State of Connecticut

Required Supplementary Information
Analysis of Fund Progress

(Expressed in millions)

(1)(2)(3)(4)(5)(6)
Unfunded Pension
UnfundedBenefit Obligation
Net AssetsPension%Pension BenefitAnnualas a Percentage
FiscalAvailableBenefitFundedObligationCoveredof Covered Payroll
Yearfor Benefits*Obligation(1)/(2)(2)-(1)Payroll(4)/(5)
State Employees' Retirement System
1988 $1,844.6 $4,089.3 45.1%$2,244.7 $1,429.1 157.1%
1989 $2,166.5 $4,550.7 47.6%$2,384.2 $1,583.0 150.6%
1990 $2,552.1 $5,071.5 50.3%$2,519.4 $1,759.5 143.2%
1991 $2,932.6 $5,624.7 52.1%$2,692.1 $1,802.8 149.3%
1992 $3,140.2 $6,009.7(1) 52.3%(1)$2,869.5(1) $1,983.6(1) 144.7%(1)
1993 $3,425.8 $6,668.7 51.4%$3,242.9 $1,931.4 167.9%
1994 $3,695.6 $7,189.8 51.4%$3,494.2 $2,144.8 162.9%
1995 $4,015.2 $7,329.2 54.8%$3,314.0 $2,155.9 153.7%
Teachers' Retirement System
1988 $2,880.3 $6,293.7 45.8%$3,413.4 $1,193.5 286.0%
1989 $3,275.2 $6,856.7 47.8%$3,581.5 $1,370.0 261.4%
1990 $3,744.8 $7,090.2 52.8%$3,345.4 $1,540.8 217.1%
1991 $4,308.5 $7,425.2 58.0%$3,116.7 $1,663.8 187.3%
1992 $4,623.1 $7,408.4 62.4%$2,785.3 $1,792.5 155.4%
1993 $4,811.4 $6,896.7 69.8%$2,085.3 $1,841.9 113.2%
1994 $5,144.5 $7,278.2 70.7%$2,133.7 $1,952.4 109.3%
1995 $5,804.3 $7,489.9 77.5%$1,685.6 $2,030.4 83.0%
Judicial Retirement System
1988 $15.3 $93.5 16.4%$78.2 $9.7 806.2%
1989 $21.9 $103.6 21.1%$81.7 $10.5 778.1%
1990 $30.0 $120.8 24.8%$90.8 $12.8 709.4%
1991 $37.6 $110.0 34.2%$72.4 $14.4 502.8%
1992 $44.5 $120.4 37.0%$75.9 $15.3 496.1%
1993 $47.8 $130.6 36.6%$82.8 $16.2 511.1%
1994 $51.6 $141.3 36.5%$89.7 $18.1 495.6%
1995 $55.5 $148.0 37.5%$92.5 $18.5 500.0%
Municipal Employee's Retirement System
1988 $279.0 $346.0 80.6%$67.0 $144.0 46.5%
1989 $348.0 $388.0 89.7%$40.0 $160.0 25.0%
1990 $378.0 $438.0 86.3%$60.0 $185.0 32.4%
1991 $411.9 $469.6 87.7%$57.7 $186.3 31.0%
1992 $441.0 $533.0 82.7%$92.0 $195.0 47.2%
1993 $475.0 $526.3 90.3%$51.3 $203.0 25.3%
1994 $508.6 $573.1 88.7%$64.5 $214.6 30.1%
1995 $536.0 $620.1 86.4%$84.1 $226.0 37.2%

Isolated analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of the State of Connecticut PERS funding status on a going-concern basis. Analysis of this percentage, over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Prior to 1988, statements were not prepared on a GAAP basis, therefore, required supplementary information is only presented since then.

* Net assets are presented at cost

(1) Amount/percentage changed to reflect corrections made by actuary.

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