4669
0.7304
5.4425
0.2938
0.2554
0.1848
0.9339
0.1859
8.4936
Will County & Forest
Preserve
8.60%
SchoolDistrict202
64.08%
5.50%
8.60%
64.08%
3.46%
3.01
2.17%
11.00%
2.18%
100.00%
8
Property Tax Rates
General
Debt Service
Police Pension
IMRF
Police Protection
Audit
Liability Insurance
Total
Extensions
Village of Plainfield
Village Property Tax Rates and Extensions
2009 through 2019 Tax Levy Years
2009 2010 2011 2012 2013
0.2053 0.2012 0.2032 0.2158 0.2210
0.0024 0.0086 0.0090 0.0098 0.0098
0.0503 0.0682 0.0721 0.0767 0.0783
0.0413 0.0436 0.0461 0.0490 0.0500
0.0575 0.0607 0.0641 0.0682 0.0696
0.0008 0.0029 0.0031 0.0030 0.0034
0.0503 0.0227 0.0321 0.0342 0.0348
2014
0.2099
0.0098
0.0811
0.0492
0.0683
0.0033
0.0453
2015 2016 201720182019
0.1974 0.1921 0.20020.21590.2205
0.0097 0.0088 0.00890.00830.0000
0.0911 0.1068 0.10570.09360.1079
0.0476 0.0448 0.04070.03890.0375
0.0662 0.0624 0.07110.07880.0887
0.0035 0.0033 0.00330.00260.0021
0.0514 0.0487 0.03700.02880.0102
0.4079 0.4079 0.4297 0.4567 0.4669 0.4669 0.4669 0.4669 0.46690.46690.4669
5,715,080 5,367,321 5,349,693 5,381,842 5,368,140 5,478,241 5,658,448 5,988,257 6,215,9046,490,7526,840,395
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Property Tax Extensions
2009 2010 2011 2012 2013 2p14 2015
0.4800
0.4600
0.4400
0.4200
0.4000
0.3800
0.3600
Property Tax Rates
2p16 2011 2012, 2019
2009 2010 2011 2012 2013 2014 201-5 2016 2011 20182019
9
VILLAGE OF PLAINFIELD
POLICE PENSION FUND
ACTUARIAL VALUATION
AS OF MAY 1, 2020
CONTRIBUTIONS APPLICABLE TO THE
PLAN/FISCAL YEAR ENDING APRIL 30, 2022
GASB 67/68 DISCLOSURE INFORMATION
AS OF APRIL 30, 2020
10
184 Shuman Blvd, Suite 305 Naperville, IL 60563 · (630) 620-0200 · Fax (239) 481-0634 · www.foster-foster.com
August 14, 2020
Ms. Colleen Thornton
Village of Plainfield
24401 W. Lockport Street
Plainfield, IL 60544
Re: Actuarial Valuation Report (including GASB Statements No. 67 and No. 68) – Village of
Plainfield Police Pension Fund
Dear Ms. Thornton:
We are pleased to present to the Village this report of the annual actuarial valuation of the Village of
Plainfield Police Pension Fund. Included are the related results for GASB Statements No. 67 and No.
68. The funding valuation was performed to determine whether the assets and contributions are
sufficient to provide the prescribed benefits and to develop the appropriate funding requirements for the
applicable plan year. The calculation of the liability for GASB results was performed for the purpose of
satisfying the requirements of GASB Statements No. 67 and No. 68. Use of the results for other
purposes may not be applicable and could produce significantly different results.
The valuation has been conducted in accordance with generally accepted actuarial principles and
practices, including the applicable Actuarial Standards of Practice as issued by the Actuarial Standards
Board, and reflects laws and regulations issued to date pursuant to the provisions of Article 3, Illinois
Pension Code, as well as applicable federal laws and regulations. In our opinion, the assumptions used
in this valuation, as adopted by the Board of Trustees, represent reasonable expectations of anticipated
plan experience. Future actuarial measurements may differ significantly from the current measurements
presented in this report for a variety of reasons including: changes in applicable laws, changes in plan
provisions, changes in assumptions, or plan experience differing from expectations. Due to the limited
scope of the valuation, we did not perform an analysis of the potential range of such future
measurements.
In conducting the valuation, we have relied on personnel, plan design, and asset information supplied
by the Village, financial reports prepared by the custodian bank and the actuarial assumptions and
methods described in the Actuarial Assumptions section of this report. While we cannot verify the
accuracy of all this information, the supplied information was reviewed for consistency and
reasonableness. As a result of this review, we have no reason to doubt the substantial accuracy of the
information and believe that it has produced appropriate results. This information, along with any
adjustments or modifications, is summarized in various sections of this report.
The total pension liability, net pension liability, and certain sensitivity information shown in the GASB
results are based on an actuarial valuation performed as of the valuation date.
The undersigned are familiar with the immediate and long-term aspects of pension valuations and meet
the Qualification Standards of the American Academy of Actuaries necessary to render the actuarial
opinions contained herein. All of the sections of this report are considered an integral part of the
actuarial opinions.
11
To our knowledge, no associate of Foster & Foster, Inc. working on valuations of the program has any
direct financial interest or indirect material interest in the Village of Plainfield, nor does anyone at
Foster & Foster, Inc. act as a member of the Board of Trustees of the Village of Plainfield Police
Pension Fund. Thus, there is no relationship existing that might affect our capacity to prepare and
certify this actuarial report.
If there are any questions, concerns, or comments about any of the items contained in this report, please
contact us at 630-620-0200.
Respectfully submitted,
Foster & Foster, Inc.
By: ______________________________
Jason L. Franken, FSA, EA, MAAA
By: ______________________________
Heidi E. Andorfer, FSA, EA, MAAA
By: ______________________________
Paul M. Baugher, FSA, EA, MAAA
JLF/lke
Enclosures
12
TABLE OF CONTENTS
Section Title Page
I Introduction
a. Summary of Report 5
b. Changes Since Prior Valuation 6
c. Comparative Summary of Principal
Valuation Results 7
II Valuation Information
a. Development of Amortization Payment 12
b. Detailed Actuarial (Gain)/Loss Analysis 13
c. Reconciliation of Changes in Contribution
Requirement 14
d. Statutory Minimum Required Contribution 15
e. Projection of Benefit Payments 16
f. Actuarial Assumptions and Methods 17
g. Glossary 19
h. Discussion of Risk 20
III Trust Fund 23
IV Member Statistics
a. Statistical Data 27
b. Age and Service Distribution 28
c. Valuation Participant Reconciliation 29
V Summary of Current Plan 30
VI Governmental Accounting Standards Board Statements
No. 67 and No. 68 Disclosure Information 33
13
SUMMARY OF REPORT
The regular annual actuarial valuation of the Village of Plainfield Police Pension Fund, performed as of
May 1, 2020, has been completed and the results are presented in this Report. The contribution amounts
set forth herein are applicable to the plan/fiscal year ended April 30, 2022.
The contribution requirements, compared with those set forth in the May 1, 2019 actuarial report, are as
follows:
Valuation Date 5/1/2020 5/1/2019
Applicable to Fiscal Year Ending 4/30/2022 4/30/2021
Total Recommended Contribution $2,293,067 $2,157,848
% of Projected Annual Payroll 37.7% 37.0%
Member Contributions (Est.) 602,949 577,511
% of Projected Annual Payroll 9.9% 9.9%
Village Recommended Contribution 1,690,118 1,580,337
% of Projected Annual Payroll 27.8% 27.1%
As you can see, the Total Recommended Contribution shows an increase when compared to the results
determined in the May 1, 2019 actuarial valuation report. The increase is attributable to unfavorable plan
experience, actuarial coding updates, and Tier 2 benefit changes. The increase was offset in part by a
decrease in the annual normal cost due to active membership changes.
Plan experience was unfavorable overall on the basis of the plan's actuarial assumptions. Sources of
unfavorable experience included an investment return of 4.45% (Actuarial Asset Basis) which fell short
of the 6.75% assumption, more retirements than expected, and less turnover than expected. These losses
were offset in part by a gain associated with an average salary increase of 3.56% which fell short of the
4.35% assumption.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 5 14
CHANGES SINCE PRIOR VALUATION
Plan Changes Since Prior Valuation
As a result of Public Act 101-0610, signed into law on December 18, 2019, the following updates were
made to the Tier 2 benefits:
The surviving spouse benefit for non-line of duty death was updated to mirror Tier 1 benefits,
whereby Tier 2 surviving spouses will now receive 54% of final average salary, even prior to
achieving vesting at 10 years of service.
The pensionable salary cap increased retroactive to 2011 to alleviate safe harbor concerns,
updating the annual adjustment to be CPI-U instead of 50% of CPI-U. The 3% annual growth
cap remains in place.
The final average salary was increased from averaging the highest consecutive 96 of the last 120
months of salary to averaging the highest consecutive 48 of the last 60 months of salary.
Actuarial Assumption/Method Changes Since Prior Valuation
There were no assumption or method changes since the prior valuation.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 6 15
COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS
New Benefits Old Benefits
5/1/2020 5/1/2020 5/1/2019
A. Participant Data
Number Included
Actives 59 59 57
Service Retirees 8 8 6
Beneficiaries 0 0 1
Disability Retirees 2 2 2
Terminated Vested 3 3 2
Total 72 72 68
Total Annual Payroll $6,084,253 $6,084,253 $5,827,563
Payroll Under Assumed Ret. Age 6,084,253 6,084,253 5,827,563
Annual Rate of Payments to:
Service Retirees 594,159 594,159 411,462
Beneficiaries 0 0 13,578
Disability Retirees 96,830 96,830 96,830
Terminated Vested 22,163 22,163 22,163
B. Assets
Actuarial Value 38,112,155 38,112,155 35,321,046
Market Value 36,391,179 36,391,179 34,665,171
C. Liabilities
Present Value of Benefits
Actives
Retirement Benefits 42,673,184 42,032,765 41,495,924
Disability Benefits 3,276,826 3,213,185 3,196,465
Death Benefits 427,203 385,738 367,243
Vested Benefits 3,128,231 3,094,733 3,017,702
Service Retirees 10,128,676 10,128,676 6,679,988
Beneficiaries 0 0 91,568
Disability Retirees 1,722,064 1,722,064 1,706,351
Terminated Vested 238,995 238,995 221,007
Total 61,595,179 60,816,156 56,776,248
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 7 16
New Benefits Old Benefits
C. Liabilities - (Continued)5/1/2020 5/1/2020 5/1/2019
Present Value of Future Salaries 58,223,010 57,051,274 55,597,425
Present Value of Future
Member Contributions 5,769,900 5,653,781 5,509,705
Normal Cost (Retirement)1,046,765 1,015,813 1,059,306
Normal Cost (Disability)178,592 176,542 183,822
Normal Cost (Death)19,753 17,166 16,930
Normal Cost (Vesting)141,012 139,704 147,420
Total Normal Cost 1,386,122 1,349,225 1,407,478
Present Value of Future
Normal Costs 12,207,416 11,552,043 12,309,971
Accrued Liability (Retirement)33,213,116 33,101,523 31,905,395
Accrued Liability (Disability)1,650,587 1,643,706 1,561,154
Accrued Liability (Death)247,083 246,568 230,966
Accrued Liability (Vesting)2,187,242 2,182,581 2,069,848
Accrued Liability (Inactives) 12,089,735 12,089,735 8,698,914
Total Actuarial Accrued Liability 49,387,763 49,264,113 44,466,277
Unfunded Actuarial Accrued
Liability (UAAL)11,275,608 11,151,958 9,145,231
Funded Ratio (AVA / AL)77.2%77.4%79.4%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 8 17
New Benefits Old Benefits
5/1/2020 5/1/2020 5/1/2019
D. Actuarial Present Value of Accrued Benefits
Vested Accrued Benefits
Inactives 12,089,735 12,089,735 8,698,914
Actives 10,699,144 10,645,674 9,920,425
Member Contributions 6,929,305 6,929,305 6,788,405
Total 29,718,184 29,664,714 25,407,744
Non-vested Accrued Benefits 2,119,592 2,123,956 2,561,766
Total Present Value Accrued Benefits 31,837,776 31,788,670 27,969,510
Funded Ratio (MVA / PVAB)114.3%114.5%123.9%
Increase (Decrease) in Present Value of
Accrued Benefits Attributable to:
Plan Amendments 49,106 0
Assumption Changes 0 0
New Accrued Benefits 0 2,593,089
Benefits Paid 0 (640,262)
Interest 0 1,866,333
Other 0 0
Total 49,106 3,819,160
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 9 18
New Benefits Old Benefits
Valuation Date 5/1/2020 5/1/2020 5/1/2019
Applicable to Fiscal Year Ending 4/30/2022 4/30/2022 4/30/2021
E. Pension Cost
Normal Cost ¹ $1,479,685 $1,440,298 $1,502,483
% of Total Annual Payroll ¹24.3 23.7 25.8
Administrative Expenses ¹ 46,057 46,057 53,074
% of Total Annual Payroll ¹0.8 0.8 0.9
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 21 years
(as of 5/1/2020) ¹ 767,325 758,910 602,291
% of Total Annual Payroll ¹12.6 12.4 10.3
Total Recommended Contribution 2,293,067 2,245,265 2,157,848
% of Total Annual Payroll ¹37.7 36.9 37.0
Expected Member Contributions ¹ 602,949 602,949 577,511
% of Total Annual Payroll ¹9.9 9.9 9.9
Expected Village Contribution 1,690,118 1,642,316 1,580,337
% of Total Annual Payroll ¹27.8 27.0 27.1
F. Past Contributions
Plan Years Ending:4/30/2020
Total Recommended Contribution 1,854,739
Village Requirement 1,274,674
Actual Contributions Made:
Members (excluding buyback)580,065
Village 1,297,308
Total 1,877,373
G. Net Actuarial (Gain)/Loss 1,793,130
¹ Contributions developed as of 5/1/2020 displayed above have been adjusted to
account for assumed interest.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 10 19
H. Schedule Illustrating the Amortization of the Total Unfunded Actuarial Accrued Liability as of:
Projected Unfunded
Year Accrued Liability
2020 11,275,608
2021 11,269,386
2022 11,235,888
2027 10,553,846
2032 8,665,841
2036 5,863,899
2041 0
I. (i) 3 Year Comparison of Actual and Assumed Salary Increases
Actual Assumed
Year Ended 4/30/2020 3.56%4.35%
Year Ended 4/30/2019 3.14%4.38%
(ii) 3 Year Comparison of Investment Return on Actuarial Value
Actual Assumed
Year Ended 4/30/2020 4.45%6.75%
Year Ended 4/30/2019 5.26%6.75%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 11 20
DEVELOPMENT OF MAY 1, 2020 AMORTIZATION PAYMENT
(1)Unfunded Actuarial Accrued Liability as of May 1, 2019 $9,145,231
(2)Sponsor Normal Cost developed as of May 1, 2019 829,967
(3)Expected administrative expenses for the year ended April 30, 2020 49,718
(4)Expected interest on (1), (2) and (3)675,004
(5)Sponsor contributions to the System during the year ended April 30, 2020 1,297,308
(6)Expected interest on (5)43,784
(7)Expected Unfunded Actuarial Accrued Liability as of
April 30, 2020, (1)+(2)+(3)+(4)-(5)-(6)9,358,828
(8)Change to UAAL due to Benefits Change 123,650
(9)Change to UAAL due to Actuarial (Gain)/Loss 1,793,130
(10)Unfunded Accrued Liability as of May 1, 2020 11,275,608
(11)UAAL Subject to Amortization (100% AAL less Actuarial Assets)11,275,608
Date Years 5/1/2020 Amortization
Established Remaining Amount Amount
5/1/2020 21 11,275,608 718,806
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 12 21
(1)Unfunded Actuarial Accrued Liability (UAAL) as of May 1, 2019 $9,145,231
(2)Expected UAAL as of May 1, 2020 9,358,828
(3)Summary of Actuarial (Gain)/Loss, by component:
Investment Return (Actuarial Asset Basis)827,324
Salary Increases (347,880)
Active Decrements 639,605
Inactive Mortality (53,675)
Other 727,756
Change in UAAL due to (Gain)/Loss 1,793,130
Change to UAAL due to Benefits Change 123,650
(4)Actual UAAL as of May 1, 2020 $11,275,608
DETAILED ACTUARIAL (GAIN)/LOSS ANALYSIS
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 13 22
(1)Contribution Determined as of May 1, 2019 1,580,337$
(2)Summary of Contribution Impact by component:
Change in Normal Cost (62,185)
Change in Assumed Administrative Expense (7,017)
Investment Return (Actuarial Asset Basis)56,301
Salary Increases (23,674)
New Entrants -
Active Decrements 43,526
Inactive Mortality (3,653)
Contributions (More) or Less than Recommended (1,592)
Increase in Amortization Payment Due to Payroll Growth Assumption 21,080
Change in Expected Member Contributions (25,438)
Benefits Change 47,802
Other 64,631
Total Change in Contribution 109,781
(3)Contribution Determined as of May 1, 2020 $1,690,118
RECONCILIATION OF CHANGES IN CONTRIBUTION REQUIREMENT
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 14 23
New Benefits Old Benefits
Valuation Date 5/1/2020 5/1/2020 5/1/2019
Applicable to Fiscal Year Ending 4/30/2022 4/30/2022 4/30/2021
Actuarial Accrued Liability (PUC)44,556,776 44,475,275 40,440,396
Actuarial Value of Assets 38,112,155 38,112,155 35,321,046
Unfunded Actuarial Accrued Liability (UAAL)6,444,621 6,363,120 5,119,350
UAAL Subject to Amortization 1,988,943 1,915,593 1,075,310
Normal Cost ¹ $1,900,325 $1,873,155 $1,825,941
% of Total Annual Payroll ¹31.2 30.8 31.3
Administrative Expenses ¹ 46,057 46,057 53,074
% of Total Annual Payroll ¹0.8 0.8 0.9
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 20 years
(as of 5/1/2020) ¹ 140,166 134,997 73,177
% of Total Annual Payroll ¹2.3 2.2 1.3
Total Required Contribution 2,086,548 2,054,209 1,952,192
% of Total Annual Payroll ¹34.3 33.8 33.5
Expected Member Contributions ¹ 602,949 602,949 577,511
% of Total Annual Payroll ¹9.9 9.9 9.9
Expected Village Contribution 1,483,599 1,451,260 1,374,681
% of Total Annual Payroll ¹24.4 23.9 23.6
Assumptions and Methods:
Actuarial Cost Method Projected Unit Credit
Amortization Method 90% Funding by 2040
All other assumptions and methods are as described in the Actuarial Assumptions and Methods section.
¹ Contributions developed as of 5/1/2020 displayed above have been adjusted to
account for assumed interest.
STATUTORY MINIMUM REQUIRED CONTRIBUTION
Contribution requirements shown on this page are calculated according to statutory
minimum funding requirements of the Illinois Pension Code. We do not believe this
method is sufficient to fund future benefits; as such, we recommend funding according
to the contributions developed in Section E of this report.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 15 24
PROJECTION OF BENEFIT PAYMENTS
Payments for Payments for Total
Year Current Actives Current Inactives Payments
2020 125,489 691,584 817,073
2021 236,227 697,924 934,151
2022 374,320 726,578 1,100,898
2023 544,110 742,852 1,286,962
2024 735,285 758,996 1,494,281
2025 942,539 774,903 1,717,442
2026 1,172,784 790,458 1,963,242
2027 1,436,591 805,532 2,242,123
2028 1,757,495 841,539 2,599,034
2029 2,069,848 874,244 2,944,092
2030 2,411,316 888,721 3,300,037
2031 2,749,497 902,092 3,651,589
2032 3,113,389 914,203 4,027,592
2033 3,527,654 924,920 4,452,574
2034 3,905,480 934,130 4,839,610
2035 4,283,269 941,757 5,225,026
2036 4,639,020 947,789 5,586,809
2037 4,983,997 952,274 5,936,271
2038 5,323,305 977,823 6,301,128
2039 5,609,715 980,889 6,590,604
2040 5,889,380 982,614 6,871,994
2041 6,153,697 982,994 7,136,691
2042 6,446,077 981,986 7,428,063
2043 6,726,504 979,500 7,706,004
2044 6,958,901 975,371 7,934,272
2045 7,211,834 969,377 8,181,211
2046 7,433,756 961,251 8,395,007
2047 7,659,926 950,723 8,610,649
2048 7,936,797 937,517 8,874,314
2049 8,180,383 921,353 9,101,736
2050 8,438,301 901,934 9,340,235
2051 8,606,269 878,971 9,485,240
2052 8,744,396 852,167 9,596,563
2053 8,854,604 821,274 9,675,878
2054 8,939,004 786,181 9,725,185
2055 8,997,678 746,922 9,744,600
2056 9,029,670 703,710 9,733,380
2057 9,032,203 656,939 9,689,142
2058 9,004,143 607,265 9,611,408
2059 8,942,200 555,530 9,497,730
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 16 25
ACTUARIAL ASSUMPTIONS AND METHODS
Interest Rate 6.75% per year compounded annually, net of investment related
expenses. This is supported by the target asset allocation of the
trust and the expected long-term return by asset class.
Mortality Rate Active Lives:
PubS-2010 Employee mortality, projected 5 years past the
valuation date with Scale MP-2019. 10% of active deaths are
assumed to be in the line of duty.
Inactive Lives:
PubS-2010 Healthy Retiree mortality, projected 5 years past the
valuation date with Scale MP-2019.
Beneficiaries:
PubS-2010 Survivor mortality, projected 5 years past the
valuation date with Scale MP-2019.
Disabled Lives:
PubS-2010 Disabled mortality, projected 5 years past the
valuation date with Scale MP-2019.
The mortality assumptions sufficiently accommodate anticipated
future mortality improvements.
Retirement Age See table later in this section. This is based on a 2017
experience study performed for the State of Illinois Department
of Insurance.
Disability Rate See table later in this section. 60% of the disabilities are assumed
to be in the line of duty. This is based on a 2017 experience
study performed for the State of Illinois Department of
Insurance.
Termination Rate See table later in this section. This is based on a 2017
experience study performed for the State of Illinois Department
of Insurance.
Inflation 2.50%.
Cost-of-Living Adjustment Tier 1: 3.00% per year after age 55. Those that retire prior to age
55 receive an increase of 1/12 of 3.00% for each full month since
benefit commencement upon reaching age 55.
Tier 2: 1.25% per year after the later of attainment of age 60 or
first anniversary of retirement.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 17 26
Salary Increases See table below. This is based on a 2017 experience study
performed for the State of Illinois Department of Insurance.
Marital Status 80% of Members are assumed to be married.
Spouse’s Age Males are assumed to be three years older than females.
Funding Method Entry Age Normal Cost Method.
Actuarial Asset Method Investment gains and losses are smoothed over a 5-year period.
Funding Policy Amortization Method The UAAL is amortized according to a Level Percentage of
Payroll method over a period ending in 2041. The initial
amortization amount is 100% of the Accrued Liability less the
Actuarial Value of Assets.
Payroll Growth 3.50% per year.
Administrative Expenses Expenses paid out of the fund other than investment-related
expenses are assumed to be equal to those paid in the previous
year.
Decrement Tables
Salary Scale
Service Rate
0 11.00%
1 10.75%
2 8.75%
3 8.50%
4 7.00%
5 6.25%
6 5.25%
7 4.25%
8 - 16 4.00%
17 - 32 3.75%
32+ 3.50%
% Terminating % Becoming Disabled % Retiring % Retiring
During the Year During the Year During the Year (Tier 1) During the Year (Tier 2)
Age Rate Age Rate Age Rate Age Rate
20 14.00% 20 0.000% 50 - 51 15% 50 - 54 5%
25 10.40% 25 0.030% 52 - 54 20%55 40%
30 5.60% 30 0.140% 55 - 64 25% 56 - 64 25%
35 3.10% 35 0.260% 65 - 69 40% 65 - 69 40%
40 1.90% 40 0.420% 70+ 100% 70+ 100%
45 1.50% 45 0.590%
50 1.50% 50 0.710%
56+ 0.00% 55 0.900%
60 1.150%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 18 27
GLOSSARY
Total Annual Payroll is the projected annual rate of pay for the fiscal year following the valuation date of
all covered members.
Present Value of Benefits is the single sum value on the valuation date of all future benefits to be paid to
current Members, Retirees, Beneficiaries, Disability Retirees and Vested Terminations.
Normal (Current Year's) Cost is the current year's cost for benefits yet to be funded.
Unfunded Accrued Liability is a liability which arises when a pension plan is initially established or
improved and such establishment or improvement is applicable to all years of past service.
Total Recommended Contribution is equal to the Normal Cost plus an amount sufficient to amortize the
Unfunded Accrued Liability over a period ending in 2041. The recommended amount is adjusted for
interest according to the timing of contributions during the year.
Entry Age Normal Cost Method - Under this method, the normal cost is the sum of the individual normal
costs for all active participants. For an active participant, the normal cost is the participant’s normal cost
accrual rate, multiplied by the participant’s current compensation.
(a) The normal cost accrual rate equals:
(i) the present value of future benefits for the participant, determined as of the
participant’s entry age, divided by
(ii) the present value of the compensation expected to be paid to the participant for each
year of the participant’s anticipated future service, determined as of the participant’s
entry age.
(b) In calculating the present value of future compensation, the salary scale is applied both
retrospectively and prospectively to estimate compensation in years prior to and subsequent to the
valuation year based on the compensation used for the valuation.
(c) The accrued liability is the sum of the individual accrued liabilities for all participants and
beneficiaries. A participant’s accrued liability equals the present value, at the participant’s
attained age, of future benefits less the present value at the participant’s attained age of the
individual normal costs payable in the future. A beneficiary’s accrued liability equals the present
value, at the beneficiary’s attained age, of future benefits. The unfunded accrued liability equals
the total accrued liability less the actuarial value of assets.
(d) Under this method, the entry age used for each active participant is the participant’s age at the
time he or she would have commenced participation if the plan had always been in existence
under current terms, or the age as of which he or she first earns service credits for purposes of
benefit accrual under the current terms of the plan.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 19 28
DISCUSSION OF RISK
ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and
Determining Pension Plan Contributions, states that the actuary should identify risks that, in the actuary’s
professional judgment, may reasonably be anticipated to significantly affect the plan’s future financial
condition.
Throughout this report, actuarial results are determined under various assumption scenarios. These
results are based on the premise that all future plan experience will align with the plan’s actuarial
assumptions; however, there is no guarantee that actual plan experience will align with the plan’s
assumptions. It is possible that actual plan experience will differ from anticipated experience in an
unfavorable manner that will negatively impact the plan’s funded position.
Below are examples of ways in which plan experience can deviate from assumptions and the potential
impact of that deviation. Typically, this results in an actuarial gain or loss representing the current-year
financial impact on the plan’s unfunded liability of the experience differing from assumptions; this gain
or loss is amortized over a period of time determined by the plan’s amortization method. When
assumptions are selected that adequately reflect plan experience, gains and losses typically offset one
another in the long term, resulting in a relatively low impact on the plan’s contribution requirements
associated with plan experience. When assumptions are too optimistic, losses can accumulate over time
and the plan’s amortization payment could potentially grow to an unmanageable level.
Investment Return: When the rate of return on the Actuarial Value of Assets falls short of the
assumption, this produces a loss representing assumed investment earnings that were not
realized. Further, it is unlikely that the plan will experience a scenario that matches the assumed
return in each year as capital markets can be volatile from year to year. Therefore, contribution
amounts can vary in the future.
Salary Increases: When a plan participant experiences a salary increase that was greater than
assumed, this produces a loss representing the cost of an increase in anticipated plan benefits for
the participant as compared to the previous year. The total gain or loss associated with salary
increases for the plan is the sum of salary gains and losses for all active participants.
Payroll Growth: The plan’s payroll growth assumption, if one is used, causes a predictable annual
increase in the plan’s amortization payment in order to produce an amortization payment that
remains constant as a percentage of payroll if all assumptions are realized. If payroll does not
increase according to the plan’s payroll growth assumption, the plan’s amortization payment can
increase significantly as a percentage of payroll even if all assumptions other than the payroll
growth assumption are realized.
Demographic Assumptions: Actuarial results take into account various potential events that could
happen to a plan participant, such as retirement, termination, disability, and death. Each of these
potential events is assigned a liability based on the likelihood of the event and the financial
consequence of the event for the plan. Accordingly, actuarial liabilities reflect a blend of
financial consequences associated with various possible outcomes (such as retirement at one of
various possible ages). Once the outcome is known (e.g. the participant retires) the liability is
adjusted to reflect the known outcome. This adjustment produces a gain or loss depending on
whether the outcome was more or less favorable than other outcomes that could have occurred.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 20 29
�� C o n t r i b u t i o n R i s k : T h i s r i s k r e s u l t s f r o m t h e p o t e n t i a l t h a t a c t u a l e m p l o y e r c o n t r i b u t i o n s m a y
d e v i a t e f r o m a c t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n s , w h i c h a r e d e t e r m i n e d i n a c c o r d a n c e w i t h t h e
B o a r d s f u n d i n g p o l i c y . T h e f u n d i n g p o l i c y i s i n t e n d e d t o r e s u l t i n c o n t r i b u t i o n r e q u i r e m e n t s t h a t
i f p a i d w h e n d u e , w i l l r e s u l t i n a r e a s o n a b l e e x p e c t a t i o n t h a t a s s e t s w i l l a c c u m u l a t e t o b e
s u f f i c i e n t t o p a y p l a n b e n e f i t s w h e n d u e . C o n t r i b u t i o n d e f i c i t s , p a r t i c u l a r l y l a r g e d e f i c i t s a n d
t h o s e t h a t o c c u r r e p e a t e d l y , i n c r e a s e f u t u r e c o n t r i b u t i o n r e q u i r e m e n t s a n d p u t t h e p l a n a t r i s k f o r
n o t b e i n g a b l e t o p a y p l a n b e n e f i t s w h e n d u e .
I m p a c t o f P l a n M a t u r i t y o n R i s k
F o r n e w e r p e n s i o n p l a n s , m o s t o f t h e p a r t i c i p a n t s a n d a s s o c i a t e d l i a b i l i t i e s a r e r e l a t e d t o a c t i v e m e m b e r s
w h o h a v e n o t y e t r e a c h e d r e t i r e m e n t a g e . A s p e n s i o n p l a n s c o n t i n u e i n o p e r a t i o n a n d a c t i v e m e m b e r s
r e a c h r e t i r e m e n t a g e s , l i a b i l i t i e s b e g i n t o s h i f t f r o m b e i n g p r i m a r i l y r e l a t e d t o a c t i v e m e m b e r s t o b e i n g
s h a r e d a m o n g s t a c t i v e a n d r e t i r e d m e m b e r s . P l a n m a t u r i t y i s a m e a s u r e o f t h e e x t e n t t o w h i c h t h i s s h i f t
h a s o c c u r r e d . I t i s i m p o r t a n t t o u n d e r s t a n d t h a t p l a n m a t u r i t y c a n h a v e a n i m p a c t o n r i s k t o l e r a n c e a n d t h e
o v e r a l l r i s k c h a r a c t e r i s t i c s o f t h e p l a n . F o r e x a m p l e , p l a n s w i t h a l a r g e a m o u n t o f r e t i r e d l i a b i l i t y d o n o t
h a v e a s l o n g o f a t i m e h o r i z o n t o r e c o v e r f r o m l o s s e s ( s u c h a s l o s s e s o n i n v e s t m e n t s d u e t o l o w e r t h a n
e x p e c t e d i n v e s t m e n t r e t u r n s ) a s p l a n s w h e r e t h e m a j o r i t y o f t h e l i a b i l i t y i s a t t r i b u t a b l e t o a c t i v e m e m b e r s .
F o r t h i s r e a s o n , l e s s t o l e r a n c e f o r i n v e s t m e n t r i s k m a y b e w a r r a n t e d f o r h i g h l y m a t u r e p l a n s w i t h a
s u b s t a n t i a l i n a c t i v e l i a b i l i t y . S i m i l a r l y , m a t u r e p l a n s p a y i n g s u b s t a n t i a l r e t i r e m e n t b e n e f i t s r e s u l t i n g i n a
s m a l l p o s i t i v e o r n e t n e g a t i v e c a s h f l o w c a n b e m o r e s e n s i t i v e t o n e a r t e r m i n v e s t m e n t v o l a t i l i t y ,
p a r t i c u l a r l y i f t h e s i z e o f t h e f u n d i s s h r i n k i n g , w h i c h c a n r e s u l t i n l e s s a s s e t s b e i n g a v a i l a b l e f o r
i n v e s t m e n t i n t h e m a r k e t .
T o a s s i s t w i t h d e t e r m i n i n g t h e m a t u r i t y o f t h e p l a n , w e h a v e p r o v i d e d s o m e r e l e v a n t m e t r i c s i n t h e t a b l e
f o l l o w i n g t i t l e d P l a n M a t u r i t y M e a s u r e s a n d O t h e r R i s k M e t r i c s . H i g h l i g h t s o f t h i s i n f o r m a t i o n a r e
d i s c u s s e d b e l o w :
�� T h e S u p p o r t R a t i o , d e t e r m i n e d a s t h e r a t i o o f a c t i v e t o i n a c t i v e m e m b e r s , h a s d e c r e a s e d f r o m
5 5 0 . 0 % o n M a y 1 , 2 0 1 8 t o 4 5 3 . 8 % o n M a y 1 , 2 0 2 0 , i n d i c a t i n g t h a t t h e p l a n h a s b e e n m a t u r i n g .
�� T h e A c c r u e d L i a b i l i t y R a t i o , d e t e r m i n e d a s t h e r a t i o o f t h e I n a c t i v e A c c r u e d L i a b i l i t y , w h i c h i s
t h e l i a b i l i t y a s s o c i a t e d w i t h m e m b e r s w h o a r e n o l o n g e r e m p l o y e d b u t a r e d u e a b e n e f i t f r o m t h e
p l a n , t o t h e T o t a l A c c r u e d L i a b i l i t y , i s 2 4 . 5 % . W i t h a p l a n o f t h i s m a t u r i t y , l o s s e s d u e t o l o w e r
t h a n e x p e c t e d i n v e s t m e n t r e t u r n s o r d e m o g r a p h i c f a c t o r s c a n b e m a d e u p o v e r a l o n g e r t i m e
h o r i z o n t h a n w o u l d b e n e e d e d f o r a m o r e m a t u r e p l a n .
�� T h e F u n d e d R a t i o , d e t e r m i n e d a s t h e r a t i o o f t h e A c t u a r i a l V a l u e o f A s s e t s t o t h e T o t a l A c c r u e d
L i a b i l i t y , h a s i n c r e a s e d f r o m 7 5 . 1 % o n M a y 1 , 2 0 1 8 t o 7 7 . 2 % o n M a y 1 , 2 0 2 0 , d u e m a i n l y t o t h e
t r a n s i t i o n o f a c t u a r i a l s e r v i c e s .
�� T h e N e t C a s h F l o w R a t i o , d e t e r m i n e d a s t h e r a t i o o f t h e N e t C a s h F l o w ( c o n t r i b u t i o n s m i n u s
b e n e f i t p a y m e n t s a n d a d m i n i s t r a t i v e e x p e n s e s ) t o t h e M a r k e t V a l u e o f A s s e t s , h a s r e m a i n e d
c o n s i s t e n t o v e r t h e p a s t t h r e e y e a r s . T h e c u r r e n t N e t C a s h F l o w R a t i o o f 3 . 3 % i n d i c a t e s t h a t
c o n t r i b u t i o n s a r e g e n e r a l l y i n e x c e s s o f t h e p l a n ' s b e n e f i t p a y m e n t s a n d a d m i n i s t r a t i v e e x p e n s e s .
I t i s i m p o r t a n t t o n o t e t h a t t h e a c t u a r y h a s i d e n t i f i e d t h e r i s k s a b o v e a s t h e m o s t s i g n i f i c a n t r i s k s b a s e d o n
t h e c h a r a c t e r i s t i c s o f t h e p l a n a n d t h e n a t u r e o f t h e p r o j e c t , h o w e v e r , i t i s n o t a n e x h a u s t i v e l i s t o f
p o t e n t i a l r i s k s t h a t c o u l d b e c o n s i d e r e d . A d d i t i o n a l a d v a n c e d m o d e l i n g , a s w e l l a s t h e i d e n t i f i c a t i o n o f
a d d i t i o n a l r i s k s , c a n b e p r o v i d e d a t t h e r e q u e s t o f t h e a u d i e n c e a d d r e s s e d o n p a g e 2 o f t h i s r e p o r t .
V i l l a g e o f P l a i n f i e l d P o l i c e P e n s i o n F u n d F O S T E R & F O S T E R | 2 1 3 0
PLAN MATURITY MEASURES AND OTHER RISK METRICS
5/1/2018 5/1/2019 5/1/2020
Support Ratio
Total Actives 55 57 59
Total Inactives 10 11 13
Actives / Inactives 550.0%518.2%453.8%
Asset Volatility Ratio
Market Value of Assets (MVA)31,578,352 34,665,171 36,391,179
Total Annual Payroll 5,525,220 5,827,563 6,084,253
MVA / Total Annual Payroll 571.5%594.8%598.1%
Accrued Liability (AL) Ratio
Inactive Accrued Liability 8,354,902 8,698,914 12,089,735
Total Accrued Liability 42,886,699 44,466,277 49,387,763
Inactive AL / Total AL 19.5%19.6%24.5%
Funded Ratio
Actuarial Value of Assets (AVA)32,192,657 35,321,046 38,112,155
Total Accrued Liability 42,886,699 44,466,277 49,387,763
AVA / Total Accrued Liability 75.1%79.4%77.2%
Net Cash Flow Ratio
Net Cash Flow ¹1,351,804 1,397,895 1,193,966
Market Value of Assets (MVA)31,578,352 34,665,171 36,391,179
Ratio 4.3%4.0%3.3%
¹ Determined as total contributions minus benefit payments and administrative expenses.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 22 31
STATEMENT OF FIDUCIARY NET POSITION
April 30, 2020
ASSETS MARKET VALUE
Cash and Cash Equivalents:
Cash and Short-Term Investments 296,384
Total Cash and Equivalents 296,384
Receivables:
Accrued Past Due Interest 113,257
Total Receivable 113,257
Investments:
Municipal Obligations 1,786,399
U.S. Gov't and Agency Obligations 14,218,155
Mutual Funds 19,978,484
Total Investments 35,983,038
Total Assets 36,392,679
LIABILITIES
Liabilities:
Payable:
Accounts Payable 1,500
Total Liabilities 1,500
Net Assets:
Active and Retired Members' Equity 36,391,179
NET POSITION RESTRICTED FOR PENSIONS 36,391,179
TOTAL LIABILITIES AND NET ASSETS 36,392,679
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 23 32
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED April 30, 2020
Market Value Basis
ADDITIONS
Contributions:
Member 580,065
Village 1,297,308
Total Contributions 1,877,373
Investment Income:
Net Increase in Fair Value of Investments (364,068)
Interest & Dividends 1,012,050
Less Investment Expense ¹ (115,940)
Net Investment Income 532,042
Total Additions 2,409,415
DEDUCTIONS
Distributions to Members:
Benefit Payments 640,262
Total Distributions 640,262
Administrative Expenses 43,145
Total Deductions 683,407
Net Increase in Net Position 1,726,008
NET POSITION RESTRICTED FOR PENSIONS
Beginning of the Year 34,665,171
End of the Year 36,391,179
¹ Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 24 33
Plan Year
Ending Gain/(Loss)2020 2021 2022 2023 2024
4/30/2017 380,294 76,059 0 0 0 0
4/30/2018 (61,588)(24,635)(12,318)0 0 0
4/30/2019 (489,796)(293,878)(195,918)(97,959)0 0
4/30/2020 (1,848,153)(1,478,522)(1,108,892)(739,261)(369,631)0
Total (1,720,976)(1,317,128)(837,220)(369,631)0
Market Value of Assets, 4/30/2019 34,665,171
Contributions Less Benefit Payments & Administrative Expenses 1,193,966
Expected Investment Earnings¹2,380,195
Actual Net Investment Earnings 532,042
2020 Actuarial Investment Gain/(Loss)(1,848,153)
¹ Expected Investment Earnings = 6.75% x (34,665,171 + 0.5 x 1,193,966)
Market Value of Assets, 4/30/2020 36,391,179
(Gains)/Losses Not Yet Recognized 1,720,976
Actuarial Value of Assets, 4/30/2020 38,112,155
(A) 4/30/2019 Actuarial Assets:35,321,046
(I) Net Investment Income:
1. Interest and Dividends 1,012,050
2. Realized Gains (Losses) 0
3. Change in Actuarial Value 701,033
4. Investment Expenses (115,940)
Total 1,597,143
(B) 4/30/2020 Actuarial Assets:38,112,155
Actuarial Asset Rate of Return = (2 x I) / (A + B - I):4.45%
Market Value of Assets Rate of Return:1.51%
4/30/2020 Limited Actuarial Assets:38,112,155
Actuarial Gain/(Loss) due to Investment Return (Actuarial Asset Basis)(827,324)
Amounts Not Yet Recognized by Valuation Year
Development of Investment Gain/Loss
Development of Actuarial Value of Assets
ACTUARIAL ASSET VALUATION
April 30, 2020
Actuarial Assets for funding purposes are developed by recognizing the total actuarial investment gain or
loss for each Plan Year over a five year period. In the first year, 20% of the gain or loss is recognized. In
the second year 40%, in the third year 60%, in the fourth year 80%, and in the fifth year 100% of the gain or
loss is recognized. The actuarial investment gain or loss is defined as the actual return on investments
minus the actuarial assumed investment return. Actuarial Assets shall not be less than 80% nor greater than
120% of the Market Value of Assets.
Gains/(Losses) Not Yet Recognized
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 25 34
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
April 30, 2020
Actuarial Asset Basis
INCOME
Contributions:
Member 580,065
Village 1,297,308
Total Contributions 1,877,373
Earnings from Investments
Interest & Dividends 1,012,050
Change in Actuarial Value 701,033
Total Earnings and Investment Gains 1,713,083
EXPENSES
Administrative Expenses:
Investment Related¹115,940
Other 43,145
Total Administrative Expenses 159,085
Distributions to Members:
Benefit Payments 640,262
Total Distributions 640,262
Change in Net Assets for the Year 2,791,109
Net Assets Beginning of the Year 35,321,046
Net Assets End of the Year²38,112,155
¹ Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
² Net Assets may be limited for actuarial consideration.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 26 35
STATISTICAL DATA ¹
5/1/2017 5/1/2018 5/1/2019 5/1/2020
Actives - Tier 1
Number N/A N/A 49 47
Average Current Age N/A N/A 43.6 44.2
Average Age at Employment N/A N/A 26.3 25.8
Average Past Service N/A N/A 17.3 18.4
Average Annual Salary N/A N/A $106,550 $109,408
Actives - Tier 2
Number N/A N/A 8 12
Average Current Age N/A N/A 27.4 27.5
Average Age at Employment N/A N/A 24.9 24.9
Average Past Service N/A N/A 2.5 2.6
Average Annual Salary N/A N/A $75,828 $78,508
Service Retirees
Number N/A 6 6 8
Average Current Age N/A N/A 62.8 61.1
Average Annual Benefit N/A $65,715 $68,577 $74,270
Beneficiaries
Number N/A 1 1 0
Average Current Age N/A N/A 82.3 N/A
Average Annual Benefit N/A $13,578 $13,578 N/A
Disability Retirees
Number N/A 2 2 2
Average Current Age N/A N/A 45.5 46.5
Average Annual Benefit N/A $48,415 $48,415 $48,415
Terminated Vested
Number N/A 1 2 3
Average Current Age N/A N/A 50.2 43.0
Average Annual Benefit ²N/A $22,163 $22,163 $22,163
¹ Foster & Foster does not have enough historical data to include complete data prior to 5/1/2019.
We will add historical data going forward.
² Average Annual Benefit for Terminated Vested members reflects the benefit for members entitled to a
future annual benefit from the plan.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 27 36
AGE AND SERVICE DISTRIBUTION
PAST SERVICE
AGE 0 1 2 3 4 5-9 10-14 15-19 20-24 25-29 30+Total
15 - 19 0 0 0 0 0 0 0 0 0 0 0 0
20 - 24 0 0 0 0 0 0 0 0 0 0 0 0
25 - 29 5 1 2 0 1 0 0 0 0 0 0 9
30 - 34 0 0 0 0 1 3 0 0 0 0 0 4
35 - 39 0 0 0 0 0 0 8 3 0 0 0 11
40 - 44 0 0 0 0 0 0 2 8 3 0 0 13
45 - 49 0 0 0 0 0 0 3 3 5 3 0 14
50 - 54 0 0 0 0 0 0 0 2 1 2 0 5
55 - 59 0 0 0 0 0 0 0 0 0 2 0 2
60 - 64 0 0 0 0 0 0 0 0 0 1 0 1
65+0 0 0 0 0 0 0 0 0 0 0 0
Total 5 1 2 0 2 3 13 16 9 8 0 59
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 28 37
VALUATION PARTICIPANT RECONCILIATION
1. Active lives
a. Number in prior valuation 5/1/2019 57
b. Terminations
i. Vested (partial or full) with deferred benefits (1)
ii. Non-vested or full lump sum distribution received 0
iii. Transferred service to other fund 0
c. Deaths
i. Beneficiary receiving benefits 0
ii. No future benefits payable 0
d. Disabled 0
e. Retired (2)
f. Continuing participants 54
g. New entrants 5
h. Total active life participants in valuation 59
2. Non-Active lives (including beneficiaries receiving benefits)
Service
Retirees,
Vested Receiving Receiving
Receiving Death Disability Vested
Benefits Benefits Benefits Deferred Total
a. Number prior valuation 6 1 2 2 11
Retired 2 0 0 0 2
Vested Deferred 0 0 0 1 1
Death, With Survivor 0 0 0 0 0
Death, No Survivor 0 (1)0 0 (1)
Disabled 0 0 0 0 0
Refund of Contributions 0 0 0 0 0
Rehires 0 0 0 0 0
Expired Annuities 0 0 0 0 0
Data Corrections 0 0 0 0 0
Hired/Termed in Same Year 0 0 0 0 0
b. Number current valuation 8 0 2 3 13
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 29 38
SUMMARY OF CURRENT PLAN
Article 3 Pension Fund The Plan is established and administered as prescribed by “Article
3. Police Pension Fund – Municipalities 500,000 and Under” of
the Illinois Pension Code.
Plan Administration The Plan is a single employer defined benefit pension plan
administered by a Board of Trustees comprised of:
a.) Two members appointed by the Municipality,
b.) Two active Members of the Police Department elected
by the Membership, and
c.) One retired Member of the Police Department elected
by the Membership.
Credited Service Complete years of service as a sworn police officer employed by
the Municipality.
Normal Retirement
Date Tier 1: Age 50 and 20 years of Credited Service.
Tier 2: Age 55 with 10 years of Credited Service.
Benefit Tier 1: 50% of annual salary attached to rank on last day of
service plus 2.50% of annual salary for each year of service over
20 years, up to a maximum of 75% of salary. The minimum
monthly benefit is $1,000 per month.
Tier 2: 2.50% per year of service times the average salary for the
48 consecutive months of service within the last 60 months of
service in which the total salary was the highest prior to
retirement times the number of years of service, up to a maximum
of 75% of average salary. The minimum monthly benefit is
$1,000 per month.
For Tier 2 participants, the salary is capped at a rate of $106,800
as of 2011, indexed annually at a rate of CPI-U, but not to exceed
3.00%.
Form of Benefit Tier 1: For married retirees, an annuity payable for the life of the
Member; upon the death of the member, 100% of the Member’s
benefit payable to the spouse until death. For unmarried retirees,
the normal form is a Single Life Annuity.
Tier 2: Same as above, but with 66 2/3% of benefit continued to
spouse.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 30 39
Early Retirement
Date Tier 1: Age 60 and 8 years of Credited Service.
Tier 2: Age 50 with 10 years of Credited Service.
Benefit Tier 1: Normal Retirement benefit with no minimum.
Tier 2: Normal Retirement benefit, reduced 6.00% each year
before age 55, with no minimum benefit.
Form of Benefit Same as Normal Retirement
Disability Benefit
Eligibility Total and permanent as determined by the Board of Trustees.
Benefit Amount A maximum of:
a.) 65% of salary attached to the rank held by Member on
last day of service, and;
b.) The monthly retirement pension that the Member is
entitled to receive if he or she retired immediately.
For non-service connected disabilities, a benefit of 50% of salary
attached to rank held by Member on last day of service.
Cost-of-Living Adjustment Tier 1:
Retirees: An annual increase equal to 3.00% per year after age
55. Those that retire prior to age 55 receive an increase of 1/12 of
3.00% for each full month since benefit commencement upon
reaching age 55.
Disabled Retirees: An annual increase equal to 3.00% per year of
the original benefit amount beginning at age 60. Those that
become disabled prior to age 60 receive an increase of 3.00% of
the original benefit amount for each year since benefit
commencement upon reaching age 60.
Tier 2: An annual increase each January 1 equal to 3.00% per
year or one-half of the annual unadjusted percentage increase in
the consumer price index-u for the 12 months ending with the
September preceding each November 1, whichever is less, of the
original pension after the attainment of age 60 or first anniversary
of pension start date whichever is later.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 31 40
Pre-Retirement Death Benefit
Service Incurred 100% of salary attached to rank held by Member on last day of
service.
Non-Service Incurred A maximum of:
a.) 54% of salary attached to the rank held by Member on
last day of service, and;
b.) The monthly retirement pension earned by the deceased
Member at the time of death, regardless of whether death
occurs before or after age 50.
For non-service deaths with less than 10 years of service, a re-
fund of member contributions is provided.
Vesting (Termination)
Vesting Service Requirement Tier 1: 8 years.
Tier 2: 10 years.
Non-Vested Benefit Refund of Member Contributions.
Vested Benefit Either the termination benefit, payable upon reaching age 60 (55
for Tier 2), provided contributions are not withdrawn, or a refund
of member contributions. The termination benefit is 2.50% of
annual salary held in the year prior to termination (8-year final
average salary for Tier 2) times creditable service.
Contributions
Employee 9.91% of Salary.
Municipality Remaining amount necessary for payment of Normal (current
year’s) Cost and amortization of the accrued past service liability.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 32 41
GASB 67/68
SUMMARY
Valuation Date 5/1/2020 5/1/2019 Measurement Date 4/30/2020 4/30/2019 Plan Membership: Inactives Currently Receiving Benefits 10 9 Inactives Not Yet Receiving Benefits 3 2 Active Plan Members 59 57 Total 72 68
Covered Payroll $ 6,084,253 $ 5,827,563 Net Pension Liability
Total Pension Liability $ 48,434,412 $ 43,488,076 Plan Fiduciary Net Position 36,391,179 34,665,171 Net Pension Liability $ 12,043,233 $ 8,822,905
Plan Fiduciary Net Position As a Percentage of Total Pension Liability 75.13% 79.71% Net Pension Liability As a Percentage of Covered Payroll 197.94% 151.40% Total Pension Expense $ 2,362,642 $ 1,921,167 Development of Single Discount Rate Single Discount Rate 6.75% 6.75% Long-Term Expected Rate of Return 6.75% 6.75% High-quality Municipal Bond Rate 2.85% 3.21% Number of Years Future Benefit Payments
Are Expected to be Paid 99 99
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 33 42
GASB 67
SCHEDULE OF CHANGES IN NET PENSION LIABILITY PLAN AND VILLAGE REPORTING
GASB 68 Reporting Period Ending 04/30/2020 04/30/2019
Measurement Date 04/30/2020 04/30/2019
Total Pension Liability
Service Cost 1,452,555 1,313,637
Interest 3,011,884 3,076,159
Changes of Benefit Terms 118,430 -
Differences Between Expected and Actual Experience 1,003,729 (4,863,845)
Changes of Assumptions - 1,585,849
Benefit Payments, Including Refunds of Employee Contributions (640,262) (510,423)
Net Change in Total Pension Liability 4,946,336 601,377
Total Pension Liability - Beginning 43,488,076 42,886,699
Total Pension Liability - Ending (a) 48,434,412$ 43,488,076$
Plan Fiduciary Net Position
Contributions - Employer 1,297,308 1,402,674
Contributions - Employee 580,065 555,362
Net Investment Income 532,042 1,688,922
Benefit Payments, Including Refunds of Employee Contributions (640,262) (510,423)
Administrative Expense (43,145) (49,718)
Net Change in Plan Fiduciary Net Position 1,726,008 3,086,817
Plan Fiduciary Net Position - Beginning 34,665,171 31,578,354
Plan Fiduciary Net Position - Ending (b)36,391,179$ 34,665,171$
Net Pension Liability - Ending (a) - (b)12,043,233$ 8,822,905$
Plan Fiduciary Net Position as a Percentage of the Total Pension
Liability 75.13% 79.71%
Covered Payroll 6,084,253$ 5,827,563$
Net Pension Liability as a Percentage of Covered Payroll 197.94% 151.40%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 34 43
GASB 68
STATEMENT OF CHANGES IN NET PENSION LIABILITY VILLAGE REPORTING
Sensitivity of Net Pension Liability to changes in the Discount Rate:
Pension Plan Fiduciary Net Position Detailed information about the Pension Plan's Fiduciary Net Position is available in a separately issued Plan financial report.
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
(a)(b)(a)-(b)
Balances at April 30, 2019 $ 43,488,076 $ 34,665,171 $ 8,822,905
Changes for a Year:
Service Cost 1,452,555 - 1,452,555
Interest 3,011,884 - 3,011,884
Differences Between Expected and Actual Experience 1,003,729 - 1,003,729
Changes of Assumptions - - -
Changes of Benefit Terms 118,430 - 118,430
Contributions - Employer - 1,297,308 (1,297,308)
Contributions - Employee - 580,065 (580,065)
Net Investment Income - 532,042 (532,042)
Benefit Payments, Including Refunds of Employee
Contributions (640,262) (640,262) -
Administrative Expense - (43,145) 43,145
Net Changes 4,946,336 1,726,008 3,220,328
Balances at April 30, 2020 $ 48,434,412 $ 36,391,179 $ 12,043,233
Increase (Decrease)
1% Decrease
Current Discount
Rate 1% Increase
5.75% 6.75% 7.75%
Sponsor's Net Pension Liability 21,216,382$ 12,043,233$ 4,733,350$
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 35 44
GASB 68
PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES RELATED TO PENSIONS
YEAR-END APRIL 30, 2020 For the year ended April 30, 2020, the Sponsor will recognize a pension expense of $2,362,642.
On April 30, 2020, the Sponsor reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Deferred
Outflows of Resources
Deferred
Inflows of Resources Differences between actual and expected experience 892,200 4,264,416
Changes of assumptions 1,497,933 0
Net difference between projected and actual earnings on
pension plan investments 1,720,977 0
Total $4,111,110 $4,264,416
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
Year-ended April 30:
2021 $213,847
2022 $58,084
2023 $54,084
2024 $261,186
2025 ($346,638)
Thereafter ($393,869)
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 36 45
GASB 68
COMPONENTS OF PENSION EXPENSE
YEAR-END APRIL 30, 2020
Net Pension
Liability
Deferred
Inflows
Deferred
Outflows
Pension
Expense
Beginning Balance $ 8,822,905 $ 5,810,243 $ 3,501,943
Total Pension Liability Factors:
Service Cost 1,452,555 - - 1,452,555
Interest 3,011,884 - - 3,011,884
Changes in Benefit Terms 118,430 - - 118,430
Differences Between Expected and Actual
Experience With Regard to Economic or
Demographic Assumptions 1,003,729 - 1,003,729 -
Current Year Amortization - (777,894) (111,529) (666,365)
Changes in Assumptions About Future Economic or
Demographic Factors or Other Inputs - - - -
Current Year Amortization - - (580,201) 580,201
Benefit Payments, Including Refunds of Employee
Contributions (640,262) - - -
Net Change 4,946,336 (777,894) 311,999 4,496,705
Plan Fiduciary Net Position:
Contributions - Employer 1,297,308 - - -
Contributions - Employee 580,065 - - (580,065)
Projected Net Investment Income 2,380,195 - - (2,380,195)
Difference Between Projected and Actual Earnings
on Pension Plan Investments (1,848,153) - 1,848,153 -
Current Year Amortization - (76,059) (859,111) 783,052
Benefit Payments, Including Refunds of Employee
Contributions (640,262) - - -
Administrative Expenses (43,145) - - 43,145
Net Change 1,726,008 (76,059) 989,042 (2,134,063)
Ending Balance $ 12,043,233 $ 4,956,290 $ 4,802,984 $ 2,362,642
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 37 46
GASB 68
AMORTIZATION SCHEDULE – EXPERIENCE
Year Base
Established
Differences
Between Expected
and Actual
Experience
Recognition
Period (Years)2020 2021 2022 2023 2024 Thereafter
2020 1,003,729$ 9 111,529$ 111,525$ 111,525$ 111,525$ 111,525$ 446,100$
2019 (4,863,845)$ 9 (540,427)$ (540,427)$ (540,427)$ (540,427)$ (540,427)$ (1,621,281)$
Prior Years (1,236,969)$ N/A (237,467)$ (237,467)$ (138,170)$ (105,790)$ -$ -$
Net Increase (Decrease) in Pension Expense (666,365) (666,369) (567,072) (534,692) (428,902) (1,175,181)
Increase (Decrease) in Pension Expense Arising from the Recognition of the
Effects of Differences between Expected and Actual Experience
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 38 47
GASB 68
AMORTIZATION SCHEDULE – CHANGES OF ASSUMPTIONS
Year Base
Established
Effects of Changes
in Assumptions
Recognition
Period (Years)2020 2021 2022 2023 2024 Thereafter
2019 1,585,849$ 9 176,205$ 176,205$ 176,205$ 176,205$ 176,205$ 528,615$
Prior Years 1,884,653$ N/A 403,996$ 300,161$ (30,955)$ (55,019)$ 144,252$ (93,941)$
Net Increase (Decrease) in Pension Expense 580,201$ 476,366$ 145,250$ 121,186$ 320,457$ 434,674$
Increase (Decrease) in Pension Expense Arising from the Recognition of the
Effects of Changes of Assumptions
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 39 48
GASB 68
AMORTIZATION SCHEDULE – INVESTMENTS
Year Base
Established
Differences
Between Projected
and Actual Earnings
Recognition
Period (Years)2020 2021 2022 2023 2024 Thereafter
2020 1,848,153$ 5 369,629$ 369,631$ 369,631$ 369,631$ 369,631$ -$
2019 489,796$ 5 97,959$ 97,959$ 97,959$ 97,959$ -$ -$
2018 61,588$ 5 12,318$ 12,318$ 12,316$ -$ -$ -$
2017 (380,294)$ 5 (76,059)$ (76,058)$ -$ -$ -$ -$
2016 1,896,017$ 5 379,205$ -$ -$ -$ -$ -$
Net Increase (Decrease) in Pension Expense 783,052$ 403,850$ 479,906$ 467,590$ 369,631$ -$
Increase (Decrease) in Pension Expense Arising from the Recognition of the
Differences Between Projected and Actual Earnings on Pension Plan Investments
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 40 49
GASB 67/68
SCHEDULE OF CONTRIBUTIONS
The following assumptions were used to determine the Actuarially Determined Contribution for the plan year ending April 30, 2020:
Calculation Timing The Actuarially Determined Contribution is calculated using a May 1, 2019 valuation date. Interest Rate 6.75% Mortality Rate Active Lives: PubS-2010 Employee mortality, projected 5 years past the valuation date with Scale MP-2018. 10% of active deaths are assumed to be in the line
of duty. Inactive Lives: PubS-2010 Healthy Retiree mortality, projected 5 years past the valuation date with Scale MP-2018.
Beneficiaries: PubS-2010 Survivor mortality, projected 5 years past the valuation date
with Scale MP-2018. Disabled Lives: PubS-2010 Disabled mortality, projected 5 years past the valuation date with Scale MP-2018. Assumptions All other assumptions and methods used for determining the Actuarially Determined Contribution can be found in the May 1, 2019 Actuarial Valuation Report for the Village of Plainfield Police Pension Fund prepared by Foster & Foster.
Plan Year-End
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contributions
Contribution
Deficiency
(Excess)
Covered
Payroll
Contributions
as a
Percentage of
Covered
Payroll
04/30/2020 1,274,674 1,297,308 (22,634) 6,084,253 21.32%
04/30/2019 1,246,616 1,402,674 (156,058) 5,827,563 24.07%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 41 50
GASB 67
SCHEDULE OF INVESTMENT RETURNS
For the year ended April 30, 2020, the annual money-weighted return on Pension Plan investments, net of pension plan investment expense, was 1.49 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.
Plan Year-End
Annual Money-Weighted
Rate of Return Net of
Investment Expense
04/30/2020 1.49%
04/30/2019 5.18%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 42 51
GASB 67/68
ASSUMPTIONS – GASB PENSION LIABILITY AND PENSION EXPENSE
The GASB 67/GASB 68 Pension Liability for Plan reporting as of April 30, 2020 and GASB 68 Pension Expense were determined as follows:
Valuation Date May 1, 2020
Measurement Date April 30, 2020
GASB 68 Expense
Measurement Period May 1, 2019 - April 30, 2020
Reporting Period May 1, 2019 - April 30, 2020
Discount Rate 6.75%
Inflation 2.50%
Salary Increases Service-based rates
Other Assumptions A summary of complete assumptions can be found in the accompanying Actuarial Valuation as of May 1, 2020 for the Village of Plainfield Police Pension Fund prepared by Foster & Foster Actuaries and
Consultants.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 43 52
GASB 67/68
NOTES TO THE FINANCIAL STATEMENTS
Support for Long-Term Expected Rate of Return The Long-Term Expected Rate of Return on Pension Plan investments can be determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of Pension Plan investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the Long-Term Expected Rate of Return by weighting the expected future real rates of return by target asset allocation percentage and by adding expected inflation. Best estimates of geometric real rates of return for each major asset class included in the Pension Plan’s target
asset allocation adopted as of April 30, 2020, as provided by Sawyer Falduto Asset Management, LLC, are summarized in the following table:
Concentrations The Plan did not hold investments in any one organization that represent 5 percent or more of the Pension Plan’s
fiduciary net position. Discount Rate
The Discount Rate used to measure the Total Pension Liability was 6.75 percent. The projection of cash flows used to determine the Discount Rate assumed that Plan Member contributions will be made at the current contribution rate and that Sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the Member rate. Based on those assumptions, the Pension Plan’s Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the Long-Term Expected Rate of Return on Pension Plan investments (6.75 percent) was applied to all periods of projected benefit payments to determine the Total Pension Liability. For the purpose of this valuation, the expected rate of return on pension plan investments is 6.75 percent. The municipal bond rate is 2.85 percent (based on the daily rate closest to, but not later than the measurement date of the S&P Municipal Bond 20 Year High Grade Rate Index). The resulting single discount rate is 6.75 percent.
Asset Class Target Allocation
Long Term
Expected Real
Rate of Return
Large Cap Domestic Equity 30.0%6.2%
Small Cap Domestic Equity 10.0%8.0%
International Equity 15.0%6.7%
Fixed Income 45.0%1.2%
Total 100.0%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 44 53
GASB 67/68
SUMMARY OF CURRENT PLAN
Article 3 Pension Fund The Plan is established and administered as prescribed by “Article 3. Police Pension Fund – Municipalities 500,000 and Under” of the Illinois Pension Code. Plan Administration The Plan is a single employer defined benefit pension plan administered by a Board of Trustees comprised of: a.) Two members appointed by the Municipality, b.) Two active members of the Police Department elected by the Membership. c.) One retired member of the Police Department elected by the
Membership. Benefits Provided The Plan provides retirement, termination, disability and death benefits.
A summary of the benefit provisions can be found in the accompanying Actuarial Valuation as of May 1, 2020 for the Village of Plainfield
Police Pension Fund prepared by Foster & Foster. The valuation reflects benefit changes noted on the page “Changes Since Prior Valuation”.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 45 54
i 1 1 1..11:M18f-l.1. II
V11.1.ACL O'
PLAIN F [ E L,I)
Miscellaneous Funds
Revenue & Expenses by Fund Summary
2021-2022 Fiscal Year Budget
Downtown Rt. 30 Other
MFT Bond and Tort Audit Police DARE TIF TIF Alcohol Funds
Fund Interest Immunity Fund Pension Fund Fund Fund Enforcement Totals
REVENUES
Property Taxes
State of Illinois Taxes
Fines And Forfeits
Interest Income
Other
Employer Contributions
Employee Contributions
DARE Contributions
Interfund Transfers
Total
EXPENDITURES
Salaries & Wages
Benefits
Supplies/Commodities
Contractual Services
Other
Debt Service
Capital Outlay
Miscellaneous
Interfund Transfers
Total
2,370,000
20,000
350,000 40,000
3,000 1,000
2,996,349
730,000 15,000 1,135,000
2,370,000
15,000 15,000
500 1,125,000 100 5,000 50 500 1,155,150
1,700,000 - 1,700,000
650,000 - 650,000
20,000 - 20,000
2,996,349
2,390,000 2,999,349 351,000 40,500 3,475,000 20,100 735,000 15,050 15,500 10,041,499
470,336 42,000
950,000
5,000
8,000
35,000
20,000
950,000
5,000
28,000
547,336
2,996,349 - - 2,996,349
2,000,000 - - 1,040,000 - 3,040,000
120,000 7,500 127,500
150,000 - - - 50,000 - 25,000 225,000
2,150,000 2,996,349 470,336 42,000 1,118,000 20,000 1,090,000 7,500 25,000 7,919,185
EXCESS/(DEFICIENCY) 240,000 3,000 (119,336) (1,500) 2,357,000 100 (355,000) 7,550 (9,500) 2,122,314
55
CUM In II." tit
t. *CM 'II
VILLAGE OF
Motor Fuel Tax Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2021 FY 2021 FY 2022
2018 2019 2020 Adopted Estimated Proposed
Actual Actual Actual Budget Amount Budget
Fund: 04 - Motor Fuel Tax
Revenues
State of Illinois Taxes
MFT Entitlements 1,110,842 1,103,351 1,485,096 1,575,000 1,525,000 1,500,000
Grant Revenue 0 0 0 0 870,000 870,000
Total: State of Illinois Taxes $1,110,842 $1,103,351 $1,485,096 $1,575,000 $2,395,000 $2,370,000
Investment Income
Interest Income 38,101 72,787 68,615 75,000 20,000 20,000
Total: Investment Income $38,101 $72,787 $68,615 $75,000 $20,000 $20,000
Expenditures
Division: 91 - Capital
Street Improvements
Total: Other
1,052,089 875,331 1,254,866 2,000,000 2,000,000 2,000,000
1,052,089 $875,331 $1,254,866 $2,000,000 $2,000,000 $2,000,000
Division Total: 91- Capital $1,052,089 $875,331 $1,254,866 $2,000,000 $2,000,000 $2,000,000
Division: 99 - Transfers
Transfer to General 0 0 0 150,000 150,000 150,000
Total: 99 - Transfers 0 $0 $0 $150,000 $150,000 $150,000
Total: Non -Departmental $1,052,089 $875,331 $1,254,866 $2,150,000 $2,150,000 $2,150,000
Total: 04 - Motor Fuel Tax $96,854 $300,807 $298,845 ($500,000) $265,000 $240,000
MFT has a 4/30/20 Fund Balance of $3,773,572
1, 700, 000
1, 600, 000
1,500,000
1,400,000
1, 300,000
1, 200,000
MFT Revenue History
1,100,000 --
1,000,000
2018 2019 2020 FY 2021 FY 2022
Actual Actual Actual Adopted Proposed
Budget Budget
MFT
Entitlements
56
1111 * * * Dui a„"[11.•,
VILLAGE OP
PL,AINFIELD
Bond & Interest Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2021 FY 2021 FY 2022
FY 2018 FY 2019 FY 2020 Adopted Estimated Proposed
Actual Actual Actual Budget Amount Budget
Fund: 05 - Bond and Interest Fund
Revenues
Property Taxes
Property Tax Revenue 118,519 118,114 114,802 0 0 0
Total: Property Taxes 118,519 $118,114 $114,802 $0 $0 $0
Investment Income
Interest Income 6,287 12,403 11,223 8,000 3,000 3,000
Total: Investment Income $6,287 $12,403 $11,223 $8,000 $3,000 $3,000
Interfund Transfers
Transfer From Water & Sewer 979,300 976,800 981,000 983,800 983,800 935,749
Transfer From Capital 2,023,992 2,018,731 2,022,925 2,031,000 2,035,850 2,060,600
Total: Interfund Transfers $3,003,292 $2,995,531 $3,003,925 $3,014,800 $3,019,650 $2,996,349
3, 200, 000
3,100,000
3,000,000
2,900,000
2,800,000
2,700,000
2,600,000
2,500,000
Bond & Interest Expense History
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Actual Actual Actual Adopted Proposed
Budget Budget
Expenditures
57
I 1 1-IP•1•...1.1. 1 III
VILLAGE OF
Bond & Interest Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Descri •tion
FY 2021 FY 2021 FY 2022
FY 2018 FY 2019 FY 2020 Adopted Estimated Proposed
Actual Actual Actual Budget Amount Budget
Expenditures
Unit: 00 - Non -Departmental
Division: 92 - Bonds
OTHER - Other
2007 Bond (Principal) 755,000 170,000 0 0 0 0
2007 Bond (Interest) 42,475 8,500 0 0 0 0
2009 Refunding Bond(Princ) 100,000 105,000 110,000 0 0 0
2009 Refunding Bond (Int) 12,600 8,600 4,400 0 0 0
2010 Bond (Principal) 750,000 770,000 805,000 840,000 840,000 0
2010 Bond (Interest) 229,300 206,800 176,000 143,800 143,800 0
2012 Refunding Bond (Princ) 660,000 680,000 695,000 715,000 715,000 735,000
2012 Refunding Bond (Int) 175,200 155,400 135,000 114,150 114,150 92,700
2014 Refunding Bond (Princ) 130,000 750,000 950,000 965,000 965,000 1,025,000
2014 Refunding Bond (Int) 273,450 270,850 255,850 236,850 236,850 207,900
2020 Refunding Bond (Princ) 0 0 0 0 0 910,000
2020 Refunding Bond (Int) 0 0 0 0 0 25,749
Total: OTHER - Other 3,128,025 $3,125,150 $3,131,250 $3,014,800 $3,014,800 $2,996,349
3,014,800 $3,014,800
Total: Bond & Interest $73 $898 ($1,300) $8,000 $7,850 $3,000
58
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tom sl 1-11H111.911s ..$il:..
VILLAGE OF
PL.AINFIELD
Tort Immunity Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2018 FY 2019 FY 2020
Actual Actual Actual
FY 2021 FY 2021 FY 2022
Adopted Estimated Proposed
Budget Amount Budget
Fund: 07 - Tort Immunity Fund
Revenues
Property Taxes
Property Tax Revenue
Total: Property Taxes
Investment Income
Interest Income
Total: Investment Income
MISC - Miscellaneous
Other Reimbursements
623,114 491,668 399,426 150,000 150,000 350,000
623,114 $491,668 $399,426 $150,000 $150,000 $350,000
2,447 8,101 8,237 5,000 1,000 1,000
2,447 $8,101 $8,237 $5,000 $1,000 $1,000
0 $451 $0 $0 so so
Total: Miscellaneous 0 $451 0 so
500,220 $407 $155,000 $
Expenditures
Unit: 00 - Non -Departmental
Contractual Services
Bond -Treasurer
Comm. Umbrella Liability
Workman's Comp. Ins.
Total: Contractual Services
336 336 336 336 336 336
157,858 170,959 157,579 200,000 218,987 240,000
221,340 180,488 189,364 250,000 189,914 230,000
379,534 $351,783 $347,279 $450,336 $409,237 $470,336
9,23
Total: Tort Immunity Fund 246,027 $148,437 $60,384 ($295,336) ($258,237) ($119,336)
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Tort Immunity Fund has a 4/30/20 Fund Balance of $502,907
Tort Immunity Revenue History
FY 2018
Actual
FY 2019 FY 2020
Actual Actual
FY 2021
Adopted
Budget
FY 2022
Proposed
Budget
11......Property Tax Revenue
59
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I. -I ...,I II-IP 1 uq l• t 11t VILLAGE
OF PLAINFIELD
Audit
Fund Revenue &
Expense Detail 2021-
2022 Fiscal Year Budget Description
FY
2018 FY 2019 FY 2020 Actual
Actual Actual FY
2021 FY 2021 FY 2022 Adopted
Estimated Proposed Budget
Amount Budget Fund:
08 - Audit Fund Revenues
Property
Taxes Property
Tax Revenue Total:
Property Taxes Investment
Income Interest
Income Total:
Investment Income 42,
274 44,169 36,152 30,000 30,000 40,000 42,
274 $44,169 $36,152 $30,000 $30,000 $40,000 236
532 513 400 500 500 236 $
532 $513 $400 $500 $500 Expenditures
Unit:
00 - Non -Departmental Division:
00 - Non -Divisional Contrac -
Contractual Services Audit
Village Total:
Contractual Services 35,
875 38,085 39,565 42,000 40,000 42,000 35,
875 $38,085 $39,565 $42,000 $40,000 $42,000 8,
085 2,000 $40,000 2000 Total:
Audit Fund 6,635 $6,616 ($2,900) ($11,600) ($9,500) ($1,500) Audit
Fund has a 4/30/20 Fund Balance of $19,693 50,
000 45,
000 40,
000 35,
000 30,
000 25,
000 20,
000 Audit
Fund Revenue History FY
2018 Actual
FY
2019 FY 2020 Actual
Actual FY
2021 Adopted
Budget
FY
2022 Proposed
Budget
t
Property Tax Revenue
60
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1—I , 1—U•6I1..1111 t III
VILLAGE. OF
PLAINFIELD
Police Pension Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2018
Actual
FY 2019 FY 2020
Actual Actual
FY 2021
Adopted
Budget
FY 2021
Estimated
Amount
FY 2022
Proposed
Budget
Fund: 10 - Police Pension Fund
Revenues
Investment Income
Interest Income
Realized Gain/Loss
Unrealized Gain/Loss
Total: Investment Income
MISC - Miscellaneous
Other Receipts
Employee Contributions
Employer Contributions
Total: Miscellaneous
1,200,928 1,219,956
80,837 339,712
916,507 235,710
2,198,272 $1,795,378
1,012,050 700,000 615,000 625,000
765,702 150,000 300,000 300,000
1,129,771) 300,000 100,000 200,000
647,981 $1,150,000 $1,015,000 $1,125,000
0 200 0 0 0 0
524,835 555,362 580,065 620,000 620,000 650,000
1,364,479 1,402,475 1,297,308 1,580,000 1,575,000 1,700,000
1,889,314 $1,958,037 $1,877,373 $2,200,000 $2,195,000 $2,350,000
1,800,000
1,600,000
1,400,000
1, 200, 000
1,000, 000
800,000
600,000
400,000
200,000
0
Police Pension Contribution History
FY 2018
Actual
FY 2019 FY 2020
Actual Actual
FY 2021
Adopted
Budget
FY 2022
Proposed
Budget
Employee Contributions
Employer Contributions
61
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VILLAGE OP
EINFIPLA LD
Police Pension Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2021 FY 2021 FY 2022
FY 2018 FY 2019 FY 2020 Adopted Estimated Proposed
Actual Actual Actual Budget Amount Budget
Expenditures
Unit: 00 - Non -Departmental
Division: 00 - Non -Divisional
Salaries and Wages
Pension Payments 494,765 510,423 640,262 700,000 810,000 950,000
Total: Salaries & Wages $494,765 $510,423 $640,262 $700,000 $810,000 $950,000
Benefits
Travel/Training 3,197 7,153 6,765 5,000 1,000 5,000
Total: Benefits 3,197 $7,153 $6,765 $5,000 $1,000 $5,000
Supplies and Commodities
Office Supplies/Postage
Dues & Subscriptions
0 0 123 500 200 500
5,740 6,421 7,111 7,000 7,500 7,500
Total: Supplies & Commodities $5,740 $6,421 $7,234 $7,500 $7,700 $8,000
Contractual Services
Contractual Services 33,807 36,143 29,146 35,000 35,000 35,000
Total: Contractual Services $33,807 $36,143 $29,146 $35,000 $35,000 $35,000
Other
Investment Expense 99,577 106,456 115,940 115,000 120,000 120,000
Total: OTHER - Other 99,577 $106,456 $115,940 $115,000 $120,000 $120,000
Total: Non -Divisional 637,086 $666,596 $799,347 $862,500 $973,700 $1,118,000
862,500 $973,700'
Total: Police Pension Fund $3,450,500 $3,086,819 $1,726,007 $2,487,500 $2,236,300 $2,357,000
62
sill u l....- i pi in .1I11-IPIlI...t.l. 1 t E
VILLAGE or
PLAINFIELD
D.A.R.E. Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2018 FY 2019
Actual Actual
FY 2021 FY 2021 FY 2022
FY 2020 Adopted Estimated Proposed
Actual Budget Amount Budget
Fund: 14 - D.A.R.E. Fund
Revenues
Investment Income
Interest Income 118 $315 $239 $100 $100 $100
Total: Investment Income 118 $315 $239 $100 $100 $100
Miscellaneous
DARE Contributions
Total: Miscellaneous
22,320 24,819
22,320 $24,819
14,198 20,000 5,000 20,000
14,198 $20,000 $5,000 $20,000
14,43
Expenditures
Unit: 00 - Non -Departmental
Division: 00 - Non -Divisional
D.A.R.E. Program
Total: Non -Divisional
15,950 18,948 23,142 23,000 5,000 20,000
15,950 $18,948 $23,142 $23,000 $5,000 $20,000
Total: D.A.R.E. Fund 6,488 $6,186 ($8,705) ($2,900) $100 $100
DARE Fund has a 4/30/20 Fund Balance of $3,536
30,000
25,000
20,000
15, 000
10, 000
5,000
0
DARE Contribution History
FY 2018
Actual
FY 2019 FY 2020
Actual Actual
FY 2021
Adopted
Budget
FY 2022
Proposed
Budget
11.....DARE Contributions
63
V1LLAc8 OP
PLAINFIELD
Downtown Tax Increment Financing Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2021 FY 2021 FY 2022
FY 2018 FY 2019 FY 2020 Adopted Estimated Proposed
Actual Actual Actual Budget Amount Budget
Fund: 17 - Tax Increment Financing Fund -Downtown
Revenues
Property Taxes
Property Tax Revenue 718,508 726,816 735,635 730,000 730,000 730,000
Total: Property Taxes 718,508 $726,816 $735,635 $730,000 $730,000 $730,000
INT - Investment Income
Interest Income
Total: Investment Income
7,686 17,553 16,472 10,000 5,000 5,000
7,686 $17,553 $16,472 $10,000 $5,000 $5,000
7
Expenditures
Unit: 00 - Non -Departmental
Division: 91 - Capital
Other
Contractual Services 944,580 81,868 112,764 1,000,000 800,000 1,000,000
Facade Improvements 127,118 2,500 0 40,000 8,000 40,000
Total: Capital $1,071,698 $84,368 $112,764 $1,040,000 $808,000 $1,040,000
Division: 99 - Transfers
OTHER - Other
Transfer to General Fund
Transfer to Capital Fund
Total: Transfers
0 0 0 50,000
0 500,000 0
0 $500,000 $0 $50,000 $50,000 $50,000
50,000 50,000
0 0 0
1,O9O,a
Total: Tax Increment Financing Fund ($345,504) $160,001 $639,343 ($350,000) ($123,000) ($355,000)
TIF Fund has a 4/30/20 Fund Balance of $994,381
780,000
730,000
680,000
630,000
580,000
530,000
480,000
TIF Property Tax Revenue History
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Actual Actual Actual Adopted Proposed
Budget Budget
Property Tax
Revenue
64
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t. i _.I 1 1-N.r.•.qY i Irk
VILLAGE OF
PLAINFIELD
Route 30 Tax Increment Financing Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Description
FY 2021 FY 2021 FY 2022
FY 2019 FY 2020 Adopted Estimated Proposed
Actual Actual Budget Amount Budget
Fund: 18 - Tax Increment Financing Fund - Rt 30
Revenues
Property Taxes
Property Tax Revenue
Total: Property Taxes
INT - Investment Income
Interest Income
0 968 1,000 12,000 15,000
0 $968 $1,000 $12,000 $15,000
0 6 50 50 50
Total: Investment Income 0 $6 $50 $50 $50
Revenues Ti 050 $12,050 $15,050
Expenditures
Unit: 00 - Non -Departmental
Division: 91 - Capital
Other
Contractual Services
Total: Capital
OTHER - Other
Property Tax Rebate
0 0 0 0 0
0 $0 $0 $0 $0
0 0 0 6,484 7,500
Total: Other 0 $0 $0 $6,484 $7,500
6,484 $7,500
Total: Tax Increment Financing Fund 0 $974 $1,050 $5,566 $7,550
18,000
15,000
12,000
9,000
6, 000
3,000
0
Rt. 30 TIF Property Tax Revenue History
FY 2019 FY 2020 FY 2021 FY 2022
Actual Actual Adopted Proposed
Budget Budget
Property Tax
Revenue
65
tit II
PILLAGE 9E
PLAINFIELD
Alcohol Enforcement Fund
Revenue & Expense Detail
2021-2022 Fiscal Year Budget
Descri • tion
FY 2021 FY 2021 FY 2022
FY 2018 FY 2019 FY 2020 Adopted Estimated Proposed
Actual Actual Actual Budget Amount Budget
Fund: 27 - Alcohol Enforcement Fund
Revenues
Fines and Forfeits
Alcohol Fines 16,893 22,680 21,203 15,000 15,000 15,000
Total: Fines and Forfeits $16,893 $22,680 $21,203 $15,000 $15,000 $15,000
Investment Income
Interest Income 562 1,164 954 500 250 500
Total: Investment Income 562 $1,164 $954 $500 $250 $500
Expenditures
Unit: 00 - Non -Departmental
Division: 99 - Transfers
Other
Transfer to General 18,000 25,000 25,000 25,000 24,750 25,000
Total: Other 18,000 $25,000 $25,000 $25,000 $24,750 $25,000
4,7
Total: Alcohol Enforcement Fund ($545) ($1,156) ($2,843) ($9,500) ($9,500) ($9,500)
Alcohol Enforcement Fund has a 4/30/20 Fund Balance of $38,204
24, 200
22,200
20, 200
18,200
16, 200
14, 200
12,200
10,200
8,200
Alcohol Fines History
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Actual Actual Actual Adopted Proposed
Budget Budget
Alcohol Fines
66