1 / 12

UM Retirement, Disability and Death Benefit Plan Annual Valuation

UM Retirement, Disability and Death Benefit Plan Annual Valuation. Board of Curators April 5-6, 2012. Annual Valuation Summery. Completed each year to determine the annual contribution required to meet funding obligations FY13 funding contribution is 10.15% of payroll

jenis
Télécharger la présentation

UM Retirement, Disability and Death Benefit Plan Annual Valuation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. UM Retirement, Disability and Death Benefit PlanAnnual Valuation Board of Curators April 5-6, 2012

  2. Annual Valuation Summery • Completed each year to determine the annual contribution required to meet funding obligations • FY13 funding contribution is 10.15% of payroll • Slightly higher than originally predicted due to lower than expected investment returns • One of highest contributions in the history of the plan due to economic conditions of past few years • UM budgets approximately 7.25% with employee contribution adding another 1.26% • Budgeted employer costs will increase by 1% for FY13 • A withdrawal from the stabilization fund will be required a a

  3. Actuarial Valuation Report Howard Rog, Actuary, Segal Consultants • Performs annual valuation to determine the annual contribution required to meet funding obligations • Annual valuation includes: • Present provisions of the plan • Characteristics of active, inactive and retired members • Actuarial assumptions and methods • Actuarial value of the Plan’s Trust assets • Determination of annual contribution

  4. Characteristics of Active Members *Based on annual retirement creditable compensation at valuation date

  5. Characteristics of Retired Members • Range in monthly payment less than $100 to more than $5,000 • 38 retirees are age 95 or older • 434 pensions began in 2011

  6. Actuarial Valuation Report Assumptions • Assumptions (reviewed every 5 years): • Investment Return • Actuarial Funding Method • Asset Valuation Method • Salary and Payroll Increases • Retirement Rates • Mortality Rates • Withdrawal Rates • Disability Rates • Presence and Age of Spouse

  7. Development of Actuarial Value of Assets

  8. Determination of FY 13 Annual Contribution

  9. Changes Impacting Plan Contribution Requirements

  10. UM Retirement Plans Contributions Actual Projected % of payroll 12.89% 13.02% 12.78% 12.34% 10.15%

  11. UM Retirement Plans Contributions Projected % of payroll 12.78% 12.89% 13.02% 12.34% 10.15%

  12. Projected Use of Stabilization Fund

More Related