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.9 51.2 51.2 51.4 52(c) average service 17.3 17.5 17.7 17.8 17.8(d) average future working lifetime 11 11 11 11 11(e) average plan earnings (prior year) 95,000 95,100 95,200 95,000 94,900Deferred Vested Participants(a) count - - - - -Pensioners (incl beneficiaries)(a) count 915 915 916 916 921(b) average age 74.2 74.2 73.9 73.5 73(c) average annual benefit 47,500 47,600 47,700 47,700 47,500Plan Assets (numbers in $000's) *Change in Plan Assets during Prior Year:Market Value of Assets at January 1 of - 664,572 679,902 486,055 584,132prior yearEmployer Contributions during prior year - 14,800 16,664 66,946 46,599Benefit Payments during prior year - (44,763) (44,654) (45,693) (45,393)Expenses during prior year - - - - -Investment return during prior year - 45,293 (165,856) 76,824 58,886Market Value of Assets at January 1 of 664,572 679,902 486,055 584,132 644,224current yearRate of return during prior year 0% 7% -25% 15% 10.1%Average Portfolio Mix During Prior Year:(a) Domestic Large Cap Equities 0% 40% 39% 33% 36%(b) Domestic Small Cap Equities 0% 20% 20% 15% 16%(c) Domestic Fixed Income 0% 30% 30% 42% 39%(d) International Equities 0% 4% 4% 5% 4%(e) Real Estate 0% 4% 4% 2% 3%(f) Cash 0% 2% 2% 3% 2%(g) Total 0% 100% 100% 100% 100%Asset Class Returns during Prior Year:(a) Domestic Large Cap Equities 0% 5% -37% 26% 15%(b) Domestic Small Cap Equities 0% 9% -45% 28% 5%(c) Domestic Fixed Income 0% 7% 5% 6% 7%(d) International Equities 0% 16% -6% -17% 13%(e) Real Estate 0% 6% -63% 51% 29%(f) Cash 0% 5% 2% 0% 0%* numbers may not add due to rounding58SLIC Salaried Pension PlanHistorical Actuarial Valuation Results2009 2010 2011 2012 2013Actuarial Valuation - January 1 (numbers in $000's) *1.Actuarial Accrued Liability:(a) Active participants 256,032 278,310 279,745 288,114 298,850(b) Deferred vested participants - - - - -(c) Pensioners 395,509 405,052 406,347 415,085 437,475(d) Total 651,541 683,362 686,091 703,199 736,3252.Actuarial Value of Assets 664,572 679,902 486,055 584,132 644,2243.Unfunded Actuarial Accrued Liability: (13,031) 3,460 200,036 119,067 92,101(1d)-(2)4.Normal Cost (beg.Of year) 14,800 15,903 15,805 16,186 16,7895.Change in Unfunded AAL during prior year:(a) Unfunded AAL at prior valuation date - (13,031) 3,460 200,036 119,067(b) Adjustment for Interest - (880) 225 13,002 7,739(c) Normal Cost w/interest less - 499 (268) (52,290) (30,875)contributions(d) (Gain)/Loss on investment - (1,446) 209,140 (44,539) (20,878)(e) (Gain)/Loss on salary increases less - (17,013) (17,797) (18,771) (19,031)than expected(f) (Gain)/Loss on assumption changes - 27,971 0 7,876 30,342(g) (Gain)/Loss on all other factors - 7,358 5,276 13,753 5,737(h) Unfunded AAL at current valuation (13,031) 3,460 200,036 119,067 92,101date6.Actuarial Basis(a) Interest 6.75% 6.50% 6.50% 6.50% 6.00%(b) Salary scale 3.75% 4.00% 4.00% 4.00% 3.50%(c) Consumer Price Index 3.00% 3.00% 3.00% 3.00% 2.50%1994 1994(d) Mortality UP 1994 UP 1994 UP 1994Uninsured UninsuredAA15 AA15 AA15Pensioner PensionerMortality - Mortality -Generational Generational(e) Turnover None(f) Retirement age Age 62(g) Proportion married and age difference 80% married, husbands 3 years older than wives(h) Expenses Assume all expenses paid by company(i) Asset Valuation Method Market value of assets(j) Actuarial Cost Method Projected unit credit* numbers may not add due to rounding59SLIC Salaried Pension PlanHistorical Actuarial Valuation Results2009 2010 2011 2012 2013Expense Valuation - January 1 (numbers in $000's) *1.Reconciliation of funded status at valuation date:(a) Accrued Benefit Obligation (ABO) (629,971) (603,007) (623,057) (657,031) (688,835)(b) Projected Benefit Obligation (PBO) (730,433) (703,251) (726,773) (767,023) (802,888)(c) Fair Value of Assets 664,572 679,902 486,055 584,132 644,224(d) Funded Status: (b) + (c) (65,861) (23,349) (240,718) (182,891) (158,664)(e) Unamortized net actuarial gain)/loss 56,088 17,601 241,333 211,784 203,307(f) Accrued benefit asset/(liability) (9,773) (5,748) 616 28,893 44,6432.Pension Expense:(a) Service Cost (beg.of year) 17,759 16,645 17,313 18,558 19,249(b) Interest Cost 41,734 43,598 43,274 43,866 41,971(c) Expected return on assets (48,719) (49,943) (37,251) (43,855) (45,138)(d) Amortization of past service cost - - - - -(e) Amortization of net actuarial - - 15,332 12,280 11,183(gain)/loss(f) Pension Expense for year 10,774 10,300 38,669 30,849 27,2663.Actuarial Basis and Supplemental Data(a) Discount rate 5.75% 6.25% 6.00% 5.75% 5.25%(b) Return on assets 7.50% 7.50% 7.50% 7.50% 7.00%(c) Salary scale 3.75% 3.50% 3.50% 3.50% 3.00%(d) Consumer Price Index 3.00% 3.00% 3.00% 2.50% 2.50%1994 1994(e) Mortality UP 1994 UP 1994 UP 1994Uninsured UninsuredAA15 AA15 AA15Pensioner PensionerMortality - Mortality -Generational Generational(f) Turnover None(g) Proportion married and age difference 80% married, husbands 3 years older than wives(h) Retirement age Age 62(i) Expenses Assume all expenses paid by company(j) Asset Valuation Method Market value of assets(k) Actuarial Cost Method Projected unit credit(l) Employer contributions 14,800 16,664 66,946 46,599 46,599(m) Benefit payments (44,763) (44,654) (45,693) (45,393) (45,393)* numbers may not add due to rounding60SLIC Salaried Pension PlanReconciliation of Plan Participants (2009 - 2013)Active Pensioners/ TotalBeneficiaries1.Participants as of January 1, 2009 975 915 1,890- New Entrants/Rehires 9 - 9- Terminated Nonvested (3) - (3)- Terminated Vested (Lump Sum Cashout) (8) - (8)- Retirement (7) 7 -- Death w/ Beneficiary - 3 3- Deaths - (10) (10)- Net change (9) - (9)2.Participants as of January 1, 2010 966 915 1,881- New Entrants/Rehires 11 - 11- Terminated Nonvested (3) - (3)- Terminated Vested (Lump Sum Cashout) (7) - (7)- Retirement (8) 8 -- Death w/ Beneficiary - 3 3- Deaths - (10) (10)- Net change (7) 1 (6)3 [ Pobierz całość w formacie PDF ]