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Office of Program Policy Analysis and Government Accountability

Review of the 1995 Actuarial Valuation of the Florida Retirement System , Report No. 95-33, February 1996

  • The Division of Retirement has an actuarial valuation made every two years to determine the contribution rates needed to cover future pension costs and amortize the System's unfunded liability. The fiscal impact of these contributions are enormous: contributions for System members totaled $2.9 billion in fiscal year 1994-95. OPPAGA's review concluded that the Florida Retirement System's 1995 actuarial valuation recommended reasonable contribution rates for covering future pension costs and amortizing its unfunded liability of $12.45 billion. The Florida Retirement System continues to make progress in improving the System's funding status and reducing its unfunded liability, with assets being sufficient to cover 77% of its liabilities compared to 69% in 1993. Assuming no significant changes are made to the economic assumptions used in future actuarial valuations, the System's unfunded liability should be paid off several years earlier than expected. OPPAGA recommended that if the Legislature's goals are to maintain a high priority on improving the System's funding status and reducing its unfunded liability, the Legislature should continue funding at the level recommended in the 1995 actuarial valuation. 

    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).
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