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Definitions <br /> • PVB - Present Value of all Projected Benefits: <br /> • Discounted value (at valuation date - 6/30/09), of all future expected <br /> benefit payments based on various (actuarial) assumptions <br /> • Actuarial Liability: <br /> • Discounted value (at valuation date) of benefits earned through <br /> valuation date [value of past service benefit] <br /> • Portion of PVB "earned" at measurement <br /> • Current Normal Cost: <br /> • Portion of PVB allocated to (or "earned" during) current year <br /> • Value of employee and employer current service benefit <br /> August 11 2011 <br /> Definitions <br /> • Target- Have money in the bank to cover Actuarial Liability (past <br /> service) <br /> • Unfunded Liability - Money short of target at valuation date <br /> • Excess Assets / Surplus: <br /> • Money over and above target at that point in time. <br /> • Doesn't mean you're done contributing. <br /> • Super Funded: <br /> • Assets cover whole pie (PVB) <br /> • If everything goes exactly like PERS calculated, you'll never have to <br /> put another (employer or employee) dime in. <br /> August 11,2011 2 •.Y'°F;w`"w 4+•,+{• <br />