STATE OF MARYLAND
Required Supplemental Schedule of Funding Progress for
Pension and Retirement System
(Expressed in Thousands)
Actuarial
Valuation
Date
June 30, |
Actuarial
Value of
Assets |
Actuarial
Accrued
Liability (AAL)
Entry Age |
Unfunded AAL
/Excess of
Assets
over AAL |
Funded
Ratio |
Covered
Payroll(l) |
Unfunded AAL
/Excess
as a
Percentage of
Covered Payroll(2) |
TEACHERS RETIREMENT AND PENSION SYSTEM
1994
1995
1996
1997
1998 |
$ 9,634,321
10,508,766
11,630,258
13,142,495
14,934,503 |
$14,070,829
14,844,365
15,616,272
16,292,451
17,452,180 |
$(4,436,508)
(4,335,599)
(3,986,014)
(3,149,956)
(2,517,677) |
68.47%
70.79
74.48
80.67
85.57 |
$2,821,756
2,986,391
3,065,203
3,151,218
3,319,260 |
157.23%
145.18
130.04
99.96
75.85 |
EMPLOYEES RETIREMENT AND PENSION SYSTEM
1994
1995
1996
1997
1998 |
$ 5,843,445
6,294,727
6,870,504
7,668,655
8,621,080 |
$ 6,969,182
7,361,026
7,690,211
8,060,733
8,877,652 |
$(1,125,737)
(1,066,299)
(819,707)
(392,078)
(256,572) |
83.85%
85.51
89.34
95.14
97.11 |
$2,328,321
2,446,296
2,474,814
2,399,504
2,448,181 |
48.35%
43.59
33.12
16.34
10.48 |
STATE POLICE RETIREMENT SYSTEM
1994
1995
1996
1997
1998 |
$ 675,456
728,440
802,943
909,549
1,033,274 |
$ 606,019
641,610
675,097
744,496
739,074 |
$ 69,437
86,830
127,846
165,053
294,200 |
111.46%
113.53
118.94
122.17
139.81 |
$ 59,098
60,677
60,823
62,936
70,663 |
117.49%
143.10
210.19
262.26
416.34 |
JUDGES RETIREMENT SYSTEM
1994 $ 106,758 $ 177,720 $ (70,962) 60.07% $ 22,831 310.81%
1995 118,673 188,445 (69,872) 62.92 23,064 302.95
1996 131,631 196,319 (64,688) 67.05 23,917 270.47
1997 149,283 213,259 (63,976) 70.00 25,007 255.83
1998 170,953 220,136 (49,183) 77.66 25,552 192.48
NATURAL RESOURCES LAW ENFORCEMENT OFFICERS PENSION SYSTEM
1994
1995
1996
1997
1998 |
$ 9,458
12,208
15,333
44,949
83,430 |
$ 44,487
49,051
54,583
60,824
115,534 |
$ (35,029)
(36,843)
(39,250)
(15,875)
(32,104) |
21.26%
24.89
28.09
73.90
72.21 |
$ 10,177
11,369
11,646
12,904
30,612 |
344.20%
324.07
337.03
123.04
105.22 |
MUNCIPAL CORP. LAW ENFORCEMENT OFFICERS AND FIRE FIGHTERS PENSION SYSTEM
1994
1995
1996
1997
1998 |
$ 3,139
3,868
4,611
5,767
7,114 |
$ 7,226
8,040
8,875
11,446
12,358 |
$ (4,087)
(4,172)
(4,264)
(5,679)
(5,244) |
43.44%
48.11
51.95
50.38
57.57 |
$ 4,066
4,353
4,430
5,815
6,288 |
100.52%
95.84
96.25
97.66
83.40 |
TOTAL OF ALL PLANS
1994
1995
1996
1997
1998 |
$16,272,577
17,666,582
19,455,280
21,920,698
24,850,354 |
$21,875,463
23,092,537
24,241,357
25,383,209
27,416,934 |
$(5,602,886)
(5,425,955)
(4,786,077)
(3,462,511)
(2,566,580) |
74.39%
76.50
80.26
86.36
90.64 |
$5,246,249
5,532,150
5,640,833
5,657,384
5,900,456 |
106.80%
98.08
84.85
61.20
43.50 |
(1) Covered payroll includes the payroll cost of those participants which the State pays the retirement contribution but does not pay the
participants payroll cost.
(2) Percentage of excess assets over AAL as a percentage of covered payroll.
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