CAFR - sdcera

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S T A T I S T I C A L / B E N E F I T S RETIRED MEMBERS BY TYPE OF BENEFITS OPTION FOR THE CURRENT AND PRIOR FISCAL YEAR ENDED JUNE 30 FISCAL YEAR 2007 Option Selected b Number of Dth - Minor Amount of Retirees & Child Lump Sum Monthly Benefit Beneficiaries Unmodified 1 2 3 4 Supplement Installment $0 - $1,000 3,618 3,450 35 100 4 3 8 18 1,001 - 2,000 3,704 3,603 43 41 2 8 1 6 $2,001 - 3,000 2,254 2,195 24 25 2 6 - 2 $3,001 - 4,000 1,092 1,059 9 16 1 6 1 - $4,001 - 5,000 642 611 16 9 - 5 1 - $5,001 - 6,000 485 464 8 8 - 5 - - $6,001 - 7,000 293 281 6 2 - 3 1 - $7,001 - 8,000 175 172 1 - - 2 - - $8,001 - 9,000 78 77 - - - 1 - - $9,001 - 10,000 52 51 - - - 1 - - Over 10,000 111 106 - 1 - 4 - - Total 12,504 12,069 142 202 9 44 12 26 FISCAL YEAR 2006 Option Selected b Number of Dth - Minor Amount of Retirees & Child Lump Sum Monthly Benefit Beneficiaries Unmodified 1 2 3 4 Supplement Installment $0 - $1,000 4,018 3,837 36 112 9 5 1 18 1,001 - 2,000 3,646 3,534 38 50 6 12 - 6 $2,001 - 3,000 1,953 1,892 25 27 1 5 - 3 $3,001 - 4,000 880 848 7 14 1 8 2 - $4,001 - 5,000 582 557 12 9 - 4 - - $5,001 - 6,000 398 387 6 4 - 1 - - $6,001 - 7,000 247 238 5 2 - 2 - - $7,001 - 8,000 138 134 1 - - 3 - - $8,001 - 9,000 61 60 - - - 1 - $9,001 - 10,000 39 39 - - - - - - Over 10,000 87 86 - 1 - - - - Total 12,049 11,612 130 219 17 41 3 27 b Option selected: Unmodified plan: beneficiary receives 60 percent continuance. The following options reduce the retired member’s monthly benefit: Option 1 - Beneficiary receives lump sum or member’s unused contributions Option 2 - Beneficiary receives 100 percent of member’s reduced monthly benefit Option 3 - Beneficiary receives 50 percent of member’s reduced monthly benefit Option 4 - Split account paid to ex-spouse of member Dth-Minor Child Supplement - Paid to minor child of deceased member with no surviving spouse Lump sum installment - Death benefit paid in installments Source: SDCERA’s Pension and Administration Retirement Information System (PARIS) 78 COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007
B E N E F I T S / S T A T I S T I C A L AVERAGE BENEFIT PAYMENTS CURRENT AND SIX FISCAL YEARS ENDED JUNE 30 Years of credited service Retirement Effective 0-5 5-10 10-15 15-20 20-25 25-30 30+ Fiscal Year 2007 Average monthly benefit $ 749 $ 958 $ 1,756 $ 2,380 $ 3,307 $ 4,494 $ 6,331 Average final monthly salary $ 6,918 $ 4,774 $ 4,738 $ 4,800 $ 5,110 $ 6,043 $ 6,611 Number of retired members 27 83 145 143 99 94 85 Fiscal Year 2006 Average monthly benefit $ 584 $ 976 $ 1,686 $ 2,620 $ 3,839 $ 4,458 $ 5,803 Average final monthly salary $ 5,079 $ 3,972 $ 4,670 $ 5,061 $ 5,757 $ 5,481 $ 6,257 Number of retired members 29 122 184 184 101 125 104 Fiscal Year 2005 Average monthly benefit $ 501 $ 782 $ 1,464 $ 2,208 $ 3,000 $ 4,313 $ 5,453 Average final monthly salary $ 3,400 $ 5,244 $ 3,923 $ 4,292 $ 4,699 $ 5,283 $ 5,850 Number of retired members 23 78 222 170 118 113 118 Fiscal Year 2004 Average monthly benefit $ 510 $ 724 $ 1,344 $ 2,183 $ 2,990 $ 4,487 $ 5,819 Average final monthly salary $ 4,074 $ 2,202 $ 3,525 $ 4,233 $ 4,444 $ 5,500 $ 6,374 Number of retired members 25 61 184 135 122 102 103 Fiscal Year 2003 Average monthly benefit $ 753 $ 769 $ 1,492 $ 1,846 $ 2,804 $ 4,578 $ 5,757 Average final monthly salary $ 3,098 $ 2,647 $ 3,824 $ 3,552 $ 4,200 $ 5,494 $ 5,881 Number of retired members 33 89 192 114 132 107 131 Fiscal Year 2002 Average monthly benefit $ 831 $ 733 $ 1,219 $ 1,875 $ 2,510 $ 4,127 $ 5,483 Average final monthly salary $ 2,301 $ 2,489 $ 3,093 $ 3,691 $ 3,626 $ 4,789 $ 5,520 Number of retired members 29 79 223 115 130 127 207 Fiscal Year 2001 Average monthly benefit $ 645 $ 945 $ 1,015 $ 1,277 $ 1,924 $2,706 $4,144 Average final monthly salary $ 1,543 $ 1,928 $ 3,105 $ 3,264 $ 3,668 $4,084 $4,960 Number of retired members 21 44 103 48 51 30 40 Note: Data for fiscal years 1997 to 2000, is not available in our current system. COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007 79
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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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