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DMS Financial Rating Plan

DMS Financial Rating Plan

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Published by Ken Rudominer

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Published by: Ken Rudominer on Apr 08, 2012
Copyright:Attribution Non-commercial

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04/08/2012

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F
INANCIAL
R
ATING OF
 L
OCAL
G
OVERNMENT
 D
EFINED
B
ENEFIT
P
ENSION
P
LANS
 
R
EPORT TO
 T
HE
G
OVERNOR
,
 
C
HIEF
F
INANCIAL
O
FFICER
,P
RESIDENT OF THE
S
ENATE
,
AND
 S
PEAKER OF THE
H
OUSE OF
R
EPRESENTATIVES
 J
ANUARY
25,
 
2012
 
 
Table of Contents
Background ......................................................................................................................................................... 1Acknowledgements .............................................................................................................................................. 2Standardization .................................................................................................................................................... 2Submission requirements..................................................................................................................................... 3Results................................................................................................................................................................. 4Metrics not included ............................................................................................................................................. 4Recommended structure ...................................................................................................................................... 61.Long-term funded ratio ................................................................................................................................. 62.Amortization period of standardized Unfunded Accrued Liability (UAL) ........................................................ 73.Current funded ratio ..................................................................................................................................... 84.Sponsor contribution as a percentage of valuation payroll ............................................................................ 95.Rate of return on plan assets compared to actuarial assumption ................................................................ 106.Salary increases compared to actuarial assumption ................................................................................... 117.Amortization period of Unfunded Accrued Liability (UAL) using plan specific assumptions and methods.... 128.Timing of required sponsor contributions .................................................................................................... 139.Fund assets compared to cash flow requirements ...................................................................................... 14Recommendation for Legislative action during the 2012 session ....................................................................... 15

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