Office of Program Policy Analysis and Government Accountability
Office of Program Policy Analysis and Government Accountability

The Florida Retirement System Continues to Be Fully Funded; Unfunded Liability Eliminated

Report 99-50, May 2000




Report Summary

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.


Related Reports
  1. Program Review: Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard
    Report 08-30 April 2008
  2. Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard
    Report 07-24 April 2007
  3. Program Review of the Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards
    Report 04-13 February 2004
  4. Recommended Florida Retirement System Contribution Rates Remain Reasonable; Asset Growth Has Slowed
    Report 03-21 March 2003
Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.
Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.
government, government support,retirement, pension, liabilities, valuation, actuary, assets, contributions, returns, unfunded, members, annuitants, retirees