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Office of Program Policy Analysis and Government Accountability

The Florida Retirement System Continues to Be Fully Funded; Unfunded Liability Eliminated, Report No. 99-50, May 2000
 
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The Florida Retirement System continues to be fully funded, primarily as a result of continued high investment returns and system member salary increases being lower than expected.  The system’s 1999 valuation determined that the system’s assets exceed its liabilities, with a surplus of $9.2 billion as of July 1,1999.  The elimination of the system’s unfunded liability, which had been as high of $15.9 billion as recently as June 1991, is a result of several factors, such as unprecedented returns on the investment of system assets and changes in several key economic assumptions used in the valuation consistent with recommendations made in prior reviews by our office and our consulting actuary, Buck Consultants, Inc.  The 1999 valuation recommended reasonable contribution rates and was made in accordance with relevant laws, rules, and actuarial standards.

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. 03-21 Program Review:  Recommended Florida Retirement System Contribution Rates Remain Reasonable; Asset Growth Has Slowed, published in March 2003.
  • Report No. 01-18 Program Review: Recommended Florida Retirement System Contribution Rates Are Reasonable, published in March 2001.
  • Report No. 00-01 Progress Report: Retirement Program Addresses Backlog, But It Defers Developing Re-Engineering Indicators, published in August 2000.
  • 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. 98-10  Oversight Report on the State Board of Administration's 1996-97 Investment Report, published in August 1998.
  • Report No. 97-66  Review of the 1997 Actuarial Valuation of the Florida Retirement System, published in March 1998.
  • Report No. 97-27 Oversight Report on the State Board of Administration’s 1995-96 Investment Report, published in January 1998.
  • Report No. 12275  Performance Audit of the 1993 Actuarial Valuation of the Florida Retirement System, published in April 1994.

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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