Tracking Changes to the Unfunded Liability

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Presentation transcript:

Tracking Changes to the Unfunded Liability Jean-Pierre Aubry Director of State and Local Research Center for Retirement Research at Boston College GFOAz Cottonwood, AZ November 2nd, 2017

2013 Gain/Loss Analysis for Georgia TRS

Change in the UAAL for Georgia TRS, 2001-2013, Millions of Dollars Year Contribution lower/(higher) than normal cost + interest on UAAL Investment return lower/(higher) than assumed Actuarial experience worse/(better) than assumed Benefit changes Changes to assumptions & methods Other Total change in UAAL UAAL 2001 ($229.1) ($296.4) ($791.3) 657.9 27.0 (631.9) (1,431.4) 2002 (62.7) 667.7 30.6 635.6 (795.8) 2003 19.7 788.5 768.5 (1,247.9) 328.8 (467.0) 2004 44.6 507.5 (473.0) 79.1 (387.9) 2005 20.3 516.4 (77.6) 903.1 1,362.2 974.3 2006 125.0 675.3 312.7 48.5 (339.2) 822.3 1,796.6 2007 183.5 (132.3) 746.0 303.5 1,100.7 2,897.4 2008 83.1 548.9 771.4 478.7 1,882.1 4,779.5 2009 233.5 2,433.5 556.4 (2,062.3) 70.9 1,232.0 6,011.5 2010 187.1 1,674.9 (557.5) 1,472.4 274.2 3,051.1 9,062.6 2011 336.9 2,018.7 (181.8) (685.5) 1,488.3 10,550.9 2012 402.7 1,855.1 (722.4) 1,535.4 12,086.3 2013 1,289.0 1,241.1 (188.1) (926.7) 124.4 1,539.7 13,626.0 Total 2,633.6 12,498.9 193.9 (637.0) (1,542.7) 1,278.7 14,425.6

Reasons for Change in the Aggregate UAAL for Georgia TRS, as a Percent of Overall Change in UAAL from 2001-2013