Required Supplementary Information
Schedules of Employer Contributions
June 30, 1997
(Expressed in Millions)
| SERS | TRS | JRS | MERS | PJRS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual | Annual | Annual | Annual | Annual | ||||||
| Fiscal | Req- uired | Percent- age | Req- uired | Percent- age | Req- uired | Percent- age | Req uired | Percent- age | Req- uired | Percen- tage |
| Year | Contrib- ution | Contrib- uted | Contrib- ution | Contrib- uted | Contrib- ution | Contrib- uted | Contrib- ution | Contrib- uted | Contrib- ution | Contrib- uted |
| 1992 | $431.2 | 58.1% | $308.7 | 43.1% | $7.1 | 99.6% | $22.4 | 100.0% | $- | 0.0% |
| 1993 | $444.2 | 65.5% | $299.6 | 37.3% | $7.8 | 100.0% | $24.1 | 100.0% | $- | 0.0% |
| 1994 | $480.4 | 64.6% | $145.8 | 85.2% | $8.3 | 100.0% | $23.1 | 100.0% | $- | 0.0% |
| 1995 | $535.3 | 54.3% | $154.0 | 86.0% | $9.0 | 100.0% | $22.2 | 100.0% | $- | 0.0% |
| 1996 | $501.1 | 66.9% | $164.7 | 85.0% | $9.2 | 100.0% | $23.2 | 100.0% | $0.35 | 100.0% |
| 1997 | $542.8 | 64.3% | $174.0 | 85.0% | $9.3 | 100.0% | $21.3 | 100.0% | $0.32 | 100.0% |
| Note: During 1992-1995, the only contributions to the Probate Judges Retirement System were the required member contributions. | ||||||||||
The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows.
| SERS | TRS | JRS | MERS | PJRS | |
|---|---|---|---|---|---|
| Valuation date | 6/30/96 | 6/30/96 | 9/30/96 | 6/30/96 | 12/31/95 |
| Actuarial cost method | Projected | Entry Age | Projected | Entry Age | Entry Age |
| Unit Credit | Unit Credit | ||||
| Amortization method | Level Percent | Level Percent | Level Percent | Flexible | - |
| of pay | of pay | of pay | Amotization | ||
| Remaining amortization period | |||||
| 36 Years | 17-36 Years | 35 Years | 25 Years | - | |
| Asset valuation method | 5 year smoothed | 4 year smoothed | 4 year smoothed | Adjusted | Adjusted |
| market | market | Market | Market | Market | |
| Actuarial assumptions: | |||||
| Investment rate of return | 8.5% | 8.5% | 8.5% | 8.5% | 8.5% |
| Projected salary increases | 3.3-14.0% | 5.0-8.1% | 5.5% | 7.0-7.5% | 7.50% |
| Includes inflation at | n/a | 5% | 5.5% | 4.5% | 3.5% |
| Cost-of-living adjustments | 3.0-4.5% | 4% | 3.0-5.5% | 3.0-5.0% | 3% |
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