CAFR - sdcera

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A C T U A R I A L / S H O R T - T E R M S O L V E N C Y SHORT-TERM SOLVENCY TEST (1) (DOLLARS IN THOUSANDS) Portion of Accrued Liability Covered by Valuation Assets Liability for Liability for Active Active Members Members Liability for (Employer Valuation Liability for (Employer Valuation Active Member Retired Financed Value of Active Member Retired Financed Date Contributions (2) Participants Portion) Assets Contributions Participants Portion) 6/30/97 193,072 1,093,600 1,201,245 2,688,098 100% 100% 100.00% 6/30/98 198,968 1,193,667 1,284,958 2,834,571 100% 100% 100.00% 6/30/99 201,234 1,313,729 1,345,249 3,211,872 100% 100% 100.00% 6/30/00 202,531 1,463,827 1,582,464 3,568,671 100% 100% 100.00% 6/30/01 214,146 1,549,361 1,743,321 3,745,600 100% 100% 100.00% 6/30/02 204,572 2,046,485 2,827,010 3,831,334 100% 100% 75.40% 6/30/03 (3) 216,908 2,552,755 3,083,462 4,417,766 100% 100% 53.40% 6/30/04 235,851 2,890,576 3,243,063 5,166,759 100% 100% 62.90% 6/30/05 262,320 3,315,888 3,412,518 5,612,320 100% 100% 59.80% 6/30/06 290,339 3,679,444 3,525,511 6,263,019 100% 100% 65.00% 6/30/07 329,367 3,924,551 3,841,453 8,082,517 100% 100% 78.30% (1) Data through June 30, 2002 was from the Association’s June 30, 2003 CAFR. (2) Beginning in 1998, vested deferred members are included in Active Member Contributions. (3) 2002 liabilities reflect enhanced benefits approved by the County Board of Supervisors in March 2002, experience losses, projected earlier retirement trends and increased transfers to reserves not included as valuation assets ($117.2 million for health benefits and STAR COLA). Sources: Gabriel, Roeder, Smith & Company, Annual Actuarial Valuation, until June 30, 2002 The Segal Company, Annual Actuarial Valuation since June 30, 2003 60 COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007
H I S T O R I C M E M B E R S H I P D A T A / A C T U A R I A L HISTORY OF EMPLOYER CONTRIBUTION RATES (1) General Members Probation Members (2) Safety Members Normal UAAL Total Normal UAAL Total Normal UAAL Total Year Ended % % % % % % % % % 6/30/97 5.70 (6.30) (0.60) 12.21 (9.93) 2.28 6/30/98 6.17 (4.58) 1.59 10.46 (4.58) 5.88 12.45 (8.50) 3.95 6/30/99 5.81 (7.17) (1.36) 11.72 (6.04) 5.68 6/30/00 5.90 (9.72) (3.82) 11.82 (8.86) 2.96 6/30/01 5.96 (6.99) (1.03) 11.90 (5.03) 6.87 6/30/02 (3) 10.77 18.21 28.98 19.61 23.36 42.97 6/30/03 12.01 13.58 25.59 17.78 17.21 34.99 6/30/04 12.04 9.30 21.34 17.79 11.40 29.19 6/30/05 12.18 10.81 22.99 17.91 12.77 30.68 6/30/06 12.15 9.34 21.49 17.93 11.94 29.87 6/30/07 12.52 6.18 18.70 18.66 8.89 27.55 (1) Contribution rates through June 30, 2002 were from Association’s June 30, 2003 CAFR. (2) Probation members changed to separate status in fiscal year 1998. Probation members are included with safety members beginning in 1999. (3) Increased contribution requirements reflect enhanced benefits approved by the County Board of Supervisors in March 2002, experience losses, expected projected earlier retirement trends and increased transfers to reserves not included as valuation assets ($117.2 million for health benefits and STAR COLA). Sources: Gabriel, Roeder, Smith & Company, Annual Actuarial Valuation, until June 30, 2002 The Segal Company, Annual Actuarial Valuation since June 30, 2003 DEMOGRAPHIC ACTIVITY OF RETIREES AND BENEFICIARIES FOR THE YEARS ENDED JUNE 30 Added to Rolls Removed from Rolls Rolls at End of Year Annual Annual % Increase Average Change in Allowance (1) Allowance (1) Annual in Retiree Annual Average Fiscal Year Number (2) Number (2) Number Allowance (2) Allowance Allowance Benefit 1997 316 123 7,692 99,998,279 6.8% 13000 4.1% 1998 447 184 7,955 107,752,376 7.8% 13545 4.2% 1999 640 303 8,292 118,154,737 9.7% 14249 5.2% 2000 543 132 8,703 131,163,025 11.0% 15,071 5.8% 2001 549 11,012,689 331 2,497,970 8,921 139,677,744 6.5% 15,657 3.9% 2002 1,028 38,298,383 292 2,208,194 9,657 175,767,933 25.8% 18,201 16.2% 2003 1,168 34,998,385 572 5,369,873 10,253 205,396,444 16.9% 20,033 10.1% 2004 900 32,384,224 383 5,714,843 10,770 232,065,825 13.0% 21,547 7.6% 2005 1,013 36,459,281 347 4,606,967 11,436 263,918,139 13.7% 23,078 7.1% 2006 975 41,577,431 362 5,714,102 12,049 299,781,468 13.6% 24,880 7.8% 2007 802 45,430,033 347 6,531,337 12,504 338,680,164 13.0% 27,086 8.9% (1) Data through June 30, 2000 was from Association’s June 30, 2003 CAFR (2) Includes automatic cost of living adjustments granted April 1. Sources: Gabriel, Roeder, Smith & Company, Annual Actuarial Valuation, until June 30, 2002 The Segal Company, Annual Actuarial Valuation since June 30, 2003 COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007 61
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C u l • t i • v a t e To foster
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COMPREHENSIVE ANNUAL FINANCIAL REPO
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