Laserfiche WebLink
<br /> <br /> <br /> <br />September 5, 2024 37 <br />RESULTS <br />Estimated Benefit Payments <br />(000’s Omitted) <br /> <br />FYE <br />June 30, <br />Benefit Payments <br />Cash <br />Benefits <br />Implicit <br />Subsidy Total <br />2025 $1,304 $452 $1,756 <br />2026 1,426 465 1,891 <br />2027 1,581 551 2,132 <br />2028 1,710 602 2,311 <br />2029 1,822 655 2,477 <br />2030 1,934 751 2,685 <br />2031 2,043 795 2,838 <br />2032 2,144 836 2,980 <br />2033 2,164 793 2,957 <br />2034 2,272 822 3,094 <br /> <br /> <br /> <br /> <br />September 5, 2024 38 <br />ACTUARIAL CERTIFICATION <br />This report presents the Livermore-Pleasanton Fire Department Retiree Healthcare Plan (“Plan”) June 30, 2023 actuarial <br />valuation. The purpose of this valuation is to: <br /> Provide the Plan’s June 30, 2023 Benefit Obligations and Funded Status, and <br /> Calculate the 2024/25 and 2025/26 Actuarially Determined Contributions. <br /> <br />Information provided in this report may be useful to the Department for the Plan’s financial management. Future <br />actuarial measurements may differ significantly from the current measurements presented in this report due to such <br />factors as: plan experience differing from that anticipated by the assumptions; changes in assumptions; changes expected <br />as part of the natural progression of the plan; and changes in plan provisions or applicable law. Actuarial models <br />necessarily rely on the use of estimates and are sensitive to changes. Small variations in estimates may lead to significant <br />changes in actuarial measurements. Due to the limited scope of this assignment, we did not perform an analysis of the <br />potential range of such measurements. <br /> <br />The valuation is based on Plan provisions, participant data, and asset information provided by the Department as <br />summarized in this report, which we relied on and did not audit. We reviewed the participant data for reasonableness. <br /> <br />To the best of our knowledge, this report is complete and accurate and has been conducted using generally accepted <br />actuarial principles and practices. As members of the American Academy of Actuaries meeting the Academy <br />Qualification Standards, we certify the actuarial results and opinions herein. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />Doug Pryor, ASA, EA, MAAA <br />Foster & Foster, Inc. Katherine Moore, ASA, MAAA <br />Foster & Foster, Inc. <br />