| Required Supplementary Information | ||||||||||
| Schedules of Employer Contributions | ||||||||||
| (Expressed in Millions) | ||||||||||
| SERS | TRS | JRS | MERS | PJRS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual | Annual | Annual | Annual | Annual | ||||||
| Fiscal | Required | Percentage | Required | Percentage | Required | Percentage | Required | Percentage | Required | Percentage |
| Year |
Contrib- ution |
Contrib- uted |
Contrib- ution |
Contrib- uted |
Contrib- ution |
Contrib- uted |
Contrib- ution |
Contrib- uted |
Contrib- ution |
Contrib- uted |
| 1998 | $567.6 | 59.0% | $211.0 | 85.0% | $9.3 | 100.0% | $18.8 | 100.0% | $0.25 | 100.0% |
| 1999 | $315.6 | 100.0% | $221.6 | 85.0% | $9.3 | 100.0% | $18.1 | 100.0% | $0.32 | 100.0% |
| 2000 | $342.8 | 100.0% | $240.5 | 85.0% | $9.3 | 100.0% | $32.0 | 100.0% | $- | - |
| 2001 | $375.6 | 100.0% | $252.5 | 85.0% | $9.8 | 100.0% | $15.5 | 100.0% | $- | - |
| 2002 | $415.5 | 100.0% | $210.7 | 97.1% | $9.6 | 100.0% | $15.3 | 100.0% | $- | - |
| 2003 | $421.5 | 100.0% | $221.2 | 81.3% | $10.1 | 100.0% | $16.0 | 100.0% | $- | - |
Note: During 2000, 2001, 2002 and 2003 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 | 6/30/2002 | 6/30/2002 | 6/30/2002 | 6/30/2002 | 12/31/2002 |
| Actuarial cost method | Projected | Entry age | Projected | Entry age | Entry Age |
| unit credit | unit credit | ||||
| Amortization method | Level percent | Level percent | Level percent | Level percent | - |
| of pay, closed | of pay, closed | of pay, closed | of pay, closed | ||
| Remaining amortization | |||||
| period | 30 Years | 10-29 Years | 29 Years | 7-24 Years | - |
| Asset valuation method | 5 year smoothed | 4 year smoothed | 5 year smoothed | 5 year smoothed | Asset |
| market | market | market | market | smoothing | |
| Actuarial assumptions: | |||||
| Investment rate of return | 8.5% | 8.5% | 8.5% | 8.5% | 8.5% |
| Projected salary increases | 4.25-15% | 4-8% | 5.5% | 4.5-11.25% | 6% |
| Includes inflation at | 5% | 4% | 5.5% | 3.75% | 3.5% |
| Cost-of-living adjustments | 2.75-3.75% | 3% | 3-5.5% | 2.5-5.0% | 3% |