VILLAGE OF BUFFALO GROVE, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2020
Actuarially Determined Contribution
Fiscal Year 2014 2015 2016 2017 2018 2019 2020
$
1,884,815 1,848,990 1,728,496 1,862,674 1,897,942 1,859,212 1,984,773
Contributions in Relation to the Actuarially Determined Contribution $
2,168,844 2,202,138 2,166,040 1,864,498 1,897,968 1,915,164 2,019,305
Contribution Excess/ (Deficiency) $
284,029 353,148 437,544 1,824 26 55,952 34,532
Covered Payroll
Contributions as a Percentage of Covered Payroll
$ 5,224,950 5,308,713 5,390,509 5,585,881 5,836,466 6,026,152 5,890,818
41.51% 41.48% 40.18% 33.38% 32.52% 31.78% 34.28%
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) 20 Years 5-Year Smoothed Market 2.20% Graded by Years of Service 7.00% Graded by Age (11% at 50 to 100% at age 62) 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.
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