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Office of Program Policy Analysis and Government Accountability

Program Review of the Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards, Report No. 04-13, February 2004
 
Full report in PDF format


  • Our actuarial consultant found that the 2003 valuation was made in accordance with relevant state laws and rules, and actuarial standards.  It further concluded that the assumptions and methods used in the 2003 valuation were generally reasonable.
  •  The Florida Retirement System pension plan continues to be fully funded.  The 2003 actuarial valuation determined that the plan’s assets exceed its liabilities, with a surplus of $12.3 billion as of July 1, 2003.  However, the 2003 actuarial valuation also shows that the plan’s funding status (as measured by the ratio of its assets to liabilities) has experienced a decline over the last three fiscal years (from 118% in Fiscal Year 1999-00 to 114% in Fiscal Year 2002-03).
  •  Our consultant made several technical recommendations.  A major recommendation is that the Department of Management Services’ consulting actuary should include a more detailed analysis of the causes of gains and losses to the system’s liabilities.  This would enable an outside actuary to better assess the factors causing recent gains and losses.  Also, although the plan’s funding status is not currently a concern because the plan is fully funded, the plan’s funding status should continue to be closely monitored.

Which Government Program Summaries contain related information?

Retirement Benefits Administration
Department of Management Services

What other OPPAGA-related materials are available?

  • Report No. 14-99 Actuarial Review of the July 1, 2013 Actuarial Valuation of the Florida Retirement System,published in July 2014.
  • Report No. 14-99 Actuarial Review of the July 1, 2013 Actuarial Valuation of the Florida Retirement System,published in July 2014.
  • Report No. 13-FRS Actuarial Review of the July 1, 2012 Actuarial Valuation of the Florida Retirement System,published in August 2013.
  • Report No. 13-99 Actuarial Review of the July 1, 2012 Actuarial Valuation of the Florida Retirement System,published in August 2013.
  • Report No. 12-09 Florida Retirement System Pension Plan Valuation Met Standards,published in July 2012.
  • Report No. 11-17 Florida Retirement System Pension Plan Valuation Met Standards,published in May 2011.
  • Report No. 10-46 Florida Retirement System Pension Plan Valuation Met Standards,published in June 2010.
  • Report No. 09-24 Florida Retirement System Pension Plan Valuation Met Standards,published in April 2009.
  • 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. 06-38 Program Review of the Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard, published in April 2006.
  • Report No. 05-25 Program Review of the Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards, published in April 2005.
  • Report No. 03-61 Special Review: Outsourcing Pension Plan’s Outreach Services Would Not Be Cost-Effective, published in November 2003. 
  • Report No. 03-21 Program Review:  Recommended Florida Retirement System Contribution Rates Remain Reasonable; Asset Growth Has Slowed, published in March 2003.
  • Report No. 02-20 Program Review: Recommended Florida Retirement System Contribution Rates Are Reasonable, published in March 2002.
  • Report No. 01-18 Program Review: Recommended Florida Retirement System Contribution Rates Are Reasonable, published in March 2001.
  • Report No. 99-52 Program Review: Investment of Florida Retirement System Assets Meets Goals, But Earnings Could Be Increased, published in May 2000.
  • 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


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