Pension Reform Assessment

Fiscal Impact: State Employees GRS Valuation Results *(in millions) Baseline Proposed (Current) (incl. 1% DC) Change FY 2013 Contribution Rate 36.34% 21.35% -14.99% Normal Cost Percentage 11.39% 9.19% -2.20% Unfunded Liability* $2,700.4 $1,644.5 ($1,055.9) Funded Ratio 48.4% 60.6% 12.20% Long Term Normal Cost 11.39% 6.24% -5.15% FY 2013 Contribution* $243.0 $169.7 ($73.30) Out-years FY 2014 Contribution Rate 38.92% 22.69% -16.23% FY 2015 Contribution Rate 41.23% 24.25% -16.98% FY 2016 Contribution Rate 42.35% 24.85% -17.50% 22

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