CITY OF JACKSONVILLE DISABILITY PROGRAM 2009 ACTUARIAL VALUATION REPORT - REVISED MARCH 2010 ACTUARIAL VALUATION AS OF OCTOBER 1, 2009

TO DETERMINE CONTRIBUTIONS TO BE PAID IN THE FISCAL YEARS BEGINNING OCTOBER 1, 2009 AND OCTOBER 1, 2010

March 29, 2010 Board of Pension Trustees City of Jacksonville Disability Program City of Jacksonville 117 West Duval Street Jacksonville, Florida 32202 Gentlemen: CITY OF JACKSONVILLE DISABILITY PROGRAM 2009 ACTUARIAL VALUATION REPORT This report presents the results of the 2009 actuarial valuation of the City of Jacksonville Disability Program. Actuarial Concepts was retained by the City to perform the actuarial valuation and prepare this report. This actuarial valuation was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate and, in our opinion, the techniques and assumptions used are reasonable and meet the provisions and intent of Part VII, Chapter 112 Florida Statutes. There is no benefit or expense to be provided by the Program and/or paid from the Programs assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends that require a material increase in Program costs or required contribution rates have been taken into account in the valuation. The use of the valuation results for financial or administrative purposes other than those outlined in the report is not recommended without an advance review by Actuarial Concepts of the appropriateness of such application. Members of our staff are available to discuss this report and related issues. Very truly yours, ACTUARIAL CONCEPTS

By: Michael J. Tierney ASA, MAAA, FCA, EA #08-1337

TABLE OF CONTENTS SECTION 1 KEY VALUATION RESULTS SUMMARY .........................................................................1-1 Initial Valuation...........................................................................................................1-1 Valuation Basis ............................................................................................................1-1 City Contribution Requirements ..............................................................................1-1 City Contribution Breakdown...................................................................................1-2 Current Funded Status ...............................................................................................1-3 True Costs ....................................................................................................................1-4 SECTION 2 ACTUARIAL VALUATION DEVELOPMENT .................................................................2-1 Date and Basis of Valuation ......................................................................................2-1 Valuation Financial Values........................................................................................2-2 Explanation of Financial Values ...............................................................................2-3 SECTION 3 ANALYSIS OF VALUATION RESULTS.............................................................................3-1 Discussion of Valuation Results ...............................................................................3-1 Valuation Results ........................................................................................................3-2 APPENDIX A APPENDIX B PROGRAM PROVISIONS SUMMARY ................................................A-1 ACTUARIAL ASSUMPTIONS AND ACTUARIAL COST METHOD SUMMARY .......................................B-1 ACTUARIAL VALUE OF ASSETS........................................................C-1 CENSUS DATA SUMMARY..................................................................D-1

APPENDIX C APPENDIX D

1-1

SECTION 1 KEY VALUATION RESULTS SUMMARY The 2009 valuation of the Disability Program presents a statement of the estimated financial position of the Program as of October 1, 2009. Information in the report provides bases for determining contribution requirements. Initial Valuation This is the initial valuation of the Disability Program, created via spinoff from the General Employees Pension Plan (GEPP). The spinoff from the GEPP has assigned actuarial value of assets equal to the actuarial accrued liability; thus, there is no initial unfunded actuarial accrued liability or amortization payments. Valuation Basis The valuation was based on the same assumptions and cost method as used for the GEPP. City Contribution Requirements
Annual Requirements* Normal Cost UAAL Amortization Total Plan Contributions Estimated Member Contributions Net City Contributions
2010-2011.

2009-10 $ 1,122,476 $ 1,122,476 838,513 $ 283,963

2010-11 $ 1,161,763 $ 1,161,763 867,861 $ 293,902

* The 2009 valuation determines contribution requirements for fiscal years 2009-2010 and

1-2

City Contribution Breakdown

2009-2010 City JEA JHA JPA JAA FLA MPO SB TOTAL
2010-2011 City JEA JHA JPA JAA FLA MPO SB TOTAL

Total 598,087 505,926 16,680 1,783 1,122,476

Total 619,020 523,634 17,264 1,845 1,161,763

Member $ 446,783 377,937 12,460 1,332 $ 838,513

Member $ 462,421 391,165 12,896 1,379 $ 867,861

Net City $ 151,304 127,989 4,220 451 $ 283,963

Net City $ 156,599 132,468 4,367 467 $ 293,902

1-3

Current Funded Status - Projected Liabilities

Current Funded Status $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 Actuarial Value of Assets Actuarial Accrued Liability (AAL) $9,981,282 $9,981,282

100% Funded

A comparison of assets with the AAL is used by GASB to judge the progress to date of funding the "ultimate" liability associated with service earned to date. A common goal is to have 100% funding of the AAL, and a maturing plan's funded ratio should increase over time. The disability benefit liability APVs were developed using the assumed rate of future investment return of 8.4%. On this basis the current liability is 100% funded.

1-4

True Costs It should be noted that the true costs of a disability program cannot be determined until its future unfolds. No one can precisely predict the interest earnings on fund assets, member disability rates, future salary levels, mortality experience, etc. Estimates based on experience with similar groups, along with the judgment of the actuary and the program sponsor, can provide a reasonable approximation of this true cost. As actual experience emerges under the Program, it will be necessary to study the continued appropriateness of the techniques and assumptions employed and to adjust the contribution rate as necessary.

2-1

SECTION 2 ACTUARIAL VALUATION DEVELOPMENT Date and Basis of Valuation Estimated liabilities with respect to the disability benefits provided by the Disability Program and the contributions recommended to fund these liabilities have been determined as of October 1, 2009, based upon: 1. 2. 3. 4. the provisions of the Program, as in effect on October 1, 2009, as summarized in Appendix A; the actuarial assumptions and actuarial cost method, as summarized in Appendix B; the fund assets at October 1, 2009, provided by the City, as summarized in Appendix C; the member data as of September 30, 2009, as summarized in Appendix D.

The fund assets have been established as of October 1, 2009, via spinoff from the Jacksonville Retirement System. The member data has been supplied by the City and provided as an actual representation of the current participating group. While the member information was reviewed for overall reasonableness, Actuarial Concepts has relied on the City for this information and does not assume responsibility for either its accuracy or completeness.

2-2

Valuation Financial Values

1. Participation (a) Number of Active Members (b) Number of Disabled Members (c) Annual Valuation Payroll Actuarial Present Value (APV) of Future Benefits as of (a) Active Members (b) Disabled Members (c) Total APV Apportionment of line 2(c)* (a) APV of Total Future Normal Costs (b) Actuarial Accrued Liability [(2c)-(3a)] (c) Actuarial Value of Assets (d) Unfunded AAL (UAAL) [(3b)-(3c)] Breakdown of UAAL on line 3(d) (a) UAAL [3(d)] (b) Change in UAAL Due to Assumption & Plan Changes (c) UAAL Before Change [(4a)-(4b)] (d) Expected UAAL (e) Actuarial (Gain) Loss [(4c)-(4d)] Development of City Normal Cost Rate** (a) Plan Normal Cost (b) Expense Normal Cost (c) Total Plan Normal Cost (d) Amortization of UAAL (e) Total Required Plan Contribution [(5c)+(5d)] (f) Estimated Member Contributions (g) Net Required City Contribution Amount [(5e)-(5f)]

5,112 $ 279,504,240 10/1/09 20,007,502 $ 20,007,502 10,026,220 9,981,282 9,981,282 $ -

2.

3.

4.

$ $

5.

Percentage of Payroll

$ 1,143,636 18,127 $ 1,161,763 $ 1,161,763 867,861 $ 293,902

0.40% 0.01% 0.41% 0.00% 0.41% 0.30% 0.11%

* Calculated in accordance with the Individual Entry Age Actuarial Cost Method. ** Assumed payable in 12 equal installments at the end of each month beginning 10/31/10.

2-3

Explanation of Financial Values - Valuation Table Actuarial Present Value (APV) of Future Benefits (line 2c) The APV of future benefits is determined by first measuring what future disability benefit amount would be available for each member at various future dates (assuming future salary increases awarded) under disability conditions provided for by the Program. Then the future value of those disability entitlements is determined by multiplying the various disability benefit amounts by the then current value of the annuities associated with those amounts. Finally, the APV of those future disability benefit values is determined by applying discounts to recognize the time value of money and probabilities of disability, death, termination of employment, etc. APV of Total Future Normal Costs (line 3a) The APV of future normal costs is that portion of the total APV of future disability benefits, as described above, that is assigned to future plan years by the Individual Entry Age Actuarial Cost Method (described in Appendix B). Actuarial Accrued Liability (line 3b) and Unfunded Actuarial Accrued Liability (line 3d) The AAL and the UAAL (the AAL less the actuarial value of assets) are actuarial values generated under the Individual Entry Age Actuarial Cost Method, as described in Appendix B. These liability amounts are not the APV of disability benefits accrued to date by members. They are actuarially determined amounts based on the accrual of Individual Entry Age normal cost amounts due prior to the valuation date. The liability for disability benefits accrued to date (the APV of accrued disability benefits) is presented in Section 3. Explanation of Financial Values - Funding Requirements Program Normal Cost (line 5) The normal cost rate has been determined by first calculating for each member an individual yearly normal cost (that changes in dollar amount as pay increases, but is constant as a percent of each individuals pay), then adding together to obtain the Program normal cost amount as of the beginning of the year. This preliminary total is then adjusted for interest credits assuming contributions are made monthly and an amount to allow for expected annual expenses.

3-1

SECTION 3 ANALYSIS OF VALUATION RESULTS Discussion of Valuation Results If the participating group remained unchanged and all the actuarial assumptions were realized, the Program's experience would be as anticipated, and there would be no actuarial gain or loss. If the experience were less favorable than anticipated, an actuarial loss would result; if more favorable, an actuarial gain would result. Future valuations will monitor the Program's experience to determine whether actuarial gains or losses have occurred since the previous valuation. Recognition of these actuarial gains or losses will be made through adjustments to the UAAL and amortized over the same period as used for the pre-adjusted UAAL. It should be noted that the true costs of a disability program cannot be determined until its future unfolds. No one can precisely predict the interest earnings on fund assets, member termination rates, future salary levels, mortality experience, etc. Estimates based on experience with similar groups, along with the judgment of the actuary and the Program sponsor, can provide a reasonable approximation of this true cost. As actual experience emerges under the Program, it will be necessary to study the continued appropriateness of the techniques and assumptions employed and to adjust the contribution rate as necessary.

3-2

Valuation Results
1. Member Data (a) Active Members (b) Disableds (c) Total Anticipated Payroll for Next 12 Months (d) Actuarial Present Value (APV) of Future Valuation Payroll (e) Total Annual Benefit Payments 2. Assets (a) Market Value (b) Actuarial Value 3. Liabilities (a) APV of Future Benefits (1) Active Members (2) Disabled Members (3) Total (b) APV of Vested Accrued Benefits (c) APV of All Accrued Benefits (d) Actuarial Accrued Liability (AAL) (e) Unfunded AAL (UAAL) 4. Contribution Requirements* for Year Ended (a) Plan Normal Cost** (b) Amortization Payment (c) Total Plan Requirements* (d) Estimated Member Contributions (e) Total City Requirements (f) Total City Requirement Adjusted to End of Year ** Includes administrative expenses as of end of year for the years indicated: $ $ 10/01/10 $ 1,122,476 $ 1,122,476 838,513 283,963 294,737 18,179 $ $ $ $ 10/01/11 1,161,763 1,161,763 867,861 293,902 305,053 18,815 20,007,502 20,007,502 5,998,581 12,100,727 9,981,282 8,541,231 9,981,282 10/1/09 5,112 $ 279,504,240 2,503,632,258 -

* Assumed payable at the end of each month as determined from applicable actuarial valuation.

APPENDIX A-1

CITY OF JACKSONVILLE DISABILITY PROGRAM SUMMARY OF PROGRAM PROVISIONS THAT AFFECT THE VALUATION Definitions 1. 2. 3. Member: Member Contributions: Creditable Service: All members of the General Employees Pension Plan and the Defined Contribution Plan. 0.3% of Earnings via employer pickup. The number of full years and months worked from date of participation to date of termination or retirement, plus any prior service purchased. Base earnings plus service raises received by a Member as compensation for services to the City, excluding overtime pay, bonuses and other extra pay. Off the Job Members who have completed 5 years of service at the time of becoming disabled shall be entitled to a benefit equal to 25% of Earnings, increased by 2.5% per year for service in excess of five years, up to a maximum of 50% of Earnings, determined as of date of disability and payable as of the Disability Retirement Date. Members who have not completed 5 years of service at the time of becoming disabled shall receive a return of employee contributions. On the Job A benefit equal to 50% of Earnings, payable as of the Disability Retirement Date, but not less than $43.31 per whole year of Creditable Service not to exceed 30. 6. Death Benefit: If a Member should die while disabled with an Eligible Spouse, 75% of the Disability Benefit shall be paid to the surviving spouse as defined

4.

Earnings:

5.

Disability Benefit:

APPENDIX A-2

in Section 120.207(a) of the General Employees Pension Plan Ordinance.

APPENDIX B-1

CITY OF JACKSONVILLE DISABILITY PROGRAM ACTUARIAL ASSUMPTIONS AND ACTUARIAL COST METHOD SUMMARY Actuarial Assumptions 1. Investment Return: 8.4% per annum, compounded annually; net of investment expense (includes underlying longterm inflation rate of 3.5% per annum). Years of Service 5 and Under 6 - 10 11 - 15 16 and Over Rate 7.5% 6.0 5.0 4.0

2.

Salary Increase Rate:

3.

Mortality Rates:

RP-2000 Mortality Table for all program members (actives, retirees and disableds) Probability of Death Within One Year After Attaining Age Shown Age Male Female 25 0.04% 0.02% 35 0.08 0.05 45 0.15 0.11 55 0.36 0.27 65 1.27 0.97

4.

Retirement Rates Based on Service and Age:

COJ Years of Service under 50 under 20 0% 20 0% 21-27 5% 28-29 0% 30 15% 31 5% 32-34 15% 35 30%

50-54 0% 5% 5% 5% 15% 5% 15% 30%

Age 55-59 60-64 0% 0% 25% 50% 5% 20% 10% 20% 15% 15% 5% 5% 15% 15% 30% 20%

65-69 20% 50% 20% 20% 20% 15% 15% 50%

70+ 100% 100% 100% 100% 100% 100% 100% 100%

APPENDIX B-2

JEA Years of Service under 50 under 20 0% 20 0% 21-27 5% 28-29 1% 30 5% 31 5% 32-34 5% 35 0%

50-54 0% 5% 5% 5% 10% 10% 10% 30%

Age 55-59 60-64 0% 0% 15% 50% 10% 10% 10% 10% 15% 15% 10% 15% 20% 15% 40% 40%

65-69 20% 50% 20% 20% 20% 15% 15% 40%

70+ 100% 100% 100% 100% 100% 100% 100% 100%

5.

Termination Rates:
durations 0 26.0% 26.0% 26.0% 24.0% 18.0% 15.0% 14.0% 14.0% 12.0% 8.0%

COJ Males ages under 20 2024 2529 3034 3539 4044 4549 5054 5559 60 & over

1 22.0% 18.0% 14.0% 14.0% 14.0% 10.0% 10.0% 10.0% 6.0% 6.0%

2 22.0% 18.0% 14.0% 14.0% 12.0% 10.0% 10.0% 8.0% 6.0% 4.0%

3 4 5 6 7 8 9 ultimate 22.0% 15.0% 12.0% 12.0% 11.0% 11.0% 11.0% 7.0% 18.0% 15.0% 12.0% 12.0% 11.0% 11.0% 11.0% 7.0% 14.0% 11.0% 11.0% 6.0% 5.0% 5.0% 4.0% 3.0% 11.0% 9.0% 6.0% 6.0% 5.0% 5.0% 4.0% 2.5% 9.0% 6.0% 6.0% 6.0% 5.0% 5.0% 3.0% 2.5% 9.0% 6.0% 6.0% 6.0% 5.0% 5.0% 3.0% 2.5% 6.0% 6.0% 6.0% 6.0% 4.0% 4.0% 3.0% 2.5% 6.0% 4.0% 4.0% 4.0% 4.0% 4.0% 3.0% 2.5% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 3.0% 2.5% 4.0% 4.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

COJ Females durations ages 0 under 20 24.0% 2024 24.0% 2529 22.0% 3034 22.0% 3539 22.0% 4044 20.0% 4549 15.0% 5054 15.0% 5559 15.0% 60 & over 12.0%

1 22.0% 18.0% 18.0% 14.0% 11.0% 10.0% 10.0% 10.0% 10.0% 10.0%

2 20.0% 18.0% 18.0% 14.0% 10.0% 10.0% 9.0% 9.0% 9.0% 9.0%

3 4 5 6 7 8 9 ultimate 16.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 6.0% 15.0% 14.0% 14.0% 12.0% 12.0% 12.0% 12.0% 6.0% 14.0% 11.0% 10.0% 10.0% 10.0% 10.0% 10.0% 3.0% 10.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 2.7% 10.0% 7.0% 6.0% 6.0% 6.0% 6.0% 6.0% 2.5% 10.0% 7.0% 6.0% 6.0% 6.0% 6.0% 6.0% 2.5% 7.5% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 2.5% 7.5% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 2.5% 7.5% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 2.5% 7.5% 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

APPENDIX B-3

JEA Males ages under 20 2024 2529 3034 3539 4044 4549 5054 5559 60 & over

durations 0 7.5% 7.5% 7.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%

1 6.0% 6.0% 6.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

2 3.5% 3.5% 3.5% 2.0% 2.0% 2.0% 1.5% 1.5% 1.5% 1.5%

3 3.5% 3.5% 3.5% 2.0% 2.0% 2.0% 1.5% 1.5% 1.0% 1.0%

4 3.0% 3.0% 3.0% 1.5% 1.5% 1.5% 1.0% 1.0% 1.0% 0.5%

5 3.0% 3.0% 3.0% 1.5% 1.5% 1.5% 1.0% 1.0% 0.5% 0.0%

6 2.5% 2.5% 2.5% 1.5% 1.5% 1.0% 0.5% 0.5% 0.5% 0.0%

7 2.5% 2.5% 2.5% 1.5% 1.5% 1.0% 0.5% 0.5% 0.5% 0.0%

8 2.0% 2.0% 2.0% 1.5% 1.5% 1.0% 0.5% 0.5% 0.5% 0.0%

9 ultimate 2.0% 2.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.0% 1.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.0% 0.0%

JEA Females durations ages 0 under 20 7.5% 2024 7.5% 2529 7.5% 3034 7.5% 3539 6.0% 4044 4.0% 4549 3.0% 5054 2.5% 5559 2.5% 60 & over 2.5%

1 5.0% 5.0% 5.0% 5.0% 5.0% 3.0% 2.5% 2.0% 2.0% 2.0%

2 5.0% 5.0% 5.0% 3.0% 3.0% 2.0% 2.0% 2.0% 1.5% 1.5%

3 5.0% 5.0% 5.0% 3.0% 3.0% 2.0% 2.0% 1.5% 1.5% 1.5%

4 5.0% 5.0% 5.0% 3.0% 3.0% 2.0% 1.5% 1.5% 1.5% 1.0%

5 5.0% 5.0% 5.0% 3.0% 3.0% 2.0% 1.5% 1.5% 1.0% 0.0%

6 4.0% 4.0% 4.0% 3.0% 3.0% 1.5% 1.5% 1.0% 1.0% 0.0%

7 4.0% 4.0% 4.0% 3.0% 3.0% 1.5% 1.0% 1.0% 1.0% 0.0%

8 2.5% 2.5% 2.5% 2.0% 2.0% 1.5% 1.0% 1.0% 1.0% 0.0%

9 ultimate 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 1.5% 1.5% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 0.0% 0.0%

6.

Disability Incidence Rates: Age 25 35 45 55

Probability of Disability Within One Year After Attaining Age Shown Male Female 0.02% 0.01% 0.04 0.04 0.09 0.09 0.24 0.22

7.

Marital Status and Spouse's Age:

65% of active members assumed to be married with the male spouse 3 years older and female spouses 3 years younger. No remarriages are assumed. Marital status of retirees is actual as reported.

APPENDIX B-4

8.

Actuarial Value of Assets:

Current market value adjusted by a 5-year weighted average trend in actual yields compared to those expected, as described in Appendix C. 3.5% per year. Previous years actual expenses. 3.5% per annum, compounded annually.

9.

Growth Rate of Future Membership Payroll:

10. Program Expenses: 11. Underlying Long-Term Inflation Rate:

Actuarial Cost Method

To determine the Programs contribution requirements, the Individual Entry Age Actuarial Cost Method was used. Under this method, the cost of each members projected retirement benefit is funded through a series of annual payments, determined as a level percentage of each year's earnings from age at hire to assumed exit age. This level percentage, known as normal cost, is thus computed as though the Program had always been in effect. A yearly normal cost for each member is individually determined by multiplying each members level percentage by the applicable yearly earnings, then adding together to obtain the normal cost amount for the Program for that year. The accrued value of normal cost payments due prior to the valuation date is termed the actuarial accrued liability (AAL). This amount minus the actuarial value of assets is known as the unfunded actuarial accrued liability (UAAL). The annual cost of a plan has two components: normal cost and an amortization payment, which may vary between prescribed limits, toward the UAAL. An actuarial gain (or loss), a measurement of the difference between actual experience and that expected based upon the actuarial assumptions during the period between two actuarial valuation dates, reduces (or increases) the UAAL. This amount is amortized over selected periods not greater than 30 years. Initially, a 30-year period is usually chosen. Periodically, some or all of the remaining balance of any actuarial gain may

APPENDIX B-5

offset the remaining balance of a prior liability base, starting with the earliest base. Similarly, any actuarial loss may be offset with the remaining balance of a prior credit base or actuarial gain, starting with the earliest base. After all liability or loss bases have been eliminated, remaining gains may be amortized over 10 years. Any remaining past excess contributions may be used to offset payouts of normal cost and/or amortization payments. When plan amendments liberalize benefits or when actuarial assumptions are modified, the difference in the AAL due to the changes is established as a supplement to the UAAL amortized over 30 years from date of establishment, net of any negative UAAL credits. To the extent that increases or losses occur that move the UAAL out of a surplus position, negative outstanding bases will be used to offset such increases before any new bases are established. It is intended that each UAAL base be amortized over its specified period through monthly contributions expressed as a level percentage of each month's payroll, incorporating an assumption that future payroll will grow at the rate of 3.5% per year. Payments are assumed to begin one year after initial recognition of the base, and continue monthly for the remaining period of each base.

APPENDIX B-6

Miscellaneous Valuation Procedures

1. 2.

100% of disabilities were assumed to be off the job. No recovery from disability was assumed. Any differences in the liabilities due to the probability of recovery for current and future disabled employees was expected to be minor, and this simplification will tend to overstate somewhat expected liabilities, thus producing a somewhat conservative result. Covered payroll is the amount of total participating salaries paid from October 1, 2008 through September 30, 2009, for employees who are currently active members in the Program. Valuation payroll is payroll expected to be paid during the 2009-10 fiscal year, determined using covered payroll and the payroll growth assumption.

3.

APPENDIX C-1

CITY OF JACKSONVILLE DISABILITY PROGRAM TRUST FUND BALANCE AS OF 10/1/09 Market Value Receivable from City of Jacksonville General Employees Pension Plan Total $ $ 8,541,231 8,541,231

Actuarial Value as of 10/1/09

9,981,282

APPENDIX D-1

CITY OF JACKSONVILLE DISABILITY PROGRAM CURRENT PLAN MEMBERS 10/01/09 Members General JEA Total DISABLED MEMBERS 10/01/09 Number Disableds Receiving Payments $ Benefit -

Actives 3,333 1,779 5,112

APPENDIX D-2

CITY OF JACKSONVILLE DISABILITY PROGRAM DISTRIBUTION OF ACTIVE MEMBERS BY ATTAINED AGE AND COMPLETED YEARS OF SERVICE AS OF 10/01/09
Completed Years of Service Attained Age Under 25 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60 61 62 63 64 65 & Over Total 0 37 35 29 20 29 25 11 9 1 1 0 1 0 0 198 1 46 82 42 50 32 27 25 16 2 1 2 1 2 1 329 2 31 57 51 41 55 45 40 19 3 2 1 1 1 1 348 3-4 28 80 87 111 91 96 74 48 13 10 7 7 2 14 668 5-9 1 56 106 144 168 177 165 122 25 16 17 15 10 18 1040 10-14 15-19 20-24 25-29 30-34 35 & Over 0 1 44 88 123 130 94 93 16 14 8 19 6 36 672 0 0 1 28 71 115 114 82 21 22 17 11 5 27 514 0 0 0 4 93 208 164 109 15 14 19 6 6 36 674 0 0 0 0 4 102 141 64 11 10 8 6 5 13 364 0 0 0 0 0 5 70 82 15 9 10 2 7 19 219 0 0 0 0 0 0 11 39 6 7 4 7 2 10 86 Total 143 311 360 486 666 930 909 683 128 106 93 76 46 175 5112

Average Age at Entry = 34.5 Average Age at Valuation = 47.2 Average Years of Service = 12.7

APPENDIX D-3

CITY OF JACKSONVILLE DISABILITY PROGRAM DISTRIBUTION OF ACTIVE MEMBERS AND ANNUALIZED EARNINGS BY AGE AND SEX AS OF 10/01/09 2008-2009 Earnings $ 4,458,420 12,044,316 16,402,260 24,167,232 34,796,688 50,126,136 51,779,340 38,415,252 6,903,624 6,230,964 5,336,904 3,990,456 2,388,684 8,709,084 265,749,360 Average Earnings $ 31,178 38,728 45,562 49,727 52,247 53,899 56,963 56,245 53,935 58,783 57,386 52,506 51,928 49,766 51,985

Attained Age Under 25 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60 61 62 63 64 65 & Over Total

Number 143 311 360 486 666 930 909 683 128 106 93 76 46 175 5,112

Monthly rates as of 8/21/09, annualized.