1990 Police Pension Funds Actuarial Report ITEM XI. (E)
TO: William R. Balling
FROM: William H. Brimm
DATE: September 5, 1990
SUBJECT: Actuarial Reports
Fire and Police Pension Funds
Attached, please find the final independent actuarial reports prepared for
the Village's Police and Fire Pension funds as of April 30, 1989, the most
recent valuation period available for analysis. As stated in the report
introduction, the purpose of the study is to present to the Village the
current status of funding of plan benefits and funding requirements for the
plan year ended April 30, 1989. The analysis leads to the development of a
tax recommendation for both funds that must be levied in 1990, with the local
performance used to establish a levy that is statistically sound versus other
recommendations received.
Annually, the Village receives from the Illinois Department of Insurance a
levy recommendation using the same set of actuarial assumptions that is used
for all other police and firefighter pension funds valued. From this type of
valuation, there is no consideration given to the relative funded position of
the local fund(s) . The alternative study was prepared using the relative
well-funded position of both plans and only deviates from Department of
Insurance actuarial assumptions by increasing the investment return from
7.00% to 7.50% and reducing salary growth assumptions from 5.50% to 5.00%.
The investment yield is indicative of the actual returns while the salary
trending matches true wage progression, especially in a more mature work
force.
The following is the actuary's tax levy recommendations for 1990 (1991
collection) compared to the 1989 levy and Department of Insurance proposals:
1990 Levy State Recommendation Percent Change 1989 Levy
Police $150,857 $291,114 (48.17) $132,205
Fire 79,951 139,899 (74.98) 85,192
Total $230,808 $431,013 (46.44) $217,397
From 1989 to 1990, the total levy for these pension purposes has increased by
$13,411 or 6.16%. It should be noted that while the requirement for police
pension purposes increased by 14.10%, the firefighters pension requirement
actually decreased by 6.15%.
Upon acceptance of the reports by the Village Board, they will be forwarded
to the pension board membership for their review and comment. It should be
noted that the Pension Code permits the acceptance by the corporate authority
of an independent actuarial study for the firefighter's pension fund for tax
levy purposes, while the concurrence of the police pension board is required.
The Police Pension Fund Board has always accepted the results in the post and
their further acceptance will be sought at the next scheduled meeting in
October.
(AOL.44,/ (IbUtAltA/M‘
William H. Brimm
/rf
Actuarial Report
Village of Buffalo Grove
Police Pension Fund
As of April 30, 1989
Hewitt Associates
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PREPARATION OF THIS ACTUARIAL VALUATION
AS OF APRIL 30, 1989
VILLAGE OF BUFFALO GROVE
POLICE PENSION FUND
This material has been prepared primarily to present to
management the current status of funding of plan benefits and
funding requirements for the plan year ended April 30, 1989 .
In conducting the valuation, we have used personnel and asset
information supplied by the Village of Buffalo Grove as of the
valuation date, and the actuarial assumptions and method
described in the Actuarial Assumptions section of this Report .
The valuation has been conducted in accordance with generally
accepted actuarial principles and practices. In our opinion, the
assumptions used represent reasonable expectations of anticipated
plan experience.
HEWITT ASSOCIATES
/eicht-t Q G>,1./3 o
Richard W. Davids
Enrolled Actuary
August 1990
mate,,a, rihden;a[property of Hewitt Associates,furnished for
dvvr use By c ceptinr thIs material you agree that it wili not
nducFr 'Or or tisdosed To others Hewitt Associates
CONTENTS OF THIS REPORT
Each year, in accordance with the Illinois Pension Code, the
pension division of the State of Illinois Department of Insurance
performs a valuation study for the Village of Buffalo Grove
Police Pension Fund. The most recent study was prepared for the
plan year ending April 30, 1989.
The State's valuation study uses the same set of actuarial
assumptions as is used for all other police and firefighters '
pension funds valued, and does not take into consideration the
relative funded position of the Village of Buffalo Grove Police
Pension Fund. Thus, the State's valuation study tends to use
conservative actuarial assumptions, given the State objective of
producing reasonable tax levies for all funds valued.
This valuation report compares the results of the most recent
State of Illinois valuation study to an alternative valuation
study based on less conservative actuarial assumptions. The
alternative study has been prepared using reasonable actuarial
assumptions after considering the relative well-funded position
of this plan. The alternative uses the same actuarial
assumptions and method as the State study except that 7 . 5%
investment return and 5.0% salary increase assumptions are used
(versus 7.0% and 5.5% assumptions respectively in the State ' s
study) . The alternative assumptions would be considered neither
aggressive nor conservative within Hewitt Associates ' range of
reasonable assumptions and reasonable actuarial practice.
The contents of this report are as follows:
Page
Summary of Results 1
Tax Levy Requirements 2
Accounting Information 3
Personnel Inventory 4
Plan Provisions 7
Actuarial Assumptions and Methods 10
V-4215 P 8/90
SUMMARY OF RESULTS AS OF APRIL 30, 1989
State Alternative
Assumptions Assumptions
Tax Levy Requirements
Accrued Liability $ 5,360, 615 $ 4 , 556 , 750
Assets (4,603, 704) ( 4 ,603 , 704 )
Unfunded Accrued Liability $ 756,911 $ ( 46, 954 )
Employer Normal Cost $ 230, 521 $ 154, 533
Percent of Payroll 14 . 1% 9 . 4%
Tax Levy $ 291, 114 $ 150, 857
Percent of Payroll 17. 8% 9 . 2%
Rate of Funding
(Assets + Accrued Liability) 85.9% 101 . 0%
Accounting
Projected Benefit Obligation $ 5,293, 139 $ 3,690 , 350
Assets ( 4,603 ,704) ( 4 , 603 , 704 )
Unfunded Projected Benefit
Obligation $ 689,435 $ ( 913 , 354 )
Rate of Funding
(Assets + PBO) 87 .0% 124 . 7%
Personnel
Plan Participants
Active - 48
Inactive - 1
Total - 49
Payroll $ 1,637 ,934 $ 1 , 637 , 913
V-4215 P 8/90 -1-
TAX LEVY REQUIREMENTS
The results of the actuarial valuation performed as of April 30 ,
1989, are shown below:
State Alternative
Assumptions Assumptions
(1) Accrued Liability for
Inactive Participants $ 290,669 $ 124, 548
( 2) Accrued Liability for
Active Participants 5,069, 946 4 , 432, 202
(3) Total Accrued Liability,
(1)+(2) $ 5,360,615 $ 4, 556, 750
(4) Assets ( 4,603,704) ( 4 ,603 , 704)
( 5) Unfunded Accrued
Liability, ( 3)-(4) (a) $ 756 , 911 $ ( 46 , 954 )
(6) Total Normal Cost(b) $ 377,935 $ 301 , 945
(7) Estimated Employee
Contributions for Year
Ended April 30, 1989,
9.0% x payroll (147, 414 ) ( 147 , 412 )
(8) Normal Cost to Be Paid by
the Village of Buffalo Grove,
(6)-(7) $ 230, 521 $ 154 , 533
(9) Amortization of Unf>�nded
Accrued Liability((c 60, 593 ( 3 ,676 )
( 10) Total Tax Levy(d) ' (8)+(9) $ 291, 114 $ 150 , 857
Notes:
(a) *This is the excess of accrued liabilities over assets.
(b) This is the cost assigned to the current year, compiled as a level percentage
of pay, such that the accumulated value at the expected retirement age is
sufficient to provide expected retirement benefits.
(c) Amount necessary to amortize the unfunded accrued liability over the perm.d
period beginning April 30, 1989 and ending January 1, 2020, as contemplated
by Section 3-125 of the Illinois Pension Code.
(d) Amount necessary to arrive at the annual requirement of the Village of
Buffalo Grove Police Pension Fund as contemplated by Section 3-125 of the
Illinois Pension Code.
V-4215 P 8/90 -2- '
ACCOUNTING INFORMATION
Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and
step-rate benefits, estimated to be payable in the future as a result
of employee service to date. The measure is the actuarial present
value of credited projected benefits and is independent of the
funding method used to determine contributions to the pension fund.
The Pension Benefit Obligation (PBO) as of April 30, 1989 follows :
Retirees and beneficiaries currently
receiving benefit and terminated participants
not yet receiving benefits $ 124 , 548
Active participants
Accumulated employee contributions 930, 934
Employer-financed benefits* 2, 634, 868
Total Pension Benefit Obligation $ 3 , 690, 350
Net Assets Available for Benefits ( 4 , 603 , 704 )
Unfunded Pension benefit Obligation $ ( 913, 354 )
*The concept of vesting is not clearly defined in Illinois
State Statutes. Benefit accrual rates are delineated, but
they do not assist in definitely determining vesting
status. As such, no detailed allocation can be determined.
Trend Information
The following information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
(1) (2) (3) (4) (5) (6)
Unfunded Pension
Benefit
Unfunded Obligation as
Net Pension a Percentage
Assets Pension Percentage Benefit Annual or Covered
Fiscal Available Benefit Funded Obligation Covered Payroll
Year for Benefits Obligation (1) : (2) (2) - (1) Payroll (4i (5)
1989 $4,603,704 13,690,350 124.7% $(913,354) 11,637,913 (55.81)
1988 $3,850,022 $3,678,148 104.7% $(171,874) $1,509,709 (11 .4%)
1987 $3,334,170 $3,130,251 106.5% $(203,919) $1,258,262 (16.2%)
V-4215 P 8/90 -3-
PERSONNEL INVENTORY
The chart below shows how the plan population changed from
April 30, 1987 to April 30, 1989. The last full actuarial
valuation was performed as of April 30, 1987 .
Change in Number of Participants
Deferred Widows/
Active Disabled Annuitants Retired Parents Total
Participants as of
April 30, 1987 41 0 0 0 0 4l
Terminations
(retained contribution) (1) -- 1 -- -- 0
Terminations
(refunded contribution) (1) -- -- -- -- (1)
Disablements 0 0 0 0 -- 0
Retirements 0 0 0 0 -- 0
Widows/Parents 0 -- -- -- 0 0
New Actives 9 _ _ _ _. 9
Participants as of
April 30, 1989 48 0 1 0 0 49
V-4215 P 8/90 -4-
PERSONNEL INVENTORY (Continued)
Personnel Data
The actuarial valuation was based on personnel information from
the Village of Buffalo Grove records. The following table
presents a summary of the total eligible employee group as of
April 30, 1989.
Number of Participants
Active 48
Inactive 1
Total 49
Personnel Characteristics
The following statistics are derived for the funded active
participants on April 30, 1989, based on age and service measured
in completed years and months.
Average
Number of Average Average Age at
Employees Age Service Hire
Male 46 35.2 9 . 3 25 .9
Female 2 33. 3 5. 5 27 . 8
Total 48 35.1 9.1 26 . 0
Average compensation for this group is $34 , 123 .
Distribution of Personnel
The following page displays the employees by age, sex and
completed years of service (based on service from hire) as of
April 30, 1989. A diagonal line traces an employee through his
career so that all employees hired at the same age lie along the
same line.
V-4215 P 8/90 -5-
YEARS OF SERVICE
O 5 10 15 20 25 30 35 40+ M F T
1 iiia•' 1
DISTRIBUTION OF PERSONNEL 5
W :,�;, BY AGE AND YEARS OF SERVICE W
;::: ACTIVE PARTICIPANTS a
::::::
- VILLAGE OF BUFFALO GROVE F k
2ri:>x' 2
O POLICE PENSION FUND o
•••-•� • THIS DISTRIBUTION SHOWS PERSONNEL BY AGE LAST
1 "" 1 1
ti••- BIRTHDAY AND COMPLETED YEARS OF SERVICE AS OF
1 I 1
' 06/01/69. FOR INSTANCE, THE CELL AT AGE 27 AND
1 "` 1 1
:;:,: 1 YEAR OF SERVICE CONTAINS 2 EMPLOYEES.
2 kw:; 1 1 5
2
:�:
1 1 •
K:.. • INDIYIDUAI CAREERS PROGRESS ALONG A DIAGONAL 7
el.
1 (STAIR—STEP) LINE; E.G., ALL EMPLOYEES HIRED 5 5
a'N 1 AT AGE 25 APPEAR ON THE DIAGONAL WHICH STARTS 1 1
2 1 AT AGE 25 WITH 0 SERVICE AND RUNS THROUGH 3 3
:.,..
0 1 26 AND 1, 27 AND 2, ETC. 1 10
41/4 4
1 2 n.., ••.- 1 .r.:err • THE AVERAGE AGE OF THIS GROUP IS 35.1
1 2 3 3
AND THE AVERAGE SERVICE IS 9.1.
::::� 1 1
::: 1 ..... 2 2
•
1 1 1
1 1 ...a 2i 2
4 1 .:.1 r.::: 2 4
O 1 1 10
k::: 1 1 2 1 3
1 2 1 ..a 1 4..
A 1 1 1
w, * is ::
4:::::: .. : 1 1 1 .... 3 3 4
5 :: 5
1 , 1 1
1 1 1
6 1 :.... 1 1 05
0
:fv::
r
6 5
smr tiYM r •::iif: ..... • ,
6
6
5 5
M 5 3 4 5 2 1 1 3 4 2 4 1 1 2I 3 2l 2 1 42
F 1 1, I 2
T 51 4 4 51 2. 1 1_ 44 4 2 4 _ 1 1 Z 3 2 2 1 - 1 4B
O SERVICE 5 10 15 20 25 30 35 40+
V-4215 P 8/90 -6-
PLAN PROVISIONS
History of the Plan
On January 23, 1987, the 1985 Illinois Pension Code was amended.
The following items were changed:
(a) Police officers retiring after January 1 , 1986, will
receive pension benefit increases of 3% per year
beginning at the later of age 55 or 1 year of payment
status. (For retirements prior to January 1 , 1986, the
age requirement is 60. )
(b) Police officers retiring after January 1 , 1986, shall
receive at the later of age 55 or 1 year of payment
status a one-time pension increase equal to 3% of the
original pension per full year of payment status .
(d) As of January 1, 1987, police officers must contribute
9% of salary to the pension fund. (Prior to January 1,
1987, the percentage was 8.50%. )
On December 2, 1987, the 1985 Illinois Pension Code was further
amended to extend the benefit increases described above to police
officers retiring between January 1, 1977 and January 1, 1986 ,
inclusive (but excluding years for which an increase was received
under the 1985 code) .
V-4215 P 8/90 -7-
PLAN PROVISIONS (Continued)
The following is a summary of the plan provisions that were
valued as of April 30, 1989.
Participants All police officers of the Village
of Buffalo Grove who contribute as
required to the fund.
Retirement
Eligibility Age 50 and 20 years of service.
Pension 50% of salary plus 2% of salary for
each year of service greater than 20
years but less than 30 years , plus
1% of salary for each year of
service over 30 years, up to a
maximum of 75% of salary.
Deferred Retirement
Eligibility 8 to 20 years of service.
Pension Payable at age 60, an amount equal
to a 2.5% of salary per year of
service.
Disability, Line of Duty
Eligibility Participation in the Police Pension
Fund.
Pension 65% of salary, payable immediately.
Preretirement Death Benefit
Eligibility Participation in the Police Pension
Fund.
Pension The pension earned by the police
officer as of the date of death.
V-4215 P 8/90 -8-
PLAN PROVISIONS (Continued)
Terminations
Eligibility Less than 8 years of service.
Pension Lump sum refund of police officer ' s
contributions.
Increase in Pensions
Eligibility
Retirement on or A police officer currently
before January 1, 1977 receiving a pension and having
attained the later of age 60 and the
first anniversary of payment status .
Retirement after A police officer currently receiving
January 1, 1977 a pension and having attained the
later of age 55 and the first
anniversary of payment status .
Amount of Increase
Retirement on or Upon eligibility, 3% of the
Before January 1, 1977 original pension; and then, on each
subsequent January 1 thereafter , 3%
of the original pension amount .
Retirement after Upon eligibility, 3% per full year
January 1, 1977 of payment status; and then, on each
subsequent January 1 thereafter , 3%
of the original pension amount .
Normal Form of Pension 100% Joint and Survivor annuity for
married participants or participants
with children under age 18, or
dependent parents; life annuity for
other participants.
Salary Salary attached to the rank held by
the police officer during the year
prior to retirement , excluding
overtime pay, holiday pay, bonus
pay, or merit pay.
Service Time served as a police officer .
Police Officers ' 9 .0% of Salary.
Contributions
V-4215 P 8/90 -9-
ACTUARIAL ASSUMPTIONS AND METHODS
The actuarial assumptions shown below are those used in
calculating the tax levy requirements and the projected benefit
obligation as of April 30, 1989 except where otherwise indicated.
Retirement Rates See Table A.
Mortality 1971 Group Annuity Mortality Table.
Withdrawal Before See Table B.
Retirement
Disability, See Table C.
Line of Duty
Investment Return
State 7.0% per year.
Alternative 7.5% per year .
Future Compensation
Increases
State 5.5% per year .
Alternative 5.0% per year .
Percent Married 80%.
Valuation of Net Present Value.
Investments
Employees Included All participants as of valuation
in Funding date.
Calculation Date April 30, 1989.
Actuarial Method
Tax Levy Requirements The Entry Age (Level Percent of Pay )
Cost Method.
Projected Benefit The Projected Unit Credit
Obligation (Service Prorate) Cost Method.
V-4215 P 8/90 -10-
TABLE A
Retirement Rates
Age Rate Age Rate
50 .400 60 . 526
51 .053 61 . 579
52 .105 62 . 632
53 .158 63 . 684
54 .211 64 .737
55 .263 65 .789
56 .316 66 .842
57 .368 67 .895
58 .421 68 . 947
59 .474 69 1 .000
V-4215 P 8/90 -11- -4=
TABLE B
Withdrawal Rates
Age Rate Age Rate
18 .0600 34 . 0430
19 .0600 35 .0410
20 .0600 36 .0390
21 .0600 37 . 0360
22 .0600 38 . 0344
23 .0600 39 . 0313
24 .0600 40 . 0285
25 .0600 41 .0260
26 .0600 42 .0236
27 .0600 43 . 0214
28 .0570 44 . 0194
29 .0540 45 . 0174
30 .0510 46 . 0155
31 .0490 47 . 0137
32 .0470 48 . 0119
33 .0450 49 .0102
V-4215 P 8/90 -12- `.
TABLE C
Disability Rates - Line of Duty
Age Rate Ace Rate Age Rate
18 .0007 36 .0015 54 . 0086
19 .0007 37 .0016 55 .0099
20 .0007 38 .0017 56 .0113
21 .0007 39 .0018 57 . 0128
22 .0008 40 .0020 58 .0143
23 .0008 41 .0022 59 .0158
24 .0008 42 .0024 60 . 0174
25 .0008 43 .0026 61 . 0191
26 .0009 44 .0028 62 . 0211
27 .0009 45 .0031 63 . 0233
28 .0010 46 .0034 64 . 0258
29 .0010 47 .0038 65 . 0285
30 .0010 48 .0042 66 .0314
31 .0011 49 .0047 67 .0343
32 .0011 50 .0052 68 . 0372
33 .0012 51 .0058 69 . 0401
34 .0013 52 .0066
35 .0014 53 .0075
V-4215 P 8/90 -13- - ;
DISCUSSION OF
ACTUARIAL ASSUMPTIONS AND METHODS
Ultimate Cost
The ultimate cost of a pension plan can be measured only when the
obligation to all participants has been fully discharged. The
cost will then be:
The benefits paid from the plan
plus
administrative expenses
less
investment gains
plus
investment losses.
The actuarial process assigns pension costs to the current year
by estimating, based on both current and future service, the
benefits to be paid to current plan participants. These esti-
mates are determined through an actuarial valuation which uses
three basic elements to project payments from the plan:
• benefit provisions of the plan
• data on the present work force, terminated vested, and retired
employees
• certain predictions (actuarial assumptions) about the future
as it applies to this work force
Actuarial Assumptions
The first step in the actuarial process is to determine the
magnitude of the pension liability by determining the benefits
expected to be paid. To determine how many employees will become
eligible for benefits, what benefits will be paid, and how long
benefits will be paid, it is necessary to make some economic and
demographic predictions (usually called actuarial assumptions)
such as:
• An assumed retirement age predicting when employees will begin
to receive retirement benefits
• A mortality rate predicting the number of employees who will
die before retirement and the duration of benefit payments
after retirement
• A withdrawal rate predicting the number of employees who will
leave the work force before retirement (Sometimes certain
kinds of withdrawal such as disabilities are predicted
separately. )
V-4215 P 8/90 -14-
ACTUARIAL ASSUMPTIONS AND METHODS (Continued)
• If the benefits are based on compensation, an assumed rate of
pay increases predicting employees ' compensation in future
years
These assumptions are applied to the data for each employee to
predict the amount of benefit expected to be paid each year in
the future. The total future benefit payments in each year are
then discounted at a selected interest rate to determine the
current amount which with future investment return, will be
sufficient to pay the expected benefits as they become payable.
The discounted payments are usually called the present value of
future benefits.
ITotal Future Benefit Payments
I Future Investment Present Value of Future Benefits
Return
Actuarial Method
The actuarial method is the mathematical process which determines
the contributions required to pay for the present value of future
benefits, by allocating costs to the years of an employee ' s
career . Some costs are allocated to future years in an
employee ' s career ( future service liability) and the other costs
are allocated to past years (past service liability) .
ITotal Future Benefit Payments
I Future Investment Present Value of Future Benefits - -
Return
I Future Service Liability I Past Service
Liability
There is a fair amount of flexibility in this allocation of costs
between future and past. Some methods assign relatively little
cost to past years in an employee' s career; others assign a more
significant portion to the past. All methods produce allocations
of contributions which will accumulate to an amount sufficient to
provide the benefits at retirement. However, the various methods
produce widely different allocation of contributions to past and
future employment.
v-4215 P 8/90 -15-
ACTUARIAL ASSUMPTIONS AND METHODS (Continued)
Many actuarial methods are acceptable under the Employee
Retirement Income Security Act of 1974 (ERISA) . However , once an
actuarial method has been selected and filed for minimum funding
purposes, a change in method may be made only if approved by the
Secretary of the Treasury or his delegate. The Secretary has
granted automatic approval for some changes in actuarial method.
Usual terminology refers to the future allocation as the present
value of future normal costs and the past allocation as the
accrued liability.
The portion of the accrued liability which is not covered by the
assets of the plan is called the unfunded accrued liability . The
value of the assets used in the actuarial process under ERISA
must take into account fair market value, but this may be done in
a way which eliminates much of the short-term fluctuation of
market value from one valuation to the next.
ITotal Future Benefit Payments --I
I Future Investment Present Value of Future Benefits —)
Returns
I Future Service Liability Past Service
Liability
( Present Value of I Unfunded Accrued Assets
Future Normal Costs l Liability
For the current year, the method produces a normal cost . Payment
of the normal cost each year would eventually discharge all
future service liability.
V-4215 P 8/90 -16- T,
ACTUARIAL ASSUMPTIONS AND METHODS (Continued)
The unfunded accrued liability must also be discharged, and this
is done by an amortization payment. The amortization payment is
flexible, and may be increased or decreased within certain
allowable bounds. The sum of both the normal cost and the
amortization payment is the current year 's pension cost .
ITotal Future Benefit Payments
I Future Investment I Present Value of Future Benefits
Returns
I Future Service
Liability Past Service
Liability
( Present Value of Unfunded Accrued Assets
Future Normal Costs Liability
Normal Amortization
Cost I Payment
Current Year's
Contribution
d
V-4215 P 8/90 -17-
ACTUARIAL ASSUMPTIONS AND METHODS (Continued)
Valuations to determine contributions to the ongoing plan use the
Entry Age (Level Percent of Pay) Cost Method.
Under this actuarial method, an allocation to past service and
future service is made by spreading the costs over an employee ' s
career as a level percentage of pay. This is accomplished as
follows:
• The expected pension benefit (based on past and future
service) at the assumed retirement age is determined for each
employee.
• The normal cost is computed for each employee as a level
percentage of pay, assuming that such percentage of pay is
paid from the employee's entry age into employment to normal
retirement date. This normal cost is determined so that the
accumulated value at normal retirement is sufficient to
provide the expected pension benefits. (The sum of the normal
costs for all employees determines the normal cost for the
plan. )
• The present value of future payments of normal cost is
determined for each employee, based on the number of expected
years with the company to the assumed retirement age.
• The sum of such values for all employees determines the
present value of future normal costs.
The portion of the present value of future benefits which is not
covered by future normal costs is called- the accrued liability.
It is the amount to which past normal costs would have accumu-
lated had they been paid each year in the employee's career and
had all assumptions been realized. The unfunded accrued
liability is the amount by which the accrued liability exceeds
the valuation assets.
V-4215 P 8/90 -18 AOk
-
i u '.'zs oc-[ate6