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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 16 21111 —"— 1" <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 16.2U11 2 <br />