Citizen's Guide to Finances: Pension Liability

Pension Plan

Actuarial

Assets v.

Liabilities

2010-2015

Unfunded

Liability

2010-2015

Percentage

Funded

2010-2015

Annual

Contribution

2010-2015

Employee to

Retiree

Comparison

2010-2015

Benefit

Payouts

2010-2015

Pension Plan Actuarial Valuations
   as of Decemeber 31,
2014 2015 % Change Trend
Value of assets
$ 8,506,943
$ 8,711,218
2.4%
Accrued liability
11,347,158
11,935,524
5.2%
Overfunded (underfunded)
$ (2,840,215)
$ (3,224,306)
13.5%
Percent funded
75.0%
73.0%
- 2.7%
Unfunded liability as a percent
    of General Fund revenues
56.88%
61.2%
7.6%
Annual county contribution
$ 305,065
$ 343,230
12.5%
Active employees
72 
72 
- 0 -
Retirees and eligible inactive employees
65 
67 
3.1%
Ratio of employees to retirees
    (inc. eligible non-actives)
1.11
1.07
- 3.6%
Active employee salary
$ 2,302,053
$ 2,319,824
0.8%
Benefits paid (inc. deferred benefits)
$ 684,987
$ 742,102
8.3%

Prepared by MGT of America Consulting, LLC

Great Lakes Region

2343 Delta Road

Bay City MI, 48706

MGT of America Consulting, LLC