| 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 | ||||||
| 6/30/1998 | $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% |
| 6/30/2003 | - | - | - | - | - | - |
| *No actuarial valuations were performed as of June 30, 1999 and June 30, 2003 | ||||||
| TRS | ||||||
| 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% |
| 6/30/2003* | - | - | - | - | - | - |
| *No actuarial valuations were performed as of June 30, 1999, 2001 and 2003 | ||||||
| JRS | ||||||
| 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% |
| 6/30/2003* | - | - | - | - | - | - |
| *No actuarial valuation was performed as of June 30, 2003 | ||||||
| MERS | ||||||
| 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)% |
| 6/30/2002 | $1,403.4 | $1,319.7 | $(83.7) | 106.3% | $321.8 | (26.0)% |
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.