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Florida Retirement System Pension Plan Valuation Met Standards, Report No. 10-46, June 2010
 
Full report in PDF format


Our actuarial consultant, Gabriel, Roeder, Smith & Company, reviewed the Florida Retirement System’s 2009 valuation report and June 30, 2008, experience study. With respect to the valuation report, our consultant concluded that the 2009 valuation was conducted in accordance with relevant state laws and rules and actuarial standards. It further concluded that the assumptions and methods used in the 2009 valuation were generally reasonable. The 2009 actuarial valuation determined that the plan had an unfunded actuarial liability totaling $15.4 billion as of July 1, 2009. The Pension Plan experienced an actuarial loss of $18.37 billion, primarily due to investment losses. The 2009 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 nine fiscal years (from 118% in Fiscal Year 1999-00 to 88% in Fiscal Year 2008-09). With respect to the experience study, our consultant concluded that the assumptions used in the valuation were generally reasonable and appropriate; however, it noted the inactive mortality rates appear to be conservative.

Which Government Program Summaries contain related information?

Retirement Benefits Administration

What other OPPAGA-related materials are available?

  • Report No. 14-FRS 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. 09-24 Florida Retirement System Pension Plan Valuation Met Standards,published in April 2009.
  • Report No. 08-30 Program Review: Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard,published in April 2008.
  • Report No. 07-24 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard,published in April 2007.
  • Report No. 06-38 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard,published in April 2006.
  • Report No. 05-25 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards,published in April 2005.
  • Report No. 04-70 Multi-Year Projections of Retirement System Funding Should Be Provided to the Legislature,published in October 2004.
  • 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. 02-37 While State Board of Administration Investments Perform Relatively Well, the SBA Should Reassess Planned Expansion of Alternative Investments,published in June 2002.

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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