TEACHERS PENSION FUND

CONSTANTS 2016 2017

Retiree Years of Service 25 25
Average Increase in Teacher Salary 0.01 0.01
Retiree Rate 0.04 0.04
Mortality Rate 0.05 0.05
Expected Average Final Salary $ 82,000 $ 82,820
Expected Administrative Expense NA $25,000,000

INPUTS
Cost of Living Adjustment 0.03
Long Term Rate of Return 0.075
Productivity Factor 0.005
Employee Contribution Rate 0.095
Final Salary Give Back $ -
State Contribution Factor 2.5

SUMMARY OF KEY RESULTS

NPV of Unfunded Liability $ 1,058,847,195,832.93
Ratio of Assets to Liability NPV 13.26:86.74

CALCULATIONS 2016 2017

Average Teacher Salary
Number of Active Teachers
Number of New Retirees
Number of Retirees
Total Teacher Compensation
Employee Contribution to Fund
State Contribution to Fund
Average Retiree Benefit
Expected Benefits Payout
$ 68,500 $ 69,185
133,000 132,947
NA 53
101,500 101,553
$ 82,000.00 $ 82,820.00
$ 7,790.00 $ 7,867.90
$ 19,475.00 $ 19,669.75
$ 451,000.00 $ 455,510.00
$ 45,776,500,000.00 $ 46,258,498,132.00

FUND BALANCE STATEMENT 2016 2017

Beginning Balance
Add: Employee Contribution
Add: State Contribution
Add: Income on Investments
Less: Benefits Payout
Less: Administrative Expenses
Ending Balance
$ 79,855,555,555.00 $ 80,654,111,110.55
$ 7,790.00 $ 7,867.90
$ 19,475.00 $ 19,669.75
$ 5,989,166,666.63 $ 6,049,058,333.29
$ 45,776,500,000.00 $ 46,258,498,132.00
$25,000,000 $25,000,000
$ 40,043,249,487 $ 40,419,698,849

FUND LIABILITY 2016 2017

Expected Benefits Payout $ 45,776,500,000.00 $ 46,258,498,132.00
Net Present Value of Payouts NA 40,028,987,026.07
NPV of Unfunded Liability NA $ 6,229,511,105.93
Ratio of Assets to Liability NPV NA 13.26:86.74
Total NPV of Unfunded Liability $ 1,058,847,195,832.93 2
 2018 2019 2020 2021
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 83,648 $ 84,485 $ 85,330 $ 86,183
$25,250,000 $25,502,500 $25,757,525 $26,015,100

2018 2019 2020 2021

$ 69,877 $ 70,576 $ 71,281 $ 71,994
132,894 132,840 132,787 132,734
53 53 53 53
101,606 101,660 101,713 101,766
$ 83,648.20 $ 84,484.68 $ 85,329.53 $ 86,182.82
$ 7,946.58 $ 8,026.04 $ 8,106.31 $ 8,187.37
$ 19,866.45 $ 20,065.11 $ 20,265.76 $ 20,468.42
$ 460,065.10 $ 464,665.75 $ 469,312.41 $ 474,005.53
$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04

2018 2019 2020 2021

$ 81,460,652,221.66 $ 82,275,258,743.87 $ 83,098,011,331.31 $ 83,928,991,444.62
$ 7,946.58 $ 8,026.04 $ 8,106.31 $ 8,187.37
$ 19,866.45 $ 20,065.11 $ 20,265.76 $ 20,468.42
$ 6,109,548,916.62 $ 6,170,644,405.79 $ 6,232,350,849.85 $ 6,294,674,358.35
$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04
$25,250,000 $25,502,500 $25,757,525 $26,015,100
$ 40,799,430,165 $ 41,182,724,021 $ 41,569,613,790 $ 41,960,133,156

2018 2019 2020 2021

$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04
37,628,323,573.18 35,371,618,319.80 33,250,239,715.95 31,256,073,684.11
$ 9,117,225,213.27 $ 11,866,086,400.26 $ 14,484,779,522.51 $ 16,981,472,517.93

3 4 5 6
 2022 2023 2024 2025
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 87,045 $ 87,915 $ 88,794 $ 89,682
$26,275,251 $26,538,004 $26,803,384 $27,071,418

2022 2023 2024 2025

$ 72,714 $ 73,441 $ 74,176 $ 74,917
132,681 132,628 132,575 132,522
53 53 53 53
101,819 101,872 101,925 101,978
$ 87,044.65 $ 87,915.10 $ 88,794.25 $ 89,682.19
$ 8,269.24 $ 8,351.93 $ 8,435.45 $ 8,519.81
$ 20,673.10 $ 20,879.84 $ 21,088.63 $ 21,299.52
$ 478,745.59 $ 483,533.04 $ 488,368.37 $ 493,252.06
$ 48,745,340,031.54 $ 49,258,455,713.99 $ 49,776,948,808.52 $ 50,300,875,452.33

2022 2023 2024 2025

$ 84,768,281,359.07 $ 85,615,964,172.66 $ 86,472,123,814.39 $ 87,336,845,052.53
$ 8,269.24 $ 8,351.93 $ 8,435.45 $ 8,519.81
$ 20,673.10 $ 20,879.84 $ 21,088.63 $ 21,299.52
$ 6,357,621,101.93 $ 6,421,197,312.95 $ 6,485,409,286.08 $ 6,550,263,378.94
$ 48,745,340,031.54 $ 49,258,455,713.99 $ 49,776,948,808.52 $ 50,300,875,452.33
$26,275,251 $26,538,004 $26,803,384 $27,071,418
$ 42,354,316,121 $ 42,752,197,000 $ 43,153,810,432 $ 43,559,191,381

2022 2023 2024 2025

$ 48,745,340,031.54 $ 49,258,455,713.99 $ 49,776,948,808.52 $ 50,300,875,452.33
29,381,492,599.94 27,619,326,132.34 25,962,833,831.11 24,405,679,357.72
$ 19,363,847,431.59 $ 21,639,129,581.65 $ 23,814,114,977.41 $ 25,895,196,094.61

7 8 9 10
 2026 2027 2028 2029
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 90,579 $ 91,485 $ 92,400 $ 93,324
$27,342,132 $27,615,553 $27,891,709 $28,170,626

2026 2027 2028 2029

$ 75,667 $ 76,423 $ 77,188 $ 77,959
132,469 132,416 132,363 132,310
53 53 53 53
102,031 102,084 102,137 102,190
$ 90,579.01 $ 91,484.80 $ 92,399.65 $ 93,323.65
$ 8,605.01 $ 8,691.06 $ 8,777.97 $ 8,865.75
$ 21,512.52 $ 21,727.64 $ 21,944.92 $ 22,164.37
$ 498,184.58 $ 503,166.42 $ 508,198.09 $ 513,280.07
$ 50,830,292,366.64 $ 51,365,256,862.79 $ 51,905,826,848.36 $ 52,452,060,833.31

2026 2027 2028 2029

$ 88,210,213,503.06 $ 89,092,315,638.09 $ 89,983,238,794.47 $ 90,883,071,182.41
$ 8,605.01 $ 8,691.06 $ 8,777.97 $ 8,865.75
$ 21,512.52 $ 21,727.64 $ 21,944.92 $ 22,164.37
$ 6,615,766,012.73 $ 6,681,923,672.86 $ 6,748,742,909.59 $ 6,816,230,338.68
$ 50,830,292,366.64 $ 51,365,256,862.79 $ 51,905,826,848.36 $ 52,452,060,833.31
$27,342,132 $27,615,553 $27,891,709 $28,170,626
$ 43,968,375,135 $ 44,381,397,314 $ 44,798,293,870 $ 45,219,101,092

2026 2027 2028 2029

$ 50,830,292,366.64 $ 51,365,256,862.79 $ 51,905,826,848.36 $ 52,452,060,833.31
22,941,906,260.54 21,565,915,202.14 20,272,442,551.46 19,056,540,259.19
$ 27,888,386,106.10 $ 29,799,341,660.65 $ 31,633,384,296.90 $ 33,395,520,574.12

11 12 13 14
 2030 2031 2032 2033
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 94,257 $ 95,199 $ 96,151 $ 97,113
$28,452,332 $28,736,855 $29,024,224 $29,314,466

2030 2031 2032 2033

$ 78,739 $ 79,526 $ 80,322 $ 81,125
132,257 132,204 132,151 132,098
53 53 53 53
102,243 102,296 102,349 102,402
$ 94,256.89 $ 95,199.45 $ 96,151.45 $ 97,112.96
$ 8,954.40 $ 9,043.95 $ 9,134.39 $ 9,225.73
$ 22,386.01 $ 22,609.87 $ 22,835.97 $ 23,064.33
$ 518,412.87 $ 523,597.00 $ 528,832.97 $ 534,121.30
$ 53,004,017,936.29 $ 53,561,757,890.90 $ 54,125,341,052.10 $ 54,694,828,402.64

2030 2031 2032 2033

$ 91,791,901,894.24 $ 92,709,820,913.18 $ 93,636,919,122.31 $ 94,573,288,313.53
$ 8,954.40 $ 9,043.95 $ 9,134.39 $ 9,225.73
$ 22,386.01 $ 22,609.87 $ 22,835.97 $ 23,064.33
$ 6,884,392,642.07 $ 6,953,236,568.49 $ 7,022,768,934.17 $ 7,092,996,623.52
$ 53,004,017,936.29 $ 53,561,757,890.90 $ 54,125,341,052.10 $ 54,694,828,402.64
$28,452,332 $28,736,855 $29,024,224 $29,314,466
$ 45,643,855,608 $ 46,072,594,389 $ 46,505,354,751 $ 46,942,174,358

2030 2031 2032 2033

$ 53,004,017,936.29 $ 53,561,757,890.90 $ 54,125,341,052.10 $ 54,694,828,402.64
17,913,556,939.41 16,839,120,085.19 15,829,119,350.15 14,879,690,832.21
$ 35,090,460,996.88 $ 36,722,637,805.71 $ 38,296,221,701.95 $ 39,815,137,570.43

15 16 17 18
 2034 2035 2036 2037
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 98,084 $ 99,065 $ 100,056 $ 101,056
$29,607,611 $29,903,687 $30,202,724 $30,504,751

2034 2035 2036 2037

$ 81,936 $ 82,755 $ 83,583 $ 84,419
132,046 131,993 131,940 131,887
53 53 53 53
102,454 102,507 102,560 102,613
$ 98,084.09 $ 99,064.93 $ 100,055.58 $ 101,056.14
$ 9,317.99 $ 9,411.17 $ 9,505.28 $ 9,600.33
$ 23,294.97 $ 23,527.92 $ 23,763.20 $ 24,000.83
$ 539,462.51 $ 544,857.14 $ 550,305.71 $ 555,808.77
$ 55,270,281,559.57 $ 55,851,762,780.84 $ 56,439,334,971.89 $ 57,033,061,692.45

2034 2035 2036 2037

$ 95,519,021,196.67 $ 96,474,211,408.64 $ 97,438,953,522.72 $ 98,413,343,057.95
$ 9,317.99 $ 9,411.17 $ 9,505.28 $ 9,600.33
$ 23,294.97 $ 23,527.92 $ 23,763.20 $ 24,000.83
$ 7,163,926,589.75 $ 7,235,565,855.65 $ 7,307,921,514.20 $ 7,381,000,729.35
$ 55,270,281,559.57 $ 55,851,762,780.84 $ 56,439,334,971.89 $ 57,033,061,692.45
$29,607,611 $29,903,687 $30,202,724 $30,504,751
$ 47,383,091,229 $ 47,828,143,736 $ 48,277,370,610 $ 48,730,810,945

2034 2035 2036 2037

$ 55,270,281,559.57 $ 55,851,762,780.84 $ 56,439,334,971.89 $ 57,033,061,692.45
13,987,202,299.35 13,148,239,300.97 12,359,592,111.80 11,618,243,458.35
$ 41,283,079,260.23 $ 42,703,523,479.87 $ 44,079,742,860.10 $ 45,414,818,234.10

19 20 21 22
 2038 2039 2040 2041
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 102,067 $ 103,087 $ 104,118 $ 105,159
$30,809,799 $31,117,896 $31,429,075 $31,743,366

2038 2039 2040 2041

$ 85,263 $ 86,116 $ 86,977 $ 87,847
131,835 131,782 131,729 131,676
53 53 53 53
102,665 102,718 102,771 102,824
$ 102,066.70 $ 103,087.37 $ 104,118.24 $ 105,159.42
$ 9,696.34 $ 9,793.30 $ 9,891.23 $ 9,990.15
$ 24,240.84 $ 24,483.25 $ 24,728.08 $ 24,975.36
$ 561,366.85 $ 566,980.52 $ 572,650.33 $ 578,376.83
$ 57,633,007,163.24 $ 58,239,236,272.87 $ 58,851,814,584.77 $ 59,470,808,344.16

2038 2039 2040 2041

$ 99,397,476,488.53 $ 100,391,451,253.42 $ 101,395,365,765.95 $ 102,409,319,423.61
$ 9,696.34 $ 9,793.30 $ 9,891.23 $ 9,990.15
$ 24,240.84 $ 24,483.25 $ 24,728.08 $ 24,975.36
$ 7,454,810,736.64 $ 7,529,358,844.01 $ 7,604,652,432.45 $ 7,680,698,956.77
$ 57,633,007,163.24 $ 58,239,236,272.87 $ 58,851,814,584.77 $ 59,470,808,344.16
$30,809,799 $31,117,896 $31,429,075 $31,743,366
$ 49,188,504,201 $ 49,650,490,205 $ 50,116,809,157 $ 50,587,501,636

2038 2039 2040 2041

$ 57,633,007,163.24 $ 58,239,236,272.87 $ 58,851,814,584.77 $ 59,470,808,344.16
10,921,356,981.19 10,266,266,388.77 9,650,465,261.41 9,071,597,466.51
$ 46,711,650,182.04 $ 47,972,969,884.10 $ 49,201,349,323.36 $ 50,399,210,877.65

23 24 25 26
 2042 2043 2044 2045
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 106,211 $ 107,273 $ 108,346 $ 109,429
$32,060,800 $32,381,408 $32,705,222 $33,032,274

2042 2043 2044 2045

$ 88,725 $ 89,612 $ 90,508 $ 91,414
131,624 131,571 131,518 131,466
53 53 53 53
102,876 102,929 102,982 103,034
$ 106,211.02 $ 107,273.13 $ 108,345.86 $ 109,429.32
$ 10,090.05 $ 10,190.95 $ 10,292.86 $ 10,395.79
$ 25,225.12 $ 25,477.37 $ 25,732.14 $ 25,989.46
$ 584,160.60 $ 590,002.20 $ 595,902.23 $ 601,861.25
$ 60,096,284,485.13 $ 60,728,310,637.78 $ 61,366,955,135.47 $ 62,012,287,022.04

2042 2043 2044 2045

$ 103,433,412,617.85 $ 104,467,746,744.02
$ 10,090.05 $ 10,190.95
$ 25,225.12 $ 25,477.37
$ 7,757,505,946.34 $ 7,835,081,005.80
$ 60,096,284,485.13 $ 60,728,310,637.78
$32,060,800 $32,381,408
$ 51,062,608,594 $ 51,542,171,372
$ 105,512,424,211.46 $ 106,567,548,453.58
$ 10,292.86 $ 10,395.79
$ 25,732.14 $ 25,989.46
$ 7,913,431,815.86 $ 7,992,566,134.02
$ 61,366,955,135.47 $ 62,012,287,022.04
$32,705,222 $33,032,274
$ 52,026,231,695 $ 52,514,831,677

2042 2043 2044 2045

$ 60,096,284,485.13 $ 60,728,310,637.78 $ 61,366,955,135.47 $ 62,012,287,022.04
8,527,448,148.34 8,015,935,257.92 7,535,101,590.67 7,083,107,301.36
$ 51,568,836,336.78 $ 52,712,375,379.86 $ 53,831,853,544.80 $ 54,929,179,720.68

27 28 29 30
 2046
25
0.01
0.04
0.05
$ 110,524
$33,362,597

2046
$ 92,328
131,413
53
103,087
$ 110,523.61
$ 10,499.74
$ 26,249.36
$ 607,879.86
$ 62,664,376,059.25

2046
$ 107,633,223,938.11
$ 10,499.74
$ 26,249.36
$ 8,072,491,795.36
$ 62,664,376,059.25
$33,362,597
$ 53,008,013,826

2046
$ 62,664,376,059.25
6,658,222,867.81
$ 56,006,153,191.44

31
TEACHERS PENSION FUND

CONSTANTS 2016 2017

Retiree Years of Service 25 25
Average Increase in Teacher Salary 0.01 0.01
Retiree Rate 0.04 0.04
Mortality Rate 0.05 0.05
Expected Average Final Salary $ 82,000 $ 82,820
Expected Administrative Expense NA $25,000,000

INPUTS
Cost of Living Adjustment 0.03
Long Term Rate of Return 0.03
Productivity Factor 0.005
Employee Contribution Rate 0.095
Final Salary Give Back $ -
State Contribution Factor 2.5

SUMMARY OF KEY RESULTS

NPV of Unfunded Liability $ 1,058,847,195,832.93
Ratio of Assets to Liability NPV 13.26:86.74

CALCULATIONS 2016 2017

Average Teacher Salary
Number of Active Teachers
Number of New Retirees
Number of Retirees
Total Teacher Compensation
Employee Contribution to Fund
State Contribution to Fund
Average Retiree Benefit
Expected Benefits Payout
$ 68,500 $ 69,185
133,000 132,947
NA 53
101,500 101,553
$ 82,000.00 $ 82,820.00
$ 7,790.00 $ 7,867.90
$ 19,475.00 $ 19,669.75
$ 451,000.00 $ 455,510.00
$ 45,776,500,000.00 $ 46,258,498,132.00

FUND BALANCE STATEMENT 2016 2017

Beginning Balance
Add: Employee Contribution
Add: State Contribution
Add: Income on Investments
Less: Benefits Payout
Less: Administrative Expenses
Ending Balance
$ 79,855,555,555.00 $ 80,654,111,110.55
$ 7,790.00 $ 7,867.90
$ 19,475.00 $ 19,669.75
$ 2,395,666,666.65 $ 2,419,623,333.32
$ 45,776,500,000.00 $ 46,258,498,132.00
$25,000,000 $25,000,000
$ 36,449,749,487 $ 36,790,263,850

FUND LIABILITY 2016 2017

Expected Benefits Payout $ 45,776,500,000.00 $ 46,258,498,132.00
Net Present Value of Payouts NA 40,028,987,026.07
NPV of Unfunded Liability NA $ 6,229,511,105.93
Ratio of Assets to Liability NPV NA 20.45:79.55
Total NPV of Unfunded Liability $ 1,058,847,195,832.93 2
 2018 2019 2020 2021
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 83,648 $ 84,485 $ 85,330 $ 86,183
$25,250,000 $25,502,500 $25,757,525 $26,015,100

2018 2019 2020 2021

$ 69,877 $ 70,576 $ 71,281 $ 71,994
132,894 132,840 132,787 132,734
53 53 53 53
101,606 101,660 101,713 101,766
$ 83,648.20 $ 84,484.68 $ 85,329.53 $ 86,182.82
$ 7,946.58 $ 8,026.04 $ 8,106.31 $ 8,187.37
$ 19,866.45 $ 20,065.11 $ 20,265.76 $ 20,468.42
$ 460,065.10 $ 464,665.75 $ 469,312.41 $ 474,005.53
$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04

2018 2019 2020 2021

$ 81,460,652,221.66 $ 82,275,258,743.87 $ 83,098,011,331.31 $ 83,928,991,444.62
$ 7,946.58 $ 8,026.04 $ 8,106.31 $ 8,187.37
$ 19,866.45 $ 20,065.11 $ 20,265.76 $ 20,468.42
$ 2,443,819,566.65 $ 2,468,257,762.32 $ 2,492,940,339.94 $ 2,517,869,743.34
$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04
$25,250,000 $25,502,500 $25,757,525 $26,015,100
$ 37,133,700,815 $ 37,480,337,377 $ 37,830,203,280 $ 38,183,328,541

2018 2019 2020 2021

$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04
37,628,323,573.18 35,371,618,319.80 33,250,239,715.95 31,256,073,684.11
$ 9,117,225,213.27 $ 11,866,086,400.26 $ 14,484,779,522.51 $ 16,981,472,517.93

3 4 5 6
 2022 2023 2024 2025
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 87,045 $ 87,915 $ 88,794 $ 89,682
$26,275,251 $26,538,004 $26,803,384 $27,071,418

2022 2023 2024 2025

$ 72,714 $ 73,441 $ 74,176 $ 74,917
132,681 132,628 132,575 132,522
53 53 53 53
101,819 101,872 101,925 101,978
$ 87,044.65 $ 87,915.10 $ 88,794.25 $ 89,682.19
$ 8,269.24 $ 8,351.93 $ 8,435.45 $ 8,519.81
$ 20,673.10 $ 20,879.84 $ 21,088.63 $ 21,299.52
$ 478,745.59 $ 483,533.04 $ 488,368.37 $ 493,252.06
$ 48,745,340,031.54 $ 49,258,455,713.99 $ 49,776,948,808.52 $ 50,300,875,452.33

2022 2023 2024 2025

$ 84,768,281,359.07 $ 85,615,964,172.66 $ 86,472,123,814.39 $ 87,336,845,052.53
$ 8,269.24 $ 8,351.93 $ 8,435.45 $ 8,519.81
$ 20,673.10 $ 20,879.84 $ 21,088.63 $ 21,299.52
$ 2,543,048,440.77 $ 2,568,478,925.18 $ 2,594,163,714.43 $ 2,620,105,351.58
$ 48,745,340,031.54 $ 49,258,455,713.99 $ 49,776,948,808.52 $ 50,300,875,452.33
$26,275,251 $26,538,004 $26,803,384 $27,071,418
$ 38,539,743,459 $ 38,899,478,612 $ 39,262,564,861 $ 39,629,033,353

2022 2023 2024 2025

$ 48,745,340,031.54 $ 49,258,455,713.99 $ 49,776,948,808.52 $ 50,300,875,452.33
29,381,492,599.94 27,619,326,132.34 25,962,833,831.11 24,405,679,357.72
$ 19,363,847,431.59 $ 21,639,129,581.65 $ 23,814,114,977.41 $ 25,895,196,094.61

7 8 9 10
 2026 2027 2028 2029
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 90,579 $ 91,485 $ 92,400 $ 93,324
$27,342,132 $27,615,553 $27,891,709 $28,170,626

2026 2027 2028 2029

$ 75,667 $ 76,423 $ 77,188 $ 77,959
132,469 132,416 132,363 132,310
53 53 53 53
102,031 102,084 102,137 102,190
$ 90,579.01 $ 91,484.80 $ 92,399.65 $ 93,323.65
$ 8,605.01 $ 8,691.06 $ 8,777.97 $ 8,865.75
$ 21,512.52 $ 21,727.64 $ 21,944.92 $ 22,164.37
$ 498,184.58 $ 503,166.42 $ 508,198.09 $ 513,280.07
$ 50,830,292,366.64 $ 51,365,256,862.79 $ 51,905,826,848.36 $ 52,452,060,833.31

2026 2027 2028 2029

$ 88,210,213,503.06 $ 89,092,315,638.09 $ 89,983,238,794.47 $ 90,883,071,182.41
$ 8,605.01 $ 8,691.06 $ 8,777.97 $ 8,865.75
$ 21,512.52 $ 21,727.64 $ 21,944.92 $ 22,164.37
$ 2,646,306,405.09 $ 2,672,769,469.14 $ 2,699,497,163.83 $ 2,726,492,135.47
$ 50,830,292,366.64 $ 51,365,256,862.79 $ 51,905,826,848.36 $ 52,452,060,833.31
$27,342,132 $27,615,553 $27,891,709 $28,170,626
$ 39,998,915,527 $ 40,372,243,110 $ 40,749,048,124 $ 41,129,362,889

2026 2027 2028 2029

$ 50,830,292,366.64 $ 51,365,256,862.79 $ 51,905,826,848.36 $ 52,452,060,833.31
22,941,906,260.54 21,565,915,202.14 20,272,442,551.46 19,056,540,259.19
$ 27,888,386,106.10 $ 29,799,341,660.65 $ 31,633,384,296.90 $ 33,395,520,574.12

11 12 13 14
 2030 2031 2032 2033
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 94,257 $ 95,199 $ 96,151 $ 97,113
$28,452,332 $28,736,855 $29,024,224 $29,314,466

2030 2031 2032 2033

$ 78,739 $ 79,526 $ 80,322 $ 81,125
132,257 132,204 132,151 132,098
53 53 53 53
102,243 102,296 102,349 102,402
$ 94,256.89 $ 95,199.45 $ 96,151.45 $ 97,112.96
$ 8,954.40 $ 9,043.95 $ 9,134.39 $ 9,225.73
$ 22,386.01 $ 22,609.87 $ 22,835.97 $ 23,064.33
$ 518,412.87 $ 523,597.00 $ 528,832.97 $ 534,121.30
$ 53,004,017,936.29 $ 53,561,757,890.90 $ 54,125,341,052.10 $ 54,694,828,402.64

2030 2031 2032 2033

$ 91,791,901,894.24 $ 92,709,820,913.18 $ 93,636,919,122.31 $ 94,573,288,313.53
$ 8,954.40 $ 9,043.95 $ 9,134.39 $ 9,225.73
$ 22,386.01 $ 22,609.87 $ 22,835.97 $ 23,064.33
$ 2,753,757,056.83 $ 2,781,294,627.40 $ 2,809,107,573.67 $ 2,837,198,649.41
$ 53,004,017,936.29 $ 53,561,757,890.90 $ 54,125,341,052.10 $ 54,694,828,402.64
$28,452,332 $28,736,855 $29,024,224 $29,314,466
$ 41,513,220,023 $ 41,900,652,448 $ 42,291,693,390 $ 42,686,376,384

2030 2031 2032 2033

$ 53,004,017,936.29 $ 53,561,757,890.90 $ 54,125,341,052.10 $ 54,694,828,402.64
17,913,556,939.41 16,839,120,085.19 15,829,119,350.15 14,879,690,832.21
$ 35,090,460,996.88 $ 36,722,637,805.71 $ 38,296,221,701.95 $ 39,815,137,570.43

15 16 17 18
 2034 2035 2036 2037
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 98,084 $ 99,065 $ 100,056 $ 101,056
$29,607,611 $29,903,687 $30,202,724 $30,504,751

2034 2035 2036 2037

$ 81,936 $ 82,755 $ 83,583 $ 84,419
132,046 131,993 131,940 131,887
53 53 53 53
102,454 102,507 102,560 102,613
$ 98,084.09 $ 99,064.93 $ 100,055.58 $ 101,056.14
$ 9,317.99 $ 9,411.17 $ 9,505.28 $ 9,600.33
$ 23,294.97 $ 23,527.92 $ 23,763.20 $ 24,000.83
$ 539,462.51 $ 544,857.14 $ 550,305.71 $ 555,808.77
$ 55,270,281,559.57 $ 55,851,762,780.84 $ 56,439,334,971.89 $ 57,033,061,692.45

2034 2035 2036 2037

$ 95,519,021,196.67 $ 96,474,211,408.64 $ 97,438,953,522.72 $ 98,413,343,057.95
$ 9,317.99 $ 9,411.17 $ 9,505.28 $ 9,600.33
$ 23,294.97 $ 23,527.92 $ 23,763.20 $ 24,000.83
$ 2,865,570,635.90 $ 2,894,226,342.26 $ 2,923,168,605.68 $ 2,952,400,291.74
$ 55,270,281,559.57 $ 55,851,762,780.84 $ 56,439,334,971.89 $ 57,033,061,692.45
$29,607,611 $29,903,687 $30,202,724 $30,504,751
$ 43,084,735,275 $ 43,486,804,222 $ 43,892,617,701 $ 44,302,210,507

2034 2035 2036 2037

$ 55,270,281,559.57 $ 55,851,762,780.84 $ 56,439,334,971.89 $ 57,033,061,692.45
13,987,202,299.35 13,148,239,300.97 12,359,592,111.80 11,618,243,458.35
$ 41,283,079,260.23 $ 42,703,523,479.87 $ 44,079,742,860.10 $ 45,414,818,234.10

19 20 21 22
 2038 2039 2040 2041
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 102,067 $ 103,087 $ 104,118 $ 105,159
$30,809,799 $31,117,896 $31,429,075 $31,743,366

2038 2039 2040 2041

$ 85,263 $ 86,116 $ 86,977 $ 87,847
131,835 131,782 131,729 131,676
53 53 53 53
102,665 102,718 102,771 102,824
$ 102,066.70 $ 103,087.37 $ 104,118.24 $ 105,159.42
$ 9,696.34 $ 9,793.30 $ 9,891.23 $ 9,990.15
$ 24,240.84 $ 24,483.25 $ 24,728.08 $ 24,975.36
$ 561,366.85 $ 566,980.52 $ 572,650.33 $ 578,376.83
$ 57,633,007,163.24 $ 58,239,236,272.87 $ 58,851,814,584.77 $ 59,470,808,344.16

2038 2039 2040 2041

$ 99,397,476,488.53 $ 100,391,451,253.42 $ 101,395,365,765.95 $ 102,409,319,423.61
$ 9,696.34 $ 9,793.30 $ 9,891.23 $ 9,990.15
$ 24,240.84 $ 24,483.25 $ 24,728.08 $ 24,975.36
$ 2,981,924,294.66 $ 3,011,743,537.60 $ 3,041,860,972.98 $ 3,072,279,582.71
$ 57,633,007,163.24 $ 58,239,236,272.87 $ 58,851,814,584.77 $ 59,470,808,344.16
$30,809,799 $31,117,896 $31,429,075 $31,743,366
$ 44,715,617,759 $ 45,132,874,898 $ 45,554,017,698 $ 45,979,082,261

2038 2039 2040 2041

$ 57,633,007,163.24 $ 58,239,236,272.87 $ 58,851,814,584.77 $ 59,470,808,344.16
10,921,356,981.19 10,266,266,388.77 9,650,465,261.41 9,071,597,466.51
$ 46,711,650,182.04 $ 47,972,969,884.10 $ 49,201,349,323.36 $ 50,399,210,877.65

23 24 25 26
 2042 2043 2044 2045
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 106,211 $ 107,273 $ 108,346 $ 109,429
$32,060,800 $32,381,408 $32,705,222 $33,032,274

2042 2043 2044 2045

$ 88,725 $ 89,612 $ 90,508 $ 91,414
131,624 131,571 131,518 131,466
53 53 53 53
102,876 102,929 102,982 103,034
$ 106,211.02 $ 107,273.13 $ 108,345.86 $ 109,429.32
$ 10,090.05 $ 10,190.95 $ 10,292.86 $ 10,395.79
$ 25,225.12 $ 25,477.37 $ 25,732.14 $ 25,989.46
$ 584,160.60 $ 590,002.20 $ 595,902.23 $ 601,861.25
$ 60,096,284,485.13 $ 60,728,310,637.78 $ 61,366,955,135.47 $ 62,012,287,022.04

2042 2043 2044 2045

$ 103,433,412,617.85 $ 104,467,746,744.02 $ 105,512,424,211.46 $ 106,567,548,453.58
$ 10,090.05 $ 10,190.95 $ 10,292.86 $ 10,395.79
$ 25,225.12 $ 25,477.37 $ 25,732.14 $ 25,989.46
$ 3,103,002,378.54 $ 3,134,032,402.32 $ 3,165,372,726.34 $ 3,197,026,453.61
$ 60,096,284,485.13 $ 60,728,310,637.78 $ 61,366,955,135.47 $ 62,012,287,022.04
$32,060,800 $32,381,408 $32,705,222 $33,032,274
$ 46,408,105,027 $ 46,841,122,769 $ 47,278,172,605 $ 47,719,291,996

2042 2043 2044 2045

$ 60,096,284,485.13 $ 60,728,310,637.78 $ 61,366,955,135.47 $ 62,012,287,022.04
8,527,448,148.34 8,015,935,257.92 7,535,101,590.67 7,083,107,301.36
$ 51,568,836,336.78 $ 52,712,375,379.86 $ 53,831,853,544.80 $ 54,929,179,720.68

27 28 29 30
 2046
25
0.01
0.04
0.05
$ 110,524
$33,362,597

2046
$ 92,328
131,413
53
103,087
$ 110,523.61
$ 10,499.74
$ 26,249.36
$ 607,879.86
$ 62,664,376,059.25

2046
$ 107,633,223,938.11
$ 10,499.74
$ 26,249.36
$ 3,228,996,718.14
$ 62,664,376,059.25
$33,362,597
$ 48,164,518,749

2046
$ 62,664,376,059.25
6,658,222,867.81
$ 56,006,153,191.44

31
TEACHERS PENSION FUND

CONSTANTS 2016 2017

Retiree Years of Service 25 25
Average Increase in Teacher Salary 0.01 0.01
Retiree Rate 0.04 0.04
Mortality Rate 0.05 0.05
Expected Average Final Salary $ 82,000 $ 82,820
Expected Administrative Expense NA $25,000,000

INPUTS
Cost of Living Adjustment 0.01
Long Term Rate of Return 10%
Productivity Factor 0.1
Employee Contribution Rate 0.095
Final Salary Give Back $ -
State Contribution Factor 2.5

SUMMARY OF KEY RESULTS

NPV of Unfunded Liability $ 1,058,847,195,832.93
Ratio of Assets to Liability NPV 13.26:86.74

CALCULATIONS 2016 2017

Average Teacher Salary
Number of Active Teachers
Number of New Retirees
Number of Retirees
Total Teacher Compensation
Employee Contribution to Fund
State Contribution to Fund
Average Retiree Benefit
Expected Benefits Payout
$ 68,500 $ 69,185
133,000 132,947
NA 53
101,500 101,553
$ 82,000.00 $ 82,820.00
$ 7,790.00 $ 7,867.90
$ 19,475.00 $ 19,669.75
$ 451,000.00 $ 455,510.00
$ 45,776,500,000.00 $ 46,258,498,132.00

FUND BALANCE STATEMENT 2016 2017

Beginning Balance
Add: Employee Contribution
Add: State Contribution
Add: Income on Investments
Less: Benefits Payout
Less: Administrative Expenses
Ending Balance
$ 79,855,555,555.00 $ 80,654,111,110.55
$ 7,790.00 $ 7,867.90
$ 19,475.00 $ 19,669.75
$ 7,985,555,555.50 $ 8,065,411,111.06
$ 45,776,500,000.00 $ 46,258,498,132.00
$25,000,000 $25,000,000
$ 42,039,638,376 $ 42,436,051,627

FUND LIABILITY 2016 2017

Expected Benefits Payout $ 45,776,500,000.00 $ 46,258,498,132.00
Net Present Value of Payouts NA 40,028,987,026.07
NPV of Unfunded Liability NA $ 6,229,511,105.93
Ratio of Assets to Liability NPV NA 10:80%
Total NPV of Unfunded Liability $ 1,058,847,195,832.93 2
 2018 2019 2020 2021
25 25 25 25
0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05
$ 83,648 $ 84,485 $ 85,330 $ 86,183
$25,250,000 $25,502,500 $25,757,525 $26,015,100

2018 2019 2020 2021

$ 69,877 $ 70,576 $ 71,281 $ 71,994
132,894 132,840 132,787 132,734
53 53 53 53
101,606 101,660 101,713 101,766
$ 83,648.20 $ 84,484.68 $ 85,329.53 $ 86,182.82
$ 7,946.58 $ 8,026.04 $ 8,106.31 $ 8,187.37
$ 19,866.45 $ 20,065.11 $ 20,265.76 $ 20,468.42
$ 460,065.10 $ 464,665.75 $ 469,312.41 $ 474,005.53
$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04

2018 2019 2020 2021

$ 81,460,652,221.66 $ 82,275,258,743.87 $ 83,098,011,331.31 $ 83,928,991,444.62
$ 7,946.58 $ 8,026.04 $ 8,106.31 $ 8,187.37
$ 19,866.45 $ 20,065.11 $ 20,265.76 $ 20,468.42
$ 8,146,065,222.17 $ 8,227,525,874.39 $ 8,309,801,133.13 $ 8,392,899,144.46
$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04
$25,250,000 $25,502,500 $25,757,525 $26,015,100
$ 42,835,946,470 $ 43,239,605,489 $ 43,647,064,073 $ 44,058,357,943

2018 2019 2020 2021

$ 46,745,548,786.45 $ 47,237,704,720.05 $ 47,735,019,238.47 $ 48,237,546,202.04
37,628,323,573.18 35,371,618,319.80 33,250,239,715.95 31,256,073,684.11
$ 9,117,225,213.27 $ 11,866,086,400.26 $ 14,484,779,522.51 $ 16,981,472,517.93

3 4 5 6
 2022 2023 2024 2025 2026 2027 2028 2029
25 25 25 25 25 25 25 25
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
$ 87,045 $ 87,915 $ 88,794 $ 89,682 $ 90,579 $ 91,485 $ 92,400 $ 93,324
$26,275,251 $26,538,004 ### ### ### ### ### ###

2022 2023 2024 2025 2026 2027 2028 2029

$ 72,714 $ 73,441 $ 74,176 $ 74,917 $ 75,667 $ 76,423 $ 77,188 $ 77,959
132,681 132,628 132,575 132,522 132,469 132,416 132,363 132,310
53 53 53 53 53 53 53 53
101,819 101,872 101,925 101,978 102,031 102,084 102,137 102,190
$ 87,044.65 $ 87,915.10 ### ### ### ### ### ###
$ 8,269.24 $ 8,351.93 ### ### ### ### ### ###
$ 20,673.10 $ 20,879.84 ### ### ### ### ### ###
$ 478,745.59 $ 483,533.04 ### ### ### ### ### ###
$ 48,745,340,031.54 $ 49,258,455,713.99 ### ### ### ### ### ###

2022 2023 2024 2025 2026 2027 2028 2029

$ 84,768,281,359.07 $ 85,615,964,172.66 ### ### ### ### ### ###
$ 8,269.24 $ 8,351.93 ### ### ### ### ### ###
$ 20,673.10 $ 20,879.84 ### ### ### ### ### ###
$ 8,476,828,135.91 $ 8,561,596,417.27 ### ### ### ### ### ###
$ 48,745,340,031.54 $ 49,258,455,713.99 ### ### ### ### ### ###
$26,275,251 $26,538,004 ### ### ### ### ### ###
$ 44,473,523,155 $ 44,892,596,104 ### ### ### ### ### ###

2022 2023 2024 2025 2026 2027 2028 2029

$ 48,745,340,031.54 $ 49,258,455,713.99 ### ### ### ### ### ###
29,381,492,599.94 27,619,326,132.34 ### ### ### ### ### ###
$ 19,363,847,431.59 $ 21,639,129,581.65 ### ### ### ### ### ###

7 8 9 10 11 12 13 14
 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
25 25 25 25 25 25 25 25 25 25
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
$ 94,257 $ 95,199 $ 96,151 $ 97,113 $ 98,084 $ 99,065 ### ### ### ###
### ### ### ### ### ### ### ### ### ###

2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
$ 78,739 $ 79,526 $ 80,322 $ 81,125 $ 81,936 $ 82,755 $ 83,583 $ 84,419 $ 85,263 $ 86,116
132,257 132,204 132,151 132,098 132,046 131,993 131,940 131,887 131,835 131,782
53 53 53 53 53 53 53 53 53 53
102,243 102,296 102,349 102,402 102,454 102,507 102,560 102,613 102,665 102,718
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###

2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###

2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###

15 16 17 18 19 20 21 22 23 24
 2040 2041 2042 2043 2044 2045 2046
25 25 25 25 25 25 25
0.01 0.01 0.01 0.01 0.01 0.01 0.01
0.04 0.04 0.04 0.04 0.04 0.04 0.04
0.05 0.05 0.05 0.05 0.05 0.05 0.05
### ### ### ### ### ### ###
### ### ### ### ### ### ###

2040 2041 2042 2043 2044 2045 2046

$ 86,977 $ 87,847 $ 88,725 $ 89,612 $ 90,508 $ 91,414 $ 92,328
131,729 131,676 131,624 131,571 131,518 131,466 131,413
53 53 53 53 53 53 53
102,771 102,824 102,876 102,929 102,982 103,034 103,087
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###

2040 2041 2042 2043 2044 2045 2046

### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###

2040 2041 2042 2043 2044 2045 2046

### ### ### ### ### ### ###
### ### ### ### ### ### ###
### ### ### ### ### ### ###

25 26 27 28 29 30 31