FY19 PSPRS MARICOPA COUNTY PARK RANGERS.PDF

PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM
CORRECTIONS OFFICER RETIREMENT PLAN
ELECTED OFFICIALS' RETIREMENT PLAN
3010 East Camelback Road, Suite 200
Phoenix, Arizona 85016-4416
www.psprs.corn
TELEPHONE: (602) 255-5575
FAX: (602) 255-5572
Jared A. Smout Dave DeJonge Bret Parke Mark Steed
Administrator Deputy Administrator Assistant Administrator Chief Investment Officer
General Counsel
Jan Plank, Director Human Resources March 18, 2019
Ma ricopa County Park Rangers
301 W. Jefferson Street
Phoenix,AZ 85003
Dear Ms. Plank:
The purpose of this letter is to call your attention to the required employer contributions for fiscal year 2019 . The
amount of $31,950.00 is shown in the Schedule of Employer Contributions on Appendix A-2 of your 2017 actuarial
report issued by our actuary Gabriel Roeder Smith & Company. The actuarial report is available on the PSPRS
Website, www.psprs.com .
Actuarial valuations are calculated each year to realign employer contributions needing to be made with the
benefits projected to be paid over a period of about 25 years. Arizona Revised Statutes § 38-843, subsection B,
states, in part: "As determined by actuarial valuations reported to the employer and the local board by the board
of trustees, each employer shall make...contributions sufficient under such actuarial valuations to meet both the
normal cost plus the actuarially determined amount required to amortize the unfunded accrued liability..."
Normally, the employer contributions are tied to a percentage of contributing employee compensation, i.e., the
employer contribution rate. However, when there are no contributing employees, the actuary must determine the
annual employer contribution. As of June 30, 2017, the net assets of the Maricopa County Park Rangers were
$1,578,806.00 while the total accrued liabilities were $2,007,465.00. This unfunded liability of $428,659.00 is to be
offset by continuing employer contributions as calculated by the actuary. They determined that the required
funding for fiscal year 2019 would be $31,950.00
Although a Lump sum payment is preferred, monthly or bi-weekly installments are acceptable. The total amount is
due on or before June 30, 2019. Payments should be directed to David Pliskin and made payable to Public Safety
Personnel Retirement System. At any time, the employer may contribute more than the required amount. For your
2020 budget,the liability for fiscal year 2020 has been calculated by the actuary and is shown in the Schedule of
Employer Contributions on Appendix A-2 of your 2018 actuarial report, also available on our website .
We appreciate your understanding of the funding requirements. As long as pension benefits are being issued to
retired employees of the Maricopa County Park Rangers, there will be a liability. When the net assets fall short of
the accrued liabilities, the unfunded liability requires additional employer contributions. If you have questions,
please contact me.
Sin
David Pliskin, PSPRS
Dpliskin@psprs.com