COUNTY OF ADAMS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF COUNTY CONTRIBUTIONS LAST 10 YEARS

20162017201820192020202120222
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 Contribution1,661,2821,636,9291,604,9261,758,8671,780,0961,780,8961,782,9091
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 Payroll8.22%7.81%7.12%7.48%7.47%7.15%6.94%

Notes to Schedule:

Valuation Date:

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 MethodEntry Age
Amortization MethodLevel Dollar
Remaining Amortization PeriodBased upon the amortization periods in Act 205
Asset Valuation MethodBased Upon Municipal Reserves in PMRS (Fair Value)
Inflation2.20%
Salary IncreasesAge related scale with merit and inflation component
Investment Rate of Return5.25%
Pre-Retirement MortalityMales: PUB-2010 General Employees male table Females: PUB-2010 General Employees female table

Males: RP-2006 annuitant male table Females: RP-2006 annuitant female table

Post-Retirement Mortality:

Changes in assumptions:

  • 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.

Benefit changes:

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.