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Showing posts from October, 2014

October Board News

(The text below is reprinted from the news release by STRS on 10/17/2014.)  Annual Actuarial Valuation Shows Steady Improvement in STRS Ohio Funding 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 actuarial position of the retirement fund as of July 1, 2014. Segal’s report this year shows the funding period for the pension fund — the amount of time needed to pay off any unfunded liability — decreased to 29.5 years from 40.2 years, and the funded ratio improved to 69.3% from 66.3%. Better than expected investment returns were the primary driver for the funding improvement. Other significant notes from this year’s actuarial valuation report include: The unfunded actuarial accrued liability decreased to $29.5 billion from $31.8 billion — this represents the difference between STRS Ohio’s actuarial value of assets and the actuari