Pension Reform Assessment

Funded Ratio History Compared to Original RIRSA Projections - State Employees Funded Ratio 100% 90% 80% 70% 60% 50% 40% Actual vs Projected Funded Ratio $800 $700 80.1% in 2030 82.3% in 2031 $600 $500 $400 $300 $200 $100 Cash Outflow 30% 2010 2013 2016 I Net Cash Outflow in $millions $- 2019 2022 2025 2028 2031 2034 Projected from RIRSA Actual 2022 Projection Original Projections from the RIRSA Impact Statement, adjusted for Mediation changes in 2016 (-1.4%) and change to investment return assumption in 2017 (-2.7%) GRS 26

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