Fiscal year Ended June 30, 2007 - psers

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EXHIBIT VIII Page 52 GLOSSARY Accrued Liability Accrued Service Actuarial Assumptions Actuarial Cost Method Actuarial Equivalent Actuarial Value of Assets Amortization Experience Gain (Loss) Normal Cost The difference between (a) the present value of future plan benefits, and (b) the present value of future normal cost. It is the portion of the present value of future plan benefits attributable to service accrued as of the valuation date. Sometimes referred to as “actuarial accrued liability.” The service credited under the plan that was rendered before the date of the actuarial valuation. Estimates of future plan experience with respect to rates of mortality, disability, turnover, retirement, rate or rates of investment income and salary increases. Decrement assumptions (rates of mortality, disability, turnover and retirement) are generally based on past experience, often modified for projected changes in conditions. Economic assumptions (salary increases and investment income) consist of an underlying rate in an inflation-free environment plus a provision for a long-term average rate of inflation. A mathematical budgeting procedure for allocating the dollar amount of the “present value of future plan benefits” between the present value of future normal cost and the accrued liability. Sometimes referred to as the “actuarial funding method.” A series of payments is called an actuarial equivalent of another series of payments if the two series have the same actuarial present value. The value of current plan assets recognized for valuation purposes. Based on a smoothed market value that recognizes investment gains and losses over a period of three <strong>year</strong>s. Paying off an interest-bearing liability by means of periodic payments of interest and principal, as opposed to paying it off with a lump sum payment. A measure of the difference between actual experience and that expected based upon a set of actuarial assumptions during the period between two actuarial valuation dates, in accordance with the actuarial cost method being used. The annual cost assumed, under the actuarial funding method, for current and subsequent plan <strong>year</strong>s. Sometimes referred to as “current service cost.” THE PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM OF PENNSYLVANIA BUCK CONSULTANTS
EXHIBIT VIII Page 53 GLOSSARY (Continued) Present Value Unfunded Accrued Liability The amount of funds presently required to provide a payment or series of payments in the future. The present value is determined by discounting the future payments at a predetermined rate of interest, taking into account the probability of payment. The difference between the actuarial accrued liability and valuation assets. THE PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM OF PENNSYLVANIA BUCK CONSULTANTS
Page 1 and 2:
THE PUBLIC SCHOOL EMPLOYEES' RETIRE
Page 3 and 4:
The Retirement Board Public School
Page 5 and 6: Page 1 Executive Summary This repor
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: TABLE 5 (Continued) Page 51 THE NUM
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Fiscal year Ended June 30, 2007 - psers

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