Pension Reform Assessment
Distribution of changes across generations
Relative Value of Current Benefits from
DB Plan
Current Retirees and Members
Eligible to Retire
100
Current Vested
Non-Vested and New Hires
81
76
Illustrated changes to the current DB
Plan
-19%
-24%
-50%
Relative Value of Illustrated DB Plan
81
61
38
Value replaced by Illustrated DC Plan
Approximate Relative Value of
Combined Illustrated Plan
N/A
81
17
78
75 State Risk/6 Self Risk *
55 State Risk/23 Self Risk
Relative Value above is a measurement tool to compare the benefit packages to one another.
The Schedule A Plan received a score of 100, with all other scores distributed accordingly
*
Future COLAS will be tied to the funding level and investment performance of the Fund
GRS
38
76
38 State Risk/38 Self Risk
15
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