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____, DEFINITIONS <br /> Present Value of Benefits <br /> June 30,2016 <br /> Future Normal <br /> Ce.t. <br /> Current Normal <br /> Coal <br /> lcmarial <br /> LiaMlitr <br /> • PVB-Present Value of all Projected Benefits: <br /> • Discounted value(at valuation date- 6/30/16),of all future expected benefit <br /> payments based on various(actuarial)assumptions <br /> • Actuarial Liability: <br /> • Discounted value(at valuation date)of benefits earned through valuation date <br /> [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 /> ioniser" <br /> a <br /> iDecember 19,2017 1 pi Ef,:.;:`'.i oN. <br /> DEFINITIONS <br /> Present Value of Benefits Present Value of Beoefas <br /> muse 30,2015 Jane 30.2016 <br /> 1"stunned P\'a .k - --- I-afaada..PV H <br /> Actuarial\enarlaPresentI Wink" LIAM")stimemi\ii)Il�ofradad Liability <br /> Il <br /> LlaMar.l <br /> • Target-Have money in the bank to cover Actuarial Liability(past 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 put another <br /> (employer or employee)dime in <br /> B „r< <br /> I December 19,2017 2 "`i 1 a <br />