FAQ's on the DOI's New Valuations

Posted January 2, 2018 in IGFOA updates

I have not received my 2017 tax levy report from the Department of Insurance, when will I receive it?
This fall, the Department of Insurance completed an experience study to determine new assumptions to use in the tax levy reports. They only recently started to complete valuations for the 2017 fiscal year ends. If you have submitted all the appropriate information, you should receive your report in the coming weeks.

What should I expect in the new reports?
In the experience study (which can be found on the DOI website), they included the estimated cost impact of the assumption changes. The sample Police Pension Fund experienced an increase in the tax levy of nearly 22% while the sample Fire Pension Fund experienced an increase in the tax levy of over 16%. The results of your funds will be different but you should expect a substantial increase in this year’s report.

What if I have questions?
If you have questions, feel free to contact Jason Franken with Foster & Foster at 630-620-0200. He speaks at many IGFOA Conferences and will be happy to assist you.