COUNTY OF ADAMS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF COUNTY CONTRIBUTIONS
LAST 10 YEARS
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2 |
|---|
| Actuarially Determined Contribution | $ 1,660,673 | $ 1,634,944 | $ 1,603,306 | $ 1,756,967 | $ 1,778,396 | $ 1,778,396 | $ 1,695,490 | $ 1,1 |
|---|
| Contribution in Relation to the Actuarially Determined Contribution | 1,661,282 | 1,636,929 | 1,604,926 | 1,758,867 | 1,780,096 | 1,780,896 | 1,782,909 | 1 |
|---|
| Contribution Deficiency/(Excess) | $ (609) | $ (1,985) | $ (1,620) | $ (1,900) | $ (1,700) | $ (2,500) | $ (87,419) | $ |
|---|
| Covered Payroll | $ 20,221,404 | $ 20,957,087 | $ 22,555,349 | $ 23,507,330 | $ 23,816,856 | $ 24,905,998 | $ 25,679,922 | $ 26 |
|---|
| Contribution as a percentage of Covered Payroll | 8.22% | 7.81% | 7.12% | 7.48% | 7.47% | 7.15% | 6.94% | |
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Actuarially determined contribution rates are calculated as of January 1 for the even valuation year at least two years prior to the end of the fiscal year in which the contributions were reported.
Methods and Assumptions Used to Determine Contribution Rates:
| Actuarial Cost Method | Entry Age |
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| Amortization Method | Level Dollar |
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| Remaining Amortization Period | Based upon the amortization periods in Act 205 |
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| Asset Valuation Method | Based Upon Municipal Reserves in PMRS (Fair Value) |
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| Inflation | 2.20% |
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| Salary Increases | Age related scale with merit and inflation component |
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| Investment Rate of Return | 5.25% |
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| Pre-Retirement Mortality | Males: PUB-2010 General Employees male table
Females: PUB-2010 General Employees female table |
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Assumption changes reflect the liability impact of the Board of Trustees approved changes as of December 31, 2015
Investment Return assumption for municipal assets decreased from 5.50% to 5.25% as of December 31, 2016.
Assumption based on the PMRS Experience Study for the period covering 1/1/2014 through 12/31/2018, issued by the actuary in September 2020.
Investment Return assumption for municipal assets increased from 5.25% to 5.50% as of December 31, 2024.
During 2018, the County received an excess interest award from PMRS which was distributed to plan members. During 2024, the County received an excess interest award from PMRS which was used to fund the plan liability.