| Required Supplementary Information | ||||||||||
| Schedules of Employer Contributions | ||||||||||
| (Expressed in Millions) | ||||||||||
| SERS | TRS | JRS | MERS | PJRS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual | Annual | Annual | Annual | Annual | ||||||
| Fiscal | Req- uired |
Percen- tage |
Req- uired |
Percen- tage |
Req- uired |
Percen- tage |
Req- uired |
Percen- tage |
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 |
| 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% |
| 1998 | $567.6 | 59.0% | $211.0 | 85.0% | $9.3 | 100.0% | $18.8 | 100.0% | $0.20 | n/a |
| Note: During 1993-1995, 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 | 6/30/97 | 6/30/96 | 9/30/97 | 6/30/97 | 12/31/97 | |
| 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 | amortization | |||
| Remaining amortization | ||||||
| period | 34 Years | 17-36 Years | 33 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 | 6% | 5% | 5.5% | 4.5% | 3.5% | |
| Cost-of-living adjustments | 2.5-4% | 4% | 3.0-5.5% | 3.0-5.0% | 3% | |
Back to General Purpose Financial Statements Table of Contents
Back to Comptroller's Home Page