Comprehensive Annual Financial Report - Minnesota State ...

Determination of Contribution Sufficiency
As of June 30, 2012 (in thousands)
64
General Employees Retirement Fund
Statutory Contributions—M.S. Chapter 353 Percent of Payroll Dollar Amount
Employee Contributions 6.25% $ 325,113
Employer Contributions 7.25% 377,139
Total (a) 13.50% $702,252
Actuarially Required Contributions—M.S. Chapter 356
Retirement 4.93% $ 256,420
Normal Cost Disability 0.29% 15,084
Death 0.12% 6,242
Deferred 1.03% 53,588
Refund 0.47% 24,448
Total 6.84% $ 355,782
Amortization of Supplemental Contribution (UAAL) 7.43% $ 386,473
Allowance for Administrative Expenses 0.19% 9,883
Total (b) 14.46% $752,138
Contribution Sufficiency (Deficiency) (a - b) -0.96% $ (49,886)
Projected annual payroll for fiscal year beginning July 1, 2012 $5,201,524
Public Employees Police and Fire Fund
Statutory Contributions—M.S. Chapter 353 Percent of Payroll Dollar Amount
Employee Contributions 9.60% $ 77,489
Employer Contributions 14.40% 116,234
Minneapolis Police Contributions 0.94% 7,612
Minneapolis Fire Contributions 0.49% 3,922
Virginia Fire Contributions 0.00% 25
Total (a) 25.43% $205,282
Actuarially Required Contributions—M.S. Chapter 356
Retirement 15.69% $ 126,646
Normal Cost Disability 3.19% 25,749
Death 0.52% 4,197
Deferred 1.02% 8,233
Refund 0.14% 1,130
Total 20.56% $ 165,955
Amortization of Supplemental Contribution (UAAL) 12.70% $ 102,512
Allowance for Administrative Expenses 0.11% 888
Total (b) 33.37% $269,355
Contribution Sufficiency (Deficiency) (a - b) -7.94% $ (64,073)
Projected annual payroll for fiscal year beginning July 1, 2012 $807,180
Public Employees
Retirement Association
of Minnesota
Retirement Fund Active Members
160,000
150,000
140,000
130,000
160,512
153,655
2007 2008 2009 2010 2011 2012
The number of active employees participating in PERA’s three primary defined
benefit plans has declined significantly over the past five years. (See Page 62.)