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City of Muskegon
REQUIRED SUPPLEMENTARY INFORMATION FOR PENSION PLANS - GASB 25
December 31, 2003
The information presented in the required supplementary schedules was determined as part of the
actuarial valuations at the dates indicated.
Schedule of Funding Progress
Actuarial UAAL as a
Actuarial Accrued Percentage
Actuarial Valuation of Liability (AAL) Unfunded Funded Covered of Covered
Valuation Date Assets Entry Age AAL (UAAL) Ratio Payroll Payroll
December 31, (a) (b) (ba) (a/b) (c) ((b-a)/c)
General Employees Retirement System
1998 $25,503,969 $20,235,071 ($5,268,898) 126.0% $5,937,337 -
1999 26,388,008 22,230,860 (4,157,148) 118.7% 6,119,765 -
2000 27,339,523 23,036,525 (4,302,998) 118.7% 6,270,574 -
2001 27,797,306 24,566,385 (3,230,921) 113.2% 6,296,642 -
2002 26,881,785 25,872,132 (1,009,653) 103.9% 6,545,937 -
Policemen and Firemen Retirement System
1998 $38,016,174 $31,981,726 ($6,034,448) 118.9% $5,452,784 -
1999 39,642,868 34,735,474 (4,907,394) 114.1% 6,245,973 -
2000 40,598,831 37,547,042 (3,051,789) 108.1% 6,417,659 -
2001 40,380,489 38,591,701 (1,788,788) 104.6% 6,069,551 -
2002 38,279,705 41,511,057 3,231,352 92.2% 6,391,031 50.6%
Schedule of Employer Contributions
Fiscal Year Contribution Rates as Actual
Ended Percentage of Annual Required Annual
December 31, Valuation Payroll Contribution Contribution Percentage Contributed
General Employees Retirement System
1998 0.75% $45,654 $45,654 100.00%
1999 0.00% - 11 -
2000 0.80% 50,987 50,987 100.00%
2001 0.00% - - -
2002 0.00% - - -
Policemen and Firemen Retirement System
1998 4.03% $221,893 $221,893 100.00%
1999 2.35% 130,385 130,385 100.00%
2000 1.54% 98,491 98,491 100.00%
2001 1.47% 96,549 96,549 100.00%
2002 4.30% 290,431 290,431 100.00%