MARICOPA COUNTY PARK RANGERS DEMAND LETTER 2018.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.com
TELEPHONE: (602) 255-5575
FAX: (602) 255-5572
Dave DeJonge Jared A. Smout Ryan Parham
Deputy Administrator Administrator Chief Investment Officer
Jan Plank, Human Resources Director February 26, 2018
Maricopa County Park Rangers
301 W. Jefferson St., Suite 240
Phoenix, AZ 85342
Dear Ms. Plank:
The purpose of this letter is to call your attention to the required employer contributions for fiscal year 2018 .
The amount of $22,169.00 is shown in the Schedule of Employer Contributions on Appendix A-2 of your 2016
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, 2016, the net assets of the Maricopa
County Park Rangers were $1,566,319.00 while the total accrued liabilities were $1,884,368.00. This unfunded
liability of $318,049.00 is to be offset by continuing employer contributions as calculated by the actuary. They
determined that the required funding for fiscal year 2018 would be $22,169.00
Although a lump sum payment is preferred, monthly or bi-weekly installments are acceptable. The total
amount is due on or before June 30, 2018. 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 2019 budget,the liability for fiscal year 2019 has been calculated by the actuary and is
shown in the Schedule of Employer Contributions on Appendix A-2 of your 2017 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.
Sincerely,
David Pliskin, PSPRS
Dpliskin@psprs.com