Pension Plans
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Plan Net Position
(Expressed in Thousands)
SERS TRS JRS
2014 2014 2014
       
Service Cost $287,473 $347,198 $7,539
Interest 1,998,736 2,104,895 26,301
Benefit Changes - - -
Difference between expected and
actual experience - - -
Changes of assumptions - - -
Benefit payments (1,563,029) (1,732,707) (21,668)
Refunds of contributions (3,935) - -
Net change in total pension liability 719,245 719,386 12,172
Total pension liability - beginning 25,767,688 25,629,823 339,601
Total pension liability - ending (a) $26,486,933 $26,349,209 $351,773
Plan net position
Contributions - employer $1,268,890 $949,209 $16,298
Contributions - member 144,807 273,038 1,641
Net investment income 1,443,391 2,250,837 23,156
Benefit payments (1,563,029) (1,732,707) (21,668)
Administrative expense - - -
Refunds of contributions (3,935) - -
Other - - -
Net change in plan net position 1,290,124 1,740,377 19,427
Plan net position - beginning 9,182,443 14,480,512 168,353
Plan net position - ending (b) $10,472,567 $16,220,889 $187,780
Net pension liability - ending (a) -(b) $16,014,366 $10,128,320 $163,993
Total pension liability $26,486,933 $26,349,209 $351,773
Plan net position 10,472,567 16,220,889 187,780
Net pension liability $16,014,366 $10,128,320 $163,993
Ratio of plan net position net
position to total pension liability 39.54% 61.56% 53.38%
Covered-employee payroll $3,487,577 $3,831,624 $33,386
Net pension liability as a percentage
of covered-employee payroll 459.18% 264.33% 491.20%
Plan net position - beginning 9,182,443 14,480,512 168,353
Plan net position - ending (b) $9,182,448 $14,480,515 $168,358
Net pension liability - ending (a) -(b) $(9,037,641) $(14,207,477) $(166,717)