Comprehensive Annual Financial Report - Minnesota State ...

Public Employees Correctional Fund
Actuarial Section
Statutory Contributions—M.S. Chapter 353E Percent of Payroll Dollar Amount
Employee Contributions 5.83% $ 9,972
Employer Contributions 8.75% 14,966
Total (a) 14.58% $24,938
Actuarially Required Contributions—M.S. Chapter 356
Retirement 8.28% $ 14,162
Normal Cost Disability 2.08% 3,558
Death 0.18% 308
Deferral 1.58% 2,702
Refund 0.52% 889
Total 12.64% $ 21,619
Amortization of Supplemental Contribution (UAAL) 1.68% 2,874
Allowance for Administrative Expenses 0.13% 222
Total (b) 14.45% $24,715
Contribution Sufficiency (Deficiency) (a - b) 0.13% $ 223
Projected annual payroll for fiscal year beginning July 1, 2012 $171,043
Minneapolis Employees Retirement Fund
Statutory Contributions—M.S. Chapter 353 Percent of Payroll Dollar Amount
Employee Contributions 9.75% $ 514
Employer Regular Contributions 9.75% 514
Employer Additional Contributions 76.66% 4,041
Employer Supplemental Contributions 512.14% 27,000
State Contributions 455.23% 24,000
Total (a) 1,063.53% $56,069
Actuarially Required Contributions—M.S. Chapter 356
Retirement 4.70% $ 248
Normal Cost Disability 2.79% 147
Survivor 0.34% 18
Deferral 2.35% 124
Refund 0.80% 42
Total 10.98% $ 579
Amortization of Supplemental Contribution (UAAL) 757.03% 39,911
Allowance for Administrative Expenses 3.39% 179
Allowance for 1992 Investment Expenses 3.93% 207
Total (b) 775.33% $40,876
Contribution Sufficiency (Deficiency) (a - b) 288.20% $15,193
Projected annual payroll for fiscal year beginning July 1, 2012 $5,272
Retirement Fund Annuitants 85,548
80,000
70,000
60,000
50,000
40,000
30,000
68,743
2007 2008 2009 20010 2011 2012
The number of annuitants from PERA’s three primary benefit plans has
increased at an annualized rate of 4.4 percent since 2007. (See page 63.)
Public Employees
Retirement Association
of Minnesota
65