|
TO: |
Members of the Legislative Commission on Pensions and Retirement |
|
FROM: |
Lawrence A. Martin, Executive Director |
|
RE: |
Supplemental Information; Actuarial Cost Estimate Relating to a Potential "Rule of 90" Extension |
|
DATE: |
February 6, 2002 |
Introduction
Because of timing considerations, the actuarial cost estimates prepared by Milliman USA, the consulting actuary retained by the Commission, on a potential extension of the "Rule of 90" early normal retirement eligibility and benefit tier was not available until after the initial Commission staff issue memorandum on the proposal.
Summary of Amendment LCPR02-017
Actuarial Cost Estimate for TRA
For the Teachers Retirement Association (TRA), an extension of the "Rule of 90" benefit and eligibility tier to post-June 30, 1989, hirees is estimated by Milliman USA to have the following impact on the funded status and financial requirements of the plan, as follows:
Teachers Retirement Association (TRA)
|
|
Cost Estimate Based on Current Valuation |
|||||
|
|
July 1, 2001 |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
71,097 |
|
--- |
|
71,097 |
|
Service Retirees |
|
31,169 |
|
--- |
|
31,169 |
|
Disabilitants |
|
518 |
|
--- |
|
518 |
|
Survivors |
|
2,070 |
|
--- |
|
2,070 |
|
Deferred Retirees |
|
7,959 |
|
--- |
|
7,959 |
|
Nonvested Former Members |
|
19,344 |
|
--- |
|
19,344 |
|
Total Membership |
|
132,157 |
|
--- |
|
132,157 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$15,903,984,000 |
|
$103,056,000 |
|
$16,007,040,000 |
|
Current Assets |
|
$16,834,024,000 |
|
--- |
|
$16,834,024,000 |
|
Unfunded Accrued Liability |
|
($930,040,000) |
|
$103,056,000 |
|
($826,984,000) |
|
Funding Ratio |
105.85% |
|
(0.68%) |
|
105.17% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$2,937,962,000 |
|
--- |
|
$2,937,962,000 |
|
Benefits Payable |
|
$861,788,000 |
|
--- |
|
$861,788,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
9.09% |
$267,166,000 |
0.54% |
$15,865,000 |
9.63% |
$283,031,000 |
|
Administrative Expenses |
0.46% |
$13,515,000 |
--- |
--- |
0.46% |
$13,515,000 |
|
Normal Cost & Expense |
9.55% |
$280,681,000 |
0.54% |
$15,865,000 |
10.09% |
$296,546,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
9.55% |
$280,681,000 |
0.54% |
$15,865,000 |
10.09% |
$296,546,000 |
|
Amortization |
(1.70%) |
($49,945,000) |
0.18% |
$5,288,000 |
(1.52%) |
($44,657,000) |
|
Total Requirements |
7.85% |
$230,736,000 |
0.72% |
$21,153,000 |
8.57% |
$251,889,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.00% |
$146,914,000 |
|
--- |
5.00% |
$146,914,000 |
|
Employer Contributions |
5.00% |
$146,914,000 |
|
--- |
5.00% |
$146,914,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Total Contributions |
10.00% |
$293,828,000 |
|
--- |
10.00% |
$293,828,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
7.85% |
$230,736,000 |
0.72% |
$21,153,000 |
8.57% |
$251,889,000 |
|
Total Contributions |
10.00% |
$293,828,000 |
--- |
--- |
10.00% |
$293,828,000 |
|
Deficiency (Surplus) |
(2.15%) |
($63,092,000) |
0.72% |
$21,153,000 |
(1.43%) |
($41,939,000) |
|
|
Cost Estimate Based on Assumption Changes |
|||||
|
|
Actuarial Assumption Change Impact Estimate |
Effect of Benefit |
Resulting Actuarial |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
71,097 |
|
--- |
|
71,097 |
|
Service Retirees |
|
31,169 |
|
--- |
|
31,169 |
|
Disabilitants |
|
518 |
|
--- |
|
518 |
|
Survivors |
|
2,070 |
|
--- |
|
2,070 |
|
Deferred Retirees |
|
7,959 |
|
--- |
|
7,959 |
|
Nonvested Former Members |
|
19,344 |
|
--- |
|
19,344 |
|
Total Membership |
|
132,157 |
|
--- |
|
132,157 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$15,824,520,000 |
|
$41,910,000 |
|
$15,866,430,000 |
|
Current Assets |
|
$16,834,024,000 |
|
--- |
|
$16,834,024,000 |
|
Unfunded Accrued Liability |
|
($1,009,504,000) |
|
$41,910,000 |
|
($967,594,000) |
|
Funding Ratio |
106.38% |
|
(0.28%) |
|
106.10% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$2,937,962,000 |
|
--- |
|
$2,937,962,000 |
|
Benefits Payable |
|
$861,788,000 |
|
--- |
|
$861,788,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
8.68% |
$255,015,000 |
0.42% |
$12,339,000 |
9.10% |
$267,354,000 |
|
Administrative Expenses |
0.46% |
$13,515,000 |
--- |
--- |
0.46% |
$13,515,000 |
|
Normal Cost & Expense |
9.14% |
$268,530,000 |
0.42% |
$12,339,000 |
9.56% |
$280,869,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
9.14% |
$268,530,000 |
0.42% |
$12,339,000 |
9.56% |
$280,869,000 |
|
Amortization |
(1.85%) |
($54,352,000) |
0.08% |
$2,350,000 |
(1.77%) |
($52,002,000) |
|
Total Requirements |
7.29% |
$214,178,000 |
0.50% |
$14,689,000 |
7.79% |
$228,867,00 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.00% |
$146,914,000 |
|
--- |
5.00% |
$146,914,000 |
|
Employer Contributions |
5.00% |
$146,914,000 |
|
--- |
5.00% |
$146,914,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
0.00% |
$0 |
|
Total Contributions |
10.00% |
$293,828,000 |
|
--- |
10.00% |
$293,828,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
7.29% |
$214,178,000 |
0.50% |
$14,689,000 |
7.79% |
$228,867,000 |
|
Total Contributions |
10.00% |
$293,828,000 |
--- |
--- |
10.00% |
$293,828,000 |
|
Deficiency (Surplus) |
(2.71%) |
($79,650,000) |
0.50% |
$14,689,000 |
(2.21%) |
($64,961,000) |
Actuarial Cost Estimates for "Rule of 90" Extension to Other General Employee Retirement Plans
General State Employees Retirement Plan of the Minnesota State Retirement System (MSRS-General)
|
Cost Estimate Based on Current Valuation |
||||||
|
July 1, 2001 |
Effect of Benefit |
Resulting |
||||
|
Membership |
||||||
|
Active Members |
49,229 |
--- |
49,229 |
|||
|
Service Retirees |
16,766 |
--- |
16,766 |
|||
|
Disabilitants |
1,127 |
--- |
1,127 |
|||
|
Survivors |
2,085 |
--- |
2,085 |
|||
|
Deferred Retirees |
11,452 |
--- |
11,452 |
|||
|
Nonvested Former Members |
8,111 |
--- |
8,111 |
|||
|
Total Membership |
88,770 |
--- |
88,770 |
|||
|
Funded Status |
||||||
|
Accrued Liability |
$6,573,193,000 |
$45,184,000 |
$6,618,377,000 |
|||
|
Current Assets |
$7,366,673,000 |
--- |
$7,366,673,000 |
|||
|
Unfunded Accrued Liability |
($793,480,000) |
$45,184,000 |
($748,296,000) |
|||
|
Funding Ratio |
112.07% |
(0.76%) |
111.31% |
|||
|
Financing Requirements |
||||||
|
Covered Payroll |
$1,967,814,000 |
--- |
$1,967,814,000 |
|||
|
Benefits Payable |
$270,558,000 |
--- |
$270,558,000 |
|||
|
Normal Cost |
8.76% |
$172,402,000 |
0.37% |
$7,281,000 |
9.13% |
$179,683,000 |
|
Administrative Expenses |
0.20% |
$3,936,000 |
--- |
--- |
.20% |
$3,936,000 |
|
Normal Cost & Expense |
8.96% |
$176,338,000 |
0.37% |
$7,281,000 |
9.33% |
$183,619,000 |
|
Normal Cost & Expense |
8.96% |
$176,338,000 |
0.37% |
$7,281,000 |
9.33% |
$183,619,000 |
|
Amortization |
(2.17%) |
($42,702,000) |
0.12% |
$2,361,000 |
(2.05%) |
($40,340,000) |
|
Total Requirements |
6.79% |
$133,636,000 |
0.49% |
$9,642,000 |
7.28% |
$143,279,000 |
|
Employee Contributions |
4.00% |
$78,712,000 |
|
--- |
|
$78,712,000 |
|
Employer Contributions |
4.00% |
$78,712,000 |
|
--- |
|
$78,712,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
8.00% |
$157,424,000 |
|
--- |
|
$157,424,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
6.79% |
$133,636,000 |
0.49% |
$9,642,000 |
7.28% |
$143,279,000 |
|
Total Contributions |
8.00% |
$157,424,000 |
--- |
--- |
8.00% |
$157,424,000 |
|
Deficiency (Surplus) |
(1.21%) |
($23,788,000) |
0.49% |
$9,642,000 |
(0.72%) |
($14,145,000) |
|
|
Cost Estimate Based on Assumption Changes |
|||||
|
|
Actuarial Assumption Change Impact Estimate |
Effect of Benefit |
Resulting Actuarial |
|||
|
Membership |
|
|
|
|||
|
Active Members |
|
49,229 |
|
--- |
|
49,229 |
|
Service Retirees |
|
16,766 |
|
--- |
|
16,766 |
|
Disabilitants |
|
1,127 |
|
--- |
|
1,127 |
|
Survivors |
|
2,085 |
|
--- |
|
2,085 |
|
Deferred Retirees |
|
11,452 |
|
--- |
|
11,452 |
|
Nonvested Former Members |
|
8,111 |
|
--- |
|
8,111 |
|
Total Membership |
|
88,770 |
|
--- |
|
88,770 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$6,881,919,000 |
|
$47,813,000 |
|
$6,929,732,000 |
|
Current Assets |
|
$7,366,673,000 |
|
--- |
|
$7,366,673,000 |
|
Unfunded Accrued Liability |
|
($484,754,000) |
|
$47,813,000 |
|
($436,941,000) |
|
Funding Ratio |
107.04% |
|
(0.73%) |
|
106.31% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$1,967,814,000 |
|
--- |
|
$1,967,814,000 |
|
Benefits Payable |
|
$270,558,000 |
|
--- |
|
$270,558,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
9.01% |
$177,300,000 |
0.37% |
$7,281,000 |
9.38% |
$184,581,000 |
|
Administrative Expenses |
0.20% |
$3,936,000 |
--- |
--- |
0.20% |
$3,936,000 |
|
Normal Cost & Expense |
9.21% |
$181,236,000 |
0.37% |
$7,281,000 |
9.58% |
$188,517,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
9.21% |
$181,236,000 |
0.37% |
$7,281,000 |
9.58% |
$188,517,000 |
|
Amortization |
(1.31%) |
($25,778,000) |
0.12% |
$2,361,000 |
(1.19%) |
($23,417,000) |
|
Total Requirements |
7.90% |
$155,458,000 |
0.49% |
$9,642,000 |
8.39% |
$165,100,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
4.00% |
$78,712,000 |
|
--- |
|
$78,712,000 |
|
Employer Contributions |
4.00% |
$78,712,000 |
|
--- |
|
$78,712,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
8.00% |
$157,424,000 |
|
--- |
|
$157,424,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
7.90% |
$155,458,000 |
0.49% |
$9,642,000 |
8.39% |
$165,100,000 |
|
Total Contributions |
8.00% |
$157,424,000 |
--- |
--- |
8.00% |
$157,424,000 |
|
Deficiency (Surplus) |
(0.10%) |
($1,966,000) |
0.49% |
$9,642,000 |
0.39% |
$7,676,000 |
General Employees Retirement Plan of the Public Employees Retirement Association (PERA-General)
|
|
Cost Estimate Based on Current Valuation |
|||||
|
|
July 1, 2001 |
Effect of Benefit |
Resulting Actuarial |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
138,759 |
|
--- |
|
138,759 |
|
Service Retirees |
|
41,797 |
|
--- |
|
41,797 |
|
Disabilitants |
|
1,468 |
|
--- |
|
1,468 |
|
Survivors |
|
6,149 |
|
--- |
|
6,149 |
|
Deferred Retirees |
|
25,917 |
|
--- |
|
25,917 |
|
Nonvested Former Members |
|
83,027 |
|
--- |
|
83,027 |
|
Total Membership |
|
297,117 |
|
--- |
|
297,117 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$12,105,337,000 |
|
$96,577,000 |
|
$12,201,914,000 |
|
Current Assets |
|
$10,527,270,000 |
|
--- |
|
$10,527,270,000 |
|
Unfunded Accrued Liability |
|
$1,578,067,000 |
|
$96,577,000 |
|
$1,674,644,000 |
|
Funding Ratio |
86.96% |
|
(0.68%) |
|
86.28% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$3,835,448,000 |
|
--- |
|
$3,835,448,000 |
|
Benefits Payable |
|
$592,209,000 |
|
--- |
|
$592,209,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
9.40% |
$360,850,000 |
0.44% |
$16,876,000 |
9.84% |
$377,726,000 |
|
Administrative Expenses |
0.23% |
$8,822,000 |
--- |
--- |
0.23% |
$8,822,000 |
|
Normal Cost & Expense |
9.63% |
$369,672,000 |
0.44% |
$16,876,000 |
10.07% |
$386,548,000 |
|
Normal Cost & Expense |
9.63% |
$369,672,000 |
0.44% |
$16,876,000 |
10.07% |
$386,548,000 |
|
Amortization |
1.97% |
$75,558,000 |
0.12% |
$4,603,000 |
2.09% |
$80,161,000 |
|
Total Requirements |
11.60% |
$445,230,000 |
0.56% |
$21,479,000 |
12.16% |
$466,709,000 |
|
Employee Contributions |
4.94% |
$189,604,000 |
|
--- |
|
$189,604,000 |
|
Employer Contributions |
5.38% |
$206,389,000 |
|
--- |
|
$206,389,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
|
|
|
|
|
|
|
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
10.32% |
$395,993,000 |
|
--- |
|
$395,993,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
11.60% |
$445,230,000 |
0.56% |
$21,479,000 |
12.16% |
$466,709,000 |
|
Total Contributions |
10.32% |
$395,993,000 |
--- |
--- |
10..32% |
$395,993,000 |
|
Deficiency (Surplus) |
1.28% |
$49,237,000 |
0.56% |
$21,479,000 |
1.84% |
$70,716,000 |
|
|
Cost Estimate Based on Assumption Changes |
|||||
|
|
Actuarial Assumption Change Impact Estimate |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
138,759 |
|
--- |
|
138,759 |
|
Service Retirees |
|
41,797 |
|
--- |
|
41,797 |
|
Disabilitants |
|
1,468 |
|
--- |
|
1,468 |
|
Survivors |
|
6,149 |
|
--- |
|
6,149 |
|
Deferred Retirees |
|
25,917 |
|
--- |
|
25,917 |
|
Nonvested Former Members |
|
83,027 |
|
--- |
|
83,027 |
|
Total Membership |
|
297,117 |
|
--- |
|
297,117 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$12,388,877,000 |
|
$99,597,000 |
|
$12,488,474,000 |
|
Current Assets |
|
$10,527,270,000 |
|
--- |
|
$10,527,270,000 |
|
Unfunded Accrued Liability |
|
$1,861,607,000 |
|
$99,597,000 |
|
$1,961,204,000 |
|
Funding Ratio |
84.97% |
|
(0.67%) |
|
84.30% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$3,835,448,000 |
|
--- |
|
$3,835,448,000 |
|
Benefits Payable |
|
$592,209,000 |
|
--- |
|
$592,209,000 |
|
Normal Cost |
8.62% |
$330,616,000 |
0.39% |
$14,958,000 |
9.01% |
$345,574,000 |
|
Administrative Expenses |
0.23% |
$8,822,000 |
--- |
--- |
0.23% |
$8,822,000 |
|
Normal Cost & Expense |
8.85% |
$339,438,000 |
0.39% |
$14,958,000 |
9.24% |
$354,396,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
8.85% |
$339,438,000 |
0.39% |
$14,958,000 |
9.24% |
$354,396,000 |
|
Amortization |
2.32% |
$88,982,000 |
0.12% |
$4,603,000 |
2.44% |
$93,585,000 |
|
Total Requirements |
11.17% |
$428,420,000 |
0.51% |
$19,561,000 |
11.68% |
$447,981,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
4.94% |
$189,604,000 |
|
--- |
|
$189,604,000 |
|
Employer Contributions |
5.38% |
$206,389,000 |
|
--- |
|
$206,389,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
10.32% |
$395,993,000 |
|
--- |
|
$395,993,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
11.17% |
$428,420,000 |
0.51% |
$19,561,000 |
11.68% |
$447,981,000 |
|
Total Contributions |
10.32% |
$395,993,000 |
--- |
--- |
10.32% |
$395,993,000 |
|
Deficiency (Surplus) |
0.85% |
$32,427,000 |
0.51% |
$19,561,000 |
1.36% |
$51,988,000 |
Duluth Teachers Retirement Fund Association (DTRFA)
|
|
Cost Estimate Based on Current Valuation |
|||||
|
|
July 1, 2001 |
Effect of Benefit |
Resulting Actuarial |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
1,420 |
|
--- |
|
1,420 |
|
Service Retirees |
|
992 |
|
--- |
|
992 |
|
Disabilitants |
|
6 |
|
--- |
|
6 |
|
Survivors |
|
60 |
|
--- |
|
60 |
|
Deferred Retirees |
|
179 |
|
--- |
|
179 |
|
Nonvested Former Members |
|
649 |
|
--- |
|
649 |
|
Total Membership |
|
3,306 |
|
--- |
|
3,306 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$254,255,000 |
|
$1,397,000 |
|
$255,652,000 |
|
Current Assets |
|
$273,618,000 |
|
--- |
|
$273,618,000 |
|
Unfunded Accrued Liability |
|
($19,363,000) |
|
$1,397,000 |
|
($17,966,000) |
|
Funding Ratio |
107.62% |
|
(0.59%) |
|
107.03% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$53,307,000 |
|
--- |
|
$53,307,000 |
|
Benefits Payable |
|
$14,341,000 |
|
--- |
|
$14,341,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
8.66% |
$4,609,000 |
0.37% |
$197,000 |
9.03% |
$4,806,000 |
|
Administrative Expenses |
0.79% |
$421,000 |
--- |
--- |
0.79% |
$421,000 |
|
Normal Cost & Expense |
9.45% |
$5,030,000 |
0.37% |
$197,000 |
9.82% |
$5,227,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
9.45% |
$5,030,000 |
0.37% |
$197,000 |
9.82% |
$5,227,000 |
|
Amortization |
(1.96%) |
($1,045,000) |
0.15% |
$80,000 |
(1.81%) |
($965,000) |
|
Total Requirements |
7.49% |
$3,985,000 |
0.52% |
$277,000 |
8.01% |
$4,262,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.50% |
$2,932,000 |
|
--- |
|
$2,932,000 |
|
Employer Contributions |
5.79% |
$3,086,000 |
|
--- |
|
$3,086,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
0.91% |
$486,000 |
|
--- |
|
$486,000 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
12.20% |
$6,504,000 |
|
--- |
|
$6,504,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
7.49% |
$3,985,000 |
0.52% |
$277,000 |
8.01% |
$4,262,000 |
|
Total Contributions |
12.20% |
$6,504,000 |
--- |
--- |
12.20% |
$6,504,000 |
|
Deficiency (Surplus) |
(4.71%) |
($2,519,000) |
0.52% |
$277,000 |
(4.19%) |
$2,242,000 |
|
|
Cost Estimate Based on Assumption Changes |
|||||
|
|
Actuarial Assumption Change Impact Estimate |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
1,420 |
|
--- |
|
1,420 |
|
Service Retirees |
|
992 |
|
--- |
|
992 |
|
Disabilitants |
|
6 |
|
--- |
|
6 |
|
Survivors |
|
60 |
|
--- |
|
60 |
|
Deferred Retirees |
|
179 |
|
--- |
|
179 |
|
Nonvested Former Members |
|
649 |
|
--- |
|
649 |
|
Total Membership |
|
3,306 |
|
--- |
|
3,306 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$272,538,000 |
|
$2,006,000 |
|
274,544,000 |
|
Current Assets |
|
$273,618,000 |
|
--- |
|
273,618,000 |
|
Unfunded Accrued Liability |
|
($1,080,000) |
|
$2,006,000 |
|
926,000 |
|
Funding Ratio |
100.40% |
|
(0.74%) |
|
99.66 |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$53,307,000 |
|
--- |
|
$53,307,000 |
|
Benefits Payable |
|
$14,341,000 |
|
--- |
|
$14,341,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
9.06% |
$4,830,000 |
0.50% |
$267,000 |
9.56% |
$5,097,000 |
|
Administrative Expenses |
0.79% |
$421,000 |
--- |
--- |
0.79% |
$421,000 |
|
Normal Cost & Expense |
9.85% |
$5,251,000 |
0.50% |
$267,000 |
10.35% |
$5,518,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
9.85% |
$5,251,000 |
0.50% |
$267,000 |
10.35% |
$5,518,000 |
|
Amortization |
(0.11%) |
($59,000) |
0.20% |
$107,000 |
0.09% |
$48,000 |
|
Total Requirements |
9.74% |
$5,192,000 |
0.70% |
$374,000 |
10.44% |
$5,566,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.50% |
$2,932,000 |
|
--- |
|
$2,932,000 |
|
Employer Contributions |
5.79% |
$3,086,000 |
|
--- |
|
$3,086,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
11.29% |
$6,018,000 |
|
--- |
|
$6,018,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
9.74% |
$5,192,000 |
0.70% |
$374,000 |
10.44% |
$5,566,000 |
|
Total Contributions |
11.29% |
$6,018,000 |
--- |
--- |
11.29% |
$6,018,000 |
|
Deficiency (Surplus) |
(1.55%) |
($826,000) |
0.70% |
$374,000 |
(0.85%) |
($452,000) |
Minneapolis Teachers Retirement Fund Association (MTRFA)
|
|
Cost Estimate Based on Current Valuation |
|||||
|
|
July 1, 2001 |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
5,813 |
|
--- |
|
5,813 |
|
Service Retirees |
|
3,161 |
|
--- |
|
3,161 |
|
Disabilitants |
|
20 |
|
--- |
|
20 |
|
Survivors |
|
263 |
|
--- |
|
263 |
|
Deferred Retirees |
|
802 |
|
--- |
|
802 |
|
Nonvested Former Members |
|
2,250 |
|
--- |
|
2,250 |
|
Total Membership |
|
12,309 |
|
--- |
|
12,309 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$1,610,364,000 |
|
$10,329,000 |
|
$1,620,693,000 |
|
Current Assets |
|
$1,061,983,000 |
|
--- |
|
$1,061,983,000 |
|
Unfunded Accrued Liability |
|
$548,381,000 |
|
$10,329,000 |
|
$558,710,000 |
|
Funding Ratio |
65.95% |
|
(0.422%) |
|
65.63% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$267,977,000 |
|
--- |
|
$267,977,000 |
|
Benefits Payable |
|
$98,903,000 |
|
--- |
|
$98,903,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
10.25% |
$27,493,000 |
0.60% |
$1,608,000 |
10.85% |
$29,101,000 |
|
Administrative Expenses |
0.26% |
$706,000 |
--- |
--- |
0.26% |
$706,000 |
|
Normal Cost & Expense |
10.51% |
$28,199,000 |
0.60% |
$1,608,000 |
11.11% |
$29,807,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
10.51% |
$28,199,000 |
0.60% |
$1,608,000 |
11.11% |
$29,807,000 |
|
Amortization |
14.94% |
$40,036,000 |
0.28% |
$724,000 |
15.22% |
$40,760,000 |
|
Total Requirements |
25.45% |
$68,235,000 |
0.88% |
$2,332,000 |
26.33% |
$70,567,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.99% |
$16,058,000 |
|
--- |
|
$16,058,000 |
|
Employer Contributions |
8.80% |
$23,573,000 |
|
--- |
|
$23,573,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
6.99% |
$18,744,000 |
|
--- |
|
$18,744,000 |
|
Other Govt. Funding |
0.93% |
$2,500,000 |
|
--- |
|
$2,500,000 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
22.72% |
$60,875,000 |
|
--- |
|
$60,875,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
25.45% |
$68,235,000 |
0.88% |
$2,332,000 |
26.33% |
$70,567,000 |
|
Total Contributions |
22.72% |
$60,875,000 |
--- |
--- |
22.72% |
$60,875,000 |
|
Deficiency (Surplus) |
2.73% |
$7,360,000 |
0.88% |
$2,332,000 |
3.61% |
$9,692,000 |
|
|
Cost Estimate Based on Assumption Changes |
|||||
|
|
Actuarial Assumption Change Impact Estimate |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
5,813 |
|
--- |
|
5,813 |
|
Service Retirees |
|
3,161 |
|
--- |
|
3,161 |
|
Disabilitants |
|
20 |
|
--- |
|
20 |
|
Survivors |
|
263 |
|
--- |
|
263 |
|
Deferred Retirees |
|
802 |
|
--- |
|
802 |
|
Nonvested Former Members |
|
2,250 |
|
--- |
|
2,250 |
|
Total Membership |
|
12,309 |
|
--- |
|
12,309 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$1,623,493,000 |
|
$10,780,000 |
|
$1,634,273,000 |
|
Current Assets |
|
$1,061,983,000 |
|
--- |
|
$1,061,983,000 |
|
Unfunded Accrued Liability |
|
$561,510,000 |
|
$10.780,000 |
|
$572,290,000 |
|
Funding Ratio |
65.41% |
|
(0.43%) |
|
64.98% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$267,977,000 |
|
--- |
|
$267,977,000 |
|
Benefits Payable |
|
$98,903,000 |
|
--- |
|
$98,903,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
11.06% |
$29,638,000 |
0.60% |
$1,608,000 |
11.66% |
$31,246,000 |
|
Administrative Expenses |
0.26% |
$706,000 |
--- |
--- |
0.26% |
$706,000 |
|
Normal Cost & Expense |
11.32% |
$30,344,000 |
0.60% |
$1,608,000 |
11.92% |
$31,952,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
11.32% |
$30,344,000 |
0.60% |
$1,608,000 |
11.92% |
$31,952,000 |
|
Amortization |
14.97% |
$40,116,000 |
0.29% |
$777,000 |
15.26% |
$40,893,000 |
|
Total Requirements |
26.29% |
$70,460,000 |
0.89% |
$2,385,000 |
27.18% |
$72,845,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.99% |
$16,058,000 |
|
--- |
|
$16,058,000 |
|
Employer Contributions |
8.80% |
$23,573,000 |
|
--- |
|
$23,573,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
6.99% |
$18,744,000 |
|
--- |
|
$18,744,000 |
|
Other Govt. Funding |
0.93% |
$2,500,000 |
|
--- |
|
$2,500,000 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
22.72% |
$60,875,000 |
|
--- |
|
$60,875,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
26.29% |
$70,460,000 |
0.89% |
$2,385,000 |
27.18% |
$72,845,000 |
|
Total Contributions |
22.72% |
$60,875,000 |
--- |
--- |
22.72% |
$60,875,000 |
|
Deficiency (Surplus) |
3.57% |
$9,585,000 |
0.89% |
$2,385,000 |
4.46% |
$11,970,000 |
St. Paul Teachers Retirement Fund Association (StPTRFA)
|
|
Cost Estimate Based on Current Valuation |
|||||
|
|
July 1, 2001 |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
4,671 |
|
--- |
|
4,671 |
|
Service Retirees |
|
1,807 |
|
--- |
|
1,807 |
|
Disabilitants |
|
23 |
|
--- |
|
23 |
|
Survivors |
|
220 |
|
--- |
|
220 |
|
Deferred Retirees |
|
324 |
|
--- |
|
324 |
|
Nonvested Former Members |
|
1,671 |
|
--- |
|
1,671 |
|
Total Membership |
|
8,716 |
|
--- |
|
8,716 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$1,060,931,000 |
|
$5,867,000 |
|
$1,066,798,000 |
|
Current Assets |
|
$869,045,000 |
|
--- |
|
$869,045,000 |
|
Unfunded Accrued Liability |
|
$191,886,000 |
|
$5,867,000 |
|
$197,753,000 |
|
Funding Ratio |
81.91% |
|
(0.45%) |
|
81.46% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$214,775,000 |
|
--- |
|
$214,775,000 |
|
Benefits Payable |
|
$53,295,000 |
|
--- |
|
$53,295,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
9.05% |
$19,447,000 |
0.45% |
$966,000 |
9.50% |
$20,413,000 |
|
Administrative Expenses |
0.22% |
$466,000 |
--- |
--- |
0.22% |
$466,000 |
|
Normal Cost & Expense |
9.27% |
$19,913,000 |
0.45% |
$966,000 |
9.72% |
$20,879,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
9.27% |
$19,913,000 |
0.45% |
$966,000 |
9.72% |
$20,879,000 |
|
Amortization |
6.54% |
$14,056,000 |
0.20% |
$430,000 |
6.74% |
$14,486,000 |
|
Total Requirements |
15.81% |
$33,969,000 |
0.65% |
$1,396,000 |
16.46% |
$35,365,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.97% |
$12,831,000 |
|
--- |
|
$12,831,000 |
|
Employer Contributions |
8.97% |
$19,256,000 |
|
--- |
|
$19,256,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
2.13% |
$4,577,000 |
|
--- |
|
$4,577,000 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
17.07% |
$36,664,000 |
|
--- |
|
$36,664,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
15.81% |
$33,969,000 |
0.65% |
$1,396,000 |
16.46% |
$35,365,000 |
|
Total Contributions |
17.07% |
$36,664,000 |
--- |
--- |
17.07% |
$36,664,000 |
|
Deficiency (Surplus) |
(1.26%) |
($2,695,000) |
0.65% |
$1,396,000 |
(0.61%) |
($1,299,000) |
|
|
|
|
|
|
|
|
|
|
Cost Estimate Based on Assumption Changes |
|||||
|
|
Actuarial Assumption Change Impact Estimate |
Effect of Benefit |
Resulting |
|||
|
Membership |
|
|
|
|
|
|
|
Active Members |
|
4,671 |
|
--- |
|
4,671 |
|
Service Retirees |
|
1,807 |
|
--- |
|
1,807 |
|
Disabilitants |
|
23 |
|
--- |
|
23 |
|
Survivors |
|
220 |
|
--- |
|
220 |
|
Deferred Retirees |
|
324 |
|
--- |
|
324 |
|
Nonvested Former Members |
|
1,671 |
|
--- |
|
1,671 |
|
Total Membership |
|
8,716 |
|
--- |
|
8,716 |
|
|
|
|
|
|
|
|
|
Funded Status |
|
|
|
|
|
|
|
Accrued Liability |
|
$1,093,681,000 |
|
$7,151,000 |
|
$1,100,832,000 |
|
Current Assets |
|
$869,045,000 |
|
--- |
|
$869,045,000 |
|
Unfunded Accrued Liability |
|
$224,636,000 |
|
$7,151,000 |
|
$231,787,000 |
|
Funding Ratio |
79.46% |
|
(0.52%) |
|
78.94% |
|
|
|
|
|
|
|
|
|
|
Financing Requirements |
|
|
|
|
|
|
|
Covered Payroll |
|
$214,775,000 |
|
--- |
|
$214,775,000 |
|
Benefits Payable |
|
$53,295,000 |
|
--- |
|
$53,295,000 |
|
|
|
|
|
|
|
|
|
Normal Cost |
10.22% |
$21,950,000 |
0.59% |
$1,267,000 |
10.81% |
$23,217,000 |
|
Administrative Expenses |
0.22% |
$466,000 |
--- |
--- |
0.22% |
$466,000 |
|
Normal Cost & Expense |
10.44% |
$22,416,000 |
0.59% |
$1,267,000 |
11.03% |
$23,683,000 |
|
|
|
|
|
|
|
|
|
Normal Cost & Expense |
10.44% |
$22,416,000 |
0.59% |
$1,267,000 |
11.03% |
$23,683,000 |
|
Amortization |
7.33% |
$15,743,000 |
0.23% |
$494,000 |
7.56% |
$16,237,000 |
|
Total Requirements |
17.77% |
$38,159,000 |
0.82% |
$1,761,000 |
18.59% |
$39,920,000 |
|
|
|
|
|
|
|
|
|
Employee Contributions |
5.97% |
$12,831,000 |
|
--- |
|
$12,831,000 |
|
Employer Contributions |
8.97% |
$19,256,000 |
|
--- |
|
$19,256,000 |
|
Employer Add'l Cont. |
0.00% |
$0 |
|
--- |
|
$0 |
|
Direct State Funding |
2.13% |
$4,577,000 |
|
--- |
|
$4,577,000 |
|
Other Govt. Funding |
0.00% |
$0 |
|
--- |
|
$0 |
|
Administrative Assessment |
0.00% |
$0 |
|
--- |
|
$0 |
|
Total Contributions |
17.07% |
$36,664,000 |
|
--- |
|
$36,664,000 |
|
|
|
|
|
|
|
|
|
Total Requirements |
17.77% |
$38,159,000 |
0.82% |
$1,761,000 |
18.59% |
$39,920,000 |
|
Total Contributions |
17.07% |
$36,664,000 |
--- |
--- |
17.07% |
$36.664,000 |
|
Deficiency (Surplus) |
0.70% |
$1,495,000 |
0.82% |
$1,761,000 |
1.52% |
$3,256,000 |