| Required Supplementary Information | |||||||
| Schedules of Funding Progress | |||||||
| (Expressed in Millions) | |||||||
| (a) | (b) | (b-a) | (a/b) | (c) | ((b-a)/c) | ||
|---|---|---|---|---|---|---|---|
| Actuarial | Actuarial | Unfunded |
UAAL as a |
||||
| Valuation |
Value of |
Actuarial Accrued |
AAL | Funded | Covered |
Percentage of |
|
| Date | Assets |
Liability (AAL) |
(UAAL) | Ratio | Payroll |
Covered Payroll |
|
| SERS | |||||||
| 6/30/1997 | $5,131.0 | $8,833.2 | $3,702.2 | 58.1% | $2,225.2 | 166.4% | |
| 6/30/1998 | $5,669.9 | $9,592.4 | $3,922.5 | 59.1% | $2,339.0 | 167.7% | |
| 6/30/1999 | * | - | - | - | - | - | - |
| 6/30/2000 | $7,196.0 | $11,512.1 | $4,316.1 | 62.5% | $2,651.9 | 162.8% | |
| 6/30/2001 | $7,638.9 | $12,105.4 | $4,466.5 | 63.1% | $2,784.5 | 160.4% | |
| 6/30/2002 | $7,893.7 | $12,806.1 | $4,912.4 | 61.6% | $2,852.1 | 172.2% | |
*No actuarial valuation was performed as of June 30, 1999
| TRS | |||||||
| 6/30/1997 | * | - | - | - | - | - | - |
| 6/30/1998 | $7,721.1 | $10,970.1 | $3,249.0 | 70.4% | $2,298.9 | 141.3% | |
| 6/30/1999 | * | - | - | - | - | - | - |
| 6/30/2000 | $9,605.9 | $11,797.6 | $2,191.7 | 81.4% | $2,501.5 | 87.6% | |
| 6/30/2001 | * | - | - | - | - | - | - |
| 6/30/2002 | $10,387.3 | $13,679.9 | $3,292.6 | 75.9% | $2,698.3 | 122.0% |
*No actuarial valuation was performed as of June 30, 1997, 1999 and 2001
| JRS | |||||||
| 9/30/1997 | $87.8 | $167.5 | $79.7 | 52.4% | $20.2 | 394.6% | |
| 6/30/1998 | $98.1 | $168.1 | $70.0 | 58.4% | $21.2 | 330.2% | |
| 6/30/1999 | $110.7 | $172.5 | $61.8 | 64.2% | $21.9 | 282.2% | |
| 6/30/2000 | $123.4 | $181.7 | $58.3 | 67.9% | $24.1 | 241.9% | |
| 6/30/2001 | $133.1 | $193.8 | $60.7 | 68.7% | $26.3 | 230.8% | |
| 6/30/2002 | $138.4 | $209.4 | $71.0 | 66.1% | $28.9 | 245.7% | |
| MERS | |||||||
| 6/30/1996 | $782.0 | $692.2 | $(89.8) | 113.0% | $242.8 | (37.0)% | |
| 6/30/1997 | $872.0 | $731.1 | $(140.9) | 119.3% | $246.0 | (57.3)% | |
| 6/30/1998 | $980.4 | $814.1 | $(166.3) | 120.4% | $258.2 | (64.4)% | |
| 6/30/1999 | $1,100.7 | $860.1 | $(240.6) | 128.0% | $269.4 | (89.3)% | |
| 6/30/2000 | $1,251.6 | $1,153.2 | $(98.4) | 108.5% | $290.3 | (33.9)% | |
| 6/30/2001 | $1,353.1 | $1,238.1 | $(115.0) | 109.3% | $311.2 | (37.0)% |
PJRS
For the Probate Judges Retirement System because the UAAL is zero, the
actuarial cost method becomes the aggregate cost method and a schedule of
funding progress is not required.