HomeMy Public PortalAbout11-08-2021 COW Agenda and PacketCommittee of the Whole Workshop of the President and the Board of
Trustees
Monday, November 08, 2021
7:00 PM
24401 W. Lockport Street
Plainfield, IL 60544
In the Boardroom
Agenda
A.CALL TO ORDER, ROLL CALL, PLEDGE
B.APPROVAL OF THE MINUTES
B.1.Approval of the Minutes of the Committee of the Whole Workshop held on
October 25, 2021.
10-25-2021 COW Minutes
C.PRESIDENTIAL COMMENTS
D.TRUSTEES COMMENTS
E.PUBLIC COMMENTS (3-5 minutes)
F.WORKSHOP
F.1.OLD TOWN PROJECT UPDATE
Old Town Project Staff Report
F.2.YEAR 2021 TAX LEVY
Staff will present the Village’s 2021 Tax Levy information as well as drafts of the Fiscal
Year 2023 Audit, Tort Immunity and Police Pension Budgets.
11-8-21 Tax Levy Workshop
FY 2022-2023 Draft Budget Tort Audit Pension
Actuarial Valuation Report - Plainfield Police - 2021
REMINDERS -
•November 11 Village Offices Closed for Veterans Day
•November 15 Village Board Meeting – 7:00 p.m.
•November 16 Plan Commission – 7:00 p.m.
•November 22 Next Committee of the Whole Workshop – 7:00 p.m.
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Committee of the Whole Workshop of the President and the Board of Trustees Page - 2
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Minutes of the Committee of the Whole Workshop of the President
and the Board of Trustees
Held on October 25, 2021
In the Boardroom
Mayor Argoudelis called the meeting to order at 7:00 p.m. Board Present: Mayor Argoudelis,
Trustee Wojowski, Trustee Benton, Trustee Kalkanis, Trustee Larson, and Trustee Ruane. Board
absent: Trustee Calkins. Others Present: Traci Pleckham, Interim Village Administrator; Michelle
Gibas, Village Clerk; Jon Proulx, Planning Director; Lonnie Spires, Building Official; Dan Schug,
Engineer; Derek Wold, Engineer; Allen Persons, Public Works Director; Randy Jessen, Public
Improvements Superintendent; Scott Threewitt, Lead Engineer; and, John Konopek, Chief of Police.
There were 2 persons in the audience.
Trustee Ruane moved to approve the Minutes of the Committee of the Whole Workshop held on
October 11, 2021. Second by Trustee Benton. Voice Vote. All in favor, 0 opposed. Motion carried.
PRESIDENTIAL COMMENTS
No Comments.
TRUSTEE COMMENTS
Trustee Benton commented about the water improvements at Vintage Harvest.
PUBLIC COMMENTS
Rick Pach expressed opposition to the 143rd Street East Extension Project.
WORKSHOP
1)2021-2022 BUDGET UPDATE
Mrs. Traci Pleckham, Interim Village Administrator, gave an update on the current fiscal year
budget. Mrs. Pleckham reviewed the general fund revenues including municipal sales tax, local
income tax, local use tax, personal property replacement tax, property tax, refuse, permit, MFT, and
franchise. Interim Administrator Pleckham also gave an overview of the General Fund expenses, and
reviewed the 2020 tax levy and tax rate distributions.
2)2022-2023 DRAFT FISCAL YEAR BUDGET
Mr. Randy Jessen and Mr. Scott Threewitt gave a status update on the Village’s current and proposed
capital projects. Staff highlighted the 2022 Street Improvement Program., 143rd Street corridor
including the 143rd Street East Extension Project, 143rd Street West Extension Project, 143rd Street
(Route 30), and 143rd Street/CN Railroad grade separation; Indian Boundary Road Structure
Replacement, 127th Street & Plainfield/Naperville Road traffic signal, Renwick Road improvements,
Renwick Road pedestrian improvements. Staff also reviewed DCEO Grant projects, IL Route 59
Pedestrian Accommodations, Woodfarm Road, County Line/Route 126, I-55 Interchange Study, and
Riverwalk Court Traffic Signal Study. Staff also identified updating the Transportation Plan.
Mayor Argoudelis thanked staff and read the reminders.
Trustee Ruane moved to adjourn. Second by Trustee Benton. Voice Vote. All in favor, 0 opposed.
Motion carried.
The meeting adjourned at 8:12 p.m.
Michelle Gibas, Village Clerk
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MEMORANDUM
To: Allen Persons – Director of Public Works
From: Randall Jessen – Superintendent of Public Improvements
Date: November 3, 2021
Re: Old Town – Public Information Meeting Summary
Background Findings
Staff held three Public Information meetings regarding the proposed improvements for the Old Town project. The
dates of the meetings were 6/9/21, 8/4/21 and 10/6/21. The first meeting was at the Village Green Park shelter
and the last two were held at the Boy Scout Park shelter on Ottawa Street; generally, from 5-7pm. The first
meeting covered the Old Town project, the Illinois Street reconstruction project and the future Rt 59 viaduct
landscape project. The second and third were focused on Old Town.
In total, there were five alternatives for Lockport Street and three for Eastern Avenue. Over the last few meetings,
the alternatives have been reduced to two. The options that were eliminated posed too high of an impact to the
trees and parking opportunities from the overall width of the pavement and location of on-street bike lanes. The
two that remain essentially occupy the same footprint as the current roadway alignment being about 3’ wider
overall than existing. The alternatives for Eastern Avenue have been reduced to two as well and include the
addition of curb and gutter along with storm sewer. The main difference is the inclusion of on-street parking or
no parking.
Traffic calming measures: Currently, all the alternatives include numerous bump outs at the intersections of
Lockport and Bartlett, Center, Eastern and Hartong and well as a bump out on Eastern between Lockport and 126
to help slow down traffic. Another concept could shift the parking from north to south on alternating blocks
thereby aiding in the reduction of speed along the street. This would also address a few concerns about parking
being solely on one side verses the other. A landscaped chicane is being evaluated for Lockport Street near the
railroad tracks and Staff is considering a possible future traffic calming project on the east side of the railroad
tracks as well.
Alternative Comparisons - Statistics
Lockport Street
Alternative
#1
Alternative
#5
Trees removed 10 ea 10 ea
Total diameter of trees 114 in 114 in
Number of parking spaces (37 existing) 42 ea 42 ea
Number of utility poles impacted 16 ea 15 ea
Number of utility pedestals/handholes 4 ea 3 ea
Overall road width edge to edge 32 ft 32 ft
Multi-use path, concrete, 8' wide yes no
Sidewalk, concrete, 5' wide yes yes
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Eastern Avenue
Alternative
#1
Alternative
#2
Trees removed 12 ea 12 ea
Total diameter of trees 94 in 94 in
Number of parking spaces 0 ea 42 ea
Number of utility poles impacted 1 ea 10 ea
Number of utility pedestals/handholes 7 ea 14 ea
Overall road width edge to edge 25 ft 30 ft
Multi-use path, concrete, 8' wide no no
Sidewalk, concrete, 5' wide yes yes
Board Consideration Regarding Design
Staff is seeking input from the Mayor and Board regarding the design alternatives for Lockport Street and Eastern
Avenue.
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MEMORANDUM
To: Mayor Argoudelis and the Board of Trustees
From: Traci Pleckham – Interim Village Administrator
Date: November 3, 2021
Subject: Year 2021 Tax Levy
Attached please find the proposed 2021 tax levy calculations. Rather than calculating the tax
levy based on maintaining the same levy dollar amount, staff has calculated the 2021 levy by
maintaining the 2020 levy rate of .4669. Consistent with past Village Board direction, this levy
rate has remained unchanged for the past eight 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 the past three-year period. Based on preliminary information
received from Will and Kendall Counties, the overall estimated EAV has increased by
approximately 4.5%. The Village’s official EAV will not be available until the spring of 2022.
It is important to point out that the Village approves the annual tax levy based on dollars
requested (not rate). Once the official EAV is available, 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 2020 levy rate of .4669. The 2021 levy represents a total request of $7,751,000
(or a 6.3% increase in revenues); 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 2020 tax levy was 5.58%. Or, for
every dollar paid in property taxes by Village residents, 5.58 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 2021 tax levy timeline is
as follows:
• November 15, 2021 Village Board Meeting: Motion to acknowledge the preliminary
estimate of the 2021 tax levy in the amount of $7,751,000
• November 25, 2021: Newspaper publication of the Notice of the Public Hearing for the
Tax levy
• December 6, 2021 Village Board Meeting: Public Hearing on the proposed 2021 Tax
Levy
• December 6, 2021 Village Board Meeting: consideration of the 2021 Tax Levy Ordinance
for the Village of Plainfield
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2020 Equalized Assessed Valuation 1,551,500,615
Estimate of 2021 Equalized Assessed Valuation:1,660,105,658
2020
2020 Extended Recommended Rate
Levy Levy Rate Levy Request Produced Percentage
Corporate 3,067,413 0.1978 3,096,000 0.1865 39.9432%
Police Protection 1,534,477 0.0989 1,645,000 0.0991 21.2231%
Immunity 400,970 0.0226 685,000 0.0413 8.8376%
IMRF 550,730 0.0354 575,000 0.0346 7.4184%
Audit 40,318 0.0026 50,000 0.0030 0.6451%
Police Pension 1,700,423 0.1096 1,700,000 0.1024 21.9327%
Operating Levy 7,294,331 0.4669 7,751,000 0.4669 100.00%
GO Bonds 0 0.0000 0 0.0000
Total Levy 7,294,331 0.4669 7,751,000 0.4669
Increase over 2020
Operating Levy 456,669
Increase over 2020
Total Levy 456,669
VILLAGE OF PLAINFIELD
2021 TAX LEVY WORKSHEET
Recommended Levy
11/4/2021
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Tax Rate %
Village of Plainfield 0.4079 0.4297 0.4567 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 0.4669 5.58%
Will County & Forest Preserve 0.6841 0.7244 0.7244 0.8186 0.8410 0.8295 0.8091 0.7881 0.7431 0.7231 8.64%
School District 202 4.8618 5.2705 5.8323 6.2265 6.2622 6.2410 5.8941 5.7067 5.5732 5.3421 63.86%
Joliet Junior College 525 0.2270 0.2463 0.2768 0.2955 0.3085 0.3065 0.3099 0.2994 0.2924 0.2891 3.46%
Plainfield Township Park District 0.1959 0.2126 0.2433 0.2535 0.2742 0.2692 0.2560 0.2541 0.2591 0.2537 3.03%
Plainfield Public Library District 0.1573 0.1720 0.1894 0.2013 0.2057 0.2021 0.1939 0.1921 0.1893 0.1825 2.18%
Plainfield Fire Protection District 0.8656 0.8872 0.9216 0.9970 1.0122 1.0036 0.9674 0.9650 0.9537 0.9261 11.07%
Township and Other 0.1653 0.1804 0.1960 0.2106 0.2125 0.2091 0.1991 0.1952 0.1908 0.1824 2.18%
Total Tax Rate 7.5649 8.1231 8.8405 9.4699 9.5832 9.5279 9.0964 8.8675 8.6685 8.3659 100.00%
Village of Plainfield - Will County
Comparison of Tax Rates per $100 of Assessed Valuation
2012
Levy
Rates
2014
Levy
Rates
2016
Levy
Rates
2011
Levy
Rates
2013
Levy
Rates
2020 Levy2015
Levy
Rates
2010
Levy
Rates
2017
Levy
Rates
2018
Levy
Rates
Village of Plainfield
5.58%
Will County & Forest
Preserve
8.64%
School District 202
63.86%
Joliet Junior College 525
3.46%
Plainfield Township
Park District
3.03%
Plainfield Public
Library District
2.18%Plainfield Fire Protection
District
11.07%
Township and Other
2.18%
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Description
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2022
Estimated
Amount
FY 2023
Proposed
Budget
Fund: 07 - Tort Immunity Fund
Property Taxes
Property Tax Revenue 491,668 399,426 150,397 350,000 345,000 685,000
Total: Property Taxes $491,668 $399,426 $150,397 $350,000 $345,000 $685,000
Investment Income
Interest Income 8,101 8,237 484 1,000 500 300
Total: Investment Income $8,101 $8,237 $484 $1,000 $500 $300
Other Reimbursements $451 $0 $0 $0 $0 $0
$451 $0 $0 $0 $0 $0
Revenues Total $500,220 $407,663 $150,881 $351,000 $345,500 $685,300
Unit: 00 - Non-Departmental
Contractual Services
Bond-Treasurer 336 336 336 336 336 336
Comm. Umbrella Liability 170,959 157,579 220,751 280,000 349,748 405,000
Workman's Comp. Ins.180,488 189,364 189,914 230,000 240,481 275,000
Total: Contractual Services $351,783 $347,279 $411,001 $510,336 $590,565 $680,336
Expenditures Total $351,783 $347,279 $411,001 $510,336 $590,565 $680,336
Total: Tort Immunity Fund $148,437 $60,384 ($260,120)($159,336)($245,065)$4,964
**Tort Immunity Fund has a 4/30/21 Fund Balance of $242,787
Tort Immunity Fund
2022-2023 Fiscal Year Budget
Revenues
Expenditures
Revenue & Expense Detail
MISC - Miscellaneous
Total: Miscellaneous
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2023
Proposed
Budget
Tort Immunity Revenue History
Property Tax Revenue
DRAFT Page 1 11/04/2021
29
Description
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2022
Estimated
Amount
FY 2023
Proposed
Budget
Fund: 08 - Audit Fund
Property Taxes
Property Tax Revenue 44,169 36,152 30,373 40,000 40,000 50,000
Total: Property Taxes $44,169 $36,152 $30,373 $40,000 $40,000 $50,000
Investment Income
Interest Income 532 513 33 500 100 100
Total: Investment Income $532 $513 $33 $500 $100 $100
Revenues Total $44,701 $36,665 $30,406 $40,500 $40,100 $50,100
Unit: 00 - Non-Departmental
Division: 00 - Non-Divisional
Contrac - Contractual Services
Audit Village 38,085 39,565 40,320 42,000 41,800 45,000
Total: Contractual Services $38,085 $39,565 $40,320 $42,000 $41,800 $45,000
Expenditures Total $38,085 $39,565 $40,320 $42,000 $41,800 $45,000
Total: Audit Fund $6,616 ($2,900)($9,914)($1,500)($1,700)$5,100
**Audit Fund has a 4/30/21 Fund Balance of $9,779
Audit Fund
2022-2023 Fiscal Year Budget
Revenues
Expenditures
Revenue & Expense Detail
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2023
Proposed
Budget
Audit Fund Revenue History
Property Tax
Revenue
DRAFT Page 2 11/04/2021
30
Description
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2022
Estimated
Amount
FY 2023
Proposed
Budget
Fund: 10 - Police Pension Fund
Investment Income
Interest Income 1,219,956 1,012,050 890,572 625,000 600,000 625,000
Realized Gain/Loss 339,712 765,702 580,856 300,000 300,000 300,000
Unrealized Gain/Loss 235,710 (1,129,771)7,324,489 200,000 200,000 200,000
Total: Investment Income $1,795,378 $647,981 $8,795,917 $1,125,000 $1,100,000 $1,125,000
MISC - Miscellaneous
Other Receipts 200 0 226 0 0 0
Employee Contributions 555,362 580,065 655,092 650,000 670,000 695,000
Employer Contributions 1,402,475 1,297,308 1,577,460 1,700,000 1,700,000 1,700,000
Total: Miscellaneous $1,958,037 $1,877,373 $2,232,778 $2,350,000 $2,370,000 $2,395,000
Revenues Total $3,753,415 $2,525,354 $11,028,695 $3,475,000 $3,470,000 $3,520,000
Police Pension Fund
2022-2023 Fiscal Year Budget
Revenues
Revenue & Expense Detail
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2023
Proposed
Budget
Police Pension Contribution History
Employee Contributions
Employer Contributions
DRAFT Page 3 11/04/2021
31
Description
FY 2019
Actual
FY 2020
Actual
FY 2021
Actual
FY 2022
Adopted
Budget
FY 2022
Estimated
Amount
FY 2023
Proposed
Budget
Police Pension Fund
2022-2023 Fiscal Year Budget
Revenue & Expense Detail
Unit: 00 - Non-Departmental
Division: 00 - Non-Divisional
Salaries and Wages
Pension Payments 510,423 640,262 811,860 950,000 930,000 1,100,000
Total: Salaries & Wages $510,423 $640,262 $811,860 $950,000 $930,000 $1,100,000
Benefits
Travel/Training 7,153 6,765 (341)5,000 3,000 5,000
Total: Benefits $7,153 $6,765 ($341)$5,000 $3,000 $5,000
Supplies and Commodities
Office Supplies/Postage 0 123 0 500 500 500
Dues & Subscriptions 6,421 7,111 8,213 7,500 8,500 8,500
Total: Supplies & Commodities $6,421 $7,234 $8,213 $8,000 $9,000 $9,000
Contractual Services
Contractual Services 36,143 29,146 35,946 35,000 35,000 35,000
Total: Contractual Services $36,143 $29,146 $35,946 $35,000 $35,000 $35,000
Other
Investment Expense 106,456 115,940 134,947 120,000 130,000 130,000
Total: OTHER - Other $106,456 $115,940 $134,947 $120,000 $130,000 $130,000
Total: Non-Divisional $666,596 $799,347 $990,625 $1,118,000 $1,107,000 $1,279,000
Expenditures Total $666,596 $799,347 $990,625 $1,118,000 $1,107,000 $1,279,000
Total: Police Pension Fund $3,086,819 $1,726,007 $10,038,070 $2,357,000 $2,363,000 $2,241,000
Expenditures
DRAFT Page 4 11/04/2021
32
VILLAGE OF PLAINFIELD
POLICE PENSION FUND
ACTUARIAL VALUATION
AS OF MAY 1, 2021
CONTRIBUTIONS APPLICABLE TO THE
PLAN/FISCAL YEAR ENDING APRIL 30, 2023
GASB 67/68 DISCLOSURE INFORMATION
AS OF APRIL 30, 2021
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184 Shuman Blvd, Suite 305 Naperville, IL 60563 ꞏ (630) 620-0200 ꞏ Fax (239) 481-0634 ꞏ www.foster-foster.com
August 11, 2021
Ms. Colleen Thornton
Village of Plainfield Police Pension Fund
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 valuations have 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 reflect 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 valuations, we did not perform an analysis of the potential range of such
future measurements.
The funding percentages and unfunded accrued liability as measured based on the actuarial value of
assets will differ from similar measures based on the market value of assets. These measures, as
provided, are appropriate for determining the adequacy of future contributions, but may not be
appropriate for the purpose of settling a portion or all of its liabilities.
In conducting the valuations, 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.
34
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.
In performing the analysis, we used third-party software to model (calculate) the underlying liabilities
and costs. These results are reviewed in the aggregate and for individual sample lives. The output from
the software is either used directly or input into internally developed models to generate the costs. All
internally developed models are reviewed as part of the process. As a result of this review, we believe
that the models have produced reasonable results. We do not believe there are any material
inconsistencies among assumptions or unreasonable output produced due to the aggregation of
assumptions.
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.
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
JLF/lke
Enclosures
35
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 20
h. Discussion of Risk 21
III Trust Fund 24
IV Member Statistics
a. Statistical Data 28
b. Age and Service Distribution 29
c. Valuation Participant Reconciliation 30
V Summary of Current Plan 31
VI Governmental Accounting Standards Board Statements
No. 67 and No. 68 Disclosure Information 34
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SUMMARY OF REPORT
The regular annual actuarial valuation of the Village of Plainfield Police Pension Fund, performed as of
May 1, 2021, 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, 2023.
The contribution requirements, compared with those set forth in the May 1, 2020 actuarial report, are as
follows:
Valuation Date 5/1/2021 5/1/2020
Applicable to Fiscal Year Ending 4/30/2023 4/30/2022
Total Recommended Contribution $2,245,503 $2,293,067
% of Projected Annual Payroll 37.3% 37.7%
Member Contributions (Est.) (596,762) (602,949)
% of Projected Annual Payroll (9.9%) (9.9%)
Village Recommended Contribution 1,648,741 1,690,118
% of Projected Annual Payroll 27.4% 27.8%
As you can see, the Total Recommended Contribution shows a decrease when compared to the results
determined in the May 1, 2020 actuarial valuation report. The decrease is attributable to favorable
experience realized by the plan. The decrease was offset in part by the natural increase in the
amortization payment due to the payroll growth assumption.
Plan experience was favorable overall on the basis of the plan's actuarial assumptions. Sources of
favorable experience included an investment return of 8.58% (Actuarial Asset Basis) which exceeded the
6.75% assumption and an average salary increase of 3.75% which fell short of the 4.66% assumption.
These gains were offset in part by a loss associated with more retirements than expected.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 5 37
CHANGES SINCE PRIOR VALUATION
Plan Changes Since Prior Valuation
There were no plan changes since the prior valuation.
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 38
COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS
5/1/2021 5/1/2020
A. Participant Data
Number Included
Actives 57 59
Service Retirees 10 8
Beneficiaries 0 0
Disability Retirees 2 2
Terminated Vested 6 3
Total 75 72
Total Annual Payroll $6,021,819 $6,084,253
Payroll Under Assumed Ret. Age 6,021,819 6,084,253
Annual Rate of Payments to:
Service Retirees 760,314 594,159
Beneficiaries 0 0
Disability Retirees 96,830 96,830
Terminated Vested 132,298 22,163
B. Assets
Actuarial Value 42,819,902 38,112,155
Market Value 46,429,245 36,391,179
C. Liabilities
Present Value of Benefits
Actives
Retirement Benefits 41,987,271 42,673,184
Disability Benefits 3,229,281 3,276,826
Death Benefits 422,571 427,203
Vested Benefits 3,010,700 3,128,231
Service Retirees 13,131,245 10,128,676
Beneficiaries 0 0
Disability Retirees 1,741,107 1,722,064
Terminated Vested 1,780,608 238,995
Total 65,302,783 61,595,179
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 7 39
C. Liabilities - (Continued)5/1/2021 5/1/2020
Present Value of Future Salaries 57,549,719 58,223,010
Present Value of Future
Member Contributions 5,703,177 5,769,900
Normal Cost (Retirement)1,028,795 1,046,765
Normal Cost (Disability)177,058 178,592
Normal Cost (Death)20,225 19,753
Normal Cost (Vesting)144,111 141,012
Total Normal Cost 1,370,189 1,386,122
Present Value of Future
Normal Costs 12,038,394 12,207,416
Accrued Liability (Retirement)32,707,045 33,213,116
Accrued Liability (Disability)1,591,901 1,650,587
Accrued Liability (Death)236,435 247,083
Accrued Liability (Vesting)2,076,048 2,187,242
Accrued Liability (Inactives) 16,652,960 12,089,735
Total Actuarial Accrued Liability 53,264,389 49,387,763
Unfunded Actuarial Accrued
Liability (UAAL) 10,444,487 11,275,608
Funded Ratio (AVA / AL) 80.4% 77.2%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 8 40
5/1/2021 5/1/2020
D. Actuarial Present Value of Accrued Benefits
Vested Accrued Benefits
Inactives 16,652,960 12,089,735
Actives 10,781,608 10,699,144
Member Contributions 6,801,338 6,929,305
Total 34,235,906 29,718,184
Non-vested Accrued Benefits 2,227,328 2,119,592
Total Present Value Accrued Benefits 36,463,234 31,837,776
Funded Ratio (MVA / PVAB)127.3%114.3%
Increase (Decrease) in Present Value of
Accrued Benefits Attributable to:
Plan Amendments 0
Assumption Changes 0
Plan Experience 3,315,668
Benefits Paid (811,860)
Interest 2,121,650
Other 0
Total 4,625,458
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 9 41
Valuation Date 5/1/2021 5/1/2020
Applicable to Fiscal Year Ending 4/30/2023 4/30/2022
E. Pension Cost
Normal Cost ¹ $1,462,677 $1,479,685
% of Total Annual Payroll ¹ 24.3 24.3
Administrative Expenses ¹ 46,777 46,057
% of Total Annual Payroll ¹ 0.8 0.8
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 20 years
(as of 5/1/2021) ¹ 736,049 767,325
% of Total Annual Payroll ¹ 12.2 12.6
Total Recommended Contribution 2,245,503 2,293,067
% of Total Annual Payroll ¹ 37.3 37.7
Expected Member Contributions ¹ (596,762) (602,949)
% of Total Annual Payroll ¹ (9.9) (9.9)
Expected Village Contribution 1,648,741 1,690,118
% of Total Annual Payroll ¹ 27.4 27.8
F. Past Contributions
Plan Years Ending: 4/30/2021
Total Recommended Contribution 2,235,429
Village Requirement 1,580,337
Actual Contributions Made:
Members (excluding buyback)655,092
Village 1,577,686
Total 2,232,778
G. Net Actuarial (Gain)/Loss (841,930)
¹ Contributions developed as of 5/1/2021 displayed above have been adjusted to
account for assumed interest.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 10 42
H. Schedule Illustrating the Amortization of the Total Unfunded Actuarial Accrued Liability as of:
Projected Unfunded
Year Accrued Liability
2021 10,444,487
2022 10,413,441
2023 10,354,538
2028 9,536,774
2032 8,031,525
2037 4,568,388
2041 0
I. (i) 5 Year Comparison of Actual and Assumed Salary Increases
Actual Assumed
Year Ended 4/30/2021 3.75% 4.66%
Year Ended 4/30/2020 3.56% 4.35%
Year Ended 4/30/2019 3.14% 4.38%
(ii) 5 Year Comparison of Investment Return on Actuarial Value
Actual MVA Actual AVA Assumed
Year Ended 4/30/2021 23.36% 8.58% 6.75%
Year Ended 4/30/2020 1.51% 4.45% 6.75%
Year Ended 4/30/2019 5.23% 5.26% 6.75%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 11 43
DEVELOPMENT OF MAY 1, 2021 AMORTIZATION PAYMENT
(1) Unfunded Actuarial Accrued Liability as of May 1, 2020 $11,275,608
(2) Sponsor Normal Cost developed as of May 1, 2020 783,173
(3) Expected administrative expenses for the year ended April 30, 2021 43,145
(4) Expected interest on (1), (2) and (3) 815,424
(5) Sponsor contributions to the System during the year ended April 30, 2021 1,577,686
(6) Expected interest on (5) 53,247
(7) Expected Unfunded Actuarial Accrued Liability as of
April 30, 2021, (1)+(2)+(3)+(4)-(5)-(6) 11,286,417
(8) Change to UAAL due to Benefits/Assumption Change 0
(9) Change to UAAL due to Actuarial (Gain)/Loss (841,930)
(10) Unfunded Accrued Liability as of May 1, 2021 10,444,487
(11) UAAL Subject to Amortization (100% AAL less Actuarial Assets) 10,444,487
Date Years 5/1/2021 Amortization
Established Remaining Amount Amount
5/1/2021 20 10,444,487 689,507
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 12 44
(1) Unfunded Actuarial Accrued Liability (UAAL) as of May 1, 2020 $11,275,608
(2) Expected UAAL as of May 1, 2021 11,286,417
(3) Summary of Actuarial (Gain)/Loss, by component:
Investment Return (Actuarial Asset Basis)(711,600)
Salary Increases (322,665)
Active Decrements 134,406
Inactive Mortality 45,461
Other 12,468
Change in UAAL due to (Gain)/Loss (841,930)
Change to UAAL due to Benefits/Assumption Change 0
(4) Actual UAAL as of May 1, 2021 $10,444,487
DETAILED ACTUARIAL (GAIN)/LOSS ANALYSIS
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 13 45
(1) Contribution Determined as of May 1, 2020 1,690,118$
(2) Summary of Contribution Impact by component:
Change in Normal Cost (17,008)
Change in Assumed Administrative Expense 720
Investment Return (Actuarial Asset Basis)(50,148)
Salary Increases (22,739)
New Entrants 4,026
Active Decrements 9,472
Inactive Mortality 3,204
Contributions (More) or Less than Recommended 193
Increase in Amortization Payment Due to Payroll Growth Assumption 26,856
Change in Expected Member Contributions 6,187
Benefits/Assumption Change -
Other (2,140)
Total Change in Contribution (41,377)
(3) Contribution Determined as of May 1, 2021 $1,648,741
RECONCILIATION OF CHANGES IN CONTRIBUTION REQUIREMENT
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 14 46
Valuation Date 5/1/2021 5/1/2020
Applicable to Fiscal Year Ending 4/30/2023 4/30/2022
Actuarial Accrued Liability (PUC)48,708,894 44,556,776
Actuarial Value of Assets 42,819,902 38,112,155
Unfunded Actuarial Accrued Liability (UAAL)5,888,992 6,444,621
UAAL Subject to Amortization 1,018,103 1,988,943
Normal Cost ¹ $1,895,041 $1,900,325
% of Total Annual Payroll ¹31.5 31.2
Administrative Expenses ¹ 46,777 46,057
% of Total Annual Payroll ¹0.8 0.8
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 19 years
(as of 5/1/2021) ¹ 74,481 140,166
% of Total Annual Payroll ¹1.2 2.3
Total Required Contribution 2,016,299 2,086,548
% of Total Annual Payroll ¹33.5 34.3
Expected Member Contributions ¹ (596,762)(602,949)
% of Total Annual Payroll ¹(9.9)(9.9)
Expected Village Contribution 1,419,537 1,483,599
% of Total Annual Payroll ¹23.6 24.4
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 5/1/2021 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 47
PROJECTION OF BENEFIT PAYMENTS
Payments for Payments for Total
Year Current Actives Current Inactives Payments
2021 112,998 866,274 979,272
2022 234,800 889,592 1,124,392
2023 389,714 910,876 1,300,590
2024 570,553 932,133 1,502,686
2025 769,050 953,248 1,722,298
2026 981,326 1,028,710 2,010,036
2027 1,206,822 1,103,765 2,310,587
2028 1,495,390 1,145,071 2,640,461
2029 1,777,961 1,183,124 2,961,085
2030 2,094,993 1,202,886 3,297,879
2031 2,402,763 1,229,625 3,632,388
2032 2,739,000 1,256,939 3,995,939
2033 3,134,179 1,276,555 4,410,734
2034 3,495,613 1,294,647 4,790,260
2035 3,859,291 1,311,101 5,170,392
2036 4,201,428 1,325,875 5,527,303
2037 4,533,798 1,338,968 5,872,766
2038 4,860,625 1,373,006 6,233,631
2039 5,138,724 1,384,285 6,523,009
2040 5,407,955 1,393,935 6,801,890
2041 5,679,811 1,401,884 7,081,695
2042 5,977,812 1,407,995 7,385,807
2043 6,262,697 1,412,062 7,674,759
2044 6,498,294 1,413,785 7,912,079
2045 6,766,834 1,412,778 8,179,612
2046 6,995,872 1,408,606 8,404,478
2047 7,232,801 1,400,818 8,633,619
2048 7,497,932 1,388,942 8,886,874
2049 7,752,654 1,372,512 9,125,166
2050 8,060,878 1,351,075 9,411,953
2051 8,279,983 1,324,187 9,604,170
2052 8,443,033 1,291,478 9,734,511
2053 8,576,254 1,252,688 9,828,942
2054 8,682,013 1,207,732 9,889,745
2055 8,762,499 1,156,703 9,919,202
2056 8,816,848 1,099,896 9,916,744
2057 8,843,331 1,037,797 9,881,128
2058 8,839,710 971,228 9,810,938
2059 8,803,347 901,261 9,704,608
2060 8,733,494 829,149 9,562,643
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 16 48
ACTUARIAL ASSUMPTIONS AND METHODS
Interest Rate 6.75% per year compounded annually, net of investment related
expenses. We will continue to monitor this assumption in light
of 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-2020. 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-2020.
Beneficiaries:
PubS-2010 Survivor mortality, projected 5 years past the
valuation date with Scale MP-2020.
Disabled Lives:
PubS-2010 Disabled mortality, projected 5 years past the
valuation date with Scale MP-2020.
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 49
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.
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.
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.
Salary Scale
Service Rate
0 11.00%
1 10.75%
28.75%
38.50%
47.00%
56.25%
65.25%
74.25%
8 - 16 4.00%
17 - 32 3.75%
32+ 3.50%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 18 50
Decrement Tables
% 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 | 19 51
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 | 20 52
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 | 21 53
Contribution Risk: This risk results from the potential that actual employer contributions may
deviate from actuarially determined contributions, which are determined in accordance with the
Board’s funding policy. The funding policy is intended to result in contribution requirements that
if paid when due, will result in a reasonable expectation that assets will accumulate to be
sufficient to pay plan benefits when due. Contribution deficits, particularly large deficits and
those that occur repeatedly, increase future contribution requirements and put the plan at risk for
not being able to pay plan benefits when due.
Impact of Plan Maturity on Risk
For newer pension plans, most of the participants and associated liabilities are related to active members
who have not yet reached retirement age. As pension plans continue in operation and active members
reach retirement ages, liabilities begin to shift from being primarily related to active members to being
shared amongst active and retired members. Plan maturity is a measure of the extent to which this shift
has occurred. It is important to understand that plan maturity can have an impact on risk tolerance and the
overall risk characteristics of the plan. For example, plans with a large amount of retired liability do not
have as long of a time horizon to recover from losses (such as losses on investments due to lower than
expected investment returns) as plans where the majority of the liability is attributable to active members.
For this reason, less tolerance for investment risk may be warranted for highly mature plans with a
substantial inactive liability. Similarly, mature plans paying substantial retirement benefits resulting in a
small positive or net negative cash flow can be more sensitive to near term investment volatility,
particularly if the size of the fund is shrinking, which can result in less assets being available for
investment in the market.
To assist with determining the maturity of the plan, we have provided some relevant metrics in the table
following titled “Plan Maturity Measures and Other Risk Metrics”. Highlights of this information are
discussed below:
The Support Ratio, determined as the ratio of active to inactive members, has decreased from
550.0% on May 1, 2018 to 316.7% on May 1, 2021, indicating that the plan has been maturing.
The Accrued Liability Ratio, determined as the ratio of the Inactive Accrued Liability, which is
the liability associated with members who are no longer employed but are due a benefit from the
plan, to the Total Accrued Liability, is 31.3%. With a plan of this maturity, losses due to lower
than expected investment returns or demographic factors can be made up over a longer time
horizon than would be needed for a more mature plan.
The Funded Ratio, determined as the ratio of the Actuarial Value of Assets to the Total Accrued
Liability, has increased from 75.1% on May 1, 2018 to 80.4% on May 1, 2021, due mainly to the
transition of actuarial services and favorable plan experience.
The Net Cash Flow Ratio, determined as the ratio of the Net Cash Flow (contributions minus
benefit payments and administrative expenses) to the Market Value of Assets, decreased from
4.3% on May 1, 2018 to 3.0% on May 1, 2021. The current Net Cash Flow Ratio of 3.0%
indicates that contributions are generally in excess of the plan's benefit payments and
administrative expenses.
It is important to note that the actuary has identified the risks above as the most significant risks based on
the characteristics of the plan and the nature of the project, however, it is not an exhaustive list of
potential risks that could be considered. Additional advanced modeling, as well as the identification of
additional risks, can be provided at the request of the audience addressed on page 2 of this report.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 22 54
PLAN MATURITY MEASURES AND OTHER RISK METRICS
5/1/2021 5/1/2020 5/1/2019 5/1/2018
Support Ratio
Total Actives 57 59 57 55
Total Inactives 18 13 11 10
Actives / Inactives 316.7% 453.8% 518.2% 550.0%
Asset Volatility Ratio
Market Value of Assets (MVA) 46,429,245 36,391,179 34,665,171 31,578,352
Total Annual Payroll 6,021,819 6,084,253 5,827,563 5,525,220
MVA / Total Annual Payroll 771.0% 598.1% 594.8% 571.5%
Accrued Liability (AL) Ratio
Inactive Accrued Liability 16,652,960 12,089,735 8,698,914 8,354,902
Total Accrued Liability 53,264,389 49,387,763 44,466,277 42,886,699
Inactive AL / Total AL 31.3% 24.5% 19.6% 19.5%
Funded Ratio
Actuarial Value of Assets (AVA)42,819,902 38,112,155 35,321,046 32,192,657
Total Accrued Liability 53,264,389 49,387,763 44,466,277 42,886,699
AVA / Total Accrued Liability 80.4% 77.2% 79.4% 75.1%
Net Cash Flow Ratio
Net Cash Flow ¹1,377,099 1,193,966 1,397,895 1,351,804
Market Value of Assets (MVA) 46,429,245 36,391,179 34,665,171 31,578,352
Ratio 3.0%3.3%4.0%4.3%
¹ Determined as total contributions minus benefit payments and administrative expenses.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 23 55
STATEMENT OF FIDUCIARY NET POSITION
April 30, 2021
ASSETS MARKET VALUE
Cash and Cash Equivalents:
Certificates of Deposit 1,826,695
Cash and Short-Term Investments 168,971
Total Cash and Equivalents 1,995,666
Receivables:
Accrued Past Due Interest 115,220
Total Receivable 115,220
Investments:
Municipal Obligations 2,776,494
Corporate Bonds 148,437
U.S. Gov't and Agency Obligations 15,236,311
Mutual Funds 26,158,662
Total Investments 44,319,904
Total Assets 46,430,790
LIABILITIES
Liabilities:
Payable:
Accounts Payable 1,545
Total Liabilities 1,545
Net Assets:
Active and Retired Members' Equity 46,429,245
NET POSITION RESTRICTED FOR PENSIONS 46,429,245
TOTAL LIABILITIES AND NET ASSETS 46,430,790
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 24 56
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED April 30, 2021
Market Value Basis
ADDITIONS
Contributions:
Member 655,092
Village 1,577,686
Total Contributions 2,232,778
Investment Income:
Net Increase in Fair Value of Investments 7,905,345
Interest & Dividends 890,572
Less Investment Expense ¹ (134,947)
Net Investment Income 8,660,970
Total Additions 10,893,748
DEDUCTIONS
Distributions to Members:
Benefit Payments 811,860
Total Distributions 811,860
Administrative Expenses 43,819
Total Deductions 855,679
Net Increase in Net Position 10,038,069
NET POSITION RESTRICTED FOR PENSIONS
Beginning of the Year 36,391,179
Adjustment to beginning of year (3)
End of the Year 46,429,245
¹ Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 25 57
Market Value of Assets, 4/30/2021 46,429,245
(Gains)/Losses Not Yet Recognized (3,609,343)
Actuarial Value of Assets, 4/30/2021 42,819,902
4/30/2021 Limited Actuarial Assets:42,819,902
Market Value of Assets, 4/30/2020 36,391,176
Contributions Less Benefit Payments & Administrative Expenses 1,377,099
Expected Investment Earnings¹2,502,881
Actual Net Investment Earnings 8,660,970
2021 Actuarial Investment Gain/(Loss)6,158,089
¹ Expected Investment Earnings = 6.75% x (36,391,176 + 0.5 x 1,377,099)
Plan Year
Ending Gain/(Loss) 2021 2022 2023 2024 2025
4/30/2018 (61,588) (12,318)0000
4/30/2019 (489,796) (195,918) (97,959) 0 0 0
4/30/2020 (1,848,153) (1,108,892) (739,261) (369,631) 0 0
4/30/2021 6,158,089 4,926,471 3,694,853 2,463,236 1,231,618 0
Total 3,609,343 2,857,633 2,093,605 1,231,618 0
(A) 4/30/2020 Actuarial Assets:38,112,155
(I) Net Investment Income:
1. Interest and Dividends 890,572
2. Realized Gains (Losses) 0
3. Change in Actuarial Value 2,575,023
4. Investment Expenses (134,947)
Total 3,330,648
(B) 4/30/2021 Actuarial Assets:42,819,902
Actuarial Asset Rate of Return = (2 x I) / (A + B - I):8.58%
Market Value of Assets Rate of Return:23.36%
Actuarial Gain/(Loss) due to Investment Return (Actuarial Asset Basis)711,600
Amounts Not Yet Recognized by Valuation Year
Development of Investment Gain/Loss
Development of Actuarial Value of Assets
ACTUARIAL ASSET VALUATION
April 30, 2021
Gains/(Losses) Not Yet Recognized
Development of Asset Returns
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 26 58
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
April 30, 2021
Actuarial Asset Basis
INCOME
Contributions:
Member 655,092
Village 1,577,686
Total Contributions 2,232,778
Earnings from Investments
Interest & Dividends 890,572
Change in Actuarial Value 2,575,023
Total Earnings and Investment Gains 3,465,595
EXPENSES
Administrative Expenses:
Investment Related¹ 134,947
Other 43,819
Total Administrative Expenses 178,766
Distributions to Members:
Benefit Payments 811,860
Total Distributions 811,860
Change in Net Assets for the Year 4,707,747
Net Assets Beginning of the Year 38,112,155
Net Assets End of the Year² 42,819,902
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 | 27 59
STATISTICAL DATA ¹
5/1/2021 5/1/2020 5/1/2019 5/1/2018
Actives - Tier 1
Number 44 47 49 N/A
Average Current Age 44.5 44.2 43.6 N/A
Average Age at Employment 26.0 25.8 26.3 N/A
Average Past Service 18.5 18.4 17.3 N/A
Average Annual Salary $111,943 $109,408 $106,550 N/A
Actives - Tier 2
Number 13 12 8 N/A
Average Current Age 28.1 27.5 27.4 N/A
Average Age at Employment 24.6 24.9 24.9 N/A
Average Past Service 3.5 2.6 2.5 N/A
Average Annual Salary $84,334 $78,508 $75,828 N/A
Service Retirees
Number 10866
Average Current Age 61.0 61.1 62.8 N/A
Average Annual Benefit $76,031 $74,270 $68,577 $65,715
Beneficiaries
Number 0011
Average Current Age N/A N/A 82.3 N/A
Average Annual Benefit N/A N/A $13,578 $13,578
Disability Retirees
Number 2222
Average Current Age 47.5 46.5 45.5 N/A
Average Annual Benefit $48,415 $48,415 $48,415 $48,415
Terminated Vested
Number 6321
Average Current Age 41.5 43.0 50.2 N/A
Average Annual Benefit ²$44,099 $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 | 28 60
AGE AND SERVICE DISTRIBUTION
PAST SERVICE
AGE 012345-910-14 15-19 20-24 25-29 30+ Total
15 - 19 000000 000000
20 - 24 000000 000000
25 - 29 141301 0000010
30 - 34 000003 000003
35 - 39 100000 6300010
40 - 44 000000 2820012
45 - 49 000000 3272014
50 - 54 000000 031116
55 - 59 000000 000101
60 - 64 000000 000101
65+000000 000000
Total 24130411 16 10 5 1 57
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 29 61
VALUATION PARTICIPANT RECONCILIATION
1. Active lives
a. Number in prior valuation 5/1/2020 59
b. Terminations
i. Vested (partial or full) with deferred benefits (3)
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 3
h. Total active life participants in valuation 57
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 8 0 2 3 13
Retired 200 0 2
Vested Deferred 000 3 3
Death, With Survivor 000 0 0
Death, No Survivor 000 0 0
Disabled 000 0 0
Refund of Contributions 000 0 0
Rehires 000 0 0
Expired Annuities 000 0 0
Data Corrections 000 0 0
Hired/Termed in Same Year 000 0 0
b. Number current valuation 10 0 2 6 18
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 30 62
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 | 31 63
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 | 32 64
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 | 33 65
GASB 67/68
SUMMARY
Valuation Date 5/1/2021 5/1/2020
Measurement Date 4/30/2021 4/30/2020
Plan Membership:
Inactives Currently Receiving Benefits 12 10
Inactives Not Yet Receiving Benefits 6 3
Active Plan Members 57 59
Total 75 72
Covered Payroll $ 6,021,819 $ 6,084,253
Net Pension Liability
Total Pension Liability $ 52,346,796 $ 48,434,412
Plan Fiduciary Net Position 46,429,245 36,391,176
Net Pension Liability $ 5,917,551 $ 12,043,236
Plan Fiduciary Net Position
As a Percentage of Total Pension Liability 88.70% 75.13%
Net Pension Liability
As a Percentage of Covered Payroll 98.27% 197.94%
Total Pension Expense $ 639,392 $ 2,362,642
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 1.83% 2.85%
Number of Years Future Benefit Payments
Are Expected to be Paid 99 99
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 34 66
GASB 67/68
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
PLAN AND VILLAGE REPORTING
GASB 68 Reporting Period Ending 04/30/2021 04/30/2020
Measurement Date 04/30/2021 04/30/2020
Total Pension Liability
Service Cost 1,438,196 1,452,555
Interest 3,339,001 3,011,884
Changes of Benefit Terms - 118,430
Differences Between Expected and Actual Experience (52,953) 1,003,729
Changes of Assumptions - -
Benefit Payments, Including Refunds of Employee Contributions (811,860) (640,262)
Net Change in Total Pension Liability 3,912,384 4,946,336
Total Pension Liability - Beginning 48,434,412 43,488,076
Total Pension Liability - Ending (a) 52,346,796$ 48,434,412$
Plan Fiduciary Net Position
Contributions - Employer 1,577,686 1,297,308
Contributions - Employee 655,092 580,065
Net Investment Income 8,660,970 532,039
Benefit Payments, Including Refunds of Employee Contributions (811,860) (640,262)
Administrative Expense (43,819) (43,145)
Net Change in Plan Fiduciary Net Position 10,038,069 1,726,005
Plan Fiduciary Net Position - Beginning 36,391,179 34,665,171
Adjustment to beginning of year (3) -
Plan Fiduciary Net Position - Ending (b)46,429,245$ 36,391,176$
Net Pension Liability - Ending (a) - (b)5,917,551$ 12,043,236$
Plan Fiduciary Net Position as a Percentage of the Total Pension
Liability 88.70% 75.13%
Covered Payroll 6,021,819$ 6,084,253$
Net Pension Liability as a Percentage of Covered Payroll 98.27% 197.94%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 35 67
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, 2020 $ 48,434,412 $ 36,391,179 $ 12,043,233
Adjustment to beginning of year - (3) 3
Changes for a Year:
Service Cost 1,438,196 - 1,438,196
Interest 3,339,001 - 3,339,001
Differences Between Expected and Actual Experience (52,953) - (52,953)
Changes of Assumptions - - -
Changes of Benefit Terms - - -
Contributions - Employer - 1,577,686 (1,577,686)
Contributions - Employee - 655,092 (655,092)
Net Investment Income - 8,660,970 (8,660,970)
Benefit Payments, Including Refunds of Employee
Contributions (811,860) (811,860) -
Administrative Expense - (43,819) 43,819
Net Changes 3,912,384 10,038,069 (6,125,685)
Balances at April 30, 2021 $ 52,346,796 $ 46,429,245 $ 5,917,551
Increase (Decrease)
1% Decrease
Current Discount
Rate 1% Increase
5.75% 6.75% 7.75%
Sponsor's Net Pension Liability 15,614,873$ 5,917,551$ (1,819,437)$
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 36 68
GASB 68
PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF
RESOURCES RELATED TO PENSIONS
YEAR-END APRIL 30, 2021
For the year ended April 30, 2021, the Sponsor will recognize a pension expense of $639,392.
On April 30, 2021, 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 780,675 3,533,594
Changes of assumptions 1,021,567 0
Net difference between projected and actual earnings on
pension plan investments 0 3,609,345
Total $1,802,242 $7,142,939
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:
2022 ($1,179,418)
2023 ($1,183,418)
2024 ($976,316)
2025 ($1,584,140)
2026 ($258,581)
Thereafter ($158,824)
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 37 69
GASB 68
COMPONENTS OF PENSION EXPENSE
YEAR-END APRIL 30, 2021
Net Pension
Liability
Deferred
Inflows
Deferred
Outflows
Pension
Expense
Beginning Balance $ 12,043,233 $ 4,956,290 $ 4,802,984
Total Pension Liability Factors:
Service Cost 1,438,196 - - 1,438,196
Interest 3,339,001 - - 3,339,001
Changes in Benefit Terms - - - -
Differences Between Expected and Actual
Experience With Regard to Economic or
D emographic Assumptions (52,953) 52,953 - -
Current Year Amortization - (783,775) (111,525) (672,250)
Changes in Assumptions About Future Economic or
Demographic Factors or Other Inputs - - - -
Current Year Amortization - - (476,366) 476,366
Benefit Payments, Including Refunds of Employee
Contributions (811,860) - - -
Net Change 3,912,384 (730,822) (587,891) 4,581,313
Plan Fiduciary Net Position:
Contributions - Employer 1,577,686 - - -
Contributions - Employee 655,092 - - (655,092)
Projected Net Investment Income 2,502,881 - - (2,502,881)
Difference Between Projected and Actual Earnings
on Pension Plan Investments 6,158,089 6,158,089 - -
Current Year Amortization - (1,307,675) (479,908) (827,767)
Benefit Payments, Including Refunds of Employee
Contributions (811,860) - - -
Administrative Expenses (43,819) - - 43,819
Net Change 10,038,069 4,850,414 (479,908) (3,941,921)
Adjustment to beginning of year (3) - - -
Ending Balance $ 5,917,551 $ 9,075,882 $ 3,735,185 $ 639,392
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 38 70
GASB 68
AMORTIZATION SCHEDULE – EXPERIENCE
Year Base
Established
Differences
Between Expected
and Actual
Experience
Recognition
Period (Years)2021 2022 2023 2024 2025 Thereafter
2021 (52,953)$ 9 (5,881)$ (5,884)$ (5,884)$ (5,884)$ (5,884)$ (23,536)$
2020 1,003,729$ 9 111,525$ 111,525$ 111,525$ 111,525$ 111,525$ 334,575$
2019 (4,863,845)$ 9 (540,427)$ (540,427)$ (540,427)$ (540,427)$ (540,427)$ (1,080,854)$
Prior Years (1,236,969)$ N/A (237,467)$ (138,170)$ (105,790)$ -$ -$ -$
Net Increase (Decrease) in Pension Expense (672,250) (572,956) (540,576) (434,786) (434,786) (769,815)
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 | 39 71
GASB 68
AMORTIZATION SCHEDULE – CHANGES OF ASSUMPTIONS
Year Base
Established
Effects of Changes
in Assumptions
Recognition
Period (Years)2021 2022 2023 2024 2025 Thereafter
2019 1,585,849$ 9 176,205$ 176,205$ 176,205$ 176,205$ 176,205$ 352,410$
Prior Years 1,884,653$ N/A 300,161$ (30,955)$ (55,019)$ 144,252$ (93,941)$ -$
Net Increase (Decrease) in Pension Expense 476,366$ 145,250$ 121,186$ 320,457$ 82,264$ 352,410$
Increase (Decrease) in Pension Expense Arising from the Recognition of the
Effects of Changes of Assumptions
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 40 72
GASB 68
AMORTIZATION SCHEDULE – INVESTMENTS
Year Base
Established
Differences
Between Projected
and Actual Earnings
Recognition
Period (Years)2021 2022 2023 2024 2025 Thereafter
2021 (6,158,089)$ 5 (1,231,617)$ (1,231,618)$ (1,231,618)$ (1,231,618)$ (1,231,618)$ -$
2020 1,848,153$ 5 369,631$ 369,631$ 369,631$ 369,631$ -$ -$
2019 489,796$ 5 97,959$ 97,959$ 97,959$ -$ -$ -$
2018 61,588$ 5 12,318$ 12,316$ -$ -$ -$ -$
2017 (380,294)$ 5 (76,058)$ -$ -$ -$ -$ -$
Net Increase (Decrease) in Pension Expense (827,767)$ (751,712)$ (764,028)$ (861,987)$ (1,231,618)$ -$
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 | 41 73
GASB 67/68
SCHEDULE OF CONTRIBUTIONS
The following assumptions were used to determine the Actuarially Determined Contribution for the plan year
ending April 30, 2021:
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 Actuaries and Consultants.
Plan Year-End
Actuarially
Determined
C ontribution
Contributions
in Relation to
the Actuarially
Determined
Contributions
Contribution
Deficiency
(Excess)
Covered
Payroll
Contributions
as a
Percentage of
Covered
Payroll
04/30/2021 1,580,337 1,577,686 2,651 6,021,819 26.20%
04/30/2020 1,274,674 1,297,308 (22,634) 6,084,253 21.32%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 42 74
GASB 67
SCHEDULE OF INVESTMENT RETURNS
For the year ended April 30, 2021, the annual money-weighted return on Pension Plan investments, net of pension
plan investment expense, was 23.12 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
04/30/2021 23.12%
04/30/2020 1.49%
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 43 75
GASB 67/68
ASSUMPTIONS – GASB PENSION LIABILITY AND PENSION EXPENSE
The GASB 67/GASB 68 Pension Liability as of April 30, 2021 and GASB 68 Pension Expense were determined
as follows:
Valuation Date May 1, 2021
Measurement Date April 30, 2021
GASB 68 Expense
Measurement Period May 1, 2020 - April 30, 2021
Reporting Period May 1, 2020 - April 30, 2021
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, 2021 for the Village of Plainfield
Police Pension Fund prepared by Foster & Foster Actuaries and
Consultants.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 44 76
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, 2021, 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 1.83 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 Return¹
Large Cap Domestic Equity 35.00%5.70%
Small Cap Domestic Equity 11.70%7.50%
International Equity 8.30%7.00%
Fixed Income 45.00%1.30%
Total 100.00%
¹ Please note that the implied long-term expected return of the total portfolio provided by
the investment advisor would suggest that the Discount Rate is not supported. We will
continue to monitor this in light of longer time horizons and the impact of Consolidation.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 45 77
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, 2021 for the Village of Plainfield
Police Pension Fund prepared by Foster & Foster Actuaries and
Consultants.
Village of Plainfield Police Pension Fund FOSTER & FOSTER | 46 78