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Showing posts from November, 2015

October Board News

(The text below is reprinted from the news release by STRS) Annual Actuarial Valuation Shows Improvement in STRS Ohio's Funding Period At its October meeting, the State Teachers Retirement Board received a report of the annual pension valuation results from its actuarial consultant, Segal Consulting. The report provides a “snapshot” of the financial position of the retirement fund as of July 1, 2015. This year’s valuation report shows the funding period for the pension fund — that’s the amount of time needed to pay off any unfunded liability — decreased to 28.4 years from 29.5 years and the funded ratio remained steady at 69.3%. Earlier this year, the board approved a 30-year closed amortization period — effectively targeting a date when the unfunded actuarial accrued liability (UAAL) will be paid off and the pension fund will be fully funded. The steady improvement in the funding period this year keeps the system on track to meet its goal. The UAAL represents the difference betwe…