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Firefighters' Pension Fund
from 2021 ACFR
by BuffaloGrove
VILLAGE OF BUFFALO GROVE, ILLINOIS
Firefighters' Pension Fund
Required Supplementary Information Schedule of Employer Contributions December 31, 2021
Fiscal Year Contributions in Relation to Actuarially the Actuarially Contribution Determined Determined Excess/ Covered Contribution Contribution (Deficiency) Payroll Contributions as a Percentage of Covered Payroll
2014 $ 1,884,815 $ 2,168,844 $ 284,029 $ 5,224,950 41.51% 2015 1,848,990 2,202,138 353,148 5,308,713 41.48% 2016 1,728,496 2,166,040 437,544 5,390,509 40.18% 2017 1,862,674 1,864,498 1,824 5,585,881 33.38% 2018 1,897,942 1,897,968 26 5,836,466 32.52% 2019 1,859,212 1,915,164 55,952 6,026,152 31.78% 2020 1,984,773 2,019,305 34,532 5,890,818 34.28% 2021 2,390,386 2,370,805 (19,581) 5,846,393 40.55%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal Amortization Method Level % Pay (Closed) Remaining Amortization Period 19 Years Asset Valuation Method 5-Year Smoothed Market Inflation 2.25% Salary Increases Graded by Years of Service Investment Rate of Return 7.00% Retirement Age Graded by Age (7% at 50 to 100% at age 65) Mortality PubS-2010(A) Adjusted for Plan Status, Collar, and Illinois Public Pension Data, as Appropriate
Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available.
