| Required Supplementary Information | |||||||||
| Schedules of Funding Progress | |||||||||
| (Expressed in Millions) | |||||||||
| (a) | (b) | (b-a) | (a/b) | (c) | ((b-a)/c) | ||||
|---|---|---|---|---|---|---|---|---|---|
| Actuarial Valuation Date |
Actuarial Value of Assets |
Actuarial Accrued Liability (AAL) |
Unfunded AAL (UAAL) |
Funded Ratio |
Covered Payroll |
UAAL as a Percentage of Covered Payroll |
|||
| SERS | |||||||||
| 6/30/2002 | $7,893.7 | $12,806.1 | $4,912.4 | 61.6% | $2,852.1 | 172.2% | |||
| 6/30/2003 | $8,058.6 | $14,223.8 | $6,165.2 | 56.7% | $2,654.3 | 232.3% | |||
| 6/30/2004 | $8,238.3 | $15,128.5 | $6,890.2 | 54.5% | $2,816.7 | 244.6% | |||
| 6/30/2005 | $8,517.7 | $15,987.5 | $7,469.8 | 53.3% | $2,980.1 | 250.7% | |||
| 6/30/2006 | $8,951.4 | $16,830.3 | $7,878.9 | 53.2% | $3,107.9 | 253.5% | |||
| 6/30/2007 | * | $9,585.0 | $17,888.1 | $8,303.1 | 53.6% | $3,310.4 | 250.8% | ||
| *Interim actuarial valuation | |||||||||
| TRS | |||||||||
| 6/30/2002 | $10,387.3 | $13,679.9 | $3,292.6 | 75.9% | $2,698.3 | 122.0% | |||
| 6/30/2003 | * | - | - | - | - | - | - | ||
| 6/30/2004 | $9,846.7 | $15,070.5 | $5,223.8 | 65.3% | $2,930.8 | 178.2% | |||
| 6/30/2005 | * | - | - | - | - | - | - | ||
| 6/30/2006 | $10,190.3 | $17,112.8 | $6,922.5 | 59.5% | $3,137.7 | 220.6% | |||
| 6/30/2007 | * | - | - | - | - | - | - | ||
| *No actuarial valuations were performed. | |||||||||
| JRS | |||||||||
| 6/30/2002 | $138.4 | $209.4 | $71.0 | 66.1% | $28.9 | 245.7% | |||
| 6/30/2003 | $142.8 | $211.1 | $68.3 | 67.6% | $27.8 | 245.7% | |||
| 6/30/2004 | $150.9 | $219.8 | $68.9 | 68.7% | $28.9 | 238.4% | |||
| 6/30/2005 | $160.3 | $235.0 | $74.7 | 68.2% | $30.2 | 247.8% | |||
| 6/30/2006 | $169.7 | $246.9 | $77.2 | 68.7% | $31.8 | 242.8% | |||
| 6/30/2007 | * | $182.4 | $261.2 | $78.8 | 69.8% | $33.8 | 233.1% | ||
| *Interim actuarial valuation | |||||||||
| MERS | |||||||||
| 6/30/2002 | $1,403.4 | $1,319.7 | $(83.7) | 106.3% | $321.8 | (26.0)% | |||
| 7/1/2003 | $1,417.7 | $1,378.2 | $(39.5) | 102.9% | $326.4 | (12.1)% | |||
| 7/1/2004 | $1,434.3 | $1,393.4 | $(40.9) | 102.9% | $332.6 | (12.3)% | |||
| 7/1/2005 | $1,512.5 | $1,465.1 | $(47.4) | 103.2% | $352.2 | (13.5)% | |||
| 7/1/2006 | $1,587.7 | $1,549.5 | $(38.2) | 102.5% | $366.3 | (10.4)% | |||
| 7/1/2007 | * | - | - | - | - | - | - | ||
| *No actuarial valuations were performed. | |||||||||
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.