The Governmental Accounting Standards Board (GASB) no longer requires the computation of the traditional (GASB 25) funded ratio. The more recent GASBStatement No. 67 requires the disclosure of the ratio of the fiduciary net position to total pension liability. The fiduciary net position is the plan’s net assets at fair value. Total pension liability is the present value of projected benefits already earned by employees. For the fiscal year ended March 31, 2018, the ratios are 98.24 for the Employees’ Retirement System (ERS) and 96.93 for the Police and Fire Retirement System (PFRS).
The average employer contribution rates for 2020 will be 14.6 percent of payroll in ERS, and 23.5 percent of payroll in PFRS. This is a reduction of 0.3 percentage points for ERS.