Attachment H - Pension Policy - June 2023.pdf

ARIZONA PUBLIC SAFETY PERSONNEL 
RETIREMENT SYSTEM  
PHOENIX POLICE DEPT. (022) 
ACTUARIAL VALUATION 
AS OF JUNE 30, 2022 
CONTRIBUTIONS APPLICABLE TO THE     
PLAN/FISCAL YEAR ENDING JUNE 30, 2024 
F0
1S1T
1ER ,& _- 10STER 
ACT A 
IES AND CONSULTANTS 
ATTACHMENT H

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2022 – Phoenix Police Dept. (022)  
9 
III. LIABILITY SUPPORT
Liabilities and Funded Ratios by Benefit - Tiers 1 & 2 
Health liabilities were increased by $13,692 under the lateral transfer methodology. Pension liabilities were 
not impacted. 
June 30, 2022 
June 30, 2021 
Pension 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$   2,479,004,213 
$   2,254,283,675 
DROP Members 
    529,097,058 
    535,459,212 
Vested Members 
10,051,229  
6,782,698  
Active Members 
1,250,630,624 
1,327,660,640 
Total Actuarial Present Value of Benefits 
4,268,783,124 
4,124,186,225 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
   3,018,152,500 
   2,796,525,585 
Active Members 
957,381,236  
1,005,962,605  
Total Actuarial Accrued Liability 
   3,975,533,736 
   3,802,488,190 
Actuarial Value of Assets (AVA) 
   1,671,512,140 
   1,573,595,759 
Unfunded Actuarial Accrued Liability 
2,304,021,596 
2,228,892,431 
PVB Funded Ratio (AVA / PVB) 
39.2% 
38.2% 
AAL Funded Ratio (AVA / AAL) 
42.0% 
41.4% 
Health 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$   25,287,707 
$   23,032,558 
DROP Members 
7,405,775  
7,714,960  
Active Members 
21,142,368  
22,426,920  
Total Present Value of Benefits 
53,835,850  
53,174,438  
Actuarial Accrued Liability (AAL) 
All Inactive Members 
32,693,482  
30,747,518  
Active Members 
16,244,444  
16,994,764  
Total Actuarial Accrued Liability 
48,937,926  
47,742,282  
Actuarial Value of Assets (AVA) 
72,606,016  
71,305,101  
Unfunded Actuarial Accrued Liability 
(23,668,090) 
(23,562,819) 
PVB Funded Ratio (AVA / PVB) 
134.9% 
134.1% 
AAL Funded Ratio (AVA / AAL) 
148.4% 
149.4% 
See next page
for combined totals 
for Tiers 1, 2, 3

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2022 – Phoenix Police Dept. (022)  
10 
Liabilities and Funded Ratios by Benefit - Tier 3 
June 30, 2022 
June 30, 2021 
Pension 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$  1,029,102 
$  1,755,887 
Vested Members 
1,125,417 
552,693 
Active Members 
113,986,050 
103,433,722 
Total Actuarial Present Value of Benefits 
116,140,569 
105,742,302 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
2,154,519 
2,308,580 
Active Members 
20,441,170 
14,496,279 
Total Actuarial Accrued Liability 
22,595,689 
16,804,859 
Actuarial Value of Assets (AVA) 
25,356,675 
16,429,295 
Unfunded Actuarial Accrued Liability 
(2,760,986) 
375,564 
PVB Funded Ratio (AVA / PVB) 
21.8% 
15.5% 
AAL Funded Ratio (AVA / AAL) 
112.2% 
97.8% 
Health 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
25,363 
0 
Active Members 
1,357,463 
1,178,754 
Total Present Value of Benefits 
1,382,826 
1,178,754 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
25,363 
0 
Active Members 
275,487 
186,631 
Total Actuarial Accrued Liability 
300,850 
186,631 
Actuarial Value of Assets (AVA) 
606,537 
392,026 
Unfunded Actuarial Accrued Liability 
(305,687) 
(205,395) 
PVB Funded Ratio (AVA / PVB) 
43.9% 
33.3% 
AAL Funded Ratio (AVA / AAL) 
201.6% 
210.1% 
The liabilities shown on this page are the liabilities for Phoenix Police Dept. Tier 3 members.
All Police Tiers, Combined Totals
Total Actuarial Accrued Liability (AAL) 
Total Actuarial Value of Assets (AVA)  
Total Unfunded Actuarial Accrued Liability 
AAL Funded Ratio (AVA / AAL) 
$3,998,129,425   
1,696,868,815   
2,301,260,610 
42.44%

ARIZONA PUBLIC SAFETY PERSONNEL 
RETIREMENT SYSTEM  
PHOENIX FIRE DEPT. (021) 
ACTUARIAL VALUATION 
AS OF JUNE 30, 2022 
CONTRIBUTIONS APPLICABLE TO THE     
PLAN/FISCAL YEAR ENDING JUNE 30, 2024 
F0
1S1T
1ER ,& _- 10STER 
ACT A 
IES AND CONSULTANTS

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2022 – Phoenix Fire Dept. (021)  
9 
III. LIABILITY SUPPORT
Liabilities and Funded Ratios by Benefit - Tiers 1 & 2 
Health liabilities were increased by $23,454 under the lateral transfer methodology. Pension liabilities were 
not impacted. 
June 30, 2022 
June 30, 2021 
Pension 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$   1,159,113,928 
$   1,085,250,356 
DROP Members 
    331,120,886 
    306,933,470 
Vested Members 
2,689,622  
2,023,619  
Active Members 
955,949,937 
933,223,215 
Total Actuarial Present Value of Benefits 
2,448,874,373 
2,327,430,660 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
   1,492,924,436 
   1,394,207,445 
Active Members 
670,461,541  
663,269,939  
Total Actuarial Accrued Liability 
   2,163,385,977 
   2,057,477,384 
Actuarial Value of Assets (AVA) 
   971,671,898 
   893,915,879 
Unfunded Actuarial Accrued Liability 
1,191,714,079 
1,163,561,505 
PVB Funded Ratio (AVA / PVB) 
39.7% 
38.4% 
AAL Funded Ratio (AVA / AAL) 
44.9% 
43.4% 
Health 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$   13,719,400 
$   13,072,668 
DROP Members 
3,920,048  
3,632,292  
Active Members 
12,860,741  
12,810,544  
Total Present Value of Benefits 
30,500,189  
29,515,504  
Actuarial Accrued Liability (AAL) 
All Inactive Members 
17,639,448  
16,704,960  
Active Members 
9,054,898  
9,090,665  
Total Actuarial Accrued Liability 
26,694,346  
25,795,625  
Actuarial Value of Assets (AVA) 
41,337,162  
40,439,107  
Unfunded Actuarial Accrued Liability 
(14,642,816) 
(14,643,482) 
PVB Funded Ratio (AVA / PVB) 
135.5% 
137.0% 
AAL Funded Ratio (AVA / AAL) 
154.9% 
156.8% 
See next page
for combined totals 
for Tiers 1, 2, 3

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2022 – Phoenix Fire Dept. (021)  
10 
Liabilities and Funded Ratios by Benefit - Tier 3 
June 30, 2022 
June 30, 2021 
Pension 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$  163,872 
$  0 
Vested Members 
60,367 
4,331 
Active Members 
78,265,428 
56,045,010 
Total Actuarial Present Value of Benefits 
78,489,667 
56,049,341 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
224,239 
4,331 
Active Members 
9,771,673 
6,065,465 
Total Actuarial Accrued Liability 
9,995,912 
6,069,796 
Actuarial Value of Assets (AVA) 
10,743,385 
6,324,616 
Unfunded Actuarial Accrued Liability 
(747,473) 
(254,820) 
PVB Funded Ratio (AVA / PVB) 
13.7% 
11.3% 
AAL Funded Ratio (AVA / AAL) 
107.5% 
104.2% 
Health 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
0 
0 
Active Members 
1,080,762 
681,676 
Total Present Value of Benefits 
1,080,762 
681,676 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
0 
0 
Active Members 
142,304 
78,359 
Total Actuarial Accrued Liability 
142,304 
78,359 
Actuarial Value of Assets (AVA) 
190,109 
112,038 
Unfunded Actuarial Accrued Liability 
(47,805) 
(33,679) 
PVB Funded Ratio (AVA / PVB) 
17.6% 
16.4% 
AAL Funded Ratio (AVA / AAL) 
133.6% 
143.0% 
The liabilities shown on this page are the liabilities for Phoenix Fire Dept. Tier 3 members.
All Fire Tiers, Combined Total
Total Actuarial Accrued Liability (AAL) 
Total Actuarial Value of Assets (AVA)  
Total Unfunded Actuarial Accrued Liability 
AAL Funded Ratio (AVA / AAL) 
$2,173,381,889      
982,415,283   
1,190,966,606 
45.20%