|
STATE OF MARYLAND
Required Supplemental Schedule of Funding Progress for
Pension and Retirement System
(Expressed in Thousands)
|
|
|
|
|
|
|
Unfunded AAL /
|
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Actuarial
|
|
Actuarial
|
(Unfunded AAL) /
|
|
|
Excess
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|
Valuation
|
Actual
|
Accrued
|
Excess of
|
|
|
as a
|
|
Date
|
Value of
|
Liability (AAL)
|
Assets
|
Funded
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Covered
|
Percentage of
|
|
June 30,
|
Assets
|
Entry Age
|
over AAL
|
Ratio
|
Payroll(l)
|
Covered Payroll(2)
|
|
|
|
TEACHERS
|
RETIREMENT AND PENSION
|
SYSTEM
|
|
|
|
1994
|
9,634,321
|
14,070,829
|
(4,436,508)
|
68.47%
|
2,821,756
|
157.23%
|
|
1995
|
10,508,766
|
14,844,365
|
(4,335,599)
|
70.79%
|
2,986,391
|
145.18%
|
|
1996
|
11,630,258
|
15,616,272
|
(3,986,014)
|
74.48%
|
3,065,203
|
130.04%
|
|
1997
|
13,142,495
|
16,292,451
|
(3,149,956)
|
80.67%
|
3,151,218
|
99.96%
|
|
|
|
EMPLOYEES
|
RETIREMENT AND PENSION
|
SYSTEM
|
|
|
|
1994
|
5,843,445
|
6,969,182
|
(1,125,737)
|
83.85%
|
2,328,321
|
48.35%
|
|
1995
|
6,294,727
|
7,361,026
|
(1,066,299)
|
85.51%
|
2,446,296
|
43.59%
|
|
1996
|
6,870,504
|
7,690,211
|
(819,707)
|
89.34%
|
2,474,814
|
33.12%
|
|
1997
|
7,668,655
|
8,060,733
|
(392,078)
|
95.14%
|
2,399,504
|
16.34%
|
|
|
|
STATE
|
POLICE RETIREMENT SYSTEM
|
|
|
|
|
1994
|
675,456
|
606,019
|
69,437
|
111.46%
|
59,098
|
117.49%
|
|
1995
|
728,440
|
641,610
|
86,830
|
113.53%
|
60,677
|
143.10%
|
|
1996
|
802,943
|
675,097
|
127,846
|
118.94%
|
60,823
|
210.19%
|
|
1997
|
909,549
|
744,496
|
165,053
|
122.17%
|
62,936
|
262.26%
|
|
|
|
|
JUDGES RETIREMENT SYSTEM
|
|
|
|
|
1994
|
106,758
|
177,720
|
(70,962)
|
60.07%
|
22,831
|
310.81%
|
|
1995
|
118,573
|
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%
|
|
|
NA
|
NATURAL RESOURCES :
|
LAW ENFORCEMENT OFFICERS
|
PENSION
|
SYSTEM
|
|
|
1994
|
9,458
|
44,487
|
(35,029)
|
21.26%
|
10,177
|
344.20%
|
|
1995
|
12,208
|
49,051
|
(36,843)
|
24.89%
|
11,369
|
324.07%
|
|
1996
|
15,333
|
54,583
|
(39,250)
|
28.09%
|
11,646
|
337.03%
|
|
1997
|
44,949
|
60,824
|
(15,875)
|
73.90%
|
12,904
|
123.04%
|
|
|
MUNCIPAL
|
CORP. LAW ENFORCEMENT
|
OFFICERS AND FIRE
|
FIGHTERS
|
PENSION SYSTEM
|
|
|
1994
|
3,139
|
7,226
|
(4,087)
|
43.44%
|
4,066
|
100.52%
|
|
1995
|
3,868
|
8,040
|
(4,172)
|
48.11%
|
4,353
|
95.84%
|
|
1996
|
4,611
|
8,875
|
(4,264)
|
51.95%
|
4,430
|
96.25%
|
|
1997
|
5,767
|
11,446
|
(5,679)
|
50.38%
|
5,815
|
97.66%
|
|
|
|
|
TOTAL OF ALL PLANS
|
|
|
|
|
1994
|
16,272,577
|
21,875,463
|
(5,602,886)
|
74.39%
|
5,246,249
|
106.80%
|
|
1995
|
17,666,582
|
23,092,537
|
(5,425,955)
|
76.50%
|
5,532,150
|
98.08%
|
|
1996
|
19,455,280
|
24,241,357
|
(4,786,077)
|
80.26%
|
5,640,833
|
84.85%
|
|
1997
|
21,920,698
|
25,383,209
|
(3,462,511)
|
86.36%
|
5,657,384
|
61.20%
|
(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.
83
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