Pension Funding Scenarios- $3 billion Cash Infusion from Financing January 31, 2015 $3 Billion Cash Infusion from Financing Total Projected Savings of $7,915,144,000 - One-time contribution of 53.000.000.000 is made as of 2/ 1/ 2016 and i - Projections are based on an assumed rate of retum of Total Employer Funded Unfunded Accrued Liability Fiscal Contribution Rate Total EmployerContribution thousands) State Share ofEmploverContrihutions" Ratio Year Appropriation Employee Ending Payroll Contribution Cost} Cost! Cost! Jung ghgugngs) Cu_rrent A?ernative RE current Alternltive (Savin 5 Current Alternative (Savings) Current Alternative (Savings) Current A?ernative Current Alternative 2013 14,297,000 12.36 12.36 7,40 63.8 63.8 32,5986 3 32,5986 2014 13,720,000 16.93 16.93 7.43 62.0 62.0 35,1212 35,1212 2015 13,482,000 21.40 21.40 7.46 2,885,148 2,885,148 1,509,172 1,509,172 - 1,275,235 1,275,235 - 60.6 60.6 37,4139 37,4139 2016 13,375,000 25.84 25.84 7.49 3,456,100 3,456,100 - 1,847,158 1,847,158 - 1,517,228 1,517,228 - 59.6 61.5 39,412.8 36,4128 2017 13,739,290 29.69 29.69 7.50 4,079,195 4,079,195 - 2,199,798 2,199,798 - 1,778,529 1,778,529 - 58.7 60.6 41,4244 38,1994 2018 14,097,299 30.62 29.08 7.50 4,316,593 4,099,495 (217,098) 2,406,569 2,317,793 (88,776) 1,869,085 1,775,081 (94,004) 58.4 62.0 42,8710 36,6201 2019 14,477,945 31.56 30.01 7.51 4,569,239 4,344,831 (224.408) 2,560,707 2,434,137 (126,569) 1,964,773 1,868,277 (96,496) 60.0 63.7 42296.8 35,8005 2020 14,875,749 32.23 30.68 7.51 4,794,454 4,563,880 (230,574) 2,707,422 2,576,476 (130,946) 2,047,232 1,948,777 (98,455) 61.7 65.3 41,6037 35067.3 2021 15,280,718 32.02 30.46 7.51 4,892,886 4,654,507 (238,379) 2,798,485 2,662,625 (135,860) 2,074,584 1,973,511 (101,073) 63.0 66.4 41228.1 34,6643 2022 15,689,939 31.90 30.32 7.51 5,005,091 4,757,190 (247.901) 2,882,932 2,740,141 (142,791) 2,122,158 2,017,048 (105,110) 64.7 68.0 40,3951 33,8180 2023 16,112,661 31.96 30.36 7.52 5,149,606 4,891,804 (257,803) 2,966,173 2,817,679 (148,494) 2,183,433 2,074,125 (109,308) 66.5 69.7 39,3446 32,7700 2024 16,541,176 31.90 30.30 7.52 5,276,635 5,011,976 (264,659) 3,039,342 2,886,898 (152,443) 2,237,293 2,125,078 (112,215) 68.1 71.2 38,3822 31,8277 2025 16,980,255 31.83 30.21 7.52 5,404,815 5,129,735 (275,080) 3,113,174 2,954,727 (158,446) 2,291,642 2,175,008 (116,634) 69.9 72.8 37,1929 30,6779 2026 17,416,242 31.90 30.26 7.52 5,555,781 5,270,155 (285,626) 3,200,130 3,035,609 (164,521) 2,355,651 2,234,546 (121,106) 71.8 74.5 35,741.5 29,287.6 2027 17,847,011 31.99 30.34 7.52 5,709,259 5,414,783 (294,476) 3,288,533 3,118,915 (169,618) 2,420,726 2,295,868 (124,858) 73.8 76.4 34014.0 27,6450 2028 18,273,254 32.10 30.43 7.52 5,865,715 5,560,551 (305,163) 3,378,652 3,202,877 (175,774) 2,487,063 2,357,674 (129,389) 75.9 78.4 31,999.5 25,7417 2029 18,697,025 32.20 30.52 7.52 6,020,442 5,706,332 (314,110) 3,467,775 3,286,847 (180,927) 2,552,667 2,419,485 (133,183) 78.2 80.6 29,6825 23,5648 2030 19,123,598 32.31 30.61 7.52 6,178,835 5,853,733 (325,101) 3,559,009 3,371,750 (187,258) 2,619,826 2,481,983 (137,843) 80.6 82.9 27,0321 21086.3 2031 19,551,758 32.43 30.71 7.53 6,340,635 6.004.345 (336,290) 3,652,206 3,458,503 (193,703) 2,688,429 2.545.842 (142,587) 83.1 85.4 24,0147 18,2759 2032 19,980,605 32.58 30.83 7.53 6,509,681 6,160,021 (349,661) 3,749,576 3,548,172 (201,404) 2,760,105 2,611,849 (148,256) 85.8 88.1 20,5979 15,1043 2033 20,413,230 32.72 30.95 7.53 6,679,209 6,317,895 (361,314) 3,847,224 3,639,107 (208,117) 2,831,985 2,678,787 (153,197) 88.7 91.0 16,743.8 11,5376 2034 20,852,537 32.88 31.08 7.53 6,856,314 6.480.968 (375,346) 3,949,237 3,733,038 (216,199) 2.907.077 2,747,931 (159,147) 91.8 94.2 12,4116 7,538.8 2035 21,304,240 33.03 31.21 7.53 7,036,790 6,649,053 (387,737) 4,053,191 3,829,855 (223,337) 2,983,599 2,819,199 (164,401) 95.1 97.7 7,559.2 3,070.1 2036 21,765,729 18.12 16.28 7.53 3,943,950 3,543,461 (400,489) 2,271,715 2,041,033 (230,682) 1,672,235 1,502,427 (169,808) 96.6 99.0 5,418.8 1,368.5 2037 22,238,659 14.27 12.41 7.53 3,173,457 2,759,818 (413,639) 1,827,911 1,589,655 (238,256) 1,345,546 1,170,163 (175,383) 97.6 99.8 3,871.2 319.6 2038 22,726,844 12.46 10.57 7.53 2,831,765 2,402,227 (429,537) 1,631,097 1,383,683 (247,414) 1,200,668 1,018,544 (182,124) 98.4 100.3 2,529.3 (458.0) 2039 23,227,294 10.43 8.52 7.53 2,422,607 1,978,965 (443,641) 1,395,421 1,139,884 (255,537) 1,027,185 839,081 (188,104) 99.1 100.6 1,474.9 (876.8) 2040 23,750,235 8.80 6.86 7.53 2,090,021 1,629,266 (460,755) 1,203,852 938,457 (265,395) 886,169 690,809 (195,360) 99.6 100.7 654.8 (983.5) 2041 24,303,842 7.28 5.32 7.53 1,769,320 1,292,964 (476,355) 1,019,128 744,747 (274,381) 750,192 548,217 (201,975) 100.0 100.8 72.5 (1,067.8) 2042 24,892,137 5.93 5.93 7.53 1,476,104 1,476,104 0 850,236 850,236 0 625,868 625,868 - 100.2 100.9 (280.8) (1,152.3) 2043 25,529,749 4.55 4.55 7.53 1,161,604 1,161,604 0 669,084 669,084 0 492,520 492,520 - 100.2 100.9 (362.3) (1,254.2) 2044 26,225,024 4.14 4.14 7.53 1,085,716 1,085,716 0 625,372 625,372 0 460,344 460,344 - 100.2 101.0 (395.4) (1,356.9) 2045 26,987,280 4.00 4.00 7.52 1,079,491 1,079,491 0 621,787 621,787 0 457,704 457,704 - 100.2 101.1 (428.1) (1,465.2) 2046 27,819,206 3.88 3.88 7.52 1,079,385 1,079,385 0 621,726 621,726 0 457,659 457,659 - 100.2 101.2 (463.0) (1,579.1) 2047 28,676,777 3.75 3.75 7.52 1,075,379 1,075,379 0 619,418 619,418 0 455,961 455,961 - 100.3 101.3 (500.9) (1,702.6) 2048 29,560,785 3.62 3.62 7.52 1,070,100 1,070.10 0 I 616,378 616,378 0 453,723 453,723 - 100.3 101.4 (541.1) (1,835.8) Total 78119.19 7369.73 35 HEELS) 585443 54.84.01) BEE), *Szate Snare of Employer Contributions projection increases by 30 bais points from 56.1% in FY2016 through FY2021, and remains at 57.6% thereaita?. The qtmte?bguljlized by the Commonwealth to budget Empbyer Contributions is not utilized by the Empbyers (Sohoots). As tumult, the total state and school ?rings for FisxalYears 2015 2021 do not equal the savings of theTotal Enploye? Contributions for those years. Figures bqaond FY2021 do not refhzt aquarterlag. 3 Public School Employees' Retirement System of As of June 30, 2014 Valuation - One-time contribution of $3,000,000.000 is made as of 2/ 1/ 2016 and $8,000 $7,000 A $6,000 $5,000 000 $3,000 $2,000 $1,000 $?19 '19 '19 "Wat? +Current under Act 120 +Alternative Plan Public School Employees' Retirement Svstem of As of June 30. 2014 Valuation - One-time contribution of $3.000.000.000 is made as of 2/ 1/ 2016 and 3 50/0 3 00/0 2 50/0 2 00/0 50/0 00/0 5 0/0 0/0 ?-?Current under Act 120 +A ternative Plan - Public School Employees' Retirement System of As of June 30, 2014 Valuation - One-time contribution of $3,000,000.000 is made as of 2/ 1/ 2016 and i $50,000 $45,000 $40,000 7 $35,000 $30,000 $25,000 \k $20,000 $1 5,000 $1 0,000 $5,000 km $(5,000) Nb '3 '19 of? ?15" of} (15" ?19 ?be as" 03"? 035? 03? (5?3 03? '19 09 '19 (19? '19 '19 '15) q? '19 '19 '15) '19 '15) '19 '15) '19 '19 '19 '19 a? ?-?Current under Act 120 +Alternative Plan DB DC Public School Emplovees' Retirement System of As of June 30, 2014 Valuation - One-time contribution of $3.000.000.000 is made as of 2/ 1/ 2016 and 1 EIIE. ?l 20%) ?l 000/0 80%) 5096 40%: 209r19 r19 r19 r19 r155 r19 r19 r153 r19 r19 r19 '19 '19 '19 (19 (19 ?19 (19 (19 '19 '19 '19 '19 ?19 '19? r19 r153 '19 r153 {159? r159 r159 ?n?Current under Act 120 +A ternative Plan