VILLAGE OF BUFFALO GROVE, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2020
Fiscal Year 2014 2015 2016 2017 2018 2019 2020
Actuarially Determined Contribution $ 1,020,544 $ 1,093,142 1,112,901 1,164,635 1,225,584 1,045,988 1,218,373
Contributions in Relation to the Actuarially Determined Contribution
Contribution Excess/ (Deficiency)
1,071,994 $ 1,093,142 1,112,901 1,164,635 1,225,584 1,053,229 1,218,373
51,450 $ 7,241 -
Covered Payroll 7,802,324 8,157,772 8,023,803 8,384,700 8,810,810 9,272,947 8,938,907
Contributions as a Percentage of Covered Payroll 13.74% 13.40% 13.87% 13.89% 13.91% 11.36% 13.63%
Notes to the Required Supplementary Information: Actuarial Cost Method Amortization Method Remaining Amortization Period Asset Valuation Method Inflation Salary Increases Investment Rate of Return Retirement Age Mortality
Entry Age Normal Level % Pay (Closed) 24 Years 5-Year Smoothed Market 2.50% 3.35% - 14.25% 7.50% See the Notes to the Financial Statements An IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015).
Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available.
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