Fiscal year Ended June 30, 2007 - psers

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THE PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM OF PENNSYLVANIA TABLE OF CONTENTS Table / Exhibit Page Executive Summary ....................................................................................................................... 1 Table 1 — Summary of Results of Actuarial Valuation ................................................ 11 Table 2 — Summary of Sources of Employer Contribution Rate as of June 30, 2007... 12 Table 3 — Determination of Health Insurance Contribution Rate for Fiscal Year 2008/2009...................................................................................................... 13 Table 4 — Summary of Market Value of Plan Assets as of June 30, 2007 .................... 14 Table 5 — Derivation of Actuarial Value of Assets as of June 30, 2007........................ 15 Table 6 — Analysis of Change in Unfunded Accrued Liability ..................................... 16 Table 7 — Schedule of Funding Progress — GASB Statements No. 25 and 43 Disclosure ..................................................................................................... 17 Table 8a — Schedule of Employer Contributions for Pensions — GASB Statement No. 25 Disclosure................................................................................................. 18 Table 8b — Schedule of Employer Contributions for Postemployment Benefits Other than Pensions — GASB Statement No. 43 Disclosure ................................ 19 Table 9 — Solvency Test — Comparative Summary of Accrued Liability and Actuarial Value of Assets.............................................................................................. 20 Table 10 — History and Projection of Contribution Rates and Funded Ratios ............... 21 Table 11 — History and Projection of Annuitants, Beneficiaries, Survivor Annuitants and Active Members ..................................................................................... 22 Table 12 — Description of Actuarial Assumptions and Methods..................................... 23 Table 13 — Summary of Benefit and Contribution Provisions ........................................ 26 Table 14 — Summary of Membership Data as of June 30, 2007 ..................................... 30 Exhibit I — Active Membership Data as of June 30, 2007 - Number and Average Annual Salary................................................................................................ 31 Exhibit II — The Number and Average Annual Annuity as of June 30, 2007 – Retired on Account of Superannuation, Early Retirement and Those in Receipt of Withdrawal Annuities.................................................................................... 32 Exhibit III — The Number and Average Annual Annuity as of June 30, 2007 – Beneficiaries and Survivor Annuitants.......................................................... 33 Exhibit IV — The Number and Average Annual Annuity as of June 30, 2007 – Retired on Account of Disability .................................................................................... 34 Exhibit V — Annuitant and Beneficiary Membership Data as of June 30, 2007............... 35 Exhibit VI — 10-Year History of Membership Data........................................................... 36 Exhibit VII — Detailed Tabulations of the Data................................................................... 38 Exhibit VIII — Glossary......................................................................................................... 52 THE PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM OF PENNSYLVANIA BUCK CONSULTANTS
Page 1 Executive Summary This report presents the actuarial valuation as of June 30, 2007 for the Public School Employees' Retirement System of Pennsylvania. The principal valuation results include: • The employer contribution rate for fiscal year 2008/2009, which is 4.76%. • The total funded ratio of the plan determined as of June 30, 2007 under the funding requirements of Section 8328 of the Retirement Code, which is 85.8% based on the accrued liability and the actuarial value of assets for Pensions and Health Insurance as of that date. • The determination of the actuarial gain or loss as of June 30, 2007, which is a gain of $3.9 billion. • Annual disclosures as of June 30, 2007 as required by Statements No. 25 and 43 of the Governmental Accounting Standards Board. The valuation was completed based upon membership and financial data submitted by the Retirement System. Detailed summaries of the financial results of the valuation and membership data used in preparing the valuation are included in the valuation report. The actuary prepared supporting schedules included in the Actuarial and Statistical Section of the PSERS Comprehensive Annual Financial Report (CAFR), and also prepared the trend data schedules included in the Financial Section of the CAFR. Changes Since Last Year Legislative and Administrative Changes There were no legislative or administrative changes since the prior valuation. The benefit provisions and contribution provisions are summarized in Table 13. THE PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM OF PENNSYLVANIA BUCK CONSULTANTS
Page 1 and 2: THE PUBLIC SCHOOL EMPLOYEES' RETIRE
Page 3: The Retirement Board Public School
Page 7 and 8: Page 3 Summary of Principal Results
Page 9 and 10: Page 5 Funded Ratio The financing o
Page 11 and 12: The following chart shows a ten-yea
Page 13 and 14: Page 9 GASB No. 43 Disclosure GASB
Page 15 and 16: Page 11 TABLE 1 SUMMARY OF RESULTS
Page 17 and 18: Page 13 TABLE 3 DETERMINATION OF HE
Page 19 and 20: Page 15 TABLE 5 DERIVATION OF ACTUA
Page 21 and 22: Page 17 TABLE 7 SCHEDULE OF FUNDING
Page 23 and 24: Page 19 TABLE 8b SCHEDULE OF EMPLOY
Page 25 and 26: Page 21 TABLE 10 HISTORY AND PROJEC
Page 27 and 28: Page 23 TABLE 12 DESCRIPTION OF ACT
Page 29 and 30: Page 25 TABLE 12 DESCRIPTION OF ACT
Page 31 and 32: Page 27 TABLE 13 SUMMARY OF BENEFIT
Page 33 and 34: Page 29 TABLE 13 SUMMARY OF BENEFIT
Page 35 and 36: EXHIBIT I Page 31 ACTIVE MEMBERSHIP
Page 37 and 38: EXHIBIT III Page 33 THE NUMBER AND
Page 39 and 40: EXHIBIT V Page 35 ANNUITANT AND BEN
Page 41 and 42: EXHIBIT VI (Continued) Page 37 10 Y
Page 43 and 44: TABLE 1 Page 39 THE NUMBER AND ANNU
Page 49 and 50: TABLE 3 (Continued) Page 45 THE NUM
Page 53 and 54: TABLE 4 (Continued) Page 49 THE NUM
Page 55 and 56:
TABLE 5 (Continued) Page 51 THE NUM
Page 57:
EXHIBIT VIII Page 53 GLOSSARY (Cont
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