December 31, 2014 Actuarial Valuation
Adopted by the Board on July 8, 2015

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The valuation was presented by CCCERA’s actuary, Segal Consulting. The ratio of the valuation value of assets to actuarial accrued liabilities increased from 76.4% to 81.7%. The Association’s UAAL has decreased from $1.8 billion to $1.5 billion. This decrease is due to an investment return on actuarial value (i.e. after smoothing) greater than the 7.25% assumed rate, lower than expected individual salary increases and lower than expected COLA increases for retirees and beneficiaries.

The average employer rate calculated in this valuation (excluding any employer subvention of member rates or member subvention of employer rates) has decreased from 43.58% of payroll to 40.06% of payroll. This decrease is due primarily to the reduction in the Association’s UAAL noted above.

December 31, 2014 Actuarial Valuation

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