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AG 2017 01 17
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AG 2017 01 17
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Last modified
1/20/2017 11:55:41 AM
Creation date
11/27/2017 10:27:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/17/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY TOURISMAUTHORITY <br /> d/b/a CABARRUS COUNTY CONVENTION AND VISITORS B UREA U <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended June 30, 2016 <br /> NOTE 4- RETIREMENT PLAN (cont'd) <br /> The plan currently uses mortality tables that vary by age, gender, employee group (i.e. <br /> general, law enforcement officer) and health status (i.e. disabled and healthy). The current <br /> mortality rates are based on published tables and based on studies that cover significant <br /> portions of the U.S. population. The healthy mortality rates also contain a provision to <br /> reflect future mortality improvements. <br /> The actuarial assumptions used in the December 31, 2014 valuation were based on the <br /> results of an actuarial experience study for the period January 1, 2005 through December <br /> 31, 2009. <br /> Future ad hoc COLA amounts are not considered to be substantively automatic and are <br /> therefore not included in the measurement. <br /> The projected long-term investment returns and inflation assumptions are developed <br /> through review of current and historical capital markets data, sell-side investment <br /> research, consultant whitepapers, and historical performance of investment strategies. <br /> Fixed income return projections reflect current yields across the U.S. Treasury yield curve <br /> and market expectations of forward yields projected and interpolated for multiple tenors <br /> and over multiple year horizons. Global public equity return projections are established <br /> through analysis of the equity risk premium and the fixed income return projections. <br /> Other asset categories and strategies' return projections reflect the foregoing and historical <br /> data analysis. These projections are combined to produce the long-term expected rate of <br /> return by weighting the expected future real rates of return by the target asset allocation <br /> percentage and by adding expected inflation. The target allocation and best estimates of <br /> arithmetic real rates of return for each major asset class as of June 30, 2015 are <br /> summarized in the following table: <br /> Long-term <br /> Target Expected Real <br /> Allocation Rate of Return <br /> Fixed Income 29.0% 2.2% <br /> Global Equity 42.0% 5.8% <br /> Real Estate 8.0% 5.2% <br /> Altermatives 8.0% 9.8% <br /> Credit 7.0% 6.8% <br /> Inflation Protection 6.0% 3.4% <br /> 100.0% <br /> The information above is based on 30 year expectations developed with the consulting <br /> actuary for the 2014 asset liability and investment policy study for the North Carolina <br /> Retirement Systems, including LGERS. The long-term nominal rates of return underlying <br /> the real rates of return are arithmetic annualized figures. The real rates of return are <br /> calculated from nominal rates by multiplicatively subtracting a long-term inflation <br /> assumption of 3.00%. All rates of return and inflation are annualized. <br /> -Continued- <br /> 27 <br /> Attachment number 1 \n <br /> 1-5 Page 170 <br />
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