• The Florida Retirement System continues to be fully funded.  The 2000 actuarial valuation determined that the system’s assets continued to significantly exceed its liabilities, with a surplus of $13.555 billion as of July 1, 2000.
• Buck Consultants, Inc., concluded that the 2000 valuation recommended reasonable contribution rates and was made in accordance with relevant laws, rules, and actuarial standards.  It further concluded that the assumptions and methods used in the 2000 valuation were generally reasonable.  However, it also made several technical recommendations. The department’s consulting actuary should include a more detailed analysis of the causes of gains and losses to the system’s liabilities in future valuations.
• Retirement rate assumptions should be monitored for appropriateness, especially for younger system members.

Which Government Program Summaries contain related information?

Florida Retirement System

What other OPPAGA-related materials are available?

• Report No. 08-30 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard, published in April 2008.
• Report No. 07-24 Program Review: Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard, published in April 2007.
• Report No. 04-13 Program Review of the Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards, published in February 2004.
• Report No. 02-20 Program Review: Recommended Florida Retirement System Contribution Rates Are Reasonable, published in March 2002.
• Report No. 99-50 Program Review: The Florida Retirement System Continues to Be Fully Funded; Unfunded Liability Eliminated, published in May 2000.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
e-mail address: oppaga@oppaga.fl.gov