GASB STATEMENT NO. 68 REPORT

FOR THE

GEORGIA FIREFIGHTERS’ PENSION FUND

PREPARED AS OF JUNE 30, 2014

Cavanaugh Macdonald C O N S U L T I N G, L L C

The experience and dedication you deserve

September 3, 2015

Board of Trustees Georgia Firefighters’ Pension Fund 2171 East View Parkway Conyers, GA 30013-5756

Dear Members of the Board:

Presented in this report is information to assist the Georgia Firefighters’ Pension Fund (GFPF) in meeting the requirements of the Governmental Accounting Standards Board (GASB) Statement No. 68 and to identify the information to be provided by the actuary, Cavanaugh Macdonald Consulting (CMC). The information is presented for the period ending June 30, 2014 (the Measurement Date).

GASB Statement Number 68 establishes accounting and financial reporting requirements for governmental employers that provide pension benefits to their employees through a trust.

The annual actuarial valuation used as a basis for much of the information presented in this report, including the Net Pension Liability, was performed as of June 30, 2013. The valuation was based upon data, furnished by the Retirement System staff, for active, inactive and retired members along with pertinent financial information.

The actuarial calculations were performed by qualified actuaries according to generally accepted actuarial procedures and methods. The calculations are based on the current provisions of the System, and on actuarial assumptions that are internally consistent and individually reasonable based on the actual experience of the System. In addition, the calculations were completed in compliance with the laws governing the System and, in our opinion, meet the requirements of GASB 68. The undersigned are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.

3550 Busbee Pkwy, Suite 250, Kennesaw, GA 30144 Phone (678) 388-1700 • Fax (678) 388-1730 www.CavMacConsulting.com Offices in Englewood, CO •Off Kennesaw, GA • Bellevue, NE Board of Trustees September 3, 2015 Page 2

These results are only for financial reporting and may not be appropriate for funding purposes or other types of analysis. Calculations for purposes other than satisfying the requirements of GASB 67 and GASB 68 may produce significantly different results. Future actuarial results may differ significantly from the current results presented in this report due to such factors as changes in plan experience or changes in economic or demographic assumptions.

Sincerely yours,

Edward J. Koebel, EA, FCA, MAAA Cathy Turcot Principal and Consulting Actuary Principal and Managing Director

TABLE OF CONTENTS

Section Item Page No.

I Introduction 1

II Summary of Collective Amounts 3

III Notes to Financial Statements 4

IV Collective Pension Expense 8

V Required Supplementary Information 10

Schedule

A Schedule of Employer Allocations 11

B Schedule of Pension Amounts by Employer for June 30, 2014 22

C Schedule of Pension Amounts by Employer for June 30, 2013 33

D Summary of Main Plan Provisions 44

E Statement of Actuarial Assumptions and Methods 47

F Funding Policy of the GFPF Board of Trustees 48 REPORT OF THE ANNUAL GASB STATEMENT NO. 68 REQUIRED INFORMATION FOR THE EMPLOYERS PARTCIPATING IN THE GEORGIA FIREFIGHTERS’ PENSION FUND

PREPARED AS OF JUNE 30, 2014

SECTION I – INTRODUCTION

The Governmental Accounting Standards Board issued Statement No. 68 (GASB 68), “Accounting and Financial Reporting For Pensions” in June 2012. GASB 68’s effective date is for an employer’s fiscal year beginning after June 15, 2014. The Georgia Firefighters’ Pension Fund (GFPF) is a cost-sharing multiple employer defined benefit pension plan.

This report, prepared as of June 30, 2014 (the Measurement Date), presents information to assist the employers participating in GFPF in meeting the requirements of GASB 68 for the fiscal year ending June 30, 2015 (Reporting Date). Much of the material provided in this report is based on the data, assumptions and results of the annual actuarial valuation of GFPF as of June 30, 2013. The results of that valuation were detailed in a report dated November 19, 2013 and then revised May 30, 2014.

GASB 68 replaces GASB 27, and represents a significant departure from the requirements of the prior statement. GASB 27 required employers providing benefits through pension plans to report items consistent with the results of the plan’s actuarial valuations, as long as those valuations met certain parameters. GASB 68 creates disclosure and reporting requirements that may or may not be consistent with the basis used for funding the Plan.

Two major changes in GASB 68 are the requirements to include a proportionate share of a Net Pension Liability (NPL) and to recognize a proportionate share of a Pension Expense (PE) in the financial statements of each of the participating employers and non-employer contributing entities.

The NPL shown in the GASB Statement No. 67 Report for the Georgia Firefighters’ Pension Fund prepared as of June 30, 2014 and submitted November 14, 2014 is the collective NPL used for purposes of GASB 68. Please refer to that report for the derivation of the collective NPL.

Pension Expense includes amounts for service cost (the normal cost under the Entry Age Normal actuarial cost method for the year), interest on the Total Pension Liability (TPL), changes in benefit structure, amortization of increases/decreases in liability due to actuarial experience and actuarial assumption changes, and amortization of investment gains/losses. The actuarial experience and assumption change impacts are amortized over the average expected remaining service life of the Plan membership as of the Measurement Date, and investment gains/losses are amortized over five years. The development of the collective PE is shown in Section IV.

The unamortized portions of each year’s experience, assumption changes and investment gains/losses are used to develop deferred inflows and outflows, which also must be included in the employer’s and non- employer contributing entities’ financial statements. The development of the collective deferred inflows and outflows is shown in Section IV.

Page 1 These collective amounts have been allocated based on employer contributions made to GFPF during the measurement period to determine the proportionate share associated with each participating employer. The State makes all contributions to GFPF on behalf of employees of the participating employers. Therefore, these employers are considered to be in a special funding situation as defined by GASB 68 and the State is treated as a non-employer contributing entity in GFPF. Since the employers do not contribute directly to the GFPF, there is no NPL or deferred inflows or outflows to report in the financial statements of the employers, However, the notes to the financial statements must disclose the portion of the non- employer contributing entities’ total proportionate share of the collective NPL that is associated with the employer, In addition, each employer must recognize the total PE associated with the employer as well as revenue in an amount equal to the non-employer contributing entities’ total proportionate share of the collective PE associated with the employer.

Schedule A of this report shows the total amount of employer contributions from the State as support provided to the employers for the year ending June 30, 2014. Schedule A also shows the proportionate share percentages that have been determined based on these contributions.

Based on these percentages we have determined the proportionate share amounts of the NPL associated with each participating employer and the employer PE and revenue for State support for each participating employer. These amounts are shown in Schedule B.

Section II of this report is a summary of the principal results of the collective amounts under GASB 68. Section III provides the results of all the necessary calculations, presented in the order laid out in GASB 68 for note disclosure and Section V shows the Required Supplementary Information (RSI).

Page 2 SECTION II - SUMMARY OF COLLECTIVE AMOUNTS

2014

Valuation Date (VD): June 30, 2013 Measurement Date (MD): June 30, 2014 Reporting Date (RD): June 30, 2015

Single Equivalent Interest Rate (SEIR): Long-Term Expected Rate of Return 6.50% Municipal Bond Index Rate at Measurement Date 4.35% Fiscal Year in which Plan’s Fiduciary Net Position is projected to N/A be depleted from future benefit payments for current members Single Equivalent Interest Rate 6.50%

Net Pension Liability: Total Pension Liability (TPL) $ 848,313,817 Fiduciary Net Position (FNP) 761,114,847 Net Pension Liability (NPL = TPL – FNP) $ 87,198,970 FNP as a percentage of TPL 89.72%

Collective Pension Expense (PE): $10,357,200

Deferred Outflows of Resources: $0

Deferred Inflows of Resources: $55,292,386

Page 3 SECTION III –NOTES TO FINANCIAL STATEMENTS

The material presented herein will follow the order presented in GASB 68. Paragraph numbers are provided for ease of reference. Amounts are shown in aggregate. Please refer to Schedule B of this report for the proportionate share of certain pension amounts as required by GASB 68.

Paragraphs 77 and 78(a)-(f): These paragraphs require information to be disclosed regarding the actuarial assumptions used to measure the TPL. The complete set of actuarial assumptions utilized in developing the TPL are outlined in Schedule C. The TPL was determined by an actuarial valuation as of June 30, 2013, using the following key actuarial assumptions:

Inflation 3.0 percent

Salary increases N/A

Investment rate of return 6.5 percent, net of pension plan investment expense, and including inflation

Mortality Pre-retirement and post-retirement mortality rates were based on the RP 2000 blended mortality table with Projection Scale AA. Post-disability mortality rates were based on the 1944 Railroad Board Ultimate Table.

The actuarial assumptions used in the June 30, 2013 valuation were based on the results of the last actuarial experience study dated June 14, 2007.

The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Page 4 Target Long-Term Expected Asset Class Allocation Real Rate of Return*

Cash 0.40% 0.75% IG Corp Credit 3.60% 2.25% MBS 12.40% 1.25% Core Bonds 10.30% 1.46% Custom Fixed Income 7.60% 2.25% Large Cap Equities 16.50% 4.75% Small/MidCap Equities 18.30% 5.00% Int’l Equities (Unhedged) 15.00% 5.25% Emerging Int’l Equities 5.00% 6.50% Private Equity 1.20% 6.75% Real Estate (Core) 5.00% 3.50% Real Assets (Liquid) 4.70% 4.75% Total 100.00%

Discount rate. The discount rate used to measure the total pension liability was 6.50 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Paragraph 78 (g): This paragraph requires disclosure of the sensitivity of the NPL to changes in the discount rate. The following presents the NPL of the System, calculated using the discount rate of 6.50 percent, as well as what the System’s NPL would be if it were calculated using a discount rate that is 1- percentage-point lower (5.50 percent) or 1-percentage-point higher (7.50 percent) than the current rate:

1% Current 1% Decrease Discount Rate Increase (5.50%) (6.50%) (7.50%)

System’s Net Pension Liability $202,057,725 $87,198,970 ($7,805,129)

Paragraph 80(a): This paragraph requires disclosure of the employer’s proportionate share of the collective NPL and if an employer has a special funding situation the portion of the non-employer contributing entities’ proportional share of the collective NPL that is associated with the employer. These amounts are shown in Schedule B.

Page 5 Paragraph 80(b): This paragraph requires disclosure of the employer’s proportion (percentage) of the collective NPL and the changes in proportion since the prior measurement date. 100% of the collective NPL is allocated to the State.

Paragraph 80(c): June 30, 2013 is the actuarial valuation date upon which the TPL is based. An expected TPL is determined as of June 30, 2014 using standard roll forward techniques. The procedure used to determine the TPL as of June 30, 2014 is shown on page 7 of the GASB 67 report for GFPF submitted on November 14, 2014.

Paragraph 80(d) and (e): There were no changes in assumptions or benefits that affected the measurement of the TPL since the prior measurement date.

Paragraph 80(f): Not applicable.

Paragraph 80(g): Please see Section IV of this report for the development of the collective pension expense. The PE for each employer is shown in Schedule B.

Paragraph 80(h): Since certain expense items are amortized over closed periods each year, the deferred portions of these items must be tracked annually. If the amounts serve to reduce collective pension expense they are labeled deferred inflows. If they will increase collective pension expense they are labeled deferred outflows. The amortization of these amounts is accomplished on a level dollar basis, with no interest included in the deferred amounts. Experience gains/losses and the impact of changes in actuarial assumptions, if any, are amortized over the average expected remaining service life of the active and inactive Plan members at the beginning of the fiscal year. Investment gains and losses are amortized over a fixed five year period.

The table below provides a summary of the collective deferred inflows and outflows as of the Measurement Date. 100% of these amounts are allocated to the State.

Collective Collective Deferred Outflows Deferred Inflows of Resources of Resources ($ thousands) ($ thousands)

Differences between expected and actual experience $0 $0

Changes of actuarial assumptions 0 0

Net difference between projected and actual earnings on plan investments 0 55,292,386

Total $0 $55,292,386

Page 6 Paragraph 80(i): Collective amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in the collective pension expense as follows. 100% of these amounts are allocated to the State.

Deferred Amounts to be Recognized in Fiscal Years Following the Reporting Date:

Year 1 $(13,823,096) Year 2 (13,823,096) Year 3 (13,823,096) Year 4 (13,823,098) Year 5 0 Thereafter 0

Paragraph 80(j): The amount of revenue recognized for the support provided by non-employer contributing entities for the participating employers is provided in Schedule B.

Page 7 SECTION IV – COLLECTIVE PENSION EXPENSE

As noted earlier, the collective Pension Expense (PE) consists of a number of different items. GASB 68 refers to the first as Service Cost which is the Normal Cost using the Entry Age Normal actuarial funding method. The second item is interest on the beginning Total Pension Liability (TPL) and the cash flow during the year at the 6.50% rate of return in effect as of the previous measurement date.

The next three items refer to any changes that occurred in the TPL due to:  benefit changes, or  actual versus expected experience, or  changes in actuarial assumptions.

Benefit changes, which are reflected immediately in PE, can be positive, if there is a benefit improvement for existing Plan members, or negative if there is a benefit reduction. For the year ended June 30, 2014, there were no benefit changes to be recognized.

The next item to be recognized is the portion of current year changes in TPL due to actual versus expected Plan experience for the year. The portion to recognize in the current year is determined by spreading the total change over the average expected remaining service life of the entire Plan membership determined at the beginning of the year. The average expected remaining service life of active members is the average number of years the active members are expected to remain active. For the year ended June 30, 2014 this number of years for the active members is 13.24. The average expected remaining service life of the inactive members is, of course, zero. Therefore, the number of years to use for the amortization is the weighted average for all active and inactive members, or 9.79 years. Since this is the first year of implementation of GASB 68 and roll-forward procedures were used to determine the TPL at the measurement date, there were no changes due to actual versus expected experience to be recognized for the year.

The last item under changes in TPL are changes in actuarial assumptions. There were no changes in assumptions since the last measurement date. If there was a change in TPL due to changes in actuarial assumptions, recognition of the change would also be spread over the average expected remaining service life of the plan membership.

Member contributions for the year and projected earnings on the Fiduciary Net Position (FNP), again at the discount rate used to calculate the liabilities, are subtracted from the amount determined thus far. One-fifth of current period differences between projected and actual investment earnings on the FNP are recognized in the pension expense. The amount to be recognized due to investment experience for the year is $(13,861,000).

The current year portions of previously determined experience, assumption and earnings amounts, recognized as deferred outflows and inflows (see Section V) are included also. Deferred outflows are added to the PE while deferred inflows are subtracted from the PE. Since this is the first year of implementation of GASB 68, there were no deferred inflows or outflows at the beginning of the year. Finally, administrative expenses and other miscellaneous items are included.

The calculation of the Collective Pension Expense determined as of the measurement date is shown in the following table:

Page 8

Collective Pension Expense Determined as of the Measurement Date

Service Cost at end of year $17,889,112

Interest on the TPL and net cash flow 51,849,649

Current-period benefit changes 0

Expensed portion of current-period difference between expected and 0 actual experience in the total pension liability

Expensed portion of current-period changes of assumptions 0

Member contributions (3,835,566)

Projected earnings on plan investments (42,387,861)

Expensed portion of current-period differences between projected and (13,823,096) actual earnings on plan investments

Administrative expense 1,209,094

Other (544,132)

Recognition of beginning deferred outflows of resources as pension 0 expense Recognition of beginning deferred inflows of resources as pension 0 expense

Collective Pension Expense $10,357,200

Page 9 SECTION V – REQUIRED SUPPLEMENTARY INFORMATION

Paragraphs 81(a)-(b): CMC was not required to supply this information.

Paragraph 82: The following information should be noted regarding the RSI:

Changes of benefit terms: The following changes to the plan provisions were made as identified:

 Membership dues were increased from $15 per month to $25 per month.

Changes of assumptions. The following changes to the actuarial assumptions were made as identified:

 The assumed investment rate of return was raised from 6.0% to 6.5%.  A funding policy was adopted which changes the amortization period of the unfunded actuarial accrued liability was changed from 15 to 30 years.

Method and assumptions used in calculations of actuarially determined contributions. The actuarially determined contribution rates in the schedule of Non-Employer Contributing Entity contributions are calculated as of the June 30th prior to the fiscal year end in which contributions are reported. The following actuarial methods and assumptions were used to determine actuarial contribution rates reported in that schedule:

Actuarial cost method Entry age normal Amortization method Level dollar, open Remaining amortization period 30 years Asset valuation method 5-year smoothed market with 15% corridor Inflation 3.0 percent Salary increase N/A Investment rate of return 6.5 percent, net of pension plan investment expense, and including inflation

Page 10

SCHEDULE A

GEORGIA FIREFIGHTERS’ PENSION FUND Schedule of Employer Allocations as of June 30, 2014

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Abbeville Fire Department $ 20,491.85 0.068228% Adel Fire Department 77,413.65 0.257751% Adrian Volunteer Firefighter 4,553.74 0.015162% Ailey Fire Department 13,661.23 0.045486% Alamo Fire Department 15,938.10 0.053066% Alapaha Fire Department 4,553.74 0.015162% Albany Fire Department 275,501.52 0.917292% Allentown Volunteer Fire Department 25,045.59 0.083390% Alma-Bacon Co. Fire Department 13,661.23 0.045486% Alpharetta Fire Department 163,934.79 0.545827% Americus Fire Department 79,690.52 0.265332% Antioch Vol. Fire Department 11,384.36 0.037905% Appling County Fire Department 68,306.16 0.227428% Arcade Fire Department 18,214.98 0.060647% Arnoldsville Volunteer Fire Department 2,276.87 0.007581% Ashburn Fire Department 18,214.98 0.060647% Athens-Clarke Co. Fire & Emergency 400,729.48 1.334243% Atlanta Fire Department 1,484,520.57 4.942764% Augusta Fire Department 507,742.46 1.690547% Austell Fire Department 36,429.95 0.121295% Avera Fire Department 25,045.59 0.083390% Bainbridge Fire Department 2,276.87 0.007581% Baldwin Co. Fire Department 145,719.81 0.485179% Baldwin Fire Department 15,938.10 0.053066% Banks County Fire Department 79,690.52 0.265332% Barnesville Fire Department 15,938.10 0.053066% Barrow County Fire Department 97,905.50 0.325980% Bartow Co. Fire Department 193,534.12 0.644379% Bartow Volunteer Fire Department 29,599.34 0.098552% Barwick Fire Department 2,276.87 0.007581% Baxley Fire Department 47,814.31 0.159199% Beaverdam Volunteer Fire Department 2,276.87 0.007581% Ben Epps Field - Athens Clarke County 2,276.87 0.007581% Ben Hill Vol. Fire Department 18,214.98 0.060647% Bethany-Salem Fire Department 4,553.74 0.015162% Big Canoe Fire Department 15,938.10 0.053066% Blackshear Fire Department 18,214.98 0.060647% Bloomingdale Fire Department 20,491.85 0.068228% Bold Springs Fire Department 54,644.93 0.181942% Bremen Fire Department 13,661.23 0.045486% Broxton Fire Department 6,830.62 0.022743%

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2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Brunswick Fire Department $ 31,876.21 0.106133% Bryan Co. Fire Dept. 38,706.82 0.128876% Buckeye Volunteer Fire Department 15,938.10 0.053066% Bulloch County Fire Department 97,905.50 0.325980% Burke County Fire Department 56,921.80 0.189523% Bush Field Fire Department 18,214.98 0.060647% Butler Fire Department 27,322.46 0.090971% Butts County Fire Department 31,876.21 0.106133% Byromville Fire Department 22,768.72 0.075809% Byron Fire Department 43,260.57 0.144038% Cairo Fire Department 66,029.29 0.219847% Calhoun Fire Department 79,690.52 0.265332% Calvary Volunteer Fire Department 13,661.23 0.045486% Camden County Fire Rescue 218,579.72 0.727769% Camilla Fire Department 11,384.36 0.037905% Canon Fire Department 2,276.87 0.007581% Canon Volunteer Fire Department 20,491.85 0.068228% Canoochee Fire Department 25,045.59 0.083390% Canton Fire Department 31,876.21 0.106133% Carlton Volunteer Fire Department 22,768.72 0.075809% Carnesville Vol. Fire Department 18,214.98 0.060647% Carroll County Fire Rescue 154,827.30 0.515503% Carrollton Fire Department 138,889.19 0.462437% Cartersville Fire Department 163,934.79 0.545827% Cataula Vol. Fire Department 20,491.85 0.068228% Catoosa County Fire Department 61,475.54 0.204685% Cave Spring Fire Department 2,276.87 0.007581% Cedartown Fire Department 47,814.31 0.159199% Centerville Fire Department 31,876.21 0.106133% Chatsworth Fire Department 25,045.59 0.083390% Chauncey Vol. Fire Department 2,276.87 0.007581% Cherokee County Fire Department 617,032.32 2.054431% Chester Volunteer Fire Department 9,107.49 0.030324% Circle Five Vol. Fire Department 4,553.74 0.015162% City of Chattahoochee Hills 6,830.62 0.022743% City of Milton Fire Department 109,289.86 0.363884% Clarkesville Fire Department 9,107.49 0.030324% Claxton Fire Department 63,752.42 0.212266% Clayton Co. Fire Department 676,230.99 2.251535% Cobb Co. Fire Department 1,286,432.70 4.283223% Cobbtown Fire Department 27,322.46 0.090971% Cochran Fire Department 9,107.49 0.030324% Coffee Co. Fire Dept. 56,921.80 0.189523% Cohutta Volunteer Fire Department 18,214.98 0.060647% Colbert Fire Department 6,830.62 0.022743% College Park Fire Department 116,120.47 0.386627%

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2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Collins Volunteer Fire Department $ 4,553.74 0.015162% Collins Volunteer Fire Department (Madison Co.) 6,830.62 0.022743% Colquitt County Volunteer Fire Association 77,413.65 0.257751% Colquitt-Miller Fire Department 36,429.95 0.121295% Columbia County Fire Rescue 359,745.78 1.197786% Columbus Fire & Emergency Med.Serv. 801,458.96 2.668486% Comer Vol. Fire Department 27,322.46 0.090971% Commerce Fire Department 43,260.57 0.144038% Cordele Fire Department 40,983.70 0.136457% Cornelia Fire Department 20,491.85 0.068228% Covington Fire Department 118,397.35 0.394208% Coweta Co. Fire Department 266,394.03 0.886968% Crawford County Volunteer Fire Department 8 29,599.34 0.098552% Crisp County Fire Department 40,983.70 0.136457% Cross-Green Vol. Fire Department 4,553.74 0.015162% Crossroad Volunteer Fire Department 9,107.49 0.030324% Cusseta - Chattahoochee County Volunteer Fire Department 34,153.08 0.113714% Dalton Fire Department 195,810.99 0.651960% Danielsville Fire Department 13,661.23 0.045486% Darien Fire Rescue 2,276.87 0.007581% Davisboro Fire Department 36,429.95 0.121295% Dawson County Fire Department 59,198.67 0.197104% Dawson Fire Department 18,214.98 0.060647% Dearing Fire Department 11,384.36 0.037905% Decatur County Fire Department 18,214.98 0.060647% Decatur Fire Department 70,583.03 0.235009% Deepstep Area Fire Department 15,938.10 0.053066% Dekalb Co. Fire Department 1,097,452.32 3.654007% Devils Pond Volunteer Fire Department 6,830.62 0.022743% Donalsonville Fire Department 18,214.98 0.060647% Dooly County Fire Department 29,599.34 0.098552% Double Churches Fire Department 15,938.10 0.053066% Douglas Co. Fire Department 266,394.03 0.886968% Douglas Fire Department 75,136.78 0.250171% Dublin Fire Department 59,198.67 0.197104% East Berrien Fire Department 29,599.34 0.098552% East Dublin Fire Department 2,276.87 0.007581% East Point Fire Department 70,583.03 0.235009% Eastern District Fire Department 4,553.74 0.015162% Eastman Fire Department 29,599.34 0.098552% Eatonton Fire Department 34,153.08 0.113714% Echols County Volunteer Fire Department 20,491.85 0.068228% Effingham County Fire Department 66,029.29 0.219847% Elbert County Fire Department 252,732.80 0.841483% Elberton Fire Department 34,153.08 0.113714% Ellaville (SchleyCounty)Fire Department 50,091.18 0.166780%

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2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Ellerslie Fire Department $ 34,153.08 0.113714% Ellijay Fire Department 2,276.87 0.007581% Eton Fire Department 2,276.87 0.007581% Fairburn Fire Department 68,306.16 0.227428% Fairfield Plantation Fire Department 2,276.87 0.007581% Fannin County Fire Department 43,260.57 0.144038% Fayette County Fire Department 284,609.00 0.947616% Fayetteville Fire Department 56,921.80 0.189523% Fitzgerald Fire Department 43,260.57 0.144038% Five Area Vol. Fire Department 27,322.46 0.090971% Five Points Fire District - Macon County 13,661.23 0.045486% Flinthill Fire Department 6,830.62 0.022743% Flovilla Fire Department 4,553.74 0.015162% Forest Park Fire Department 132,058.58 0.439694% Forsyth County Fire Department 259,563.41 0.864226% Forsyth Fire Department 20,491.85 0.068228% Fort Oglethorpe Fire Department 18,214.98 0.060647% Fort Valley Fire Department 29,599.34 0.098552% Franklin Springs Fire Department 27,322.46 0.090971% Fulton Co. Fire Department 266,394.03 0.886968% GA Public Safety Training 13,661.23 0.045486% Ga. Firefighters Pension Fund Employee 20,491.85 0.068228% Gainesville Fire Department 220,856.59 0.735350% Garden City Fire Department 34,153.08 0.113714% Garfield Volunteer Fire Department 20,491.85 0.068228% Gibson Fire Department 20,491.85 0.068228% Gilmer County Fire Department 47,814.31 0.159199% Glade Volunteer Fire Department 15,938.10 0.053066% Glennville Fire Department 20,491.85 0.068228% Glenwood Vol. Fire Department 18,214.98 0.060647% Glynn Co. Fire Department 116,120.47 0.386627% Gordon County Fire Department 93,351.75 0.310818% Gore Vol. Fire Department 6,830.62 0.022743% Grady County Vol. Fire Department 56,921.80 0.189523% Gray Fire Department 38,706.82 0.128876% Greensboro Fire Department 15,938.10 0.053066% Gresston Volunteer Fire Dept. 11,384.36 0.037905% Griffin Fire Department 132,058.58 0.439694% Gumlog Vol. Fire Department 15,938.10 0.053066% Guyton Vol. Fire Department 6,830.62 0.022743% Gwinnett Co. Fire Department 1,693,992.79 5.640209% Habersham County Fire Department 72,859.91 0.242590% Hagan Vol. Fire Department 36,429.95 0.121295% Hahira Fire Department 4,553.74 0.015162% Hall Co. Fire Department 669,400.38 2.228792% Hamilton Volunteer Fire Department 18,214.98 0.060647%

Page 14

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Hapeville Fire Department $ 72,859.91 0.242590% Haralson County Fire Department 29,599.34 0.098552% Harlem Fire Department 38,706.82 0.128876% Harrisburg Volunteer Fire Department 29,599.34 0.098552% Hart County Fire Department 120,674.22 0.401789% Hartwell Fire Department 61,475.54 0.204685% Hazlehurst Fire Department 13,661.23 0.045486% Heard County Fire Department 40,983.70 0.136457% Henry County Fire Department 464,481.89 1.546509% Hephzibah Fire Department 20,491.85 0.068228% Hickory Flat Fire Department 4,553.74 0.015162% Higgston Volunteer Fire Department 9,107.49 0.030324% Hinesville Fire Department 86,521.14 0.288075% Hinton Vol. Fire Department 2,276.87 0.007581% Hoboken Volunteer Fire Department 13,661.23 0.045486% Holland Volunteer Fire Department 4,553.74 0.015162% Holly Springs Fire Department 2,276.87 0.007581% Homer Volunteer Fire Department 13,661.23 0.045486% Hortense Volunteer Fire Department 11,384.36 0.037905% Houston County Fire Department 22,768.72 0.075809% Hull Vol. Fire Department 18,214.98 0.060647% Ideal Fire Department 11,384.36 0.037905% Ila Vol. Fire Department 25,045.59 0.083390% Isle of Hope Fire Department 20,491.85 0.068228% Jackson Fire Department 18,214.98 0.060647% Jackson Trail Fire Department 13,661.23 0.045486% Jasper County Emergency Services 43,260.57 0.144038% Jasper Fire Department 27,322.46 0.090971% Jefferson County Fire Department 34,153.08 0.113714% Jefferson Fire Department 34,153.08 0.113714% Jekyll Island Fire Department 11,384.36 0.037905% Jesup Fire Department 36,429.95 0.121295% Johns Creek Fire Department 157,104.17 0.523084% Jones County Fire Department 47,814.31 0.159199% Kings Bay Fire Department 2,276.87 0.007581% Kingsland Fire Department 15,938.10 0.053066% LaFayette Fire Department 4,553.74 0.015162% LaGrange Fire Department 122,951.09 0.409370% Lake George Volunteer Fire Department 2,276.87 0.007581% Lamar County Fire Department 22,768.72 0.075809% Laurens County Fire Department 84,244.27 0.280494% Lavonia Fire Department 70,583.03 0.235009% Leesburg (Lee Co.) Fire Department 20,491.85 0.068228% Lenox Fire Department - 0.000000% Leslie Volunteer Fire Department 9,107.49 0.030324% Liberty County Fire Station 15 2,276.87 0.007581%

Page 15

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Liberty Volunteer Fire Department $ 9,107.49 0.030324% Lincolnton Fire Department 18,214.98 0.060647% Line Vol. Fire Department 11,384.36 0.037905% Loco Volunteer Fire Department 25,045.59 0.083390% Loganville Fire Department 25,045.59 0.083390% Louisville Fire Department 47,814.31 0.159199% Lowndes County Fire Department 66,029.29 0.219847% Ludowici/Long Co. Vol. Fire Department 27,322.46 0.090971% Lumpkin County Vol. Fire Department 25,045.59 0.083390% Lyerly Fire Department 18,214.98 0.060647% Macon-Bibb Fire Department 808,289.57 2.691229% Madison Fire Department 38,706.82 0.128876% Manchester Fire Department 50,091.18 0.166780% Marietta Fire Department 286,885.88 0.955197% Martinez Fire Department - 0.000000% Martins Crossroads Vol. Fire Dept. 31,876.21 0.106133% Maxeys Volunteer Fire Department 9,107.49 0.030324% Maysville Fire Department 13,661.23 0.045486% McDonough Fire Department 36,429.95 0.121295% McDuffie County Fire Service 20,491.85 0.068228% McIntosh County Volunteer Fire Department 2,276.87 0.007581% McIntyre Fire Department 18,214.98 0.060647% McRae Fire Department 27,322.46 0.090971% Meansville Fire Department 6,830.62 0.022743% Meeks Volunteer Fire Department 2,276.87 0.007581% Menlo Fire Department 22,768.72 0.075809% Meriwether County Fire Department 20,491.85 0.068228% Metter Fire Department 20,491.85 0.068228% Midway - Liberty County Fire Department 2,276.87 0.007581% Midway Volunteer Fire Dept. 18,214.98 0.060647% Milan Fire Department 15,938.10 0.053066% Milledgeville Fire Department 36,429.95 0.121295% Millen Fire Department 54,644.93 0.181942% Minton’s Chapel Fire Department 2,276.87 0.007581% Mitchell Volunteer Fire Department (Glascock Co.) 11,384.36 0.037905% Monroe County Fire Department 72,859.91 0.242590% Monroe Fire Department 40,983.70 0.136457% Montezuma Fire Department 54,644.93 0.181942% Moores Chapel Volunteer Fire Department 9,107.49 0.030324% Morgan County Fire Department 129,781.71 0.432113% Morrow Fire Department 66,029.29 0.219847% Moultrie Fire Department 91,074.88 0.303237% Mount Vernon Fire Department 25,045.59 0.083390% Murray County Fire Department 52,368.06 0.174361% Nahunta Fire Department 27,322.46 0.090971% Nashville Fire Department 45,537.44 0.151619%

Page 16

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Neese/Sanford Fire Department $ 6,830.62 0.022743% New Lois Volunteer Fire Department 4,553.74 0.015162% New Salem Fire & Rescue 22,768.72 0.075809% Newington Fire Department 13,661.23 0.045486% Newnan Fire Department 100,182.37 0.333561% Newton County Fire Department 141,166.07 0.470017% Nicholson Area Fire Department 36,429.95 0.121295% Norristown Rural Fire Department 4,553.74 0.015162% North Jackson Fire Department 40,983.70 0.136457% North Jenkins County Volunteer Fire Department 20,491.85 0.068228% North Mitchell County Volunteer Fire Department 15,938.10 0.053066% Northside (Upson Co.) Fire Department 2,276.87 0.007581% Nunez Fire Department 9,107.49 0.030324% Ocilla Fire Department 2,276.87 0.007581% Oconee Co. Vol. Fire Department 113,843.60 0.379046% Oconee Volunteer Fire Department 27,322.46 0.090971% Odum Vol. Fire Department 29,599.34 0.098552% Oglethorpe Fire Department 11,384.36 0.037905% Old Salem Volunteer Fire Department 4,553.74 0.015162% Palmetto Fire Department 11,384.36 0.037905% Panhandle Volunteer Fire Department 6,830.62 0.022743% Paulding County Fire Department 218,579.72 0.727769% Pavo Vol Fire Department 4,553.74 0.015162% Peach County Fire Department 43,260.57 0.144038% Peachtree City Fire Department 163,934.79 0.545827% Pembroke Fire Department 4,553.74 0.015162% Perry Fire Department 34,153.08 0.113714% Pickens County Fire Department 6,830.62 0.022743% Pike County Emergency Services 9,107.49 0.030324% Pine Mountain Fire Department 20,491.85 0.068228% Pine Mountain Valley Fire Department 6,830.62 0.022743% Pinehurst Fire Department 27,322.46 0.090971% Plainview Fire Department 36,429.95 0.121295% Pleasant Hill Volunteer Fire Department 2,276.87 0.007581% Poca Volunteer Fire Dept. 11,384.36 0.037905% Polk County Volunteer Fire Department 31,876.21 0.106133% Pooler Fire Department 29,599.34 0.098552% Port Wentworth Fire Department 22,768.72 0.075809% Poulan Fire Department 11,384.36 0.037905% Preston Fire Department - 0.000000% Pulaski County Fire Department 40,983.70 0.136457% Putnam County Fire Department 61,475.54 0.204685% Quitman Fire Department 9,107.49 0.030324% Rabun County Fire Department 225,410.33 0.750512% Rayle Fire Department 22,768.72 0.075809% Red Hill Volunteer Fire Dept. 31,876.21 0.106133%

Page 17

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Red Oak Volunteer Fire Department $ 18,214.98 0.060647% Reidsville Fire Department 25,045.59 0.083390% Reynolds Fire Department 15,938.10 0.053066% Rhine Volunteer Fire Department 4,553.74 0.015162% Richland Vol. Fire Department 9,107.49 0.030324% Richmond Hill Fire Department 22,768.72 0.075809% Riddleville Volunteer Fire Department 22,768.72 0.075809% Rincon Fire Department 4,553.74 0.015162% Ringgold (Catoosa County) Fire Department - 0.000000% Riverdale Fire Department 54,644.93 0.181942% Rochelle Fire Department 11,384.36 0.037905% Rock Hill Volunteer Fire Department 2,276.87 0.007581% Rockdale County Fire Department 305,100.85 1.015844% Rockmart Fire Department 34,153.08 0.113714% Rome Fire Department 346,084.55 1.152301% Rossville Fire Department 6,830.62 0.022743% Roswell Fire Department 27,322.46 0.090971% Royston Fire Department 45,537.44 0.151619% Salem Volunteer Fire Department 2,276.87 0.007581% Sandersville Fire Department 36,429.95 0.121295% Sandy Springs Fire Department 136,612.32 0.454856% Savannah Airport Fire Department 40,983.70 0.136457% Savannah Fire Department 694,445.97 2.312183% Scotland Volunteer Fire Department 6,830.62 0.022743% Scott Volunteer Fire Department 9,107.49 0.030324% Screven County Fire Department 91,074.88 0.303237% Screven Vol. Fire Department 2,276.87 0.007581% Shellman Volunteer Fire Department 22,768.72 0.075809% Shiloh Vol. Fire Department 6,830.62 0.022743% Siloam Fire Department 13,661.23 0.045486% Sky Valley - Scaly Mtn. Fire Department 40,983.70 0.136457% Smyrna Fire Department 161,657.91 0.538246% Social Circle Fire Department 9,107.49 0.030324% Soperton Fire Department 18,214.98 0.060647% South Brooks Volunteer Fire Department 11,384.36 0.037905% South Dade Vol. Fire Department 2,276.87 0.007581% South Jackson Vol. Fire Department 22,768.72 0.075809% South Jenkins Volunteer Fire Department 66,029.29 0.219847% Southeast Cook Co. Volunteer Fire Dept. 6,830.62 0.022743% Southside Fire Department 503,188.72 1.675385% Spalding Co. Fire Department 116,120.47 0.386627% Sparta Vol. Fire Department 22,768.72 0.075809% Springfield Fire Department 9,107.49 0.030324% St. Marys Fire Department 18,214.98 0.060647% Stapleton Fire Department 29,599.34 0.098552% Statesboro Fire Department 56,921.80 0.189523%

Page 18

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Stephens County Fire Department $ 154,827.30 0.515503% Stillmore Fire Department 4,553.74 0.015162% Stuckey Volunteer Fire Department 4,553.74 0.015162% Subligna Fire Department 15,938.10 0.053066% Summertown Volunteer Fire Department 11,384.36 0.037905% Summerville Fire Department 40,983.70 0.136457% Sumter County Fire Department 56,921.80 0.189523% Swainsboro Fire Department 22,768.72 0.075809% Sylvania Fire Department 29,599.34 0.098552%

Sylvester Fire Department 11,384.36 0.037905% Taliaferro Co. Fire and Rescue Dept. 20,491.85 0.068228% Tallapoosa Fire Department 2,276.87 0.007581% Tarrytown Volunteer Fire Department 6,830.62 0.022743% Teloga Fire Department 22,768.72 0.075809% Tennille Fire Department 27,322.46 0.090971% Thomas County Fire Rescue 22,768.72 0.075809% Thomaston Fire Department 20,491.85 0.068228% Thomasville Fire Rescue 81,967.39 0.272913% Thomson Fire Department 18,214.98 0.060647% Thunderbolt Fire Department 20,491.85 0.068228% Thurston Volunteer Fire Department - 0.000000% Tifton-Tift County Fire Department 159,381.04 0.530665% Tignall Fire Department 40,983.70 0.136457% Toccoa Fire Department 47,814.31 0.159199% Toomsboro Volunteer Fire Department 2,276.87 0.007581% Towns County Fire Department 72,859.91 0.242590% Trenton Fire Department 6,830.62 0.022743% Treutlen County Fire Department 13,661.23 0.045486% Trion Fire Department 34,153.08 0.113714% Troup County Fire Department 59,198.67 0.197104% Twin City Fire Department 13,661.23 0.045486% Tybee Island Fire Department 38,706.82 0.128876% Unadilla Fire Department 2,276.87 0.007581% Union City Fire Department 45,537.44 0.151619% Union County Fire Department 31,876.21 0.106133% Union Point Fire Department 6,830.62 0.022743% Uvalda Fire Department 18,214.98 0.060647% Valdosta Fire Department 150,273.55 0.500341% Vesta Volunteer Fire Department 4,553.74 0.015162% Vidalia Fire Dept. 6,830.62 0.022743% Vienna Fire Department 38,706.82 0.128876% Wadley Fire Department 13,661.23 0.045486% Walker Church Vol. Fire Department 9,107.49 0.030324% Walker County Fire Department 77,413.65 0.257751% Walton County Fire Department 147,996.68 0.492760% Ware Co. Fire Department 47,814.31 0.159199%

Page 19

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Warm Springs Fire Department $ 6,830.62 0.022743% Warner Robins Fire Department 255,009.67 0.849064% Warren Co. Fire Department 38,706.82 0.128876% Warrenton Fire Department 18,214.98 0.060647% Warthen Volunteer Fire Department 9,107.49 0.030324% Washington Fire Department 61,475.54 0.204685% Waverly Hall Fire Department 13,661.23 0.045486% Waycross Fire Department 88,798.01 0.295656% Wayne County Fire Rescue 61,475.54 0.204685% Waynesboro Fire Department 9,107.49 0.030324% Waynesville Volunteer Fire & Rescue 25,045.59 0.083390% Webster County Fire/EMS 56,921.80 0.189523% West Jackson Fire Department 15,938.10 0.053066% West Point Fire Department 34,153.08 0.113714% Whigham Fire Department 27,322.46 0.090971% White County Fire Department 15,938.10 0.053066% White Plains Fire Department 25,045.59 0.083390% Whitfield Co. Fire Department 184,426.63 0.614055% Wilkes County Fire Service 61,475.54 0.204685% Winder Fire Department 63,752.42 0.212266% Winterville Volunteer Fire Department 18,214.98 0.060647% Wolfskin Volunteer Fire Department 2,276.87 0.007581% Woodstock Fire Department 93,351.75 0.310818% Worth County Fire Department 13,661.23 0.045486% Wrens Fire Department 25,045.59 0.083390% Wrightsville Fire Department 31,876.21 0.106133% Appling Vol. Fire Department - 0.000000% Barrow Co.(Bethlehem) Fire Department - 0.000000% Bowdon Fire Department - 0.000000% Central St Hospital Fire Department - 0.000000% Cleveland Fire Department - 0.000000% Dallas Fire Department - 0.000000% Doerun Fire Department - 0.000000% Eldorado Fire Department - 0.000000% Folkston Fire Department - 0.000000% GA Department of Corrections - 0.000000% Greenville Fire Department - 0.000000% Grovetown Fire Department - 0.000000% Hawkinsville Fire Department - 0.000000% Jonesboro Fire Department - 0.000000% Lake Park Volunteer Fire Department - 0.000000% Monticello Fire Department - 0.000000% North Columbia Fire and Rescue - 0.000000% Omega Fire Department - 0.000000% Pelham Fire Department - 0.000000% Polk Co. Fire Department (Esom Hill) - 0.000000%

Page 20

2014 State Pension Employer

Support Provided Allocation Employers To The Employers Percentage Richmond Co. Fire Department $ - 0.000000% Sasser Fire Department - 0.000000% Sav. 7th Dist. Fire Department - 0.000000% South Bryan Fire Department - 0.000000% St. Simons Fire Department - 0.000000% Statham Fire Department (Barrow Co) - 0.000000% Stockbridge - 0.000000% Telfair State Prison Fire Department - 0.000000% Travis Field - 0.000000%

Total State of Georgia $ 30,034,219.00 100.000000%

Page 21

SCHEDULE B

GEORGIA FIREFIGHTERS’ PENSION FUND Schedule of Pension Amounts by Employer as of June 30, 2014

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support

Abbeville Fire Department $ 59,494.41 $ 7,066.55 Adel Fire Department 224,756.65 26,695.84 Adrian Volunteer Firefighter 13,220.98 1,570.34 Ailey Fire Department 39,662.94 4,711.03 Alamo Fire Department 46,273.43 5,496.20 Alapaha Fire Department 13,220.98 1,570.34 Albany Fire Department 799,869.26 95,005.78 Allentown Volunteer Fire Department 72,715.39 8,636.89 Alma-Bacon Co. Fire Department 39,662.94 4,711.03 Alpharetta Fire Department 475,955.26 56,532.36 Americus Fire Department 231,367.14 27,481.01 Antioch Vol. Fire Department 33,052.45 3,925.86 Appling County Fire Department 198,314.69 23,555.15 Arcade Fire Department 52,883.92 6,281.37 Arnoldsville Volunteer Fire Department 6,610.49 785.17 Ashburn Fire Department 52,883.92 6,281.37 Athens-Clarke Co. Fire & Emergency 1,163,446.19 138,190.22 Atlanta Fire Department 4,310,039.30 511,931.95 Augusta Fire Department 1,474,139.21 175,093.29 Austell Fire Department 105,767.84 12,562.75 Avera Fire Department 72,715.39 8,636.89 Bainbridge Fire Department 6,610.49 785.17 Baldwin Co. Fire Department 423,071.34 50,250.99 Baldwin Fire Department 46,273.43 5,496.20 Banks County Fire Department 231,367.14 27,481.01 Barnesville Fire Department 46,273.43 5,496.20 Barrow County Fire Department 284,251.06 33,762.38 Bartow Co. Fire Department 561,891.63 66,739.60 Bartow Volunteer Fire Department 85,936.37 10,207.23 Barwick Fire Department 6,610.49 785.17 Baxley Fire Department 138,820.28 16,488.61 Beaverdam Volunteer Fire Department 6,610.49 785.17 Ben Epps Field - Athens Clarke County 6,610.49 785.17 Ben Hill Vol. Fire Department 52,883.92 6,281.37 Bethany-Salem Fire Department 13,220.98 1,570.34 Big Canoe Fire Department 46,273.43 5,496.20 Blackshear Fire Department 52,883.92 6,281.37 Bloomingdale Fire Department 59,494.41 7,066.55 Bold Springs Fire Department 158,651.75 18,844.12 Bremen Fire Department 39,662.94 4,711.03

Page 22

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Broxton Fire Department $ 19,831.47 $ 2,355.52 Brunswick Fire Department 92,546.86 10,992.40 Bryan Co. Fire Dept. 112,378.33 13,347.92 Buckeye Volunteer Fire Department 46,273.43 5,496.20 Bulloch County Fire Department 284,251.06 33,762.38 Burke County Fire Department 165,262.24 19,629.29 Bush Field Fire Department 52,883.92 6,281.37 Butler Fire Department 79,325.88 9,422.06 Butts County Fire Department 92,546.86 10,992.40 Byromville Fire Department 66,104.90 7,851.72 Byron Fire Department 125,599.30 14,918.26 Cairo Fire Department 191,704.20 22,769.98 Calhoun Fire Department 231,367.14 27,481.01 Calvary Volunteer Fire Department 39,662.94 4,711.03 Camden County Fire Rescue 634,607.01 75,376.48 Camilla Fire Department 33,052.45 3,925.86 Canon Fire Department 6,610.49 785.17 Canon Volunteer Fire Department 59,494.41 7,066.55 Canoochee Fire Department 72,715.39 8,636.89 Canton Fire Department 92,546.86 10,992.40 Carlton Volunteer Fire Department 66,104.90 7,851.72 Carnesville Vol. Fire Department 52,883.92 6,281.37 Carroll County Fire Rescue 449,513.30 53,391.68 Carrollton Fire Department 403,239.87 47,895.47 Cartersville Fire Department 475,955.26 56,532.36 Cataula Vol. Fire Department 59,494.41 7,066.55 Catoosa County Fire Department 178,483.22 21,199.64 Cave Spring Fire Department 6,610.49 785.17 Cedartown Fire Department 138,820.28 16,488.61 Centerville Fire Department 92,546.86 10,992.40 Chatsworth Fire Department 72,715.39 8,636.89 Chauncey Vol. Fire Department 6,610.49 785.17 Cherokee County Fire Department 1,791,442.72 212,781.53 Chester Volunteer Fire Department 26,441.96 3,140.69 Circle Five Vol. Fire Department 13,220.98 1,570.34 City of Chattahoochee Hills 19,831.47 2,355.52 City of Milton Fire Department 317,303.51 37,688.24 Clarkesville Fire Department 26,441.96 3,140.69 Claxton Fire Department 185,093.71 21,984.81 Clayton Co. Fire Department 1,963,315.45 233,196.00 Cobb Co. Fire Department 3,734,926.70 443,622.02 Cobbtown Fire Department 79,325.88 9,422.06 Cochran Fire Department 26,441.96 3,140.69 Coffee Co. Fire Dept. 165,262.24 19,629.29 Cohutta Volunteer Fire Department 52,883.92 6,281.37 Colbert Fire Department 19,831.47 2,355.52

Page 23

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support College Park Fire Department $ 337,134.98 $ 40,043.76 Collins Volunteer Fire Department 13,220.98 1,570.34 Collins Volunteer Fire Department (Madison Co.) 19,831.47 2,355.52 Colquitt County Volunteer Fire Association 224,756.65 26,695.84 Colquitt-Miller Fire Department 105,767.84 12,562.75 Columbia County Fire Rescue 1,044,457.38 124,057.13 Columbus Fire & Emergency Med.Serv. 2,326,892.38 276,380.44 Comer Vol. Fire Department 79,325.88 9,422.06 Commerce Fire Department 125,599.30 14,918.26 Cordele Fire Department 118,988.82 14,133.09 Cornelia Fire Department 59,494.41 7,066.55 Covington Fire Department 343,745.47 40,828.93 Coweta Co. Fire Department 773,427.30 91,865.09 Crawford County Volunteer Fire Department 8 85,936.37 10,207.23 Crisp County Fire Department 118,988.82 14,133.09 Cross-Green Vol. Fire Department 13,220.98 1,570.34 Crossroad Volunteer Fire Department 26,441.96 3,140.69 Cusseta - Chattahoochee County Volunteer Fire Department 99,157.35 11,777.58 Dalton Fire Department 568,502.12 67,524.77 Danielsville Fire Department 39,662.94 4,711.03 Darien Fire Rescue 6,610.49 785.17 Davisboro Fire Department 105,767.84 12,562.75 Dawson County Fire Department 171,872.73 20,414.46 Dawson Fire Department 52,883.92 6,281.37 Dearing Fire Department 33,052.45 3,925.86 Decatur County Fire Department 52,883.92 6,281.37 Decatur Fire Department 204,925.18 24,340.32 Deepstep Area Fire Department 46,273.43 5,496.20 Dekalb Co. Fire Department 3,186,256.05 378,452.76 Devils Pond Volunteer Fire Department 19,831.47 2,355.52 Donalsonville Fire Department 52,883.92 6,281.37 Dooly County Fire Department 85,936.37 10,207.23 Double Churches Fire Department 46,273.43 5,496.20 Douglas Co. Fire Department 773,427.30 91,865.09 Douglas Fire Department 218,146.16 25,910.67 Dublin Fire Department 171,872.73 20,414.46 East Berrien Fire Department 85,936.37 10,207.23 East Dublin Fire Department 6,610.49 785.17 East Point Fire Department 204,925.18 24,340.32 Eastern District Fire Department 13,220.98 1,570.34 Eastman Fire Department 85,936.37 10,207.23 Eatonton Fire Department 99,157.35 11,777.58 Echols County Volunteer Fire Department 59,494.41 7,066.55 Effingham County Fire Department 191,704.20 22,769.98 Elbert County Fire Department 733,764.36 87,154.06 Elberton Fire Department 99,157.35 11,777.58

Page 24

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Ellaville (SchleyCounty)Fire Department $ 145,430.77 $ 17,273.78 Ellerslie Fire Department 99,157.35 11,777.58 Ellijay Fire Department 6,610.49 785.17 Eton Fire Department 6,610.49 785.17 Fairburn Fire Department 198,314.69 23,555.15 Fairfield Plantation Fire Department 6,610.49 785.17 Fannin County Fire Department 125,599.30 14,918.26 Fayette County Fire Department 826,311.22 98,146.46 Fayetteville Fire Department 165,262.24 19,629.29 Fitzgerald Fire Department 125,599.30 14,918.26 Five Area Vol. Fire Department 79,325.88 9,422.06 Five Points Fire District - Macon County 39,662.94 4,711.03 Flinthill Fire Department 19,831.47 2,355.52 Flovilla Fire Department 13,220.98 1,570.34 Forest Park Fire Department 383,408.40 45,539.96 Forsyth County Fire Department 753,595.83 89,509.57 Forsyth Fire Department 59,494.41 7,066.55 Fort Oglethorpe Fire Department 52,883.92 6,281.37 Fort Valley Fire Department 85,936.37 10,207.23 Franklin Springs Fire Department 79,325.88 9,422.06 Fulton Co. Fire Department 773,427.30 91,865.09 GA Public Safety Training 39,662.94 4,711.03 Ga. Firefighters Pension Fund Employee 59,494.41 7,066.55 Gainesville Fire Department 641,217.50 76,161.66 Garden City Fire Department 99,157.35 11,777.58 Garfield Volunteer Fire Department 59,494.41 7,066.55 Gibson Fire Department 59,494.41 7,066.55 Gilmer County Fire Department 138,820.28 16,488.61 Glade Volunteer Fire Department 46,273.43 5,496.20 Glennville Fire Department 59,494.41 7,066.55 Glenwood Vol. Fire Department 52,883.92 6,281.37 Glynn Co. Fire Department 337,134.98 40,043.76 Gordon County Fire Department 271,030.08 32,192.04 Gore Vol. Fire Department 19,831.47 2,355.52 Grady County Vol. Fire Department 165,262.24 19,629.29 Gray Fire Department 112,378.33 13,347.92 Greensboro Fire Department 46,273.43 5,496.20 Gresston Volunteer Fire Dept. 33,052.45 3,925.86 Griffin Fire Department 383,408.40 45,539.96 Gumlog Vol. Fire Department 46,273.43 5,496.20 Guyton Vol. Fire Department 19,831.47 2,355.52 Gwinnett Co. Fire Department 4,918,204.36 584,167.75 Habersham County Fire Department 211,535.67 25,125.49 Hagan Vol. Fire Department 105,767.84 12,562.75 Hahira Fire Department 13,220.98 1,570.34 Hall Co. Fire Department 1,943,483.98 230,840.48

Page 25

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Hamilton Volunteer Fire Department $ 52,883.92 $ 6,281.37 Hapeville Fire Department 211,535.67 25,125.49 Haralson County Fire Department 85,936.37 10,207.23 Harlem Fire Department 112,378.33 13,347.92 Harrisburg Volunteer Fire Department 85,936.37 10,207.23 Hart County Fire Department 350,355.96 41,614.10 Hartwell Fire Department 178,483.22 21,199.64 Hazlehurst Fire Department 39,662.94 4,711.03 Heard County Fire Department 118,988.82 14,133.09 Henry County Fire Department 1,348,539.90 160,175.03 Hephzibah Fire Department 59,494.41 7,066.55 Hickory Flat Fire Department 13,220.98 1,570.34 Higgston Volunteer Fire Department 26,441.96 3,140.69 Hinesville Fire Department 251,198.61 29,836.52 Hinton Vol. Fire Department 6,610.49 785.17 Hoboken Volunteer Fire Department 39,662.94 4,711.03 Holland Volunteer Fire Department 13,220.98 1,570.34 Holly Springs Fire Department 6,610.49 785.17 Homer Volunteer Fire Department 39,662.94 4,711.03 Hortense Volunteer Fire Department 33,052.45 3,925.86 Houston County Fire Department 66,104.90 7,851.72 Hull Vol. Fire Department 52,883.92 6,281.37 Ideal Fire Department 33,052.45 3,925.86 Ila Vol. Fire Department 72,715.39 8,636.89 Isle of Hope Fire Department 59,494.41 7,066.55 Jackson Fire Department 52,883.92 6,281.37 Jackson Trail Fire Department 39,662.94 4,711.03 Jasper County Emergency Services 125,599.30 14,918.26 Jasper Fire Department 79,325.88 9,422.06 Jefferson County Fire Department 99,157.35 11,777.58 Jefferson Fire Department 99,157.35 11,777.58 Jekyll Island Fire Department 33,052.45 3,925.86 Jesup Fire Department 105,767.84 12,562.75 Johns Creek Fire Department 456,123.79 54,176.85 Jones County Fire Department 138,820.28 16,488.61 Kings Bay Fire Department 6,610.49 785.17 Kingsland Fire Department 46,273.43 5,496.20 LaFayette Fire Department 13,220.98 1,570.34 LaGrange Fire Department 356,966.45 42,399.27 Lake George Volunteer Fire Department 6,610.49 785.17 Lamar County Fire Department 66,104.90 7,851.72 Laurens County Fire Department 244,588.12 29,051.35 Lavonia Fire Department 204,925.18 24,340.32 Leesburg (Lee Co.) Fire Department 59,494.41 7,066.55 Lenox Fire Department - - Leslie Volunteer Fire Department 26,441.96 3,140.69

Page 26

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Liberty County Fire Station 15 $ 6,610.49 $ 785.17 Liberty Volunteer Fire Department 26,441.96 3,140.69 Lincolnton Fire Department 52,883.92 6,281.37 Line Vol. Fire Department 33,052.45 3,925.86 Loco Volunteer Fire Department 72,715.39 8,636.89 Loganville Fire Department 72,715.39 8,636.89 Louisville Fire Department 138,820.28 16,488.61 Lowndes County Fire Department 191,704.20 22,769.98 Ludowici/Long Co. Vol. Fire Department 79,325.88 9,422.06 Lumpkin County Vol. Fire Department 72,715.39 8,636.89 Lyerly Fire Department 52,883.92 6,281.37 Macon-Bibb Fire Department 2,346,723.85 278,735.96 Madison Fire Department 112,378.33 13,347.92 Manchester Fire Department 145,430.77 17,273.78 Marietta Fire Department 832,921.71 98,931.64 Martinez Fire Department - - Martins Crossroads Vol. Fire Dept. 92,546.86 10,992.40 Maxeys Volunteer Fire Department 26,441.96 3,140.69 Maysville Fire Department 39,662.94 4,711.03 McDonough Fire Department 105,767.84 12,562.75 McDuffie County Fire Service 59,494.41 7,066.55 McIntosh County Volunteer Fire Department 6,610.49 785.17 McIntyre Fire Department 52,883.92 6,281.37 McRae Fire Department 79,325.88 9,422.06 Meansville Fire Department 19,831.47 2,355.52 Meeks Volunteer Fire Department 6,610.49 785.17 Menlo Fire Department 66,104.90 7,851.72 Meriwether County Fire Department 59,494.41 7,066.55 Metter Fire Department 59,494.41 7,066.55 Midway - Liberty County Fire Department 6,610.49 785.17 Midway Volunteer Fire Dept. 52,883.92 6,281.37 Milan Fire Department 46,273.43 5,496.20 Milledgeville Fire Department 105,767.84 12,562.75 Millen Fire Department 158,651.75 18,844.12 Minton’s Chapel Fire Department 6,610.49 785.17 Mitchell Volunteer Fire Department (Glascock Co.) 33,052.45 3,925.86 Monroe County Fire Department 211,535.67 25,125.49 Monroe Fire Department 118,988.82 14,133.09 Montezuma Fire Department 158,651.75 18,844.12 Moores Chapel Volunteer Fire Department 26,441.96 3,140.69 Morgan County Fire Department 376,797.91 44,754.79 Morrow Fire Department 191,704.20 22,769.98 Moultrie Fire Department 264,419.59 31,406.87 Mount Vernon Fire Department 72,715.39 8,636.89 Murray County Fire Department 152,041.26 18,058.95 Nahunta Fire Department 79,325.88 9,422.06

Page 27

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Nashville Fire Department $ 132,209.79 $ 15,703.43 Neese/Sanford Fire Department 19,831.47 2,355.52 New Lois Volunteer Fire Department 13,220.98 1,570.34 New Salem Fire & Rescue 66,104.90 7,851.72 Newington Fire Department 39,662.94 4,711.03 Newnan Fire Department 290,861.55 34,547.56 Newton County Fire Department 409,850.36 48,680.65 Nicholson Area Fire Department 105,767.84 12,562.75 Norristown Rural Fire Department 13,220.98 1,570.34 North Jackson Fire Department 118,988.82 14,133.09 North Jenkins County Volunteer Fire Department 59,494.41 7,066.55 North Mitchell County Volunteer Fire Department 46,273.43 5,496.20 Northside (Upson Co.) Fire Department 6,610.49 785.17 Nunez Fire Department 26,441.96 3,140.69 Ocilla Fire Department 6,610.49 785.17 Oconee Co. Vol. Fire Department 330,524.49 39,258.59 Oconee Volunteer Fire Department 79,325.88 9,422.06 Odum Vol. Fire Department 85,936.37 10,207.23 Oglethorpe Fire Department 33,052.45 3,925.86 Old Salem Volunteer Fire Department 13,220.98 1,570.34 Palmetto Fire Department 33,052.45 3,925.86 Panhandle Volunteer Fire Department 19,831.47 2,355.52 Paulding County Fire Department 634,607.01 75,376.48 Pavo Vol Fire Department 13,220.98 1,570.34 Peach County Fire Department 125,599.30 14,918.26 Peachtree City Fire Department 475,955.26 56,532.36 Pembroke Fire Department 13,220.98 1,570.34 Perry Fire Department 99,157.35 11,777.58 Pickens County Fire Department 19,831.47 2,355.52 Pike County Emergency Services 26,441.96 3,140.69 Pine Mountain Fire Department 59,494.41 7,066.55 Pine Mountain Valley Fire Department 19,831.47 2,355.52 Pinehurst Fire Department 79,325.88 9,422.06 Plainview Fire Department 105,767.84 12,562.75 Pleasant Hill Volunteer Fire Department 6,610.49 785.17 Poca Volunteer Fire Dept. 33,052.45 3,925.86 Polk County Volunteer Fire Department 92,546.86 10,992.40 Pooler Fire Department 85,936.37 10,207.23 Port Wentworth Fire Department 66,104.90 7,851.72 Poulan Fire Department 33,052.45 3,925.86 Preston Fire Department - - Pulaski County Fire Department 118,988.82 14,133.09 Putnam County Fire Department 178,483.22 21,199.64 Quitman Fire Department 26,441.96 3,140.69 Rabun County Fire Department 654,438.48 77,732.00 Rayle Fire Department 66,104.90 7,851.72

Page 28

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Red Hill Volunteer Fire Dept. $ 92,546.86 $ 10,992.40 Red Oak Volunteer Fire Department 52,883.92 6,281.37 Reidsville Fire Department 72,715.39 8,636.89 Reynolds Fire Department 46,273.43 5,496.20 Rhine Volunteer Fire Department 13,220.98 1,570.34 Richland Vol. Fire Department 26,441.96 3,140.69 Richmond Hill Fire Department 66,104.90 7,851.72 Riddleville Volunteer Fire Department 66,104.90 7,851.72 Rincon Fire Department 13,220.98 1,570.34 Ringgold (Catoosa County) Fire Department - - Riverdale Fire Department 158,651.75 18,844.12 Rochelle Fire Department 33,052.45 3,925.86 Rock Hill Volunteer Fire Department 6,610.49 785.17 Rockdale County Fire Department 885,805.62 105,213.01 Rockmart Fire Department 99,157.35 11,777.58 Rome Fire Department 1,004,794.44 119,346.10 Rossville Fire Department 19,831.47 2,355.52 Roswell Fire Department 79,325.88 9,422.06 Royston Fire Department 132,209.79 15,703.43 Salem Volunteer Fire Department 6,610.49 785.17 Sandersville Fire Department 105,767.84 12,562.75 Sandy Springs Fire Department 396,629.38 47,110.30 Savannah Airport Fire Department 118,988.82 14,133.09 Savannah Fire Department 2,016,199.37 239,477.37 Scotland Volunteer Fire Department 19,831.47 2,355.52 Scott Volunteer Fire Department 26,441.96 3,140.69 Screven County Fire Department 264,419.59 31,406.87 Screven Vol. Fire Department 6,610.49 785.17 Shellman Volunteer Fire Department 66,104.90 7,851.72 Shiloh Vol. Fire Department 19,831.47 2,355.52 Siloam Fire Department 39,662.94 4,711.03 Sky Valley - Scaly Mtn. Fire Department 118,988.82 14,133.09 Smyrna Fire Department 469,344.77 55,747.19 Social Circle Fire Department 26,441.96 3,140.69 Soperton Fire Department 52,883.92 6,281.37 South Brooks Volunteer Fire Department 33,052.45 3,925.86 South Dade Vol. Fire Department 6,610.49 785.17 South Jackson Vol. Fire Department 66,104.90 7,851.72 South Jenkins Volunteer Fire Department 191,704.20 22,769.98 Southeast Cook Co. Volunteer Fire Dept. 19,831.47 2,355.52 Southside Fire Department 1,460,918.23 173,522.95 Spalding Co. Fire Department 337,134.98 40,043.76 Sparta Vol. Fire Department 66,104.90 7,851.72 Springfield Fire Department 26,441.96 3,140.69 St. Marys Fire Department 52,883.92 6,281.37 Stapleton Fire Department 85,936.37 10,207.23

Page 29

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Statesboro Fire Department $ 165,262.24 $ 19,629.29 Stephens County Fire Department 449,513.30 53,391.68 Stillmore Fire Department 13,220.98 1,570.34 Stuckey Volunteer Fire Department 13,220.98 1,570.34 Subligna Fire Department 46,273.43 5,496.20 Summertown Volunteer Fire Department 33,052.45 3,925.86 Summerville Fire Department 118,988.82 14,133.09 Sumter County Fire Department 165,262.24 19,629.29 Swainsboro Fire Department 66,104.90 7,851.72 Sylvania Fire Department 85,936.37 10,207.23 Sylvester Fire Department 33,052.45 3,925.86 Taliaferro Co. Fire and Rescue Dept. 59,494.41 7,066.55 Tallapoosa Fire Department 6,610.49 785.17 Tarrytown Volunteer Fire Department 19,831.47 2,355.52 Teloga Fire Department 66,104.90 7,851.72 Tennille Fire Department 79,325.88 9,422.06 Thomas County Fire Rescue 66,104.90 7,851.72 Thomaston Fire Department 59,494.41 7,066.55 Thomasville Fire Rescue 237,977.63 28,266.18 Thomson Fire Department 52,883.92 6,281.37 Thunderbolt Fire Department 59,494.41 7,066.55 Thurston Volunteer Fire Department - - Tifton-Tift County Fire Department 462,734.28 54,962.02 Tignall Fire Department 118,988.82 14,133.09 Toccoa Fire Department 138,820.28 16,488.61 Toomsboro Volunteer Fire Department 6,610.49 785.17 Towns County Fire Department 211,535.67 25,125.49 Trenton Fire Department 19,831.47 2,355.52 Treutlen County Fire Department 39,662.94 4,711.03 Trion Fire Department 99,157.35 11,777.58 Troup County Fire Department 171,872.73 20,414.46 Twin City Fire Department 39,662.94 4,711.03 Tybee Island Fire Department 112,378.33 13,347.92 Unadilla Fire Department 6,610.49 785.17 Union City Fire Department 132,209.79 15,703.43 Union County Fire Department 92,546.86 10,992.40 Union Point Fire Department 19,831.47 2,355.52 Uvalda Fire Department 52,883.92 6,281.37 Valdosta Fire Department 436,292.32 51,821.33 Vesta Volunteer Fire Department 13,220.98 1,570.34 Vidalia Fire Dept. 19,831.47 2,355.52 Vienna Fire Department 112,378.33 13,347.92 Wadley Fire Department 39,662.94 4,711.03 Walker Church Vol. Fire Department 26,441.96 3,140.69 Walker County Fire Department 224,756.65 26,695.84 Walton County Fire Department 429,681.83 51,036.16

Page 30

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Ware Co. Fire Department $ 138,820.28 $ 16,488.61 Warm Springs Fire Department 19,831.47 2,355.52 Warner Robins Fire Department 740,374.85 87,939.23 Warren Co. Fire Department 112,378.33 13,347.92 Warrenton Fire Department 52,883.92 6,281.37 Warthen Volunteer Fire Department 26,441.96 3,140.69 Washington Fire Department 178,483.22 21,199.64 Waverly Hall Fire Department 39,662.94 4,711.03 Waycross Fire Department 257,809.10 30,621.70 Wayne County Fire Rescue 178,483.22 21,199.64 Waynesboro Fire Department 26,441.96 3,140.69 Waynesville Volunteer Fire & Rescue 72,715.39 8,636.89 Webster County Fire/EMS 165,262.24 19,629.29 West Jackson Fire Department 46,273.43 5,496.20 West Point Fire Department 99,157.35 11,777.58 Whigham Fire Department 79,325.88 9,422.06 White County Fire Department 46,273.43 5,496.20 White Plains Fire Department 72,715.39 8,636.89 Whitfield Co. Fire Department 535,449.67 63,598.91 Wilkes County Fire Service 178,483.22 21,199.64 Winder Fire Department 185,093.71 21,984.81 Winterville Volunteer Fire Department 52,883.92 6,281.37 Wolfskin Volunteer Fire Department 6,610.49 785.17 Woodstock Fire Department 271,030.08 32,192.04 Worth County Fire Department 39,662.94 4,711.03 Wrens Fire Department 72,715.39 8,636.89 Wrightsville Fire Department 92,546.86 10,992.40 Appling Vol. Fire Department - - Barrow Co.(Bethlehem) Fire Department - - Bowdon Fire Department - - Central St Hospital Fire Department - - Cleveland Fire Department - - Dallas Fire Department - - Doerun Fire Department - - Eldorado Fire Department - - Folkston Fire Department - - GA Department of Corrections - - Greenville Fire Department - - Grovetown Fire Department - - Hawkinsville Fire Department - - Jonesboro Fire Department - - Lake Park Volunteer Fire Department - - Monticello Fire Department - - North Columbia Fire and Rescue - - Omega Fire Department - - Pelham Fire Department - -

Page 31

State’s Proportionate Share Employer Pension

Of the Net Pension Liability Expense and Revenue Employers Associated with the Employer For State Support Polk Co. Fire Department (Esom Hill) $ - $ - Richmond Co. Fire Department - - Sasser Fire Department - - Sav. 7th Dist. Fire Department - - South Bryan Fire Department - - St. Simons Fire Department - - Statham Fire Department (Barrow Co) - - Stockbridge - - Telfair State Prison Fire Department - - Travis Field - -

Total State of Georgia $ 87,198,970.00 $ 10,357,200.00

Page 32

SCHEDULE C

GEORGIA FIREFIGHTERS’ PENSION FUND Schedule of Pension Amounts by Employer as of June 30, 2013

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Abbeville Fire Department $ 111,630.12 Adel Fire Department 396,907.10 Adrian Volunteer Firefighter 24,806.69 Ailey Fire Department 86,823.43 Alamo Fire Department 99,226.78 Alapaha Fire Department 24,806.69 Albany Fire Department 1,587,628.42 Allentown Volunteer Fire Department 136,436.82 Alma-Bacon Co. Fire Department 86,823.43 Alpharetta Fire Department 855,830.94 Americus Fire Department 434,117.15 Antioch Vol. Fire Department 74,420.08 Appling County Fire Department 384,503.76 Arcade Fire Department 86,823.43 Arnoldsville Volunteer Fire Department 12,403.35 Ashburn Fire Department 111,630.12 Athens-Clarke Co. Fire & Emergency 2,269,812.50 Atlanta Fire Department 7,863,722.00 Augusta Fire Department 2,654,316.26 Austell Fire Department 186,050.21 Avera Fire Department 161,243.51 Bainbridge Fire Department 24,806.69 Baldwin Co. Fire Department 793,814.21 Baldwin Fire Department 62,016.74 Banks County Fire Department 372,100.41 Barnesville Fire Department 99,226.78 Barrow County Fire Department 508,537.23 Bartow Co. Fire Department 1,017,074.45 Bartow Volunteer Fire Department 148,840.16 Barwick Fire Department 12,403.35 Baxley Fire Department 272,873.63 Beaverdam Volunteer Fire Department 24,806.69 Ben Epps Field - Athens Clarke County 12,403.35 Ben Hill Vol. Fire Department 86,823.43 Bethany-Salem Fire Department 12,403.35 Big Canoe Fire Department 62,016.74

Page 33

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Blackshear Fire Department $ 99,226.78 Bloomingdale Fire Department 124,033.47 Bold Springs Fire Department 272,873.63 Bremen Fire Department 74,420.08 Broxton Fire Department 37,210.04 Brunswick Fire Department 223,260.25 Bryan Co. Fire Dept. 186,050.21 Buckeye Volunteer Fire Department 86,823.43 Bulloch County Fire Department 632,570.70 Burke County Fire Department 347,293.72 Bush Field Fire Department 49,613.39 Butler Fire Department 148,840.16 Butts County Fire Department 173,646.86 Byromville Fire Department 136,436.82 Byron Fire Department 210,856.90 Cairo Fire Department 372,100.41 Calhoun Fire Department 458,923.84 Calvary Volunteer Fire Department 74,420.08 Camden County Fire Rescue 1,141,107.92 Camilla Fire Department 49,613.39 Canon Volunteer Fire Department 136,436.82 Canoochee Fire Department 136,436.82 Canton Fire Department 186,050.21 Carlton Volunteer Fire Department 136,436.82 Carnesville Vol. Fire Department 111,630.12 Carroll County Fire Rescue 831,024.25 Carrollton Fire Department 756,604.17 Cartersville Fire Department 905,444.33 Cataula Vol. Fire Department 124,033.47 Catoosa County Fire Department 285,276.98 Cave Spring Fire Department 12,403.35 Cedartown Fire Department 260,470.29 Centerville Fire Department 161,243.51 Chatsworth Fire Department 148,840.16 Chauncey Vol. Fire Department 12,403.35 Cherokee County Fire Department 3,150,450.14 Chester Volunteer Fire Department 49,613.39 Circle Five Vol. Fire Department 24,806.69 City of Chattahoochee Hills 62,016.74 City of Milton Fire Department 582,957.31

Page 34

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Clarkesville Fire Department $ 49,613.39 Claxton Fire Department 421,713.80 Clayton Co. Fire Department 3,869,844.27 Cobb Co. Fire Department 6,623,387.30 Cobbtown Fire Department 136,436.82 Cochran Fire Department 49,613.39 Coffee Co. Fire Dept. 272,873.63 Cohutta Volunteer Fire Department 99,226.78 Colbert Fire Department 37,210.04 College Park Fire Department 657,377.39 Collins Volunteer Fire Department 24,806.69 Collins Volunteer Fire Department (Madison Co.) 12,403.35 Colquitt County Volunteer Fire Association 446,520.49 Colquitt-Miller Fire Department 198,453.55 Columbia County Fire Rescue 1,947,325.48 Columbus Fire & Emergency Med. Serv. 4,378,381.49 Comer Vol. Fire Department 148,840.16 Commerce Fire Department 285,276.98 Cordele Fire Department 248,066.94 Cornelia Fire Department 99,226.78 Covington Fire Department 595,360.66 Coweta Co. Fire Department 1,438,788.25 Crawford County Volunteer Fire Department 8 161,243.51 Crisp County Fire Department 248,066.94 Cross-Green Vol. Fire Department 24,806.69 Crossroad Volunteer Fire Department 49,613.39 Cusseta - Chattahoochee County Vol Fire Dept 297,680.33 Dalton Fire Department 1,079,091.19 Danielsville Fire Department 86,823.43 Darien Fire Rescue 12,403.35 Davisboro Fire Department 198,453.55 Dawson County Fire Department 272,873.63 Dawson Fire Department 99,226.78 Dearing Fire Department 74,420.08 Decatur County Fire Department 99,226.78 Decatur Fire Department 396,907.10 Deepstep Area Fire Department 86,823.43 Dekalb Co. Fire Department 5,891,589.83 Devils Pond Volunteer Fire Department 37,210.04 Donalsonville Fire Department 86,823.43

Page 35

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Dooly County Fire Department $ 148,840.16 Double Churches Fire Department 86,823.43 Douglas Co. Fire Department 1,525,611.68 Douglas Fire Department 409,310.45 Dublin Fire Department 297,680.33 East Berrien Fire Department 161,243.51 East Dublin Fire Department 12,403.35 East Point Fire Department 446,520.49 Eastern District Fire Department 24,806.69 Eastman Fire Department 161,243.51 Eatonton Fire Department 173,646.86 Echols County Volunteer Fire Department 99,226.78 Effingham County Fire Department 359,697.06 Elbert County Fire Department 1,413,981.56 Elberton Fire Department 198,453.55 Ellaville (Schley County)Fire Department 310,083.68 Ellerslie Fire Department 136,436.82 Ellijay Fire Department 24,806.69 Eton Fire Department 12,403.35 Fairburn Fire Department 372,100.41 Fairfield Plantation Fire Department 12,403.35 Fannin County Fire Department 272,873.63 Fayette County Fire Department 1,600,031.76 Fayetteville Fire Department 359,697.06 Fitzgerald Fire Department 248,066.94 Five Area Vol. Fire Department 173,646.86 Five Points Fire District - Macon County 74,420.08 Flinthill Fire Department 62,016.74 Flovilla Fire Department 12,403.35 Forest Park Fire Department 706,990.78 Forsyth County Fire Department 1,289,948.09 Forsyth Fire Department 74,420.08 Fort Oglethorpe Fire Department 111,630.12 Fort Valley Fire Department 124,033.47 Franklin Springs Fire Department 99,226.78 Fulton Co. Fire Department 1,451,191.60 GA Public Safety Training 74,420.08 Ga. Firefighters Pension Fund Employee 111,630.12 Gainesville Fire Department 1,215,528.01 Garden City Fire Department 198,453.55

Page 36

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Garfield Volunteer Fire Department $ 111,630.12 Gibson Fire Department 99,226.78 Gilmer County Fire Department 235,663.59 Glade Volunteer Fire Department 86,823.43 Glennville Fire Department 124,033.47 Glenwood Vol. Fire Department 99,226.78 Glynn Co. Fire Department 607,764.00 Gordon County Fire Department 533,343.92 Gore Vol. Fire Department 37,210.04 Grady County Vol. Fire Department 310,083.68 Gray Fire Department 223,260.25 Greensboro Fire Department 86,823.43 Gresston Volunteer Fire Dept. 62,016.74 Griffin Fire Department 719,394.13 Gumbranch Volunteer Fire Department 12,403.35 Gumlog Vol. Fire Department 86,823.43 Guyton Vol. Fire Department 62,016.74 Gwinnett Co. Fire Department 8,905,603.15 Habersham County Fire Department 446,520.49 Hagan Vol. Fire Department 49,613.39 Hahira Fire Department 24,806.69 Hall Co. Fire Department 3,361,307.04 Hamilton Volunteer Fire Department 111,630.12 Hapeville Fire Department 421,713.80 Haralson County Fire Department 173,646.86 Harlem Fire Department 173,646.86 Harrisburg Volunteer Fire Department 223,260.25 Hart County Fire Department 545,747.27 Hartwell Fire Department 322,487.02 Hazlehurst Fire Department 74,420.08 Heard County Fire Department 285,276.98 Henry County Fire Department 2,592,299.52 Hephzibah Fire Department 86,823.43 Hickory Flat Fire Department 24,806.69 Higgston Volunteer Fire Department 99,226.78 Hillcrest Fire Department 124,033.47 Hinesville Fire Department 458,923.84 Hinton Vol. Fire Department 24,806.69 Hoboken Volunteer Fire Department 12,403.35 Holbrook Campground Vol. Fire Dept. 12,403.35

Page 37

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Holland Volunteer Fire Department $ 24,806.69 Holly Springs Fire Department 12,403.35 Homer Volunteer Fire Department 86,823.43 Hortense Volunteer Fire Department 62,016.74 Houston County Fire Department 124,033.47 Hull Vol. Fire Department 99,226.78 Ideal Fire Department 62,016.74 Ila Vol. Fire Department 148,840.16 Isle of Hope Fire Department 99,226.78 Jackson Fire Department 124,033.47 Jackson Trail Fire Department 62,016.74 Jasper County Emergency Services 248,066.94 Jasper Fire Department 124,033.47 Jefferson Fire Department 198,453.55 Jekyll Island Fire Department 49,613.39 Jesup Fire Department 223,260.25 Johns Creek Fire Department 831,024.25 Jones County Fire Department 210,856.90 Kings Bay Fire Department 12,403.35 Kingsland Fire Department 136,436.82 LaFayette Fire Department 24,806.69 LaGrange Fire Department 669,780.74 Lake George Volunteer Fire Department 12,403.35 Lamar County Fire Department 210,856.90 Laurens County Fire Department 421,713.80 Lavonia Fire Department 384,503.76 Leesburg (Lee Co.) Fire Department 124,033.47 Lenox Fire Department 12,403.35 Leslie Volunteer Fire Department 37,210.04 Liberty Volunteer Fire Department 49,613.39 Lincolnton Fire Department 111,630.12 Line Vol. Fire Department 62,016.74 Loco Volunteer Fire Department 124,033.47 Loganville Fire Department 111,630.12 Louisville Fire Department 322,487.02 Lowndes County Fire Department 347,293.72 Ludowici/Long Co. Vol. Fire Department 161,243.51 Lumpkin County Vol. Fire Department 136,436.82 Lyerly Fire Department 99,226.78 Macon-Bibb Fire Department 4,353,574.80

Page 38

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Madison Fire Department $ 210,856.90 Manchester Fire Department 235,663.59 Marietta Fire Department 1,513,208.33 Marshallville Fire Department 12,403.35 Martins Crossroads Vol. Fire Dept. 136,436.82 Maxeys Volunteer Fire Department 49,613.39 Maysville Fire Department 74,420.08 McDonough Fire Department 198,453.55 McDuffie County Fire Service 124,033.47 McIntyre Fire Department 99,226.78 McRae Fire Department 148,840.16 Meansville Fire Department 12,403.35 Meeks Volunteer Fire Department 24,806.69 Menlo Fire Department 124,033.47 Meriwether County Fire Department 86,823.43 Metter Fire Department 99,226.78 Midway - Liberty County Fire Department 12,403.35 Midway Volunteer Fire Dept. 124,033.47 Milan Fire Department 86,823.43 Milledgeville Fire Department 198,453.55 Millen Fire Department 285,276.98 Minton’s Chapel Fire Department 12,403.35 Monroe County Fire Department 384,503.76 Monroe Fire Department 223,260.25 Montezuma Fire Department 297,680.33 Moores Chapel Volunteer Fire Department 49,613.39 Morgan County Fire Department 855,830.94 Morrow Fire Department 359,697.06 Moultrie Fire Department 508,537.23 Mount Vernon Fire Department 136,436.82 Murray County Fire Department 272,873.63 Nashville Fire Department 223,260.25 Neese/Sanford Fire Department 37,210.04 New Salem Fire & Rescue 86,823.43 Newington Fire Department 86,823.43 Newnan Fire Department 545,747.27 Newton County Fire Department 868,234.29 Nicholson Area Fire Department 198,453.55 Norristown Rural Fire Department 24,806.69 North Jackson Fire Department 186,050.21

Page 39

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

North Jenkins County Volunteer Fire Dept $ 111,630.12 North Mitchell County Volunteer Fire Dept 86,823.43 Northside (Upson Co.) Fire Department 12,403.35 Nunez Fire Department 49,613.39 Ocilla Fire Department 12,403.35 Oconee Co. Vol. Fire Department 310,083.68 Oconee Volunteer Fire Department 148,840.16 Odum Vol. Fire Department 136,436.82 Oglethorpe Fire Department 62,016.74 Old Salem Volunteer Fire Department 37,210.04 Palmetto Fire Department 49,613.39 Panhandle Volunteer Fire Department 24,806.69 Paulding County Fire Department 1,091,494.54 Pavo Vol Fire Department 24,806.69 Peach County Fire Department 272,873.63 Peachtree City Fire Department 917,847.68 Perry Fire Department 198,453.55 Pickens County Fire Department 37,210.04 Pike County Emergency Services 37,210.04 Pine Mountain Fire Department 136,436.82 Pine Mountain Valley Fire Department 49,613.39 Pinehurst Fire Department 161,243.51 Plainview Fire Department 210,856.90 Poca Volunteer Fire Dept. 62,016.74 Polk County Volunteer Fire Department 173,646.86 Pooler Fire Department 136,436.82 Port Wentworth Fire Department 111,630.12 Poulan Fire Department 62,016.74 Pulaski County Fire Department 210,856.90 Putnam County Fire Department 322,487.02 Quitman Fire Department 49,613.39 Rabun County Fire Department 992,267.76 Ray City Vol. Fire Department 12,403.35 Rayle Fire Department 124,033.47 Red Hill Volunteer Fire Dept. 186,050.21 Red Oak Volunteer Fire Department 99,226.78 Reidsville Fire Department 124,033.47 Reynolds Fire Department 86,823.43 Rhine Vol. Fire Department 12,403.35 Rhine Volunteer Fire Department 12,403.35

Page 40

2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Richland Vol. Fire Department $ 62,016.74 Richmond Hill Fire Department 111,630.12 Riddleville Volunteer Fire Department 136,436.82 Rincon Fire Department 12,403.35 Riverdale Fire Department 248,066.94 Rochelle Fire Department 49,613.39 Rock Hill Volunteer Fire Department 12,403.35 Rockdale County Fire Department 1,637,241.80 Rockmart Fire Department 186,050.21 Rome Fire Department 1,934,922.13 Rossville Fire Department 49,613.39 Roswell Fire Department 136,436.82 Royston Fire Department 223,260.25 Sandersville Fire Department 210,856.90 Sandy Springs Fire Department 756,604.17 Savannah Airport Fire Department 260,470.29 Savannah Fire Department 3,795,424.18 Scotland Volunteer Fire Department 49,613.39 Scott Volunteer Fire Department 37,210.04 Screven County Fire Department 508,537.23 Screven Vol. Fire Department 12,403.35 Shellman Volunteer Fire Department 136,436.82 Shiloh Vol. Fire Department 37,210.04 Siloam Fire Department 74,420.08 Sky Valley - Scaly Mtn. Fire Department 210,856.90 Smyrna Fire Department 880,637.64 Social Circle Fire Department 74,420.08 Soperton Fire Department 86,823.43 South Brooks Volunteer Fire Department 74,420.08 South Dade Vol. Fire Department 12,403.35 South Jackson Vol. Fire Department 136,436.82 South Jenkins Volunteer Fire Department 359,697.06 Southeast Cook Co. Volunteer Fire Dept. 37,210.04 Southside Fire Department 2,703,929.65 Spalding Co. Fire Department 644,974.04 Sparta Vol. Fire Department 136,436.82 Springfield Fire Department 49,613.39 St. Marys Fire Department 62,016.74 Stapleton Fire Department 173,646.86 Statesboro Fire Department 310,083.68

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2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Stephens County Fire Department $ 1,054,284.50 Stillmore Fire Department 37,210.04 Stuckey Volunteer Fire Department 24,806.69 Summertown Volunteer Fire Department 62,016.74 Summerville Fire Department 235,663.59 Sumter County Fire Department 297,680.33 Swainsboro Fire Department 136,436.82 Sylvania Fire Department 161,243.51 Sylvester Fire Department 74,420.08 Talbotton Volunteer Fire Department 24,806.69 Taliaferro Co. Fire and Rescue Dept. 136,436.82 Tallapoosa Fire Department 24,806.69 Tarrytown Volunteer Fire Department 37,210.04 Teloga Fire Department 136,436.82 Tennille Fire Department 136,436.82 Thomas County Fire Rescue 173,646.86 Thomaston Fire Department 124,033.47 Thomasville Fire Rescue 434,117.15 Thomson Fire Department 74,420.08 Thunderbolt Fire Department 86,823.43 Thurston Volunteer Fire Department 12,403.35 Tifton-Tift County Fire Department 843,427.60 Tignall Fire Department 235,663.59 Toccoa Fire Department 235,663.59 Toomsboro Volunteer Fire Department 12,403.35 Towns County Fire Department 409,310.45 Trenton Fire Department 24,806.69 Treutlen County Fire Department 74,420.08 Trion Fire Department 161,243.51 Troup County Fire Department 334,890.37 Twin City Fire Department 62,016.74 Tybee Island Fire Department 186,050.21 Unadilla Fire Department 24,806.69 Union City Fire Department 248,066.94 Union County Fire Department 148,840.16 Union Point Fire Department 49,613.39 Uvalda Fire Department 99,226.78 Valdosta Fire Department 893,040.98 Vesta Volunteer Fire Department 24,806.69 Vidalia Fire Dept. 37,210.04

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2013 State’s Proportionate Share

Of the Net Pension Liability Employers Associated with the Employer

Vienna Fire Department $ 198,453.55 Wadley Fire Department 74,420.08 Walker Church Vol. Fire Department 49,613.39 Walker County Fire Department 558,150.62 Walton County Fire Department 843,427.60 Ware Co. Fire Department 272,873.63 Warm Springs Fire Department 37,210.04 Warner Robins Fire Department 1,376,771.52 Warren Co. Fire Department 198,453.55 Warrenton Fire Department 111,630.12 Warthen Volunteer Fire Department 49,613.39 Washington Fire Department 310,083.68 Waverly Hall Fire Department 99,226.78 Waycross Fire Department 520,940.57 Wayne County Fire Rescue 359,697.06 Waynesboro Fire Department 49,613.39 Webster County Fire/EMS 334,890.37 West Jackson Fire Department 111,630.12 West Point Fire Department 173,646.86 Whigham Fire Department 148,840.16 White County Fire Department 74,420.08 White Plains Fire Department 111,630.12 Whitfield Co. Fire Department 967,461.07 Wilkes County Fire Service 384,503.76 Winder Fire Department 359,697.06 Winterville Volunteer Fire Department 86,823.43 Wolfskin Volunteer Fire Department 12,403.35 Woodstock Fire Department 496,133.88 Worth County Fire Department 148,840.16 Wrens Fire Department 173,646.86 Wrightsville Fire Department 161,243.51 Lake Park Volunteer Fire Department 12,403.35

Total State of Georgia $ 162,062,132.00

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SCHEDULE D

SUMMARY OF MAIN PLAN PROVISIONS

Current Plan Provisions: The plan provisions and contribution revenue are established under Chapter 7 of Title

47 of the Official Code of Georgia. The Chapter has established a five-member Board of Trustees to administer the Fund. The Georgia Legislature has sole authority to change plan provisions, except that the Fund’s Trustees

1 may approve ad hoc cost-of-living adjustments each six months not exceeding 1 /2% per increase. The Georgia

Legislature also determines sources of revenues to the Fund from the State and from Members. Employers are not required to make contributions to this fund.

Effective Date: 1955

Most Recent Amendment Effective Date: July 1, 2008.

Type of Plan: A defined benefit, public employee retirement system funded by Member contributions and tax revenues on insurance premiums in protected areas.

Eligibility: Any person employed as a firefighter or enrolled as a volunteer firefighter making required monthly dues. Members of Peace Officers’ Annuity and Benefit Fund are excluded. Regular employees of the fund are eligible.

Credited Service: All service as a Member of the fund rendered while a firefighter or volunteer firefighter excluding years for volunteer firefighters who do not meet attendance, meeting or drill requirements and excluding any leave of absence time. The Board may calculate Credited Service on a monthly basis.

Normal Retirement Date: Full benefits paid at age 55 with at least 25 years of service. Reduced benefits paid if

Member has at least 15 years of service.

Early Retirement Date: Age 50 with at least 15 years of service.

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Retirement Benefit at Normal Retirement Date: A monthly retirement income increased 2% for each complete year of service over 25. If credited service is less than 25, the $882 per month is reduced by the ratio of credited service divided by 25 years. The $882 benefit is derived as follows:

Total Change Benefit Benefit under Code Sec. 47-7-102(3) effective 7/1/1990 = $570 $570 6% Increase to offset State Income Tax under Code Sec. 47-1-30 = 34 604 3% COLA adjustment on 8/1/1993 = 18 622 1 1 /2% COLA adjustment on 1/1/1994 = 9 631 1 1 /2% COLA adjustment on 7/1/1994 = 9 640 1 1 /2% COLA adjustment on 1/1/1995 = 10 650 1 1 /2% COLA adjustment on 7/1/1995 = 10 660 1 1 /2% COLA adjustment on 1/1/1996 = 10 670 1 1 /2% COLA adjustment on 7/1/1996 = 10 680 1 1 /2% COLA adjustment on 1/1/1997 = 10 690 1 1 /2% COLA adjustment on 7/1/1997 = 10 700 1 1 /2% COLA adjustment on 7/1/1998 = 10 710 1 1 /2% COLA adjustment on 7/1/1999 = 11 721 1 1 /2% COLA adjustment on 1/1/2000 = 11 732 1 1 /2% COLA adjustment on 7/1/2000 = 11 743 1 1 /2% COLA adjustment on 7/1/2001 = 11 754 1 1 /2% COLA adjustment on 7/1/2003 = 11 765 1 1 /2% COLA adjustment on 1/1/2004 = 11 776 1 1 /2% COLA adjustment on 7/1/2004 = 12 788 1 1 /2% COLA adjustment on 1/1/2005 = 12 800 1 1 /2% COLA adjustment on 7/1/2005 = 12 812 1 1 /2% COLA adjustment on 1/1/2006 = 12 824 1 1 /2% COLA adjustment on 7/1/2006 = 12 836 1 1 /2% COLA adjustment on 1/1/2007 = 13 849 1 1 /2% COLA adjustment on 7/1/2007 = 13 862 1 1 /2% COLA adjustment on 1/1/2008 = 13 875 3 /4% COLA adjustment on 7/1/2008 = 7 882 Total benefit amount $882

Retirement Benefit at Early Retirement Date: For retirement between ages 50 and 55, the benefit is reduced by

6% for each year which early retirement precedes age 55.

Disability: There is no longer a disability benefit.

Vesting: After completion of 15 years of service, a participant is 100% vested. If termination occurs prior to vesting, total member contributions are refunded, less 5%.

Vesting Benefit: The accrued benefit deferred to a minimum age 50.

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Death Benefits: Prior to vesting, death benefit equals $5,000.00. After vesting, the death benefit is as prescribed by the Code. A Member with 15 years of creditable service has coverage for his or her spouse in the event the

Member dies prior to commencing benefits. The coverage percentage is 100% of what the Member would have received under a joint and 100% survivor option and is payable when the Member would have become age 55. If the Member is not married, his or her beneficiary will receive benefits under the ten year certain option. The

Member’s benefit is not reduced to reflect the cost of this option (other than the normal reduction for a joint and survivor annuity).

Member Contributions (Dues): $25 per month. If Member terminates after 25 years of service but is not age 55, dues cease.

Normal Form of Payment: Life annuity.

Optional Forms of Payment: After retirement, the following options are available in exchange for an actuarial reduction in the Member’s benefit.

2 A. Joint and Survivor Option at 100%, 75%, 66 /3%, or 50 percent continuation

B. Ten Years Certain and Life Option

If a Joint and Survivor is elected and the spouse predeceases or divorces the Member, the benefit is increased (or

“pops-up”) to the amount that would have been payable if the Joint and Survivor Option had not been elected.

There is no charge to the Member for the pop-up provision.

Reduction: Benefits can be reduced if funds are insufficient.

Postemployment Healthcare Benefits: None.

Cost-of-Living Allowance (COLA): There is no automatic provision. The Board of Trustees can make ad hoc increases up to 1 ½% every six months.

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SCHEDULE E

STATEMENT OF ACTUARIAL ASSUMPTIONS AND METHODS

INVESTMENT RETURN: 6.50% compounded annually

SEPARATIONS FROM ACTIVE SERVICE: For death rates, the RP-2000 Blended Mortality Table with Projection Scale AA was used. Representative values of the assumed annual rates of separation from active service are as follows:

Annual Rate of Age Withdrawal Death Male Female Male Female 20 2.67% 0.00% 0.023% 0.013% 25 3.55 8.33 0.030 0.015 30 3.02 4.35 0.040 0.021 35 2.94 9.88 0.069 0.037 40 2.07 2.41 0.090 0.051 45 1.96 1.82 0.115 0.079 50 4.30 7.19 0.156 0.118 55 4.30 7.19 0.251 0.231

RETIREMENT: Members who have worked at least 15 years are assumed to retire at the following rates:

Age Rate Age Rate 50 11.6% 58 13.7% 51 6.8 59 17.8 52 7.3 60 21.8 53 10.5 61 25.4 54 16.9 62 24.4 55 29.7 63 17.9 56 19.1 64 25.0 57 15.3 65 100.0

DEATHS AFTER RETIREMENT: The RP-2000 Blended Mortality Table with Projection Scale AA is used for the period after retirement and for dependent beneficiaries. Mortality rates are based on the 1944 Railroad Board Ultimate Table for current disability retirees, however there are no longer any disability benefits included in the plan.

PERCENT MARRIED: 80% of active members are assumed to be married with the male three years older than his spouse.

ACTUARIAL VALUE OF ASSETS METHOD: Market Value of Assets.

VALUATION METHOD: Entry age actuarial cost method.

DUES: Expected dues are number of dues paying members times the annual dues rate.

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SCHEDULE F

FUNDING POLICY OF THE GFPF BOARD OF TRUSTEES

The purpose of this Funding Policy is to state the overall objectives for the Georgia Firefighters’ Pension Fund (Plan), the benchmarks that will be used to measure progress in achieving those goals, and the methods and assumptions that will be employed to develop the benchmarks. It is the intent of the Board that the Funding Policy outlined herein will remain unchanged until the objectives below are met.

I. Funding Objectives

The goal in requiring state and member contributions to the Plan is to accumulate sufficient assets during a member’s employment to fully finance the benefits the member is expected to receive throughout retirement. In meeting this objective, the Plan will strive to meet the following funding objectives:  To maintain a stable or increasing funded ratio (ratio of actuarial value of assets to actuarial accrued liabilities) that reflects a trend of improved actuarial condition. The long-term objective is to obtain a 100% funded ratio over a reasonable period of future years.  To maintain adequate asset levels to finance the benefits promised to members and monitor the future demand for liquidity.  If required contribution amounts are larger than actual contributions or the funding ratio falls below 80%, than any benefit improvements should be funded through increases in contribution amounts.

II. Measures of Funding Progress

To track progress in achieving the Plan’s funding objectives, the following measures will be determined annually as of the actuarial valuation date (with due recognition that a single year’s results may not be indicative of long-term trends):

 Funded ratio – The funded ratio, defined as the actuarial value of assets divided by the actuarial accrued liability, should increase over time, before adjustments for changes in benefits, actuarial methods, and/or actuarial adjustments.  Unfunded Actuarial Accrued Liability (UAAL) o Transitional UAAL – The UAAL established as of the initial valuation date for which this funding policy is adopted shall be known as the Transitional UAAL. o New Incremental UAAL – Each subsequent valuation will produce a New Incremental UAAL consisting of all benefit changes, assumption and method changes and experience gains and/or losses that have occurred since the previous valuations.

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 UAAL Amortization Period o The transitional UAAL will be amortized over a closed 30 year period beginning on the initial valuation date for which this funding policy is adopted. o Each New Incremental UAAL shall be amortized over a closed 30 year period beginning with the year it is incurred. o The amortization of UAAL will be developed using the level dollar methodology.

 Contributions o Contributions to the Plan will continue to come from tax revenues on insurance premiums in protected areas collected by the state. o In each valuation, the actuary will calculate a minimum required annual contribution amount based on the methods and assumptions outlined in this funding policy. The required state contribution amount will be determined as the summation of the Employer normal cost, the amortization amount for the Transitional UAAL and the individual amortization amount for each of the New Incremental UAAL bases. o In no event shall the required contribution amount be less than the Employer normal cost. o The valuation methodology, including the amortization of the Unfunded Actuarial Accrued Liability (UAAL), would be expected to maintain reasonably stable contribution amounts.

III. Methods and Assumptions

The annual actuarial valuations providing the measures to assess funding progress will utilize the actuarial methods and assumptions last adopted by the Board based upon the advice and recommendations of the actuary. These include the following primary methods and assumptions:  The actuarial cost method used to develop the benchmarks will be the Entry Age Normal (EAN) actuarial cost method.  The long-term annual investment rate of return assumption will be 6.50% net of investment expenses.  The actuarial value of assets will be determined by recognizing the annual differences between actual and expected market value of assets over a five-year period.

The minimum required contribution amounts determined in an annual actuarial valuation will be at least sufficient to satisfy the annual normal cost of the Plan and amortize the UAAL as a level dollar amount over a period not to exceed 30 years. However, in no event, shall the contribution amount be less than the Employer normal cost.

The actuary shall conduct an investigation into the Plan’s experience at least every six years and utilize the results of the investigation to form the basis for recommended assumptions and methods. Any changes to the recommended assumptions and methods that are approved by the Board will be reflected in this Policy.

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IV. Funding Policy Progress

The Board will periodically have actuarial projections of the valuation results performed to assess the current and expected future progress towards the overall funding goals of the Plan. These periodic projections will provide the expected valuation results over at least a 30-year period. The projected measures of funding progress and the recent historical trend provided in valuations will provide important information for the Board’s assessment of the Plan’s funding progress.

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