City of Scranton Pensions - PAPERS
City of Scranton Pensions
Pennsylvania Association of Public Employee Retirement Systems (PAPERS)
May 26, 2016
Dave Bulzoni, Business Administrator
City Pension Plans
? Current Plan assumptions: 8.00% rate of return, 5.00% COLA.
? City has 3 pension plans which cover its Police, Firefighters, and Non-Clerical Union employees. The City's DPW & Single Tax office unions participate in a defined contribution plan.
? Each Union has its own board which makes management decisions regarding the granting of disability pensions
? These plans are aggregated and administered by the 15 member Scranton Composite Pension Board
? Representatives from each Union, City Council, and the City Administration have seats on the board
Historical Funded Ratios
2007 2009 2011 2013 2015
Police
67% 55% 43% 29% 32%
Firefighters
50% 48% 29% 17% 18%
Non-Uniformed
39% 28% 27% 23% 28%
City of Scranton
Statistics from January 1, 2015 actuarial valuation reports.
1
Pension Obligations
Statistic Current Funded Percentage Actuarial Liability Actuarial Value of Assets Actual Unfunded Actuarial Liability
Based on 2007 Reports
Police Firefighters Non-Uniformed
Total
67%
50%
39%
57%
$60,404,883 $65,113,943 $10,552,330 $136,071,156
40,317,435 32,569,581
4,155,357 77,042,373
20,087,448 32,544,362
6,396,973 59,028,783
Statistic Current Funded Percentage Actuarial Liability Actuarial Value of Assets Actual Unfunded Actuarial Liability
Based on 2015 Reports
Police Firefighters Non-Uniformed
Total
32%
18%
28%
24%
$95,423,666 $101,237,118 $12,388,068 $209,048,852
29,702,124 17,619,002
3,376,150 50,697,276
65,721,542 93,618,116
9,011,918 168,351,576
City of Scranton Source: January 1, 2015 actuarial valuation reports & 2008 City Audit.
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