2005 annual report [2005]

2005 ANNUAL REPORT
fISCAL YEAR ENDed JUNE 30, 2005

INTINRTORDOUDCUTCOTROYRSYECSETCIOTNION FINANCIAL SECTION
TATBALBELOEFOCFOCNOTNETNETNS TS NOTES TO FINANCIAL STATEMENTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30,

INTIRNOTDROU2DC0TU0O2CRTacYOtuRSaYEriCaSlTEvICaOlTuNIaOtioNn as follows:

BoaBrdosaordfsToruf sTteruestees

2

LettLeretotferTorafnTsrmanitstmalittal Employer:

LegiLselagtisolnation

Normal

3

20.33%

4

ACTAUCATURIAARLIASELCSTEICOTNION Accrued liability

(16.48)

EmpElomypeleosy' eReest'iRreemtierenmt SenytstSeymstem

Total

PublPicubSlcichoSoclhEoomlpElomypeleosyReeestiRreemtierenmt SenytstSeymstem

3.85%

5

8

LegiLselagtisvleatRiveetiRreemtierenmt SenytstSeymstem

11

GeoMGrgeimoarJbguieadrisJcuiabdleicRcioaeltmiRreemtvierensmttSednytstaSefymtsetremten years of creditable service. Upon termination of employ1m4ent,

GromuGpermoTuebpremTr eLrcmiofenLtIrinfisebuuIrntaisnoucnreasncweith accumulated interest are refundable upon request by the me1m7ber.

GeoHGrgoeiwoareMgviaielriMt,ariilyfitPaarneynosPiteohnesrFiowunnisdFeunvdested member terminates and withdraws his/her member contribu2ti0ons,

INVINESVTEMSTtEhMNe TmENSemETCbSeTErICfOoTNrIfOeiNts all rights to retirement benefits.

PTEoqeomuTylPTEiepethoyqedaoeomurrHIlsaienpet,roymdvoylberdHpIIasainnlrtnosvomyvgleedyesedIssienntntmrvmtugeFcspeesonuontmtnntnsdFte/r/ButniShbntotsedurn/u/BtdSicasootcurnnturudsacsaltaurArireaanllapAlvryoansjlaieuslycastteiisodntoatliqJuunidea3te0,th2e0a0c4t,uaarsisaulmacincgruethdaftutnhdeinagmeoxucnetssofwaitch222ci345rnu1ed1 liability payment increases 4.00% each year.
FINFAINACINACLIASELCSTEICOTNION

(e) IndTeIpnhedenedpGeenMntdAPenFutdAiitsourdasi'tsoRirnse'gplRoeretpeomrtployer defined benefit pension plan established on July 1, 2002 b2y6 the MaGnMaegaoenrmaggeieanmtG'seenDnt'iesrcDaulisssAciousnssseaimonndbalAynndfaoAlyrnstaihslye(sUpisnua(rUupdonisateeudo)itfepd)roviding retirement allowances and other benefi2t7s for BasmtiBhceeaFmsGincbCCMaFenooriPcmmnsCCiFabbonool.iifnncmmSieettabbhddaliitenneSSSeemtttGddaaaettteeeeSSnommmtttaasreee:gtteennnimmatttsssee:NoonnffttassCNtioohoeffatnCNnAaghelseatsGsneAtgiusneasasNersdtiesnot(afNANsJeusaotsntfeAieJotsu3nsnf0aeoe,ltrs23Gt0fho0u,er52ayt0rhaed0nea)5dr.ysae2Tena0nhdr0sde42ee0Edn0dRJ4euSdneJBu3on0ae,r23d00o, 52f 0aT0nr5duas2nt0ed0e42s0a0d4min33i23sters

MemCSbuoepmreCSsbrhuoiiopinmpreinbrCigionorSiunCtrgatotJeSuumtrdatetgJeneumtsdoegafnnetNsdoaeDfntiNdAsteDsrtsicieAstttsrAsiacetsttosoArafntsteJouyornsfneeRJuy3ens0tie,Rre23em0ti0,er5e2nm0t 0Fe5nutndFsunds

34 35

As of June 3C0,om2Cb0oi0nm4inbgiannSindtgateS2mt0a0eten5mt, oeGfntNMoefPt NFAestsheAatdssae1sts0o4afsJuaonnfedJu3n60e,123r0e0,t5i2r0e0e5s and beneficiaries, respectively,

currenCtolymCbroienmcienbigivnSiinntgagteSbmtaeetnenemtfoeitfnstC. ohAfaCnctghievasnegineasNnident NiAnesatsceAttisvsfeeotrsptlfhaoenr ythmeeaerymeenabdreeerdndiJneudfnoeJru3mn0ea, t23io00n, 520is05maintained by36one

emploSyuepreS,ruitophreerCCiGoooremuCoCrbtrooigJnmuuiiradnbtggiDJneuSisedntpggaaanteeSrsdmttaamDenteniedsmtntDroteifnciosttCftrAohDifcatteCnoAfgrheneatntsenosygirensne.seRNyieensttiRNrAeeemsttsiereAentsmtsfFeeonutrstntfdFhosuernytdhesearyeenadr eedndJeudneJu3n0e, 2300, 52005

37

BenefCitosmCboinminbginSintgateSmtaetenmt oefntNoeft NAestseAtssaestsoaf sJuonfeJu3n0e, 2300, 42004 SupeSruioprerCiooruCrtoJuurdtgJeusdganesd aDnidstDricisttrAicttoArntteoyrsneRyestiRreemtierenmt FenutndFsunds

38 39

A member bCecoomCmboeinmsinbeginliSigntigabteSlemtaetfenomtroefbnteNnoefetfNAitesstseAutspsoaesntsoafstJtuoanfineJmu3n0ee,n23t00o, 42f 0a0g4e 60, with 20 or more years of

creditCabomleCbosienmrinbvgiincSientga(tieSnmtcaletuendmtioenfngtCaohtfalCneghaeassnt gi1ne5sNyienet NaAresstsoeAtfsssfeeotrrsvtfihocereytahesearyaeemnadreeemdndbJeuednreJou3fn0te,h23e00N, 42a0t0io4nal Guard), h4a0ving

servedSuapteSruiloperearsCitooru1Cr0toJucurodtngJesusedcgaunetsdivaDneidstyDreiciastrtrAsictatosArntateoyrmsneReymestibRreeemrtieroenfmt FethnutendFsNunadtsional Guard immediately pri4o1r to

discharge, andCohmaCvboiinnmginbrgineSicnetgaitveSemtdaeteanmnt oehfnotCnohofarCnagbhealsengidneissNcienhtaNArgestseeAftsrosfemotrsttfhhoeer ytNheeaartyieoenandraeeldnGdJeuudnaerJdu3.n0e, 2300, 42004

NoteNsottoesFtionaFnicnianl cSitaalteSmtaetenmtsents

42

ReqTRuhiereqedureiSrteiudrpepSmlueepmnpetlenamtlaleroynwtSaarcynhceSedcuhilseedspu(alUeysnaa(bUuledniafteuodr)itleifde) in the amount of $50 per month, plus $5 per month for

each ySecahreSdocuhfleecdsrueoldefisFtaoubfnldFeiunsngedrPivnrigocgePrreionsgserexscsess of 20 years. The maximum benefit is $100 per month. 57

ScheSdcuhleedsuolef sEomfpElomypelroCyeornCtroibnutrtiobnustions

58

ContrNiobtueNstoitotoensRsteoaqnRudierqeVduieSrseutdpinpSgluepmpelenmtaeryntSarcyheSdcuhleedsules

59

AddEAimtidopdnilatoiloyInenarflocIronmfnoattrimiobnauttioionns are actuarially determined and approved and certified by the ERS Board of

TrusteAedsm.ATindhimsetirrneaitsaitvrreeatEinvxoepmEenxespmeesnbSseecrshceSodcnuhlteerdibuuletions required.

61

ConCtroibnutrtiobnustioansd aEnxdpEenxspeesnfsoerstfhoer ytheearyseeanrsdeedndJeudneJu3n0e, 2300, 520a0n5d a2n0d042004

62

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and

$68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial

valuations, respectively.

2005200E5mplEomyepelso'yReesti'rRemeteirnetmSeynstteSmysotfemGeoofrGgieaorgia

2005 - Employees' Retirement System of Georgia



IINNTTRROODDUUCCTTOORRYY SSEECCTTIIOONN BBOOAARRDDSS OOFF TTRRUUSSTTEEEESS

FINANCI NOTES TO FINA

MMiicchhaaeellDD..KKeennnneeddyy CChhaaiirrmmaann
KKoorrnn//FFeerrrryyIInntteerrnnaattiioonnaall EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemm PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyysstteemm LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm GGeeoorrggiiaaJJuuddiicciiaallRReettiirreemmeennttSSyysstteemm GGeeoorrggiiaaDDeeffiinneeddCCoonnttrriibbuuttiioonnPPllaann GGeeoorrggiiaaMMiilliittaarryyPPeennssiioonnFFuunndd SSttaatteeEEmmppllooyyeeeess''AAssssuurraanncceeDDeeppaarrttmmeenntt SSttaatteeSSoocciiaallSSeeccuurriittyyTTrruussttFFuunndd
DDaannEEbbeerrssoollee,,eexx--ooffffiicciioo DDiirreeccttoorr
OOfffiicceeooffTTrreeaassuurryyaannddFFiissccaallSSeerrvviicceess EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemm
PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyysstteemm LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm
GGeeoorrggiiaaJJuuddiicciiaallRReettiirreemmeennttSSyysstteemm GGeeoorrggiiaaDDeeffiinneeddCCoonnttrriibbuuttiioonnPPllaann
GGeeoorrggiiaaMMiilliittaarryyPPeennssiioonnFFuunndd SSttaatteeEEmmppllooyyeeeess''AAssssuurraanncceeDDeeppaarrttmmeenntt
SSttaatteeSSoocciiaallSSeeccuurriittyyTTrruussttFFuunndd
NNeeddJJ..WWiinnssoorr AAssssiissttaannttTTrreeaassuurreerr UUnniitteeddPPaarrcceellSSeerrvviiccee EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemm PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyysstteemm LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm GGeeoorrggiiaaJJuuddiicciiaallRReettiirreemmeennttSSyysstteemm GGeeoorrggiiaaDDeeffiinneeddCCoonnttrriibbuuttiioonnPPllaann GGeeoorrggiiaaMMiilliittaarryyPPeennssiioonnFFuunndd SSttaatteeSSoocciiaallSSeeccuurriittyyTTrruussttFFuunndd
MMaarrcciiaaHH..MMoooorree CCoommmmiissssiioonneerr
DDeeppaarrttmmeennttooffEEaarrllyyCCaarreeaannddLLeeaarrnniinngg EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemm
PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyysstteemm LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm
GGeeoorrggiiaaJJuuddiicciiaallRReettiirreemmeennttSSyysstteemm GGeeoorrggiiaaDDeeffiinneeddCCoonnttrriibbuuttiioonnPPllaann
GGeeoorrggiiaaMMiilliittaarryyPPeennssiioonnFFuunndd SSttaatteeSSoocciiaallSSeeccuurriittyyTTrruussttFFuunndd
DDaanniieellJJ..CCrraaiigg DDiissttrriiccttAAtttoorrnneeyy AAuugguussttaaJJuuddiicciiaallCCiirrccuuiitt GGeeoorrggiiaaJJuuddiicciiaallRReettiirreemmeennttSSyysstteemm
SSaammuueellBB..XXeellleetttt PPrreessiiddeenntt
LLeexxiissNNeexxiissMMaarrttiinnddaallee--HHuubbbbeelll PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyysstteemm

RRuusssseelllWW..HHiinnttoonn,,eexx--ooffffiicciioo

VVSiSictctaeaetteCeCAhAhauauididrriEmitmtoomararnnployer contributions required for fi EEmmppllooyyeeeess''RReettiirreem2m0een0ntt2SSyayscstteteummarial valuation as follows:

PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyysstteemm LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm

Employer:

GGeeoorrggiiaaJJuuddiicciiaallRReettiirreemmeennttSSyysstteemm

Normal

GGeeoorrggiiaaDDeeffiinneeddCCoonnttrriibbuuttiioonnPPllaann GGeeoorrggiiaaMMiilliittaarryyPPeennssiioonnFFuunndd

Accrued liability

SSttaatteeEEmmppllooyyeeeess''AAssssuurraanncceeDDeeppaarrttmmeenntt

Tota

SSttaatteeSSoocciiaallSSeeccuurriittyyTTrruussttFFuunndd

PPeeggggyyRRoosssseerr,,eMexx--eoofmfffiicbcieioors become vested after ten yea

AAccttiinnggCCoommmmimissssieioomnneebrrer contributions with accumulat SSttaatteeMMeerriittSSHyyssottewemmever, if an otherwise vested memb PPuubblliiccESESmcmchhpopololooolylyEeEeememss'p'plRloRoeyeytetieiereresesmtmRhReeeeentntitimtrrSeSemyemysmestetnenebmtmtSeSryysfstoteemrmfeits all rights to retireme

LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm
GGeeoorrggiiaaJJuuddiicciiaallRReettiirTreehmmeeennettmSSypysslttoeemymer contributions are projecte GGeeoorrggiiaaDDeeffiinneeddCCoonnyttreriibaburustti,ioonbnPaPlslaaennd upon the actuarial valuati

GGeeoorrggiiaaMMiilliittaarryyPPleeinanssbiioionlnitFFyuunpnddayment increases 4.00% each y
SSttaatteeEEmmppllooyyeeeess''AAssssuurraanncceeDDeeppaarrttmmeenntt

SSttaatteeSSoocciiaall(SSee)eccuurriittyTyThTreruussGttFMFuunnPddF is a single employer defin

CCeelleesstteeOOssbGbooerrnonrgia General Assembly for the purp DDeeppuuttyyCChhiieeffFFiinnaanmnccieiaamllOObffefiirccseerrof the Georgia National Guar

OOfffiicceeoofftthheeGGtoohvveerrnGnooMrr PF.

EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemm

PPuubblliiccSScchhoooollEEmmppllooyyeeeessMRReeettimirreembmeeenrntstShSyyispstteemm
LLeeggiissllaattiivveeRReettiirreemmeennttSSyysstteemm

GGeeoorrggiiaaJJuuddiicciiaallRReettiirAreemsmeeonntftSSyJyussttneemem30, 2004 and 2005, GMP

GGSeSGeGtotaoearetrogteogeririaSgaSgioDioaDacceMieMiafafiliilnilnSlieSietedtaedacrcCruyCuyrorPioPitntnceeyeytntumrnrTisTirbsibrprirouuouuelntsntoisntiotFoyFtFnFnuleuuyunPnPnrndl,ddladratnenhceeiGveinogrgbiaenDeefpitasr.tmAecntitvoef

an D

KKeelllyyDD..TTuuBrrnenenerrefits SSLLttaoaotwtweennCCddoeoeususrCrCttoJAoJuuuundndtgmtgyyeeember becomes eligible for bene GGeeoorrggiiaaJJuuddiicciiaallRReettiircreermemdeeninttaSSbyylsestteesmmervice (including at least 15
served at least 10 consecutive years a KKaPaPrrrlreltetososinidndiVinVngaganJnJduBuBdidasgagncenekhkeaerge, and having received an honor GGJJeueuoovvrergegniniaiailleJeJuCuCddoioicucuiriaratltloRoRffeCeCttilirTlareaeyhmymttoeeoennnnrtCetCSStooyiuyrusnsetntetmetymyment allowance is payable for
each year of creditable service in excess
MMiicchhaaeellTThhuurrmmoonndd,,eexx--ooffffiicciioo
CCoommmmiissssiioonneerroCoffoLLnaabtbororirbutions and Vesting
SSttaatteeEEmmppllooyyeeeess''AAssssuurraanncceeDDeeppaarrttmmeenntt
Employer contributions are actuarially d BBoonnnnyyTT..WWTrririgughhstttees. There are no member contribu
AAtttoorrnneeyy--aatt--LLaaww
SSttaatteeEEmmppllooyyeeeess''AAssssuurrEaanmnccepeDlDoeeyppaearrrttmmceeonnntttributions required for th
$68.79 per active member, respectively
valuations, respectively.

22000055EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemmooffGGeeoorrggiiaa

2005 - Employees' Retirement System of Georgia

IINNTTRROODDUUCCTTOORRYYSSEECCTTIIOONN

FINANCIAL SECTION LLEETTTTEERROOFFTTRRAANNSSMMIITTTTAALL

NOTES TO FINANCIAL STATEMENTS

TTwwooNNoortrhthsisdidee7755

SSuuitiete33000

AAtltalanntata, ,GGeeoorgrgiaia 3300331188-7-77788

TTeel l440044-3-35500-6-633000

Employer contributions required for fiscal year ended June 30, 2004 were basedFFaoaxnx440t04h4-e3-35J50u0-6-n63e3110300,

2002 actuarial valuation as follows:

MMicichhaaeel lJ.J.NNeehhff

Employer:

EExxeeccuutitviveeDDirierecctotorr

TthTthheheeEeBEmBompoaplarodlroydsyesoeofesf'sT'TRrRureusettsitertieereemsmsaeanenndntdtSsStsyatysaftsfetfeamamreroeopfpflGelGeaeaseoesoredgrdgitNAaoitao(ocpE(prcrERermrResSuesSa)ene.)lntd.tthtlheiae2b20i0l05i5tAyAnnnuuaal lRReeppoortrtooffththeereretitrieremmeennt tsysystsetemm(s21sa60ann..d34dp38pr%)oroggrarammssaaddmmininisitseterereddbbyy

EERRSSaaddmmininisitsetersrsseseppaararateteaannddddisitsitnincct tccoosts-ts-hshaarirningg, ,mmuultlitpiplelTeeoemmtpaplloloyyeerrddeefifnineeddbbeenneefiftitppeennsisoionnpplalannssfoforrvvaar3iro.i8ouu5ss%eemmpploloyyeerraaggeennccieiessooffththee
SStatateteooffGGeeoorgrgiaia, ,aasswweellllaassaaddeefifnineeddccoonntrtirbibuutitoionnpplalann, ,aalilfiefeininsusuraranncceepplalannaannddaaSSoocciaial lSSeeccuurirtiytytrturuststfufunndd, ,aassfofolllolowws:s:

DDeefifnixnexeddBBEeEenmnmepefpilftoilMmtoyPyPeleaeelanmesmns'ss'bRbReeeretritsriercembomeenenctntrotiSmbSyuysetstetiemovmneossoftfeGwGdeeoitoarhgrfgitaieaarccteunmuyleaatresd

of creditable interest are

service. Upon termination of refundable upon request by

employment, the member.

xx PPuubblilciHcSScochwhooeolvlEeEmrm,ppliofloyyaeenessRoRtehetiterierremwmeiensntetSSvyysetssetetmemd member terminates and withdraws his/her member contributions,

xx LLeeggisilstalhatitevivemeRReeemtitriebrememreenfntotSrSyfyestsiettemsmall rights to retirement benefits.

xx GGeeoorgrgiaiaJuJuddiciciaial lRReetitrieremmeennt tSSyystsetemm

xx GGeeoorgrgTiaiahMeMileiiltmiatarpyrylPoPeyennesisroioncnoFFnuutnrndidbutions are projected to liquidate the actuarial accrued funding excess within 11

xx SSuuppeeriryoioreraCCrosou,urtrbtJauJusddeggdeessuRRpeetoitrineremmtehenent tFaFucuntndudarial valuation at June 30, 2004, assuming that the amount of accrued

xx DDisitsrtircilctitaAAbttitotloirtnryneeypyssaRyRemetitrieerenmmteeninnt tcFFrueunanddses 4.00% each year.

DDeefifnixnexeddC(CeGoG)onenetortorirgbrigbiuGTaiutaihteDoiDeoonenerfPiGgfPnilinaelMaanedndGCPCoFeonnntiretsirrbiabualutitAosionisnnPsgPleallmeannbelmy pfloorytehre

defined purpose

benefit pension plan established on July 1, 2002 by of providing retirement allowances and other benefits

the for

LLifiefeInInsusuraranncceePPmlalanenmbers of the Georgia National Guard (National Guard). The ERS Board of Trustees administers xx SStatateteEtEmhmepplGoloyMyeeesP'sF'AA.ssusuraranncceeDDeeppaartrmtmeennt t

OOththeerr

Membership

xx SStatateteSSoocciaial lSSeeccuurirtiytyTTruruststFFuunndd

As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively,

CCaatetegxxgoxxorireiesLAsLAoecoefgctfugitisunaiilsnafrcealoyfratumoyr'itomsr'iromspnrraneelrateopnitopioytonolrenytrpsrtpsr,orrtoevhvicediedeiGedvdieinniongtrhtghisbiisaaeannDnenuefuapialtalsrer.retpmpAooretcrtnitniitnvccoleulfuddaeDe:n:edfeinnsaec.tive plan member information is maintained by one

xx xx

IAnIAunvudvediestitsotmBtormsree'senn'nrteretiepnfiponifotorftsorrtmrmaatitoionn

xx FFininaanncAciaial lmininfeofmormrmbaeatitroionbnecomes eligible for benefits upon attainment of age 60, with 20 or more years of

pDpDruorurovirvenienmgmgefiefnsintcstcwawalalyasyespeacsprarerirrem2rim2vd0a0eiar0t5idral5i,ylb,ythadtlhdeeuteuenselneteeoettarotatvshasttihseceseiee1tnsitn0sc(ocrioferncfeatchasotheslenueeiSsndiSyeniytscnhttsuheegteemtfmiaafvaiitnreiinrclvecrvayeraaleaueslasueateseredo1sdof5bftbyhatyyhes$ee$5ea52eaqr2q1us1uimmtioymtyiefliilnmliislnvoievobenrens,evts,omrtiomrcer3oeen3.nft6.sat6%.ss%t.h,a,teotom$N$1e14am4.t8.ib8obenbirliallillooionfGnbthbuyyeaJruJNdunneaeit3mi30o0,mn,2a20el0d05Gi5.a.uTtTeahhlirsyidsi)mi,pm-hr-iaovrintgo discharge, and having received an honorable discharge from the National Guard.

TThheemmisisisoionnooffEERRSSisistotobbeeththeegguuaardrdiaiannooffththeepplalannssfoforrththeeuultlitmimaatetebbeenneefiftitooffththeemmeemmbbeersr,s,reretitrierees,s,aannddbbeenneefifciciaiarireiessooffththeepplalanns.s.InIn

sosoddooiningg, ,ththeeEERRTSShcecoorereerteriesrpsepomonnseisbnibitliiltaiitelilesosiwnincaclulnudcdeeppeiesnnspisoiaonynaaadbdmlmeininifsiotsrtraratlitioifonen; ;tihntheetchcooelllelaecmctitoionnu, ,rnerteccooonfncci$liil5aiat0itoiopnnearanndmddodisinbsbtuhurs,respemmleuensnt to$of5fccoponentrrtirbimbuutoitoinontnshs for

foforrththeewweelflafarereoeofafthcthehemymeeemambrbeoersrf,s,crerreteitrdierietesasabanlndedbsbeeenrnevefiifccicieaiariirneiesseoxoffcthethesespploalanfns2;s;a0annyddethtaheress.osouTunhnddeaanmnddasxesecicumurerueimninvvebesetsmntmeeefnintttoiofsfth$the1er0er0etitriperememreenmnt tfoufunnndthds.s..

iWniWnececabarbereylriylieinievngvegeotohuthuatattEtCtERhtRheoSeS'nin'imtnfmrofiorsiimbsrmisuoaioatntitn.oiio.onnnfosfouaunnndddwwiVtihtheinisntthithnisigsrereppoortrtpproroppeerlrylyrereflfelecctstsththeeddeeddicicaatitoionnooffththeeBBooaardrdssooffTTrurustsetees,s,stsatafffaannddccoonnsusultlatanntsts
GWGWoeoveveeexerxnrpnporoerre,sr,sLsLoieoiueuurutresETteisnnmrinancuancepnsterttlGereoGetoeyhtovshaeve.anrernTknrkcnsohsoorte,ortn,ormttemhrtehieemabemBrubBeobetoaeirnosarrodsrnodsofsmsoftohfatehfeTrmeTeHruHrbouasoeutsceutrsteesuecseaasofanrofnnidoradtrtrSlhtiSlehbeyeneiunraidrattleieteleoeaRtadneRedersetermitsrrrihsereiheminqpmipeeuaendainntrndteCadCsdnouso.mdupmpmapmoioprtittrtp.ett.eMreMossavaananenynddydtththtahahenaneinrkdirkssstscaatareaferfre,fte,miexfmxteieteemenmdndbdbeebeedrsydrtsoottoofhtfhttehhteheeoeEHofHRfoifcouiSceusesesBseoooofoffftahtrhede of
RReeppreresesenntatatitviveessaannddSSeennaatete, ,aannddththeeddeeppaartrmtmeennt tooffifciciaialslswwhhoosesesusupppoortrtaannddaassissitsatanncceehhaavveehheelplpeeddEERRSSaacccoommpplilsihshitistsmmisisisoionnoovveerrththee
yyeeaarsr.s.WWitihthccoonntEitnimnuuepeddlsousyuppeproortrctaoalonlontnrggibwwuitithtihothtnhesedderedediqcicauatiitroioenndoofffoooururrsttshatafef,f,wyweeearrersepprereesnesendntettdotooJouuurrnmmeeem3m0bbe,ersr2,s0,rer0eti5triereaesn,s,bdbeen2ne0efif0cici4aiarirweiessearanenddt$hth8ee9gg.e1enn9eeraraal lnd ppuubblilcicEERRSS''ccoon$ntit6ninu8ui.ni7ng9geefpfofeorrtrstsatoctotpiprvoreoppemerlryleyamaddmbmeinrini,sitsreteersrtphtheeecrertesipvspoeonlnysis,bibialiilntiitdeiesswoofefthrtheerberetaitrsiereemdmeenontntsysytshtsetemmsJ.su. ne 30, 2003 and 2002 actuarial
valuations, respectively.

MMicichhaaeel lJ.J.NNeehhf,f,EExxeeccuutitviveeDDirierecctotorr

2200055EEmmpploloyeyese's'RReteitriermemenent tSSysytsetmemoof fGGeoeorgrgiaia

2005 - Employees' Retirement System of Georgia



ININTTRROODDUUCCTTOORRYYSSEECCTTIOIONN LLEEGGISISLLAATTIOIONN

FINANCI NOTES TO FINA

EEMMPPLLOOYYEEEESS' 'RREETTIRIREEMMEENNTTSSYYSSTTEEMM

Employer contributions required for fi

AAcct tNNoo. .11166(S(SeennaateteBBililll116611) )

2002 actuarial valuation as follows:

AAmmeennddss4477-2-2-9-988totoaalllolowwaammeemmbbeer rwwhhootrtarannsfseferrrereddtotoththeeDDeeppaartrmtmeennt toof fCCoommmmuunnitiytyAAfffafairisrsfrforommththeeGGeeooErgrmgiaipaloyer:

HHoouusisninggaannddFFininaanncceeAAuuththoorirtiytyoonnJuJulyly11, ,1199955totosusuppplelemmeennt taammoouunnt trereqquuiriereddfofor rfufullllseservrviciceeaacccreredditiatatitoionn. .

Normal Accrued

liability

AAcct tNNoo. .111(H(HoouuseseBBililll117788) )

Tota

CCooddeeCCoorrrerecctitoionnss(p(puunncctutuaatitoionn).).

Members become vested after ten yea

AAcct tNNoo. .8855(H(HoouuseseBBililll331199) )

member contributions with accumulat

AAmmeennddss4477-2-200-8-844totoaalllolowwlalargrgeereretitrieremmeennt tsysystsetemmsstotoininvveeststinineexxcchhaannggeetrtaraddeeddseseccuurirHttihiteoieesw.sm.eevmerb,eirf

an otherwise vested memb forfeits all rights to retireme

AAcct tNNoo. .1144(H(HoouuseseBBililll338811) )

The employer contributions are projecte

AAmmeennddss4477-2-2-1-12211(e(e.4.4) )totoccoorrrerecct twwoordrdininggfrforommOOpptitoionn55totoOOpptitoionn66. .AAlsloso, ,aalllolowwssaareryetietriaerrese,wwbhahosoewdwaasuspuounnmmatharrerireiaedcdtuarial valuati aat tththeetitmimeeoof freretitrieremmeennt taannddeeleleccteteddaannoopptitoionnaal laalllolowwaanncceetotorerevvookkeeththeeeelelecctitoionnuuppoonlinambmialarirtryiraiagpgeaeyamanndedndtdeiesniscgirgnenaaatsetees 4.00% each y

ththeespspoouuseseaassbbeenneefifciciaiaryry. .InInsusucchheevveennt,t,ththeereretitriereeshshaallllrerecceeiviveeaannaacctutuaariraialllylyrer(ededu)ucceeddTbhbeeenneGefifMtitaPallFlolowiwsaananccese.in.gle employer defin

AAcct tNNoo. .110044(H(HoouuseseBBililll445599) )

Georgia General Assembly for the purp members of the Georgia National Guar

AAmmeennddss4477-2-2-1-12255totoaauuththoorirzizeeththeeBBooaardrdoof fTTrurustseteesstotorereqquueeststrerelelevvaannt tininfoformrmaatitoionnthfrfeoroGmmMaaPdFdi.siasabbiliiltiytyreretitrieree

rereggaardrdininggppoosts-tr-eretitrieremmeennt teemmpploloyymmenent taannddrerelalateteddeeaarnrnininggsslilmimitiatatitoionnssananddpprorovvidideessaauuththoorirtiytytotoddisicscoonntitninuuee

bbeenneefiftistsififsusucchhisisnnoot tpprorovvidideedd. .

Membership

AAcct tNNoo. .110033(H(HoouuseseBBililll446600) )

As of June 30, 2004 and 2005, GMP currently receiving benefits. Active an

AAmmeennddssGGeeoorgrgiaiaCCooddeefofor rvvaariroiouussreretitrieremmeennt tsysystsetemmsstotoeennsusurereInInteternrnaal lRReevveennuueeCCooddeecmcoopmmlpoplyileairan,nctcehe.e. Georgia Department of D

GGEEOORRGGIAIAJJUUDDICICIAIALLRREETTIRIREEMMEENNTTSSYYSSTTEEMM

Benefits A member becomes eligible for bene

AAcct tNNoo. .1166(H(HoouuseseBBililll449922) )

creditable service (including at least 15

served at least 10 consecutive years a

AAmmeennddss4477-2-233-4-433totopprorovvidideeththaat tppeersrosonnsswwhhoobbeeccoommeeeemmpploloyyeeddbbyyththeeOOfffifciceeoof fLLeeggidsiilssalcathitviaveregCeCo, ouaunnndseshel alpvpuiurnsrgusuaranenct et ived an honor

toto2288-4-4-3-3oor rththeeAAtttotornrneeyyGGeenneeraral'ls'sOOfffifciceeppuursrusuaannt toto4455-1-155-3-311aannddaarereeemmpploloyyeeddininaafufulll-lt-itmimeeppoosistiitoionnrereqquuiri-r-

ininggaaddmmisisisoionntotoththeeSStatateteBBaar roof fGGeeoorgrgiaiawwoouuldldnnoololonnggeer rbbeeeelilgigibibleletotojojoininGGJRJRSSeefffefTechctietvivereJtuJiruleylmy1e1,n,2t20a0l05lo5. w.SaSunucchcehis payable for

mmeemmbbeersrswwoouuldldbbeerereqquuirierdedtotoppaartritcicipipaateteininththeeEEmmpploloyyeees's'RReetitrieremmeennt tSSyystsetemm. . each year of creditable service in excess

OOTTHHEERRLLEEGGISISLLAATTIOIONNOOFFININTTEERREESSTT

Contributions and Vesting

AAcct tNNoo. .2233(H(HoouuseseBBililll227755) )

Employer contributions are actuarially d Trustees. There are no member contribu

APAPemermsreosenonndndsnesCel ClBhBhaoapoaptaredtrerdtr1ot18ot8hotheofefBTBToitoialtearlder4d4o5o5ftfTotTorturrtuasrtansetnsefsesefseroroaf adfthdmthemienEiniEmsimtsprtaprlaotliotyoiyoenenoeso'sf'fRcRceeerettirtartieairneminmdedeenefnteftSerSryrerysedtsdetcemcomo.m.mppeennsasE$ati6mtoi8onp.n7lpo9plyalpeanrensrsfcrafoorcnomttimrvitebhtuhemteiSoeStmnatsatbeteerer,qureirsepdecftoivreltyh valuations, respectively.

20200505 EEmmplpolyoeyeese'sR' ReteirtiermemenetnSt ySsytsetmemofoGf Geoerogrigaia

2005 - Employees' Retirement System of Georgia

AACCTTUUAARRIAIALLSESECCTTIOIONN AACCTTUUAARRYFY'ISN'SACCNEERCRTIATIFLIIFCSIECACATTTIOIIOONNNLLEETTTEERR
NOTEEEmSmpTlpoOlyoeyFeeIseN'sA'RRNeteCitrIieArmeLmeSneTtnASt ySTsyEtseMtmeEmNTS

Employer contributions required for fiscal year ended June 30, 2004 w20e20r0eG0aGbllaaelrslieeardiPaaPorkanwrkawtyha,eyN,WJNuWne 30,

2002 actuarial valuation as follows:

SuSitueit1e9109000

AtAlatnlatan,taG, AGA303303393-599-549545

OcOtocbtoebr e1r11, 12,0200505

Employer:

BoBaordarodf oTfrTusrtuesetsees EmEpmlopyloeyese'eRs'eRtieretimreemnet nStySstyesmtemofoGfeGoergoiragia

Normal Accrued liability

20.33% (16.48)

TwTowNooNrtohrstihdseid7e57, 5S,uSitueit3e03000 AtAlatnlatan,tGa,AGA303013818

Total

3.85%

AtAtetntetinotnio: nM: rM. MMr. iMcehmicaheblaeeNlreNshef,hbEfe,xcEeoxcuemctiuveteivvDeeiDrseitcreteodcrtoar fter ten years of creditable service. Upon termination of employment,
MeMmebmebrserosfothfetmhBeoeBamordab:rde:r contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions,
GWeGWeoheregoaihvragae.ivabEe.enbeEcnenleoecntsnlheoegdsenaegadmraeegdaree5bedmyb5botbybhuoenethudrBencofdBoaocporrdoiaefprosedifeiaostTnfsadrTunaosdrntlueloesentrsueeientgosubnhotpobutroosnpuvdrtonidocvdoeidcprtoeyhepettoyhiJfreuooenJfumueorn3ureee0rnv3,rei02tsv,0ebi20dse04er0dnea4pcereotafuprcitaott.urrsitaT..rlhiTavelahrvleuapraleoutipraototnwirotoanwfsotarhfseetvrheiEesvmeiEdspmealdofptyaleoefrtyeetsehr'eetsRhB'eeRotBiaeroretdimarrefdeemnefetdenSebtdyaSbcstkyaecsmttkoemtoMof oiMkfeike NsceaNshlceefahluoefsneuotdsnheeitdnhaeitpnhapeTtprhoppehprreopervipraeiretovieamunitoseupnsrseselpsrooeosfyprottoeh.frertth.scealosaanrlyatrrsycibaslcueatlreiovrenvasleeadalertdheathtpathrteothsjeaelscaartlyeardsycastlcoealwleiowquoulduildbdeabmteeomrteohraeepapaprcopptrouripaartrieaitiaeflitfawitcewcrereurneoentdointfciunrecnarsedeaidsne.d2g5.2%e5x%ocveoevrsesthrewtheithin 11
years, based upon the actuarial valuation at June 30, 2004, assuming that the amount of accrued SeScteicotnio4n74-27-26-l2io6afbothfiletihlteaywlapwgaogyvoemvrneeirnnngitntghinethcoeproeepraaestrieaotnsioo4nf.ot0hf0eth%EemEepmlaopcyloheyesey'eeRs'aeRrti.eretimreemnet nStySstyesmtemofoGfeGoergoiragiparopvroidveidsethsatht athtethaectaucaturyarsyhashllamllamkaeke
peprieordioicdivcavluaalutiaotniosnosfothfethceocnotinntginegnet natssaestsseatsnadnldialbiailbitiileitsieosfothfethReeRtieretimreemnet nStySstyesmtemonotnhethbeabsiassoisforefgreuglaurlainrtienrteesrteastnadntdhethteabtalebslelassltaastdaodpotepdted
b2y0b20ty04h0.et4hBT(.eehoBTea)horrdearpordeofTproTtofhrirTuntesdrituniecGsdeatisetcM.eeasWst.etPhsWeFathhteaahvitnsaeanvnuseaunabuslumsaeblmiinmetptmgeiltdoplteyeltdoehyreteehcrmreocpnrpoeotrpnlritobotrguriytbitvieguoiitrnnviogsidnnatgshet eatfthhtireenthsrereuaedtlsretuastloboetfsfeo1otnfh0f1ee.t4h0fa1e.ic4%tta1uc%poaturfeioaaanrflcistaaviilcvaotvleiunvapaleutaippyaotarnlioyoaolrnnloffoltolhferfetosthhSrteaeythSbsfetiylessficmtisaeshlcmpayerleepdyaprreeaaproeeranndredeniadnJdsguiaonsJlfguyoJnJfuue1nJnue,3en032e3,00203,,00020,20707by the arearseufsfuifcfiiecniet ntotGtsouepsoupporprgtoitrahtetGhbeeebnnenfeietrsfaiotlsfAothfsethsSeeySmstyebsmtle.ym.for the purpose of providing retirement allowances and other benefits for
members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers IsnouIspnorrcueperpr,ceaewpr,iaenwrgpienetghprfeetothrhvrfemoaevrleumaGdaleuttidMeaostntiteos,PsnwftFs,oewr.forcerolrcineosldiinsesotdiensnotcecnenynccaesynunadsnudrdseaadtraseaoatpansroaopnbvraloiedbvneliednsesbed.syOsb.tyhuOerthufSeirryfmSsitry,emsamt,seamaassctaasuscuatmsuruyamm,ryiams,ririazseresirdpzeeosidpnnosiSinnbcsSlhiebcelfhdeoeurfdloeaurllGleaol.GlfWo.thfWhethialheecitalnuecoatnturiovaatrelivratirelferytnirifednyngiddnadgdtaaadtatiaantaaittnhathetthethee finfainacniacliasel csteicotnMioonfeotmhfethbaeneanrnusnahul arieplpreoprtoartnadntdhethseupsuppoprtoinrtginsgchscehdeudleusleins itnhethaectaucaturiaarliasel csteicotnioonfothfethaenannunaul arelpreoprto.rt.
ITnhIoTneuhoarecuotarpucoaitnpuriiaionrlniiao, lsAntsha,uesstmshvuepamovtliufpaoatlniutoJisaonuwtnisnoeiwnsehecias3ohvcm0aeov,rpmelcer2poetle0cmeota0emmn4ademnnadedacnecanducdecradauntrade2an,t0adead,n0aoad5dpnott,dhepdettGhebmdeyMebmttyhhePeotthhFdBeoodlBoahoorgldaoaydrgadayrneaad1rinen0adist4nhsauesthmsaauegpnmagtdigrpoegtngiro6seangt1uesastreuredsearesteadoiarrensaeoarenbealasrybseolaryaensloanraenbtdlealaedbtelabtedoseataosnhbeaetahefbsexiiascepsxefiisoaprirefrortnihireceetenshcv,ueeanvlruduaenealdrsutiepatohrtneieto.hcnet.ively, SySstyesmtemanadntdo troceaurseroarnseoanbnalteblleyexeprxeepctceacettiaiovtniosinosgfoafnbatienctinipceaiptfeaidtesed.xepAxepricertniiecvneecuenuadnendrdethretihnSeyaSsctyetsmitve.meT. hpTelhaesnsausmsmupmetipmotniobsnaesnradnmidnemfthoeotrhdmosduassteuidosefndorfoifsurnfudmnindaginipngutprapuiornpseoessdes by one memeteethtethpeapraamraeemtmeertseprslseotseyfoterforth,retthhdeiesdciGlsocseluoorseursrgepisraepsrDeenseetenpdteaidnrtitnmhethefeinnfatinoacnifaclDiaselecsfteiecotnniosbneyb.GyoGvoevrnemrnemnetanltaAlcAcoccuonutintginSgtaSntadnadrdasrdBsoBaordar(dG(AGSABS)BS)taStteamteemnet nt
NoNs.o2s.52a5nadn2d72. 7W. We neonteotehatht awtewheahvaevneont obtebeneeanbaleblteo taoccauccrautrealtyeldyedteertmerimneintehethleialbiailbitiylitfyorfoterrtmerimnainteadtevdevsteesdtepdaprtaicrtiipcaipnatsndtsudeuteo tohethleaclkacokfof
WcenWchesilunhesilouienusofrionuerfrsmoteiramsmttBiiaamottneeiaodntnneleedineafdlebiieaitldbisteiitldeoitsitpeofesoprrffeoosrrurfmocsuhrmsceuhmcseuhpmclchopayllccoeauyelclseauectlsioaocutniolo.dunHlv.daoHvrwyaoergwyvreegrvar,teelwray,telfwyrhoefamrhvoaemtvheeemthetpermultoepryulloeeiaydlbeivaidlabitvriyilaoitrwuyiosewuefsesteefilmsetetihalmtatihtaotatnihtoettnehrceethericneshiniqnsouinqesousigestnosigitfmnoiciefmaiancseatuandrsteeudgrteheregetehrleeioaeflbioeailfrbirteioylrir.rtoyr. frofmromemepmlopyloinygiAnsgucsmuhceehsmteimsbtiametiraotniobtneectcheocnhimqnuiqeeuss.ese. ligible for benefits upon attainment of age 60, with 20 or more years of
SinScinectehethperepvreiocvuiroseuvdsaivltuaaalbutiaoltenio, nsth,eetrhavesisacusemsue(mdienidnctilenurteedsrtienrsatgtreaathetahslabeseabesnetein1ci5nrecayrseeeadaserfdsrofmorofm7s.27e5.r2%v5%itcoet7o.5a70s.5%0a.%mT. hTeemhveabvlueaalrutiaootnifobntahbseeadseNodnaottnhieothtneratmelrsmGosfuotahferthdpe)la,pnlhanaving asassumsummamriazreidzesidneirSnvcShecedhdeudlaeutlFeltFeakataesksteins1tion0taocccaococunonust nethtcetuheetfifeevfcfetecotfyoaeflalaarllmsaemanedsnmdaemnetmsntosetmohetbhSeeyrSstyeosmtfementheancetaecdNtetdharttohiuroognuhgathlethG2e0u200a40rs4desseiisomsniomonfoethfdetihGaeteGenleynraelrpalrior to AsAsesmsebmlyblaysawsedwlilesalclsahaslalar1lgl.51e%.,5%aadnadhdohhcoaCcvOCiLOnAgLsAreseffecefecfteiicvvteeivtdehrtaohunroguhhgoJhannJoaunarurayabr1yl,e12,0d20i07s0.c7h. arge from the National Guard.
TenhTeternyhfteurayngfudaenignndegoinnromgobraojmTelbcachjteloiecvcstteoirvmsoetefemtottihhfreoeetthhdpmoe.ldapTen.lhnaTiensthntiehasoalntrhtlmooacratomwlcnacotarlonincnbtrotucirnbtieibtuorutiniibtosiuronatnpitroearasnateytoresavatoebeovrltcetoeiormcvtifoeemovrweerciruwlllcririurlfeelrenmrreteanicmintonacsitlotnehhsvtlaeehsvlabeaaselsmbeaanesopeadneueprdtnceeeerrttncmeetorinomnftfeiondp$fea5adpys0araoayslrplloae.elvllTer. vlhTmeeplheveproacevlneruanctalethutnioao,tftnioppofmanlpyuemartsoyhelrolt$o.hdl5Golu.dasGpieundaessierniadssnmtiadhsnetodhne th for loslsoessseasrearefrlefcleteeacdtceidhn itnyheethuaenrufunonffudnecdreeadcdcairctucaerbudeldiealbisailebitriylvitwyichweichhicnihs ebisexbicnegeinsagmsaoomrftoizr2teid0zeadysaeasalaervsle.vlTeplehprceerncmet noatfxopfiampyarouylrmlowllibwtheitnnhiaenf1ai2t1-y2ies-yar$eap1re0prie0ordiop. de.r month.

ThTehReeRtieretimreemnetCnStyoSsntyestmtremiisbbiusebitniegoinfngusnfudanedneiddn icVnocneofsontrfmionrimtgyitwyiwthithethmeimniimniummumfunfudnindginsgtasntadnadrdarsdetsefot rftohrtihn iCnoCdoedSeeScteicotnio4n74-270-2-100-1o0fothfethOefOficffiiaclial
CoCdoedoefoGfeGoergoiragiaanannontaotteadtekdnkonwonwansathsethPeuPbulibcliRceRtieretimreemnet nStySstyesmtesmSstaSntadnadrdasrdLsaLwa.wI.nIonuoruorpoinpiionniotnhethSeySstyesmtemis oispoepraetriantginognoannaanctaucaturiarlilaylly
sousonudnbdabsiass.isT. hETehmfeunpfudlnomdyemteetrhtetchmoeinmntiimrniiubmmuumtfiuonfundnisndgiansgrtaesntadanacdrdtausrdafsorrfioathrletlhyfeisfcdiaselctayeleryamreaerinnedneeddeJduanJnuend3e0a3, 0p2,0p20r04o0. 4vA.esAdsusmsaunimndgintcghaethtracttoifcnioternidbtruibtbiuoytniostnthosetoheEthSReySsStyesmBtemoard of acroeacnrotmeinatmuidneaeuddbeesdyubfstyfhuiecftTfhieieecmrniueecpmnyslcotpoyeylfoeeotyrhfsefe.trhorTfemrtorhiermyeeteimrryaeereemnataoret rnftyouetenfyaundrenaoitdnor imttpnohreotpehvfrmeuoidtvfuebuirdtteeuehrraetethcbateehotnbetnehrnfteairettrsiefabiscttseuarselctlcareioelodlcmenofdommsrfeomurnrneedudnqenedudreoeitdhrnreeotthnhdSeeyt.hSsbetyaesbsmtiaessmoisfamotyhfaibtysheaibssneaadfsneasdlfuyecslaucynecatscinsceitisvipsceaiivptaeeacdttae.ucdat.uriarliavlavluaalutiaotnios,ntsh,ethe
SinScinerceelrye,ly, Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.
KeKrreyrrNy.NS.cShcmhimdti,dFt,.SF..AS.A, E.,.AE.A. PriPnrcinipcaipl,aCl,oCnosunlstuinltginAgcAtucaturyary

KNKSN:cSj:cj

20200505EmEpmlopyleoeyse'esR'eRtieretimreemntenStysStyesmtemof oGfeGoregoiragia

2005 - Employees' Retirement System of Georgia



AACCTTUUAARRIIAALL SSEECCTTIIOONN
VVAALLUUAATTIIOONN BBAALLAANNCCEE SSHHEEEETT
EEmmppllooyyeeeess'' RReettiirreemmeenntt SSyysstteemm

FINANCI NOTES TO FINA

-- AAss ooff JJuunnee 3300,, 22000044 --
DDOOLLLLAARRAAMMOOUUNNTTSSIINNTTHHOOUUSSAANNDDSS
AACCTTUUAARRIIAALL LLIIAABBIILLIITTIIEESS ((11)) PPrreesseennttvvaalluueeooffpprroossppeeccttiivveebbeenneeffiittssppaayyaabblleeoonnaaccccoouunnttooffpprreesseenntt rreettiirreeddmmeemmbbeerrss,,bbeenneeffiicciiaarriieessooffddeecceeaasseeddmmeemmbbeerrss,,aannddmmeemmbbeerrss eennttiittlleeddttooddeeffeerrrreeddvveesstteeddbbeenneeffiittss -- SSeerrvviicceeaannddddiissaabbiilliittyybbeenneeffiittss -- DDeeaatthhaannddssuurrvviivvoorrbbeenneeffiittss -- DDeeffeerrrreeddvveesstteeddbbeenneeffiittss TToottaall ((22)) PPrreesseennttvvaalluueeooffpprroossppeeccttiivveebbeenneeffiittssppaayyaabblleeoonnaaccccoouunnttooffpprreesseenntt aaccttiivveemmeemmbbeerrss -- RReettiirreemmeennttaannddssuurrvviivvoorraallloowwaanncceess -- RReeffuunnddssooffmmeemmbbeerrss''ccoonnttrriibbuuttiioonnss TToottaall ((33)) TTOOTTAALLAACCTTUUAARRIIAALLLLIIAABBIILLIITTIIEESS
PPRREESSEENNTT AANNDD PPRROOSSPPEECCTTIIVVEE AASSSSEETTSS ((44)) AAccttuuaarriiaallvvaalluueeooffaasssseettss ((55)) NNeecceessssaarryypprreesseennttvvaalluueeooffttoottaallffuuttuurreeccoonnttrriibbuuttiioonnss ffrroommmmeemmbbeerrssaannddeemmppllooyyeerrss==((33))--((44)) ((66)) PPrreesseennttvvaalluueeooffffuuttuurreemmeemmbbeerrccoonnttrriibbuuttiioonnssaannddeemmppllooyyeerrppaaiidd mmeemmbbeerrccoonnttrriibbuuttiioonnss ((77)) BBaallaanncceeiisspprreesseennttvvaalluueeooffffuuttuurreeeemmppllooyyeerrccoonnttrriibbuuttiioonnss==((55))--((66)) ((88)) EEmmppllooyyeerrnnoorrmmaallccoonnttrriibbuuttiioonnrraattee ((99)) PPrreesseennttvvaalluueeooffffuuttuurreeppaayyrroolll((11%%)) ((1100)) PPrroossppeeccttiivveennoorrmmaallccoonnttrriibbuuttiioonnss==((88))xx((99)) ((1111)) PPrroossppeeccttiivveeuunnffuunnddeeddaaccccrruueeddlliiaabbiilliittyyccoonnttrriibbuuttiioonnss==((77))--((1100)) ((1122)) TTOOTTAALLPPRREESSEENNTTAANNDDPPRROOSSPPEECCTTIIVVEEAASSSSEETTSS

Employer contributions required for fi 2002 actuarial valuation as follows:
Employer: Normal Accrued liability
Tota

Members become vested after ten yea
member contributions with accumulat
However, if an otherwise vested memb
the member forfeits all rights to retireme $$ 66,,555544,,443322
550000,,11992T2he employer contributions are projecte 5511,,88552y2ears, based upon the actuarial valuati
liability pa$y$ment77,i,1n100c66r,e,44a77s66es 4.00% each y

(e) The GMPF is a single employer defin

$ $

88,,1155559090,,,,5050959573Gmt73heeeomGrbgMeiarPsGFo.efntehreal88GA,,22e0s0os99re,,g66m5i5a0b0lNyaftoior nthale

purp Guar

Membersh$$ip 1155,,331166,,112266

As of June 30, 2004 and 2005, GMP
currently receiving benefits. Active an
employer, the Georgia Department of D $$ 1122,,779977,,338899
Benefits

$$ 22,,551188,,77337A7 member becomes eligible for bene

creditable service (including at least 15

served at discharge,

laenadstha111v,0,22i6n6c5g5o,,44rn4e4s4c4eeciuvteivdeanyehaornsora

$$ 11,,225533,,229933

44..3333%%Teahcehryeetiarremofecnrteadliltoawblaensceervisicpeaiynaebxlecefsosr

$$ 221188,,002222 Contributions and Vesting 994444,,003344 Employer contributions are actuarially d Trustees. There ar3e300n99o,,22m5599ember contribu

Employer $c$ont1r1i55b,,3u31t1i66o,,1n12s266required for th $68.79 per active member, respectively valuations, respectively.

22000055EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemmooffGGeeoorrggiiaa

2005 - Employees' Retirement System of Georgia

AACCTTUUAARRIIAALLSSEECCTTIIOONN FINANCIAL SECTION
SSUUMMMMAARRYYOOFFPPRRIINNCCIIPPAALLRREESSUULLTTSS
NOETEmEmSpplTlooOyyeeeFesIs'N'RAReNettCiirrIeeAmmLeenSntTtSASyTyssEtteeMmmENTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

Employer:
Nor-m-AAaslsooffJJuunnee3300,,22000044--
AcDcDOrOuLLLeLAdARRliAaAMbMOiOlUiUtNyNTTSSININTTHHOOUUSSAANNDDSS Total

20.33% (16.48)
3.85%

VVaaluluaattioionnMmDDeaeamtmteebbeerrs

become vested after ten years contributions with accumulated

of creditable interest are

sreerfJvuJuinucndneea.eb3U3l0e0p,,o2u2n0p00o0t4ne4rmreiqnJuaJuteuinsonteneb33oy00f,,2te2h0m0e00p33lmoyemmbenert,.

AAcctitviveemmeemmHbbeoerwrss:e: ver, if an otherwise vested member terminates and withdraws his/her member contributions,

NNuummthbbeerrmember forfeits all rights to retirement benefits.

7722,1,10066

7733,2,25511

AAnnnnuuaallccoommppeennssaatitoionn

$$ 22,4,44455,6,61199 $$ 22,4,48899,4,49900

RReetitrireeddNAmNAmnuenunmemnmTylumibubeaabhebaleabeerlerarrirsasllesli,aomltaonywbnwdpadaplabsnoabneecyyecndemneeseserfueficcipnciootaianrnirinteirecstish:br:eeuatsiaoecnstus4aa.r0ri0eal%pvroeaajleuccahtteiyodenatora. tliqJuunidea3te0,th2e0$$a0c4t,uaarsisa7ul712m12a8989ci,,n48,,c4874gr74u8585ethdaftutn$h$deinagmeo6x625uc2585ne85,,t58s,,5877so7702fw02 aitchcirnu1ed1

AAsssee(tsets:): The GMPF is a single employer defined benefit pension plan established on July 1, 2002 by the

MMaarrkGkeeettoVVragaliulaueeGeneral Assembly for the purpose of providing r$e$tirem112e2,3n,39t96a6,l3,l35o52w2 ances$$and111o1,6,t6h997e7r,6,6b00e77nefits for members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

AAcctuttuahareriaiaGllVMVaalPuluFee.

1122,7,79977,3,38899

1122,4,42288,7,73366

UUnnffuunnddeeddaaMcctuteuamarriaibalelaraccscchrruiuepeddlilaiabbiliiltiyty

$$

330099,2,25599 $$ ((5588,1,17733))

AAmmoorrtitzizaatitoiAonnsppeeorrifoiodJdune 30, 2004 and 2005, GMPF had 104 and 61 retir1e12e2syyeeaaanrrsds beneficiari1e10s0,yyereaearsrspsectively,

FFoorrFFisisccaalcelYumYerperaelaronryEtEleynnrd,dritenihncgeegiGveinogrgbiaenDeefpitasr.tmAecntitvoef

and inactive Defense.

plan

mJJeuumnnebee3r300,i,n22f0o00r07m7ationJJuiusnneme3a30i0n,,t2a20i0n00e55d** by

one

AAnnnnuuaallrreeqquuirireeddeemmpploloyyeerrccoonntrtribibuutitoionnrraatetess((AARRCC))::

OOldldBPPlealnannefits

A NmNoeormrmmbaalelRrRabateteecomes eligible for benefits upon attainment of age 60, with 20 or more years of creditaEbEmlmepplsoleoyryeverirce (including at least 15 years of service as a mem44.3b.33e3%r%of the National55G.9.94u4%a%rd), having servedEEmamtpplloleoyayesertrPP1ici0ckk--UcUoppnosofefEcEummtpipvloleoyyeyeeeeCaCroosnntratrisbibuuatitoiomnnember of the Na4t4.i7.o75n5al Guard imme4d4.i7.a75t5ely prior to dischargeT,ToaotnatdallNhNoaorvrmimnaagllRrReaatceteeived an honorable discharge from the N99.a0.0t8i8%o%nal Guard. 1100.6.699%%

TheAAcrccecrturiureeedmdLLeianiabtbilaiilltiyltyoRwRaaatetnece is payable for life in the amount of $5110.3.33p3%e%r month, plus $((050.2.p288e))%r%month for each yearToTofotatcalrleditable service in excess of 20 years. The maxim11u00.m4.411b%%enefit is $100 p11e00r.4.4m11%o%nth.

NNeewwCPoPlNanlNantonorrrmimbaualltRiRoaantetes and Vesting

99.0.088%%

1100.6.699%%

EmApAclcoccryurueeerddcLLoianiabtbriliiilbtiytuytRiRoaatnetse are actuarially determined and approved11.3a.33n3%d%certified by th((0e0.2.E28R8))S Board of

Trustees. TTTohotaetalrle are no member contributions required.

1100.4.411%%

1100.4.411%%

**TThheeAARRCCwwiElilmlaalpslsloobybeeerppaacyyoaabnbltelreifbfoourrtihtohenefsfisiscrcaealqlyuyeieararerdeenndfdionirnggtJhJuuenneey33e00a,,r2s2000e06n6,d,ddeuudeetoJtouanaBeBo3oa0arrd,dd2de0ecc0isi5sioionannthtdhaat2tcc0hh0aan4nggewessethtrhee $89.19 and ccoonntrtribibuutitoionnp$pe6erri8oio.d7d9totopwwehrhicicahhctthtihveeevvamalulueaatmitoiobnnearap,pprpleileisespsteotcothtihveeeflfiysisc,caaallnyyedeaarwrwwehrhiecichbhbabesegegidninsos2n244tmhmoeonntJhtuhsnseaaf3ftet0err,tht2he0ev0va3aluluaatnitoidonn2dd0aat0et2e.. actuarial
valuations, respectively.

2200055EEmmpploloyyeees's'RReetitrieremmeennt tSSyystsetemmoof fGGeeoorgrgiaia

2005 - Employees' Retirement System of Georgia



AACCTTUUAARRIIAALLSSEECCTTIIOONN
AACCTTUUAARRYY''SSCCEERRTTIIFFIICCAATTIIOONNLLEETTTTEERR
PPuubblliicc SScchhooooll EEmmppllooyyeeeess RReettiirreemmeenntt SSyysstteemm

FINANCI NOTES TO FINA

E220m000pGGloaalylleerririaaPcPaoarnrkkwtwraiabyy,u,NtNiWoWns required for fi 2002 actuariaSlSuvuiitateelu119a90t0i00on as follows:
AAttllaannttaa,,GGAA3300333399--55994455

JJuunnee88,,22000055

Employer: Normal

BBooaarrddooffTTrruussteteeess GGeeoorrggiaiaPPuubblilcicSScchhoooollEEmmpploloyyeeeess' 'RReetitrireemmeennttSSyysstetemm TTwwooNNoorrththssididee7755,,SSuuitiete330000 AAtltalanntata,,GGAA3300331188

Accrued liability Tota

AAttetenntitoionn:: MMrr..MMicichhaaeellNNeehhff,,EExxeeccuutitviveeDDirireecctotorr

Members become vested after ten yea member contributions with accumulat

MMeemmbbeerrssooffththeeBBooaarrdd::

However, if an otherwise vested memb

the member forfeits all rights to retireme
WWeehhaavveebbeeeenneennggaaggeeddbbyyththeeBBooaarrddooffTTrruussteteeesstotopprroovvidideeththeeJJuunnee3300,,22000044aacctutuaarriaiallvvaaluluaatitoionnooffGGeeoorrggiaiaPPuubblilcicSScchhoooollEEmmpploloyyeeeess

RReetitrireemmeennttSSyysstetemm.. EEnncclolosseeddaarree4400bboouunnddccooppieiessaannddoonneeuunnbboouunnddccooppyy..

The employer contributions are projecte

SSeecctitoionn4477--44--6600ooffththeelalawwggoovveerrnnininggththeeooppeerraatitoionnooffththeeGGeeoorrggiaiaPPuubblilcicSScchhoooollEEmmpploloyyeeeessRReetitrireemmeennttSSyysstetemmpprryooveviadideresss,ththabattathtsheeeedemmpuplolpoyoyeenrr the actuarial valuati

ccoonntrtribibuutitoionnsssshhaalllbbeeaacctutuaarriaiallylyddeeteterrmminineeddaannddaapppprroovveeddbbyyththeeBBooaarrdd.. WWeehhaavveessuubbmmititeteddththeerreeppoorrttggivivininggththeerlreiesasubultlistlsiootfyfththpeeaaacyctutmuaareriainallt increases 4.00% each y

vvaaluluaatitoionnooffththeeSSyysstetemmpprreeppaarreeddaassooffJJuunnee3300,,22000044.. TThheerreeppoorrttininddicicaatetessththaattaannnnuuaalleemmpploloyyeerrccoonntrtribibuutitoionnssooff$$33,6,63344,4,49966oorr$$110011.1.122ppeerr

aacctitviveemmeemmbbeerr,,ffoorrththeeffisisccaallyyeeaarreennddininggJJuunnee3300,,22000077aarreessuuffficicieienntttotossuuppppoorrttththeebbeenneeffitistsooffththeeSSyysstetemm.(.eIIn)npprreeppTaarrihnineggthtGheeMvvaalPuluaFatitoioinsn,,wwaeersreielnileiegddle employer defin

oasoasecnecnctcutdtuditaaoiaaortnryatnya,op,oipfrsifrsotorhtvrehveeisedispdapeaonedonndnnnbsubsuiyabiyablltlelhrtehreefepefopSoorSoryrayrtsa.tlst.letleomomff.t.hthWeWeahahcicliteluteuanarnorioaitatlvlvterterererinfinfydydidnidnagagtatdadaianitnatatahtahtetetfhtfhienienasasnonocucuiraircalceles,se,wecwcteiteoipopnenerorfoffoforthrtmhmeeeeadadnntnetneusustastalslfrforeoerprpococrorotntnasansinsidstdettenhtnhceceysysuauapnpnpdpdororrerteaitanisGmnsogogneesnascoamcbhbhrleelbgeedndnueieuaelsrelsesss.Gs.OionOienufutnrhtrhteefefhirriarmaeacmctl,ut,GuaaAaasrserisaioalslregmiablNyaftoior nthale

purp Guar

the GMPF.

IInnoouurrooppininioionn,,ththeevvaaluluaatitoionnisisccoommppleleteteaannddaaccccuurraatete,,aannddththeemmeeththooddoolologgyyaannddaasssuummpptitoionnssuusseeddaarreerreeaassoonnaabbleleaassaabbaassisisffoorrththee

vavacacaclculouoauautnitnoitotntnht.h.eeSSeiefnifncfeceececttthtohoefefpapamrmreeevevninoidodumumssevenvantalstulsutaotatoittoihtonhen,e,StShtyheysestaetasemsmsuuememnneaeadcdctietniedntdetterhtrehresrostouturgragahthetethhthheaeas2s2b0b0e0e0e4en4nsiseniesncscsrireoieoanansseoeodfdftfhtfrhroeoemGmGe7e7n.n2.e2e5r5ra%a%llAtAotsos7se7e.m5.m50b0b%l%yly.... TThheeMvvaaleulumaatitoibonnetratakskehessiipnintoto

TSTSyhyhsesetetaeamcmctutauaanarndridaiatlotloaasrsreesuauasmsmoopnpntaitaboibolnelnessewexwxpepeehechactaavtavteiteoirornenecscsoooomfmfamamnneteitncindcidpiepeadadtetaeadndndedexaxapdpdeoeorpripetieetnedncdcebebyuyuntnhtdhdeeeerBrBtohtohaeaerSrdSdyaysarstreeteemimnin..tThtThheheeaeagagagsgsrsureuegmgmaaptpetteitoirorenenasasssaoaonnnndadabmblmyleyetrhtreheoloaldatdsetsedudAcustsuoetoesdrtdhtrfhfeoeoeornferefxtfuxpluJnpyenuderdriineniirennegengcccpe3peueuu0ruirnpv,npdodoies2neserers0gtshth0eeb4enaenfdits2. 0A05c,tivGeMaPn mmeeeettththeeppaarraammeeteterrsssseettffoorrththeeddisiscclolossuurreesspprreesseennteteddininththeeffininaanncciaiallsseecctitoionnbbyyGGoovveerrnnmmeenntatallAAccccoouunntitninggSStatannddaarrdedssmBBopoalarorddy((GeGArA,SStBhB)e)SSGtatateetemomerengntita Department of D

NNooss..2255aanndd2277..TThheeffuunnddininggoobbjejecctitviveeooffththeepplalannisisththaattccoonntrtribibuutitoionnrraatetessoovveerrtitmimeewwilillrreemmaaininlelevveellaassaaddoollalarrppeerraacctitviveemmeemmbbeerr.. TThhee

vvaaluluaatitoionnmmeeththoodduusseeddisisththeeeenntrtryyaaggeennoorrmmaallccoossttmmeeththoodd..TThheennoorrmmaallccoonntrtribibuutitoionnrraatetetotoccoovveerrccuurrreennttccoosstthhaassbBbeeeeennnddeeeftetiertrmsminineeddaassaaddoollalarr

ppeerraacctitviveemmeemmbbeerr.. GGaaininssaannddlolossseessaarreerreeffleleccteteddininththeeuunnffuunnddeeddaaccccrruueeddlilaiabbiliiltiytywwhhicichhisisnneeggaatitviveeaannddbbeeininggaammoorrtitzizeeddaassaalelevveellddoollalarrppeerr

mmeemmbbeerrwwitihthininaa2255--yyeeaarrppeerrioiodd..

A member becomes eligible for bene

CTTChohoededeReRoeoeftfitGriGreeememooerergngnitaitSaSayaynsnsntnetoemotmatatietsiesdbdbkekeinninongowgwfnfununanadsdsetedhtdheieniPnPcucuobobnlnilfcifocoRrRrmmeetiittiryitryeewmwmietienhtnhtttShtSheyeysmstmetiemnimnismismSuSutmatmanndfdfuauanrnrddddsisninLgLgaaswstwat.an.nIdIdnanarordoudusrsreoetoptfpifonionrirtoihtohnninitnhthCeCeoSoSdydyesestSetSeememcctiitsioisonocsnoper4p4eer7er7vd-ra-2ate2iit0tni0d-nag-1g1b0o0aolnoentofafatnslhtneheaeaearcOcvtOsutfutiafcafircirie1caiiaail0all(yllyinccolnusdeicnugtiavteleyaesat r1s5a ssoouunnddbbaassisis.. TThheeffuunnddmmeettththeemmininimimuummffuunnddininggsstatannddaarrddssffoorrththeeffisisccaallyyeeaarreennddeeddJJuunnee3300,,22000044.. AAsssuummininggththaatdtcciosonnctrthribiabuurtgitoioenn,sstaotonthtdheehSSyaysvstetiemnmg received an honor
aarreemmaaddeebbyyththeeeemmpploloyyeerrffrroommyyeeaarrtotoyyeeaarrininththeeffuututurreeaattththeerraatetessrreeccoommmmeennddeeddoonnththeebbaassisisooffththisisaannddssuucccceesssiviveeaacctutuaarriaiallvvaaluluaatitoionnss,,ththee
ccoonntitninuueeddssuuffficicieiennccyyooffththeerreetitrireemmeennttffuunnddtotopprroovvidideeththeebbeenneeffitistsccaalleleddffoorruunnddeerrththeeSSyysstetemmmmaayybbeessaaffeelylyaanntitciciTpipahateteedd.r.etirement allowance is payable for

TThhisisisistotocceerrtitfifyyththaattththeevvaaluluaatitoionnwwaasspprreeppaarreeddininaaccccoorrddaanncceewwitihthpprrininccipiplelessooffpprraacctitciceepprreessccrribibeeddbbyyththeeAAcctutuaearariaicallhSStatyanneddaaarrrddossBfBocoararerddd,,aiantnaddble service in excess

tphtprharoaotvtvtihtsihsieoieoanancscstutouoafafrtrihtaihaelelcrcreaeatlitclricureuelmalmateiteoinonntntssssywywssteeteremremepapeanerndrfdfooorormnmnaeaecdcdtutbubayayrriqaiqualulaaalasilsfifsiueiuemdmdpapatcitctoiutounanasrsriteihteshasaitnitanararaececcicnionotretrdedrarnannanaclcleyleywwccoitoinhtnhssaiasicsctcetceenenptpttaetaendndddaacrcreteutauasasaororinainaalalbpbplrylroyocbcbeaeadsdsCeueudrdreoeosonsn,n,bttbahtrahseiseebeadadcucotouttnunaiatlohtlheneexexscpcpueuearrrrinreieeenndnnctcteeVesting

ooffththeeSSyysstetemm..

Employer contributions are actuarially d

SSinincceerreelyly,,

Trustees. There are no member contribu

KKeerrryyNN..SScchhmmididt,t,FF.S.S.A.A.,.,EE.A.A.. PPrrininccipipaal,l,CCoonnssuultlitninggAAcctutuaarryy

CCaaththeerrinineeGG..TTuurrccoott DDirireecctotorr,,RReetitrireemmeenntt

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

KKNNSS/C/CGGTT:s:shh

22000055--EEmmpploloyyeeeess' 'RReetitrireemmeennttSSyysstetemm

2005 - Employees' Retirement System of Georgia

ACATCUTAURAIRAILALSESCETCITOIONN VAVLAULFAUITANITAOINONCNBIAABLALALSNAECNCECTEISOHSNHEETET
PuPbulNbicOlicSTcEShcSohToolOoEl FmEImpNlpAolyNoeyCeeIseARsLeRSteiTrtieArmeTmeEneMtnSEt yNSsyTtseStmem

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

ACATCUTAURAIRAILALIALIBAIBLITLIETISES

EmNpolor-ymea-arl:saos foJfuJnuene303,02, 0200404- -
Accrued liability
Total

20.33% (16.48)
3.85%

(1)(1)PrePsrensMet nvetamvluabeleuorefsopfbropesrcpooesmpcteeicvteivvbeeesbnteednfietsfaifptstaepyraybtealebnleyears of creditable service. Upon termination of employment,

onoanccamoccueonmut nbotfeorpfrepcsroennstetrnrietbtruiertetiidorenmdsemmwebmietbrhse,ras,ccumulated interest are refundable upon request by the member.

bebnenfiHecfioiacrwiiaeersiveoesfrod,feidcfeacseneadsoemtdheemmrewbmeisbrse,rasv,neadsntded member terminates and withdraws his/her member contributions,

tertmerimntahinteeadtmemdeemmebbmeerbrseforesnrfetientiltetistdleatdolltdoreidgfeehrfrteserdrteobderbneetnifrietesfmitsent benefits.

$ $ 3939,139,169,663,6939

(2)(2)PrePsrensTethnvetavleuameluopefloopfryopesrrpoescpcotenicvtterivibbeeubnteionfientsfsiptsaarpyeaybpalreboljeected to liquidate the actuarial accrued funding excess within 11

onoanccayocecuaonrutsno,tfbopafrsepesrednsetunaptcotaincvteivtmheeemmaebcmetbursea:rrsi:al valuation at June 30, 2004, assuming that the amount of accrued

SleiSravebircivleictryetrpieraetiymrememneetnnattlliaonlwlcorawenacnseescess4.00% each year.

$ $ 31311,114,194,899,8595

DiDsaibsailbitiylitryetrieretimreemnet natllaolwloawnacnesces

161,061,091,595,5151

(e) RTeRfhueenfudGnsdMosfoPmfFemmiesbmeabrse'sriscn'ogcnolternibtreuimbtiuoptnilosonyser defined benefit pension plan est5a,0b51l,i03s1,h63e1,6d717on July 1, 2002 by the

GeoTroTgtaioaltaGl eneral Assembly for the purpose of providing retirement allowances a$nd$ ot3h3e32r3,1b28e,13n8,e03f6,i03ts63for

members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

(3)(3)TOTTOATthLAeALGCAMTCUPTAFUR.AIRAILALILAIBAIBLILTITEISES

$ $ 72752,357,397,790,7202

Membership PRPERSEESNETNATNADNDPRPORSOPSEPCETCIVTIEVEASASSESTESTS

As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively,

(4)(4)AcAtucatcuriuaarliravelanvlutaleyluoefreoacfsesaeisvtsseintsg benefits. Active and inactive plan member information is$ m$ ain7t4a73i4,n83e1,d851,05b0,y00o0ne

employer, the Georgia Department of Defense.

(5)(5)PrePsrenset nvtavluaeluoefotofttaoltaful tfuurteurceocnotrnibtruibtiuotniosn=s (=3)(3-)(4- )(4)

(18(1,483,453,259,289) 8)

Benefits

(6)(6)PrePsrenset nvtavluaeluoefofuf tfuurteurmeemmebmebr ecrocnotrnibtruibtiuotniosns to tohethAMe eMmmeebmmebrsbe'ersCr'oCbnoetrncibtorumibtiueotsniosneFsluiFgnuidbnlde for benefits upon attainment of age 60, with 20 or m6o,r36e6,34y6,2e49a,26r9s6of creditable service (including at least 15 years of service as a member of the National Guard), having

(7)(7)PrePsrenssetenvrtvavleuadeluoaeftofufletfuuartseutreem1e0pmlopcyoloenyrseceroccnuotrtniibtvrueibtiuoytnieosanrtsso taohsethae member of the National Guard immediately prior to

PePnesinodsniosAnchcAcaucrcmgueum,laautnliaodtniohFnauvFniudnng=d r(=5e)c(5e-)i(v6-e)(6d)an honorable discharge from$th$e N(a2t4(i2o,74n9,a79l9,59G9,5u49)a4rd) .

(8)(8)EmEpmloTpylhoeeyr enrroenrtmiorreamlmaceloncnottrniabtlruliobtiuwotniaornnactreeaties payable for life in the amount o$f$$50 per29m24o9.84n9.t8h9, plus $5 per month for each year of creditable service in excess of 20 years. The maximum benefit is $100 per month.

(9)(9)PrePsrenset nvtavluaeluoefofuf tfuurteurmeemmebmebrsehrisphispersveircveice Contributions and Vesting

17167,768,7686

(10(1)0)ProPsrpoeEspcmteicvpteilvoneyonermorracmloacnlotcnroitrbniubtrutiibtoiuontnisosna=sre(=8a)(8cx)tu(x9a)(r9ia) lly determined and approved and certified by the E52R5,1S23,12B3,4o22,a4r2d4of

(11(1) 1)ProPsrpoeTspcrteuicvsteitveueensuf.unTnfudhneedreeadcacarrceucernudoeldimalbieaimlbitiyblietcyrocncotorninbttruribitibuoutnitosino=sn(=s7)r(7e-)q(1-u0(ir1)e0d) .

(76(7,963,923,021,081) 8)

(12(1) 2)TOTTOATE$L6Am8PLp.R7lPoE9RySEpeESreNErcTNaoAcTntNtiArviDNebuDPmtRiPoeORmnSOsbPSeErPerC,EqTuCrIeiTVrseIpEVdeAEcftSAoivSrSeESltTyhES,eTaSynedarws eerendbeadseJdunoen 3t0h,e

2005 June

3a0n,d2200003$4a$nwde7r22e7052,0$35287,399a7,.7c190t,9u720aa2rniadl

valuations, respectively.

2002500-5E-mEpmlopyleoeyse'eRse' tRireetmiremnteSnytsSteymstem

2005 - Employees' Retirement System of Georgia



AACCTTUUAARRIIAALL SSEECCTTIIOONN
SSUUMMMMAARRYY OOFF PPRRIINNCCIIPPAALL RREESSUULLTTSS
PPuubblliicc SScchhooooll EEmmppllooyyeeeess RReettiirreemmeenntt SSyysstteemm

FINANCI NOTES TO FINA

-- aass ooff JJuunnee 3300,, 22000044 --

Employer contributions required for fi 2002 actuarial valuation as follows:
Employer: Normal Accrued liability

VVaalluuaattiioonnDDaattee NNuummbbeerrooffaaccttiivveemmeemmbbeerrss
RReettiirreeddmmeemmbbeerrssaannddbbeenneeffiicciiaarriieess:: NNuummbbeer r AAnnnnuuaallaallloowwaanncceess
AAsssseettss:: MMaarrkkeettVVaalluuee AAccttuuaarriiaallVVaalluuee
UUnnffuunnddeeddaaccttuuaarriiaallaaccccrruueeddlliiaabbiilliittyy

JJuunnee3300,,22000044

JJuunnee3300,,22000033

Tota

3355,,994433

3355,,668811

Members become vested after ten yea
1122,,332255 member con1t1r22i,b,00u117t7ions with accumulat $$ 4400,,226655,,88112211 How$$ever3,37i7,f,557a71n1,,11o55t6h62e2 rwise vested memb
the member forfeits all rights to retireme

$$ 772233,,007711,,000000 The$$emp66l99o44y,,7e70r099c,,0o00n000tributions are projecte 774433,,881155,,000000 years, b7a73s34e4,d,8877u99p,,00o00n00 the actuarial valuati
$$ ((7766,,993322,,001188)) liab$$ility (p(77a00y,,6m6772e2,n,33t33i22n))creases 4.00% each y

AAmmoorrttiizzaattiioonnPPeerriioodd

2255yyeea(arerss) The GMP1F111yiyseeaaarrsssingle employer defin

Georgia General Assembly for the purp

FFiissccaallYYeeaarrEEnnddiinngg
EEmmppllooyyeerrccoonnttrriibbuuttiioonnrraatteeppeerraaccttiivveemmeemmbbeerr:: NNoorrmmaal l AAccccrruueeddlliiaabbiilliittyy TToottaall

JJuunnee3300,,22000077 mtheemGbJMJeuurnPnseFeo.3f300t,h,2e200G005e53o3rgia National Guar

$ $

229944..8899 Me$m$ bersh2i2p9944..9966

((119933..7777))

((227711..6611))

110011..1122 As $$of June 322303.,.33525004 and 2005, GMP

currently receiving benefits. Active an

AAnnnnuuaallrreeqquuiirreeddeemmppllooyyeerrccoonnttrriibbuuttiioonnss((AARRCC))::44 NNoorrmmaal l AAccccrruueeddlliiaabbiilliittyy

employer, the Georgia Department of D

$ $

1100,,559999,,223311 ((66,,996644,,773355))

Ben$$efits

1100,,552244,,446688 ((99,,669911,,227722))

TToottaall

$$ 33,,663344,,449966 A m$$ember 88b33e33c,,1o19m966es eligible for bene creditable service (including at least 15

1 1

DDooeessnnoottiinncclluuddeeiinnccrreeaasseeiinnbbeenneeffiittaaccccrruuaallrraatteeeeffffeeccttiivveeJJuullyy11,,22000044.. hhaavveebbeeeennaaddjjuusstteeddttooiinncclluuddeetthhiissiinnccrreeaassee..

TThheerreesssduueilltsrtsvcshoeofdafrtthghaeeet,vvlaaeanllauudsaatthtiioa1onvn0incgornesceeciuvteivdeanyehaornsora

2 2

DDooeessnnoottiinncclluuddeeiinnccrreeaasseeiinnbbeenneeffiittaaccccrruuaallrraatteeeeffffeeccttiivveeJJuullyy11,,22000033.. hhaavveebbeeeennaaddjjuusstteeddttooiinncclluuddeetthhiissiinnccrreeaassee..

TThheerreessTeuualhltctseshoorfyefettthiahrereevmovafaellucnuartaettiadioolinlntoawblaensceervisicpeaiynaebxlecefsosr

33 TThheeAARRCCwwiilllaallssoobbeeppaayyaabblleeffoorrtthheeffiissccaallyyeeaarreennddiinnggJJuunnee3300,,22000066,,dduueettooaaCBBooonaartrdrdidbdeeucctiisisoiioonnnstthahanattd Vesting

cchhaannggeesstthheeccoonnttrriibbuuttiioonnppeerriiooddttoowwhhiicchhtthheevvaalluuaattiioonnaapppplliieessttootthheeffiissccaallyyeeaarrEwwmhhipicclhohybbeeegrgiincnsosn22t44ributions are actuarially d

mmoonntthhssaafftteerrtthheevvaalluuaattiioonnddaattee..

Trustees. There are no member contribu

44 TThheeAARRCCiissiinnaaddddiittiioonnttooaannyyaaddmmiinniissttrraattiivveeeexxppeennsseeaallloottmmeennttsstthhaattaarreeccoonnttrriibEbuumtteepddltotooytethhreeScSoyysnstteremimb.u. tions required for th $68.79 per active member, respectively valuations, respectively.

22000055--EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteemm 10

2005 - Employees' Retirement System of Georgia

AACCTTUUAARRIIAALLSSEECCTTIIOONN AACCTTUUAARRYFYI'S'NSACCNEECRRITTAIIFLFIISCCEAACTTTIIOIOONNNLLEETTTTEERR
NOTLLEeeSggiTsisOlalatFitviIveNeRAReNetCitriIreAemmLeenSntTtSASyTyssEtetMemmENTS

Employer contributions required for fiscal year ended June 30, 2004 w2e20r0e0GGbaalallselereirdaiaPoParankrkwtwhayaey, ,NJNWuWne 30,

2002 actuarial valuation as follows:

SSuuitiete1199000 AAtltalnantat,a,GGAA330033399-5-5994455

JuJunnee88, 2, 200055

Employer: Normal Accrued liability

20.33% (16.48)

BBooaradrdoof fTTrurustseteses LLegegisilsaltaitviveeRReteitriermemenent tSSyystsetmemoof fGGeoeorgrgiaia

Total

3.85%

TTwwooNNoortrhthsisdidee7755, S, Suuitiete33000

AAtltalnantat,aG, GAA3M3003e3118m8bers become vested after ten years of creditable service. Upon termination of employment,

AAtttetnentitoion:n:MMrm.rM. eMimcihcbaheaelerlNNecheofh,fnE, tExrexicebucuutitviievoeDnDisriercewtcotroitrh accumulated interest are refundable upon request by the member.

However, if an otherwise vested member terminates and withdraws his/her member contributions, MMemembebresrsofofthttehheBeBomaoraderd:m: ber forfeits all rights to retirement benefits.

WWeehhavaveebbeenenenenggagagededbbyythteheBBoaoradrdoof fTTrurustsetesestotopprorovivdideeththeeJuJunnee330,02, 200044acatcutuarairailalvvalauluataitoionnoof fthteheGGeoeorgrgiaiaLLegegisilsaltaitvieveRReteitriermemenent t
SSysytsetmem. .EEnnclcoTlsoehsdeedaraeerme404p0blobouoynuendrdcoccpoopienisetsarnaibdnduoontienoeununsbnobaournuenddcpocrpoopyj.ye. cted to liquidate the actuarial accrued funding excess within 11
years, based upon the actuarial valuation at June 30, 2004, assuming that the amount of accrued SpSpeereceirtcoiitoodiondicni4cv47va7-la6-ul6-ual2-tai2iato2iobonofnsiflstohitoftheyftelhtalhepwaeawcocgyongomntovitveneirengnnrgenitnenintngitnagtsahctshereseeteostaopsapsenareendarstdailtoi4ilaoinba.n0biolio0fltfit%tehitseheseoeGofGaeftcoehtorhhegreRgiyaRieaeLteiaLteriergerm.egismielsaneltantitvtSiveSyeRystRseettmeeitmrieromeonmnetnhetntheteSbSybayssatissestimesomofpfrprerorgeovguviuldialderaserisntihnttheatrteaertsehttshetaeanacandtcduttuhatrhaeyretyastbhasbhlaellaslelslmlamlasatkastkee aJudaJundoneopept3e(t30dee0,d)b,2by20y0th04theT4.e.BhTBoTehoaheraeGdrredropMeofpofoTrPtTrrtiFurniusndtsediitcseiacseta.saet.WseWsstehitehanhtahagtnvalnoveeoesaunsaeubnmbmnumuapilatitlleteotmedeymdptehpltoherloyeryederrepeerpcofocoritonrntgntergitivrdbiivibuniutngbitogietonhtnnsheesefrofefriorsetursthultpthelsteesfoinfofsicsfstahcitolahelyenvyevaaelapraulrluaeatnaeintndoidionninengosgofJtftuJahtunbheneelSe3iSys30ysh0,tse,2etme20dm0p07opr7aernrpaeerpaeJrareeurrdeqeldquyauisari1seorde,ofdft2oto002 by the susupppoortrththeebbeGneneefeioftisrtsgoofiafththGeeSeSynystesetrmeam.l.WAWhshislielemnnobot tlvyvereifrfioyfyirningthgdedatapatauatartphtoheeseosouourcrfec,ep,wrwoeevppeirdefriofnormrgmerdeedttetisertsestsmfoforercnoctonansislsiltsoetnewncycaynanacndedrseraeasanosondnabaobltelhnenesers.sb.OeOunurerfits for finifirnimtrhmt,he,aeasacasatcucatuatcuratiuarariamtlayhrlsy,eees,iscmeiGtscriteobriMseonepsnropoPsofonFfnstohist.bheifbleealtenafhnofenuor uaraGlalallrleelorpeoofpoftrhorgtther.ite.aacatcNutuaaraitraiilaoltnrteranelnddGddautaataairnidntht(heNefiafnitnainaoncnicaialallsesGcetciutoiaonrnodof)ft.htheTeahnaennuEualaRlrerSpepoBortrotanaandrddththeoesfusupTprpouortsritntienggesscshcaheddedumulelisensisters

InInoouur rooppininioionnththeevvalauluataitoionnisiscocommpplelteeteananddacacucurartaet,ea, nanddththeemmetehthooddoolologgyyananddasassusummpptitoionnssuusesdedaraerereraesaosonnabableleasasaabbasaissisfofor rththeevvalauluataitoionn. .
SSininceceththeepprerveMvioioueusmsvvablaueluartaistoihonn,ip,ththeeasasusummededinintetreersetstrartaetehhasasbbeeneninincrceraesaesdedfrforomm77.2.255%%toto77.5.500%%. .TThheevvalauluataitoionntatkakesesinintotoacacocouunnt ththatat
efeffefcetctoof famamenenddmmenentststotoththeeSSyystsetmemenenacatcetdedththrorouugghhththee2200044sessessisoionnoof fththeeGGenenerearlalAAsssesmembblyly. .
As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively, TThheeacatcutuarairailaclasuasrusrumempnpttitloiyonnssrwewecehehaivavveienrergceocombmemmneenendfidetdesd.anaAnddacdatdoivoppteetdedabnbyydththeienBBaocoaratdirvdaeraereipnilnathtnheeamgagegremrgegabtaeeterreraeisanosfononabramblylyarertleiaoltaentdedtiostothtmheeeaxeixpnpetreaireiinnencecede by one fuuufnunndnddedirenirtnghtghepepuSurSypryspoetsosetmemsesempsmalnmaeondeydtetoetthotrrhee,reaeptsahpaosraeonarnamaGbamebleeteleetoeresxerrsxpgsepesitceeattcfaotfDtaoritorteihontphensaesodrofditsfiamcsnalcontleiostcniusicuprtiepraosetaesftpdeprdDeresexeeesxpnefpentereetindreeidsneinencinec.tehutheunendfidfenirenartnahtncheicaeiSlaSylsysestsceettcmeitomi.on.nTbThbyheyGeaGosaovsuvseumrenmrpnmptmietoineonntnsatslaalAnaAndcdcmocmoeuteunhtnthoitnodingdsgsSuSustaestnadenddfdaofraordrrds s
BBooaradrd(G(GAASSBB) )SStattaetmemenent tNNoos.s.2255anandd2277. .TThheefufunnddininggoobbjejcetcitviveeoof fththeepplalnanisisththatatcoconntrtirbibuutitoionnrartaetsesoovverertitmimeewwililllrermemaianinlelvevelelasasaa
ddoolllalrarppereracatciBtviveeemnmeemefmibtbesre.r.TThheevvalauluataitoionnmmetehthoodduusesdedisisththeeuunnititcrcerdedititcocoststmmetehthoodd. .TThheennoormrmalalcoconntrtirbibuutitoionnrartaetetotococovverercucurrrernent tcocostst
hhasasbbeenenddeteetremrmininededasasaaddoolllalrarppereracatcitviveemmemembbere.r.GGaianins sananddlolossessesaraerererfelfelcetcetdedininththeeuunnfufunnddededacacrcuruededlilaibabililtiytywwhhicihchisisnnegegataitviveeanandd
bbeieninggamamoortritziAezdedamsasaealmelvebveleeldrdoolbllaleracrpoperemraceatcsitviveeemlimegmeimbbbleere.r.for benefits upon attainment of age 60, with 20 or more years of
creditable service (including at least 15 years of service as a member of the National Guard), having TCsoTCshouohedouneedRdneRodeboftebaifGtrsaieGirsesmeio.esmeor.TgnesdrTgihnteaiiehtSsaraeSyfvcnauysfhnetnuseontdadnmeotdrammtgtaimaeseteidettseb,dtkbehlatnkieehennionengamwodgmswfinuntfihnunniamndasia1mdesvut0dheumtidehmninecPifgnuPcfuonuocburndnonbleidisnflcncoiiefcngRorecmgRrsiemutvstieaittttiryneaiiteryndvdwmeadwmeriaeatdrinhentsdnthytsftSheohtfSehyoraoesymrtrtshnmetstiehmeoniemnifrsamiifassmSsicusbStacumaltlaamnaelydnfyeuadfdmaenuraridandrsredsedincnseimLngndhLagdesbawadetswrae.dtJgnar.uIJndenunIdanoneraofderfuo3rdours30ers,0otmteh2,potf20pieonf0tiornih04torhiN4.tenoh.inAnatNihAnttsCehissaCeoouSstodmuSnyidemoysaietnsSneiltngSemeagcemtGlhtcitishatoGiuistaoontcaonpu4ocrepa47ondre7-arntr2rt-datii20rbtnii.i0-mbugn1-utg10iomto0inooonnofenasfntasdthonttaehiotacaehOttctuehOtefauefSflirafycSiyiraicisyalaitlslaelyptllmeyrmior to
araeremmadaedebbyythteheemempploloyeyrerfrforommyyeaerartotoyyeaerarininthtehefufututurereataththeerartaetsesrerceocommmmenedndededoonnthtehebbasaissisofofthtihsisanadndsuscucecsessisviveeacatcutuarairailavl valaulautaitoinons,st,htehe
cocnontitniunuededsusufffTifcihiceiencnyrceyotofifrthetehmerereteintriertmemaelnelntotfuwfundnadntotcoperporivosvidipdeeathytheaebbeblneeenfeiftiostscracllalilefldeedfoifornruunthnddeerertahtmeheSoSyuystsnetmetmommfaya$yb5be0esaspfaefeleyrlyamnantiotcinicpitpahtae,tded.p.lus $5 per month for
TThhisisisistotocecretrietfiyafycththhataythetheaevrvaolaulfuatacitoironenwdwiatsaaspbprelrepepasraeerderdviniincacaecociorndrdaenaxcnecceewwsitsihthopprfirni2nc0icpiplyelseesoaofrfpspr.arTcatcihtcieecepmprersaecsxrciirbmibedeudbmbyythbtheeeAnAcetcfutiuatraiiraislalS$St1atna0nd0daradprdsesBrBomoaradord,na, tnahnd.d pthptrhaortaovtvihstiihesoieaoncanstcsuotuaofraftCihratihelaoelcrneacrtleatictlrruiceriulmeablmtaeiutoneionnttinstsoysswysnwtesesrtemeermaepanpenaredndfrodfoorVonmrnmaeecdaestcdtubtiuabynrayiqrgaiqulaualalasailfssiiufseiumdemdpaptcaittcouitonuansraistrehitsehasitanitanraaecraecinocintoredtrredanrnananclaleclylewycwioctionhtnshaisscaitscetecnepentpttaetndaenddadcraetcruaetuasaorasionrainalabalpblpryolryocbecbadesaedusdeuredrose,onsb,ntbahtsaheeseadecadotcuontuantlahtlehexeecxpucpeurrerirreerinneenntcetce oof fththeeSSyystsetmem.E.mployer contributions are actuarially determined and approved and certified by the ERS Board of
SSinincecreerleyl,y, Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and

$68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial

KKererryryNN. S. Schchmvmiadidtl,utF,aF.St.iS.Ao.A.n,.sE, ,E.A.rA.e.spectively.

CCatahthereirnineeGG. T. Tuurcrocot t

PPrirnincicpiapla,lC, CononsusultlitnigngAActcutaurayry

DDiriercetcotor,rR, Reteitriermemenetnt

KKNNSS/C/CGGTT:s:hsh

2020505- -EEmmplpolyoeyese'sR' ReteitriermemenetntSySsytsetmem

2005 - Employees' Retirement System of Georgia

11

ACATCUTAURAIRAILALSESCETCITOIONN
VAVLAULAUTAITOIONNBABLAALNACNECESHSHEETET
LeLgeigsilsaltaivtieveReRteirtiermemenetnSt ySsytsetmem

FINANCI NOTES TO FINA

- a- sasofoJfuJnuene303,02, 0200404- -
ACATCUTAURAIRAILALIALIBAIBLITLIETISES PrePsrenset nvtavluaeluoefopfropsrpoespcteicvteivbeebnenfietsfitpsapyaybalebloenoanccaoccuonut notf:of:
(1)(1) PrePsrenset nret trieretidremd emmebmebrserasnadnbdebnenfiecfiiacriiaersieosfodfedceacseeadsemd emmebmebrserasnadnd memmebmebrseresnetintlteitdletdo tdoedfeerfreerdrevdevsteesdtebdebnenfietsfits
(2)(2) PrePsrenset natctaicvteivme emmebmebrse:rs: SeSrveircveicreetrieretimreemnet natllaolwloawnacnesces DiDsaibsailbitiylitryetrieretimreemnet natllaolwloawnacnesces SuSrvuirvvoivroarllaolwloawnacnesces ReRfuenfudnsdosfomf emmebmebrse'rcso' cnotrnibtruibtiuotniosns ToTtaoltal
(3)(3) TOTTOATLAALCATCUTAURAIRAILALILAIBAIBLILTITEISES
PRPERSEESNETNAT NADNDPRPORSOPSEPCETCIVTIEVEASASSESTESTS (4)(4) AcAtucaturiaarliaVlaVluaeluoefoAfsAsestssets
(5)(5) PrePsrenset nvtavluaeluoefotof ttaoltaful tfuurteurceocnotrnibtruibtiuotniosn=s (=3)(3-)(-4)(4)
(6)(6) PrePsrenset nvtavluaeluoefoffutfuurteurme emmebmebr ecrocnotrnibtruibtiuotniosns
(7)(7) PrePsrenset nvtavluaeluoefoffutfuurteureemepmlopyloeyr ecrocnotrnibtruibtiuotniosn=s (=5)(5-)(-6)(6)
(8)(8) ProPsrpoespcteicvteivneonrmoraml aclocnotrnibtruibtiuotniosns (9)(9) ProPsrpoespcteicvteivuenufunnfudnedeadctaucaturiaarlialccarcucerudeldialbiailbitiylitcyocnotrnibtruibtiuotniosn=s (=7)(7-)(-8)(8)
(10(1)0) TOTTOATLAPLRPERSEESNETNATNADNDPRPORSOPSEPCETCITVIEVAESASSESTESTS

Employer contributions required for fi 2002 actuarial valuation as follows:
Employer: Normal Accrued liability
Tota

Members become vested after ten yea member contributions with accumulat Hthoewmeevmerb,eirf$fao1$nr6f1,e2o6i6t,th20s6e,a80rl9w,l88i9rsi8gehvtsesttoedretmireemmbe

$ $7,371,T351,h15e6,14e6m4 ployer contributions are projecte 47y497e,39a6,r34s6, 4based upon the actuarial valuati 26l20i6a,50b3,i52l3it2y payment increases 4.00% each y 35345,347,3979
(e) The GMPF$ i$s8,a480,s49i0,n49g3,4l9e39employer defin
Georgia Ge$n2e$4r2a,6l47,A607,s30s3,e37m37bly for the purp members of the Georgia National Guar
the GMPF.

Membership
As of June$32$072,,8792,8209,00240,000a0nd 2005, GMP currently receiving benefits. Active an $ $(3,(232,21e2,m616,p63l6)o3y)er, the Georgia Department of D

Benefits

1,419,479,179,1393

A member becomes eligible for bene

$ $(4,(741,781c,88r5e,86d5)i6ta)ble service (including at least 15

served at least 10 consecutive years a

discharge, and1h,11a4,v19i4,n69g6,64r6e4ceived an honor

The retirement allowance is payable for each year of c(r5e,(8d56i,8t8a6,5b82l,e502)s0e)rvice in excess

Contributi$on2$s42,a64n7,60d7,30V3,37e3s7ting

Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2002500-5E-mEpmlopyleoeyse'eRse' tRireetimremnteSnytsStyesmtem 12

2005 - Employees' Retirement System of Georgia

AACCTTUUAARRIIAALLSSEECCTTIIOONN SSUUMMMMAARFRIYYNOAOFNFCPPRIRAIINLNCSCIEIPPCAATLLIORRNEESSUULLTTSS
NOTLLEeeSggiTisslOlaattiFivvIeeNRAReNettiCirreIeAmmLeenSntTt SASyyTsstEteeMmmENTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

Employer:
Norm--aaalssooffJJuunnee3300,,22000044--
Accrued liability

20.33% (16.48)

Total

3.85%

VVaalluuaattiioonnDDaattee

JJuunnee3300,,22000044

JJuunnee3300,,22000033

NNuummbbeerroofMmfaaececmtmtiivbvbeeeemrrmseecmmbobenbecterrorsismbuetiovnesstewd itahftearccteunmuyleaatresd

of creditable interest are

sreerfvuincdea.2b21Ul1e00pounpotnermreiqnuateisotn boyf221te1h2m2eplmoyemmbenert,.

RReettiirreeddmmeHemmobbweererssvaeanrnd,dbibfeenaneneffiicocitiaharreiieresws::ise vested member terminates and withdraws his/her member contributions,

NNuummbbeterhre member forfeits all rights to retirement benefits.

220066

220022

AAnnnnuuaallaallloowwaanncceess

$$ 11,3,36600,6,65577

$$ 11,3,31177,6,69944

AAssssMeMettsasa:r:rkkeetTytVehVaaearlluseu,emebpalsoeyderucpoonntrtihbeutiaocntusaarriealpvroajleucatteiodntoatliqJuunidea3t$e0$,th2e02a207c74,t0,,0u66aa77rs,i0,sa0u0l00m0acincgruethda$$ftutnhde2i25n5a,g6,m61e1o5x5u,c0,n0e00ts00sofwaitchcirnu1ed1

AAccttuuaarrliiiaaallbVVilaialtluyueepayment increases 4.00% each year.

2277,8,89922,0,00000

2277,1,15577,0,00000

UUnnf(fuuenn)ddeeddTaachcttueuaaGrriiaMallaPaccFccrruiuseeddalliiasabibniilgliitltyey employer defined benefit p$e$nsion((55,p8,8l6a68n8,5,5e22s00t)a)blishe$d$ on ((J55u,2,l2y55881,7,,7552770))02 by the
AAmmoorrttiizzaattiGioonenoppreegrriiioaoddGeneral Assembly for the purpose of providing rNeNt/i/ArAe**ment allowancesNaN/n/AAd**other benefits for members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers
the GMPF.

FFoorrFFiissccaMallYeYmeeaabrreErEnsnhddiipinngg EEmmppllooyyeerrccoonnttrriibbuuttiioonnrraatteeppeerraaccttiivveemmeemmbbeerr::

JJuunnee3300,,22000077

JJuunnee3300,,22000055****

NNoorrmmaaAll s of June 30, 2004 and 2005, GMPF had 104 $a$nd 61 4r4e44t3i3.r5.e51e1s and b$e$neficia4r4i55e88s.,0.088respectively,

AAccccrruuecedduLrLrieiaanbbitilliyittyyreceiving benefits. Active and inactive plan me(m(444b43e3.r5.511i)n)formation is m((44a55i8n8.0.t0a88i)n)ed by one

TTootetaamll ployer, the Georgia Department of Defense. $$

00.0.000

$ $

00.0.000

AAnnnnuuaallrreeqBquueiirnreeeddfeietmsmppllooyyeerrccoonnttrriibbuuttiioonnss((AARRCC)):: NNoorrmmaal l

$ $

9933,1,13377

$ $

9977,1,11122

AAccccrruueAeddLLmiiaaebbmiillibittyeyr becomes eligible for benefits upon attainment((9o933f,1,1a33g77e)) 60, with 20 ((9o97r7,1,m1112o2)r)e years of

TTootcstaaerllervdeitdabalet

service (including at least 15 least 10 consecutive years

ayseaarsmoefmsebrev$ri$coefasthae

mNeamtibo00enralofGthue$a$rNd aitmiomnaeldGiau0t0ealryd),phriaovrintgo

** IdIffitsthhceheaaanrngnnueu,aalalrnredeqquhuiairrevedidnegemmrpeplclooeyyieverrecdcooannnttrrihibbouutntiiooonrna(b(AAleRRdCCi)s)ciishsbabaragsseeeddfrooonnm440t0hyyeeeaNarraaatmimoonorrattilizzaGattiuiooannrdoo.fftthheeuunnffuunnddeedd

aaTeaaccccacchcccrrerruuhuueereeyddeddetlilalilriiaiareaabbmbobiiilifllieliititcntytyyyrt,ce,caotdothlnhilnettoeatrrAwibAibblRuaeRutnCtiCsicooeeninrissvhihlsialeacesspsessbasbieytnetheahenaebnanxnslseec$e$te0tf0sso,su,surwcwcohlhhifhifticth2echha0haitntiytisthsehtenhaenoertototsott.aataamaTlllllohAooAweuwRRenmCedCtdaeouexuqfnqinudmu$daeal5eurlsrs0mG$G$0pA0bA.e.SerSnBBmef2o2i5tn5/ti/22hs77,$..p1lT0Tuh0sheepr$reee5frfoopmrreee,or,ntmthhteheo.nth for

****cTCcThhhahoaenenngAgtAereRsRisbCCtthuhwetweiiocilclonloansanltlstrasroioibnbubdubtetieVioopnpenaayspytpaeaibenrbrlilegioeodfdfootrtorotthwhweehhfifiicischschcaatlthlhyeyeeeavavraralelueunanadtdtiiioinonngngJaJaupupnpnpeleliie3e3s0s0,t,to2o200t0th0h6e6e,,fdfidisusuceceaatltlooyyaeaeaBarBroowawarhrdhdiiccdhdheecbcbieisesigigoioinnnnsstth2h2a4at4t mEmomonnptthlhsosyaafeftrteercrtothhneetvrviaballuuuataittoiioonnnsddaaartete..actuarially determined and approved and certified by the ERS Board of
Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

22000055--EEmmpploloyyeeeess' 'RReetitrireemmeennttSSyysstetemm

2005 - Employees' Retirement System of Georgia

13

AACCTTUUAARRIIAALLSSEECCTTIIOONN
AACCTTUUAARRYY''SSCCEERRTTIIFFIICCAATTIIOONNLLEETTTTEERR
GGeeoorrggiiaa JJuuddiicciiaall RReettiirreemmeenntt SSyysstteemm

FINANCI NOTES TO FINA

E22200m0A0A00tpGlt2Gallaanoaanltlyatcelae,rte,riGuairGaaAPArPcai3aora3r0Skn0lSk3wu3twuv3ira3it9aiatey9bey-l,-51,uu51N99N99at40Wi40tW50oi50onns

required for as follows:

fi

JJuunnee88,,22000055
BBooaarrddooffTTrruussteteeess GGeeoorrggiaiaJJuuddiciciaiallRReetitrireemmeennttSSyysstetemm TTwwooNNoorrththssididee7755 AAtltalanntata,,GGAA 3300331188
AAttetenntitoionn:: MMrr..MMicichhaaeellNNeehhff,,EExxeeccuutitviveeDDirireecctotorr

Employer: Normal Accrued liability Tota
Members become vested after ten yea member contributions with accumulat

MMeemmbbeerrssooffththeeBBooaarrdd::

However, if an otherwise vested memb the member forfeits all rights to retireme

WWeehhaavveebbeeeenneennggaaggeeddbbyyththeeBBooaarrddooffTTrruussteteeesstotopprroovvidideeththeeJJuunnee3300,,22000044aacctutuaarriaiallvvaaluluaatitoionnooffththeeGGeeoorrggiaiaJJuuddiciciaiallRReetitrireemmeennttSSyysstetemm..

EEnncclolosseeddaarree4400bboouunnddccooppieiessaannddoonneeuunnbboouunnddccooppyy..

The employer contributions are projecte

SvSvaeaelculctuiatoiatoitnoinon4n4s7s7-o-2of23f3t-ht-2he21e1cocooofnfntthtithnienegglealeanwnwttagagsosovseveetestrsrnanianninndgdgltilhtaihaebebiolioilptipieteieresrasatoitooifofntnhthoeoeffRtRhteheeteitrGirGeeememooererngngtiatiSaSJyJuysudstdetiecimcmiaiaololnRnRtehtethiterierebebmamasesiensinstotoSfSfyryresestgetguemumlalaprprrironionvtevtierdirdeeesesststtahtanhandatdttthththheeeeataatcacbyltbutilueelaaeasrabsrylyrailasslsshsit,httaaayalbdldlomapompspaataeetkyekdeddembpbpyeuyeertprinhtoihoeotdedinicinc cthreeasaecstu4a.r0i0al%veaalucahtiy
BBooaarrddooffTTrruussteteeess..WWeehhaavveessuubbmmititeteddththeerreeppoorrttggivivininggththeerreessuultlstsooffththeeaacctutuaarriaiallvvaaluluaatitoionnooffththeeSSyysstetemmpprreeppaarreeddaassooffJJuunnee3300,,22000044.. TThhee
rreeppoorrttininddicicaatetessththaattaannnnuuaalleemmpploloyyeerrccoonntrtribibuutitoionnssaattththeerraateteooff33.8.855%%ooffppaayyrroolllffoorrththeeffisisccaallyyeeaarreennddiningg(e) The GMPF is a single employer defin JJuunnee3300,,22000077aarreerreeqquuirireeddtotossuuppppoorrttththeebbeenneeffitistsooffththeeSSyysstetemm.. IInnpprreeppaarrininggththeevvaaluluaatitoionn,,wweerreelileieddoonnddaatatapprroovvidiGdeededobbyrygthtiheaeSSGyyssetetnemme..rWaWlhhAilielessembly for the purp nanacocottuttuvavaererirairiafilfyltyirtnirenegngnddddadadtaatataataaatitnitnhthtehtehesesofoufiunirnracacnene,c,ciwaiwalelespsepeececrtrfitfooioornrnmmooefefdtdhttheeteesastastnsnnfnfououraralclcororenepnsposiosirstrtetteananncncdydytahtanhendedssrureupeappaspsoooornrtnaitanibnbglgelesnsncecheshseesd.d.uOuOlueluesrsrfifniinrirmtmhth,e,eaaasacscatautcucatautruriaaiaralrylys,s,eiecsicstritreoieosnsnppomooofnfntsehtsihmbiebelealbeanfnenfonourrurasaaallllrolreoeofpfpfottohtrhhrte.tee. Georgia National Guar
the GMPF.

IInnoouurrooppininioionnththeevvaaluluaatitoionnisisccoommppleleteteaannddaaccccuurraatete,,aannddththeemmeeththooddoolologgyyaannddaasssuummpptitoionnssuusseeddaarreerreeaassoonnaabbleleaassaabbaassisisffoorrththeevvaaluluaatitoionn..

SSinincceeththeepprreevvioiouussvvaaluluaatitoionn,,ththeeaasssuummeeddininteterreessttrraatetehhaassbbeeeennininccrreeaasseeddffrroomm77.2.255%%toto77.5.500%%aannddththeeaasssuummeeddMrraateteessmoofbfssaealralarsryhyiinnpccrreeaasseehhaavvee

bbeeeenncchhaannggeeddffrroomm55.7.755%%toto66.0.000%%..TThheevvaaluluaatitoionntatakkeessinintotoaaccccoouunnttththeeeefffeeccttooffaammeennddmmeenntststotoththeeSSyysstetemmeennaaccteteddththrroouugghhththee22000044

sseesssioionnooffththeeGGeenneerraallAAssseemmbblyly,,aasswweelllaassththee11.5.5%%AAddHHooccCCOOLLAA''sseefffeecctitvivee

As of June 30, 2004 and 2005, GMP

ththrroouugghhJJaannuuaarryy11,,22000066..

currently receiving benefits. Active an

TThheeaacctutuaarriaiallaasssuummpptitoionnsswweehhaavveerreeccoommmmeennddeeddaannddaaddooppteteddbbyyththeeBBooaarrddaarreeininththeeaaggggrreeggaateterreeaassoonnaabblylyrreelalateteddetotmothtpheeleoexyxppeeerrri,eientnchceeeuunGnddeeerorthtrhegeia Department of D

SSyysstetemmaannddtotorreeaassoonnaabbleleeexxppeecctatatitoionnssooffaanntitcicipipaateteddeexxppeerrieienncceeuunnddeerrththeeSSyysstetemm..TThheeaasssuummpptitoionnssaannddmmeeththooddssuusseeddffoorrffuunnddininggppuurrppoosseess

mmeeeettththeeppaarraammeeteterrsssseettffoorrththeeddisiscclolossuurreesspprreesseennteteddininththeeffininaanncciaiallsseecctitoionnbbyyGGoovveerrnnmmeenntatallAAccccoouunntitninggSStatannddaarrddBssBeBonoaaerrdfdi(t(GGsAASSBB))SStatatetemmeenntt

NNooss..2255aanndd2277..TThheeffuunnddininggoobbjejecctitviveeooffththeepplalannisisththaattccoonntrtribibuutitoionnrraatetessoovveerrtitmimeewwilillrreemmaaininlelevveellaassaappeerrcceennttooffppaayyrrooll.l. TThheevvaaluluaatitoionn
mmeeththoodduusseeddisisththeeeenntrtryyaaggeennoorrmmaallccoossttmmeeththoodd..TThheennoorrmmaallccoonntrtribibuutitoionnrraatetetotoccoovveerrccuurrreennttccoosstthhaassbbeeeennddeeteterrmAminineemddaeassmaalbeleveverellpbpeererccceeonntmtoofef s eligible for bene

ppaayyrrooll.l.GGaaininssaannddlolossseessaarreerreeffleleccteteddininththeeuunnffuunnddeeddaaccccrruueeddlilaiabbiliiltiytywwhhicichhisisnneeggaatitviveeaannddbbeeininggaammoorrtitzizeeddaassaalcelevrveeeldlppieterarccbeenlntetoofsfepparayvyriroocllel (including at least 15

wwitihthininaann1111--yyeeaarrppeerrioiodd..

served at least 10 consecutive years a

TThheeRReetitrireemmeennttSSyysstetemmisisbbeeininggffuunnddeeddininccoonnffoorrmmitiytywwitihthththeemmininimimuummffuunnddininggsstatannddaarrddsseettffoorrththininCCooddeeSSeecctitoiondn4i47s7-c-22h00-a-11r0g0oeoff,thtaheneOdOffhficiaciaivalling received an honor
CCooddeeooffGGeeoorrggiaiaaannnnootatateteddkknnoowwnnaassththeePPuubblilcicRReetitrireemmeennttSSyysstetemmssSStatannddaarrddssLLaaww.. IInnoouurrooppininioionn,,ththeessyysstetemmisisooppeerraatitninggoonnaannaacctutuaarriaiallyly
ssoouunnddbbaassisis.. TThheeffuunnddmmeettththeemmininimimuummffuunnddininggsstatannddaarrddssffoorrththeeffisisccaallyyeeaarreennddeeddJJuunnee3300,,22000044.. AAsssuummininggththaattTccohonnetrtribirbueuttitioiornenssmtotoethtnheetSSayylssltetoemmwance is payable for aarreemmaaddeebbyyththeeeemmpploloyyeerrffrroommyyeeaarrtotoyyeeaarrininththeeffuututurreeaattththeerraatetessrreeccoommmmeennddeeddoonnththeebbaassisisooffththisisaannddssuucccceesssivieveaeacachctutuayarreiaiaallrvvaoalulfuaatcitoironensds,,tihtthaeeble service in excess
ccoonntitninuueeddssuuffficicieiennccyyooffththeerreetitrireemmeennttffuunnddtotopprroovvidideeththeebbeenneeffitistsccaalleleddffoorruunnddeerrththeeSSyysstetemmmmaayybbeessaaffeelylyaanntitcicipipaatetedd..

TThhisisisistotocceerrtitfifyyththaattththeevvaaluluaatitoionnwwaasspprreeppaarreeddininaaccccoorrddaanncceewwitihthpprrininccipiplelessooffpprraacctitciceepprreessccrribibeeddbbyyththeeAAcctutuaaCrriaioallnSSttatarnniddbaarurddstsiBoBonoaasrrdd,a,anannddd Vesting otphotprfharfoatotvhttvhtiehtsiehsieSoieSoyanyanscssctstetutoeuomafmafrt.riht.aihaelelcrcreaeatlitclricureuelmalmateiteoinonntntssssywywssteeteremremepapeanerndrfdfooorormnmnaeaecdcdtutbubayayrriqaiqualulaaalasilsfifsiueiuemdmdpapatcitctoiutounanasrsriteihteshasaitnitanararaececcicnionotretrdedrarnannanaclcleyleywcwcoitoinhtnhsasiasicsctcetceenenptpttaetaendndddaacrcreteutauasasaororinainaalalbpbplrylroyocbcbeaeadsdseuETeudrdremreosuosn,pn,sbtbtlahteahoseseeeyeadsadcec.otroutnTunacatlhhtloeheeexenxrcpctpeueruerrirriabreeieernnunnectctteienoonsmaerme baecrtucaorniatrlilbyud

SSinincceerreelyly,,
KKeerrryyNN..SScchhmmididt,t,FF.S.S.A.A.,.,EE.A.A PPrrininccipipaal,l,CCoonnssuultlitninggAAcctutuaarryy

CCaaththeerrinineeGG..TTuurrccoott DDirireecctotorr,,RReetitrireemmeenntt

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

KKNNSS/C/CGGTT:s:shh

22000055--EEmmpploloyyeeeess' 'RReetitrireemmeennttSSyysstetemm 14

2005 - Employees' Retirement System of Georgia

ACTUARIAL SECTION VALUFAINTAIONNCIBAALLSAENCCTEIOSHNEET
NGOeToErSgiTaOJuFdIiNciAaNl RCeIAtiLreSmTeAnTt SEyMstEeNmTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

Employer:
NAoccrmru-aealdslioabfiJliutyne 30, 2004 -
Total

20.33% (16.48)
3.85%

ACTUARIAL LMIAemBbILeIrTsIEbSecome vested after ten years of creditable service. Upon termination of employment,

member contributions with accumulated interest are refundable upon request by the member. Present value oHf porwosepveecrti,viefbaenneofitthseprawyiasbelevoensted member terminates and withdraws his/her member contributions, account of: the member forfeits all rights to retirement benefits.

(1) Present retired members and beneficiaries of deceased members, and memberTsheenteitmlepdltooydeerfcerornedtrivbeusteiodnbsenaerefitpsrojected to liquidate the actuarial accrued funding$exces6s6w,8i8th7,i7n2131

(2) Presentylaieacabtirivslei,tmybaepmsaeybdmerusepnot nincthreeasaecstu4a.r0i0al%veaalucahtiyoenara. t June 30, 2004, assuming that the amount22o0f,7a2c1c,8ru7e3d

(3) TOTAL ACTUARIAL LIABILITIES

$ 287,609,596

(e) The GMPF is a single employer defined benefit pension plan established on July 1, 2002 by the

Georgia General Assembly for the purpose of providing retirement allowances and other benefits for

PRESENT ANmtDheePmGRbMOerPSsFPo.Ef CthTeIVGEeoArSgSiaENTSational Guard (National Guard). The ERS Board of Trustees administers

(4) Actuarial Value of Assets:

$ 250,313,000

Membership

(5) Present value of total future contributions = (3) (4)

$ 37,296,596

As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively,

(6) Presentcvuarlrueenotlfyfurteucreeimvienmgbebrecnoenftirtisb.utAiocntsive and inactive plan member information is maintain2e6d,28b3y,8o4n8e

(7) Presentevmalpuleooyfefru, ttuhree GemeoplrogyiaerDcoenptarribtmuteionntso=f D(5e) fen(6s)e.

$ 11,012,748

(8) EmployBerennoerfmitasl contribution rate

19.25%

(9) PresentAvalmueeomfbfeurturbeepcaoymroelsl (1el%ig)ible for benefits upon attainment of a$ge 603, ,3w6i7t,h44280 or more years of

(10) Prospecctirveedintoarbmlealsceorvnitrciebu(tiinocnlsu=di(n8g) xat(9le)ast 15 years of service as a member of the National Gua6r4d,)8,2h3a,3v7in4g served at least 10 consecutive years as a member of the National Guard immediately prior to

(11) Prospecdtiivsechuanrfguen,daedndachtuaavriinagl arceccreuievdeldiaabnilihtyoncoonratrbibleutdioisncsh=ar(g7e) fr(o1m0)the National Guard.

(53,810,626)

(12) TOTALTPhReErSetEirNeTmAenNtDalPloRwOaSnPcEeCiTs IpVaEyaAbSleSEfoTrSlife in the amount of $50 per month, plus $$5 pe2r87m,6o0n9t,h59f6or each year of creditable service in excess of 20 years. The maximum benefit is $100 per month.

Contributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System

2005 - Employees' Retirement System of Georgia

15

AACCTTUUAARRIIAALLSSEECCTTIIOONN
SSUUMMMMAARRYYOOFFPPRRIINNCCIIPPAALLRREESSUULLTTSS
GGeeoorrggiaiaJJuuddiciciaiallRReetitrireemmeennttSSyysstetemm

FINANCI NOTES TO FINA

Employer contributions required for fi 2002 actuarial valuation as follows:

VVaaluluaatitoionnDDaatete AAcctitviveemmeemmbbeersr:s:
NNuummbbeer r AAnnnuuaal lccoommppeennsasatitoionn
RReetitriereddmmeemmbbeersrsaannddbbeenneefifciciaiarireies:s: NNuummbbeer r AAnnnuuaal laalllolowwaanncceess
AAssesetst:s: MMaarkrkeet tVVaaluluee AAcctutuaariraial lVVaaluluee
UUnnfufunnddeeddaacctutuaariraial laacccrurueeddlilaiabbiliiltiyty
AAmmoortritzizaatitoionnPPeeriroiodd

--aassooffJJuunnee3300,,22000044--
JJuunnee3300, ,22000044

JJuunnee3300, ,22000033

Employer: Normal Accrued liability
Tota

445511 $$ 4400,9,90088,3,30033

$$Mmeemm3bb38e8e,8r,r86s67c7,bo43,en4329c29t5ro59imbuetiovnesstewd itahftearccteunmuyleaat However, if an otherwise vested memb

the member forfeits all rights to retireme

11555

115500

$$ 77,6,69977,9,94433 $$The e7m7,3,p34l46o6,y1,1e44r11contributions are projecte

years, based upon the actuarial valuati

$$ 223399,9,95577,0,000

$$liab2i2li20t0y,5,58p85a5,y0,0m0e0nt increases 4.00% each y

225500,3,31133,0,000 (e) The223G377,M6,68P833F,0,0i0s0a single employer defin $$ (5(533,8,81100,6,62266)) $$Geo(r5(g511i,a8,85G588,e1,n122e7r7)a)l Assembly for the purp

111yyeeaarsrs

mem1b1e1rysyeeaoarfsrsthe Georgia National Guar the GMPF.

FFoorrFFisisccaal lYYeeaarrEEnnddiningg AAnnnuuaal lrereqquuiriereddeemmpploloyyeerrccoonntrtirbibuutitoionnraratetess(A(ARRCC):):
NNoormrmaal l AAcccrurueeddlilaiabbiliiltiyty
TTootatal l

JJuunnee3300, ,22000077
1199.2.255%% (1(155.4.400) )
33.8.855%%

JMJuuenmneeb33e00r, s,2h20i00p055**
As of June 30, 2004 and 2005, GMP current1ly199.7r.70e0%c%eiving benefits. Active an employ(1(e15r5.,8.t85h5)e) Georgia Department of D
Benefits33.8.855%%

**TThheeAARRCCwwililllaalslosobbeeppaayyaabblelefoforrfifsicscaal lyyeeaarreennddininggJuJunnee3300, ,2200066, ,dduueetotoaaBBooaardrdAddeecmcisieisoimonnbtehtrhaatbtcechchaoanmnggeeesss eligible for bene

ththeeccoonntrtirbibuutitoionnppeeriroioddtotowwhhicichhththeevvaaluluaatitoionnaappplileiesstotoththeefifsicscaal lyyeeaarrwwhhicichhbbeeggininscsr2e24d4itmamboonlenthtshesravaftfietcerert(htihenecluding at least 15

vvaaluluaatitoionnddaatete. .

served at least 10 consecutive years a

discharge, and having received an honor

The retirement allowance is payable for each year of creditable service in excess

Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2020505- -EEmmplpolyoeyese'sR' ReteitriermemenetntSySsytsetmem 16

2005 - Employees' Retirement System of Georgia

AACCTTUUAARRIAIALLSSEECCTTIOIONN AACCTTUUAARRYFY'IS'NSCACENERCRTITIAFILFICISCAEATCTITOIIOONNNLLEETTTTEERR
NOGTGrEorSouuTppOTTeFerImrNmALLiNfieCfeInAInsLusurSarTanAncTceEePMPlalEanNnTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30,

2002 actuarial valuation as follows:

202000GGalalellreiariPaaPrakrwkwaya,yN, NWW SuSiuteite19109000

Employer:

AAtlatlnatnat,aG, GAA303303393-95-9549545

Normal

20.33%

JuJnuen8e,82,0200505

Accrued liability

(16.48)

BoBaoradrdofoTf rTursutesteeses

Total

3.85%

EmEmplpolyoeyeese' sR' eRteirteirmemenetnStySsytestmemofoGf Geoerogrigaia

TwTwo oNNorothrtshidsiMed7ee57m,5S,buSieuterits3e03b00e0come vested after ten years of creditable service. Upon termination of employment, AAtlatlnatnat,aG, GAA3m0330e13m818ber contributions with accumulated interest are refundable upon request by the member.

AAttettnetniotino:n:MMrHt.hrM.oeMwicmihecaehvemaelerNbl,Neehireffh,ffaEo,nxrEfexecoeuitctthusivteiaevrlwDel Diirrsieigercethcovttrosersttoedretmireemmbenert

terminates benefits.

and

withdraws

his/her

member

contributions,

MMemembebresrosfotfhtehBe oBaoradr:d:
The employer contributions are projected to liquidate the actuarial accrued funding excess within 11
WWe heahvaevbeebeeneyneeneagnragsga,egdebdbaybsyethdtehBeuoBpaooradnrdoftohTferTursautcestetesuetasortoiparpolrvovivdaiedlutehatehtJeiuoJnnuen3ea0t3,02J,0u20n040e4a3cat0cut,aurai2ar0ilav0lav4lau,lautaaiostisnounomfotfihntehgGe GetoheroagrtigaitEahmEemplapomlyoeyoeeuse'nsG'tGrooruofpuapccrued TeTremrmLiLfeifIenIsnulsiruaarnbacinelciPetylPalnpa.na.WymWe eheanhvtaevienncecnrlcoelsaoessdeed4s0440b.o0buo0nu%dndcoecpaoicpehiseasynaednadorno.enuenubnobuonudndcocpoyp.y.

ChCahpatpe(trees)r4s74-72-T2anhadned47G4-71M-919oPfoFtfhteihsCe oCadoesdioenfogGflGeeoereogrmigaipwalwhoihycihechrgogdvoeevrfenirnnthetehdoepobepereanrtaieotfinoitnofoptfehtenhsGeiGeooenrogripgailEaamnEmpelposlytoaeyebesel'isGs'hGroerudopupToenTremrJmuLliLyfeif1Ien,Isnu2sru0arn0acn2eceby the PoflPoarflneargnpeurgplouarvloraivdirnieditnetehtrGetahrsteeattsotahttrneahgdnaeidctaahtcutehGtauteraaeytbranylsbehelssaerhllsaaallllsmaltAsmaatkdsaaeoksdpepeotepmeprtdeiebordbidloyybidcytihfvcteoahvlrBeauloaBtuhtaoairoetadinropdsonfuosoTfrfoprtTfhuorteshustceesetoecesnooe.tsnfi.nWtipgnWeergnoheetvnahavtiasdeasvseisesntuessgbtuasmbnramdientttdiletiitdarleibedatihmblteiihtleireietenisrpeteosopafrootltfrhlgtoteihgvwIeinvnIasignnunsgtruchatreenhacsreneecrasPeeunsllPaudtslnlatoosnoftnoohtfhntehtehterheebbabesaniseisfits for vavlaulautaiotinonofotfhmtehPeelPmalnabnperperrspeaporaefrdetdahsaeosfoGJfueJnuoenr3eg03i,a02,0N200a40t.4io.TnhTeahlreeGrpeopurotarirtndidnidc(iaNctaeatsettishotahntaaetmlemGplpoulyoaeyreedce)o.cnoTtnrihtbreiubtuiEotinRosnSastaBtthtoeharearrtdaetoeofof0f.T05.0r5u%0s%otefoeafscatciavtdievme inisters papyaryorlol lflofroOr OldtlhdPelPalnGanmMmemPemFbe.bresr,sa,nadnd0.02.52%5%ofoafcatcivtievpeapyaryorlol lflofroNr NewewPlPalnanmmemembebresrasnadndmmemembebresrosfotfhtehLe eLgeigsliasltaivtievRe eRteirteirmemenetnt
SySsytestmemaraerseusfufifcficeinetnttotosuspuppoprotrtthtehbeebneenfeitfsitosfotfhtehPelPalna.n.NNo oememplpolyoeyrecrocnotnritbriubtuiotinosnasraerreerqeuqiureirdedfofrotrhtehfeisfcisaclayleyaeraernednidnigngJuJnuen3e03,0,
2020070.7. Membership

SiSnicnectehtehperperveAivoiusosuovsafvlaulJauutaiontinoe,nt3,ht0eh,aesa2ssu0smu0me4dedianitnnedtrerset2sr0tar0tae5the,ahsaGbseMbeenePniFnicnrcheraaesadesded1fr0ofrm4om7a.72n.52d%5%6to1to7r.75e.0t5%i0r%e, ew,swithiathancadocrorberresepnsopenofdniicdnignagirniicenrsce,raesareseoesfopfectively, 0.02.52%5%ininthtehaecsaussursmruemendetdslayslalrrayerysccesacilvaelifenofgroEr bREeSRnSmemefmietmsb.ebresArasctatatilval laelgaeagsenusdnudniednrea6r0c6.t0i.TvheTehpvealvalaunlautaimotinoentmatkabekseeisrnitnointoafcoaccrocmuonuatntttihotehnefefiefsfcetcmotfoaafilnal ltlained by one amamenednmdmenetnsttsoetmothtephlSeoySysyteesrtme,mtehneaencaGtcetdeedothrtrhgoruioaguhgDhthetehp2ea02r0t04m04seesnsestsiosoinofnoDfotfehtfeheGenGesneeen.rearlaAl Asssesmemblbyl.y.

TexhTepexhepaecectacatcutaitaoutrinaioasrnilaosaBlfsoasaefsunnsamtuniecmtpiftcpipiitaotpsitnaoestdneusdesuxeespdxeepdareireareinreiecnneicntuehtenuhdaenegdargegtrrhgetergheaPegtlaePatlnreae.nrae.IsanoIsnnooaunobraulbyorlpyoriepnrlieanoltiaenotd,entdt,hotethothPetelhPaelnaxenipsxeiposreipoereinperceanertcainuetignnudgnoednorenatrhnatehnaPecatlPcuatlnauarnaaiarnaildalnyldtloystoorsueornauesdnaosdbnoaabnsbaailsbeilasenadndthtehe susfufifcficeinecnycyofoAtfhtehmfeufneudmnsdbtsoetoprrpobrvoeivdciedotemhtehebesebneeenfleiitfgsiticsbacllaleelldefdfoofrrobrbybeythnteehPefilPtaslnanmumapyoaybnebseaatsftaeafleyilnyamnatniectnicptiaptoaetdfe.da. ge 60, with 20 or more years of SiSnicnecrerleylyoyuorcusrr,es,ditable service (including at least 15 years of service as a member of the National Guard), having
served at least 10 consecutive years as a member of the National Guard immediately prior to discharge, and having received an honorable discharge from the National Guard.

KKereryrryNN. S.cShcmhTmihdited, tF,r.FeS.t.SAir.A.e,m.E, .EeA.nA. t. allowance is payable for life in the amoCuaCtnahtehroeinrfien$Ge5G.0T. uTprucerorctomt onth, plus $5 per month for PrPinricnicpiapla, lC, oCnoesnauslcutihlntignygAeaActrcutaourfayrcyreditable service in excess of 20 years. ThDeDirmeirceatcoxtro,irmR, eRuteimrteirmebmeenentnetfit is $100 per month.
KKNNS/SC/GCGT:Tsh:sCh ontributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2020050-5E- mEpmlpolyoeyeese' sR' eRtierteirmeemnetnStySsytesmtem

2005 - Employees' Retirement System of Georgia

17

ACTUARIAL SECTION
VALUATION BALANCE SHEET
Group Term Life Insurance Plan

FINANCI NOTES TO FINA

Employer contributions required for fi 2002 actuarial valuation as follows:

- as of June 30, 2004 -

Employer: Normal Accrued liability

Tota

ACTUARIAL LIABILITIES (1) Present value of prospective benefits payable on account of present retired members (2) Present value of prospective benefits payable on account of present active members (3) TOTAL ACTUARIAL LIABILITIES
PRESENT AND PROSPECTIVE ASSETS

$Mmeemmbbeer3rs0c8bo,5en4ct9ro,i9mb8ue4tiovnesstewd itahftearccteunmuyleaat Howeve3r9,8i,9f2a1n,14o5therwise vested memb $the mem7b0e7r,4f7o1r,f1e2i9ts all rights to retireme
The employer contributions are projecte years, based upon the actuarial valuati liability payment increases 4.00% each y

(4) Actuarial value of assets (5) Present value of future member premiums (6) Present value of future employer contributions

(e) $The GM87P1F,0i0s4,a00s0ingle employer defin Georgia G72e,n19e5ra,5l5A2ssembly for the purp members of the Georgia National Guar the GMPF4.,437,653

(7) Total present assets and present value of future employee premiums and employer contributions

$Membe9r4sh7,i6p37,205

(8) Actuarial Deficit (9) TOTAL PRESENT AND PROSPECTIVE ASSETS

As of (J2u4n0e,13606,,07260)04 and 2005, GMP currently receiving benefits. Active an $employe7r0,7t,h4e71G,1e2o9rgia Department of D

Benefits
A member becomes eligible for bene creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor

The retirement allowance is payable for each year of creditable service in excess

Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

22000055 -- EEmmppllooyyeeeess'' RReettiirreemmeenntt SSyysstteemm 18

2005 - Employees' Retirement System of Georgia

AACCTTUUAARRIIAALL SSEECCTTIIOONN SSUUMMMMAAFRRIYYNAOONFFCPPIRRAIILNNCSCEIIPPCAATLLIORRNEESSUULLTTSS
NOGGTrrEooSuupTpOTTeeFrrmImNLALiNiffeeCIInAnssLuurSraaTnnAccTeeEPPMllaaEnnNTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

EmNpolorymea-r-l:aass ooff JJuunnee 3300,, 22000044 --
Accrued liability

20.33% (16.48)

VVaalluuaattiioonn DDaattee

Total
JJuunnee 3300,, 22000044

3.85%
JJuunnee 3300,, 22000033

AAcMmHcttiioeNAveNAvmwemeununmmnebmmnbuvueebeebaearmermellrsrrcb,cbcoeobeoimrfmrenss:cp:atproeneinmnbssouaeatttthiiioovoennenrwssteiswdeitavhfetesatrcecdteunmmeuy$$mleaabtreesdr22o,t,4ife4n4r4tcm99er,,r0ei0en72d72sa212i1ttt,,,,30ae30a18bs18r69l69eaensrdeerfwvuiin$$tcdhead.brUale2w2p,,4s4ou99nph22o,i,9ts9ne72/72rh3434mer,,,,40e40ri62q6n2m333u3ateeisomtnbbeoyrf

employment, the member. contributions,

RRetehttiirereedmdmmemeemmbbebererrfsso::rfeits all rights to retirement benefits.

NNuummbbeerr

2244,,335533

2233,,009933

TIhInnessuuerrmaannpccleeoayammerooucunonttntributions are proje$$cted to88l99i4q4,,u55i77d44a,,8t8e1100the actu$$arial a8c81c11r1u,,22e88d11,f,66u22n99ding excess within 11

AAsylsisseaMeMeabttssraia:s:lrrik,kteyebttapVVsaaeayllduumeeuepnot nincthreeasaecstu4a.r0i0al%veaaluc$$ahtiyoenara8.8t4433J,u,99n44e77,,0300000,0

2004, assuming that the

$ $

778822,,779911,,000000

amount

of

accrued

(e) TAhAeccttuuGaarMriiaaPllVFVaaillusueea single employer defined b88e77n11e,,00f0i0t44,p,00e00n00sion plan esta88b33l11i,s,99h99e55d,,000o000n July 1, 2002 by the AAcGcttuueaaorririagalliDaDeGeffiieccniitteral Assembly for the pu$$rpose((o224f400p,,1r1o66v66,i,0d077in66)g) retire$$ment (a(11l9l9o66w,,337a79n9,c,55e22s66)a)nd other benefits for

members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

the GMPF. FFiissccaall YYeeaarr EEnnddiinngg

JJuunnee 3300,, 22000077

JJuunnee 3300,, 22000055**

CCoMonntterrimibbuubttieioornnsrhraaittpeess::

AOsOlldodfPPllaJanunnMMeee3mm0bb,eer2rss004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively,

curreEEnmtmlyppllooryeyeceeeeiving benefits. Active and inacti0v0..e5500p%%la**n** member inform00a..5t5i00o%%n**i**s maintained by one

emplEoEmymepprll,ootyyheeerr Georgia Department of Defense. 00..0000

00..0000

TToottaall

00..5500%%

00..5500%%

BNeNneewewfiPPtlslaann aanndd LLRRSS MMeemmbbeerrss

A mEeEmmpbplelooryyeebeeecomes eligible for benefits upo0n0..22a55t%%tainment of age 60,00..w2255i%t%h 20 or more years of

crediEtEammbplpelloosyyeeerrvice (including at least 15 years of00s..00e00rvice as a member of00t.h.00e00National Guard), having

served aTTtootltaeallast 10 consecutive years as a me00m..22b55e%%r of the National G00..u225a5%r%d immediately prior to

discharge, and having received an honorable discharge from the National Guard.

** The rEEemtmirppellomoyyeenrrtccooannllttroriiwbbuuattinioocnnerraiastteepssappyaayayababblelleefffoorrtlthihfeeeffiissnccaatlhlyyeeeaarmreeonndudininntggoJJfuunn$ee530300p,,2e20r000m66,o,ddnuutehe,ttoopalauBBsoo$aar5rddpddeercciimssiiooonnnth for each tythheaaattrcchohafanncggreeessdttihhteaebcclooenntstrreiibrbvuutiticiooennipnpeereriixoocddettsooswwohhfiic2chh0ttyhheeeavvraasll.uuTaatthiiooennmaappappxlliiiemessuttomo tthhbeeefnfiiesscfcaiatlliyyseea$arr1w0w0hhiicpchherbbemeggoiinnnssth224.4 mmoonntthhss aafftteerr tthhee vvaalluuaattiioonn ddaattee..
**** Cont0r0.i.22b55u%%tipopanaiisddabbynydeemmVppellosoytyieenrr.g.
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

22000055 -- EEmmppllooyyeeeess'' RReettiirreemmeenntt SSyysstteemm

2005 - Employees' Retirement System of Georgia

19

ACATCUTAURAIRAILASLESCETCITOINON
ACATCUTAURAYR'YS 'CSECRETRITFIFCIACTAITOINOLNELTETTETRER
GeGoerogriagiMa iMlitialirtayrPyePnesniosnioFnuFnudnd

FINANCI NOTES TO FINA

20A02tE2lG0aA0m0na0tltlGlapa2e,narlGilotaalaeAyc,PrtGeiaua3rrA0SakP3uwrca33iiro0atSa9keyn3ul-w,513itvatNr99eyia40-Wb,515l0Nu99u40atW5i0toionns

required for as follows:

fi

JuneJu1n5e, 1250,025005
BoaBrdoaorfdTorfusTtreuestees GeoGrgeioarMgiailiMtairlyitaPreynPsieonnsiFounnFdund TwoTwNorNthosridthes7id5e, 7S5u,itSeu3i0te0300 AtlaAntlaa,nGtaA, G3A033108318
AtteAnttieont:ioMn:r.MMri.cMhaieclhNaeelhNf,eEhxf,eEcuxteicvuetDiviereDcitroerctor
MemMbeemrsboefrsthoef BthoeaBrdo:ard:

Employer: Normal Accrued liability
Tota
Members become vested after ten yea member contributions with accumulat However, if an otherwise vested memb the member forfeits all rights to retireme

WeWhaevehabveeenbeeenngaegnegdagbeydtbhye BthoeaBrdoaorfdTorfusTtreuestetoesptroovpirdoevtihde EncElonsceldosaerde 4ar0eb4o0ubnoducnodpiceospaiensdaonndeounnebuonubnoducnodpyco. py.

tJhueneJu3n0e,

320,0240a0c4tuaacrtiuaal rvialuvaatliuoantioofnthoef

GtheoGrgeioarMgiailiMtaTirlyihtaPereynePsimeonnpsiFoluonnyFdeu. nrdc. ontributions are projecte years, based upon the actuarial valuati

SectSioecnti4o7n-2447--2224-o2f2thoef ltahwe lgawovgeronvienrgnitnhge othpeeroapteiorantioofnthoef GtheoGrgeioargMiailiMtairlyitaPreynPsieonnsiFounnFdupnrdovpirdoevsidtheasttthhaet athcetuaacrtyuashrylailsalhbmailallkimetyapkeperiapoedyriimcodeicnt increases 4.00% each y

valuvaatliuoantsioonfsthoef cthoentcionngteintgaesnsteatssaentsdalniadbliilaitbieilsitoiefsthoef RthetiRreemtireenmt FenutnFduonndtohne bthaesibsaosfisreogfurleagruilnatreirnetsetraensdt atnhde tahbelteasbllaesstlaadsot padteodpbteydtbhye the

BoaBrdoaorfdTorfusTtreuest.eWese. Whaevehasvuebmsuibttmeditthede rthepeorretpgoirvtignigvitnhge rtheseurletsuolftsthoef athcetuaacrtiuaal rvialuvaatliuoantioofnthoef FthuenFdupnrdeppar(reeepd)araesdoafTsJuohnfeeJu3Gn0e,M320P,024F0. 0Ti4sh. eTahesingle employer defin

rowefeptohrrowereeftlepiFtieohnruderedtnlioiFidcennu.addtndeTiodcasnh.attaetdheTpJaashurtttaoenahvepnJaiurtd3aonae0nvend,nid32uabe00nayd,l0nt2e5ubhm0ayevl0paDte5hllmuoeevayfpaDetelilnuoroesanycfeetoeiwnoDrnsnitceelrolipwbDndauiterelrtttlipimebodaruneemrttntimoeiotnrf.neme$nWo1tithnf.,h0ee$Wi0l1cte5ho,h0,enn0i0oltc9er5ot9i,bnnv0fuote9ortrt9iriibovftfyunehoitrenrifiofogftynhrisidentfchaogafterilasdftycahaieasttealcatrahfyaileeestynacstreahdoaleieunrynrsgecedoneaiJun,rdurgwiecnnneeJeg,du3pwiJnn0eueeg,rnf32peoJ00eur3,0rmnf027eoe,0rid320ms007tree,0eisd28qst0.sutre0iefIsr8oqnet.rsudpGmicfIrrtooneoerenepdpsscoamrutioreosrpinptnbgpessagunoieirspacritrtnthypesgteGnohacrvteonthyeadfbtelnhaueventenaahdtebrlifeuoeainantlste,GiAfoinetss,osregmiablNyaftoior nthale

purp Guar

reasroenaasbolneanbelsesn.eOssu.rOfiurrmf,irams ,aacstuaacrtyu,airsyr,eissproenspsiobnlesifboler afollroafllthoef athcetuaacrtiuaal rtiraelntdrednadtadiantathine fthineafnicniaanlcsieacltsioecntioofnthoef athnenuatnahlnerueapGlorreMtpaonPrdtFatnh.de the

suppsuoprtpinogrtisncghesdcuhleedsuilnesthine athcetuaacrtiuaal rsieacltsioecntioofnthoef athnenuanalnrueaplorretp. ort.

In oIunroouprinoipoinnitohne tvhaeluvaatliuoantiiosncoismcpolmetpelaentedaancdcuarcactuer,aatned, atnhde tmheetmhoedthoolodgoyloagnydaansdsuamssputmiopntsiounssedusaerde arereasroenaasobnleabasleMaabsaeasmibsafbsoiesr rtfhoserhthipe

valuvaatliuoant.ioSni.ncSeinthcee tphreevpiroeuvsiovuasluvaatliuoant,iothne, tahsesuamsseudmiendteirnetsetrreastterhataeshbaesenbeienncrienacsreedasferodmfro7m.257%.25to%7t.o507%.50a%ndatnhde beenbereendurecdeducferodmfro4m0 t4o03t0oy3e0aryseianrsaicncoarcdcaonrdceanwciethwGithAGSBAS25Ba2n5da2n7d. 27.

tahAmeosarmtiozoafrttiiozJanutipnoeneripo3ed0riho,ads2h0as04 and 2005, GMP currently receiving benefits. Active an

TheTFhuenFduinsdfuinsdfuedndoendaonnaacntuaacrtiuaal rrieaslerrevseerbvaesibsa. sTish. eTahcetuaacrtiualaraisasluamssputmiopntsiorencsormecmomenmdeedndbeydtbhye athcetuaacrtyuaarnydaanddopadteodpebtmeydptbhlyeoBtyhoeeaBrrd,oaathrrdeeianrGethieneothregia Department of D

aggraegggarteegraetaesroenaasbolnyabrelylarteedlattoedthtoe ethxepeerxipeenrcieenucneduerndtheer FthuenFduannddatnodretoasroenaasbolneaebxlepeecxtpaeticotantsioonfsaonftiacniptiactiepdaetexdpeerxipeenrcieenucneduerndtheer FthuenFdu. nTdh.eThe

assuamssputmiopntsioannsdamndetmhoedthsoudssedusfeodr ffuonrdfuinngdipnugrppousrepsomseesemt teheet pthaerapmareatmerestseertsfsoert tfhoer dthisecdloissculroessupreresspernetseednitnedthine fthineafnicnBiaanlecsnieaceltsfioeincttsiboyn by

GovGeronvmerennmtaelnAtaclcAoucncotiunngtiSntganSdtaarnddsaBrdosaBrdoa(GrdA(GSBA)SSBta)tSemtateenmt NenotsN. 2o5s.a2n5da2n7d. 2T7h.eTfhuendfuinngdionbgjeocbtijvecetoivfethoef pthlaenpilsanthiasttchoant tcroibnutrtiibountiroantersates

overovtiemretimwiellwreilml raeimn laeivnelleavselaadsoalldaor lplaerr paecrtivacetmiveemmbeemr.beTrh. eTvhaeluvaatliuoantimonetmhoedthuosdedusisedthies ethnetreynatrgyeangoermnoarlmcoasltcmosettAmhoedthm. oTdeh.emTnhboeremnroarlbmealcomes eligible for bene

contcroibnutrtiibountiroantertaotecotovecrovcuerrrceunrtrceonsttchoasst hbaesenbedeentedremteinrmedinaesdaalsevaelledvoellldaor lplaerr pacetrivacetmiveemmbeemr.bGera.inGsaainnsdalnodssleossaseres accraucecdrulieadbliilaitbyilwityhiwchhiischbeisinbgeianmgoarmtizoerdtizaesdaalsevaelledvoellldaor lalmaroaumnot uwnitthwinithai4n0a-y4e0a-rypeaerripoedr.iod.

raercfelrereecftdeledictitanebdthlinee served at

uthsneefurunvndfiuecdnede(dincluding at least 15 least 10 consecutive years

a

TheTPheenPsieonnsiFounnFduinsdbeisinbgeifnugndfuedndinedcoinnfcoornmfoitrymwityithwtihthe mtheinmiminuimmufumndfuinngdisntagnsdtaarnddaserdt fsoertthfoirnthCiondCeoSdeectSioecnti4o7n-2407--1d200i-so1cf0hthoaefrOtghfeefiO,cifaaflnicCdiaoldhCeaovdeing received an honor
of GoefoGrgeioaragnianoantantoedtaktendokwnnowasnthaes PthuebPliucbRliectiRreemtireenmt SenytstSeymstseSmtasnSdtaarnddsaLrdaswL.aIwn .oIunr oouprinoipoinn,iothne, FthuenFduinsdopiseroapteinragtionngaonnaacntuaacrtiuaallryiaslolyunsodund
bbFaaussniibbFdssaa.uomssnAfiidssats.yhomsiAfubsamtesayhsnsiiubnsadmegfaesnsitulnhaydcgfacaestetunlchysctosaicacintevnitcpsertosiiacbaintviecutperdttuiai.baotaecunrdtitsuai.oatlonrvistaahltluoevaFtathliuuoenanFdtsiu,oantnrhdese,mactrhoeaendmtecioanbnduyteeitdnbhuyeseuetdfhmfesicupeiflemofniycpceilyeronyofcrefoyrtmhofrefoyrtmeheateiryrreteeomatiryreetenomatryFeienunatnrtFdhiunetnoftdhupettruoofruveptiruadotrevethtiahdeteerthbtahteeeenrsebarfteeientTecsseoarfchmeicatceslmholecmredayenlmfldeteoieeadrrdnreufdoonmeonrddfueteohrncnnedtrhteteehradethliletoawblaensceervisicpeaiynaebxlecefsosr

ThisTihsistoiscteortcifeyrttihfyatththaet tvhaeluvaatliuoantiwonaswparsepparreepdariendaicncoarcdcaonrdceanwciethwpitrhinpcriipnlceispolefsporafcptricaectpicreespcrreibscerdibbeydtbhye tAhcetAuacrtiuaCal rSioatalnnStdtraarnidbdsaurBdtosiaoBrdno,asarndad,nandd Vesting

tphraotvtphtirhsaoietovtanihscsietouoanafcsrttihuoaeafl rctriheaaetllicrcrueealmtlaictreuieonlmanttseFionuwntnesFdruweannepdrdeeraofnponderrmaofconetrudmaacbretiyudaalqbrauiysaaslqluiaufmisaeslpduiftmiiaeocpdnttusiaaoctrhntiuaseatstrhaiinraeetsaaiicnnrceteoairrcnndctaaoelnrrlnydcaeaclnwolycnietschiwosnatietschnicsteatepacnntcetdedparntaeedcadtsuroaeancartasiuaobalnlrypaiarbbollacypserebdodaucsoereedndEsu,torhmbeneasps,tahebnledoatisacoyeninpdetiatrcohtienepcdatcohtuenerdrtcerunirtbreunttions are actuarially d

expeexripeenrcieenocfethoef tFhuenFdu. nd.

Trustees. There are no member contribu

SincSeirnecleyr,ely,

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

KPreinrKPrcyrieipNnrarcyl.i,SpNCacol.h,nSmCsciuohdlnmtt,isniuFdgl.ttS,iAn.FAgc.tS.uA,.aAEcr.ty.Au, aE.r.yA. KNKS/NASB/:AshB:sh

ASelinsASiaoelrBinsCieaonorBnnCeestunotln,nteEastun.tAlt,t,Ea.An.Atc,t.uAacrtyuary

200250-0E5m-pElmoypeleosy'eRees'tiRreemtireenmt SenysttSeymstem 20

2005 - Employees' Retirement System of Georgia

ACATCUTAURAIRAILALSESCETCITOINON VAVLAULFAUINTAAITONINOCNIBAABLLASALENACCNTECIOESHNSEHEETET
NOGTEGeoSeroTgrOigaiFaMIMNiliAitlaNitraCyrIPyAeLPneSsniTosAinoTnFEuFMnudEnNdTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

ACATCUTAURAIARLIALLIALBIAILBIITLIIETSIES

Employer:
NAoccrmru-aelda-slaiaosbfiolJiftuyJnuen3e03,02,0200404- -
Total

20.33% (16.48)
3.85%

(1)(1) PrePsreenstenvMtalvueaemluobefeoprfrsopsrbpoeesccpoteivcmteievbeevnbeesfntietesfdiptsaaypfatebyrlaebtoleennoancycaeocaucronsut nootffopcfrerpesredenistteanbtle service. Upon termination of employment, retrireetidremdmemmeebmmebrbsers contributions with accumulated interest are refundable upon re$q$uest by48th468,e063,m03e0mber. However, if an otherwise vested member terminates and withdraws his/her member contributions,

(2)(2) PrePsreenstenvttahlveuaemluoeefmopfrbopesrproesfcpoterivcfteiivbtesenbaelflnietrsfigiptshaytpsabytolaebroleentioarneccmaoceucnout nobtfeopnfreepfsrieetns.tent

memmebmerbseersnteintlteidtletdo tdoefdeerfrerdrebdenbefnietsfits

2,222,252,352,323

The employer contributions are projected to liquidate the actuarial accrued funding excess within 11

(3)(3) PrePsreenstenvytaelvuaaerluso,ef obpfarospserpodescputeipvcoteivnbeetnbheefnietasfcipttsauypaarbyialelbolvenaoalnuccaoctiucoonnut noatftopfrJeupsrneeneste3n0t , 2004, assuming that the amount of accrued

actaivcteivmeelmimaebmeilrbisteyrspayment increases 4.00% each year.

9,994,934,739,7191

(4)(4) TO(TeT)OATLATALhCAeTCUGTAMURAPIARFILAisLLIaALIBsAiInLBgITLleIETeSImESployer defined benefit pension plan established$o$n Jul1y21,6,25,2655,01504,2144b4y the Georgia General Assembly for the purpose of providing retirement allowances and other benefits for members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers
PRPERSEESNETNATNtAhDNe PDGRMPORPSOFPS.EPCETCIVTEIVAESASSESTESTS

(5)(5) AcAtucatruiarlMiValeaVmluaeblueoerf soahfssiaepstsets

$ $ 1,215,205,000,000

(6)(6) PrePsreenstenvAtalvsuaelouofef ofJufutfnuureteu3ree0m,epml2op0yl0eor4yecroancnotdrnibtr2ui0btiuo0tn5ios,n=Gs(=M4)(P4)F(5)h(5a)d 104 and 61$re$1t1ir1,e41e0,s450,1a54n,14d44beneficiaries, respectively,

currently receiving benefits. Active and inactive plan member information is maintained by one

(7)(7) EmEpmlopyleoerymenropnrlmoryamlecaro,l ncthotrenibtGruibteiuootnriogrnaiatreaDteepartment of Defense.

$ $ 7.678.68

(8)(8) PrePsreenstenvBtalveuaneleuofefitofsuftfuurteurmeemmebmerbsehrisphispersveircveice

404,609,6898

(9)(9) PrePsreenstenvAtalvuameluoeefmofubftefuurrteubrneeocnromomramlecasol nceotlrniigbtruiibbtiluoetniosfno(7sr)(7xb)e(x8n)e(8fi)ts upon attainment of age 60, with 20 or m31o32r1,e526,51y6e1ars of creditable service (including at least 15 years of service as a member of the National Guard), having

(10(1) 0)PrePsreenstenvstaelvuraveleuodef ouafntufunlnefudanesdt ea1dc0carcuccerodunelsdiaeblciiaulbittiylvitceyoncyoterniabtrusibtiuoatnsiosna=s(=m6)(e6m)(b9)e(9r )of the National Guard imm1e1d1,i0a19t,02e9,l5y28,53p8r3ior to discharge, and having received an honorable discharge from the National Guard.

(11(1) 1)TOTTOATLAPLRPERSEESNETNATNADNPDRPORSOPSEPCETCIVTIEVAESASSESTESTS

$ $ 121,625,655,154,1444

The retirement allowance is payable for life in the amount of $50 per month, plus $5 per month for

each year of creditable service in excess of 20 years. The maximum benefit is $100 per month.

Contributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2002500- 5Em- Eplmopyeloeyse' eRse'tRireetmirenmteSnytsSteymstem

2005 - Employees' Retirement System of Georgia

21

AACCTTUUAARRIAIALLSSEECCTTIOIONN
SUMMSAURMYMOAFRPYROINFCPIRPAINLCRIPEASULLTS
GGeeoorgrgiaiaMMRilRiiEltiEaStaSrUyrULyLPTPTeSenSnsisoionnFFuunndd

FINANCI NOTES TO FINA

Employer contributions required for fi 2002 actuarial valuation as follows:

VValauluataitoionnDDataete

--aassoof fJJuunnee3300, ,2200044--
JuJunnee303,02, 0200404

JuJunnee303,02, 0200303

Employer: Normal Accrued liability
Tota

NNumumbebreor foafcatcivtievemmemembebresrsinicnlculdueddedininvavlaulautaiotinon
RReteirtierdedmmemembebresrs NNumumbebrer AAnnnunaulapl epnesnisoinosns
FoFromrmeremr memembebresrsenetnittlietldedtotodedfeefrerrerdedvevsetsetdedpepnesnisoinosns NNumumbebrer AAnnnunauladl edfeefrerrerdedpepnesnisoinosns
Assets AAscsteutasrial value MAacrktueat rviaalluvealue Market value
Unfunded accrued liability Unfunded accrued liability
Amortization period Amortization period

8,85,75373

Members 9b,9e9,c89o68m6 e vested after ten yea

member contributions with accumulat

4848

However, if a1n717otherwise vested memb

$ $

494,97,47040

$t$he memb1e81r,81f,2o102rf0eits all rights to retireme

$ $

383585 37317,11,61060

$Ty$ehaerse,mbp1al8s1oe98yd,926e,06r26u3006cp30oonntrtihbeutiaocntusaarriealpvroajleucattei

liability payment increases 4.00% each y

$

1,250,000 (e) $The GM6P09F,0i0s0a single employer defin

$ 1,12,8205,00,00000 1,280,000
$ 11,092,583 $ 11,092,583

G$ eorgia6G2660e,9n0,e00r00a0l Assembly for the purp $mt$heemGb1Me01r,0P4s,F864o828.f,689,,t309h703e07Georgia National Guar

30 years

40 years

30 years

Membe4r0shyeipars

Fiscal Year Ending

June 30, 2007

AsJuonfe J3u0n,e23005, *2004 and 2005, GMP

Fiscal Year Ending Employer contribution rate per active member
ENmorpmloayler contribution rate per active member ANccorrumedalliability
ATcoctarul ed liability Total
Annual required employer contributions (ARC) ANnonrmuaallrequired employer contributions (ARC) ANccorrumedalliability ATcoctarul ed liability

June 30, 2007

$ $

7.76.868

10190.95.656

$ $

11171.72.424

$

65,841

$

9396,52,58841

$

1,00953,90,92958

curJreunntley3r0e,c2e0iv0i5n*g benefits. Active an

employer, the Georgia Department of D

$ $

8.81.111

Benefits 818.10.808

$A$ membe8r98b.91e.91c9omes eligible for bene

$cs$erervdeitdabal8et8009s8lee,,096ar,869vs658tic6e10(inccolnusdeicnugtiavteleyaesat r1s5a $discharg8e98,00a,9n6,d5616h5aving received an honor

Total

$

1,005,099

$

890,651

The retirement allowance is payable for *Tc*hThaehnegAeARsRCthCewwcilolilnlatrlasiblosuotbioebneppapyearayiboalbdeletfoofrowrthhitechhefitfshicseaclavlyaleyuaearatireonnednaidnpignpgliJeuJsnuetnoe3t0h3,e0,2fi02s00c6a0,l6,ydeudaeuretwotohaicahBeBaobcaoerhagdriydndseeda2ceri4csoiismofinoconrntehthtdahsitattable service in excess

afctehranthgeesvatlhueatcioonntdriabtue.tion after the valuation date.

period

to

which

the

valuation

applies

to

the

fiscal

year

which begins 24 months Contributions and

Vesting

Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

20200505- E- mEpmlpolyoeyeese' sR' eRtierteirmeemnetnStySsytesmtem 22

2005 - Employees' Retirement System of Georgia

IINNVVEESSTTMMEENNTTSSEECCTTIIOONN FINANCIAL SECTION

NOTES TO FINANCIAL STATEMENTS POOLED INVESTMENT FUND POOLED INVESTMENT FUND

Employer contributions 2002 actuarial valuation

arse-q-fouaalislrsoewdoofsff:oJJruufnniseeca33l00y,,e2a2r000e0n55de--d

June

30,

2004

were

based

on

the

June

30,

Employer:

Normal EEmmppllooyyeeeess''RReettiirreemmeennttSSyysstteAemmccrued liability PPuubblliiccSScchhoooollEEmmppllooyyeeeessRReettiirreemmeennttSSyTysosttteeamml

20.33%

$ $

(1611.242,8,88)0011,,775500

3.8577%3388,,449911

LLeeggiissllaaMmttiiveevmeme bRbReeerertstiicrreboemenmcteroeinmbntuteStSioyvynessststeteemwmd itahftearccteunmuyleaatresd

of creditable interest are

sreerfvuincdea.bUlepounpotnermreiqnua22te7i7so,t,8n83b3o3y3f

employment, the member.

GGeeoorrggiiaHtahJoeJuwumddeieviccmeiiarba,lleiRrRf feeaotntriirfreeoeimtmthseeearnnlwlttirSsSigeyyhssvtttseeesmtmtoedretmireemmbenert

terminates benefits.

and

withdraws

his/her22m556e6m,,44b88e99r

contributions,

SSttaatteeEETymmehpapelrloseo,ymybeepeaelssose'y'dAeArusscpssouounnrrtaarntinhbcceueetiaDoDcneteusppaararireattmlmpvereoannjlteutcatteiodntoatliqJuunidea3te0,th2e0a0c4t,uaarsisaulmacincgruethdaftu8t8nh99de11in,a,8g8m11e7o7xucnetssofwaitchcirnu1ed1

GGeeoorrggiialaiaMMbiilililititytaarpryayyPPmeeennnsstiioionnncFrFeuuansnedds 4.00% each year.

22,,112244

SSu(uepp)eerriiooGTrrheCCeooroGguuirMarttGPJJuFeudndigegsreeasasl

RAsRiesnestgtieirlrmeeembmelmeyenpnftlotoFrFyutuehnrnedddp**eufripnoesde

boefnperfoitvipdeinnsgiorentiprelamnenetstaalbloliwshaendceosna11nJ,,1ud1l44oy0t01h,er2b0e0n2efbiyts

the for

members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

GGeeoorrggiiatahDeDeGeffMiinnPeedFd.CCoonnttrriibbuuttiioonnPPllaann

4433,,116611

Membership

$ $

1144,,776622,,880055

**TJpTJpuauhahnyneyeememSAceS3eum3uesu0nr0npprp,t,oetelse2sonf2rrf0yitf0iluoJe0uoy0unrr5nr,5ndCrdCteteehtehochdo3edeeueu0irGtrrtv,rhetheteir2nJrwooJwou0gruueugd0edgrbi4ggregaheeheenDtastDswDenweRfdReopeiotpeapesa2tara.taict0ircrmrrAtt0ettemimim5vecmvn,teeeeietenvGnnmonmtettMfteoeoFaDFmfPmfnuueAFdbAnbfneeddeddihnrnmrmsawssawdeicriarn.aetnesii1smivmss0cetcat4rlarloaioapintsnatsliieaiinvenvndnddegegomSoi6Sinnnen1eerDmtrDrvthvehbeieeticeceiccreFreeFeesmusemuiansnanbpfbdpdoeapeprrnwrrwmrdo3o3iiapt1pt1hbthr,ir,eioi1ran1rane9tee9titit7foii7oiirs6rnc6enei.smm.asm.r.AaeAieeinsnnsst,ttoaofrifnesepdecbtyiveolnye,
Benefits

A member becomes eligible for benefits upon attainment of age 60, with 20 or more years of ScsSerTeTrvdRReitUdaUbCCaletTTslUeUearRRvstiAcAe1LL0(iAnAccoNNlnuAAsdeLiLcnuYgYtiSaSvtIeISlSeyaOOesatFFr1s5IINaNysVeVaaErEsSmSoTTefmMMsebErEevrNiNcoTeTfSaSsthAAaeTTmNFeFamAtAiboIIenRRraloVVfGAtAhuLeLarUNUdEaEitmiomnaeldGiautealryd),phriaovrintgo discharge, and having received an honorable discharge from the National Guard.

TeTTahycyehppreyeeetooiarffreImIonnfevvcneertsestadtmlmiltoeaewnbnltatensceervisicpeaiynaebxlecefsosr

oliff2e 0inyethaers.amThoeunmt aoxfim$5u0mpbJeJeurunnmneeefoi3tn30ti0hs,,,$22p100l00u00s55p$e5r

per month month.

for

CSSohhnootrrrtt-i-bTTueetrrimomnIsInnavvneedssttVmmeeesntnittnssg

11..22%%

ETBBmrouopnsntldeodseysse.rTchoenrteriabruetinoonsmaerme baecrtucaorniatrlilbyudtieotnersmreinqeudireadn.d approved and certifie33d99.b.22y%%the ERS Board of

ECCmoopmmlommyoeornncSSottnootcrckikbssutions required for the years ended June 30, 2005 and 552990.0.664%%were $89.19 and

$vRR6ael8eua.aa7llt9EiEospnstestaar,tteraeecstpivecetimveelmy.ber, respectively, and were based on the June 30, 20000..300%%and 2002 actuarial

TToottaall

110000..00%%

2005 - Employees' Retirement System 2005 - Employees' Retirement System

2005 - Employees' Retirement System of Georgia

23

INVEVSETSMTMENETNSTESCETCITOINON
SHORT-TERM INVESTMENTS
- as of June 30, 2005 -

FINANCI NOTES TO FINA

Face Amount

Issuer

Fair Value Employer contributions required for fi

$$ 117700,,117799,,000000**

UUnniitteedd SSttaatteess GGoovveerrnnmmeenntt,, AAggeennccyy

2002 actuari$$al11v77a00l,,u117a79t9i,,o00n0000a**s follows:

aanndd CCoorrppoorraattee OObblliiggaattiioonnss ((ssuubbjjeecctt ttoo rreeppuurrcchhaassee aaggrreeeemmeennttss dduuee 77//0011//0055))

Employer: Normal

**CCoonnssiissttss ooff EEmmppllooyyeeeess'' RReettiirreemmeenntt SSyysstteemm $$115566,,334444,,000000 aanndd GGeeoorrggiiaa DDeeffiinneedd CCoonnttrriibbuuttiioonn PPllaann $$1133,,883355,,000000 Accrued liability

Tota

Members become vested after ten yea

US GOVERNMENT, AGENCY AND CORPORATE BONmDeSmber contributions with accumulat

- as of June 30, 2005 -

However, if an otherwise vested memb

the member forfeits all rights to retireme

IIssssuueerr UUSS TTRREEAASS.. BBOONNDD UUSS TTRREEAASS.. NNOOTTEE UUSS TTRREEAASS.. NNOOTTEE FFHHLLMMCC--CCAALLLLAABBLLEE UUSS TTRREEAASS.. NNOOTTEE UUSS TTRREEAASS.. NNOOTTEE FFHHLLMMCC--CCAALLLLAABBLLEE UUSS TTRREEAASS.. BBOONNDD UUSS TTRREEAASS.. NNOOTTEE GGEENNEERRAALL EELLEECCTTRRIICC CCAAPP CCOORRPP GGEENNEERRAALL EELLEECCTTRRIICC CCAAPP CCOORRPP FFNNMMAA--CCAALLLLAABBLLEE UUSS TTRREEAASS.. NNOOTTEE FFHHLLBB--CCAALLLLAABBLLEE FFHHLLMMCC UUSS TTRREEAASS.. NNOOTTEE WWEELLLLSS FFAARRGGOO GGEENNEERRAALL EELLEECCTTRRIICC CCAAPP CCOORRPP CCIITTIIGGRROOUUPP GGLLOOBBAALL NNOOTTEESS WWEELLLLSS FFAARRGGOO SSRR HHLLDD CCOO NNTTSS UUSS TTRREEAASS.. NNOOTTEE UUSS TTRREEAASS.. NNOOTTEE UUSS TTRREEAASS.. NNOOTTEE FFHHLLMMCC FFNNMMAA EERRSS FFiixxeedd IInnccoommee SSeeccuurriittiieess

YYeeaarr ooff MMaattuurriittyy 22003311 22000077 22000066 22000088 22000066 22000077 22000077 22002299 22001100 22000099 22001100 22000088 22000088 22000077 22000088 22001144 22001155 22001122 22000099 22001100 22001155 22000088 22000066 22001111 22000099

DDeeffiinneedd CCoonnttrriibbuuttiioonn FFiixxeedd IInnccoommee SSeeccuurriittiieess

IInntteerreesstt RRaattee %% 55..337755 33..775500 22..337755 33..556600 33..550000 33..337755 33..552200 66..112255 33..662255 33..550000 44..225500 33..775500 22..662255 44..002200 33..662255 44..225500 44..775500 44..337755 33..662255 33..998800 44..112255 33..225500 22..550000 66..000000 66..337755

PPaarr VVTaalhluueeeemployer FFcaoainirrtrVVibaaulluutieeons are projecte $$ 776622,,000y000e,,a00r00s00, ba$$sed u889p99o9,,n1166t00h,,e0000a00ctuarial valuati

552288,,000l0i00a,,b00i00l00ity paym5e52n288t,,i88n00c22r,,e55a66s00es 4.00% each y

446600,,000000,,000000

445533,,774488,,660000

(3e38)855,,0000T00h,,00e000G0 MPF is3388a00,,s33i88n00g,,0l0e0000employer defin

337700,,0000G00e,,00o00r00gia Gene33r6a69l9,,A5588s1s1,e,99m0000bly for the purp

323224248585,,,,00000000mth0000,,ee,,0000m00G000000bMerPsFo.f

th33e2266G,,55e66o66r,,6g64i4a00 National 224422,,555500,,000000

Guar

118822,,000M000,,e00m0000bership 223322,,338844,,888800

222201015757,,,,000000Ac0000u00s,,,,r0000r0000oe0000nf tlJyunreec3e22022i01v,0105i052n,,,,09090g878708383b4,,,,25e2509n09a00e0n0fdits2.0A05c,tivGeMaPn

117755,,000e00m0,,00p00l0o0yer, the11G774e4,o,44r88g55i,a,550D000epartment of D

117744,,000000,,000000

117722,,226600,,000000

117711,,0000B00e,,0n000e00fits 116666,,117700,,996600

114488,,000A000,,00m000e0mber be11c44o88m,,004e46s6,,11e77l6i6gible for bene 114400,,000c00r0e,,00d00i0t0able serv11i33c88e,,77(77in55c,,00l0u00d0ing at least 15 113355,,0000s0e0,r,00v00e00d at leas11t33881,,1016699c,o,88n00s00ecutive years a 113355,,000d000is,,00c00h00arge, and113h366a,,v66i22n55g,,44r00e00ceived an honor

113300,,000000,,000000

112288,,330022,,220000

113300,,0000T00h,,0e000r00etiremen11t22a77l,,l88o55w11,a,11n00c00e is payable for

112255,,0000e0a0,c,00h0000year of c1r1e22d33i,,8t8a33b88l,,e7755s00ervice in excess

111144,,0000C00o,,00n00t00ribution11s11a55n,,66d6655V,,55e44s0t0ing

9966,,000000,,000000

9944,,880033,,884400

97970505,,,,000000ET000000mr,,,,u0000ps0000tl0000eoeyse.rTchoenrter8888iab8282ru,,,,e8585t04i04no4747on,,,,8282sm050500a00erme baecrtucaorniatrlilbyud

7700,,000E000m,,00p00l00oyer contr77i66b,,u11t66i9o9,,n11s0000required for th

$$ 55,,559900,,000$0006..800.007009 p$$er a55c,,t77i6v61e1,,77m5511e,,m7788b66er, respectively

valuations, respectively.

77,,000000,,000000

66,,993311,,222200

TToottaall EERRSS aanndd DDeeffiinneedd CCoonnttrriibbuuttiioonn FFiixxeedd IInnccoommee SSeeccuurriittiieess

$$ 55,,559977,,000000,,000000 $$ 55,,776688,,668833,,000066

22000055 -- EEmmppllooyyeeeess'' RReettiirreemmeenntt SSyysstteemm 24

2005 - Employees' Retirement System of Georgia

INIVNEVSETSMTMENETNTSESCETCITOINON FINANCIAL SECTION

NOTES TO FINANCIAL STATEMENTS EQEUQIUTIYTYHOHLODLIDNIGNSGS

Employer contributions re-qau-israeosdfofJofurJnfuiesnc3eal03,y0e2,a0r20e05n0d5-ed- June 30, 2004 were based on the June 30,
2002 actuarial valuation as follows:

ShSahreasres 3,932,59,2350,0300 2,322,13,2419,4494

ECmoCmpolpmoaypneayrn: y GEGNANEocENcrRmrEAuRaeLlAdELlLiaEEbLCiElTiCtRyTICRICCOCO
EXEXXOXNOMN OMBOITLBoICLtaOClROPRP

FaFiraViraVluaelue
(2160$..34$38%) 1361,3061,10,1614,5645 3.85% 1331,3431,64,1266,0260

2,126,21,6124,0140

CITCIIGTIRGORUOPUIPNICNC

99,9995,59,5753,2732

Members become vested after ten years of creditable service. Upon termination of employment,

1,412,44,214m2,01e2m0 ber contributionJsOJHwONiHtShNOSNaOc&Ncu&JmOuJHOlaNHtSeNdOSNOinNterest are refundable upon reques9t 2b,95y26,75t,6h870e,080m0ember.

However, if 3,130,01,060t4h,56e45member

faonrfeoitthsearPlwlFirPIsiZFgeEIhZvRtEseIsRtNtoeICdrNeCtmireemmbenert

terminates benefits.

and

withdraws

his/her

member contributions, 85,8551,55,1758,9789

3,132,31,203T0,00h0e0employer contribMutIMiCoRInCsORaSOrOeSFOpTrFoCTjOeCcROtePRdPto liquidate the actuarial accrued fundin7g7,7e57x7,c55e,73s52s,03w20ithin 11

1,615,36,523yl8i,6e2aa8br6isli,tybapsaeydmuepnot nincthrBeeaABsaNecAsKtNu4aOK.r0FiO0aAl%FMvAeaEMaluRcEahItCRiyoAIeCnaCAra.OtCROJPuRnPe 30, 2004, assuming that the a7m5,74o50u,64n,0t367o,53f75accrued

1(,e11)4,31,4837T,88h7e8 GMPF

is

a

COCNOONCOOCPOHPIHLLILIPLSIPS single employer defined

benefit

pension

plan

established

on

J6u5ly,67516,17, ,625140,650426 by

the

1,210,82,0480G,04e0o0rgia General AssUemNUbINTlyEITDfEoHrDEtHhAEeLApTLuHrTpGHoRsGeORoUOfPUpIrPNoICvNidCing retirement allowances an6d3o,60t3h0,50e,0r95b7,e69n76efits for

members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

1,118,61,8162t,h01e20GMPF.

PRPORCOTCETRE&R &GAGMABMLBELCEOCO

62,6526,75,6873,0830

9189,108M0,00e0m0 bership

ALATLRTIARIGARGORUOPUIPNICNC

59,5395,73,5878,0880

2,224,52,415A5,71s57of June 30, 2004MaBMnNdBAN2CA0O0C5RO,PRGPMPF had 104 and 61 retirees and benefici5a8ri,5e78s3,,37,3r33e0,s73p0e7ctively,

2,127,81,788ce0,um08r0pr0elonytleyr,rtehceeiGveinogrgbiIaeNnDITeNeEfTpiLtaEsrC.LtOmACRecOnPtiRtvPoef

and inactive Defense.

plan

member

information

is

maintained by 56,5669,26,9327,6376

one

2,920,29,072B0,07e0n0efits

CISCCISOCSOYSSYTSETMESMISNICNC

55,5358,33,8531,6516

1,016,80,688A0,080m0ember becomesMeElMiDgEiTbDRlTeORNfOoINrCIbICNenICNefCits upon attainment of age 60, with 2055o,5r355m,33,5o13r5e,215y2ears of 8988,978cs0,er27er0vd2eitdabalet sleearvstice10(inccAolnLuAsdLeLiScnLTugSAtiTavTtAeElTeyCEaesOCatRrO1sP5RayPseaarsmoefmsebrevricoefasthaemNeamtiboenralofGthuearNdaitmio5mn3ae,5l6d39Gi,76au,t94ea74lr,yd54)4,p5hriaovrintgo 9769,746d6,i04s6c0harge, and havingPErePPcESePIiCvSeOICdIOaNnICNhConorable discharge from the National Guard. 52,5626,06,6408,8488

1,016,90,609T0,00h0e0retirement allowWanAWceLA-iMsL-pAMaRyATaRbSTlTeSOfToROrERlSiEfIeSNiICnNCthe amount of $50 per month, plu5s1$,55512,55p,2e85r0,08m0o0nth for each year of creditable service in excess of 20 years. The maximum benefit is $100 per month.

1,217,82,7880,0800

DEDLELLILNICNC

50,5406,14,6414,8448

Contributions and Vesting

6576,587E0,08m0p0loyer contributioSnCsSHaCLrHeULaMUcBtMuEaBRrEiGaRlElGyREdLReTtLeDTrmDined and approved and certified by4t9h,49e95,E39,5R333S,233B2oard of

Trustees. There are noTOmTTOeAmTLbAeLr2c0o2nL0tArLiRbAuGRtiEGoSnETsSrHTeqOHuLOiDreLIdND.GINSGS

$ $ 1,413,54,3650,36,0031,7017

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active meTmOTbTOeArT,LAreLsApeLAcLtLiHvLeOHlyLO,DLaINDndGINSwGeSre based on the June 30$, 2$0083,788a,67n,8d266,2820,600852,705a7ctuarial valuations, respectively.
A cAomcopmlepteleltiestliinstginigs aisvaaivlaabillaebulepounpownrwittreintterneqrueeqsute.st.

20025005EmEplmopyeloeyse' eRse'tRireetmireenmteSnytsSteymstem

2005 - Employees' Retirement System of Georgia

25

FINFAINACNIACLIASLECSETCIOTNION

INDINEDPEENPEDNEDNETNATUADUITDOITROS'RRSE' RPOEPROTRT

FINANCI

IndeInpdenepdendt eAntudAituodrist'oRresp'Roretport
The BThoearBdooafrTdroufstTereusstees EmpElomyepelos'yeReest'irRemeteirnetmSeynstteSmysotefmGeoof rGgieao:rgia:

NOTES TO FINA
KPMKGPLMLGP LLP SuiteS2u0i0te0 2000 303 P3e0a3chPtereaechSttrreeeetS,tNreEet, NE
AtlanAtEat,mlaGnpAtal,3oG0y3Ae08r303c0o8ntributions required for fi 2002 actuarial valuation as follows:
Employer: Normal Accrued liability
Tota

We Whaevehavueditaeuddittheed athcceomacpcaonmypinagnyfiinnganfciniaalncsitaltemstaetnetms eonftsthoef EthmepElomyepelos'yeRese'tirRemeteirnetmSeyntsteSmystoeMfmGeomefobrGgeiearosr(gtbhiaeecS(otyhmseteSemys)v,teemast)e, da after ten yea TfcionhmaenspTfcecionhifnamaeilennspnsaecottniafnacuitleneinanmsailttnaescuotnteianfatmtsilethebmsoentaafetstssneetthtdbamsetaoeeassnnreotetdaofsttuoehGarneroeeaoofrueturdhGsgriepiteaasooru.,nerdasgipsiitbasooi.,nlfiastsiaybnoiodlffitfaytohnroedftShftyoherseytteSehmayers'systeemanra'dssneaedmgnaJedunmenadegenJe3tum.0nO,een2u3t0r.00rO,e52usap0rno0rdne5s2apib0noi0dnli4st2i,yb0ai0lssi4ttl,yoisaitessemHxdtlpoioesrintmweesxdtsebphvarieenenerstratsoh,bcpaeloiinenftnaiooobatpfrnlniiecnbooioonuonfnttttheihcoonoeentnsnrsewt.stehnieswtssee.itvhesatcecdummeumlabt
the member forfeits all rights to retireme

We cWonedcuocntedducoteudr aouudritasudinitsacicnoradcacnocrdeawnciethwaiuthditainugditsitnagndsatardnsdagrednsegraelnlyeralclcyepatcecdepitnedthien UthneiteUdniStetadteSstaotfesAomfeAricmaeraincda athned the
standsatardnsdaarpdpsliacpapbliecatbolefintoanfciniaalnacuiadlitasucdoitnstacionnetdaiinnedGionveGrnomveernntmAeundt iAtinugditSintagndSatarndds,arisdssu,eidssbuyedthbey CtThoehmeCptoermomlplpetrlooGlyleernreGrcaeolnneortfarltihboeuf ttihoens are projecte UniteUdniStetadteSs.taTtehso. sTehsotsaendsatardnsdarredqsuirreequthiraet twhaet pwlaen palnand apnedrfopremrfothrme atuhdeitautoditobtotaionbtraeiansorneabsolenaabslsyeueraaasnrscsue,raanbbcaoesueatdbwouuhteptwohenhrettthhheeer tahcetuarial valuati faisnaanbfacisanisaaailnsbscfatioasartilesdmsfetoaesrtinegdtmnseiesaninrgetnsafiuarnedrgeitafopurferdoemitcoaepftdreoumrciraeltsdemutrhiriaeaslststmatahrtieaestmsatapaerptneertmoa. pAerpninrato.taepAuridinnaittatehuineidnciclttiuhridcneeuccsmluicrsdcoteuansmnscicsdeotesanr,nsabictdiueoestnr,nabotoiutfotfninonorotetftrhfnioenartlpeturchnroepanolptrsulcoeiroalpnobootfrsvioeleixlrtopoyffrvienpesxaraspnifynrcienmigasaslaneinrncneigoptaploaiinnrnteciioponrpongeirnatiisonengs 4.00% each y

ionncltuhoidennecesltfuhfedexecaestmifvfeeixncnaitenmivsgsie,nnoioenfnsgst,haoeoftneStsyhatsebtteeSamssytis'ssbt,eaimesnvit'siesd,reniennavtcliedercenosnanucltpercpoosolnurottprivponeolgrrotfivhinneegarnaftcmhinieaoalunarncmetipsaolouarnntetidpsnogdar.nitsAidncclgdoc.isosAurcrdcleoicsnsogurilnrdyei,snthwgielneyf,tie(hnwxeeap)enrfceinisxasaplnTrnsceohtisasestleunmsGcothaeMstnoeutmpcsP.ihenFAniootnpsin.is.naAAiuaodnnis.taaiAuaundldnsgiiottlaeauldseiotmployer defin incluidnecsluadsessesassisnegssthinegatchceouacnctionugnptirnigncpiprilnecsipulseesduasnedd saingdnisfigcannifticeasntitmeasteims mateasdembaydembaynamgaenmaegnetm, aesntw, eaGlsl ewaoserlelgvaiasalueGavtaienlungaetrhinaeglotAvheesrsaolevlmerabllly for the purp

finanfciniaalnsctiaatlemstaetnetmpernestepnrteasteionnta.tWione.bWeleiebvelitehvaet othuartaouudritasupdriotsvipdreovaidreeaasorneabsolenabbalseisbfaosrisofuorroopuirnioopni.niomn.embers of the Georgia National Guar

the GMPF.
In ouInr oopuirnioopni,nitohne, ftihneanfciniaalnsctiatlemstaetnetms erneftserrefdertroedabtovaebporveesepnrtesfeanirtlyf,aiirnlya, lilnmaalltemrialterreiaslpercetssp,etchtes, SthyesteSmys'stemne'ts ansestetasssaestsofas of

JuneJ3u0n,e23000,52a0n0d5 2a0n0d42,0a0n4d, tahnedcthhaencgheasnignenseitnansseet tassfsoertsthfoerytehaersyethaersn accepatcecdepintetdheinUthneiteUdnSitteadteSstoatfeAs mofeAricmae.rica.

tehnedneednidnecdoinnfocromnfiotyrmwiittyhwacitchoMuacncteionmugnbtpiernirgnscphipriilnpecsipgleensegraelnlyerally

As dAisscudsissecdusisnednointe n2o,teth2e, DepoDsietpsoasnitds IannvdesItnmveensttmReinskt

RSDthiyisesskcteSlDomyisssuctareldeomoss,puadtreduedosri,pntdthgeuedr2i0pnt0hrgo5e2v.0ips0rioo5vn. issiofnsGoofveGrnomveernntmalenAtaclcoAucnctionugntSintagndSatardnsdAcaBursdorsraoerBdnfotSalJytruadtnerSemetcae3tene0itmv,Nie2nno0gt. 0N4b40oe,. na4en0fd,its2.0A05c,tivGeMaPn

employer, the Georgia Department of D

In acIcnoradcacnocrdeawncitehwGiothveGrnomveernntmAeundtiAtinugdiStitnagndSatarndds,awrdes,hwaveehaalvsoe aislsuoeidssouuerdroeuprortepdoatretddaOtecdtoObecrto2b1e,r22010,52o0n05ouorncoounrsicdoenrsaitdioenraotifon of

the SthyesteSmys'stemin'tserninatlercnoanl trcoolntorvoel rofvienranfciniaalncrieaplorteipnogrtainngd aonnd oounr toeusrtsteosftsitosf ciotsmpcloiamnpcleianwciethwcieBthrteancineerftpairtinosvipsriovnissionf slaowf s,laws,
regulraetgiounlast,iocnosn,trcaocntstr,aacntsd, garnadntgaragnret eamgreenetms eantds oatnhderomthaetrtemrsa.ttTerhse. pTuhrepopsuerpoofstehoatf rtehpaot rtepisotrot idsetsocrdiebsectrhibeestchoepescoofpoeuorftoesutrintegstoifng of

interninatlecrnoanltrcoolnotrvoelrofvinearnfciniaalnrceipaol rteipnogratinndg caonmd pcloiamnpcleiaanncde tahnedrethseulrtessouflttshoatf tehsattintegs,tainngd, naontdtonoptrtoovipdreoAvaindmeopeainmnioobpneinroinobntheoecnointmhteernisnatleerlniaglible for bene cGoonvtercGoronlonmvtoerevornenltrmoAfevuinendtraiAtnifcnuinigdaailStnitcnraeiganpldSoatratreindpndsogaratronidnrdsgsoahnonorducsoldhnmobpucelloidcamonbnpcesleiic.adoneTncrsheeiad.dteTinrrheeaadpstoisnretesapsisiossnregtasnstihisneingartnetehsgeiurnalrttlesesgpourafalrtolstupooraffarotuaudnoriftasau.uadndiittsa.updeirtfocspreremerrvfdeodeirtdmainbeadlaetcincsloeeraardcvsactinoccre1dea0(wnicnicetcholwnusidtehicnugtiavteleyaesat r1s5a

The Tmhaenmagaenmageenmt'sendt'iscduissciuosnsioandanadnalnyasliyss,ist,htehescshcehdeudluelsesooff fufunnddiningg pprrooggrreessss,, and schedules ooffeemdmipsplcoloyhyeaerrrgccoeon,ntartinrbidbuutihtoiaonvnssoinnogpnargeecseived an honor

page2s72t7hrtohurgohug3h1 3an1dapnadgepsa5g7esth5r7outhgrho5u8g,hr5es8p, ercetsivpelcyti,vaerelyn, oatrea rneoqtuiarerdeqpuairrteodf pthaert boafsicthfeinbaansciicalfsitnaatenmcieanl tstabtuetmaerentssupbpultemareentary
suppilnemfoermntatriyoninrfeoqrmuiaretidonbyreaqcucioreudntbinygapcrcionucniptilnegs gperinnecriaplleysagcecneeprtaeldlyinacthcepUtenditiendtShteatUesniotefdASmtaetreiscao.fWTAhemehearrvieceati.arpWepmelieehdanvctearatlapliopnlwileiadmnitceed is payable for

certapinrolciemdiutereds,pwrohciecdhucreosn,siwstheidchprcioncnispisatlelyd opfrincqiupiarlileys of minaqnuaigrieems eonftmreagnaargdeinmgetnhtermegeatrhdoidnsgotfhememaesteuharoecdmhsenoytfeaamnrdeoapsfruecrseremendetanitttiaoabnnldoef stheervice in excess
presernetqautiorendosfutphpelermeqeunitraerdysiunpfoprlemmaetinotna.ryHionwfoervmera,tiwone.dHidownoetvaeur,dwit ethdeidinnfortmauadtiiotnth, eanindfeoxrmpraetsison,oaonpdineixopnreosns into. opinion on it.

Our Oauudritasudwitesrewceorendcuocntedducftoerd tfhoer pthuerpopsuerpofsefoorfmfionrgmaingoapninioopninoionnthoen bthaesicbafsinicanfciniaalncsitaltemstaetneCtmsoetnnatktsernitbakauestniaoanws shaoalwen.hdoTlVhee.eTshtieng

suppsleumppelnetmareynitnarfyorimnfaotiromnaitniocnluidnecdluidnetdheinatdhme iandismtriantiisvteraetixvpeeenxsepsensscehsedscuhleedisulpereisepnrteesdenfoterdpfuorrpopsuerspooEsfemasdopdfiltaoiodyndeaitrlioacnoalnyatsrniiasblayunstidisoiasnnsd aisre actuarially d nauodt iatnaruooedftqiatuthiroerefeqfdtiuhnpiearaenfrdcitniopaalfanrstcthtiaoaetlfebmstahtsaeeitncebtmsfaisenainactndsfc,inaiianalndosc,tuiaiarntleoomsptuaierntneiotomspn.ie,nSniutsoscn.fh,aSiiurnslcfyfhoarsiimtrnalfyatoetirdsomtaninatehtidaaolsnlinbmheaaaelstlnebmrsieuaelbtnejreresicusatplbeejdrececttssotpe,etdihcntetsor,aetuilhnadetiirtoaeinnulagdTtiioptroiurnntohsgctetoeepfdretiouhnscrea.enfsTdciuniaharapleenpsrscletiiaaeaptdaleprmsilentiaeettdnnehtomeisnemtnhteesmber contribu

takentaaksean washaolwe.hole.

Employer contributions required for th

$68.79 per active member, respectively

valuations, respectively.

OctoObecrto2b1e,r22010,52005

200520E05mplEoymepelso'yReeetsi'reRmeteinret mSyesnttemSysotfeGmeoofrgGieaorgia 26

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION FINANCIAL SECTION
MANAMGEAMNAEGNETM'SEDNISTFCI'SNUADSSNISICOCIUNASLASNSIOEDNCATANINOADNLYASNIASL(UYNSIASUDITED)

NOTES TO FINANCIAL STATEMENTS
This section provides a discussion and analysis of the financial performance of the Employees' Retirement System of

GTeohrigs iase(ctthieon"Spyrsotveimd"e)s faordtihsceuysesaiorsn eannddedanJaulnyesi3s0,of20th05e afinndan2c0i0a4l .pTehrfeordmisacnucsesioonf athned aEnmalpylsoiyseoefs'thReeStiyrestmemen'ts Sfiynsatnecmialof

peGrfeoorrmgiaan(cteheis"wSyitshtienmt"h)e fcoorntheextyoefarthseenacdceodmJupnaney3i0n,g2b0a0s5icafninda2n0c0ia4l.sTtahtemdeisnctus,ssniotnesantodtahneafliynsaisncoifalthsteatSeymsteenmts',srefiqnuainrecdial suppeprlfeomrmenantacreyisEcwhmeiptdhluiolneysteh,reancdonatderdxiibtiuotfnioathnleisnafrcoecrqomumaiptrieaodnnyffionolgrlobfwaissincicgalftihnyiasenascreicaetlinosdtnae.tdemJeunntse, 3n0o,tes20to04thewfeinraencbiaaslesdtatoenmetnhtes, Jreuqnueir3e0d,

supplementary2s0c0h2edauclteusa, rainadl avdadluitaiotinoanl iansfofromllaotwiosn:following this section.

The System is responsible for administering a cost-sharing, multiple-employer defined benefit pension plan for various

emTphleoySeyrstaegmenicsiersesopfoGnseiobrlgeiaf,oralaodnmg iEwnimisttheprlsioinxygeorat:hceorsdt-esfhinareidngb,enmeufiltipleen-seimonplopylaenrs,deafidneefdinebdenceofnittrpibeuntsiioonn ppllaann, afonrd vaarliofeus

inesmurpalnocyeerplaagne.ncies of Georgia, along wNithorsmixaol ther defined benefit pension plans, a defined20c.o3n3t%ribution plan, and a life

insurance plan.

Accrued liability

(16.48)

The defined benefit pension plans include:

The defined benefit pension plans include:

Total

3.85%

x Employees' Retirement System (ERS)

x x x x
x

LPGGSuueELPGGeegbpoouemeeielrrgbMmHtoosiggprhcillrrisiialoogeegceaaoSltmwriiaimycmaaSMJvtCehiuebcebMJveeoidovhueeelsRmoiuioeidr'rctllRreroaisibiRtc,ttEarlceaieiJylerbtmEoiarureitfRylerPnimdmpfrecReeatgPoelmpreotnonmeeriilnmsryefbstnoeiteeneousryoRmneSieetitetntotehsmyiSseonvtSFesnsRyieanteryrutFsenRelewssstnlSmuttmetteideieyrnSmrtsweimeid(sdy(gernLtmGei(sh(ttRL(atmGveMhteEFfRsnSemeMtuRPt(e)snStnaGStoFSrPt()dceG)J)yFScdrtR(seeJ)yuStRStnsmemCit)mSreJeuey)mRmml(eaPFa(betSP)renesESdrtREobtRiSfeen)rSntcme)errfeieindtsasittt.aeabsrleaensrdeerfwvuiintcdhead.brUalewpsounphoitsne/rhmereriqnmuateeisomtnbbeoyrf

employment, the member. contributions,

The dexfinedDcDSiosuintpsTyrtteirehrciraibietcoruAtsret,iAmCtotbnotptaurolrsnoreretetnyidJyreeuesyrdumsRgcpeeoRoensntnteiRtrtprietilrhbamteienurmetiinamseoctntenthFtnuseutFaaGFnruriudneeanodl(pdrDgv(r(DoiaASajlACeuRDcJaRFeRttefi)FFiodn))netdoaCtlioqJnuutnirdiebau3tet0io,thn2eP0la0ac4nt,u(GaarsDisaCulmPa)cinacngrudetthdhaeftulitnfhedeiinnasgmureoaxnuccneetspsolfawnaitichscitrnhue1ed1

StTahteeEdmefpinloeydeceolsin'atAbriisblsuiuttyrioapncareyemtDireepnmateritnnmtceprnleatan(sSeisEsAt4hD.e0)G0. %eoregaiachDyefeianre.d Contribution Plan (GDCP) and the life insurance plan is the

State Employees' Assurance Department (SEAD).

Financia(leH) ighTlighhetsGMPF is a single employer defined benefit pension plan established on July 1, 2002 by the

ThFeinfaonllcoiwalinHgighGhiglehigolihrggthsitas aGreendeisrcaulsAsesdseinmmbloyrefoderttahilelaptuerrpinostheisofanparloyvsiisd:ing retirement allowances and other benefits for The followingmhiegmhlbigehrtss oarfetdhiescGusesoerdgiina mNoarteiodneatalilGlautaerrdin(NthiastiaonnaalylsGis:uard). The ERS Board of Trustees administers x The tnheet GasMsePtsF.of the System increased by $521 million, or 3.6%, from $14.3 billion at June 30, 2004 to $1T4h.e8 bnielltioansseats Joufneth3e0,S2y0st0e5m. Tinhcereiamsepdrobvyem$e5n2t1wmaislliporni,moaril3y.6d%u,e ftroomthe$1i4n.c3rbeailsleioninathJeunfaeir30v, a2lu0e04ofto in$v1e4sMt.8mebemniltlbsio.enrTshhaetipnJeutneas3s0et,s 2o0f0t5h.eTShyesteimpirnocvreemaseendt bwyas$8p1r8immairlilliyon,duoer 6to.1%th,efrionmcre$a1s3e.5inbiltlhioenfaitr Juvnaleu3e0,of

x

2eFq0oi2enu0rq0vi3u0ttAceehyi3umttsesoytirtmnpyroi$voenleeo1ne$favn4syrt1ettl.Jse4smey3.utr.nm3e,bnTdrniteebeehlhtnldicsei3elt.oelsJ0iniG.ouv,enneait2netoaa0g3rJtsg0u0sJbein4,uatee2nsnD0ae3oen003eff5d,0pi,tt2,ahst20rh2.et00e0mA4S00t.5yoe4cTsnt.,tatithTevlGemoheaMfedimdaiDinPnimptceFdirpofoeernvaiohnsnsevaseamtedeodcm.etnnbi1evetyn0tewt4a$wsap8ssal1aeans8ptnsdrpmiwmrmi6ielma1lerireaomirlrn$eyib,l1tyeid.or4ruedreebui6nsiet.lo1fltioa%ootrnhnm,tdehafaernibntodiicemnortncnheer$aeefs1iaitsec3osei.tim5aanirlbnaitdeihiletnselhdi,toeaufnaricfneitariaseiotrpvdnaeJvslucbauwtnlyeiueveeoreo3efol0nyf,e,

$8F8o1r mthiellyioena.r eTnhdeeddeJudnuect3io0n,s20c0o5n,sitshteedtotoafl abdednietfioitnspatoymnetnatsssoetfs $w8e3r1e $m1i.l4liboinl,liorenfuandsthoefto$t1a7l dmeidlulicotnio, ndsewatehre

be$n8e8Bf1ietsmnoeilflito$sn2.2 Tmhileliodne,duacntdioandsmcionnisstirsatetidveoef xbpeennesfeist opfay$m11enmtsilloiof n$.8T3h1emadildliiotino,nsrecfuondsisstoedf $o1f7emiplloioyne,r daenadth

mbeemnbeefirtscofnt$ri2b2umtioilnlsionto, tanlidngad$m3i2n0ismtrialtlivoen,exinpseunrsaensceof p$r1em1 miuimllsiono.f T$h8emaidldliiotino,nsnectoninsivsetestdmoefnteminpcloomyeer oanf d $1m.1eAmbibllmeiroenmc,oabnnetdrribobuthetiecoronimsncetosmtaeelilnioggfib$$l03e.290fmomrilillbiloieonnn.e,Nfieitntssiunurvpaenoscntme aepntrtteamiinnicmuommenset ooff$$1a8.g1mebi6ill0liio,onn,w(nictoehtm2pin0rviseeosdrtmomefnoitnrteeinrecysoetmaarensdooff

di$v1id.c1ernebddililiitnoacnbo,lmeanesdearnovdtihctehere(inicnhccoalnmugedeioninfg$fa0it.r9lvemalisultlei1oo5nf.yiNneveaetrssitnmovfensstemsr,verniectdeuincacesodmabemyoienfmv$eb1se.t1mr boeinflltitoehnxep(Necnoasmteisop)rniraseelpdGreousfeanirntdst)ea,reh$sa2tv1ai2nndg

mdililvisoidenrevndededcirneacaotsmel,ecaaosnmtdp1ta0hreedccohtnaonsteghceeuintievftaeinryvveaaslturmse eoanfst inianvceomsmtmeemeonbftes$,r 1reo.3dfubctihleldeiobnNyfaointrivotehnseatmlyeGnatrueaexrndpdeenidmseJmus)nerede3pia0ret,es2ley0n0ts4p.ariTo$h2re1t2o

demcriledlaiiosenchwdaearcsgrep,arisamen,adcriohlymavdpiuanregedtoretlocoewtihveerendreatunirnnhvsoeisnntomtrheaenbtleeqinudciiotsymcmheaaorrgfke$t1fir.n3om2b0il0tlhi5oe,ncNfooamrtiptohanreeadyleGtaoru2ae0nr0d4.e.dFJourntehe30y,e2a0r 0e4n.dTedhe

Judneecr3e0a,se20w0a4s, tphreimtoatrailyadudeititoonlsotwoenrerteatusrsnestsinwethre $eq1u.6itbyilmlioarnkeatndinth2e00to5t,aclodmedpuarcetidontos 2w0e0r4e.$F8o0r1thmeilylieoanr.eTnhded

deJduunTcethi3oe0n,rse2ct0io0rne4sm,istehtenedttoatlfalolbweandaednfiitctieopnaissymtpoaennyetastbaolsefse$fto7s5rw3liemfreeilil$ni1o.nt6h, ebreilaflumionnodusanotdf o$thf1e5$t5mo0tiallpioednred,mudceotanitothnhsb, epwnleurfseits$58o0fp1$e2mr3imlmliooinlnlti.hoTnfh,oer

anddedeauadccmthioinynisetacrraotnoivsfiesctreedxdpoietfanbbselesnesofefitrv$pi1ac0yemmineinlletisxonco.efsT$s7ho5ef3a2md0diliyltiieooannr,ssr.ecTfouhnnsedismsteoadfx$iom1f5uemmiplblioeoynnee,rfdiatenaisdth$mb1ee0nm0ebfpietesrrocmfono$tn2r3itbhmu. tilolniosn, toatanldinagd$m3i2n4ismtrailtliivoen,eixnpsuenrasnecseopfre$m10iumislloiofn$.9Tmhielliaodnd,intieotnisnvceosntmsiestnetdinocfomeme polfo$y1e.r3abnidlliomne,manbderotchoenrtirnibcuotmioens

ofto$taC0l.i9onngmt$irl3ilbi2o4untm.ioNilnleisot nai,nnivdnessVutmreaesntncitenpignrceommiuemosfo$f 1$.93 mbiilllliioonn,(nceotminpvriessetdmeonft intceormeset oafn$d1d.3ivbiidlelinodn,ianncdomotehearnidnctohme e choafng$e0.9inmfilalironv.aNluet oinfviensvtmesetnmtenintsc,omreeduocfed$1b.3ybinllvioenstm(ceonmt perxispeednsoefs)inwtearsesatnanidmpdriovvideemnedntinocvoemrethaendnetht e incvheasEntmmgeepnlitonyinefcaroircmovenatolrufieb$u5ot6fio4ninmsvieallsriteomnaecnftousr,atrhrieaedlluyyceeaddreetbenyrdmeidninvJeeudsntmean3edn0t, a2ep0xp0pr3eo.nvsTeedhs)eawnindacsrceearsnteifiwimeadpsrobpvyreimthaeernitlEyRodvSueerBtoohaertdhneeotf

iminpvrToesvrtuemdsteenqetusi.intTycohmmearerekoaeftrei$nn526o040mm4e,imlcloibomenprfacoroerndtthtroeib2yu0et0aio3rn.esnrdeeqduJiurende.30, 2003. The increase was primarily due to the

x

BiemnepEfrimotvppealdoymyeqeeurnittcsyopmnataidrrikbteouttriienotin2res0e0sr4ea,qncudoimbreepdnaereffidocritaorti2he0es0i3yn.ceraerasseednbdyed$7J8umneill3io0n,, o2r01005.5a%ndfro2m00$475w3 merielli$on89in.12900a4nd ttrooeBtrcoer$eeeci8n$v$tevi3ei86ariv1fen3l8iiueg1tn.msa7pgbmti9aailebnloyiniledpmonleniensfobeeri,nentfisrinntatesiesacnsf2pctpaii0rac2cveoi0i0rdaceso50rsts.tii5moesva.TsleraelhTeillmnypilthsicl.pirbarseilenenaeairscnsn,srsacaeernrndaaeeddnssabedpspbyeeoewp$cnsowa6ttesrsi9afetvirsttcmeeihirtltaeieyhlrrmle,eiriemoeearssnneneui,tsndnluotctclrorwtcoes1ofoate0s-fsrio%tnee-fiodcn-frlbcbri-evaorlayieismvsnae$eisgnd7s$eg86isinon8micinn4nrticehlmrtltaeheihsoiaeelnslsieu,noJsmiouunnrminbnib1enebe0rbe23n.er5o00en%f0fo,ei3ftfr2sifet.rr0tsoeoiB0.rtm$ei3Ber7enee$s5ean73sfnae5indtfma3idnptim2dlapbl0yiiaeoblm0ylnnei2meeonifnneenaitcfnscii2intctas0puir2a0pia0eri4ardis0.eiida4sl

Thtoisreinticrreeeassaenwdabsentheefirceiasuriletsoifncinrecaresaesdebsyin$6th9emniullmiobne,roorf1r0e%tirefreosman$d68b4enmefiilcliioanrieins 2re0c0e3ivtiong$7b5e3nemfitlslioancrionss20a0ll4.

plTanhsisainndcrpeoasterewtiaresmtheentrecsousltt-ooff-liinvcinregaisnecsrienastehseinubmenbefritosf. retirees and beneficiaries receiving benefits across all

plans and postretirement cost-of-living increases in benefits.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

27

FINANCIAL SECTION

MANAGEMENFTIN'SADNICSICAULSSSEIOCNTIAONND ANALYSIS MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)

FINANCI

Overview of the Financial Statements

NOTES TO FINA

TThheisbsaescictiofinnapnrcoivalidsetasteamdeinstcsuisnsciolundean(d1)atnhaelcyosims boinf etdhestafitnemanecniatsl opfenrfeotramssaentcseanodf cthheanEgmespilnoyneeetsa'ssReetst,ir(e2m) ethnet cSoymstbeimninogf srGpsetueaepprtoofeporrmlgtremieamandaet(dnsntihcttoieaeofri"nynsSaeswlytcsihianttesehfsdmoienur"tmlst)ehasafet,noiacodrnontcdnhthteoaeadxnysdtugeipaoetirspfosltinehnemaenlndeaeinenctdtfcaootsJhrmsumeenptafesait,nin3oaay0nnni,ncdf2gioa(0l3lbl0o)sa5wtsnaiaoitcnentemfgdisnet2thano0nits0sct4.hsiae.elcTftsiihtnoaeantned.mcisieacnlutsssts,aiotnenomtaeensndttosa.tnThaehlyefE2siSni0msya0nsop2tcfeliomatahycleteasutlrSasayotrcesiomiatnenlecmtvnlru'itassbdl,ueufrsiatenitiqoainounnitncsrhieaiardslseqfoulilroewd sf:or fi

IaeTeinnbmmhsoaepupudrlltoSoadnyyiytthecesioeertrencpamp,ogllatnaehnitnnser.scib'SrieeuyfsstusiptonooendfmnsisGn.ipgber.loeerTsgefhionaert,staawtldwoomnogitntyyipwspetieestshrioonsffgixrseacoqhtcuehoidersuertld-edsshesufaiirpnnipcnelldgeu,mdbmeeennu(et1latf)iirptyalpesse-ccenhhmseeidpodulnuolleyepsel,arownfdshef,iufcainhnddepiednrfgoibnveepinddroeecfgihortienspsttrsoeinrbaisucnitaodilontn(r2pe)plnaladannsi,fncofharoenrddvmuaEaalreimtoiloNAioupfnefsoclocrymruearel:d liability

The System prepares its financial statements on the accrual basis of accounting in accordance with accounting principles gTehneedraelfliyneadccbeepnteefdit pinentshieonUpnlaitnesdinSctlautedse:of America. These statements provide information about the System's overall

Tota

fDTSiTniynhhevsaeesetncesCCrctmmiioopa'mmelstnisbbottaiisnannDELPGGSstsoeeuuuoemeeeiddfsgbpsfootp.sttilerrStShsrilggrhcotilteiaaiiaaceoyaaSnttSttreieFedcMJvyAemCmhuiessnolidote'teiltReaoniuanioRcmtnlbtretarietctiEanrooiltiJiylriifmenfautreRiyPlCeNdmetpmhseSegshleetnio,teatRiesnasrysnnwAetisteeogtRemtSsteianemSitsesytrehseyeteFsnReitmsitrsmunttneteeheneStmitmeessNmindyrnetee(st(bthnL(tmatGeEaetFrRAmleeMRFausnSsnuptnSsPt()acnreGd)FSteetdessJ)y(meR(DsrrSneteeSeAtpCpne)mrotJdRerRos(taFePsfFtn)S)fhftiaEoinniwRargnSvcta)thihlaeueleSp.NyoTseshttietemiAsoes'nssseptnatrseteetsHmeanseestlniednttssgiancirnheTfaopnrrrugmesestMmHtTydaehtenfhiodeeoeoateumwermnrmdrseiebPb,tnemohveeegmnbaernrptartspbslh,siociaeneoboigyrcdnfefenelfiucatrso3Burodcnr2icpeeamfb.onsoleouneeinytattfthieslirovltaetisahnberor..lwessuflTTttteiriahhhswiodcgeeeenithtuasvhtfaseatresrtiatoreacelcdrpteeuvrtnmomairjleeuueymcmaleattaebiet

aTdhdeitdioenfisnaedndcodnedtruibcutitoionns troetnireetmasesnettsplaarne issutmhemGareiozergdiainDthefisinsetdateCmonentrti.bTuhtieonadPdliatnio(nGsDinCcPlu)daencdoltinhatebriiblliuiftetyioinpnsasuytromantehcneetrpeilntaicnreriemsaetshneets 4.00% each y pSltaantes Efrmomploeymeepslo' yAesrssuarnandcme eDmepbaerrtsm, gernotu(pSEliAfeDi)n.surance premiums, and investment income (loss), which includes interest and dividends and the net increase (decrease) in the fair value of investments. The deduc(tieo)ns inTchluedeGbMenPeFfitipsayamseintgsl,elifeemployer defin

iFnisnuarnancciael Hdeiagthhligbhentsefit payments, refunds of member contributions and interest, and admGineisotrgatiiaveGenxpeeranlseAs.ssTehmebsely for the purp

sTtaThtnhhaadteetehcmfCohooelallmdnnostgbwsaeiian$Tnnrii1dhgnen4egiphf.n8iriSvnngebteeashasitenltltincelsgaitimosheafnsudletesnnpotdatasonsrtsseoopifJtrdffaiuooigNnsmtnehceeuet3fe3os3Aa0sSr.cse,yhsedse2aotitc0ensfh0mtam5hon.eofidnrpTtecChahredroeetemiafctsuiabiemnpiidlndapltisarinbontagyevgdreSmp$imtnl5aiaen2ttnenhi1ssmtitsmaeewnarniendlatdlsasifoluobynpnfys,ridCistsmo:hh.reaaTrn3Shigl.eyy6ess%setdei,smnuteaf,NrteoietnmmotceAlutn$shdts1esie4ntb.sgi3enpgcMtmtbhrihrineeeleeeslaomiemPsGonneonbtbMpoeitealanhrePgrtsedseFtJohfhI.3uifnien4npvat.eehnfas3cetii0mraG,leve2pnao0otlru0sFgie4tuiiaonotdnofNational Guar

investments. The net assets of the System increased by $818 million, or 6.1%, froAms $o1f3.J5ubnielli3o0n, a2t 0J0u4ne a3n0d, 2005, GMP

Notes to the2F00in3atnoci$a1l4S.t3atbeimllieonntsaatrJeupnrees3e0n,te2d00to4.pTrohveidime tphreovinefmoremntatwioans statements. eTqhueitnyoitnevsetsotmtheenftsin. ancial statements begin on page 42.

npericmesasrailry

dfoureatofutlhl eucniundcrerreestanastnelydiinnrgethcoeefiftvhaiienr gfvinabaluenencieoafflits. Active employer, the Georgia Department of

an D

dTehfeinreedarbeetnwF$e8oofi8rtR1tpehmqleauinylilsrei:eaodrEn.eSRnuTSdp,hepePdleSJdmEueenRdneuStca3,tr0Liyo,Rn2SsS0c,h0ce5God,nJutRshlieeSsst,teioadntncadollufaGddbeMddeintPiienoFfn.itthsTitpshoaerynemSpectoehrantes.tsdsTeutholseefwsoe$ef8rrFee3q1u$un1imdr.4ieindlblgiisolcPlnihro,eondrgeuarBflneuesdenssndtahpesrerfeeiottsafoseptnpa$tll1sid7chaemibdslutieolclrittioioconanf,ilsvdtewreeaentrdhe ipCssnucrofohconhgertdrrmecuibsoalseuntisttomirboniabbm$dmendauie1gsievebtn.ilim1inploeodiiruofnnbboeeitnsneitnsalsrtedlchdipinnooceeiactnfunscgoracm,reen$hceolat2tuiaa5mrnus2stli7tdaiabeeoo.mrtu,riionaintacitcnillgohotalldoiyemnlosrtsutanpdhricf,aeeentftrtonicauecectdonarhdaimmdrealiiintnnanieoatnflggldooeeaytmrhdfsm$iesdni$f3enaeu0n2tfittsn.saeie09otdtirtrrnmmoemainvdtiaiifiavnlvlbusllleeietuoniosdaoeudtntenmutr,ox.bestefpNehqinoennieuentfnseitvausriftnehineeirtnmacssenvntopumepoecmaanlfseyelattemnsmn$rpteos1esferqf1o,nfenurrrtm$tmoiser1timdiehina.ulu3decslmicaoobctyesmhlniodeole.nlaeoniybtroTfgrosynibh-fbtp$ieeeunf$r8cortve1aomirmseo.dm1es,tndihntelosbmilettniieiodoleodgylfunnin.oeoet,esaiAcsdTn.nmererinchTgxes(rpeeoepcvchmdntplnoehoeeirdlsmnetayedaieiaSnmsnqserdpbecvtgruaershpblseieJiedt)reesseu,aeterdrrnsnmloadsedueeepdfnpblearseoerd3nveespuecf0mtticoepsthc,iierofpnvapie1cn2lnmteEvlee0et0oc(,snimmre0iyonaetnas4capemengscgo.rlnt$doeleerntT2auayaeltsn1hnhdioreocegdy2ederfiefcniibugvlteeiavdtefaloenryaehsbatoer1nns5oera
decrease was primarily due to lower returns in the equity market in 2005, compared to 2004. For the year ended Notes to ReJquuniere3d0,Su2p0p0l4e,mtheenttaortyalSacdhdeidtiuolness taorenpetreassesnettesdwteorepr$o1v.i6debitlhlieoninafnodrmthaetiotontanledceesdsuacrtyTiohfnoesr rwaeetfirurelel$mu8ne0dn1etmrasitlallloniowdnina. ngTchoeef is payable for the supplemdeendtuarcytioscnhsecdounlesiss.tTedheofnobteensetfoitrpeaqyumireedntssuopfpl$e7m5e3nmtairlylioscnh, erdeufulensdbseogfin$1o5n mpaiglleio5n9,.deeacthhbyeenaerfiotsf ocfre$d2i3tambliellisoenr,vice in excess
and administrative expenses of $10 million. The additions consisted of employer and member contributions

Additional itnoftaolrimngat$io3n24ismpirlelsioen,teidn,subreagnicnenipnrgemoniupmasgeof6$19. Tmhiilslisoenc,tnioent invcelusdtmesenthteinAcdommieniosftr$a1Cti.v3oenbEitlrxlipobenun,tsaienosdnSsocthahenedrduilnVec.eoTsmhtieng

Acodnmtriinbiusttrioantociinsvhfvefare$noEs0gmtx.em9peeemiannncitslhelfiiasnopicnlrSao.cnmvhNaeelendutdoueflifenuo$vnpf5edr6sei4tntsmovemneepstnirsltotlmivtoiheinndencetofseofm,xorpreetethndhoesuefescyse$e1diean.xr3cbpuebyenrinrldsleiineedodvsn.einJs(utcmtnhoeeemn3pat0dr,iemsx2eip0dne0ins3ots.freaTsit)nihoteenwrieaonssfctrtaeahnanesETdseiemrmudwpppislvartlaeoiosndevysepseenr.maridnTmecdhniaonterfnciurlotoeynrmvidabedserruu,eetatinnhotodeonsmtnthhaeeeetrme baecrtucaorniatrlilbyud

improved equity market in 2004, compared to 2003. Employer contributions required for th
Benefit payments paid to retirees and beneficiaries increased by $78 million, or 10.5%$6f8r.o7m9 $p7e5r3amcitlilvioenmine2m0b0e4r, respectively to $831 million in 2005. This increase was the result of increases in the number voaf lrueatitrieoenss,arnedspbeecnteifviceilayr.ies receiving benefits across all plans and postretirement cost-of-living increases in benefits. Benefit payments paid

to retirees and beneficiaries increased by $69 million, or 10% from $684 million in 2003 to $753 million in 2004.

This increase was the result of increases in the number of retirees and beneficiaries receiving benefits across all 2005 - Employpeelas'nRsetairnedmepnotsStyrsetteimreomf Geenotrcgioast-of-living increases in benefits.

2005 - Employees' Retirement System of Georgia 28

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION

MANAGEMEFNINTA'SNDCIISACLUSESICOTNIOANND ANALYSIS MANAGEMENT'S DISFCINUASSNICOINALANSEDCATNIOANLYSIS (UNAUDITED)

Financial Analysis of the SystNemOTES TO FINANCIAL STATEMENTS

This section provides a discussion and analysis of the financial performance of the Employees' Retirement System of

AGseuomrgmiaar(ythoef t"hSeySstyesmte"m)'fsonretthaessyeetasriss eansdfoedlloJwuns:e 30, 2005 and 2004. The discussion and analysis of the System's financial

performance isEwmipthlionytehre conterxibtuotfiothnesarcecqoumipreadnyfinogr bfaisscicalfinyaenacriaelnsdtaetdemJeunntse, 3n0o,tes20to04thewfeinraencbiaaslesdtatoenmetnhtes, Jreuqnueir3e0d,

supplementary2s0c0h2edauclteusa, rainadl avdadluiNtaieottinoaanslseiantJssfuo(fnironemlt3laho0towiuossna:nfodlsl)owing this sectiAomn.ount

2005 Percentage

2004

Amount

Percentage

The System is responsible f2o0r05admiEnimsteprlion2y0g0e4ra: cost-shari2n0g0,3multiple-ecmhapnlgoeyer defincehdanbgeenefit penscihoanngpelan for vcahrainogues

Aesmseptsl:oyer agencies of inCIsnuavsrehasntamcneednrpteslcaeniv. ables

$Geo1r4g,17ia22,55,,a17l34o04ng$wNAi1th4oc,cr21smr01iux37a,,e53old79t62hleiar$bdiel1ifti3yn,41e00d34,,b57e32n51ef$it

pension plans,
8,352 521,554

a

defin37e(..71d21%%60c..o34$n38t%)ribu8ti01o02n,,0647p11lan,

and

a

life
12.1% 6.0%

ThCeapditeaflinasesdetbs,enneetfit pension pla6n,2s7i1nclude: 3,987 Total 3,786

2,284

57.3%3.85% 201

5.3%

Total assets 14,857,145 14,324,955 13,512,042

532,190

3.7%

812,913

6.0%

LiaDbiulaeitcitceoos:burnotskELPGNepuemreeasgbtMmHoypaailarsinlsobegceolsdlmwiaemyeaSttesiebcbJvevhueeesoedr'r$RroisRc,lceiebtEoia1itfle4rnimre,cRat8empron14meilm15ebtoie,,noury55neett86etthmi4S1eovSesyeneyrsnR$wsssttetteeieSmtswmid1yer4ei(s,tL(atm2vheEf93RemetR04esnSa,,St71rt()ce77G)Scd6t9eJyuRnsmm$tSeeuy)mmle1aa(3btPre,e4sSd7r3E29ot,,Ri7fe3n03rStc3m9e)rreie$ndsaitttaeabsrl5eae21n01srd,,83ee08rfw8vu2 iintcdhead.brUalewpsou3nph33oi..t63sne%%/rhmer$eriqnmuateeisom8tn1(b58be,,o10yr6f703cte)ohmnetprlmiobyeummti(o1be36nne..s11rt,,.)%% Getohrgeima MemilibtaerryfPoerfnesiitosnaFllurnidgh(GtsMtoPFre) tirement benefits.

The followingDSutiapsTybteehrlreaiiecorptsrer,AemCsboteptaunolsortrsetnydJteehuyredusgcipneoRovsnneeRtstrtiteimrhbteieurmnetiamteocanenlttlnusotFacaFruariutneainodlpdnv(r(aDoaStjlACJeuucJaRnRtteeiFFod3))n0to,a2tl0i0qJ5uu,nid2e0a30te40,tha2ne0da02c40t,0u3aa:rsisaulmacincgruethdaftutnhdeinagmeoxucnetssofwaitchcirnu1ed1

The defined colinatbriibluittyiopnaryemtirenmteinntcprleaanseisst4h.e0G0%eoregaiachDyefeianre.d Contribution Plan (GDCP) and the life insurance plan is the

State Employees' Assurance Department (SEAD).

2005

2004

2003

As(see)t allTochaetioGnMatPJFunies 3a0 s(iinngpleerceemntpagloeys)e:r defined benefit pension plan established on July 1, 2002 by the FinanciaElqHuiitgiGhesleigohrgtsia General Assembly for the purpose of provi5d9in.6g%retirement allo5w8.9an%ces and other 5b1e.n5e%fits for

The

folloFSwhixionergdt-mtthihenieergcmmhoGlmbisMgeehcrPtsusFroai.trfieetsdh*iescGusesoerdgiina mNoarteiodneatalilGlautaerrdin(Nthiastiaonnaalyl3sGi91s..:u22a%%rd).

The

ERS

3B9o.8a%rd
1.3%

of

Trustees

4a7d.m0%inisters
1.5%

AssetTahlleocnaetitonasastetJsunoef 3t0he(inSythstoeumsanindcsr)e:ased by $521 million, or 3.6%, from $14.3 billion at June 30, 2004 to Equ$i1t4iMe.8sebmillbioenrshatipJune 30, 2005. The improve$ment w8a,7s86pr,2im68arily$ due to8,3t7h3e,0i7n8creas$e in th6e,91fa2i,r59v5alue of

FShixoi2enr0dtv0-Aeti3esnstrctmmoooem$fsne1etJcs4.uu.3rnTiebthiiee3lls0in*o,ent2aa0ts0sJe4utnsaeon3fd0t,h22e00S005y4s.,tTeGmhMe iinPmcFrperaohsvaeeddm5b1e,yn071t674$80w8,,a1a16ns87d93pmri6ilm1liaorrnei,ltyioredr eu56se,.161t84a%o19n,,td31hf09erbo26iemnncer$ef1aic3sei.5airbniei6ltslh,i,12oe99nrf55ea,,asi81trp03eJv91ucatnliuevee3ol0yf,,

equciutyrriennvtelsytmreenctesi.ving benefits. Active employer, the Georgia Department of

aDned$feinnsaec1.t4iv,7e25p,l1a3n0

me$mber14in,2fo03rm,5a7t6ion $is

ma1i3n,4ta0i3n,e5d35by

one

* IncFluodretshemyoeratgr aegnedse.d June 30, 2005, the total additions to net assets were $1.4 billion and the total deductions were

$88B1emneilflitosn. The deductions consisted of benefit payments of $831 million, refunds of $17 million, death

benefits of $22 million, and administrative expenses of $11 million. The additions consisted of employer and meAmbmeremcobnetrribbueticoonms etostaelilniggib$l3e20fomr ilblieonne,fiitnssuurpanocne aptrteaminimumens t ooff$a8gmei6ll0io,n,wniteht 2in0veosrtmmenotreincyoemares ooff

The total inv$e1s.tc1mrebndiltilitpoaonbr,lteafonsldeiorovitinhcceere(ianisncecodlmu$ed5i2on2fgm$a0itl.l9lioemnaislftlrio1om5n.y2Ne0ea0tr4si,novwfehssitcemhrveinisctedinuacesopmareimmoeafrmi$lby1e.1troboaiflnlitohinec(rNceoaasmteiopirnniasetlhdGeouffaairrndtv)e,arelhusaetvaoinnfdg

investments. divsiderevneddinacot mleaasntd1t0he ccohnansegceuintivfaeiryveaalurse oafsinavemstmemenbtes,r reodfucthede bNyaintivoensatml eGntueaxrdpenimsems)erdepiaretesleyntspario$2r 1t2o

mildliiosnchdaercgre,asaen,dcohmavpianrgedretocetihveendeat ninhvoesntomreanbtleindciosmcheaorgf e$1fr.3ombiltlhioenNfoartitohneayleGaruaenrd.ed June 30, 2004. The The total invedsetcmreanstepowratfsolpiroiminacrrielaysdedue$8to00lomwiellriornetfurronms i2n0t0h3e, weqhuicithyims daurkeeptrinm2ar0i0ly5,tocoamn ipnacrreedasteoi2n0t0h4e.fFaiorrvtahleueyoeaf reqeunidteyd

investments. JunTeh3e0,re2t0i0re4m, tehnettoatlalol wadadnitcieoniss tpoanyeatbalseseftosrwliefree i$n1.t6hebilalmionouantdothfe$t5o0talpedredmucotniotnhs, pwleurse $580p1emr imllioonnt.hTfhoer

The investmedannetdderuaaactcedthimoofyninsereiacstrutorrnoanstfiiivscnterefediedsxcoiatpfalebbyneleseneaerssfeeiontrfvdpiea$cdy1em0Jiunemnneeitlsx3li0coo,efn2s.$s07T0o5h5f3ew2maa0idslydl7ieio.t8aino%r,snr,.sewTfcuihotnhendsamsinsoat8efx.d4$im%1o5ufrmmeetmuilbrlpnieolnooneny,fedeirtqeauiastinhtdi$eb1sme0an0enemdfpibtaeser7ro.m2fc%o$on2nr3tterhtimu.bruinltliiooonnns,

freixtuedrnionncoemquetoiotfiitneaCv$slei0oans.nn9gtmdtm$rea3inib72ltl.s4ui8.ot%mnTio.ihrlneelNitsouefniartvn,neiino-dnynvseVeufasrirextamsenatdcneiennninutpgcariolenimmzceoeidumimnrevasteoeosftfom$$fe19rn.et3mtsu.birlinlliloioonnn, nin(ecvtoeimsntvmperesintsmetsdeanottfiJnuicnnoteem3ree0s,ot 2fa0$n01d5.3dwbiavislildi2oe.nn2d,%a,nindwcooitmthheear

(i1n.c7o)m%e and the

TorenhtuefriinxnevodensientmqcuoeciiBtrimnnomethietcveeapnETE$v$eresnraeii86asmrmognvatft3ul8evveinmiupp1tns.edeoa7tepllgsdimefootan9ntaimebyyertoyi7eslqepeemfenl.it.n7aiunrrnuesoeTie%ictrr,rtncnsfncoyhr.iotaomtrevseiiTsmencnnnsarptehttepalutairfaue2rcvreriioiaiesn0kbrdcebffcor0eiutoeuavstoit5$mtolnsvetfii.n5i-oyneofrae6yoTeienillmnxe24nyalthsmaies0vr.pirmbrd0seeaeelersa4aeirnimielrtnnens,nldm,qicnscbceaoaouureodrnenaecmenaimdnrrstJaleifeudsuppscbzo,daeniaeoeerpnrerdcnnrowvieftetea3tshderoidrafl0atvseiirrlusttt,cbeyeoemciy2tluttaeiyho2hee0drtrdefna,0ie0eieoermt04rtasrbsnee3ye.neeywtrsi.sunendnmuarrdatcinslenirerwtcnqsed9voooaeeu.ens8fsedrJsit%eeu-rtniimnodeannd,vfdbnecebe-we.arldnyd3siesitvt0taem$ahis,Jned7peeuaxg28psnnpo02rtmiesei0onn0nn3icv.a3l1s.rttlte0e%heihdJoTs,aeeu)nshrna2e,neeJewns0otuuudir03aminnrns05n1eccb,0breoea32e.aerrnn50a0nnt%si0o,eedfei4fqfim2iefuwtr2wr0dpsieot00.aratimoibe0s3sBrsvy4e2e$peeaan.7rmt1snnwieh5m%ddfeae3einna,tarm2tErdwepi(0l1Riaoiybl0ty.$lvh4Sei2m8eod)na%r9nuBeeae.fn(cit1oi2rnthctes9at.uei0ot2raupa)d0ra%rantri0nhneiieoda4esdtfl

to retirees and beneficiaries increased by $69 million, or 10% from $684 million in 2003 to $753 million in 2004.

This increase was the result of increases in the number of retirees and beneficiaries receiving benefits across all 2005 - Empplolayeness'aRnedtirepmoesnttreSytisrteemmoefnGtecoorgsita-of-living increases in benefits.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

29

FINANCIAL SECTION

MANAGEMEFNITN'ASNDCISICAULSSSEIOCNTIAONND ANALYSIS MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)

FINANCI

A summary of the changes in the System's net assets for the years ended June 30 is as follows:

NOTES TO FINA

This section provides a discussion and analysis of the financial performance of the Employees' Retirement System of Gpsueeprofporlgremimaae(nnthcteaeri"ysSswycshitteehdminu"lt)ehsfe,oacrnotdnhteaedxydteiaotirf2os0tnhe0aen5ldaienCcdfchooaJr(munimnngpaeetathsi2n3ooi0yn0un0i,snn4af2geon0tldbl0aosas5)wsseiaictnnsfgdin2t2h0a00nis03c4siae. lcTtsihtoaented.Amcishmecanounutsgsnse,iton2no0t0ae5nsPdteocrahctnaehannelgtyafeE2signi0emsa0nop2cflioataAhyclcehmtesutarSoaanuytrcgensioemattenle2mtvn0r'ita0ssb4l,Puufreiatcenrithqocaiaeounnnnincsrgtieaeaardglseeqfoulilroewd sf:or fi

AdEMIdnTeiimnstemhiusmpoeruplnaborlsneySoa:crenyyerccesopcetrnoereptanmrmtglirabieinuuibnsmt.ucitorsiineeosssnpsoofnsGibeloergfioar$,

aaldom2n74gin18,,iw07s72tiet18hrins$gixao2tch75oe30sr,,t63-95ds16hefairn$inedg,

8,424

9,223

b2me751n424ue,,,l588tf554iipt027lpee-$enmsipolno((21yp(,,el676ar292n098ds)))e, faindeedfibn(((ee380nd...677e)))cf%%%iotnp$treinbsuitoi((on52(n,,684p259pl496al)))ann,foarndva(Ea3r((711imol...NAi920upf)))es%%%oclocrymruearel:d

liability

Net investment income

1,072,764

OTthheer defined benefit pension plans inclu9d0e3:

1,284,938 903

563,690 909

(212,174) --

(16.5)% 0.0%

721,248 (6)

128.0% (0.7)%

Tota

TotalEadmdpitliooynsees' Retiremen1t,4S0y1s,8te9m0 (ER1S,)619,111

906,848

Deductions: Legislative Retirement System (LRS)

RDABeeedfnamutehnifnidbtisseptnaraeytfmiivtesePGGnueteesxbooplrrieggcniisaaSecMJshuoidloiictlaiEarylmRPpeeltnoisryeieome8ns121e3F711n1R,,,,ut0901enS0124tid1650yres(tmGemeMnPt(G7FS125J)y5329Rs,,,,42t49Se1641)m8172

(PSER618S44),,919138 18,924 9,953

(217,221)
78,693 1,583 (1,345) 1,113

(13.4)% 712,263

78.5%

Members become vested after ten yea

10.5m%ember68c,o32n9tribution1s0.w0%ith accumulat 10.3H%owever, i4f25an otherw2i.s8e% vested memb

(5.8t)%he memb4e,3r3f7orfeits al2l2r.9ig%hts to retireme

11.2%

(41)

(0.4)%

TNoettailnDSdcueriedpsautesrcreiticioiotnrnACs ottuorrtnJeuydsgeRseRt8ier8te1irm,0e8me2netntFFuunnd8d0(1(D,S0AC38JRRFF)) 727,988

80,044

10.0T%he emp7l3o,y05e0r contrib1u0t.i0o%ns are projecte years, based upon the actuarial valuati

The definneedt acsosnettsribution retire$ment52p0la,8n08is t$he G8e1o8r,g0i7a3De$fine1d7C8,o86n0trib$utio(2n9P7,l2a6n5()GDCP)(3a6n.d3)lt%ihaeb$illiiftey6in3p9sau,y2r1ma3necnetpilnacn3rie5sa7t.s4he%es 4.00% each y

State Employees' Assurance Department (SEAD).

(e) The GMPF is a single employer defin

Financial Highlights

Georgia General Assembly for the purp

AfudnddiTsti.hoIennsffoilslcoTawhleiyneSgayrhs2itge0mh0l5iga, chtocttsuamal rcueoladnttierssicburuestssiooendusricndeesmcnroeeraeesdedededt1at.io3l%lfau,tnerdrefilbneectnhtieinfsgitaanpaaclyoymnstiersin:btustitohnropuegrhcecnotangtreibthuatitornmtehsmeeamaGnindbMeerdrePstuuFnor.cnfhsathonengeGidnveweoistrthgeidaa National Guar

cminoondtthreeisbtueotqivouenirtayplelmrs$Tcaa1ehlrna4ekrt.eay8tngdbeeieitnltchllai2aiosnt0nse0re.e5tasNm,teaoatiJsfnuiennctdvheoeemu3snt0pSmc,ahyerase2nntd0teg0mient5odc.,oi2nwmT0ciher0teeh4da.easicemFmrdoeporardbsofeeyvisdsetc$mboa5yvle2en$y1rt2aem1lawl2rislamal2sil0oail0nrply4i,ro,idnmoet.roacTtrl3aihinll.iy6esc%.dodIe,nnuctserfruirebroataumosnteicotei$hsnp1espr4red.iim3nnecccMibiurrpieemleaalailmsssoleeydndbediecanu1rrte.es0attJh%hsouieen,pldoerfw3ea37fie0lr.re9,cr%vte2iat,n0uludg0ruen4eas

to of

to a reduction principally due

ti2eionqn0vtu0heti3ehtsyteitmmoineep$vmnr1etops4svl.t.oem3Tydebehmnrieltalscinr.ookennetttraacitsbosJuneutdtinsoitenioo3fnr0ast,thie2ne.02SN00y4e0s.t4tTe,imnahsveeciinsomtcmmrpeperanoasrtveeeddimntcboeoyn2mt0$ew0831ai.ns8cpmreriialmsleiaodrni,lbyyodrou6ve.e1tr%o $,t7hf2er1oAceimumnmscrpirr$loeell1ioanfo3sytne.lJe5.yuribnT,nritheelthlihcis3eoee0niGifvn,aaceii2nrtroe0grJvag0usabie4nlaueeeinDas3eno0effd,pitas2r.t0mA05ecn,titvGoeMf aDPn

Deductions FoFrofristchael yyeeaarr e2n0d0e5d, tJoutnael d3e0d,u2c0ti0o5n,sthinecrtoeatasledad1d0i.t0io%n,sptorimneatrialyssbeetscawuesreeo$f1a.41b0.i5ll%ioninacnredatsheeintobtaelndeefidtupcatyiomnesnwtse. re

This was due to$a8n81inmcreilalisoeno.f Taphperodxeidmuactteiloyns8.3c%onisnisttheed noufmbbeenr eoffitreptiaryemesernetcseiovfin$g8b3e1nemfitilpliaoynm, ernetBfsuenancdresofsiostfsal$l1d7efminielldiobne,nedfeiat th

plans in the

annudmtboepr oosbmfterreeenmtfeiurfbenietmdsrseonpcftroocn$cot2ers2sitbs-meoudftii-loldliinuvosrinnin,gtgoaitn2nad0clir0nea5gad.smAe$sid3nim2ins0itbnrmeiasntitielrvlafieitotisvne.e,xRpeiexenfnpsuusenenrdasssneoscinfeicn$rcpe1rra1eesamemsdeiiudl1lmi01o.1s3n.%2.o%Tf, hwo$ehv8ieacmrdhtdihwliletiiaoopsnnrpi,soArrincmeyomtaenraseiirilnm,syvtdebdeuduseetermoptfrbeoinmeeamtcanorpiiinmllnyocceyortsoeemaraesenaelniogdfible

for

bene

increase in perm$a1n.1enbtilsltiaofnfi,nagn.dFoothr efrisicnacloymeaero2f0$004.,9dmediullciotino.nsNientcirnevaseesdtm1e0n%t ,inpcroimmaeriolyf $b1ec.1aubsiellioofcnrae(c1do0imt%apbirlniescersdeearosveficiinneteb(rieennscetflauitndding at least 15

payments. This disivdiudeentodainncioncmreeaasnedofthaeppcrhoaxnigmeaitenlyfa7ir.2v%aluine tohfeinnuvmesbtemreonftsre, trieredeuscreedcebiyviinngvebsetnmeefinttpseaexyrpvmeeendnstesasat)crrleeopasrssetasell1nd0tsefacino$en2ds1e2cutive years a

benefit plans andmtiollipoonstdreetcirreemaseen,tccoomstp-oafr-eldivitnogthinecrneeatseinsvinesbtmeneenftitsin. cDoemateh obfen$e1f.i3tsbinilcliroenasefodr2t2h.e9%ye, adwrihseicnchhdaewrdgaeJsu,pnareinmd3a0rh,ial2yv0di0nu4ge. trToehceeived an honor

an increase in dthecerenausme bwearsopfrimdeaartihlycdlauiemtso plorowceerssreedturdnusriinngth2e0e0q4u. itRyemfuanrdksetoifn m20e0m5b,ecromcopnatrriebduttioon2s00i4n.crFeoarsetdhebyyea2r.8e%nd.ed

Administrative eJxupneen3se0s, d2e0c0r4e,asthede btoytaalpapdrodxitiimonatseltyo 0n.e4t%a,ssfreotsmwtheerep$ri1o.r6ybeialrl.ion and the total deductTiohnes rweetirree$m8e0n1tmailllloiowna. nTchee is payable for

deductions consisted of benefit payments of $753 million, refunds of $15 million, deeacthhbyeenaerfiotsf ocfre$d2i3tambliellisoenr,vice in excess

and administrative expenses of $10 million. The additions consisted of employer and member contributions

totaling $324 million, insurance premiums of $9 million, net investment income of $1C.3onbitlrliobnu,tainodnsotahnerdinVceosmtieng

of $0.9 change

million. in fair

Net investment income of $1.3 billion (comprised of interest value of investments, reduced by investment expenses) was

aannEdimmdppivrloiodvyeeenmrdecniontncotormvibeerutatinhodenstnhaeetre

actuarially

d

investment income of $564 million for the year ended June 30, 2003. The increasTeruwsatesepsr.iTmhaerirley adrueentoo mtheember contribu

improved equity market in 2004, compared to 2003. Employer contributions required for th
Benefit payments paid to retirees and beneficiaries increased by $78 million, or 10.5%$6f8r.o7m9 $p7e5r3amcitlilvioenmine2m0b0e4r, respectively to $831 million in 2005. This increase was the result of increases in the number voaf lrueatitrieoenss,arnedspbeecnteifviceilayr.ies receiving benefits across all plans and postretirement cost-of-living increases in benefits. Benefit payments paid

to retirees and beneficiaries increased by $69 million, or 10% from $684 million in 2003 to $753 million in 2004.

2005 - EmplToyheiess'iRnectirreeamseentwSyastsemthoef Greosruglita of increases in the number of retirees and beneficiaries receiving benefits across all

plans and postretirement cost-of-living increases in benefits.

2005 - Employees' Retirement System of Georgia 30

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION

MANAGEMENFTIN'SADNICSCIAULSSIEOCNTIAONND ANALYSIS MANAGEMENT'S DISFCINUASSNICOINALANSEDCATNIOANLYSIS (UNAUDITED)

Funding Status

NOTES TO FINANCIAL STATEMENTS

This section provides a discussion and analysis of the financial performance of the Employees' Retirement System of

TpcGpsoehuenreeprfodfpoorsulrgrcecmmimhateeiaen(dndntghcuteabelreyai"yssE2nSsc0dwoymce0sfhirptt2feehtfulidmuiofannuinyc"edldtte)edheuisrfedna,oagrcarcinofattprdnhulorteaavomerrdxiagyibdtleeruuiaeaostatnir.sfiostsotiTnhoenaaahenncsnledtadiauerncsefdafceuoqrofmJinroumaumdplilnplrialoeenaotpwding3yoey0esnrfir,:srnoafp2gorcte0ilooblc0fonai,t5swistvcrwiaiciaennbhl.fgduiincyttT2ihhaeo0hnias0necir4sssiae.eiplcpnTntrsrfihdoteooaeevsnrtdeeimd.dmniaseJteceutniuidnontssenfso,oi3onnrin0oms,ttaehabns2teiad0tooss0anec4tndhhraeeewlyugdfseipaunirroslaedennoicbnfoiaagftahcsleehtfsuudotSaanwytrodeisanmittnelhegmtenhv'teppass,lrlfuaoJrineuangqtsanriuneeoaiscnrr3sieesa,0dl,

inTdhiecaStyesstetmheisrarteiospoofnstihbeleafcotruaardimaliEnvimastlepurleionyogefraa: scsoestts-shaanrdintgh,emauclttuipalrei-aelmapclcoryueerddelifainbeidlitbieesn.eTfithepehnisgiohnerptlhanis froartivoa,ritohues

beemttpelroypeorsiatgioenncitehseoSf yGseteomrgiais, ailnonwgitwhNitrhoergsmiaxradolsthteor ditesfifnuenddbienngefrietqpueinrseimonenptlsa.nsT, haedJeufinneed2300c.o,3n32t%r0i0b4ut,io2n00p3la,na, nadnd2a00li2fe

aicntsuuarrainaclevpallauna.tions, the latest valuatioAncscarvuaeidlalbialeb,iliintydicate the actuarial value of asse(t1s6a.n4d8)funding ratios for the

five defined benefit retirement plans were as follows:

The defined benefit pension plans include:

Total

3.85%



ELPGuemegbMmHopilrsiloegceolmwiamyaSteiebcbJvevhueeesJoedr'ruR2roisnRc,0lceei0ebtEoiai4t3flernim0recRate,mpronmeilmebtoienouryAneettetathcmiSesovtSessyueneeyrsanRtwssstrstetteieieJS(matswimuidlyn2ernevi(s0ttL(eatma0vhheElfR33oemuetR0uesnSea,Stsrt()oceaG)SfcdnteJyupdRnsmlmsat)Seneuy)mmleaa(btPrJeesuSdr2nE0oet0Rifen23rSt0cme),rreiendsaitttaeabsrleaenJsrdeeu2rfnw0vue0iin43tcdh0ead,.brUalewpsounphFoitusne/nJrhudm2erni0enrie0qngm33uar0teae,istomitonbbeoyrf

employment,
theJumnee3m0,ber. contr2i0b0u2tions,

ERS PSERS LRS



GJRS

GMPF

Getohr$geima Me1mi2lib,t77ae94rr73y,,f83Po18er59fnesiit$osnaFllurn1i2dg,74h(G32t48sM,,87to7P396Fre) ti$reme1n2t,71b22e74n,,54e21f94its.

97.6% 111.5%

100.5% 110.6%

101.1% 115.4%

DSuipsTyteehrraiiecortsre,AmCbotptauol2sorre25tny710dJee,,,u283yrdu591sgcp023eoRosnneRttriteirhbteieurmetiameocnent2tnus23tFa77aFru,,616riunea058ndl973pdv(r(DoaSjlACeucJaRRtteiFFod))nt2oa22t68li,,q64J--31uu77nidea3te0,th2e0a0c4t11,u122a067ar...s164isa%%%ulmacincgruethdaftu11tn22h54d7e...i509n%a%%gmeoxucnetssofwai11tch23c20i--rn..34u%%1ed1

The defined colinatbriibluittyiopnaryemtirenmteinntcprleaanseisst4h.e0G0%eoregaiachDyefeianre.d Contribution Plan (GDCP) and the life insurance plan is the

State Employees' Assurance Department (SEAD).

(e) The GMPF is a single employer defined benefit pension plan established on July 1, 2002 by the

TFhienaSnycsiatel mHigcGholneigtoihrngtusieasGtoenbeerailnAassseomubnldy ffionranthceiaplupropsoisteioonf, parsoevvididinegncredtirbeymethnet afullnodwinangcreastiaonsd. Aothfeurnbdeinngefritastifoor

oTvheer f1o0ll0o%winingdmhiicegamhtlebisgehtrhtsseoaprfeltadhniessc,GufsreosoemrdgiiananmNaocartteuioadnreiataallilGpleautraesrrpdienc(Ntthiviaseti,aonhnaaalvylesGism:uoarde)a.sTsehtes EavRaSilaBboleartdhaonf wTirlulsbteenseacdemssianriystteors satisfy the obltihgeatGioMnsPoFf. the plans.
The net assets of the System increased by $521 million, or 3.6%, from $14.3 billion at June 30, 2004 to
Requests $fo14rM.8IenbmfilolbiroemnrsahattipioJunne 30, 2005. The improvement was primarily due to the increase in the fair value of

This financi2einaq0vlu0Acei3rutsesytrtpmroiooenen$rfvntt1etlJsi4sys.ut.m3nTdreebehnicse3ltielsg0ini.ovn,eniet2ndaa0gtst0soJbe4utepnsnraeooen3fvfd0iitt,dhs2e2.e00aAS005y4gcs.,tetinTevGmeherMeaailinPnmcoFdrpvereaiohnrsvaveaeddicmetwbi1evyn0eot4$fwp8tal1ahans8endpmSrmi6yilm1lseitaomerrnemib,ltyei'orsredr efui6insen.1fatoa%onrncm,tdhefaesrbtofiiemnoncnrer$aef1ialislc3sei.tm5ahirobnaiesiiltneslhi,toewanrifineatasheitrpdieJvnucbattnelyiuerveeeo3sol0ntyf,e, in the Systeme'ms pfilnoaynecr,etsh. eQGueostrigoinasDceopnacretmrneintgoafnDyeofefntshee. information provided in this report or requests for additional iFnofrotrhmeayteioarnesnhdoedulJdunbee3a0d, d20re0s5s,etdhetototEalmapdldoityioeness'toRneettiraesmseetsnwt eSryes$te1m.4 boilfliGoneoanrgditah,eTtowtaol dNeodrutchtsioidnes w7e5r,e Suite 300, A$8tl8Ba1nemtnaei,lflGitoAsn. 3T0h3e18d.eductions consisted of benefit payments of $831 million, refunds of $17 million, death
benefits of $22 million, and administrative expenses of $11 million. The additions consisted of employer and meAmbmeremcobnetrribbueticoonms etostaelilniggib$l3e20fomr ilblieonne,fiitnssuurpanocne aptrteaminimumens t ooff$a8gmei6ll0io,n,wniteht 2in0veosrtmmenotreincyoemares ooff

$1.c1rebdililitoanb,leansderovtihceer (ininccolmuedionfg$a0t.9lemaisltli1o5n.yNeeatrsinovfesstemrvenicteinacsoma emoefm$b1e.1r boifllitohne (NcoamtioprniaseldGoufairndt)e,rehsatvainndg

divsiderevneddinacot mleaasntd1t0he ccohnansegceuintivfaeiryveaalurse oafsinavemstmemenbtes,r reodfucthede bNyaintivoensatml eGntueaxrdpenimsems)erdepiaretesleyntspario$2r 1t2o

mildliiosnchdaercgre,asaen,dcohmavpianrgedretocetihveendeat ninhvoesntomreanbtleindciosmcheaorgf e$1fr.3ombiltlhioenNfoartitohneayleGaruaenrd.ed June 30, 2004. The

decrease was primarily due to lower returns in the equity market in 2005, compared to 2004. For the year ended

JunTeh3e0,re2t0i0re4m, tehnettoatlalol wadadnitcieoniss tpoanyeatbalseseftosrwliefree i$n1.t6hebilalmionouantdothfe$t5o0talpedredmucotniotnhs, pwleurse $580p1emr imllioonnt.hTfhoer

dedeuaccthioynseacronosfisctreeddoitfabbelenesfeitrvpiacyeminenetsxcoefs$s7o5f32m0ilylieoanr,sr.eTfuhnedms oafx$im15ummilblieonne,fditeaisth$b1e0n0efpitesromf o$n23thm. illion, and administrative expenses of $10 million. The additions consisted of employer and member contributions

totaClionngt$r3ib24utmioilnlisona,nidnsVureasntcienpgremiums of $9 million, net investment income of $1.3 billion, and other income of $0.9 million. Net investment income of $1.3 billion (comprised of interest and dividend income and the chaEnmgeplionyefarircovnatlruiebuotfioninsveasrtemaecntus,arrieadlluyceddetbeyrmininveedstmanednt aepxppreonvseeds) awndascearntifiimedprobvyemtheentERovSerBtohaerdneotf

invTesrtumsteenetsi.nTcohmeree oafre$n56o4mmeimlliboenrfcoorntthreibyuetaiornesnrdeeqduJiurende.30, 2003. The increase was primarily due to the

improved equity market in 2004, compared to 2003.



Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and Btroeecn$v$eei86avf3l8iiu1tn.a7pgmt9aiboyilepmnlniesoeer,nnfritatesiscnsptpaia2cvei0rdceo0tsti5mosv.eraeTellmylthi.pirbseleaeirnsn,scarrnaeednsadpsbeeepcnowtesiaftvirsceeitltaiyhrre,eiemarseneisndnutclrwtceooaesfsrtee-iodnfbcb-arlyiesvae$isnd7eg8somiinnniclrtltheihoaeense,nJsouurminn1eb0be3.er50n%o,eff2iftrr0seo0.tmi3Bree$ean7sne5dfa3intm2dp0iabl0ylei2monneeafnciintctsui2apa0rari0eiida4sl

to retirees and beneficiaries increased by $69 million, or 10% from $684 million in 2003 to $753 million in 2004.

This increase was the result of increases in the number of retirees and beneficiaries receiving benefits across all 2005 - Employepelsa' nRestiarnemdepntoSsytsrteetmiroefmGeenortgciaost-of-living increases in benefits.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

31

FINANCIAL SECTION FINANCIAL SECTION

COMBINED STATEMENTS OF NET ASSETS COMBINED STATEMENTS OF NET ASSETS

FINANCI

NOTES TO FINA

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(InEclMudiPngLAOll YPlaEnsEaSnd'FRunEdsTAIdRmiEniMsterEedNbyTthSe YEmSpTloEyeMes' ROetiFremGenEt OSysRteGm IofAGeorgia)

(A(ICncolmudpionngenAtlUl Pnliatnosfathned SFtuantedsofAGdmeoirngisiate)red by the Employees' Retirement System of Georgia)Employer contributions required for fi

(A Component Unit of the State of Georgia)

2002 actuarial valuation as follows:

COMBINED STATEMENTS OF NET ASSETS

JuCneO3M0,B2I0N0E5DanSdT2A0T0E4MENTS OF NET ASSETS

Employer:

(InJutnheou3s0a,n2d0s0) 5 and 2004

Normal

(In thousands)

Accrued liability

Tota

ASSETS ASSETS
CASH CASH
RECEIVABLES: REEmCpElIoVyAerBaLnEdSm: ember contributions InEtemrepsltoaynedr adnivdidmeenmdsber contributions DuInetefroesmt abnrdokdeirvsidfoenr dsescurities sold Due from brokers for securities sold Total receivables Total receivables
INVESTMENTS AT FAIR VALUE: INShVoErtS-TteMrmENTS AT FAIR VALUE: ObSlhigoartt-itoenrsmof the U.S. Government and its agencies, Ocbolripgoatriaotne,s aonfdthoethUe.rSb.oGnodvsernment and its agencies, Comcmoorpnosrtaotcek, sand other bonds MCorotmgamgeonlosatnoscks Mortgage loans Total investments Total investments
CAPITAL ASSETS, NET CAPITAL ASSETS, NET Total assets Total assets
LIABILITIES LIABILITIES
Accounts payable and other DuAecctooubnrotskperasyfaobrleseacnudriotitehserpurchased
Due to brokers for securities purchased Total liabilities Total liabilities
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS NET ASSETS HELD IN TRUST FOR PENSION BENEFITS
(A schedule of funding progress is presented on page 57.) Se(eAasccchoemdpualenyoifnfgunndoitnesgtporofignraenscsiiasl pstraetseemnteendtso.n page 57.)
See accompanying notes to financial statements.

2005 Members b2e0c0o4me vested after ten yea 2005 member con2t0ri0b4utions with accumulat

However, if an otherwise vested memb

the member forfeits all rights to retireme

$

10,228 $

12,526

$

10,228The $employer12co,5n2tr6ibutions are projecte

27942,,934,2037927ylieaabrisli,tybapsaeyd36m023ue,,013pn,87ot168ni8n6cthreeasaecstu4a.r0i0al%veaalucahtiy

117,(47e,8)4009The GMPF1i26s,23a,032s7i8ngle employer defin

11,780 115,516
115,516

GmtheeeomGrbgMeiarPsGFo1.ef0n14te10hr,248ea,,6l38G6A06e26sosregmiablNyaftoior nthale

purp Guar

170,179

180,777

170,179Membership180,777

5,768,683 As of Ju5n,6e4390,1, 926004 and 2005, GMP

8,57,8766,82,66883currently8,r53e,7c63e4,i90v,7i1n89g6benefits. Active an

8,786--,268employer, 8th,3e7G35,2e0o57r8gia Department of D

--

525

14,725,130 Benefit1s4,203,576

14,725,130

14,203,576

6,271 A member b3e,c9o8m7 es eligible for bene

14,857,61,42571creditab1l4e,3se2r4v,i39c,5e958(7including at least 15 14,857,145served at14le,3a2st4,19055consecutive years a discharge, and having received an honor

19,788 The retirem1e4n,t2a2l2lowance is payable for

251,97,77388each year of1c91r,4e9d,52i7t2a2ble service in excess

25,773

19,957

45,561 Contributio3n4s,1a7n9d Vesting

45,561

34,179

$ 14,811,584 Em$ploy1e4r,2c9o0n,t7ri7b6utions are actuarially d

$ 14,811,584Trus$tees.1T4h,2e9re0,a7r7e6no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia
32

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

FINANCIAL SECTION

FINANCIAL SECTION COMBINED STATEMENTS OF CHANGES IN NET ASSETS

NOTES TO FINANCIAL STATEMENTS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(A Component UEnmit poflothyeerStcaotenotrfibGuetoiorgnisa)required for fiscal year ended June 30, 2004 were based on the June 30,

2002 actuarial valuation as follows:

CYOeEaMrsMBeInNPdEeLdDOJSunTYeAE3T0EE, M2S0E0'N5RTanSEdOT2F0I0CR4HEAENMmGEEplSNoIyNTerN:SEYT SASTSEETMS OF GEORGIA

(In(Ithnocluusdainndgs)All Plans and Funds AdminisNteroerdmbayl the Employees' Retirement System of Georgi2a)0.33%

(A Component Unit of the State of GeorgAiac)crued liability

(16.48)

COMBINED STATEMENTS OF CHANGES IN NETToAtaSlSETS
Years ended June 30, 2005 and 2004

3.85% 2005

2004

N(EInTthAoSusSaEndTsS)MHeEmLbDerIsNbTecRoUmSeTvFeOstRedPaEfNteSr IOteNn yBeEaNrsEoFfITcSreditable service. Upon termination of employment,

BEmGeImNbNeIrNGcoOntFribYuEtiAonRs with accumulated interest are refu$ndabl1e4,u2p9o0n,77re6quest$ by 1th3e,47m2e,7m0b3er.

However, if an otherwise vested member terminates and withdraws his/her member contributions,

ADDITIONS:the member forfeits all rights to retirement benefits.

2005

2004

Contributions:

NETEAmSpSlEoTyeShreHeEmLpDloIyNerTcRoUntSriTbuFtiOoRnsPaEreNpSrIoOjeNctBedENtoElFiqIuTiSdate the actuarial ac2c4r8u,e7d28funding exces2s5w0i,t3h5i6n 11

MembeByreEaGrsI,NbNaIsNedGuOpFonYtEhAe Ractuarial valuation at June 30, 2004, a$ssumi1n74g1,2,t09h70a1,t77th6e am$ount 1o73f3,4a,67c9c2r1,u7e0d3

AIAInnDdsvCIDumneorssIIN(ianTnutnemneEMttr)IiretacsOmeirnetebinernNmcpuapstcleGmtTlttStribihoriianehvoepa:eeeeybmcaneenrormeiGeosdsrlrieemGmbig:uMxtdeimyiMiepainruPv:espsmGPifFnadaoF.seyseifenrmnitevadsherlaseanlaloltuGtAiesmneisnocoesgfrnreeglitmeanisavbeeelNmsyst4apmft.loi0ooer0ynnt%ethasrleeGdpaeucufhraipnryodeesda(eNrbo.aeftnipeorfnoiatvlipdGeinnusgairorden)t.iprTelahmneenEetsRtaaS37lbl80olB2807iws74,,,oh4993188aae2050n,,,r70d44374dc722eoo184snfaTnJruduloystte1he,esr2ab390de270nm29712e75,,,i2991fb30n9i2004yt,,i,362ss3319t952tfeh163oresr

AdminiTstortaatlivineveexsptmenesnet ailnlcootmmeent

1,088,269103

1,299,059003

InvestmeMnteimncboemrseh: ip

Less

inINvneetseNttrAcimeenutsscertirrnnoeeatvnanfeestdxlesJyptudmieninrvneeeifsncda3eetei0sriinv,nvdic2nasol0gum0eb4eoenfaeninfdivtse2.s0tAm05ce,tnivtGseMaPnFd

had 104 and inactive plan

m61emrebteirreei1ns,f0oa17rn37m52d80,,4a707bt96,,ie9347on50ne74fiiscimaraieins,ta1ri,ne2se18pd3944e27,,cb1971ty13i,,v9128eo04ln19ye,

TeoTmtaopltlaaoldyidenirvt,ieotshntesmGenetoringciaomDeepartment of Defense.

1,410,018,889,2061

1,611,299,191,0150

DEDULCesTsIiOnvNeBSse:tmneefnitsexpenses

15,497

14,112

Benefit payAmNeemntteisnmvbeesrtmbeenctoimnceosmeeligible for benefits upon attainment of age8163,01,7,12w4,70it6h4 20 or mor71e5,22y8,e44a4,r97s38of

Refunds ofcmreedmitbaberlecosenrtvriibcuet(ioinncsluadnidnginatetrleesatst 15 years of service as a member 1o7f,t0h0e1National Guard1)5,,4h1av8ing

Death benesfeiTtrsovteadl aadtdilteiaosnts 10 consecutive years as a member of the Nationa12l,41G0,91u1,a86r9d0 immediatel1y2,63p1,2r9i6o,1r11to

DAEdDmUinCisTtrIaOdtiNivsSech:eaxrpgeen, saensd having received an honorable discharge from the Natio1n1al,0G2u5ard.

9,912

BRDeeefnautehnfidbtsNTepTeonaoeafehyttcafemmhiilntrseedycenmeretetidasbraureescmoretficeoconnrntestadrliilbtoauwbtilaoennscseeravinsidcpeianiyntearebexlsectefsosr

oliff2e 0inyethaers.amThoeunmt aoxfim$5u0mpbe85er82n810me213,,f80o171i08tn,,,90182tihs104,160$p1l0u0s

$5 per

pmeor88n01mt718ho215,,.00n35273t,,,h24438164f817or

NET AAdSmSEinTisStCrHaotEnivLterDiebxIuNpteioTnnsResUsaSnTd FVOesRtiPnEgNSION BENEFITS

11,025

9,912

ENEDTmoOptlFaolyYdeeErdAcuoRcntitorinbsutions are actuarially determined and appro$ved a1n4d,8c18e18r,1t5i,f80i4e8d2 by$the E1R4S,29B800o,1a7,r70d638of

TNruestteinesc.reTahseere are no member contributions required.

520,808

818,073

SeeNaEcTcoAmSpaSnEyTEinSmg HpnolEoteyLseDtroIcfNionnaTtnrRcibiUaulStsiTtoantFesOmrReenqtPsuE.irNedSIOfoNr tBhEeNyEeFarIsTSended June 30, 2005 and 2004 were $89.19 and E$N68D.7O9 FpeYrEaActRive member, respectively, and were based on t$he Ju1n4e,83101, ,2508043 an$d 200124,a2c9tu0a,7ri7a6l valuations, respectively.
2005 - Employees' Retirement System of Georgia

See accompanying notes to financial statements.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

33

FINANCIAL SECTION COMBINING STATEMENTS OF NET ASSETS

FINANCIAL SECTION COMBINING STATEMENT OF NET ASSETS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia) (A Component Unit of the State of Georgia)

SUPERIOR COURT JUDGES AND DISTRICT ATTORNEYS RETIREMENT FUNDS

COMBINING STATEMENT OF NET ASSETS June 30, 2005

(In thousands)

2005 - Employees' Retirement System of Georgia 34

Investments at fair value:

Equity in pooled investment fund

Total assets

Accounts payable and other

Assets

Liabilities

Total liabilities

Net assets held in trust for

pension benefits

(A schedule of funding progress is presented on page 57.) See accompanying notes to financial statements.

Cash

EMPLOYEES' RETIREMENT SYSTEM OEMFPLGOYEEEOS' RRETGIRIEMAENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the

(Including All Plans and Funds Administered by the Employees' RetiremEmepnlotySeeys'sRteemtireomfenGt Seyostregmiao)f Georgia)

(A Component Unit of the State of Georgia)

(A Component Unit of the State of Georgia)

Combining Statement of Net Assets

COMBINING STATEMENT OF NET ASSETS June 30, 2005 (In thousands)

June 30, 2005 (In thousands)

Plans and funds

Assets

Employees' Retirement
System

Public School Employees' Retirement
System

Legislative Retirement
System

Georgia Judicial Retirement System

State Employees' Assurance Department

Cash

$

Receivables:

Employer and member contributions

Interest and dividends

Due from brokers for securities sold

Unremitted insurance premiums

7,933 $
27,924 -- -- --

25 $
3 -- -- --

$

3 $
33 -- -- --

468 $
138 -- -- --

1,035 $
-- -- -- 1,799

Total receivables

27,924

3

33

138

1,799

1,214 $

Investments at fair value: Short-term Obligations of the U.S. Government and its agencies, corporate, and other bonds Common stocks Equity in pooled investment fund

--
-- -- 12,801,750

--
-- -- 738,491

--
-- -- 27,833

38

--
-- -- 256,489

38

1,252

--
-- -- 891,817

Total investments

12,801,750

738,491

27,833

256,489

891,817

Capital assets, net

6,271

--

--

--

--

Total assets

12,843,878

738,519

27,869

257,095

894,651

Liabilities

1

the GMPF.

Accounts payable and other

16,987

589

22

154

50

Due to brokers for securities purchased

--

--

--

--

--

Insurance premiums payable

1,765

--

12

22

--

Total liabilities

18,752

589

34

176

50

Net assets held in trust for pension benefits

$ 12,825,126 $ 737,930 $

27,835 $ 256,919 $ 894,601 $

(A schedule of funding progress is presented on page 57.)

1,140

Georgia Military Pension Fund

Superior Court Judges And District Attorneys Retirement Funds

Pooled Investment
Fund

Georgia Defined Contribution
Plan

Eliminations

57 $

113 $

1 $

593 $

$

$

--

--

--

1,229

--

--

--

74,380

29

--

--

--

11,779

1

--

--

--

--

--

(1,799)

--

--

86,159

1,259

(1,799)

Total 2005
10,228
29,327 74,409 11,780
--
115,516

--

--

156,344

13,835

--

170,179

Superior Court Judges
Retirement Fund

112 $

--

--

5,761,752

6,931

--

5,768,683

--

--

8,786,268

--

--

8,786,268

2,124

1,140

--

43,161 (14,762,805)

--

2,124

1,140 14,704,364

63,927 (14,762,805) 14,725,130

--

--

--

--

--

6,271

2,181

1,253 14,790,524

65,779 (14,764,604) 14,857,145

-- -- -- --
2,181 $

39

1,946

--

25,773

--

--

39

27,719

1

--

19,788

--

--

25,773

--

(1,799)

--

1

(1,799)

45,561

1,214 $ 14,762,805 $ 65,778 $ (14,762,805) $ 14,811,584

1,253

See accompanying notes to financial statements.

FINANCI NOTES TO FINA

Employer contributions required for fi 2002 actuarial valuation as follows:

Members become vested after ten yea

member contributions with accumulat

However, if an otherwise vested memb

Pension trust funds the member forfeits all rights to retireme

District AttorneysThe employer contributions are projecte RetFiruenmdenyltieaabrisli,tybapsaeydmT2ue0opn0tota5nilncthreeasaecstu4a.r0i0al%veaalucahtiy

(e) 1 The$GMPF is a s1in1g3le employer defin

Georgia General Assembly for the purp

-- members of the 1G,1e4o0rgia National Guar

Membership As of June 30, 2004 and 2005, GMP

1 currently receiving3b9enefits. Active an

1 employer, the Georg3i9a Department of D

Benefits
-- A m$ember beco1m,2e1s4 eligible for bene creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor
The retirement allowance is payable for each year of creditable service in excess

Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia

Employer: Normal

Accrued liability

Tota

FINANCIAL SECTION

COMBININFGINSTAANTCEIAMLESNETCOTFIONNET ASSETS

FINANCIAL SECTION COMBINING STATEMENT OF NET ASSETS
EMPLOYEES' RETIRENMOTEENSTTSOYFSITNEANMCOIAFLGSTEAOTREGMIEANTS

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(AECMomPpLonOenYt E2UE0mn0iEpt2loSoafyc'ttheuRreaSrcEitoaaTntletvrIoiaRbfluuGEateitoiMonrgnsiEaar)seNqfouTlilroeSwdYsf:oSrTfEiscMal yOeaFr eGndEedOJRunGe I3A0, 2004 were based on the June 30,

S(UInPcEluRdIiOngRAClOl PUlRanTs JaUndDFGuEnSdsAANdDmDinIiSstTeRreIdCbTyAthTeTEOmRpNloEyYeeSs'RREeTtiIrRemEMenEt NSyTstFeUmNoDf SGeorgia)

C(OAMCBomINpIoNnGenSt TUAniTt EoMf tEheNSTtaOteFoNf EGTeEoAmrgSpiSalEo) yTeSr:

June 30, 2005

Normal

20.33%

(ISnUthPoEuRsIaOndRs)COURT JUDGES AND DISATcRcIrCueTdAlTiaTbOilRitNy EYS RETIREMENT FUNDS (16.48)

COMBINING STATEMENT OF NET ASSETS June 30, 2005

Total

3.85%

(In thousands)

Members become vested after ten years of cPrednistiaobnletrsuesrtvifcuen.dUs pon termination of employment,

member contributions with accumulatSeudpeinritoerreCstouarret refundaDbliestruipcot n request by the member.

However, if an otherwise vested member tJeurmdigneastes and withAdrtatowrsnehyis/her member contributions,

the member forfeits all rights to retiremenRt beetinreePfmietnse.sniton trust fRuentdirsement

Total

Assets

SupeFruionrdCourt

DFuisntrdict

2005

The employer contributions are projected to lJiuqudigdeaste the actuarAiatltaocrcnreuyesd funding excess within 11

Cash

years, based upon the actuarial va$luationRaettiJruenme1e31n02t, 200$4, aRsseutmirienmg1etnhtat $the amouTntotoaf1l1a3ccrued

Investments liaabt iflaitiyrAvpasslyuemets:ent increases 4.00% each year. Fund

Fund

2005

Equity in pooled investment fund

1,140

--

1,140

Cash (e) The GMPF is a single employer de$fined benefit p1e1n2sion $plan establis1hed o$n July 1, 200211b3y the

InvestmentsGTeoaottarfglaiaiarssGveaetslnueer:al Assembly for the purpose of pro1v,2id5i2ng retirement allo1wances and other b1e,2n5e3fits for

Equity inmtphoeeomGlLebMdiearPibsnFivol.ieftsitethmseeGntefourngdia National Guard (Nationa1l,1G4u0ard). The ERS --Board of Trustees a1d,m14in0isters

Accounts payaTbloetaalnadssoethtser

1,23582

11

1,23593

MToemtalbLleiiraasbbhiilliiipttiieess

38

1

39

As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively,

Accounts pacyNuarebrteleanstaslnyedtsroehtceheleidvr ingtrubsetnfeofrits. Active and inactive pl3a8n member inform1ation is maintained 3b9y one

emTpoplteoanylseliiroa,nbtihbleietinGeesefoitrsgia Department o$f Defense. 1,21348 $

--1 $

1,21349

BeNneetfaitsssets held in trust for (A schedule oAf fmupneedmninbsgieorpnrbboeegcnroeemsfsietsiss pelriegsiebnletedfoornbpe$angeefi5ts7.)upon 1a,t2ta1i4nmen$t of age 6--0, with$20 or more1,2y1ea4rs of See accompacnryeidnigtanboletessetrovifciena(ninccialul dstiantgematelnetass.t 15 years of service as a member of the National Guard), having
served at least 10 consecutive years as a member of the National Guard immediately prior to (A scheduledoisfcfhuanrdgien,gapnrdohgarevsisngisrpecreesivenedtedanohnopnaogreab5l7e.)discharge from the National Guard.
See accompTanhyeinregtinroemtesentot aflilnoawncainaclestiastepmayeanbtsle. for life in the amount of $50 per month, plus $5 per month for each year of creditable service in excess of 20 years. The maximum benefit is $100 per month.

Contributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

35

COMBINING STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL SECTION COMBINING STATEMENT OF CHANGES IN NET ASSETS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(A Component Unit of the State of Georgia)

COMBINING STATEMENT OF CHANGES IN NET ASSETS

Year ended June 30, 2005 (In thousands)

2005 - Employees' Retirement System of Georgia 36

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the EmplEoMyPeLeOs'YREEeSt'irReEmTIeRnEMt SENyTstSeYmSTEoMf GOFeGoErgOiRaG)IA

(A Component Unit of the State of Georgia)

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(A Component Unit of the State of Georgia)

COMBINING STATEMENT OF CHANGES IN NET ASSETCSombining Statement of Changes in Net Assets

Year ended June 30, 2005 (In thousands)

Year ended June 30, 2005

(In thousands)

Net assets held in trust for pension benefits beginning of year
Additions: Contributions: Employer Member Insurance premiums Administrative expense allotment
Investment income: Net increase (decrease) in fair value of investments Interest and dividends Less investment expenses Allocation of investment earnings
Net investment income
Total additions
Deductions: Benefit payments Refunds of member contributions and interest Death benefits Administrative expenses
Total deductions
Transfers to systems from pooled investment fund
Net increase in net assets
Net assets held in trust for pension benefits end of year

Plans and funds

Employees' Retirement
System

Public School Employees' Retirement
System

Legislative Retirement
System

Georgia Judicial Retirement System

State Employees' Assurance Department

$ 12,396,352 $ 723,071 $ 27,067 $ 239,957 $ 843,947 $

243,074

840

49,973

1,352

--

--

--

588

54

1,826

--

302

4,779

--

--

--

8,424

110

175

--

-- 38 (1,825) 932,074
930,287
1,223,334

-- -- (15) 53,985
53,970
56,750

778,463
6,510 --
9,587
794,560

41,016
287 -- 588
41,891

-- 428,774

-- 14,859

$ 12,825,126 $ 737,930 $

-- -- (2) 2,036
2,034
2,500

-- -- (1) 18,423
18,422
25,202

-- 2
-- 64,369
64,371
72,795

1,553

7,972

--

69

93

--

--

--

21,916

110

175

225

1,732

8,240

22,141

--

--

--

768

16,962

50,654

27,835 $ 256,919 $ 894,601 $

Superior Court

Judges And

Georgia

District

Georgia

Military

Attorneys

Pooled

Defined

Pension

Retirement Investment Contribution

Total

Fund

Funds

Fund

Plan

Eliminations

2005

1,280 $

1,120 $ 14,241,611 $ 57,982 $ (14,241,611) $ 14,290,776

891

2,043

--

14

--

--

--

30

--

--

--

14,651

--

--

--

--

--

248,728

--

71,071

--

8,424

--

903

-- -- (1) 104 103 994
93
-- -- -- 93
-- 901
2,181 $

-- -- (2) 82
80
2,167

707,327 380,487 (13,647)
--
1,074,167
1,074,167

2,043

--

--

--

--

--

30

--

2,073

--

--

(552,973)

94

521,194

1,214 $ 14,762,805 $

(20) 427 (4) 3,094
3,497
18,148

-- -- -- (1,074,167)
(1,074,167)
(1,074,167)

707,307 380,954 (15,497)
--
1,072,764
1,401,890

--
10,042 -- 310
10,352

--

831,140

--

17,001

--

21,916

--

11,025

--

881,082

--

552,973

--

7,796

(521,194)

520,808

65,778 $ (14,762,805) $ 14,811,584

See accompanying notes to financial statements.

FINANCI NOTES TO FINA

Employer contributions required for fi 2002 actuarial valuation as follows:

Members become vested after ten yea member contributions with accumulat However, if an otherwise vested memb the member forfeits all rights to retireme
The employer contributions are projecte years, based upon the actuarial valuati liability payment increases 4.00% each y
(e) The GMPF is a single employer defin Georgia General Assembly for the purp members of the Georgia National Guar the GMPF.
Membership
As of June 30, 2004 and 2005, GMP currently receiving benefits. Active an employer, the Georgia Department of D
Benefits
A member becomes eligible for bene creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor
The retirement allowance is payable for each year of creditable service in excess
Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu
Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia

Employer:

Normal

Accrued liability

Tota

FINANCIAL SECTION

COMBINING STATEMENT OF CHANGES IN NET ASSETS FINANCIAL SECTION

FINANCIAL SECTION COMBINING STATEMENT OF CHANGES IN NET ASSETS
EMPLOYEES' RETIRENMOTEENSTTSOYFSITNEAMNCOIAFLGSTEAOTREGMIEANTS

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(AECMomPpLonOentYUE2E0mn0iEtp2olSoafyct'hteueRraSrcEtioaantTletvroIiafbRluGuEateitoiMorngnsiEaar)seNqfouTlilroeSwdYsf:oSrTfiEscMal yOeaFr eGndEedOJRunGe I3A0, 2004 were based on the June 30,

SU(InPcElRudIOinRg AClOl UPlRanTsJaUnDd GFuEnSdAs ANdDmDinIiSsTteRreIdCTbyAthTeTEOmRpNlEoyYeSesR' REeTtIiRreEmMenEtNSTysFteUmNoDfSGeorgia)

C(OAMCBoImNpINonGenStTUAnTitEoMf tEhNe TStOateF oCfHGAeENomrGgpiEaloS) yIeNr:NET ASSETS

Year ended June 30, 2005

Normal

20.33%

(ISnUthPoEuRsaInOdRs)COURT JUDGES AND DIASTcRcrIuCeTdAliTaTbOiliRtyNEYS RETIREMENT FUNDS (16.48)

COMBINING STATEMENT Year ended June 30, 2005

OF

CHANGES

IN

NETToAtaSlSETS

3.85%

(In thousands)

MmHoeemwmebbveeerrrs,cboifencatronimbouetthiovenerwssteiswdeitavhfetesatrcecdteunmmeuymleaabtreesdrSotuifenprtcmeerrreieindosairtPttaelCabsarolneaeusnrsardteenrfwdvuiinFtcdheuad.nbrUaldewDspsoiusnphtroitsinec/rhtmereriqnmuateeisomtnbbeoyrf

employment, the member. contributions,

the member forfeits all rights to retirement benJefuidtsg. ePslans and FuAndttsorneys

SRuepteirrieomreCnoturt RetDiriesmtreicntt

Total

The employer contributions are projected to liqFuJiuudndadtgeetshe actuarial AaFctcutornurdendeyfusnding exce2s0s0w5 ithin 11

years, based upon the actuarial valuation at

Net assets helldiabiniltirtyusptafyomr peennt siinocnreases 4.00% each year.

benefits beginning of year

$

RJuetniere3m0,en2t004, assuRmeitnigretmhaetntthe

Fu1n,d120 $

Fu--nd $

amountTooftaalccrued 210,01520

ANddeCtibotaienosn(tnsereesi)fbt:istushtiGmTeolnhbedeseoemi:grnGbgineitMarnrusiGPsnotFgeffnooitesrhfreapyaleeGnAaseisrsniosogrenglmeiabelNmyapftloioorynteharle

defined benefit pension plan established on July 1, 2002 by the purp$ose of provid1in,1g2r0etirem$ent allowa--nces an$d other be1n,1ef2i0ts for Guard (National Guard). The ERS Board of Trustees administers

AdditEiomnpsl:oytheer GMPF.

1,947

96

2,043

CoMnetrmibbuetrions:

14

--

14

AdmEinmisptlrMoatyieevmre bexerpsehnispe allotment

1,39047

--96

2,30043

InIAvndALevmsMLeeltlssemiotesnsmcmesiiasnneibAcettvtnnirumeoaesivtrrnntsperiictnoevslmooonctfefmmyoteleiJemnyenexurtnv:,epnrete:teeexhesncpt3xeseme0peiGnv,eeaseinnl2neostl0gsoereg0stambi4raenenDainnentegfdpistas2r.t0mA05ecn,titvGoeMf aDPneFdfeihnnasadec.ti1v0e4palann8(d2213(m)2406)1emrebteirreeins foarnmd----a------btieonnefiiscimaraieins,tarinesepde8(cb2213(ty)2i40v)eolnye,

AllocBateinoNneeftoitifsnivnevsetsmtmenetnitnecaormniengs

8082

----

8082

AcreTmdNioettaemabtlblieanedrvsdeebirstvetimoiccnoeesmn(teinisnccleuoldimginiebgleatfloerasbte1n5efyitesaruspoofnseart2vt,ai0ci7ne1m8a0senat

of age 60, member of

9t--hw6eitNh a2ti0onoarl

Gmuoar2red,1)y,6eh78aa0rvsinogf

Deductions: serveTdotalt aldedasitio1n0s consecutive years as a member2,o0f71the National Gu9a6rd immediately2,p1r6i7or to

DeBdeuncetfiiotnpsa:dyimscehnatrsge, and having received an honorable dischar1g,9e4f7rom the National9G6uard.

2,043

ABdemnienfiisttrpTaathyievmereeentxitrspeemnseenst allowance is payable for life in the am1,3o90u4n7t of $50 per m--o9n6th, plus $5 per m2,o30n04t3h for

AdminisetraactThivoyetaeelaxrdpeoedfnucscreetsidointasble service in excess of 20 years1. ,T9h7e730maximum bene9f--i6t is $100 per mo2n,t0h7.330

CoNnTterotitbianulctdrieoeadnsusecatinodnsVesting

1,99477

--96

2,90473

NNetebatesansseesfteisttsshehlETeedlmrnduidnpsiNntloteorefetuyrtysseu.ietrnsTaftcrohfroroeenarrpteserpeinaebrsnueisotiinnooonnsmaerme baecrtucaorniatrlilby$udtieotnersmreinqeudire1ad,n2.d149ap4pro$ved

and

cer--tified --

by $

the

ERS Bo9a4rd 1,214

of

benefits Emenpdlooyfeyr ecaorntributions required for t$he years end1e,d21J4une 3$0, 2005 a--nd 2004$ were $819,2.1194 and

$68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial See accompavnayliunagtinoontse,srteospfiencatinvceilayl.statements.
See accompanying notes to financial statements.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

37

COMBINING STATEMENT OF NET ASSETS

FINANCIAL SECTION COMBINING STATEMENT OF NET ASSETS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(A Component Unit of the State of Georgia)

COMBINING STATEMENT OF NET ASSETS

June 30, 2004 (In thousands)

2005 - Employees' Retirement System of Georgia 38

EMPLOYEES' RETIREMENT SYSTEEMMPLOYOEEFS' RGETIEREOMERNTGSYSITAEM OF GEORGIA

(Including All Plans and Funds Administered by the Employe(IencslE'umdRipnlegotyAierlelesP'mlRaneestinraentmdSeFnuytnSsdytsseAtemdmmoionf ifGsteGeoreregdioab)yrgthiea)

(A Component Unit of the State of Georgia)

(A Component Unit of the State of Georgia)

COMBINING STATEMENT OF NET ASSETS June 30, 2004 (In thousands)

Combining Statement of Net Assets June 30, 2004 (In thousands)

Plans and funds

Assets

Employees' Retirement
System

Public School Employees' Retirement
System

Legislative Retirement
System

Georgia Judicial Retirement System

State Employees' Assurance Department

Cash

$

Receivables:

Employer and member contributions

Interest and dividends

Due from brokers for securities sold

Unremitted insurance premiums

11,770 $
28,020 -- -- --

208 $
2 -- -- --

13 $
31 -- -- --

114 $
955 -- -- --

(90) $
-- -- -- 1,163

Total receivables

28,020

2

31

955

1,163

Investments at fair value: Short-term Obligations of the U.S. Government and its agencies, corporate, and other bonds Common stocks Mortgage loans Equity in pooled investment fund

--
-- -- -- 12,366,625

--
-- -- -- 723,394

--
-- -- -- 27,052

--
-- -- -- 239,036

--
-- -- -- 843,149

Total investments

12,366,625

723,394

27,052

239,036

843,149

Capital assets, net

3,987

--

--

--

--

Total assets

12,410,402

723,604

27,096

240,105

844,222

Liabilities

Accounts payable and other

12,916

533

20

128

275

Due to brokers for securities purchased

--

--

--

--

--

Insurance premiums payable

1,134

--

9

20

--

Total liabilities

14,050

533

29

148

275

Net assets held in trust for pension benefits $ 12,396,352 $ 723,071 $

27,067 $ 239,957 $ 843,947 $

(A schedule of funding progress is presented on page 57.)

Georgia Military Pension
Fund

Superior Court Judges And District Attorneys Retirement Funds

Pooled Investment
Fund

Georgia Defined Contribution
Plan

Eliminations

50 $

102 $

1 $

358 $

-- $

--

--

--

1,178

--

--

--

62,314

64

--

--

--

12,302

--

--

--

--

--

--

(1,163)

--

--

74,616

1,242

(1,163)

Total 2004
12,526
30,186 62,378 12,302
--
104,866

--

--

174,104

6,673

--

180,777

--

--

5,639,244

9,952

--

5,649,196

--

--

8,373,078

--

--

8,373,078

--

--

525

--

--

525

1,230

1,058

--

40,067 (14,241,611)

--

1,230

1,058 14,186,951

56,692 (14,241,611) 14,203,576

--

--

--

--

--

3,987

1,280

1,160 14,261,568

58,292 (14,242,774) 14,324,955

-- -- -- --
1,280 $

40

--

--

19,957

--

--

40

19,957

310

--

14,222

--

--

19,957

--

(1,163)

--

310

(1,163)

34,179

1,120 $ 14,241,611 $ 57,982 $ (14,241,611) $ 14,290,776

See accompanying notes to financial statements.

FINANCI NOTES TO FINA

Employer contributions required for fi 2002 actuarial valuation as follows:

Members become vested after ten yea member contributions with accumulat However, if an otherwise vested memb the member forfeits all rights to retireme
The employer contributions are projecte years, based upon the actuarial valuati liability payment increases 4.00% each y
(e) The GMPF is a single employer defin Georgia General Assembly for the purp members of the Georgia National Guar the GMPF.
Membership
As of June 30, 2004 and 2005, GMP currently receiving benefits. Active an employer, the Georgia Department of D
Benefits
A member becomes eligible for bene creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor
The retirement allowance is payable for each year of creditable service in excess
Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu
Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia

Employer:

Normal

Accrued liability

Tota

FINANCIAL SECTION

COMBININGFSITNAATNECMIAELNSTEOCFTNIOENT ASSETS

FINANCIAL SECTION COMBINING STATEMENT OF NET ASSETS

NOTES TO FINANCIAL STATEMENTS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

((IAnEcCluModminPpgoLnAeOlnltPYUlE2anE0nmits0Epo2alfnSoadtych'FteeuRruSantrcEdaiotasenTlAtovrIdfiambRGluuieEnatoiitorsiMgotneinsareE)ardseNbqfyouTlitlrhoeeSwdEYsmf:oSprlTofyiEseceMas'lRyOeetiaFrremeGnendEteSdOysJRtuenmGeoI3fA0G, e2o0rg0i4a)were based on the June 30,

SCJuUOn((PIAeMnE3cBCR0luIo,INdOm2iI0nRpN0goG4CnAeOSlnlUTtPAURlaTnTniEtsJUMoafnDEdtGhNFeETuSSnOtdaAFtseNANoDdEfmTGDieIEAnSoimSTrsgNtSRpeiEarolIeo)CTrdymSTebaAryl:TthTeOERmNpEloYySeeRs'ERTeItRirEemMeEnNt STyFstUemNDoSf

Georgia)
20.33%

(InStUhoPuEsRanIOdsR) COURT JUDGES AND DIASTcRcrIuCeTdAliTaTbOilRityNEYS RETIREMENT FUNDS (16.48)

COMBINING STATEMENT OF NET ASSETS June 30, 2004

Total

3.85%

(In thousands)

Members become vested after ten years of creditable service. Upon termination of employment,

member contributions with accumulated iPnteenresisot naTrerursetfuFnudnadbsle upon request by the member. However, if an otherwise vested memSbuepretreiromr iCnaotuerstand withDdriastwrsicthis/her member contributions, the member forfeits all rights to retirement JbuendePgfeeistnss.ion Trust AFuttnodrns eys Tyehaerse,AmbspaslseoetysderucpoonntrtihbeutiaocntusaarriealpvroajleucatteiodRSnuteoptaFietlrJuirequJnimuuoddnirgedeneCas3ttoe0u,trh2te0a0c4t,uRaaersitAFsaiuDrultmetinaomscidrtncrengrineuctytethsdaftutnhdeinagmT2eo0oxu0tcna4etlssofwaitchcirnu1ed1

Cash

liability payment increases 4.00% $each yeaRr.etirem10e1nt $ Retirem1 ent $

To1t0a2l

InvCEeaqsstuhmit(eyen)itns

poGTaotheleefoadriGgriinMvaAvaGPelsusFseteenm:tiesseranalt

Afsuisnnsgdelme belmypfloorytehre

defined p$urpose

Fund

Fund

2004

boefnpe1rfo,i0tv5ip1d8e0inn1sgiorenti$prelamnenetstaa--lbloliws1haendceos$nanJudloyt1h1,e,0r25b018e00n22efbiyts

the for

InvestmentsTmoetaamtlbfaaesirsrsevtosafluteh:e Georgia National Guard (Natio1n,1al59Guard). The ERS 1Board of Truste1e,s16a0dministers

Equity intphoeoGleMd PinFv.estment fund

1,058

--

1,058

Liabilities

Accounts payaMbTleeomatabnldearosssthheietpsr

1,159

1

1,160

39

1

40

As ofLJiaubneili3ti0e,s 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively,

Accounts

paNTceyumoearttbparaelllseonlsiytaealeyntbrsdi,lrhitoetheictelehedseiGvrineinotgrrugbsiatefnDoeerfpitasr.tmAecntitvoef

and inactive Defense.

3p9l3a9n

member

infor1m1ation

is

maintain4e04d0by

one

BeTpnoeetnfasiltisolinabbielintieefsits

$

1,12039 $

--1 $

1,12040

Net assets held in trust for A mpeemnbsieornbbeecnoemfietss eligible for be$nefits upon 1a,t1ta2i0nmen$t of age 6--0, with$20 or mo1r,1e2y0ears of (A schedule ofcrfeudnidtainbglepsreorgvriecses(iisncplruedseinngteadtolenapsat g1e55y7e.a)rs of service as a member of the National Guard), having

served at least 10 consecutive years as a member of the National Guard immediately prior to Se(eAacsccohmedpualnedyoiisfncgfhuannrodgtien,sgatnpodrfoihgnaraevnsicnsigaislrseptcraeetsievemendetenadtnso.hnopnaogreab5l7e.)discharge from the National Guard.

See

accompTeaanhcyehinryegetianrreomotefescntrtoeadfliilntoaawbnlaceniascleersvtiasictepemaiyneanebtxlsec. efsosr

life in the amount of $50 per month, plus of 20 years. The maximum benefit is $100

$5 per

per month month.

for

Contributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

39

FINANCIAL SECTION COMBINING STATEMENT OF CHANGES IN NET ASSETS

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia) (A Component Unit of the State of Georgia)

COMBINING STATEMENT OF CHANGES IN NET ASSETS Year ended June 30, 2004 (In thousands)

2005 - Employees' Retirement System of Georgia 40

EMPLOYEES' RETIREMENT SYSTEEMMPLOOYEFES' GRETEIROEMRENTGSYISATEM OF GEORGIA (Including All Plans and Funds Administered by the

(Including All Plans and Funds Administered by the Employees'ERmepltoiyreeesm' ReentirtemSeynst Steysmtemooff GGeoerogirag) ia)

(A Component Unit of the State of Georgia)

(A Component Unit of the State of Georgia)

Combining Statement of Changes in Net Assets

COMBINING STATEMENT OF CHANGES IN NET ASSETS Year ended June 30, 2004 (In thousands)

Year ended June 30, 2004 (In thousands)

Net assets held in trust for pension benefits beginning of year
Additions: Contributions: Employer Member Insurance premiums Administrative expense allotment
Investment income: Net increase (decrease) in fair value of investments Interest and dividends Less investment expenses Allocation of investment earnings
Net investment income
Total additions
Deductions: Benefit payments Refunds of member contributions and interest Death benefits Administrative expenses
Total deductions
Transfers to systems from pooled investment fund
Net increase in net assets
Net assets held in trust for pension benefits end of year

Plans and funds

Employees' Retirement
System

Public School Employees' Retirement
System

Legislative Retirement
System

Georgia Judicial Retirement System

State Employees' Assurance Department

$ 11,697,607 $ 694,709 $ 25,615 $ 220,585 $ 782,791 $

245,388

836

54,166

1,317

--

--

--

588

52

1,558

--

293

3,848

--

--

--

9,223

110

175

--

-- -- (1,895) 1,117,693
1,115,798
1,415,352

-- -- (37) 66,186
66,149
68,890

702,314
5,819 --
8,474
716,607

39,646
294 -- 588
40,528

-- 698,745

-- 28,362

$ 12,396,352 $ 723,071 $

-- -- (5) 2,449
2,444
2,899

-- -- (4) 21,319
21,315
26,896

-- 3
-- 75,416
75,419
84,642

1,323

7,042

--

14

307

--

--

--

23,261

110

175

225

1,447

7,524

23,486

--

--

--

1,452

19,372

61,156

27,067 $ 239,957 $ 843,947 $

Superior Court

Judges And

Georgia

District

Georgia

Military

Attorneys

Pooled

Defined

Pension Retirement Investment Contribution

Total

Fund

Funds

Fund

Plan

Eliminations

2004

626 $

1,023 $ 13,437,841 $ 49,747 $ (13,437,841) $ 13,472,703

617

1,905

--

181

--

--

--

30

--

--

--

13,886

--

--

--

--

--

250,356

--

73,691

--

9,223

--

903

-- -- (3) 89 86 703
49
-- -- -- 49
-- 654
1,280 $

-- -- (9) 90
81
2,197

972,059 326,885 (12,149)
--
1,286,795
1,286,795

2,070

--

--

--

--

--

30

--

2,100

--

--

(483,025)

97

803,770

1,120 $ 14,241,611 $

(158) 261 (10) 3,553
3,646
17,532

-- -- -- (1,286,795)
(1,286,795)
(1,286,795)

971,901 327,149 (14,112)
--
1,284,938
1,619,111

3

--

752,447

8,984

--

15,418

--

--

23,261

310

--

9,912

9,297

--

801,038

--

483,025

--

8,235

(803,770)

818,073

57,982 $ (14,241,611) $ 14,290,776

FINANCI NOTES TO FINA

Employer contributions required for fi

2002 actuarial valuation as follows:

Tota
Members become vested after ten yea member contributions with accumulat However, if an otherwise vested memb the member forfeits all rights to retireme

The employer contributions are projecte years, based upon the actuarial valuati liability payment increases 4.00% each y

(e) The GMPF is a single employer defin Georgia General Assembly for the purp members of the Georgia National Guar the GMPF.

Membership
As of June 30, 2004 and 2005, GMP currently receiving benefits. Active an employer, the Georgia Department of D

Benefits
A member becomes eligible for bene creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor

The retirement allowance is payable for each year of creditable service in excess

Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia

Employer: Normal Accrued liability

See accompanying notes to financial statements.

FINANCIAL SECTION

COMBINING STATFEIMNEANNTCIOAFLCSHEACNTGIOENS IN NET ASSETS

FINANCIAL SECTION COMBINING STATEMENT OF CHANGES IN NET ASSETS

NOTES TO FINANCIAL STATEMENTS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)
(AECMomPpLonOenYt E2UE0mn0iEtp2olSoafyct'hteueRraSrcEtioaantTletvrIoiafbRluuGEateitooiMorngnsiEaar)seNqfouTlilroeSwdYsf:oSrTfiEscMal yOeaFr eGndEedOJRunGe I3A0, 2004 were based on the June 30,

SCY(I((SCYUnOeIAUanOePMtrhcaPECMlroeBEuRonueBIdRmIdsnNOiIaeIdnpNIOndRegoNdIdRnJNAsGCueJ)GClnnOulSetnOUPSTeU3UlTARa03nARnT,T0its2T,TEJo0a2EUMJfn00UMDdt40EhD4GEFNeGuNESTnEStTdaOStsAOeFAANFoCNdfDCHmGDHDAieEnDAIoNimSrsINGgNATStpeGiTERarocleoER)SIcrdCymSrIIuCebTNIareyTNl:AdNtAhNTEleiTTETaETTObTAmOioRAlStRipNatSSlyNloEESyEYETeYTSSesSSR' RREeETtTIirRIeREmEMeMnEtENSNTyTsFteUFmUNNoDfDSGSeorg(i21a360) ...834538%%)
(In thousands)

Members become vested after ten years of crediPtalbalnes saenrdviFceu.nUdspon termination of employment,

member contributions with accumulatedSuinpteerreiosrt CaroeurrtefundableDiusptroinct request by the member.

However, if an otherwise vested member the member forfeits all rights to retirement

btSeeRurnmepeJtefuiiinrtdiaesogt.merPesselCanaontnusdratwndithFdurRanAwedttDtssiorihresnimtsre/iehycnesttr

member

contributions, Total

The employer contributions are projected to liquFJiudndatdgeetshe actuarial AaFctctuornurdendeyfus nding exce2s0s0w4 ithin 11

Netbaesnseeftistsheyllbideaeabignriislnit,trnyubisnaptsgafeyoodmrf upyepenenoat srniinoctnhreeasaecstu4a.r0i0al%veaalucah$tiyoenara. t

RJeutniere3m0,en2t004, assuRmeitnigretmhaetntthe

Fund

Fund

1,023 $

-- $

amountTooftaalccrued 2004 1,023

ANddeCtibotaienosn(tsnerees)ifbt:istushtiGTeolhnbedesoei:grnGginitMarnuiGPsntFgefnooiersfrapyaleenAassirsnisogenlme belmypfloorytehre

defined purp$ose

benefit pension plan established on July 1, 2002 by of provid1in,0g2r3etirem$ent allowa--nces an$d other be1n,0e2fi3ts

the for

AddCiotEMinomtenrmpsib:lboueymtthrieoeernmGsb:MerPsFo.f

the

Georgia

National

Guard

(National1G,8u0a7rd). 181

The

ERS

Bo9a8rd --

of

Trustees

a1d,9m0i5nisters 181

AdmEMinmeismptlrbMoaeytireevmre beexrpsehnispe allotment

1,83007

--98

181

--

1,39005 181

InAvdemstmineisnAttrasinticovofemeJexu:pnen3s0e,al2l0o0tm4 eannt d 2005, GMPF had 104 and3061 retirees and --beneficiaries, respec3ti0vely,

InALvLeelslseotssmcsianeicetvnniumoevtrnsperinteslmoonctfmyoteliemnyenrtnv,ertee:texhescptxeemepiGnveeesninneostgseregsabiraennDineegfpistasr.tmAecntitvoef

and inactive Defense.

plan(9m) ember 90(9)

inform--ation ----

is

maintained (b9y) one 90(9)

AllocBateionNneeftoitfisnivnevsetsmtmenetnitnecaormniengs

8190

----

8190

A TmNoetematlbianedrvdebistetimocnoesmnteisnceolimgieble for benefits upon at2t,a0in9m891ent of age 60, 9--w8ith 20 or mor2e,1y9e87a1rs of

Deductions: cserervdeTitdaobtaalelt asldeedarvsittiicoe1n0s(inccolnusdeicnugtiavteleyaesat r1s5ayseaarsmoefmsebrevr2ic,o0ef9a9sthaemNeamtiboenralofGthu9ea8rNdaitmiomnaeldGiautealryd2),,p1hr9ia7ovrintgo

DeBdeuncetfioitnpsa:dyimscehnatrsge, and having received an honorable dischar1g,9e7f2rom the National9G8uard.

2,070

ABAdedmnmienifinistitsprTetaarathayictevTmhievoreyeetenaetxeitlarspxredepmeonedfsneuecnscsretetsiadolinltoaswblaensceervisicpeaiynaebxlecefsosr

oliff2e0inyethaers2.am,1T0,h309oe0237u02nmtaoxfim$5u0mpbeernme--f9o--i89tn8tihs ,$p1l0u0s

$5 per

pmeor2nm,2t1h,o300.n0037t00h

for

CoNnTterotitbianulctdrieeoadnsusecatinodnsVesting

2,90702

--98

2,91700

Net

assets

heEldminpNltoreyutesitrnfccororenaptsreeinbsuitoinons

are

actuarially

determined

and

97 approved

and

-- certified

by

the

ERS

97 Board

of

Nebteansesfeits hTeelrndudsintoefetrsyu.esTatrhfoerepaernesinoonmember contrib$utions require1d,1. 20 $

-- $

1,120

benefits end of year

$

1,120 $

-- $

1,120

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and

See accompa$n6y8in.7g9nopteers atoctfivineanmceiaml bsetart,ermesepnetsc.tively, and were based on the June 30, 2003 and 2002 actuarial

See accompvaanlyuiantgionnost,ersestopefcintiavnecliya.l statements.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

41

FINANCIAL SECTION FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS

FINANCI

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

NOTES TO FINA

(InEclMudiPngLAOll YPlaEnsEaSnd'FRunEdsTAIdRmiEniMsterEedNbyTthSeYEmSpTloEyeMes' ROetiFremGenEt OSyRsteGm IoAf Georgia)

(A(ICncolmudpionngeAntllUPnliatnosfatnhde SFtuantedsoAf Gdmeoinrgisiate)red by the Employees' Retirement System of Georgia)Employer contributions required for fi

(A Component Unit of the State of Georgia)

2002 actuarial valuation as follows:

June 30, 2005 and 2004

June 30, 2005 and 2004 (1) General

Employer: Normal Accrued liability

(1) ThGeeancecroaml panying basic financial statements of the Employees' Retirement System of Georgia, including

Tota

alTl hpelaancscoamnpdanfyuinndgsbasdimc ifninisatnecreiadl sbtaytemthentEsmofpltohyeeEesm' plRoeyteireesm' RenettirSeymsetenmt SyosfteGmeofrgGiaeo(rcgoiall,eicntcivluedlyin, g thaellSypsltaenms),anisd cfoumndpsrisaeddmoinfisttheeredEmbpylotyheeesE' mRpeltoiryeemese'ntRSetyisretemmenot f SGysetoermgiaoMf(eEmGRebSoe)rr,gsiPabuebc(lcoiocmlleSecvthievoseotelyd, after ten yea EmthpelSoyesteesm' ),ReistirecmomenptrisSeydstoefm th(ePSEEmRpSl)o,yeLeesg'isRlaettiivremRenetirSemysetnemt SoyfsteGmeor(gLimaReSm()E,bReGSr )e,coorPgnuitarbilbiJcuutidSoinchsiaolwolith accumulat ReEtmirepmloeynetesS'ysRteemtire(GmJeRnSt ),SGysetoemrgia(PMSiEliRtaSr)y, PLeengsioslnatFivuendR(eGtiMrePmFe)n,tSuSpyesrtieomr CH(oLouRwrtSe)Jv,uedrGg, eifsoraRgnieatoirtJehumedrewicniitsael vested memb FuRnedtir(eSmCeJRntFS),yDstiesmtric(tGAJRttSo)r,neGyesoRrgeitaireMmielintatrFyuPnden(sDioAnRFFu)n, dGe(GorMgiPaFD),efSinuepderCioorntChtreoibumuretimoJunbdePgrleafsonrRf(eGeittDisrCeamlPl)er,nigthts to retireme anFduSndtat(eSCEJmRpFlo),yDeeis'trAicstsAurtatonrcneeyDseRpaerttimreemnet n(St EFuAnDd)(.DAAllRsFig)n, iGfiecoanrgtiacDcoeufinntesdanCdotnrtarnibsuactitoionnPslamn o(GngDtChPe), vaarnioduSstsaytestEemsp,lodyepeeasrt'mAesnstusr,aanncdefDunedpsarhtmaveenbt e(SenEAelDim).inAaltledsi.gnificant accounts anTdhetraenmspalcotiyoenrscaomntorinbgutihoens are projecte

various systems, departments, and funds have been eliminated.

years, based upon the actuarial valuati

In evaluating how to define the System for financial reporting purposes, the managleimabeinlittyofptahyemSeynstteinmcrheaasses 4.00% each y

coInseidvearleudatianlgl hpoowtentotiadlefcinoemtphoenSeynst teumnitfso.r Tfihneandceiaclisrieopnortoinginpculurpdoeseas,ptohteenmtiaanlagceomepnotnoefnthuenSiyt sitnemthheas

recpoonrtsiindgerendtiatyll ispomteandteiabl ycoamppployninegntthuencitrsi.teTrihaesedtefcoisrtihonbytoGionvcelurndme eantaplo(etAe)nctcioaTul nhcteoinmGgpMSotPnaFenndtiasrudansistBiniognalretdheemployer defin

(GreApSoBrt)inSgtaetnetmiteynitsNmoa.d1e4,baysaapmpleynidnegdthbey cGriAteSriBa sSettatfeomrtehnbt yNGo.o3v9e.rnBmaseendtaol nAtchcGeoseueonrctgirniatgeGrSiaeta,nnetdhraelrdSAsyssBsteomarbdly for the purp

ha(sGnAoSt Bin)clSutdaetedmaennyt oNthoe.r1e4n,taitsieasminenitdserdepboyrtGinAg SeBntiStyta. tement No. 39. Based on mthemsebceristeorfiat,hteheGeSoyrsgteiamNational Guar

has not included any other entities in its reporting entity.

the GMPF.

Although the System is a component unit of the state of Georgia's financial reporting entity, it is

acAcoltuhnotuagbhle tfhoer iStsysotwemn fiscal cmoamttpeorsneantd upnreitseonftatihoen sotfatiets osfepGareaotergfiian'asncfinalansctaiMatelemmrenbptoesr.tsiThnhigpe eBnotiatryd,siot fis

(2)

ATreraTrusuecptrsschuotpoesonotuersensniiebsz,tsiialb,nebclgolefceomoLfrfompeotrrghrpitiesrhiseitleassdaedatodmidowomifnonnifianasfntiicarsstdatccirvtaaiPelovtlinmeaoannoanaftdoDtntefdhertrseshecretSareinryitSpeidsrydtteesipdotmremnem.ssmee.menmtbaebtrieosrnsaonafdnidtsexse-exop-foafrifcafiitcoeiofsintasattnaecteieamlesmpAcetumlapsotrlepyrooemleyonfeeeytslneJe,ysutrs,,na.rterehaTecr3ehee0uieGv,lueBtii2nlomot0griamg0arbit4daaeestlneDayolenyeffdpitas2r.t0mA05ecn,titvGoeMf aDPn

(2) EaAcuhthploarnizainndg fLuengdi,sliantciloundianngdbPenlaenfitDaensdcrciopnttiroinbustion provisions, was establishedBaenndecfiatns be amended by
sf(uataEsfn)uttadaenct:dehla:ElwpRalw.aSnT. ihaTsnehadefocffuloolnsoltdlw-o,swihinnaigncrligsunudgsmiunmmmgumablrteaiiznprielzesfeistaemuaantuphdtlohocroyiozreniirzntrigdnibeglufeitlgnieoiegsndlisaplbtarieotninvoeinsfaiintoadnnpsdet,hntweshiaeopsnlpaelnpsatlnaadbnedlsieecsssrhciteparAcsdibterpielroativmdisnoeihdetndeoamcdbfoaablfeetnbeayreslbceaehebtacrhveshareticmecortGe1eiemr0tne(eieirdomnescercmogedlenniuealbtsdinyegitcnibuglteiavtefloeryaesbater1ns5ea (a) GEenReSralisAassceomstb-slhyardiunrginmg utlhtiepl1e9e4m9 pLloeygeisrladteivfieneSdesbseinoenfiftopretnhseiopnuprplaonseesdotifasbcplhirsaohrvgeide,inbagyndtrhehetaivrGeinmegoernrgeticaeived an honor

aBloGaBlolaoelwroandwarednoraacfnoleTcfseArTufssrosufsrtoeesermteemseebmpaslynlpaodnlydodheuyaehressiaentsosghftoehtfhepteohpweoS1wetS9are4ttsaer9atseonaLfdoneGfdpgGeripisoverlriaoigvltreiigavlgeieeaagsneaSodsnefodsitasfsiitacopsoncoprolpofirotolpiirrcotaiarcttlaihaotsleinuos.bnpud.ubirdvpiivosiisoseTeinoahsonc.efshE.rpyReEretSRoiarvrSeiismodifdsienicndrgrteiercardetelcieltttodiaerwbdeblmayebneysacneeartvisicpeaiynaebxlecefsosr

Membership

AMs oefmJubneers3h0i,p2005, participation in ERS is as follows:

Contributions and Vesting

As of June 30, 2005, participation in ERS is as follows: Retirees and beneficiaries currently receiving benefits

Employer contributions are actuarially d Trustees. There3a1r,e45n3o member contribu

TeRremtirneaetsedanedmbpelonyefeiecsiaernietistlceudrrteonbtleynerefictesibviuntgnboet nyeftitrseceiving benefits ATcteivrme ipnlatnedmeemmpbleorysees entitled to benefits but not yet receiving benefits
Active plan mTeomtabl ers
Employers Total

633,10,64253

Employer cont7ri46b,3u4,t10io46n2s required for th

$68.79 per valuations,

raecs1tpi61ve876ce,t4895im,,v2349e09e12lmy49.ber,

respectively

Employers

530

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia
42

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION

Benefits

NOTES TO FINFAINNCAINACLIASTLASTEECMTEIONNTS
FINANCIAL SECTION NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS

The benefit structure of ERS was significantly modified on July 1, 1982. Unless the employee elects otherwiseBE, emnapnelfoityesmerpclooynetreibuwtihoonscruerqreunirtelyd fmoraifnitsacianls yemaermenbderesdhiJpunwe i3th0, 2E0R0S4 wbaesredbauspeodnonsttahte June 30, employme2n0t0t2hatctsutartiaeldvparliuoartitonJuaslyfo1l,lo1w98s2: is an "old plan" member subject to the plan provisions in effect TprhieorbteoneJfuiltyst1r,uc1t9u8r2e.oAf lEl RoSthewrams esimgnbiefriscaanrtely"nmeowdipfliaend"omn eJumlybe1r,s,1s9u8b2j.eUctntloestshethme eomdipfileodyee elects plan provoisthioenrws.ise, an emploEymeeplowyehro: currently maintains membership with ERS based upon state
employment that startedNporiromr atol July 1, 1982 is an "old plan" member su2b0j.e3c3t%to the plan provisions Under boitnh ethffeecotldprainodr tnoewJuplyla1n,sA1, c9ac8mr2u.eemAd blllieaorbtmhileiatrymreetmirebearnsdarec"eniveewnpolramn"almreetmireb(1me6res.4n, 8tsu)bbejneecftittsoatfhtermodified completiopnlaonfp1ro0vyiseiaornsso. f creditable serviceTaontdalattainment of age 65. Additionall3y.,8t5h%ere are some provisions allowing for retirement after 25 years of creditable service, regardless of age.
Under both the old and new plans, a member may retire and receive normal retirement benefits after RetiremecnMot mebmepnlbeetfiriostsnbpoeafciod1m0toeyemvaeersmteobdfercasrfetaedrrietatbebanlseeysdeearurvpsioconefathcnrededmaittotaanbitnlhemlyseenartvveoircfaega.geUeop6fo5tn.heAtedmrdmeimtiinobanetairol'lnsy,hoitfghheeremestpalroeysmoemnet, 24 consecpmuroteivmiesbiceoarnlsecnaodlnlaotrwimbiunotgniotfhnosr,rmwetiutrlhetimpaelcinectduambftyuelrtah2te5dnyueinmatrebsreoersftocfraeyrdeiatarsbefloeufnscderaevbdilcietea,burlpeeognsaerdrrvleeiqcsuese,osmft aubgltyeip. ltiheed member. by the appHliocwabelveebr,enifefaint foatchtoerw. Aisnenvueaslltyed, pmosetmrebtierremteernmticnoastet-sofa-nlidviwngithadrjauwstsmhenist/shaeremalesmo bmeardceotnotributions, membersR'thbeeteinmreeemfimtesbn.etTrbhfeeonrneffeoiirttmss palalirdreitgtiorhetmms teeomnrtbepteierrnsesmaioreenntbisbasepenadeyfauitbpslo.enmthoentmhloynftohrlylifaev;ehraogweeovfert,hoepmtioenmsbaerre's highest available24focrondsisetcruibtiuvteiocnaloefndtahremmonemthbs,erm'sulmtipolniethdlybyptehnesinounm, baetr roefdyuecaerds oraftecsr,edtiotabaledseesrivgincaet,edmultiplied beneficiabrTyyhutehpeomnapthploeliycmearebmcleobnbeterrn'ibseufditetioaftnahcs.taoDree. aApthrnonajuencadtleldydi,stapoboilslitiqrteuytiibdreaentmeeeftnihttescaaorcesttu-aaolrsfio-alliavvaicanciglrauabedldjeuftshutmrnodeuinngtghs EaerxRecSea.slsowmitahdine 1to1
myeamrsb,erbsa'sbedenuepfiotsn. Tthhee ancotrumarailalrevtiarleumateinotnpaetnsJiuonne i3s0p,a2y0a0b4le, masosnutmhliyngfotrhalitfet;hehoawmeovuenr,t oopftiaocncsruaered ContribualtviiaoabinlialsibtaylnepdafVoyrmesedtnisnttgirnibcuretiaosneso4f.0t0h%e emacehmybear'rs. monthly pension, at reduced rates, to a designated Mem(eb) er bcTeohnneetrfiGibcuMiatriPoyFnuspisuonnadteshrientgmhleeemoelbmdeprp'llosayndeearartdehe.4fDi%neeaodtfhbaaennnndeufdaitilspcaoebnmilsipitoyennbsepanltaieonfnit,essuatpraebtlaoilss$ho4ed,a2v0oa0nilapJbluulelsyt6h1%r,o2uo0gf0h2EbRyS.the annual coCGmoepnoetrnrgsiibaatuiGotineonninesreaaxlncAdessVsseeomsftbi$nl4yg,2fo0r0t.hUenpduerrptohsee oolfdpprloavni,dtihneg srteattierepmayenstmaellmowbearncceosntarnibduotitohnesr ibnenefits for eienaxrctnehasebslmoefeMacmtmn1hoen.eebm2mume5Gapbr%blMesee'ncrrPoossacafmFcoot.caipnfoonetnturnnhinubseftaauoslGttriicofoeotononhrmrseignrpueipaeenfunuxdNrsncepaaedrottsiitssopohenuone.rfaopoUlf$olGd4nsc,eduo2pseam0lrar0adpntn.hudU(aetNrinneaoadgrlt4eedio%rrpunethlsatoaielernfdeGo,maliutndnheanenrputsdthlaea)elb.nsec,TtcnaotohhtemmeefeippcEtsesoutR.nanttsaSMteatriitBpoebioamnounyatbi,soroedfumnrpsotehcftmaeoorTnbem$rteuri4reinsb,mc2tcueol0betun0iesdotrrenpasidbsl'duumstii6on%nissteoinrfs under theeMxnceeemwssbpoelrfas1nh.i2ap5re%1o.2f 5a%nnuoafl acnonmupaelncsoamtiopne.nUsantidoenr. thTeheoldstaptleani,s threeqsueirsetadtetococnotnritbriubtuiotensaatrea included specifiedieApnaersrtnhcaoeebfnlmteJauegcnmeoeobm3fep0raes,c'nt2siava0cet0cio4monueanmnftosdbref2roth0rpe0ar5yep,rfuouGrlnpldM,odsPpeeuFterorphfmoasicdneosem1da0pan4undtnianaungradellry6ue1stbieryrdeematiicnreteunetathsreibaaelcnnovdemaflibuptseau.nttieaMoftniioce.imnarboiefrs,thcreoensmtpreeibmcutibtvieoernlsys', Employerucnucdrorenertnrtihlbyeutrineoecnwesivrpienlqagnuibraeerdneeff1oi.tr2s.5f%iAsccaotilfvyeaenaannruda2l0in0ca5ocmtwivpeernepsalbatainosenmd. eTomhnbeethrsetaintJefuonirsem3rae0tiq,oun2ir0ei0sd3mtoaacitcnuotaanritinraielbdutbeyaot nae valuationseapmsecpfoilfolileyodewrp,se:thrceeGnteaogregioaf DacetpivaertmenmtboefrDpaeyfernoslle,.determined annually by actuarial valuation.

EBmenpelofiytesr contributions required for fiscal year 2005 wOerledbPalsaend on the JuNneew30P,la2n003 actuarial

EmployevAra: lumaetimonbears fboelcloowmse:s eligible for benefits upon attainment of age 60, with 20 or more years of

Normaclreditable service (including at least 15 years of service as a me5m.9b4Oe%rldofPtlhaenNation1a0l.6GN9u%eawrd)P,lhaanving

Emplosyeerrvepdaidatfolreamstem1b0erconsecutive years as a member of the N4a.t7io5nal Guard immed--iately prior to

AccrudeEdimsclpihalaobryigleietr,y:and having received an honorable discharge from the(0N.2a8ti)onal Guard. (0.28)

TheNEmroTerptmoilrtoaeaylml eer nptaaidllofowramnceemibsepr ayable

for

life

in

the

amount

of

1$05.041p%er

m54o..n97t45h%, plus1$05.41p%er

10.69% mon--th for

eacAhcyceraureodflicarbeidlitayble service in excess of 20 years. The maximum bene(0fi.t2i8s)$100 per mont(h0..28)

ContributionsTaontadl Vesting

10.41%

10.41%

Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

43

FINANFCIINAALNSCEICATLISOENCTION NOTESNTOOTEFSINTAONFCIINAALNSCTIAATLESMTAENTETMS ENTS

FINANCI NOTES TO FINA

EvamlupalotiyoenEvramalcsupoaflnootitlyorleoinbrwaucssti:oofnontlsrloibrweuqsti:uoinresdrefqourirfeisdcafloryefaisrca2l00y4eawr e2r0e04bawseedreonbatsheed

Jounneth3eE0m,Ju2pn0leo0y23e0ra,cc2tou0na0tr2riiablaucttiuoanrsiarlequired for 2002 actuarial valuation as follows:

fi

EmNEApmoclocrpymrlueEoaeryml:deNEAprlmioclpaocrpbaymrliiueodlareiylt:dfyeorlripambaeiidlmitfyboerrmember

Old PlaOn ld Plan New PlaNnew PlaEnmployer: Normal

6.21% --
(0.55)

6.21% --
(0.55)

6.21% 4.75 (0.55)

Accrued 6.21% 4.75 (0.55)

liability Tota

Total Total

5.66% 5.6M6e%mbers10b.e4c1o%m1e0v.4e1st%ed after ten yea member contributions with accumulat

However, if an otherwise vested memb

the member forfeits all rights to retireme

MmHthoeeemwmmebbeveemerrMmHtrsbh,coeeebeoirwmfmemnfcebatobeorvnereimmefbrrerosube,icttetbhisoivrofeeneanfcratsolwsorltnriemirfbsdwieougeeititthahtisvvhfotesteeanresslwtsarlttoeceirtsdcwdriegeeunithammtivhftyrsteeueeemsmltaaratorcebettsecdreneedunrottmmfibtyrieeeuenmermnmltamaeeerbetrmfsieeneindtsbrotastef.tbteireeanmssrnrhtmeeeaeirpmnfieinrdtsbseasteef.tweurravssnitrhidhecaiadpenb.rrdasleUeewfwurpsvuniotipdhhncoadiesbnt.r/ealhUrewermpersuqionmpuhnaoeietsntsim/eothrnTylbermibeeerahoyqiarbenmfuriacsleteeeit,ohmstimmyneotbptnpbaprblmlsieoaoboyeryyeyufdmemcmtteriohuoebmenecpnnenotpotsrrtnml.,i,niobntreyuctimhmbtrieeuobeatnensiaosretc.,,nstus4aa.r0ri0eal%pvroeaajleuccahtteiy

T1o2fhaeyceetaimvrsepT1o,lm2fhboaeayyecsmeeeetraimdbvrcseepuo,rlpmsnbootawyernsimeiberltdluhbctieeuinoropacsnncortwsetrnuiaibaalstluhrreeitieainbolapcyncvrro3setauaj.l7eaauscr5reaeit%taebilodpyenvro3ataoacj.l7etuhlc5aJityu%qteienuodaeiendrat.3oaac0tthe,lJiy2uqthe0nuae0eidr4.3aa,0ctoet,un2tah0trhei0ae4la,acasotcsunucarmtrhuiapeeldtai(oaesfcns)uucntrmhduaipeTGmtnthdthgieeetoheomfGneeurGbgxnMtteichodMareatPisasntGPFlsgotF.ehpfwneeaitexyishttrcroheaoaetilalnsGlAslseipsnwosagreyigltmerhioaibelnllNmyapftloioorynteharle

defin purp Guar

OPapacrulneacrnopoNrotdohsoafeevnrOPapaeoEwccrumlfneeaRcrinsboptoSNhweerotedohrsoil(taifeev2SShmnre0RRoEwcimS,fteBBRiee1sbtdPPSchwe9et)eb9riiil.(ostiy72SShmSn,t0RRIoRiRS,4ttBBheB1peC1edPPc5rP9ot)b9Eii.voos4wy7RifSn1d,taISoR5teR4tshh.B1prCBeeee5rPosotIEitanvora4wrRetifb1dedmaSl5rteisnhose.rBhaenfeeletostTIditRbanrarreetubeadenmvslsrietenoseefanhanfeituletssqTdeRbuctreouCeraanevlsseoiaetefmedtfianeeieetpudsdsqle(oucttIgohyRCraoeeelCeoivaefmdStesieeerupdc4ndplo(1moptIvg5hyRleeo)eeenCrmveeatSeasdserlunc4nbapoet1myapxv5plleceE)eoneRrmrReatstMAceeadssieSumotlsnierbnabrwpetrmeyaeoexlmpholonnfcbEoofyeteeRelrRsJfesnyEtrieeursitStsRot,nbihrnBptbreeSwehielecpe.n3aemhonenen0TofieGeefv,sfhifnEieiietine2ntstotRb0grBpSge0le.nbi4aanenTefnDahifeintineesftdpitas2r.t0mA05ecn,titvGoeMf aDPn

bBpyaergItiRicnCinpianBpbtg4yaee1rgIit5JniRicna. Citnnphuiainastg4erpy1il5Jna1a.n,tnhwu1ias9hr9epy8nla1,en,vaew1lrl9ht9hem8nee,iermvabeblerlentrhemsfeieiatrmsnbdbueennrdreseeftriiatrsEendRdunSfdroeeertxrimrcEeeedRer dSfmoteherxemmcleebiermedrimsttahetieimnolnbiEmeorRinstSBAcabrtieieneoanmdnrneieeEetffaomiRibtnetssSblleibeigmersainebrpbereloveefisicetceostledoimigm(ieibnsplcoelesuletdidoginibgleatfloerasbte1n5e Taoiu2nnnf0hdd0ne$e5re22ert,0a4atwn00hsdTaoiu24es9ennnf0,erh,2e0dStd0rne$0se0e5Rre2102se0frt,9B4p0ao4atw8n,ea0rP0hscndr4ets9eaethd,eiri,2nsse0evStrp0d$se0eRiey102snl0f1cye9B4p,oc1t9a.8,earliP99ruvcnErsta3edethdmimins,leseev0ypdn$depe0i.eyd2mlnl01coiyee,cn1t9bay.dliu99eruveEtnsJr3hdremmsdu,leeec0yenndeepo0r.celdmlni0ooiteg3nthbmyrdi0ueiebetb,nbJrhlrSusdie2uencRte0neiteorc0oeoBldnio5ntg3Ptphmssri0aeaibtabo,bnarlrSttufide2ieenRtc0$mite2ii0oo2Bpdn0e5n,ac0P4pnsstl4a0atetuasona,r5drttifdr,ioeene0ec$mdf2s0iit2ppn0h0nei,aec0n4inesatcl40tteuntts,p5hiaddviro,esone0eesr$dfs0lctet2yiph0ontoi,.senime2nsacCt0fnttboopah0iadivrfsoe,sn0ehsr$etEl0ctehd2yioRot0oe,.sfm2snSaCyt$0fabnoeo4aa0tidarfsse3,n0sdTeCrhm,ebtEsoea00ihhdoseorfceR00eeevcnnfhn0sJnSheeattrytu$dydrasfeanaen4aieirttndtabogsiee3daadrrfpmue,rbetso30,Jat$mceof0e0uiylaeh4nfoen,0neJnnma8eantcun2eddsnf,asersnt00ietgne3tnhoe00daaded0tafp150lnss3i,vlJa0t$cod0auiyh4nwb,nmcVa8gl2eaone,ee00nrng3nsse00cse0tetce50eissr,encviiugsvicteipevdaeiyananyebehxlaeocrensfsoosrra

Employer contributions are actuarially d Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia 44

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION NOTEFSINTAFONINCFAIINANALCNISACELICASTLEIOCSNTTAIOTNEMENTS NOTNEOSTTEOS FTIONAFNINCAIANLCISATLASTTEAMTEENMTESNTS

(b) PSERS is a cost-sharing multiple employer defined benefit pension plan established by the Georgia

(b)

GePmSeEnpelRGeEE2ormSRa0yemln0peSipee2lsAolBsroaaaysowyclsecateeehuAormrsodasstbrcwsoa-iolesarfhynhmeloTtavirnbrrnaiaioulbrlnytsueu1gtaet9einitnlmeo6ioiosgn9tu1,nisbel9pftlaloi6rliepusegr9lqsiffebtooufthlworlieeelrmromeofwdptpoeahulrsmdfeor:odmpybripoeeteuisrrfmoersidnsphbceoaoieafplfsrilentsiprhneyuroideosptfathvberiepieendresnTio,tnnehveadfgeaiidedtcmdTrihpeneeietgJnairnursicessnrhimeRteoeeteinrre3rsstne0iprtPmR,elSaame2enEltn0lieoRrt0enews4Stamtal.aSlwenboynclewsiterstaeseShnmeyfbcdsoeaotrsesbfemypfGduotoebrhofoleniprGcguGtiebhsaeolce.oirhcrTgJogihusoaiacen.lheTo3ho0el,

ERSMBeomarbdeorfshTirpustees,

plEums tpwlooyaedr:ditional Normal

trustees,

administers

PSERS.

20.33%

MemAbseorfshJiupne 30, 2005, parAticcicprauteiodnlianbPilSitEyRS is as follows:

(16.48)

As ofRJeutnireee3s0,an2d00b5e,npeafrictiicairpieastiocnurirnenPtSlyETrRoeSctaeilisvainsgfoblelonwefsit:s

3.85%

12,703

RTeertimrTAMeienecersatmmitvaebinednedparetslbmeaednbpnelemeocmfyoeicepmielaboesreyieverensseetssicttueeledrndrteiattnolftetledbyretrnoteeecbnfeieitnyvseeibnfauigrtstsbnboeonuftetycfnreiotetsdtriyetceaetbilrveeicnsegeivrbvienicngee.bfieUtnspeofints termination of142e4m,,70p0145l3947o,,y04m1389ent,

ActivmeepmlabnermceomnbtreTirbosutatilons with accumulated interest are refundable upon request by5t7h,4e131m84,e1m60ber.

However, if an otherwise vested member terminates and withdraws his/her member contributions,

Ethme pmloeymebrsTeroftaolrfeits all rights to retirement benefits.

114,160 184

EmpBTloehyneeerefsimtsployer contributions are projected to liquidate the actuarial accrued funding excess18w4ithin 11 years, based upon the actuarial valuation at June 30, 2004, assuming that the amount of accrued
BeneAlfiiatmbsielimtybepraymmaeyntreinticrereasneds e4l.e0c0t%toeareccheyiveearn. ormal monthly retirement benefits after completion of (eAtbe)ennmeytbUefeeGmTiematpnhnseerobseyomanefrefoirGbgtatrfeseirmMarsrtcaisaarGrfPoegyetofFeedmefrnirct6eietearashtne0rgbieadtreal,aleeiGnt6tAsahads0eibesnenolusardgermevpnglmieoedseicealnmbeeuerlcNvmcpbyatoioenacpmftnrtdelooioowprcaayrnlotitneeehaltmdtclarleieioprnGdaipenlvmtecuuteftoaeraeipiifonrnnnvodnettomeesdroo(neaemNffbnoymaateatfeeltngoaoinpeoemrnfrfsynot6ioaheatov5gnlafiyp.etrdGhsesAi6belnnuoyr5esgavfmn.irroisredeAceeneft)emtiri..itrvmprbeToielmeceahmfremnee$.emnb1nEete3atsRrtyb.aa5Semlb0clnolB,haeiwsyomfohioaatucessnrhldedctaoieptfooosotlnfseiaeerrTneJdtcrudcouobeloysmyirvttee1hpetceh,eleserre2ietvabi0ndoede0uunnm2mcreeeiofbdbndifeuytissrctetfeohodrfesr UyAepdaodrnisyACtMtiehoodroaeefendnrtmicsaGtitrrrlieoblMeioybmfden,PuircaetPsFtrlanilehSb.ytod,iEln,peitRtPshasSeSbaeElnrmmevRdiesacSmVekerem.ebvssDeiatcprkieeenwea.rgstiDiholp,lededarircetiihscoca,edobidisviciltesi-ctaoyaobf,s-imlltaii-ntvooydinfn,-tlsgahipnvlayodidnubjsgsupeasanoltdeumbjfseuieatnsnlteotmbsffieett$nson1etat3sfhri.ette5so0amat,lhsromeoenuatmahllvtsloiaoypnilltbaiahevebldnayleielbbfatyiehbtnsrlt.eeohfuetihgtnsrh.uomPugSbhEerRPoSSfE. RS.
As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively, ContMcruiebrmruebtnieotrlnysscraoencedtriivVbiunetsgetib$ne4gnpeefirtsm. oAncthtivfeoranidneinmacotnivthes pelaacnh mfiescmabl eyreainr.foTrhmeatsitoante iosf mGaeionrtgaian,edaltbhyouognhe MnacotetumanaEteBhbrcomimeeteaturnplpslaetleylhroomcfieyidayotpeleensllertrytoe,mryricdtbmephoeurlentiotenteGyorremiefd$ebro4iuaPnrtnogepiSodfdieEanraRaPsDpmnSSpdreEoerpnoaqmRaptvurShepetimmrdrfeomoebdavrneenetrmfnddsooi,bncrafeeeniDtrrsdhtsmeie,fcrfoieeeeinyqnrsdtteusihaefbirsirre.yeesqeddtuahebicnerbyhedyPdetfShdisseEbtcayJRPatuluSSnstyEeetBeaR3atotuS0rao.t,reBdTm2ohto0aoaef0rkdT5semtroauaaetfknsemTtedeopreufle2sosm.G0tye0peee4orlsor.wgycoieearnr,etracilob$tnhu2tot3riui.o3bgn5uhstiaonnds E$2m4p.3$vlAcso62aeryl4erupevmd.a3reeitet6rdiacmobaopnablcnesettert,irrsvlriaeeeebbcarsuvtespmitticviecoeocee1mnmt0ism(vbeineescerlceromy,lqenu.blursdieeiegirsrcnie,pbugdelrteceiavftstoiepfvloreeerycaltytehsbiat,veer1eansyl5neyedaf,yaisterawssanaredusermpenowodefbneemsardeesbareteJvdbtruaiacinosoneeenfmda3stet0hhona,eent m2JotN0uhef0naem5teaibJgo3uaeen0nnra6,edlo02f3,G200t00hwu,03ea2i4rtN0hda0nwa3d2itmei0ora2menn0oade0r$ld22G2mi3a0aut.o0c3eart2l5reuydaa)ayr,cpnietharduailaoravsrriinaotgolf valuaMdtiieosmcnhsb,aerrrgessep,beaecnctdoivmheaelyv.ivnegstreedceaifvteedr atennhoyneoarsabolef dcirsecdhiatarbgleefrsoemrvitchee. NUaptioonnatlerGmuianradt.ion of employment,
MmHoeemwmmHmebTebvaeoeeehecrmmwrerhs,ebbcryvibeoeefeteerrniaarcrtf,rnerocoiimoomrbfofnfueteaethctninriteritovsebroneawduatsslhiltlittlioseeaowrerwdbniwglivsaetahihensftsswcteseteeaeirtvrctodvihecstisremcutepneameteacdiimyruycnemaluebmaebametexlreermesucdntelfbteaosorebitsfmrnereodtclntieifernefrer2ieaefmndits0teititsnietsyna.raebaetahratslneeeertdss.asrawameeTrnrfeihtodvuheuinrdwcndemerfitaa.tuabwhoxnUldfesidrmp$aaho5ubwuins0plmes/ohtphneebueirrerspmrn/momeheinqneefouiramtntermitiebsohsqteen,$urmpb1ecoblys0oufte0nsrtetbphr$cmyiee5obrpnuplmtmttohreiiyoeoerbmmnnmut,mbtehoitne.eohnrtmne,.t,hbtehfore.r
memTbCheoernfetormrifbpeuliottsyioaenlrlscriaognnhdttrsiVbtouetsritoeitnnisrgeamreenpt rboejnecetfeitds.to liquidate the actuarial accrued funding excess within
The 2eE5mmyppelloaoryyse,errbcacosoenndttrriuibbpuuottniiootnnhsse aarcetupaacrrotiuajelacrvitaaelldulyattodioelntieqarumtidJiunanteeed t3ah0ne,d2aac0pt0up4ar.roivael dacacnrduecderftiufnieddinbgyetxhceesEsRwSiBthoinard of 25 yeTarus,stbeaesse.dTuhpeoren athree naoctmuaermiabl evracluoanttiroinbuattioJnusnere3q0u,ir2e0d0.4.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System of Georgia

2005 - 2E0m0p5lo-yEemesp'lRoyeetierse'mReenttirSeymsetenmt SoyfsGteemorogfiGa eorgia

45

FINANCIAL SECTION

NOFTINEASNTCOIAFLINSAENCCTIIAOLNSTATEMENTS

FINANCI

NOTES TO FINA

NOTES TO FINANCIAL STATEMENTS (c) LRS is a cost-sharing multiple employer defined benefit plan established by the Georgia General

(c)

LRS

is

Assembly in 1979 for the purpose of providing retirement allowances for Gaecnoesrta-slhAasrisnegmmbluyl.tiLpRleSeims padlomyienridsteefriendedbybethneefEitRpSlaBnoeasrtdabolifsTherudsbteyesth. e

alEl mmpelmoybeerrscoofntthriebuGteioonrgs iarequired for G2eo0r0g2iaacGtueanreiraallvaluation as follows:

fi

AssembMlyeimn b19er7s9hfiopr the purpose of providing retirement allowances for all members of the Georgia General Assembly. LRS is administered by the ERS Board of Trustees.
As of June 30, 2005, participation in LRS is as follows:

Employer: Normal

Membership

Accrued liability

Retirees and beneficiaries currently receiving benefits As of JuTner3m0i,n2a0te0d5,epmaprtliocyipeaetsioentintleLdRtSo ibseansefiotlslobwuts:not yet receiving benefits

226 160

Tota

Active plan members Retirees and beneficiaries currently receiving benefits Terminated employeesToentatlitled to benefits but not yet receiving benefits Active pElmanpmloeymerbsers

221 MmHoeemwmebbveeerrrs,cboifen212cat262roni601mbouetthiove6ner0wss71teiswdeitavhfetesatrcecdteunmmeuymleaabt

Total

the member 6fo0r7feits all rights to retireme

EmployBeersnefits

The employer c1ontributions are projecte

A member's normal retirement is after eight years of creditable service andyeaatrtsa,inbmaseendt oufpaognet6h5e, aocrtuarial valuati

Benefitesight years of membership service (four legislative terms) and attainment olifaabgileity62p.aAymmeenmt ibnecrremasaeys 4.00% each y

Aereigtmihretemyeeabrmeaeraerletcrsyim'hrsoeabyfnneeeomdraarsrremhlemytilhapebleacserntmeredsrttevhiormeiiecplrmbeeesecceaertennriivttsdvoiiecusaerntaaetd(afcfetimeoenrirumvoareengeitlengheath6glyt2ioms.fylroaeeantatgitivrherseel6ymot0fee;rrcnemhrtteiosrdbw)eiematenanveebdenflrieta,t tsbttaheaeferintvneerimrefciteectinroaeatmnmfotdpefel(raneeattt)gctiaoboeimnen6nmTGm2peo.lhefefeeiAneomtteitroiiGbgmsogneifMhareretosmaGPdgfyobuFeeefeecna6ireitegrsh5drmshea,atblaooGyyAyrfseie5snoas%grreglsmeifaoobefrlNmyapftloioorynteharle

defin purp Guar

memberUshpiopnsreertviriceemaenndt, athtteaimnmemenbterofwailglere6c0e;ihvoewaemveorn,tthhlye rseetrivreicmeernettibreemneefnitt iasllrotehwdeauGncceMed PobFfy.$53%2, fmorultiplied

each yeabryththeemneummbbeerr iosfuynedaerrsaogfec6r2e.ditable service, reduced by age reduction factors, if applicable. Death,

Upon

redtiisreambielintyt,,

tahnedmspeomubsearl

wbeinllerfeitcseaivree

aalsmooanvtahillyabsleervthicreouregthirtehme epnltana.llowance

Membership of $32, multiplied

by the nCuomnbterribouftiyoenasrsaonfdcVreedsittianbgle service, reduced by disability, and spousal benefits are also available through

age reduction the plan.

factors,

if

AapsploifcaJbulen.eD30ea, th2,004 and 2005, GMP currently receiving benefits. Active an

Member contributions are 8.5% of annual salary. The state pays member ecmonptlroibyuetri,otnhse iGneeoxrcgeiassDoefpartment of D

Contrib4u.7ti5o%nsoafnadnnVueasltcinogmpensation. Employer contributions are actuarially determined and approved and

Membecr ecrotinftireidbubtyiotnhse

aErRe S8.B5%oarodfoafnTnruuasltesaelsa.ry.

The

state

pays

member

Benefits contributions in

excess

of

4ce.7rt5i%fiedoTofnbhayetnhrtneehuewJauElencrReeoSm3n0Bop,oee2nam0rs0dap3tloiooafynnTe.drrEu2cms0ot0epne2ltorsia.ybceutruticaoorninastlrrivebaquluutiiaortenidosnafsor,erreathsceptueyacretiiaavrlesllyyed.nedteedrmJuinneed3Acsae0rner,vmdd2eie0atdamp0bp5ablreteoarsvnleeedbardves2tica0con0e1md40(,einscbcoalensulesdiegdicnibuglteiavtefloeryaesbater1ns5ea

There wMereemnboeresmbpelcooymerecvoenstrteibdutaifotnesr reeigqhutireydeafrosr othf ecryeedairtsabelnedesedrvJuicnee. 3U0p,o2n0t0e5drmiascinnhdaat2rigo0en0,4oa,fnbdeamhseapdvloinygmreencte,ived an honor omMneemtmhbebeeJrmmHrusnoeecebmmwoen3ebbct0veero,ierrmb2rfu,0ecoti0orifofv3neanetianrsstinstboedwuadthlt2iliet0aohrrf0niwtg2seahirscatwescceutiitvutgomheahsrrutteialeataycdiltrceeevmuadmarmelseumiunnaolbtttafieetborecrenedrntsseet,edrifrmniiaetttarssieebpn.rleaeerctseettsisfvueaaernrnvledydiac.rbweel.ifetUuhnpuddopraanobwnltseerrhmeuiqspiu/noheanestritoTermanebhcqeyeohumfreyebtseethetmiaerrrebpcmoylmoofneyecntmmtrrhtiebbeeaduneliltrtmoi,a.owbenlmaesn,bscteeherre.visicpeaiynaebxlecefsosr However, if an otherwise vested member terminates and withdraws his/her membeCr coonntrtriibbuuttiioonnss,atnhed Vesting

member forfeits all rights to retirement benefits.

Employer contributions are actuarially d

Trustees. There are no member contribu

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia 46 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

FINFAINNCAINACLISAELCSTEICOTNION

NOTNEOSTTEOS TFFOIINNFAAINNNCACINIAACLLISASTLEACSTTTEIAOMTNEENMTESNTS

NOTES TO FINANCIAL STATEMENTS

(d) (dTSRmsG)tohaeJelteRtmiuicrSSRmsGTsbeGE2ittomheae0JaoeemJlrttRes0fmrRieuifpscr2oSnoseS,beGilrtfctoameaoeJttybcJrihsifSrResutveefseouynoeSlrn,eyraastfceStrcttJbJfie1hiiSsouusiuavem,ceyynlpllneyi1syastseavert9St)Jrr1eifae1.i9syubuim,lom,cy8ulupAry1i1os.asteat9if9sc)tTrr1eoCiE.9i9rytmo,hnoehoo88mAnesra1oefu..Ntp9fscarETeArCPJtol9rsedtRohuerholor8qfelJyenamSefu.outudteeoarEleiAadePBrJltrsd3l:oRcgeusrslo0eewdelJeneSatus,dtsreoassr,vdfeBsd:1oo3cegsos9oarr0eoeeefn9as,ttfRsrfhsrd8st,viTdh1eoes,eoet9acrrtoifuahnm9rtfRPneselhd8tteTmhryee,eyemetDrteedieuahpmrsbnaeiPneseesetrcatemrytrereenrmSsDeseisedodcypnssbneintaseodstetcahtntrrereenArSswrdsdismodeRcytshenttasboseJtoohtnutaerreAwiwrddnnnrmweReadteeehetmbsesafyioo3titsaesircweti0odnnrriwn,aeaanadee(tnmncrsafayi2itiosSslse0icetfloayrts0ienlraaacne(sr4utnncrtotcarisieeosStlfvewt2mifdlaeytsevel0rtceee,sserhut.tsrotcro3leiseeieywtfv3antmidG,eevd%aeTbte,semcJrhtatrsoehRltiesiywiiaaenevnSGt,lddaerTeiasmcPJri,tJrnenthRtoiureiiaoseenvdnSrttflrdrhegieGasePtie,JrehrnntcruJrseeeseoseeRdrttafdsrdihageSrGmJseneereuot.rcrJoddesenrseeRtaedsiaSrmsn3eot.od0der,

GGostfaJetRcneeeSGGosroMrtftaaJefailtRsceniGenemAeSareorctbsaofacisoelsrioeGurgnAmssariettacs-obsbc,sosrleoehaiuygncmsnariottafrdG-bsoim,snldrehaiygenionatshrfrdtmGvgoireneidiruecagspiolttt,suthertaimAargrpdetpnitilcucoaopedcalt,rsutfrnaieteaturphtemepnetleoryooeddpifsrrstlnetleepoohsimenaryufeoyoTberpitfsyvrvhirolleipoioetisddvaatryufyiseoorlenrttsfvrvhargisintieoddevraefiseeondontftrcadfgiisbrnrtGeeeoeraemdentndeohtieodfeitebfrarnGriegobettmnitbleaheapeeoe.leefnrlnsrinogetteswibfraiapievoca.lenilninncoaeceswrfpeii.ieolcsaaUsninnaf,coprpseierouelssanptstrnf,ae(iotba1rseerilul36rosiptmsj..trr84uaheiic58dbareniol%g)ldoaiuesjtrubrishotcdyeanojgdnutuehddobrsetgfysaejoGenustlmhddeiocegopsfiertloGgotsolhiryeioaescomfirtgoethniraest,

MemMmHbeeoermmwsehbbveieperrrs,hcoiifpnatrniboutthioenrws isweitvhesatcecdummeumlabteedr

interest are refundable upon request by terminates and withdraws his/her member

the member. contributions,

As oAfthJsueonmfeJe3um0n,be2e3r000f,o52r,f0pe0ait5rst,iacplialprratiitgciohipntsaittniooGnreJitnRirSGemJisReanSst ibfsoealnlsoefwoitslsl:.ows:

RTAeecrttimirvRTATyleiieeanehecabsrpatetimritlravsleaeei,niednmtneydbspaempatpblmaleaseoaendenpmynyddlmeeeobbfrmuyeeieccrpenmnsioeotlaenobsnirfntyeiierecrcetinsshibreateesuicrtautilesiaeeronecsdrntseicustnt4uolatea.rlr0bdryi0eaetrnl%nopetevcrlbfyoeeaieajiltreuvnsceciaehbcnttfeuigyoidttevsnbnaitbenoroan.ugttletiybfqJneieuutotnsnitrdeeeyafcei3tteet0sir,vtehi2cne0egai0vcb4ite,nungaaersbfisiaeutlnsmaecfinictgrsuethdaftutnhdeinagmeoxucnets15so78fw212ait15ch7c8irn212u1ed1

(e)

The

GMPTFotiasTl aotsailngle

employer

defined

benefit

pension

plan

established

on

July

1,

755 2002

7b5y5the

EmpElGomyeoeprrlsgoiyaeGrseneral Assembly for the purpose of providing retirement allowances and other ben5efits5for

members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

BeneBftihetens eGfiMtsPF.

The may

TmnrMAeohatsreieymrmeonraefobaltrteiJrmrareuegstanihaelretier6p3ame0g0teie,wrne62timt00hfeo0wanr4timGthfaoiJnnaRrdimSmG2uiJi0nsRm0imSa5og,uifesmG16a0M0og,yfePwe16Fa0i0rts,hyhweoa1adfi6rtcsh1yroe0e1dfa46irctsyaraebenodaldfeirtscas6rbeoe1rlfdevricietscarteeeibrr.dlveeieitcassebe.alrevnidsceerb;vehincoeewf;iechvioaewrri,eesva,emrr,eeasmpmebceetrmivbeelyr,

emtAoanecenmhxuAemtcbceByoaaeeumneelceerrnmahnrsdpxrrueeelcbayt1aonfeiereli6ryfteertealresdsycymrecrraet,1ooeeirrat6mrdfenehrecistcyepmtce.erbeuoiGeDedavetmdnereniesisndtopaete.gebrtufaDhdgivetst,ebisnesacddteaeehpeniDtfraseahievoastei,fsipdvbpicdtrteihpaestoilroseai.totair1ympAdmvba6,rteiecateoalryonitmntipetr1yvdmaaboo6,etrersfaeastyprman,iDspeoondnaboneuadorferssrsteotepra,iinsftlonoconsnaubatooehcsreem.toeetanxiftlvepcncobfteeuoohieeettmreesnpdxmdeplcnaa2afeuroanil4eettrsesrdmyamed6alet2a6srieaal4roe-mrse2rsyaame/6b.lv3et6seEeiaa%ror-nraie2lstramia/.olnv3bbyfEefa%eloneaarinlret.nreamoltnbfbyifiruealteea,rntamie.nlebotnfaeinsiruasnte,ealtimasdlbbraesyeomasn,nneltaepadisbfrlnieuyeottrss,nanveip1pinsfcl%aieeuetirdssdvnf1pioobtco%artyeidnfoootnorte

ContCAcrriobenmdutitretiaimobbnublesteirasoennbrdsveicaVconeemds(teiVinsnceglesultdiigninigbgleatfloerasbte1n5efyitesaruspoofnseartvtaicinemasenat

of age 60, member of

with 20 or the National

more years of Guard), having

aaMnpenpmuroMaaasdTbvnpleieheenpsrrsmedvcursaohealbravaadlenerertrsdyegidasraeetclari,aamefenlarrrqedyeesntuaipndfcsirioitrtefeeheuarqdads1tsluivlpa0bfoiitloirynoweeucbdgtdasoehcanbrnnoetelcysoencGeebftetcirechJitiiusvnoRbetieenuipsSGvdfttaireeJBtyiaRlbaneo7iyusSbca.eht5ltreeaeeBo%dlrdneo7sfo.ooca.of5rtrEarefaT%dsmldbirtof.lhuapeeofesElfodtTiimmernyirtesehuepatcsmrhesnl.hotienbaecryureeoaegasarnmrne.ltornocfsifuurobaoannultmaltthtrrieosoiytbafnhulNpse$atlrai5Nuaoyt0srinaoepstpanileaonuaarcnlsrtaeamuGdlaaoandGurcniiautatatiurhlaoddla,ryndrdpaiii.tamdlliuloelm2sytne.a$5erdldm5%ei2iatpne.toe5erefrm%ldymtihanoopenefnriddritothharenfiotdror

vEamlupaEvleCotaimayolocuenpnharltaotyricsyoieobefnanoruratltrolcsiiofoobfwnnucostrstlriel:oioadbnwniutsdasti:broVelneqesussteirirrenevqdgiuciefroeirdn fefixoscreafslissycoeafal2r y02ey0ae0ra52rs0w.0Te5rheewbmearasexedibmaosuenmdtbhoenneJtufhineteisJ3u$0n1,e023000p0,e32r 0am0cot3unatahrci.atularial ETmrupstleoeyse.rTchoenrterEiabmrueNAptinEoclooocrmnymrNAsmuepareaoclel:odrcrmeymrluebiaaareecl:bdrtiucllaiiotarynibatirllilibytyudtieotnersmreinqeudireadn.d approved (a11n59d..78c(0511e%)r59t..i78fi05e%)d by the ERS Board of

Employer contributions requTiroedtaTlfoortatlhe years ended June 30, 2030.585a%3n.8d5%2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial

valuations, respectively.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

47

FINAFINNCAINACLISAELCSTEICOTNION NOTNEOSTTEOS TFOINAFINNCAINACLISATLASTTEAMTEENMTESNTS

FINANCI NOTES TO FINA

EmplEomyeprlocyoenrtrcibounttiroibnustiroenqsuirreeqduifroerdffisocralfisyceaalr yeenadredenJduendeJ3u0n,e23000,420w0e4rewbearseedbaosnedthoen JtuhneeJ3u0n,e 30,

20022a0c0tu2aarciatul avrailaulavtaiolunaatisofnolalsowfosl:lows:

Employer contributions required for fi

EmplEomyeprl:oyer: NormNaol rmal AccrAuecdcrluiaebdilliitaybility

2002 actuarial valuation as follows:

20.332%0.33% (16.4(81)6.48)

Employer: Normal

TotalTotal

3.85%3.85%

Accrued liability

Tota

MemMbeerms bbeercsombeecovmesetevdesatfetderatfetenr yteeanrsyeoafrscroefdictarebdleitasbelrevisceer.vUicpeo. nUpteornmitnearmtioinnatoiof nemofpleomympleonytm, ent, mHthoeemwmmHtebheveomeeermwrmb,cebeeoivrefmnerfratobr,ncreifboirfeounfittattohirsnoriefbanreoluwsilttthiirsoswiegeanrilhwstlvhtsireswisgteatoihcetvhcdtrseeustmtmaitorceeuecdrmmleuatmmbetierneeuedrtmmlbatibeetenernentdmreterfbiteiineetnsarsnttmt.eeerafiseinrtseaastt.nerdaserfweaunintrddheadfwubrainltewdhadsubrpahleowisns/uhphereorisqn/muhMmHeeersermoeetqmwmmbubeebebeyvrseemterrcrtbsoh,bcenebyoirtfenrcmcitatbohronieunembmttouireomitbtbhineoveuesrnemrt,.wissobteineswdsre,.itavhfetesatrcecdteunmmeuymleaabt

The eTmhepleomyeprlocyoenrtrcibounttiroibnustiaornesparorejepcrtoedjectoteldiqtuoidliaqtueidthaeteatchtueaarciatul aarcicarluaecdcrfuuenddthifnuegnmdeeixnmcgebseesxrcwfeoistrshfeiwnitis1tha1ilnl r1ig1hts to retireme

yearsy,ebaarss,edbauspeodnutphoen atchteuaarciatul avraialul avtaiolunataitonJuanteJ3u0n,e23000,42, 0a0s4su, masisnugmtihnagt liabilliitaybpilaityympeanytminecnrteianscerse4as.0e0s %4.0e0a%ch eyaecahr.year.

tthhTeathaetmheeomuapnmltoooyufenrtaccoocfnrutarecidbcurutieodns are projecte years, based upon the actuarial valuati

(e) (eT)he TGhMePGFMisPFa sisinaglseinegmlepleomyeprlodyeefrindeedfibneendefbietnpeefnitsipoennspiloann pelsatnabelissthabedlisohneldiaJubolinylitJ1yu, pl2ya0y10m,22enb0ty02inthcberyeatshees 4.00% each y

GmtheeeomGrmtGbgMheieeearPomsGGrFbgoM.eeifnarPtesGhFroea.elfnGAteherseoaslreGgAmieasboslNreygmaifatobiorlNyntahaftleoiorGpntuuharaleprGodpsuu(eraNporaodftsip(eoNrnooaafvtliipdoGrinonuavgalirdrGdei)nut.igarTerrdhme)et.eirnETetRhmaeSellnEoBtwRoaSa(alelnroB)dcweoosaafnraTGmdTcnheeerdoeosumforsaGbgttTneheiMardeerussrGPosaobttFeehdfeneenmitesrsherifabeanaidletiGssnmAsteeifeisnofornsigsrrtieglssmetifeaboreslrNmyapftloioorynteharle

defin purp Guar

MemMbeermshbieprship

the GMPF.

As oAf sJuonfeJ3u0n,e23000,420a0n4d a2n0d052, 0G05M, PGFMhPaFd h1a0d4 1a0n4d a6n1dre6ti1rereestiraeneds abnednefbiMecniaeermfiiecbsie,arriseehssip,percetsipveeclyti,vely,

currecnutlryrenretlcyeirveicnegivbinengefbietsn.efAitcst.ivAectainvde iannadctiinvaectpilvaen empleomyeprl,otyheer,GtehoerGgieaoDrgeipaaDrtempeanrttmoefnDt eoffeDnseef.ense.

pmlaenmmbeermibnefor rimnfaotiromnatiiAsosnmoaisifnmtJauainnineetd3ai0bn,yed2o0bn0ye4 oanned 2005, GMP currently receiving benefits. Active an

BeneBfietns efits

employer, the Georgia Department of D

A mAemmbeermbbeecrombeecsomeleigsibelleigifbolre bfeonrefbietsneufiptosnupaottnainamttaeinntmoefntagoef 6a0g,ew60it,h w2Bi0tehnoe2rf0imtsoorremyoeraersyeoafrs of csderiesrvcdheicsdtdaaeriresbrgvcadleehtei,tdaaslareebngaarldevets,tihsclaeeae1narv0dv(siintinhccgcae1olvr0nu(eisidncnecigeccnoilurgvnuetesdicaevdietcneialugventyeaiavedhstateoalrn1ensy5oaehsrayaatosbern1sala5oerrsaydamsoebiseaflacemrshsdembaoriresvefgrcimescheoebafrfrrevaogrsitmechaoeeftfrmhaoNsetmehaamNettimahboNteenieroaamNntloiabaofGtlenitroGhauneloauafraNGdltrGhaduiteAcs.aumieroraNerdmnrvmdadaeieitl.etdmidamoGibmnaablutaeteeealdrlrslyGdeeiab)arut,vpeseathicrlrciyoadoe1vm)r0,ip(neihrtnsgcoiaocovlrenuilnsditeggoicnibuglteiavtefloeryaesbater1ns5ea

The rTehtierermeteirnetmaellnotwaallnocweainscpeayisabplaeyafobrleliffoerinlifteheinatmheouanmt ooufn$t5o0f p$e5r0mpoenr tmh,opndltiuhss,chp$al5urgspee$,r5amnpdoenrhtamhvoifnnogtrhrefocer ived an honor eacheyaecahr yoefacrreodfictarebdleitsaebrlveisceerviniceexicnesesxcoefs2s0oyfe2a0rsy.eTahrse. mThaxeimmauxmimbuemnefbietnisef$it1T0ihs0e$p1ree0rt0imrpeomenretmhn.toanltlho.wance is payable for

ContCriobnuttriiobnustiaonnds VanedstiVnegsting

each year of creditable service in excess

EmplEomyeprlocyoenrtrcibounttiroibnustiaornesaacrteuaarciatullayridaelltyerdmeitneermd iannedd aapnpdroavpepdroavnedd caenrdtifcieerdtiCbfiyeodnthtbreyibEtuRhteSioEBnRsoSaarnBddooVafredstoifng

TrustTereuss. tTeehse.reThareerenaoremneommbeermcboenrtrcibounttiroibnustiroeqnus irreeqdu. ired.

Employer contributions are actuarially d

EmplEomyeprlocyoenrtrcibounttiroibnustiroenqsuirreeqduifroerd tfhoer ytheaersyeeanrdsedenJduendeJ3u0n,e23000,520a0n5d a2n0dT04ru2s0wt0ee4erse.wT$e8hre9er.1e$98a9rae.1nn9do amnedmber contribu

$68.7$968p.e7r9 apcetirvaecmtiveemmbeerm, rbeesrp, ercetsipveeclyti,vaenlyd, valuavtaiolunast,iroenssp,ercetsipveeclyti.vely.

wanedrewbearseedbaosnedthoenJtuhneeJ3u0n,e23000,E32ma0pn0ld3oy2ae0nr0d2c2oa0nc0ttr2uibaaurcitatiuol anrsiarlequired for th $68.79 per active member, respectively

valuations, respectively.

2005 -2E0m05pl-oyEemesp'loRyeetierse'mReentitrSemysetenmt SoyfstGemeoorgf iGaeorgia 48

2005 - Employees' Retirement System of Georgia

FINFAINNCAINACLISAELCSTEICOTNION NOTNEOSTTEOS TFFOIINNFAAINNNCACINIAACLLISASTLEACSTTTEIAOMTNENMTESNTS
NOTES TO FINANCIAL STATEMENTS

A meAmmbermbbeecrobmeecsomveesstevdesatfetdera2ft0erye2a0rsyeoafrscroefdictraebdleitasbelrevisceerv(incecl(uidnicnlgudaitngleasttle1a5stye1a5rsyeoafrseorvf isceervice NNasaaattiiooaNNmE2nns0aameaaatt0mlliip2oomGGblnnoaeuuaaycrmaallterrouGGrbddfae.uurcitriaamhoarroenlddmftv.NrietiamhbdaleuutimiaatoNtieteonidaolnaytinlsiaoptGaenrrseluaiyoqalfrourpGdlitrlro)uioe,oawddrhridsatsfo:)vco,hirdnhaigfarsigvcssehicen,aargalrvgnesyeddee,rahaavratnevddleeinnahdgsatetvlrde1iena0cJgseutcirnov1eene0cdse3cei0aocv,nunetds2hiev0oace0nu4oythirevowaaebnrelosyrereeaadasbbirslsaaecsahmedsadiersamgcoehmbnafertrmgohoemebffeJrttrohuhomenefett3hh0ee,
3T0heyeT3ea0mhresyp,eleobamyarsep,erlodbcyaousenpertodrcnioubtnpuhtoeriniobanEtuchstmteuiaNAoaparnreoclciosctrapuymralruaervoarreeajil:dealpucllrtaivoeatajdibeoliuctnltoaiettaydiltoiqJtnouuainldteiaqJ3tuue0ind,teha23te0e00u,t4nh2.fe0u0un4nd.feudnadcetduaarcitaul(a21ar60ciac..34lru38ae%)cdcrluieadbilitaybiwlitiythiwnithin

(f) (f)SCJRSFCJiRsFa isinaglseinegmlepleomyeprloyderfindeedfinTbeeodntaelbfietnepfeint spioennsipolnanpelasntabelsistahbeldishbeyd3t.bh8ye5%GtheeorGgieaorGgieaneGraelneral

AsseAmsbsleymibnly19i4n51f9o4r5thfoerptuhreppouserpoofseproofvpidrionvgidrientgirermetiernetmbeenntebfietnsetfoittshteostuhpeesriuoprecrioourrtcojuudrtgejusdogfetshoef the

satnadteSsaMmotnCafedetJmemRGSboFeCbefoeJerrrRGngstFcieeaboor.eenrencgStdrtoiCeiaimbrn.JeuRteSdotFiCovianJneicRstssotFdenawditrircsieataochcdfnttteiterafdreroacccrbcttteuyeEnfdmRoiturbySslyeEaotaoRtwiretsSsadndootmBoifwnoiatncnaedrirremBsdedtsoeiiotnratafirtsabdhTtrleeerorupftssrlhTeetaeerfnrevuupseinslc.fdtaefeTnae.ebhcseUtle.fievfpTBeeouhconJpteaiuovrtBldneeysorJm1aruoe,rilfdqn1ysuTa91te9roi,suo5ft1sn.Tt9eb9roeyu5fss.tfteehomeerspElfmoRoyerSmmEbeRneSrt,.

MemMHtbhoeemrwmsebheveimperrsb,heiirfpfaonrfeoitthsearlwl irsigehvtsesttoedretmireemmbenert

terminates benefits.

and

withdraws

his/her

member

contributions,

As oAf JsuonfeJ3u0n,e23000,52,0p0a5rt,ipciapratitcioipnatiinoSnCinJRSFCJisRaFsifsoallsofwosll:ows: The employer contributions are projected to liquidate the actuarial accrued funding excess within 11

RetiryReeeatsirrsae,nedbsabasenendebfuiepcnioeanfricethisaecriuaercsrtecunuatrlriyaelnretvlcyaeliruveaicnteigoivnbienangtebfJieutnsef3it0s, 2004, assuming that the amount o2f8acc2r8ued

TermlTiaenbramitleiitdnyaeptmeadpylmeomeynepetlosinyecenretesiatelsenedstit4ol.e0bd0et%noebefieatncshebfuyittesanbro.uttyneottryeceet irveicnegivbienngebfietnsefits

44

ActivAecptilvaenpmlaenmmberms bers

2 2

(e)

GTheeorGgiMa GPTFeontieasrTlaaol tAsailsnsgelme belmypfloorytehre

defined purpose

boefnperfoitvipdeinnsgiorentiprelamnenetstaalbloliwshaendceosnanJudloyt1h,er2b0e03n24efbi3yts4tfhoer

EmpEmlomeymeprlbsoeyresrsof the Georgia National Guard (National Guard). The ERS Board of Trustees adm1 inis1ters

the GMPF.

BeneBMfietnesmefbitesrship Ttmjwuhidoneg-ieTtmjnAcewuhshoumidui.sonrerrgmDpdmr-ieoemtlsnehosanfooau.ilyttfrtrhlmDJhedmyr1eure,se0,anotdrasiltteefyrithahshecre1l3eeamee,aa00btirGdrsiv,eyisyrialeniseie2nlootatpmaay0gfbrarfr,g0eyicioslbadin4riraoneettpyfdndtSDaafo,iecnCiotseadfradrpspJinebtuRoaddtSsl2opur.eiFCt0tsemaApssaJ0ribeiuRols5ecolrpunb,etFvraiesteivgsGarccnoieeielseoeMfr,bufv6raaDiwerPi8ntgctcnse,Fdieeoeftjahw,euf6rihinwrdne8itatastsga,ihadebtcejalhw.uetssr1i1nde.oiav9t0egehAabf4yelviesset1pan.omaa9loiearnlAfaefsanydvimobetoanmlmaob6eiferlfe1.esa-crmhmobrroaneelmbbefldtefeei.a-ircrrthtyerahaeembielnsdalfalesfisttoyaaahoslrnbeameadlrrrlesyeavsabttoislipiceraoeaeenrrnri,yevedatfiwiipctitsrcoaeieaiti,mahsdgaruweaittapeoii6nesatbh5s,rtgeaiu,eorniapnewr6eesebfc5ripdietio,theonucwbroertayftciiivtotheouolnryafte,

ContCBroiebnnutertfiiobtnsustiaonds aVnedstVinegsting bMAbeadensdimesiMbAbftAcsdbitieaertidooens,esrdrnmivcmdefsiiauhefictbeltitidnaoatooemer,edbnrnglmfaebltiaceuerftccelpui,notbrselrlaednoeeurlndmbeetarycdr.ivncesepuiottibtcTrhlrencoourbahde1scemyteve.o0in(enaoineitTnrersnnsctbegtfhrcscoaiieelotebrtn5unsaeelnus..diersc0tegetfiprei%caniiioiabtbut5gvsneylut..eesoi0satvdpfi%taoefmaarlotnyeehnerysosaemnehfsiabmatroobretrte1nhenss5oeraamenicrlafroycaabtisuotrtbeessyaanlraaae,rrtclusircadtpamipuorbolilyolsauneufy,ncrstmsirhipadieoabaabllernnrluteuvtytgsrseatieaicridoamodnefenfnfdmrtiasoien5settamreih.onmdo0adeftdn%t,imhian5oNbteleie.fuoo0admN2tfn%t,a.iabaa5gobttlrhe%eniuoeroea2tf6nlpo.0afm5atfrorh,G%oleertevGhwumptieafmhudirborteaeNohderrdvrmads'ti2itpo.hdsmib0ooneeeamundrnaosa'epnonsraldonulGaamiuaacsnaulst-oonnaeanvrsullreeaayedaelcsr)ladya-o,prnegevsyhredaaei.aeolrrvasdrariegnyotdego.f

(g) (gDt)hAe RpDtTeuhFarAhepcieRhpsoursFayeeretpidioasorefresfameopinfrdeooecenfdvrftpieidbnardioelinltndvoageiwbdbfrliiaeeetnnntgispcereeeefrrinmevtitssiiepicronpeeentnmaiybsnpeiaeolnebnantxlneebcfpieeeftlssnsaostneratfooblieiftltfssih2estateh0oibendyldtiihetsshaebhtreryeidsdc.aittsmThbtaerhyotitecuGottnmhreanteotaeotrxGyogfisrimen$aooe5ufrGy0mgtseihpanobeeefeGrsrntamehaelnetfoeeiAtnsrotastiahsfslte,eG$Amp1oesl0bofus0lersGygmp$ieiaeb5on.rlrypDgm1ei9Aiaorn4.nRm9Dt1Fho9fA.on4isRrt9hFffoiosrr
direcdCteirodencbttreyidbitubsytiooiwntsnsoaBwnondarVBdoeosatfridnTgorufsTtereuss.teTehse. TBhoearBdsoaorfdsTorufsTtereusstfeoersEfoRrSEaRnSd aDnAdRDFAeRnFtereendteirnetdo ianto a contrcaocnttfroacrtEfRorSEtoRSadtmo iandimsteinritshterptlhaenpelfafnecetfivfeecJtiuvley J1u,l1y919,51.995.
Employer contributions are actuarially determined and approved and certified by the ERS Board of MemMTbreumrsstbheeipsr.shTihpere are no member contributions required.

As oAfEJsmuonpfeloJ3uy0ne,re23c00o0,n52t,r0iDb0Au5t,RioDFnAshRardFeqshueaivdreensdervfeeotnirrertehsteiraenyedesabaresnndeebnfiedcneiaedrfiJecusiancreiuer3sr0ec,nut2rlry0e0nre5tlcyeainrvedicneg2i0vb0ien4ngewbfieetnsr.eefi$ts8.9.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 -2E0m05pl-oEyemepsl'oRyeeteirse' mRetnirteSmysetnetmSyosftGemeoorfgGiaeorgia

2005 - Employees' Retirement System of Georgia

49

FINANCIAL SECTION FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS

FINANCI

Benefits

NOTES TO FINA

PersBoennseafpitpsointed as district attorney emeritus shall receive an annual benefit of $15,000, or one-half

of tPherstoantes aspaplaoriyntreedceaisvdedistbriyctsautcthorpnerysoenmearsitausdsishtarlilctreactetoivrneeaynfaonrntuhael cbaelneenEfdimtaorpflyo$ey1ae5rr,i0mc0om0n,teordirbiaoutnteieloy-nhsalrfequired for fi prioorftothtehestpaetersosanl'asryretrierceemiveendt, bwyhiscuhcehveprerisognreaastear.district attorney for the c2a0le0n2darctyueaariralimvamlueadtiiaotnelays follows:

prior to the person's retirement, whichever is greater. Contributions and Vesting

Employer:

MemCboenrtrciobnuttriiobnustioannsd wVeersetin5g.0%

of

their

annual

salary,

plus

an

additional

2.5%

for

the

spousal

Normal Accrued liability

coveMraegmebbeernceofintt,ribf uetlieocntsedw. eTrhee5s.t0a%te opfaitdhemiremanbneuraclosnatlraibryu,tiopnlussoafn5.a0d%ditoiofntahle2m.5e%mbfeorr'sthaennsupaolusal

salacryo.veErmagpelobyeenrecfoitn,tirfibeulteicotnesd.arTehneotstaactetuapraiiadllymdeemtebremr icnoendt,ribbuuttaiorensproofv5id.0e%d oonfatnheasm-neemedbeedr'bsaasnisnual

Tota

to fusanldarcyu.rEremntpbloeyneerfictso.ntributions are not actuarially determined, but are provided on an as-needed basis

(h) (h)GtrheDteirtCGtpoehumPDefrupeCpisnonuPdstarepoicdsorouesafrpfereipednonrneeofstfdivipobnircnedeoonidvsnneyigtcfdsrioiittrbnsene.mugtritri.irbeoeGmutnitDreipeonClmnatPneapnlilelsatosnawtadlelabmosnlwtiicasneahbisnselitcdfseoehrbsreeyddsfottabbrhtyyeestteGahhmteeeeopEeGrlmRogeyiSopaerlBeogGsyioaeewaneGrehdsreoawonlafehrArToeasrlanusrAoeseMmHtmtthsenoeemsebeoemwmslmemty.ebmbmevbeiembnelreryersmbJ,rceiusbbonirlfeoenyfJcrfatous1ronaril9mfboyep9oufei1u2tttahi9sbovfep9laoneiru2clwrsslbtfeirloswiidgcerihtavhtfsetestatorcecdrteeutnmmireueymmleaabet

retirement or pension system. GDCP is administered by the ERS Board of Trustees.

Membership

The employer contributions are projecte

As oMf eJumnbee3r0sh, 2ip005, participation in GDCP is as follows:

years, based upon the actuarial valuati

TerAmsinoaftJeudneem3p0l,o2y0e0e5s ,epnatirttliecdiptaotiboennienfiGtsDbCutPniostayseftorlelocweisv:ing benefits

liability payment increases 4.00% each y 89,510

ActiTveermpliannatmedemembeprlsoyees entitled to benefits but not yet receiving bene(feit)s

Active planTomteaml bers

Employers

Total

The GMPF i3s4a,187s9i7,n5g1l0e employer defin

GmtheeeomGrbgMeiarPsGFo.efn1te2hr3ea1,l6232GA8843e47s,,o16sr78egm77iablNyaftoior nthale

purp Guar

Employers Benefits

284 Membership

ApBaoyammBAprdaeeeymnnmometbfsefeeimTntrwsrtbusimelslrwtaebyiemelslar.bbeyIatefisrreabeedatmisarueneepddmoaunbnepedlmoer cnhoetalrmetstacoolltierttrsytaeoslctiteahryibevalcnteeeasib$vpla3eeen,sr5dipo0ae0dinnridictcoerdirepneidcatseitytrempeadassetystnumoatmssehspniuastmfis/tohepneartrsfitoaaetntocrtscaboiatnetuoAcetmnaumasbiterdn,pernooemtlthonpafeeydttonleJeoyfEdutrp,nRtarobteeegShfydce3eeBa0tb6iGhgv,oy5eeeia.2notr6E0ghdrT5gR0eh.obi4SaeEfeTnRDahenSeefdpitas2r.t0mA05ecn,titvGoeMf aDPn

TrusBteoeasrdhoasf Tthreusotepetiso. nIfoaf mreeqmuibrienrghaslulemssp-tshuamn $d3i,s5tr0i0buctrieodnitteodtthoe hmise/hmebrearc.BcUeonupenoftni,tsthe EdeRaSthBoofarad of memTbruesr,teaesluhmaps-sthuemodpitsitornibuotfiorneqeuqiurianlginag tlhuemapm-souumntdcirsetrdiibtuedtioton htois/thheer macecmoubnert.wUilplobne tphaeiddteoatthheof a

memmbeemr'bsedr,esaiglunmatped-submenedfiisctiraibryu.tion equaling the amount credited to his/her aAccomuenmt wbeilrl bbeecpoamidestoetlhigeible for bene

member's designated beneficiary. Contributions

creditable service (including at least 15 served at least 10 consecutive years a

MemCboenrtsriabreutrieoqnusired to contribute 7.5% of their annual salary. There are no emdipsclohyaergr ec,oanntrdibhuatvioinngs.received an honor

EarnMinegmsbwerilslabre crereqduiitreeddttooecaocnhtrmibeumteb7e.r5'%s aoccfothuenitraasnanduoapl tseadlabry.tTheheEreRaSreBnoToahredemorpeftlTioryreuemsrtecenoetsn.atrlUliobpwuotnaionncse. is payable for termEianrantionngsowf ielml bpelocyrmedeintetd, tthoeeaamchoumnetmobf etrh'es macecmoubnetr'assaacdcooputnetdibsyretfhuenEdaRbSleeaBcuohpaoyrdneaorrefqoTufrecusrstetdebieytsa.tbhUleepsoenrvice in excess memtebremr.ination of employment, the amount of the member's account is refundable upon request by the

member.

Contributions and Vesting

(i) SEAD was created in 1953 by the Georgia General Assembly to furnish survivors' benefits for

(i)eligSibEleAmDemwabsercsroefatEedRSin. S1E9A5D3 bcoynthraectGs ewoirtghiaERGSe,nLerRaSl ,AGsJsRemS,balyndtoSCfuJRrnFisEthomsppurlrovvyiievdroercsgo'rnobtureipbnueteftiriotmsnsfoarre actuarially d

life eilnisguibralencmeecmobversagoef fEoRr Sth. eSiEr ApaDrticcoipnatrnatcst.sDweiaththEbReSne, fLitRpSa,yGmJeRnSts, anred pSaCyJaTRbrFluesttoeoeptsrh.oeTvhbideerneegfariorceuiapnroytemrmember contribu

or

elsitfaeteinosfutrhaencinescuorvederiangdeivfiodrutahle. ir participants. or estate of the insured individual.

Death

benefit

payments

are

pEamypabloleyetro cthoentbreibnuetfiiocniasryrequired for th $68.79 per active member, respectively

valuations, respectively.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia
50

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION FINANCIAL SECTION
NOTES TOFIFNIANNACNICAILALSESCTTAITOENMENTS NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS
(3) Significant Accounting Policies and System Asset Matters

(3) (aS)igniBfiacsains toAf AcccocuonutnitninggPolicies and System Asset Matters

(a) TChToBE2enh0amte0srpSii2sblySouaosyyctftisteeouAtmrneacmsrc'cisoaof'nrsluobtvnrmabiatbsilainuutschatgiicetoifoneinfnsmianaprnaselcnoqficayouilliealrrloesswdtasastnft:aeodtmremefinestmncsatbsleayrraseeraearprerepenrpedapceroadergdenJduizoneneodn3ta0hs,teha2ed0ad0cai4ctcircouwrnaueslarleibnabbtsahaissseeisdpoefoorinfoadctahccieoncuoJwnuuthnninitecignh3.g0.,

thCeomntermibbuetirosnpsrofrvoimde tshEeermveipmcleopsyl.oeRyr:ertsireamndenmt eamndberresfuanrde rpeacyomgneniztesdaraes raedcdoigtinoinzesdinasthdeedpuercitoiodnisnwwhheinch dutheeanmdepmabyearbslep.rovide seNrvoicremsa. lRetirement and refund payments are reco2g0n.3iz3e%d as deductions when

due and payable.

Accrued liability

(16.48)

During fiscal year 2005, the System adopted the provisions of GASB Statement No. 40, Deposit and

InDveusrtimngenftisRcaislkyeDairsc2l0o0s5u,reths.eTShyisstepmroTanodotouaplntceedmtehnetprreoqvuiisrieosnsadodfiGtioAnSaBl dSistactleo3ms.8ue5rne%ts Nproe.s4e0n,teDdeipnosthiteasend

noIntevse,sbtmutenhtasRnisok iDmipscalcotsounretsh.eTShyistpemro'nsonuentceamssentst. rTehqeusireedsiascdldoistiuorneasladdidsrcelossucroems mproensednetepdosiint athnedse

innvMoetesetmsm,bebenurtst rhbiasekscsonmoreeilmavtpeedasctetodoncarftethederitSteryinstkey,meca'orssnncoeftnatcrsraseteidotisnt.abTolhfeecsreerdviitsccerl.iosskUu,preionsnteatrdedrsmrteisrnsaatcetioormnismko,ofnaendmdeppfloosryeimtigaenndt, cuimnrrveemnsctbymereinsctko.rniIstnrkicsblurdteieloadntesadswatointhcerlaecdmciteunmrtisuoklfa, tiecndotenrcienestntetrreasttieornairseokf,rSecftrauetdneidmtaebrinlsetkN,uiopn.oten4r0ersreteqqruauetisertesrbisdykis,tchaloensdumrfeosmreobigfenr. incvHueorsrwtemneecvnyetrsr,itsihfka.atInhnacovltuhedeferawdiriasvsealavunesetletehdmatmeanertmeohbfiegirnhtleyremssetinnrsaaitteievseraitsnokd,chwSatianthtgedemrsaeiwntsinNhtioesr./eh4se0trrrametqeesum.irbeesr dcioscnltorisbuurteisonosf,

(b) Initnvhveesetmsmtmeemnenbtstesrtfhoartfehiatsvealflariirgvhatsluteosrtehtairteamreenhtigbhelnyesfietns.sitive to changes in interest rates.

(b) IalanpIaIsTylvpnpniteeahrvpvraosbeeeretrxiospmssleititxo,mmteirybnmtaepeeatptnlnsadesoattetsyyessdasamefralreufeeiracrpsneiootrrvpneniarrvpntielrcaocutiphelbrreoue.etu.ereaIttSd.nsiaeoeecvSdnscteausus4tcaatrua.mtri0rtfrii0eaaieetfl%iniaspretivrsrtoeiarvnaajtlaerucvcdalcoaahuedttmldeeiueyo.ddeeeon.atniSoorsa.hnSatrloheiaqrnJcotuuao-rnnittgadei-eonttraeinmi3otrzea0nmel,atdiholn2eariov0nsarei0vnecs4eiatttn,esmurttrnaaemneresrnainedsattunaislbotmtaisynocaianntcrlaheagrreuelexeteSrhdcexyarhpcefstaouhptnetrnaohtmgndereetgdi.eneaNadgmraaoeetroaexivtunccanveolctaeussolssteous,tdfmwte,dwaaiettcnwhhacttiihhrnciutinhehc1ehed1

(e) afSonylafrGmTayosnstrhypeeetoeoemmpnronreeeGbng.spneeiioMasorriosnogGtPrenaogFedbnfanebisniteznsaehiraezlneatefaaeilisoGtfAissinpoeit.snsrnoeis.TgcrxeeglhTemcexi.eehacbrIpeeenlNmtrpyvetatapehfrttslaoeiehotorrmeyeUnnteheaUo.nrSnleo.t.GdiSpniGe.iunuvnfGrocaievpnorvsoeodetmevsmsdrte(eenmNerbmonieaesfmtentnsrinpteeoestrinfcnnoirotiat,venglripp,lendGorepiileannzoursneesgaaeisdnrnoerdstenatns)ots.tti,sp5oreTel%,o5aahmrr%noeneorlenEereodltsaRremtsabaaSmeloysblseroloBetiswhrwsoehoeawaieftnorShiddcfttyhheptsooeshtanfpeeanramTtneJnirreudt.teuislNaetoyssstartose1hesere,leisetansersl2tvtaeabs0aetdde0evsanmdt2avtmeioialftbnaeiiolytibtnasshlttbteetfehihlonreeesr (c) CSathypesittaeGlmMA. PssFe.ts

(c) CaCMpaieptamiltabalesArsseshstseiptsare stated at cost less accumulated depreciation. Depreciation on capital assets is

cDaanodCcDaeAcedmmodpumaesmmrpirrpneperuirpioecitllnetsaaounifeciatltyttsdreitelJateiydadruotrasiu,nnavostrstieueceenhvietcscn3xeesieuegn0pxiGmeavg,epxrteinueeh2nposltne0geaherssgn0teteeibiss4assdaeteisresisnwDaatdndreiniecwahengfdplipaeichuhgtrtnlatsdehu2-r.nceclttd0ii-mindoAne0laicisndet5einctuincn,toeiriultnmnrvaeGreodemsraedaMfemsdtr.edhaDemitPaWn.onhecrFdidWioenfchsedmuiteihhsnronmnatoaesvarotdevnuaeciav.vetrltseiaaide1svvrtse0eeeesfts4derxesetotpsipxsmamtadleiparnemanaendprtstnhaeerersmteeeds6eerct.1edeisaiMrtu.amceirtsMrceudiabeeootsideifaunoenruriefntr.noleuetitronDslnsel,taifonehvonlaatapieehnrncvnrrmseeddeewcrsceaawaioibtsnnaaifieoeodtsynnifnedotrehreniefdtrrsiphisseeipcarsoupeoiepimnlaarsetorsiietairnsocdesaietgansordap,oetfgaroifoetfraci,ranoefihtctln,syerahhtpdtrayeoahegsyrrecbecsgeyteldoyaiecoetvsrdostastseoossr.ltntisyoss.e,

isaBrneedfnlereecfltiaettsdedinatchceusmtautleamteedntdseopfrecchiantigoensairneprleamn onveet dasfsreotms inthteheacpceoruiondtso, fanddispaonsyalr.esulting gain or loss is reflected in the statements of changes in plan net assets in the period of disposal.
(d) UsAe omf eEmstbiemrabteescomes eligible for benefits upon attainment of age 60, with 20 or more years of

(d) TitnhhTiUecsdnteehrihsesrtreeephvcedrhepepoiUetdaorfapUnerrbEagpitanltreesaeetaidt,trdtiesaliameoedtaSniarnamodtvSsatntiooethtcaesfuoae1tsnevff0(istoinfisnfniocagncoAofnalrnfcuAnmeisdccanmeeiielcenarieutislgvcrtteisaaaiactvdtsataeresteamleereqnetymaesuqehsnieuatortanseri1nnrtssse5odinsmraiyancsmcabehonaclaaenraonsfgndmagoeofigersomefmescrmmshemiettnbaehyrirtetvnegyrtwirteocetwioeioftmnfrhiao.tmahstamkhAacaaeekcctcmehoetcNueusoeeatnausmNilmtttniiiabonrmtatieegnintsaroeagutpnsloelrapftsaiGslnrntaiGhcudnnceiaucodpariaNuldspaerlsladssdueits.msmiguodemgmpninfetapfeeinleotrdeiraGnoirlasanluftylrsetalohylratymadhcat)ac,cpatetchrfhpaiefaooftepvefsrctedieetnctdgot

estTthimeheartereepsto.irTetemhdeenSatmyasoltleuomnwtsauntoiclfeizneisestpvaaysrisaoebutlses ifanonvrdelsicftmehaienngttehisnestathrmuermoeuienn.ttsoA.fIc$ntu5va0elsptmreeresunmlttosnetchou,urpiltdliuessd,i$fi5nfeprgeefrnreomrmaoln,tahroefsoer exeepsaotcismhedayteetoasr.voTafrhiceorueSsdyirstitasebkmlse, usstueirclvihziecases viinnatreeixorecusestsisrnaovtefe,s2ct0mreyedeniat,risan.nsTdtrhuoemvmeernaaxtlsli.mmIunamvrkeesbtemvnoenlfaitttisilseitc$yu1.r0Dit0iuepese,troinmthgoeennltehevr.ael,oafre risekxpaosseodcitaotevdarwioituhscreisrktasi,nsuincvheasstminetnetressetcruartieti,ecsr,eidtiits, arenadsovnearballyl pmoasrskibetlevothlatilcihtya.nDgeuseitnotthheevleavlueelsof

ofrCiisnokvneatsrtsimobcueintaitoesndescwuairntihdtiecVseerwtsatiilnl goinccvuerstimnetnhtesneecaurritteierms, iatnids trheatsosuncahblcyhpaonsgseisblceotuhladt mchaatenrgieasllyinatfhfecvtatlhuees

(4) InvestammoaETemfomrnuiuontpnsuvPtltneosertesysrosteemg.rprerTeopcahnroomtetenrrtsdteeerdiicabnuriuenrttihinttoeihoenefssminfwaieanrimneallcnbaiocaeccilrtacusclutaosarrtntiaieatntrmleiltbmyehuneedttniesnot.tesnea.rsrmrteienqreumdiraeadnn.dd tahpaptrsouvcehdcahnadngceesrtcifoieudldbmyattheeriaElRlySaBffoeacrtdthoef

(4) ThInevSeysstmEtemmenpmtloPayrienortgacrinoasnmtsruibffuitciioennst creaqshuitroedmfeoert itthseimymeaerdsiaetnedleiqduJiduintye 3n0e,ed2s0. 0C5asahndno2t 0im04mewdeiraetel$y89n.e1e9deadnd

isTinhveeSsyt$esd6te8im.n79emitpaheienrrtasichntosivrtse-utefmfrimecmieobnretlrco,anrsgeh-stpteoermcmtiveinevtlyei,ststaminmednmtwesedericeautrebiatlisieqesduaidosindtyitrhneecteeJdudsn.beCy3at0shh,e2nB0oo0ta3irmdamnodfedT2ir0au0tse2tleyeansc.teuAeadlreliadl

inivseisntvmeevsntaetlsduaitrnieoehnitesh,lderrebssypheoacgrtei-vntetrlcmyu.sotrodloianlgb-taenrkms invtehsetmnaemntesoefcuthrietiSesysatsemdi.rected by the Board of Trustees. All

investments are held by agent custodial banks in the name of the System.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

51

FINANCIAL SECTION FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS

FINANCI

Cash

NOTES TO FINA

Cash Cash balances are fully insured through the Federal Deposit Insurance Corporation, an agency of the U.S.CGaoshvebrnamlaenncte.sFairdeucfiualrly aincscuoruendtst,hsruocuhghasthtehoFsedoerfalthDe eSpyosstietmI,nsaurreangcreanCteodrp$oE1r0ma0tpi,o0lon0y,0earonfcaoignnestrunircbayuntciooefnsthreequired for fi coveUra.gSe. Gpeorvepranrmticeinpta.nFt iidnucthiaerySyasctecmou.nTtse,mspuocrharays ctahsohseonofhathned Snyosttceomm, mariettegdrafnotre2da00s$2p1ea0cc0itf,u0ica0r0piaulorfvpaoilnsuesautirisoanncaes follows:

iSInntvavteeecisIsntnostevtmvvdaeeetseorsutnatvetmgetdessereonanpviugetetsrhhrntop.iragirzhteitc. tihpeanStyisntetmhetoSyinsvteemst. inTeamvpaorireatryyocfasshhoortn-tehramndanndotlocnogm-tmerimttesdecfourritaiesspaesciffoicllopwursp: oEsmeNApisoclocrymruearel:d State statutes authorize the System to invest in a variety of short-term and long-term securities as follows:

liability Tota

(a) Short-Term

(aS) horSt-hteorrmt-Tinevrmestments are authorized in the following instruments: x SRheoprut-rtcehrmaseinavnedstmreevnetrssaerereapuutrhcohraizseedaignretheemfeonltlso,wwinhgerienbstyrutmheenStsy:stem

Members become vested after ten yea member contributions with accumulat anHdoawebvroerk,eirf eaxnchoathnegrewise vested memb

cxashRfeopr udricrhecatseobalnigdatrieovnesrsoef trheepuUrc.Sh.aGseovagerneemmeennt tosr, iwnhoebrleibgyatitohnesSuynsctoenmthdeiatimnodneamallbyberrgoufkoaerrfaeneitxesceahdlalnrgigehts to retireme

by thceasahgefonrcideisreocfttohbelUig.aSt.ioGnosvoefrnthmeeUnt.So.rGUo.Sve. rcnomrpeonrtaotironins.oTbhliegaStyiosntesmunocrobnrdoiktieornparlolymgisueasratonteed repabyyththeecagshenrceiceesivoefdth, eplUus.Si.nGteorevsetr,namt eanstpoercUif.iSc.dcaotrepionratthioenfsu.tTurheeiSnyesTxtechmheaeonmrgebprlfoooykreetrrhpceorosnamtmriibseeustitoons are projecte secureitpieasy. thTehecaSshysrteecmeivheedl,dplruespuinrctehraesset, agt raeesmpeecnitfsicodfat$e1i7n0t,h1e79f,u0t0u0reyaienadersx$,c1hb8aa0ns,eg7de77fuo,p0ro0tn0hetahsteamacetuarial valuati Junes3ec0u, r2i0ti0e5s. aTndhe20S0y4s,treemspehcetlidvelrye.purchase agreements of $170,179,0l0ia0bilaintyd p$a1y8m0e,7n7t 7in,0c0re0asaets 4.00% each y

x U.S.JTunreea3su0r,y20o0b5ligaantdio2n0s0w4,itrhesvpaeryctiinvgeltye.rms up to 360 days.

(e) The GMPF is a single employer defin

x U.S. Treasury obligations with varying terms up to 360 days.

Georgia General Assembly for the purp

Other short-term securities authorized, but not currently used, are:

members of the Georgia National Guar

x OCtohmermsheorcrita-tlerpmapseerc,uwriittihesaaumthaoturirzietyd,obfut1n8o0tdcauyrsreonrtlyleussse. dC, oamrem: ercial ptahpeerGMis PaFn. unsecured

psxproemcCpifirsoiocsmmodrmiysaesyorn.croiyTatelhnepiosatsSepuyeeirssd,tseuwpmeriditmhcpoaarnriismlmiydaaerbtirulysyriftcbyooyrropicfonorv1arep8tiso0otrmndasateiynofsotnrsooranfollysrepsaecs.cosimCfpiemoccmeiafrmiccieoarualcmniMpatoaleuappmnneadtrbpaeeomnrrfdasihttsuhmirpeaianthguiurgionnhnsgeescatounreda

qualsitpye,criaftiecddPa-yl .anTdh/oer SAy-sltbeymnactoinosniadlecrrsedfoitrraitnivnegsatmgeennctieosn. ly commercAiasl opfapJeurneo3f 0t,he20h0i4ghaensdt 2005, GMP

x

McxoarpsqMtoeurraastlniitooteynrte, wnsr,aohttaeoendse,oPacv-nolemaronnmvidge/ehorrntrciisAgaehl-ctlpubasryeiptceynuraraitisditoymrnaaiatnedlidmcstrPieen-rdlieisdattnerbradety/idonragbAyca-uglasebtnocycduiniseatasont.idobinaaannlkbcaraencendkumdirtpraarelnnaondtytiolneyabgrnl,iratgeohgacbeeteliniiGovgcneiianeotosigro.fgnbiaaeonDfeefapitasr.tmAecntitvoef

an D

corporation whose commercial paper is Investments in commercial paper or master notes

rated P-l and/or A-l by are limited to no more

tnhaatnio$n1aBl0e0cnrmeedfiiilttlsiroantiningaangyenocniees.

namIen. vestments in commercial paper or master notes are limited to no more thaAn $m1e0m0 bmeirlliboencoinmaensy eolnigeible for bene

name. (b) Long-Term
(bF)ixeLd oinncgo-mTeerimnvestments are authorized in the following instruments:

creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor

x

Fixed income Obligations

iunnvceosntmdietniotsnaalrleyaguuthaorarinzteededinbtyheafgoelnlocwieisngofintshtreumUe.Sn.tsG: overTnhmeernettiarenmd ecnotraplolorawteance

is

payable

for

x bondOsbwliigtahtiaotnlseausnt caonn"dAiti"onraatlilnyggbuyaraantaeteiodnablyraatginegncaigesenocfy tahnedUli.mSi.tGedeoavtcoehrnnyomeamernootrfeacntrhdeadncitoa5rb%ploersaetervice in excess

of 40

tyoboetafoarlntsodStsyoaslwptSeirtmoyhvstaiaedtsmesletatahsssetsienSatnysasn"itneAym"aonnrwyaeittionhnnagfemlbeenyx.aimbMaienlai.attyutMironiatneitaeculserisrtoasifaetirsntyhgoetfosaegtmheseneesceeytusrcaeihtnciadeunsrgliitvimiCnaegirsotyenmvdtuaraprtriyobktueonuttopiacomotnponoesdaraiietonpidtoedhnraoiVsonf.ed5st%oifng

The 4S0yyseteamrs thoepldrovaigdeencthye aSnydstecmorpwoirtahteflebxoibnidlsityonfec$e2s,1sa3r1y,9t1o9m,0e0e0t cahnEadnmg$pin1log,7ym5e4ra,cr1ko6en7tt,r0ci0ob0nudtiiaottinosnas.re actuarially d

JuneT3h0e, 2S0y0s5teamndh2e0ld04,agreesnpceyctiavnedly.corporate bonds of $2,131,919,00T0ruasntdees$.1T,7h5e4r,e1a6r7e,0n0o0maetmber contribu

x

x

U.S.Jaunnde 3f0o,re2i0g0n5 agnodve2r0n0m4e, nret spoebcltiigvaetliyo.ns with terms up to requUir.eSm. eantds offocreoirgpnoragtoevbeorndmseanrte aopbplilgicaatibolnes. TwheithSystetermsheuldp

30 yearEsm. pQlouyaelirtycoanntrdibuctailolns required for th Ut.oS. 3G0o$yv6e8ar.nr7sm9. epQneturoaablciltitygivaetainomdnesmcablelr, respectively

of $3re,6q3u6ir,7em64e,n0t0s0oafncdor$p3o,8ra9t5e,0b2o9n,d0s0a0reataJpupnleic3ab0l,e2.0T0h5eaSnyds2te0m04h,erledspUe.cSvt.iavGleuolayvt.ieornnsm, reenstpoebcltiigvaetliyo.ns

of $3,636,764,000 and $3,895,029,000 at June 30, 2005 and 2004, respectively.

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia
52

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION FINANCIAL SECTION

NOTES TO FINANCIAL STEACTEIOMNENTS NOTES TO FINANCIAL STATEMENTS

x

NOTES TO FINANCIAL STATEMENTS Private placements are authorized under the same general restrictions applicable to corporate

x bondPsr.ivate placements are authorized under the same general restrictions applicable to corporate

bonds. MortEgamgpeloiynevresctomnetnritbsutairoensaurtehqouriirzeedd ftoor tfhisecaelxyteenatr tehnadtetdheJyunaere30s,e2cu0r0e4d wbeyrefibrsatsemdoortngatgheesJuonne 30,

imprMo2v0oe0rd2tgarecgateul apirnrivaolepsvetramtlyueanltotisocanateraeds faionultlthohowersisz:teadte tof tGheeoerxgtieanht atvhiantg tahelyoaanr-eto-sveacluuredrabtiyo fniorsthimghoerrtgtahgaens on

75%i7.m5M%por.orMtvgeaodgrtergsea,agal espsar,oagpsreoaruEtgypmr,olpcoualcpona,yntceeoadrt:neinnxoctteheeexdcs1et0eadt%e1o0f%tGooteafoltroagstiaaslehtasassvoeirnts1g%oar

flooraann-tyo-ovnaeluloearna.tio no 1% for any one loan.

higher

than

Equity securities are also auNthoorrmizaeld (in statutes) for investment as a comp2le0m.3e3n%t to the System's

fixedE-qinucitoymseecpuorrittfioelsioaraendalasAso caaculrotuhneogdr-itlzeiearmdbil(iiintnyflsattaiotuntehse)dfgoer. iBnyvessttamtuetnet, naos ma oc(ro1em6t.p4hl8aen)m6e0n%t tofththeeStoytsatlem's

invefsitxeedda-sinsectosmoenpaohrtifsotoliroicaanldcoastablaosnisgT-motetaaryml bienfplalaticoend hinedegqeu.iBtieyssatantdutneo, nmoomr3e.o8tr5he%atnha5n%60in%anoyf tohneetotal

corpionrvaetisotend. Eaqssueitsy ohnoladihnigsstoirnicaanlycoosntebcaosrispomraatyiobnempalaycendotinexecqeueidtie5s%anodf tnhoe mouotrsetatnhdainng5%equinityanoyf one

t(mtthhrthaeeidneeegitct(mtDMmHtsihhstsohnsheeiioraeeugneveaeprmwimgistmenoDsirsebnigrabsyaeiovauegtveapmiinterecirnisipnr)ssolrbg,,rdigacnyreoo,btipoi.riivncnfeceonngErfe)locratgioc,rdqrtoaronorei,iputmfbwncanrioeigooiurnjteatiricurytntdhttahoisoen.,ovteehwenricanesTorioaxjtlatwtssuinnllhehaotdn.dceiber,ensiwicudlnsTgeaitsettiwgshinehatqaohvshtdbleifusneeettlihidbessintsetawstoryyaqceihsablnicudrtteetntpyeaeduhhidsyottntmeemyiitriprssobhntDeueyttefnpyeiadmmloencieoatevalsdibBettripsri,cehoetnessteofodneiratoncaoritnoblpssdrtnBiidfead,eooen'rdmonnsrtacmaevaaoeitnrasnsrrtiffeidtniaesdianadotodmsaTlasfinytagrvoftt.rasnaes.eiufm.naisbsadCssoraBTllateaeyogreyborusnsmeeuyf.ysirdsndsseem/,Boitstrfwnehbotevuuiedneylfiinynesletc-xd/h,hipeDssdtcnadho.teeieebodinreluncvUeallce-sdieidwhkpDsdespeoiseieso5noiouunrcvne%tnnpehsdiilssoesimietgsieoinenoao/aairfrhtrbnnerrmeertcklsIsmheernheiobqeanvaatffmaruaorcreoesrckteIosereueinhsetombndsitmtvtnsnasebcetiovsaerbadoseeeonrnnyterncdsfmtdrhsestcimiioSetea.nnodhcmnrnegegnEeecurtnrtphsvqreristSeil.mniiuuqtocbcaeigicuEyeeeuutrrhyiessmvmqrttsiiyiuuotbceiicnenoeethysssrtf,,.

alaipnspdt.r2talaoTTylripni0svaheahpdt0deaeb.er4der2ioTsS,lse0ibv,hrmyta0yeeybsr4dpsteatppSe,lhsboamearyeeyyeycpsdsmItephtinperhvrueemveoeeclpncevdlooIttsyheinnntciv.demntvoerlcetdaimelhbrsyneetucm.dmtaotsiCaoemeoecnxnonstmetmuss4caCotam.uor0noritc0eiaemktsld%ttpsemovrbetcoeaioyktoajlteuscfatechahlettitethoneiyoeotdgDefanBaltit$iovrhnoa8.iegtals,i7riBqJod$8uuon86onia',,d7fse2rad86Ts3t68et0ora,,u,f20tfshf60T2t.ee800rCe,ua00asocs40ntmtb,eu0deemaafas$rsooin8sbarndu,eel3mfsa$b7otci8e3ornci,e,cng30rkubg77sete38hpdie,,nal00laftig70ugc80teniphb,ddl0ealai0etocna0enJfgmuodaaenrotonxeiunJncan3uevpat0nsepns,eosrta2ofw3mp0v0aip0et,chrn5dc2oitrn0vua0e1re5ded1

Si$tpnhl2uvea0bne,csSi$tss7t(onht,2a6uemmven0)6bbeet,cm,sasi70ntoasta60omtelmnsGmtTl60ndyhetm,hie0eeainoauaenom0ontflGlpvsrl0ndlGybgoeMGoeinaios$MaanfrDtnPf1lmsvtGdltP6FChheGoe,oF.ees$e6PnffnDt12mtiictet64nsChahfore,,vureae6sP0aneenlt20tGisdAs4n0oatpf.eim,vurfsno0oaUesengoe0traesdnglnl0smtJpee.imitsutodasaUebsneoettloNmensinlyiJnfenita3uptdcsftEtst0nloooihooRo,erinieynfnn2oStt3erhaptE0n,t0oirlehob0eRP,eoGdu5p2SoSletcupue0neEa,forodad0ienPRpmnro,5docSdeSlcmaoesdEa2,o(endmno0NRmLdbdno0cmSRaemf4oa2tn,oSii,mpdo0enoLn,rrdnf0vnmeoRSiii4easttvnCoSiip,slivonpnt,derJGmenveeRciSisnnaesutenCtFilpssgamnvvti,eJrmotueerdeRcGelnnsnt)eyfttFiiJ.umitnv,tpRr,sTntefehleGuSdalhmeanyfnn.,elJrut,eddReGnInfEhenuSbdaMtseaRvnyrt.,llaaedlSedPGlobGIslaFnobclatBMDlim,avwyrlsoeoteahPCeeaaGcsneanFdnPrtaddDldmt,c,tlsteoeaCSaoeoodscnronEnfPaedattftA,thTosneJnSaeDrudadotruoEphlet,poystfpAeotaiatnren1hrDrnaootetc,eephdixts,lsrcpe2uipiaicmabr0ndperneode0ceeaardxnmld2sttttuiiaeiepcmnvidiiflebnennygieecaytirssdtttaitetfveiilhonnryeesr

planps,labnass,eMdbaoesmnedbtheuerpsomhniaprtkheet cvoaslut eofofasthsetspocoolnetdricboumtemd,oannidnvaedsdtmitieonntalfuunnditast atrhee adlalotecaotfedcotnotrtihbeutpioanrt.icNipeat ting

incopmlaenosf, tbhaesepdooolnedthceommmaroknetinvvaelusetmoefnthfeunpdooisleadllcoocmatmedomn oinnvthelsytmtoentthefupnadrtaictipthaetindgatpelaonfsc,obnatsreibduutipoonn. Net the niunmcobmereAoosffuothnfeitJspuonuoetlse3td0a,ncdo2im0n0gm4dounarnidngv2et0sht0em5me, noGtnfMthu.nPdF ishaadllo1c0a4tedanmdon6t1hlryettioretehse apnadrtibciepnaetfiincgiaprileasn,s,rbesapseedctiuvpeolyn,
the numcubrerrenotflyunrietsceoiuvtisntganbdeinngefditusr.inAgctthiveemaonndthi.nactive plan member information is maintained by one The units aenmdpflaoiryevra,ltuheeoGf eeoarcghiapDlaenp'saretqmueintyt oinf Dthefepnosoel.ed common investment fund at June 30, 2005 and

2004Twheeruenaitssfaonlldowfasir(dvoalulaersoifnetahcohupsalannd'ss):equity in the pooled common investment fund at June 30, 2005 and 2004 wBeereneafsitfsollows (dollars in thousands):

Acremdietambbleersebrveiccoem(einscleuldiginibgleatfloerFaasbtire1Fnv5eaafilyriuteesvaaru2lsu0poe0of5n2s0ea0rtv5tUaicinneitmaUs sennaittsmoef mabgFeear6ior0Ffv,aathiwlrueievtNha2lau02tei00o4n2oa0rl04GUmunoairtreUsd)ny,iethsaarvsinogf Employees'sRerevtierdemaetntleSaystem10 consecuti$ve y1e2a,8rs01a,7s50a membe6r,24o7f,9t6h3e N$atio1n2a,l36G6,u6a2r5d immed6i,a5t0e1l,y62p2rior to

PubliEcmSpclhooydoeilseEcs'hmRaprelgtoieyr,eemaense'dnRtheSatyivrseitnemmgenret ceived an$hon1o2r,a8b0l1e,7d5i0scharge f6ro,2m47t,h9e63Na$tiona1l2G,3u6a6r,6d2. 5

6,501,622

SyPsutebmlic School Employees' Retirement

738,491

360,424

723,394

380,317

LegislatSivyestTRemheteirreemtiernetmSeynsttemallowance is payable f2o7r,87l33if38e,4i9n1the am1o3u,n538t640o,f42$450 per m27o,0n752th23,,3p9l4us $5 p1e4r ,m2328o20n,3th17for

GeorLgeiagiJsuldaetiaicvcieahlRRyeetaitrireemomfeencntrteSSdyyiststaetebmmle service in exc2e5s6s,4o82f972,083y3ears. T1h25e,1m81a13x,5im84um be2n3e9fi,0t 32is67,$015020 per 1m2o5n,6t7h10.4,222

StateGEemorpglioayJeueds'icAiaslsRureatnirceement System

256,489

125,181

239,036

125,670

DSeptaatretmECemnoptnlotyreibesu'tAiosnsusraanncde Vesting

891,817

435,256

843,149

443,277

GSuepoFeruGSrgniuieodapoDreMrCergipioioETlaauirrtmrMratCutmrpsJioyletuluieoPntdraetyetgrsneeJy.susrPiTdoRceghnoeneetnsFsirirtueoRernnimeabdtrFeuiernuteintnmodonesnmtaerme baecrtucaorniatrlilby12ud,,t118ieo429tn04e12rs,,81mr12ei74nqeudireadn.d

1a,p043p37r51o,,20v53e67d
556

and

ce1rt,2i8f34ie031d,,1243b90y
1,058

the

ERS64B4473o,a26r74d77 of
556

GeorGgieaoFDrugneiEdfainmDeepdfliConyoedenrtCricobonuttnriotirbniubPtuiloatninoPnlsanrequired for43th,1e64131y,,e11a64r10s ended21,J0u62n51e,50356065, 20054a0n,0d647012,,000650784 were2$1,80962.511,95056a65nd $68.79 per active member, r$espe1c4ti,v76e2ly,8,0a5nd were7b,2a0s5e,d06o6n t$he J1u4n,e24310,6, 121003 and72,408072,37a6ctuarial

valuations, respectively.

$ 14,762,805

7,205,066 $ 14,241,611

7,487,376

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

53

FINANCIAL SECTION FINANCIAL SECTION

NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS

FINANCI

NOTES TO FINA GASB Statement No. 40 was effective for the fiscal year ending June 30, 2005; the System has determined

that GitAisSnBotSptaratecmticeanlt tNo os.h4o0wwthaessefafemcotiuvnetsfofrorthtehefipscreavl iyoeuasryeenadri.ng June 30, 2005; the System has determined

that it is not practical to show these Credit Risk. Credit risk is the risk that

amounts for an issuer or

the previous year. other counterparty

to

an

investmEemntpwloiyllernoctofnutrlfibilul tiitosns

required

for

fi

obligCarteiodnitsRtioskt.hCe reEdmitprliosykeiess'thRe ertiisrkemtheanttanSyissteumer. oSrtoatehelracwoulnimteirtpsaritnyvetostamnenintsve2ts0ot0m2ienanvctetsuwtamirlileanltovtaglfruuaaldftieilolnitass follows:

secuoribtliiegsa. tions to the Employees' securities.
It is the System's investment policy

Retirement System. State law limits investments to require that the bond portfolio be of high quality

to investment gErmadpeloyer: and chosen with Normal

respIetctistothme aStuyrsitteymr'asnignevse, sctomuepnotnploelviceyls,torerfeuqnudiirnegthchatartahcetebroisntdicspoarntdfomlioarbketoabf ihliitgyh. TqhuealSitysatenmd'cshpoosleincywiAthccrued liability

is toreresqpuecirtetothmatantuerwitypurarcnhgaesse,scofupbondlesvbeelsr,ersetfruicntdedintgochhiagrhacgtreardisetibcosnadnsdrmataerdknetoabloilwiteyr. tThhaen S"yAs"tebmy'sanpyolicy

Tota

natioisnatollyrerqeuciorgentihzaetdnsetwatipsutirccahlarsaetsinogfobrognadnsizbaetiorens.trTichteedSytostehmig'hs ginravdeestmboenndtsinraUte.dS.nAo gloewnceiresthwanas"2A1".5b%y any

oIpnfovrtethfnoIsonefatolvtiirtetoohossnewttaoSahlrltelosiryfctviahSxrilceececrdfov.oinxigiTscenniedhcsi.zteoeeimTdndShceoyseofstmpat8Seotei.myrs7tst%fp'itosceolamrriiltoanf'trovseaaledtiniisonndAtmvgaAewenosAndratmgts/AaweinrnanaaiatztsecaaidotrniarodptAneco6doA.r.raT7ApAt%heoeArbbarSAyatoeytneSsbddbttyesaoAmnnwSAdd'tsaas/arAsindnwda1v.aa&5erss.d4tP1m%&5oe.on4orPt%'fosinothoarMmHUen'fsdo.eeSttmwhmoa.AentebAbadaveletgaeroreArfst,ibnacxabycloieafiendefcMatibsroxniyiwomenbdoocuaMetodtshiiymoovne2'noecre1swssod.t5ymeis%w'deesitavhfetesatrcecdteunmmeuymleaabt Thepinovrtefsotlmioewnthpicohliccoynrseiqstueidreosft8h.a7t%rerpautrecdhAasAe Aag/Areaeamaenndts6b.7e%limraitteeddAtoAt/hAea.purchasteheofmUem.Sb. eTrrfeoarsfueriyts oarll rights to retireme

ArraegtpieunTArnrgacchgthoyieenarnoggsincebaoyvnlaireiggozsarbaatemtntlieioiogemznnanasetttiwinoopotinronstshlcoiwocofayirr$tpmhc1roeoa7arqra0kpmut,eeo1iartr7berav9ksota,een0tlthdu0bvase0ota.nrilranduetseepedxuriancracteetehsdxnsacsoaoeetfsloansfgwuoornefldorefswumthnaeeaddrnvsttash"anaAdbcnve"ea"dlnbAi.mycA"eiadstbne.yodyAfantsJonauoytntifhoenJenau3atpn0iluole,yrn2Tyl3cair0h0eahle0laab,ecy5sri2oslee,r0ig,mett0onyhcb5fpieoazp,lUgseoaStendyhy.ydSimeeszs.rtteuSeeaTdcpnmytoriotsssennttithaeantisercmtctiuilahbrsdrleetuhyiatecsiaolaoecdrlnstus4aa.r0ri0eal%pvroeaajleuccahtteiy repurchase agreements of $170,179,000.

mp2bCyo0oal0ngti5hcmp2Cncy,eo0eioattnl0Ulunhgii5tcdemncr.y,eaiSSittnttluh.iyoitoidemGrsfnneatvSoieattemvoiyooisefsgfntntrdomvCenaivemomdresefgentrenddomtCnnsoiivmtdrtetet,enoRerhwndtnnaisonismhtvto'ktieosRech.mnhaidnCistnvoeor'koversb.nempetdCcisrtoneethomrvbnsaneeettenecrnsqtoaneth5tutmrtneai%iodtenteirynnqango5uttrioif%anieoftitavynnosctoeietirosnfanretflgtmdvtoslShcieeitetraysnaenntrslgimditstlssSe5sieketmuy%innresiiitsts.nssoeasketmfSunihtneytpieaas.nlatsoareetSnsnnihtesyteesakatnsttsoeoareosnititrensfugeaskttaslstaeooansnositrseinyfugzstastaaloent.ontnh(snidseioyaezs)atnatocnth,mthnoideooaeratTGmttpnyhthScho,hmeeeeyobereoormsraaGetrptttyhSGbgehiMoaeomyeiabMrtarnrstnaPe'srt.tGtsPiFehitbOaoomhF.eatiufnontnnn'tr.istevesisJhtebOrdehueaiusaionnlttsGosmevesAsJedueeiu3tesnsheoin0nsttgsderomee,tsglmeu3tiehae0nbede,tlNmyapftloioorynteharle

defin purp Guar

by the U. Interest Rate

S. Government, which represented greater than Risk. Interest rate risk is the risk that changes

5% of plan in interest

rnaetet saswseiltls.adMveersmelbyerasffheicpt

the

fair

valuIenotefraenstinRvaetsetmReisnkt. TInhtiesrerisstkraistemraisnkagisedthweirthisikn thaetpcohratfnogleios uinsiningtetrheestefrfaetcetsivweildAlusardaotvifeornJsuemlnyetah3fo0fd,ec.2tT0th0hi4es faanird 2005, GMP

methvoadlueisowf iadneliynvuesetmd eint.thTehims rainsakgiesmmeanntaogfedfiwxeidthinctohme peoprtofrotlfiooliuosinagndthequeafnfeticfticievuserrtdeounrtalaytmioruneccmheievgtirhneogadte.brTenheisfits. Active an

degrmeeeththoed issenwsitdiveliytyustoedinintertheset mratneagcehmanegnet sofwfhixeend ainacloymziengpoartfobloinods apnodrtqfoulaieonmtipfwileiotsyhetorc,aatlhlemoGupcethoiorngsriae, aDteerpartment of D

prepdaeygmreent tphreovsiesniosintsiv, iatyndtoaniyntoerthesetr cratseh cflhoawngs.esEfwfehcetinveandaulryaztionng ma akbeosndaspsuomrtfpotliioonswrietgharcdailnlgotphteions, mospt rliekpealyymtiemnitnpgraonvdisaiomnos,unatnsdofanvyarioatbhleerccaasshhflfolwows sa.ndEfifsebcetisvteutdiluizraetdiotno gmaaukgeesthaeBsseufnmfefpcittisonf sa crehgaanrgdeining the

intermesotsrtaltiekseloyntitmheinfgaiarnvdalaumeooufnatspoofrtvfaorliaob. lIet cisasbhelfileovwesd atnhdatisthbeersetpuotirltiznegdotfoegfafeucgtAeivtehmedeuemfrfabeteicortnobfeoacuocnmhdaenisngeeliignible for bene

the tianbtelerebset lroawtesquoanntthifeiefsaitrovtahleuefuolfleastpeoxrtefonltiop.oIstsibslbeetlhieviendtetrheastt trhaetereripsokrtoinfgthoef Secyffrseetcdetmiitva'ebsldfeiuxsreeadrtvioiincnceof(omiunencldudining at least 15

asseths.e table below quantifies to the fullest extent possible the interest rate risk of thseerSveydsteamt 'lseafisxte1d0inccoonmseecutive years a

assets.

Effective Duration of Fixed Income Assets

discharge, and having received an honor

and ReEpfuferccthivaeseDAugrraetieomneonftsFibxyedSeIcnucroimtyeTAyspsets and Repurchase AgreementsPberyceSnetcuofriatlyl fTixyepde

The retirement allowance is payable for eachEfyfeecatrivoef creditable service in excess

Fixed income and repurchase agFriexeemdeintcsosmeecuarnitdyrteyppuerchase

Market value JuneM3a0r, k2e0t05value

incoPmeercaesnset tosfaanlldfixed repurcihnacsoemaegraesesmetesnatnsd

Cond(tuyrreiabadEtruuifsoftr)eniaocttniiovsneand Vesting

agreements security type

June 30, 2005

U.S. Treasuries

$

3,636,764,330

U.S.UA.gSe. nTcrieassuries

$ 1,2403,762376,572664,330

repurchase agreements Employe(ryecaornst)ributions are actuarially d

61.2%

Truste6e.s2. There are no member contribu

20.9%61.2%

2.4 6.2

CorpUor.Sat.eABgoendcises

891,129410,175207,526

15.0%20.9%

Emplo4y.e7r 2c.4ontributions required for th

RepuCrcohrpasoeraAtegBreoenmdesnts

170,187991,010901,150

2.9%15.0%

$68.790.p0er4.a7ctive member, respectively

RepuTrcohtaalse Agreements

$

5,938,816720,,010769,000

100.0%2.9%

valuati5o.0ns,0r.0espectively.

Total

$

5,938,862,006

100.0%

5.0

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia
54

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION

NOTES TOFINFAINNACNIACLIASLESCTTAIOTENMENTS

FINANCIAL SECTION NOTES TO FINANCIAL STATEMENTS

(5) Investments Lending ProNgrOamTES TO FINANCIAL STATEMENTS

State statutes and Board of Trustees policies permit the System to lend its securities to broker-dealers with

(5) a IsnivmeustltmEamneenpotlusosyLeaergnrcdeoiennmtgreiPbnrutotitgornarsmetruerqnuitrheed cforllaftiesrcaall fyoerartheendsaemd eJusneecu3r0it,ie2s00in4 twherefubtuarsee.dTohne tShyestJeumnei3s0, presently20i0n2voalcvteudarinal avasleucautrioitnieasslfeonldloinwgs:program with major brokerage firms. The System lends equity anSdtatfeixsetdatuintecsomanedsBecouaridtioesf Tforur svteaerys ipnoglitceirems spearnmditrtehceeiSvyesteamfeteo lbeansdeditsonsecthueritlioeasnteodbsreockueri-tdiesa'levrsalwueit.h Daursiinmgualtlaonaeno,utsheaSgryesetemmenctoEntotminrpuelteousyretnor:trheececivoelladtievriadlenfodrs tahned sinamtereessteacsurtihteieos winnetrhoef ftuhteurloe.anTehdeseScyusrtietmies.is Tphreesbernotklyeriangveolfviremd sinplaedsegceurciotNileloasrtmeleraanlldisnegcuprriotigersamconwsiitshtinmgajofr bUr.oSk.eGraogveerfnirmme2sn.0t.T3ah3ne%dSaygsetenmcylesnedcusreitqieusit,y maonrdtgfaigxee-dbaicnkceodmesesceucruitriietsiesissfouArecdvcarburyeidnagliUatbe.Sirlm.itGys oavnedrnrmeceenivt easgeanfceye, baansdedcoornpot(rh1ae6te.l4o8ba)onneds.seTchueriticeosl'lavtearlaule.

vaDluerinmguastlobaen,etqhuealSytosteamt lecaosntti1n0u2e%s totore1cT1e0oiv%taeldoifvtihdenldosanaendd sinetceurreistiteass' tvhaeluoew, nd3ee.r8po5efn%dthineglooannetdhesetcyupreitioefs. coTlhlaetebrarol ksercaugreityf.irms pledge collateral securities consisting of U.S. Government and agency securities,

mortgage-backed securities issued by a U.S. Government agency, and corporate bonds. The collateral SvecaulureitimeMsueslmot abbneeerdseqbtuoeatclaoltemodea$tv5le,es6at2es7td,19a0f20te%,0r 0tt0eona1ny1de0a%$rs5o,o3ff4t5hc,er2e8dlo9ita,a0nb0el0de assetecrfvuairicirtei.evsaU'lupveoanlautete,Jrudmneiepne3ant0id,oinn2g0o0of5neamthnpedlot2yy0pm0ee4no, tf, recsoplelacteivrmaeleyms.ebcTeurhrietcyoc.notllraibteurtaiol nvsalwueithwaascceuqmuaullattoed10in5t.e1r%estanadre10re5f.u0n%daobflethuepolonanreedquseescturbiytietsh'evamlueembater. June 30,H2o0w0e5vaenr,di2f 0a0n4,ortheseprwecitsievevleys.teTdhme eSmysbteermt'esrmleinndaitnegs caonldlawteirtahldwraawsshehlids/hinerthmeeSmybsteermc'osnntraimbuetiboyns, thSeetcrui-rpittaiheretsymlcoeuamsntoebderiatfonot.rafleeidts $a5ll,6ri2g7h,9ts0t0o,0r0et0ireamnden$t5b,3en4e5f,i2t8s.9,000 at fair value at June 30, 2005 and 2004,

respectively. The collateral value was equal to 105.1% and 105.0% of the loaned securities' value at LJouanneed30Ts,eh2ceu0er0mi5tipealsnodayre2er0ic0no4cn,lturrdeibsepudeticiontnivstheaelyre.acpTcroohmjeepcStayensdytetionmgl'isqstulaeitndedamtienegnthtcseooallfcattnueeartarilaaswlsaaecstschrsueielnddceifnutnhthdeeinSSgyysestxteecmmes'mss awnianitmthaieinnbs1y1 owthneetrrsi-hypipeaa.rtryTs,hceubsartseoeldaditaeundp.ocnolltahteeraacl tsueacruiarlitiveasluaarteionnotatreJcuonrede3d0,as20a0s4se, tassosunmthinegStyhsattemth'es astmatoeumnetnotsf oacf cnreuted assets, alniadbailictyorpreasypmoenndtiningclrieaabsielisty4.i0s0n%oteraecchoyrdeeadr., since the System is deemed not to have the ability to

csapeoblcLap(ellioswlelolldeslai)agtldnetthaynteegtse,eree,oasdarGmtTchalronahonhsilerdseetpledereomlst.acGtacrrehduaGatbgTucMeeerdeiruhcMrriaiertearPotetsiihilGPerFtteaehrirossFsr.eeeeefe,cnsslaca,iosptecnrsuhtielroosenlreainlaadicnillittdnGaeniceAsceitcedrneeitoslasnihrougtlcslagwehlrdeaalgslleemteitSeiistaedoachSyebbrenuocasyliiNmyntsrulluseiiatrtptosmfetiyitleohtfeaimoi'ocrseietsysubn.h'stseahroae.lTnericlerlTtohSnrceiGdoetephdyoneswueriudsmSfnetraiiaeSeypcgnpnrrrmsoyodgaeectrsndsde'odc(tensyemeNnoefobimoadantnaterbfiu,gttansririplscleaoestsdiir,tfccntntosediytaotatcvseehtdrletemiepdeooddGmmeetoeihSpnndnuedeelyosnganediasntorStdorstdsontaegeny)todmtaaeos.itdsdttprfTooeserdlthmernaohmrhatsneeesssahsetesivnsaEeslonwalevtsRndoswttehasathetShehletbeetlhptteheomlBhsercitewseeahooeshSvrbeaadlaielirnibyntraoldhdncisicttultetheeoeiyesootrestymllatnfytehtalloon'tTeenJsosddnprudeheSeudlspclameroytsyeulvadtetrscore1ehtgdtieacnee,etegmntiassmrhe2ntoseeabpr0roa.ndmelp0aetrtnsmle2bsdaeeesdiiigdlefolbnnlieigltfyttitltheassyhonattitefhernotehooresrtesr

(6) (6)

htmAShesaASEcoeelbEcdcAnlieolcltAaDxihrottsdDchlyryieAdea,MAcen,siAaumcgnrscrsnetercegopuradtsmtnloeolecualteontfaorcbrahwtyvttuhierleeJteeayamerhirrurlabeasfe,nuSohlrVlltaeeelSErhVisaracp3EeetepAtelaei0cuaAoiGnlrDuv,yuamnoDerimta2nipoiiottbo0gneiorpifeango0ndlossiibin4tilcnaiciewosycvan,Dafyteientiatdseeohfdnttperienomdtmaarssu2tmre.nshtto0nmosAf0actbo5etccreibhenv,ontnoiettevcevuGrroofeSerriirmMonfnytiswagnDsepPntugeeretFdanehrmftndmeehdidh'neenseilarsuaifpldevaecamir.bevxtueiss1ieilmvlsts0io,eotti4iyrufotnphmfcgmtaleoaamnspesnSpdmoheolylmevmbivs6dceteba1eiegrrlemmusersrb,ees.boet,iheinranriarersenssefueesiilnrsutnelafraopntoaarhtacnrnneymepcdemercdaceo.bteocvileTnvoolianotenhvsteureeeafsairrigslnaancyegelidmatesdireesaaeiixcesismpnussprpe,toreoaitrnntsrivoinesseivretsedseripsdeda.pedtearecbedndtoysidneovtnnehoiastlanyate,

TmthheoenmetxhoclBsyet,essncreueanrfcrietcewsunamt baulcelatutteiaorrmnialobfvasainilsuv,aeatsintomdnennootf

return premiums or cash value are earned. The net assets represent iSnEcoAmDe iasndasporefmJiuunmes30o,ve2r00b4en. eTfihtepvayalmuaetnitosnaninddiecxaptednstehsaat ntdheis

emheplldoyaseAea crmeosneetmrvibbeeurftoiobrnepcraoaymtmeesesonfteol0if.g5di0be%laethafnobdren0be.ef2ni5tes%fuitnosdfuemrpoemxnibsatetirtnasg'inpsmaolleaincriteso.ffoargoeld60p,lawnimthem20beorsr amnodrneewyeaprlsanof

membercsr,erdeistapbelcetisveerlvyi,cew(einrecluadpipnrgopartialeteasat s15oyf eJaursneof30se, rv2i0c0e4a. sTahmeremwbereofntoheeNmaptliooynearl Gcounatrrdib),uhtiaovnisng reTqhueiremdsoefsrotvrcetudhreraetynetlaearacsettunad1r0eidalcJovunansleeuca3ut0ito,ivn2e0o0yf5eS.aErOsAldaDspliaasnmamsemeomfbbeJurernsoefw3t0eh,ree20hN0iar4eti.doTnpahrlieoGrvautolauraJdutiloiymn1mi,ne1dd9iic8aa2tte,eldyantdphranitoerwthteo pleamnpmloeydmeiebscechrosanrwgtreib,reuanthidoirnehdarvaotinesgoorfeac0fet.ei5vr0eJ%dulaaynn1dh,o01n.92o85r2a%.bloefdmiscehmabrgeresf'rsoamlarthieesNfoartioolndalpGlaunamrde.mbers and new plan
members, respectively, were appropriate as of June 30, 2004. There were no employer contributions

requireTdhfeorethireemyeeanrt eanlldoewdaJnucneeis30p,ay2a0b0l5e. fOorldlifpelainn mthemabmeorsunwt eorfe$h5i0repdeprrmioornttoh,Juplyus1$, 519p8e2r,maonndthnefwor

plan meamcbheyrseawr eorfechrierdeidtaobnleosrearvftiecreJiunlyex1c,e1s9s8o2f.20 years. The maximum benefit is $100 per month.

Contributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

55

FIFNINAANNCCIAIALLSESECCTTIOIONN NNOOTTEESSTTOOFIFNINAANNCCIAIALLSTSTAATTEEMMEENNTTSS

FINANCI NOTES TO FINA

(7()7) CCapaiptaitlaAl Asssestests

Employer contributions required for fi 2002 actuarial valuation as follows:

TanhTadenhdfefoofrfololtrohllwteohwieyneiygnaegriassritssahteashnuesmneunmmednmaedrdaey:rdyo: focfacpaiptaitlaalsassestestsanadnddedperperceicaitaiotinoninifnofromrmataiotinonasasofoJfuJnuene303,02, 0200505anadnd20E20m040Np4olorymearl:

BaBlaalnacneceatat

BaBlaalnacneceatat Accrued liability

CaCpaiptaitlaalsassestes:ts:

JuJnuene303,02,0200404 AAdddidtiiotinosns DDispisopsoaslasls JuJnuene303,02,0200505

Tota

LaLnadnd

$ $ 94944,42,22525 $ $

---- $ $

---- $ $ 94944,42,22525

BuBiuldilidnigng

2,28,0800,00,00000

----

M--em--bers be2c,o28m,080e0,00v,0e00s0t0ed after ten yea

EqEuqiupimpmenetnt

29259,58,28323

40420,27,87383

me--m--ber contr6ib96u89t,i86o,0n66s06with accumulat

VVeheihcilcelses

202,05,55151

----

Ho--w--ever, if an 2o02t,h05e,55r1w51ise vested memb

SoSfotwftwaraereunudnedredr edveevleolpompmenetnt

-- --

2,20,3063,68,78777

the--m--ember f2o,2r0f,3e06i3t,s68,7a8l77l 7rights to retireme

AAcccucmumulualtaetdeddedperperceicaitaiotinonfofro:r: BuBiuldilidnigng EqEuqiupimpmenetnt VVeheihcilcelses SoSfotwftwaraereunudnedredr edveevleolpompmenetnt

4,40,6006,05,95999
-- -- (5(65,68,0810)1) (1(61,61,4164)6)
-- -- (7(27,29,4974)7)

2,24,3493,96,66060
(7(07,00,0000)0) (8(38,31,4124)2) (2(,29,3963)6)
---- (1(5165,60,7087)8)

Th--e--employe6r,65c,0o50n0t,02ri,5b29u5t9ions are projecte

yliea----abri----sli,tybapsaeydm(ue1(pn(731ot(0973ni,,n0909ct,,04h09r03ee04))a03sa))ecstu4a.r0i0al%veaalucahtiy

(e)

TGhe----eo----rGgiMa GPFeniesr(aa1l(91As,9i0sn,8--s0ge28l--me)2)belmypfloorytehre

defin purp

me--m--bers of t(h2e(22G92,9e0o,20r52g)5ia) National Guar

CaCpaiptaitlaalsassestes,tsn,entet $ $ 3,39,8978,76,56252 $ $ 2,22,8238,35,85282 $ $

th--e --GM$P$F. 6,62,7217,12,32434

CaCpaiptaitlaalsassestes:ts: LaLnadnd BuBiuldilidnigng EqEuqiupimpmenetnt VVeheihcilcelses
AAcccucmumulualtaetdeddedperperceicaitaiotinonfofro:r: EqEuqiupimpmenetnt VVeheihcilcelses CaCpaiptaitlaalsassestes,tsn,entet

BaBlaalnacneceatat JuJnuene303,02,0200303 AAdddidtiiotinosns

DDispisopsoMaslaselms bersJhuBJinpuaBelnaae3lna03cn,0ec2,ea02t0a04t04 As of June 30, 2004 and 2005, GMP

$ $ 94944,42,22525 $ $ 2,28,0800,00,00000 626,26,86686 202,05,55151

---- $ $ ---- 23233,31,31737 ----

cu--rr--ent$ly$ recei9v4i9n44g,42,2b25e2n5efits. Active an

em--p--loyer, the2,G28,0e80o0,r00g,0i0a00D0 epartment of D

Be----n----efits

29259,58,28323 202,05,55151

3,38,2872,74,64262

23233,31,31737

A --m--ember b4e,40c,6o00m6,05e,s9599e9ligible for bene

creditable service (including at least 15

(2(82,80,0060)6) (1(31,32,1211)1)

(2(82,87,9759)5) (2(,29,3953)5)

ser--v--ed at least(5(1650,68,0c81o0)n1s)ecutive years a dis--c--harge, and (h1a(61v,6i1n,41g64r)6e)ceived an honor

(4(14,12,1271)7) $ $ 3,37,8768,62,42545 $ $

(3(13,17,3703)0) 20210,14,04707 $ $

Teah----ceh----ryeet$iar$remofe3cn,rt39(e,7a8d9(l27i7l8t,o,a2796wb,,4596la72e45n)72sc)eervisicpeaiynaebxlecefsosr

(8()8) CComommmitmitmenetnstasnadndCConotnintignegnecniceises

Contributions and Vesting

ThTeheSySsytestmemisissusbujbejcetcttotolelgeaglaalcatciotinosnisninthteheorodridnianrayrycocuorusreseofoiftsitbsubsuinsiensess.sI.nInthtehEeopmoipnpiilnooinyoenorfocmfomnatnarainbgauegtmeiomennestn,at,re actuarially d thteheSySsytestmemhahsaasdaedqeuqautaetelelgeagladl edfeefnesnesseasnadndinisnusruarnacnececocvoevreargaegewwithithrersepsepcetcttotosuscuThcrhuascattecioetinso.snTashnaednredthatehrieerinfrionfiamnlaelmber contribu ouotuctocmome ewwillilnlontohtahvaevea ammataetreiarilaaldavdevresreseefefeffcetcutpuopnonthtehefinfiannacnicailasltasttautsuosfotfhteheSySsytEesmtmepm. l.oyer contributions required for th
$68.79 per active member, respectively valuations, respectively.

2020050-5E-mEpmlopyloeeyse'eRs'eRtierteimreemnet nStySstyesmtemof oGfeGoergoiragia 56

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) NOTES TO FINANCIAL STATEMENTS

Excess as percentage of
covered payroll [(b-a)/c]
(7.1)% (18.5)% (8.1)% (5.4)% (2.3)% 12.6% N/A N/A N/A N/A N/A N/A (105.8)% (126.0)% (124.0)% (142.3)% (153.1)% (172.5)% (182.5)% (188.5)% (167.7)% (137.9)% (133.4)% (131.5)% N/A N/A N/A

38

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION

Information is shown only for the years available in accordance with the parameters of GASB No. 25. Additional years will be added as data become available. 1 No statistics regarding covered payroll are available. Contributions are not based upon members' salaries, but are simply $4.00 per member per month for nine months each fiscal year.

See accompanying notes to required supplementary schedules. See accompanying innotdespteondreqntuiarueditsourps'plreepmoerntt.ary schedules.

This data, except for annual covered payroll, was provided by the System's actuary.

REQUIRED SUPPLEMENTARY SCHEDULES (UNAUDITReEquiDr)ed Supplementary Schedules (Unaudited)

(Including All Plans and Funds Administered by the EmpElMoPyLeeOsY'ERESe'tirReETmIeRnEtMSEyNstTeSYmSoTfEMGeOoFrgGiEa)ORGIA

EMPLOYE2E0m0Ep2lSoayc'teuRrarcEioanTl tvrIiabRluuEatitoiMonnsEarseNqfouTlilroeSwdYsf:oSrTfiEscMal yOeaFr eGndEedOJRunGe I3A0, 2004 were based on the June 30,

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Annual covered payroll
(c) 2,152,072 2,304,289 2,397,169 2,408,306 2,489,490 2,445,619

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

29,594 34,856 37,688 38,630 38,867 40,908

2,411 2,411 3,567 3,413 3,434 3,402

(A Component Unit of the State of GeEomrgpialo) yer:

Normal

20.33%

REQUIRED SUPPLEMENTARY SCHEADcUcrLuEeSd liability

(16.48)

SCHEDULES OF (In thousands)

EMPLOYEE

CONTRIBUTIONS Total

3.85%

10.1%

5.5%

--

141.8% 147.5% 140.5% 130.4% 127.9% 127.4%

112.7% 114.0% 120.5% 122.3% 124.0% 126.6%

111.5%

110.6%

115.4%

115.5%

108.5%

102.2%

Funding ratio (a/b) 101.6% $ 104.0% 101.7% 101.1% 100.5% 97.6%

Members become vested after ten years of creditable service. Upon termination of employment,

member contributions with accumulated interest are refundabSletatuepaonnureaqluest by the member.

However, if an otherwise vested member teYrmeainraetensdaendd withdrawresqhuiisr/heder memberPceorncternibtuatgioens,

the member forfeits all rights to retirement beneJfuitns.e 30

contribution

contributed

8,322 10,489 11,093

(54,016) (65,709) (63,205) (53,263) (51,858) (53,811)

(2,550) (3,038) (4,424) (4,858) (5,259) (5,869)

(13,112) (52,285) (95,044) (97,234) (70,672) (76,932)

(153,109) (426,493) (193,369) (129,564) (58,173) 309,259

Unfunded AAL/(funding
excess) (b-a)

$ 9,848,723 $ 9,695,614 $

-- 609 1,250

183,249 204,136 219,288 228,417 237,683 250,313

22,679 24,666 26,034 26,637 27,157 27,892

599,464 667,642 708,391 727,529 734,879 743,815

12,797,389

12,428,736

12,124,414

11,750,624

10,999,901

Actuarial value of plan
assets (a)

Schedules of Funding Progress (In thousands)

(A Component Unit of the State of Georgia)

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

Employees'TRheetiermempelonyteSrycsotenmtributions are projected to liqu1id9a9t9e the actu$arial ac3cr0u4e,4d6f1unding excess wi1th0i0n%11

years, based upon the actuarial valuation at Ju2n0e0300, 2004, assumin3g02t,h3a3t2the amount of a1c0c0ru%ed

liability payment increases 4.00% each year. 2001

315,505

100%

8,322 11,098 12,343

129,233 138,427 156,083 175,154 185,825 196,502

20,129 21,628 21,610 21,779 21,898 22,023

586,352 615,357 613,347 630,295 664,207 666,883

13,106,648

12,370,563

11,994,850

11,557,255

10,573,408

Actuarial accrued liability (AAL) entry age
(b)

2002

233,229

100%

(e) The GMPF is a single employer defined benef2it00p3ension plan estab2l4is6h,1e7d2on July 1, 2002 1b0y0%the

Georgia General Assembly for the purpose of pr2o0v0id4ing retirement al2lo4w5,a3n8c8es and other bene1fi0t0s%for

members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

Public SchotohleEGmMplPoFy.ees' Retirement System

1999

10,839

158%

2000

9,789

184%

Membership

2001

12,874

132%

AceumsrproelonfytlJeyur,nrteehc3ee0iGv, ei2no0grg0bi4aenDaenefdpitas2r.t0mA05ecn,titvGoeMf aDPneFdfeihnnasadec.ti1v2220e0004000p234alannd m61emrebteirreeins foarn1md14a,,618bti223eon313nefiiscimaraieins,tarinesepdec1b1t0y08iv006eo%%%lnye,

6/30/2002 6/30/2003 6/30/2004

6/30/1999 6/30/2000 6/30/2001 6/30/2002 6/30/2003 6/30/2004

6/30/1999 6/30/2000 6/30/2001 6/30/2002 6/30/2003 6/30/2004

6/30/1999 6/30/2000 6/30/2001 6/30/2002 6/30/2003 6/30/2004

Actuarial valuation
date 6/30/1999 6/30/2000 6/30/2001 6/30/2002 6/30/2003 6/30/2004

Legislative Retirement System Benefits

1999 2000

84

108%

22

436%

A member becomes eligible for benefits upon20a0tt1ainment of age 60, w--ith 20 or more yeaNrs/Aof

creditable service (including at least 15 years of 2se0r0v2ice as a member of th--e National Guard), hNav/iAng

served at least 10 consecutive years as a mem20b0e3r of the National Gu--ard immediately priNor/Ato

discharge, and having received an honorable disc2h0a0rg4e from the National G--uard.

N/A

Georgia JudTichiealrReteirtiermemenetnat lSloywstaenmce is payable for life in th1e99a9mount of $50 per mo6n9th4, plus $5 per mo1n0th0%for

each year of creditable service in excess of 20 ye2ar0s0.0The maximum benefi8t3i4s $100 per month.100%

2001

1,741

11%

Contributions and Vesting

2002

--

N/A

ETmrupstleoeyse.rTchoenrteriabruetinoonsmaerme baecrtucaorniatrlilbyudtieotnersmreinqe22ud00ir00ea34dn.d approved and ce1r,t5i--f5i8ed by the ERS Bo1a0Nr0d/%Aof

Georgia Military Pension Plan

2003

591

100%

Employer contributions required for the years2e0n0d4ed June 30, 2005 an6d172004 were $89.11900a%nd

$68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial

This data wavsalpuraotvioidnesd, rbeysptehcetiSvyeslyte.m's actuary.

Information is shown only for the years available in accordance with the parameters of GASB No. 25.

Additional years will be added as data becomes available.

See accompanying notes to required supplementary schedules.

Georgia Military Pension Fund

Georgia Judicial Retirement System

Legislative Retirement System

Employees' Retirement System Public School Employees' Retirement System 1

SCHEDULES OF FUNDING PROGRESS (In thousands)

(A Component Unit of the State of Georgia)

2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

57

FINANCIAL SECTION

REQUIRED SUPPLEMFIENNATNACRIYALINSFEOCRTMIOANTION (UNAUDITED)
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

FINANCI NOTES TO FINA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(A Component Unit of the State of Georgia)
REEQMUIPRLEDOSYUPEPELESM'ERNETATRIYRSECHMEDEUNLETS SYSTEM OF GEORGIA

Employer contributions required for fi 2002 actuarial valuation as follows:

S(CInHcEluDdUinLgEASllOPFlaEnMs aPnLdOFYunEdEsCAOdNmTinRisItBerUedTIbOyNthSe Employees' Retirement System of Georgia) ((IAn tChoumspanodnse)nt Unit of the State of Georgia)

Employer: Normal

REQUIRED SUPPLEMENTARY SCHEDULES

Accrued liability

SCHEDULES OF EMPLOYEE CONTRIBUTIONS (In thousands)

Year ended

State annual required

Percentage

Tota

June 30

contributiMonembers cboencotrmibeuvteedsted after ten yea

Employees' Retirement System

1999

$ Sta3t0e4a,4n6nm1ueaml ber contribut1io0n0s%with accumulat

Ye2a0r0e0nded

r3e0q2u,i3r3eH2dowever, ifPaenrcoetn1ht0ear0gw%eise vested memb

J2u0n0e1 30

con3t1r5ib,5u0t5hioenmembercfoonrfteritb1su0a0tle%ldrights to retireme

Employees' Retirement System

2002 20109399 22000040 2001

233,229

100%

$

243064,1,47T62h1e employer con1tr10ib00u0%t%ions are projecte

234052,3,38y38e2ars, based upon110th00e0%%actuarial valuati

315,5l0ia5bility payment in1cr0e0a%ses 4.00% each y

Public School Employees' Retirement System Public School Employees' Retirement System

1290909 2 220003 2200014 221009009239 22000040 2001

21303,8,23299

115080%%

(e2)496,7,18T79h2e GMPF is a s1in18g04l0%e%employer defin

21425,8,37G848eorgia General A1s13s02e0%m%bly for the purp

11,62m3embers of the G1e0o0rg%ia National Guar

140,1,82t31h9e GMPF.

18568%%

1298,,873M78349embership

110804%% 132%

Legislative Retirement System Legislative Retirement System

1290909 2 220003 2200014 2002 20109399 222000000410

114,,--61828Ace2234ums313rproelonfytlJeyur,nrteehc3ee0iGv, ei2no0g41rg01130Nbi400868a/e006%%AnDa%%%enefdpitas2r.t0mA05ecn,titvGoeMf aDPn

--

N/A

------BA28e24nmeefmitsber

1N0/8A% become4Ns3N/6Ae/%lAigible

for

bene

Georgia Judicial Retirement System

12909092

69--c4reditable service 1(i0n0Nc%l/uAding at least 15

220003

83--s4erved at least 1010c0No%n/Asecutive years a

2200014

1,74--d1ischarge, and havin1g1N%r/eAceived an honor

Georgia Judicial Retirement System

220010092399 2200004 0 2001

----6T9h4e retirement allow1NN0a//0AAn%ce is payable for

1,585e38a4ch year of credit1a10b00le0%%service in excess

1,741

11%

Georgia Military Pension Plan

2200032

59--C1ontributions and10V0N%e/sAting

This data was provided by the System's actuary.

2200043 2004

16,51--ET57mr8upstleoeyse.rTchoenrteriabrue1t10ino00Non0%s/m%Aaerme baecrtucaorniatrlilbyud

InGfoeormrgaitaioMniilsitsahryowPnenosniolyn fPolranthe years available in accordanc2e0w03ith Additional years will be added as data becomes available. 2004 See accompanying notes to required supplementary schedules.

the

parameters

of

65GE$196Am718Sp.7Blo9yNpeore.rc2ao5cn.ttirviebumt11io00emn00s%%berer,qureirsepdecftoivreltyh

STeehiascdcaotma pwaansypinrgoviniddeedpebnydtehnet Sayusdtietomr'ss' arecptuoarrt.y.

valuations, respectively.

Information is shown only for the years available in accordance with the parameters of GASB No. 25.

Additional years will be added as data becomes available.

200S5e-eEmapclcooyemes'pRaentiyreimnegntnSoystteems toof Greeoqrugiiared supplementary schedules.

2005 - Employees' Retirement System of Georgia 58

2005 - Employees' Retirement System of Georgia

FFININAANNCCIAIALLSESECCTTIOIONN FINANCIAL SECTION
NNOOTTEESSTTOORREEQQUUIRIREEDDSUSUPPPPLLEEMMEENNTTAARRYYININFFOORRMMAATTIOIONN NOTES TO FINANCIAL STATEMENTS

EEMMPPLLOOYYEEEmEEpSlSo'y'ReRrEcETonTItRrIibREuEtMioMnEsENreNTquTiSreSYdYSfoSTrTEfiEMscMalOyOeFaFrGeGnEdEOedORJRuGnGeIAI3A0, 2004 were based on the June 30,
(In(IcnlculduidnigngAAll lPl2lPa0ln0asn2asanacdntdFuuaFnruidansldAsvaAdlmdumiantiiinsotinestreaerdsedfboybllytohtewhEes:mEmplpolyoeyeese' sR' eRteirteirmemenetnStySsytestmemofoGf Geoerogrigai)a)

NNOOTETSESTOTORERQEQUUIRIERDEDSUSUPPPLPELMEMENENTmATpARloYRyYeSrCS: HCHEDEDUULELSES(U(Unanuaduidteitde)d)

JuJnuen3e03,02,0200505

Normal

Accrued liability

20.33% (16.48)

(1()1) ScShcehdeudlueleofoFf uFnudnidnigngPrPorgorgersesss

Total

3.85%

TeeaxhTeecpxaehhecpeachyectaceetyctuadeeMmHtrauadaroieraeicsamwarmitic2sluaebtb0av2luvee%ra0aevrirla%rrsaui,loclaeubfoivlofeoentafvhcflatotauroenhafilembuesdaosueioesdefttsfhfiiotefoevsefaftrneressreawssesrnsrteeceiescntoswdecesecgto,iesbntagvbh,eifbneaztbteieswseaaztterscweseedecdseateedunoeapnmmnnofopaeunyrtfoimthlaerirateoaithbvtrirneeoeaasvdrnlsoaausofltsoeuiufesntfmreuahtcmtnemeearhrdeidneedenddsediadviftxttefiaaevpfexlabsfauerprelelcaeaeuernttencaeicnsortdtdeeieecnodrfaewbvnucreabiinatttccrutedhwaeetataudt.wereboarieUaealrfnoeiwelpafrnvtelsohuratvnteepuhlhaturoieufltnsenauer/..fnirhearmT..eriverrhTiqanvehmluaaueateeleimusomateomnobfobuoeoafynrufstanscsterteohsemtrneescettposcralgmionobangdyenuinmmzdttiiehozbetdeehnnedesrt,,. (2()2) ScShcehdeudlutehleeofomEfeEmmmpbleporlyofeoyrrefrCeiCotsnoatnrltlirbriiubgtuhiottsinotsnosretirement benefits.

ThTehererqeuqTiuhreierdeedemmepmplolpoylyoeeryreccrooncntortnirbitbruiubtituoiotninossnasarenadnpdrpoepjreeccretcneedtnottofotflhitqohusoeisdecaotcenottnrhitebriubatcuitouinoasnrisaaclatcuatcauclalrylulyemdmafdauednedarianergeprepexrsceeesnestsnetdwediinthintihnteh1e1

scshcehdeudlueyl.e.ars, based upon the actuarial valuation at June 30, 2004, assuming that the amount of accrued

liability payment increases 4.00% each year.

EmEmplpolyoeyeese'sR' ReteirteirmemenetnSt ySsytsetmem: :

(eV)ValaulaTutahioteinoGndMadtaePteF is a single employer definJueJdnuenbe3e0n3,e02f,i02t00p40e4nsion plan establJiusJhnuende30o3,n02, 0J2u00l30y31, 2002 by the

AActcutaGuraeiaroilarcgloicasotGsmtementeehrtoahdloAd ssembly for the purpEonEstenrytoryfagpaergoeviding retirement alloEwnEatnrnytcryaegsaeganed other benefits for

AAmmormotireztmiaztabioteinrosnmomeftehthtohedoGd eorgia National GuaLrdeLv(eNevleapltieporencraeclnetGnotufoapfrdap)ya.,yTo, phoepneEnRS LBeLovaeervdleploepfrecTrecrnuetnsottefoepfsapayad,ymo, pionepinsetners

RRememathianeiinnGignMgaPmaFmo.rotirztiaztaiotinonpepreioridodofotfhtehe

FuFnudnidnigngExEcxecsesss

1212yeyaerasrs

1010yeyaerasrs

AAsssesMtevteavmlaulbauteairotisnohnmipmetehtohdod

5-5y-eyaerasrmsmoootohtehdedmmarakrektet 5-5y-eyaerasrmsmoootohtehdedmmarakrektet

APoAPcsIPtocutnsrrIPtAceavoeutnrrumretjavsoeiiersarreptjrctieilesoemlartmctoanefelmetysdtmeaelnsJeeynsdsuuetrnsta,nmnrsutrlcattaeeamrphotlccrae3atesypoetir0teootiGs-yiiv,noftnoo-eiisfcrn2onfno-:er0sfglcrreti-:eg0urvlaetibi4risuvaanneerisg1nDsanne1eng1sefd1pitas2r.t0mA05ecn,titvGoeMf aDPn75eFd..7554fe..05i54hnn%-05as9a%-de.c92.t.i512v%05e4%palannd m61emrebteirreeins foarn75md..7524a..55bt24i%-eo559nn%-.9e2f.5i2isc%5im%araieins,tarinesepdecbtyiveolnye,

PuPbauldbaiBjclduiejcSsuntcSsmehtcfmeoihtnoeostlnoEtl mEmplpolyoeyeese's'

NNonoene

NNonoene

RReAteirtmeirmeememnebtneStrySsbytesectmeom:m:es eligible for benefits upon attainment of age 60, with 20 or more years of

VValaulcaurtaieotdinoitnadbadltaeteservice (including at least 15JuyJneuaenre3s03o,0f2,s02e00rv40i4ce as a member oJfuJtnuhenee3N03a,0t2,io02n00a30l3Guard), having

AActcutsauerairarvileacdlocsaottsmtlmeeatehsttohdo1d0 consecutive years EanEstnraytryamgaeegmeber of the NationalEGnEtunryatrryadgaeigmemediately prior to

AAmmodrotiirsztciazhtaiaotrignoenm, maentehdtohhdoadving received an honoLraeLbveleevleddliosdlcolhallara,rrgo,epoefprneonm the NationLaleLvGeevuleadlroddl.olallra,ro, poepnen

RRememaianiinnigngamamorotirztiaztaiotinonpepreioridodofotfhtehe

FuFTnuhdneidnrignetgEirxEecmxecesensstsallowance is payable fo2r52li5yfeyaeirnasrtshe amount of $50 per1m11o1yneytaher,asrpslus $5 per month for

AAssseseteavtcavhlauylauetaiaotrinoonmf cmerteehdtohidtoadble service in excess5-o5yf-ey2ae0rasrymsemaoroost.ohTtehhdeedmmmaarakxreikmtetum ben5e-5yf-ieytaeirsasr$m1sm0o0ootophtehrdemdmomanratkhrek.tet

AActcutauraiarilaalsassusmumptpiotinosn:s:

InICvnevosentsmttrmeibnetunrtairotaentesofaornfedrteuVtruner1nst1ing

7.75.05%0%

7.72.52%5%

PoPsaPotdsrraPEToejtdrrutjmroejieusurtjtcpseiesmrttlmtceeeometdemyeensendeste.nrtanTstlcctaahoolcreasynorrttse-yirotni-aibfconr-ureflceit-rvilaneoiisovanneisgsmsnegaserme baecrtucaorniatrlilbyu3Ndt%3Ni/eoA%t/neaArsnamnrneiunnqaueuladliyrlleaydn.d

approved

and

cNeN/rAt/iAfied by the 3%3%anannunaulalylly

ERS

Board

of

Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2020050-5E-mEpmlopyloeyees'eRs'eRtierteimreemnet nStySstyesmtemof oGfeGoerogriagia

2005 - Employees' Retirement System of Georgia

59

FIFNINAANNCCIAIALLSESECCTTIOIONN NNOOTTEES STTOORREEQQUUIRIREEDDSUSUPPPLPLEEMMEENNTTAARRYYININFOFORRMMAATTIOIONN

FINANCI NOTES TO FINA

E(InE(MIcnlMucPlduiPLdnigLnOAgOYlAl YlPEllPaEEnlasEnSasS'nad'nRFdREuFnEuTdnsTdIAsRIdARmEdmiEMniiMnstEiesrtENeerdNeTbdyTbStyhSYtehYEeSmESTmpTElpoElyMoeyMeeseO' sRO' FeRtiFerGteirmGeEmenEOetnOStRySRsGytesGmtIeAmIoAfoGf eGoerogriga)ia)

Employer contributions 2002 actuarial valuation

required for as follows:

fi

NJuONJnueTOnE3eT0SE3,0ST2,O0T20O0R50ER5QEUQIURIERDEDSUSPUPPLPELMEMENETNATRAYRYSCSHCEHDEUDLUELSES(U(nUanuaduidteidte)d)

Employer: Normal Accrued liability

LeLgPAAVRAAeiogePAAsVRAAccmsaslismPaFIttloeasccmsauutunoedrurslsmtPaFIttlaaatavroaejiuutunoendtivururrtrevttjainaatavridoiiejiieezsnsoataiavurrrtievtijtctinaindeliillnineemRmzssoauaattrimgitctgacaeinelllnnademRmeoeutsotdmgeattgaceaEinnnsadeiiseoenmsodtosurtteattxtaEennnsemtaiisnmnmrcotmosurttmtxlceaemteaaernmmprcoomtetmslertcaeietaershtysmpnezoitehtstertooeoittat-shtysionezhinohdftntoSootadit-oifsochronodfytn-S:dedrionlfsscroetiy-:detuvranlpesetiristumevnanpeerrisg1mes:inneorg1s:idodofotfhtehe GGeARAAAPVoeroeAARAAPVoccsmagssmPFIattlroieccmsauutunoegdaurrssmPFIattlaaatavroiejuutunoendtaiJuurrrtrevtjainaatavridoiiuejiezsnsoaaatiJurrrtievtijdtctinaindeliiullnniemmzssoauaatitrimgidtctcgaaecinelllnnadmmeoeutiostdimgeatgcaecaEiannnsadiseoenmosditlosutteattxaEaennnsmtaisnmRnmroctmlosutttxlceamteaaerenmRmprcomotetslrtctaeietaershteyismpezoitehtrstrttooeoittae-shtyisioezhihnodfrtntmooodtaie-oiosfchronodftnm-e:dedrionlsfcroneti-e:deuvrantlpnetirisuSevnantperriysg1Sesinneso1ryg1stideso1tmdoefm:otf:htehe GGeAAPVAARoeroeAAPVAARocsmcagssmaPIuttlroiecsmcautuunoegdanrrssmaPIuttlaataavroiejutuunfoedtaiMnurrrtrevutjainataavrioiiejiefzssoantiaaMrurrtievutijtctinaineliillnidlemmzssoanuaatrtiimgitctecaaeitnelllndladmmeoeautdostdimgeatecaeaitnnrnsadiseoeanmydosdtaosutteattaennrnstmaiscnmnmryotmPaosutttltceatmaacerunmemproomPtetlrttcaaenitaersuhtyempeozitrehtstrtaoenooiitat-shtiyioezahirohondsfttnoooitdali-oifionsachrooondftn-ad:edlriolnfnsFcrcoeti-ad:euvrcaulnpFcetirirsnuvecnaunupedrrirsgn1eesninu:eod1drg1esid:od1lidoalifboaitfblhiitetlhyiety
1In1Icnlculduedseisnifnlafltaiotinonrartaeteofo4f.40.00%0%. .

JLUueJLUnnvuieentenvilce3terd0lc3eo,rdd0el2oi,ldta0l2ilr0ta0,4r0o,4poepnen 5N-5N/yA-e/yAaerasrmsmoootohtehdedmmarakrektet N7.N7/5A.0/5A%0% 3%3%anannunaulalylly
JLEuneJLEnvutnereenyvtlre3eyap0l3ge,ap0er2ge,ce0re2c0n0e4t0no4tfopfapya,yo,poepnen 51-151y-1yeyeayearearsarsmrssmoootohtehdedmmarakrektet 7.75.05%0% 6.60.00%0% NNonoene
JLEuenJLEnvutenerenyvtler3eyad0l3go,ad0el2go,la0el2lr0a0,4r0o,4poepnen 53-053y-0yeyeayearearsarsmrssmoootohtehdedmmarakrektet 7.75.05%0% NNNNo/Ano/Aene

Tota JLUueJLUnnvuieentenvilce3terd0lc3eo,rdd0el2oi,ldta0Mml2ilr0ta0,ee3r0omm,3pobbepeenerrns cboenctroimbuetiovnesstewd itahftearccteunmuyleaat
5N-5N/yA-e/yAaerasrmsmoHtohooteohwtmehedeevmdmermba,eraikrfrekftaoenrtfeoitthsearlwl irsigehvtsesttoedretmireemmbe

N7.N7/2A.5/2A%5%

The employer contributions are projecte years, based upon the actuarial valuati liability payment increases 4.00% each y

3%3%a(nea)nnunaulTalylhlye GMPF is a single employer defin
Georgia General Assembly for the purp JELuneJELnvutnereenyvtlre3eyap0l3ge,ap0er2ge,ce0Mrmte2ch0n0eeee3t0nmmGo3tbfbMoepferParspysFaoh,.yfoi,pptohepeneGn eorgia National Guar 51-151y-1yeyaeyeraaersrasmrssmoAcouostrohrteoehdnfetdmlJyumanrrakeereck3tee0itv, i2n0g0b4enaenfdits2.0A05c,tivGeMaPn
7.72.52%5% employer, the Georgia Department of D 5.57.57%5% Benefits

NNonoene

A member becomes eligible for bene creditable service (including at least 15

JLEuenJLEnvutenerenyvtler3eyad0l3go,ad0el2go,lae0sdTl2lre0iha0,sr3re0vco,h3eprodaeprtngeiarneet,mlaeenandstthaa1lvl0oinwcgaonrnecsceeeciiusvteipvdaeyaanybehlaeornsfoorra

54-054y-0yeyeayearearsarsmrssmoeCoaootcohnhtehtdyreiedmbaumratroaikforeknctersetadnitdabVleessteirnvgice in excess

7.72.52%5% NNNNo/Ano/Aene

Employer contributions are actuarially d Trustees. There are no member contribu
Employer contributions required for th

$68.79 per active member, respectively

valuations, respectively.

2020050-5E-mEpmlopyleoeyse'eRs'eRtieretimreemntenStysStyesmtemof oGfeGoregoiragia 60

2005 - Employees' Retirement System of Georgia

FINANCIAL SECTION

FINANCIAL SECTION ADDFITINIOANNACLIAILNFSOECRTMIAOTNION ADDITIONAL INFORMATION

EMPLOYEES' RETIRENOMTEENSTTOSYFSINTAENMCIOALF SGTEAOTERMGEIANTS

E(MIncPluLdinOg YAlEl PElanSs'anRdEFuTndIsRAEdmMiniEsteNreTd bSyYtheSETmEplMoyeeOs' FRetGireEmOentRSGystIemAof Georgia)
(In(AcluCdoinmgpAonllenPtlEaUnmnspiatlnoodfyetFhruencSdotsanAtterdiobmfuiGntiieosontersgreirade)bqyuitrheedEfmoprlofyiseceasl' RyeetairremenendteSdyJstuenme o3f0G, e2o0r0gi4a)were based on the June 30, (AACDoMmIpNoInSeTnRt UA2nT0iI0tV2oEfatcEhteXuSPatrEaiNatelSovEfaSGluSeaCotirHoginEaD)asUfLoEllows:

ACY(InODeCY(IanNOtMerhasTNtoIrheNsuRTonseIIuRdaSBnsneIdTaUBddneRsTUdJd)AuIsTJOn)TuIeNOnIV3eSN0E3SA,0E2NA,0X2DN00P5D0EE5aNXEnadSPXnEEd2PSN0E20SN0S40ECS4SHEESEmDNAUpoclLocrEymruearel:d liability Total

20.33% (16.48)

2005 3.85%

2004

Contributions:

2005

2004

ContErimbuptliooynes:eMs'emRebteirsembenctoSmyestveemsted after ten years of creditable se$rvice. Upo9n,5t8e7rmina$tion of em8,p4l7o4yment,

EmPupbloliyceSecsm'hoReomeltbiEreemrmpcelonnytteSreiybss'utetRimoentisrewmietnht Sacycsutemmulated interest are r$efundable9,u5p85o78n8 req$uest by 8th,4e754m88ember.

PuLbelgicisSlacthivHoeoolRwEeemtvireperlm,oyiefenetasnS'yRosttehetemirrewmiseentvSesytsetdemmember terminates and withdraws5h81i81s/0her member co5n8t1r8i1b0utions,

LeGgeioslragtiiaveJtuhRdeeimctiiraeelmmRbeentrtirfSeomyrfsetenitmtsSayllstreigmhts to retirement benefits.

111075

111075

GGStGSSeeaooutteaerrpotggeeEriigraamEiioaJDmprulDeTylpCdoifelaeihyioocanbfeeuyiireieansrleedslit,eemt'RdJyCsbuAp'eaCopdlAtssonaigoseryytseunedrsmesirtmubrrauReirunebcpanntecounoittetontciniirSnnteDoeryctnimPDehbrspleePtueeaeaatnplnmsiarataotencmrFnsttusmue4anna.er0dtrin0eatl%pvroeaajleuccahtteiyodenatora. tliqJuunidea3te0,th2e0a0c4t,uaarsisaulmacin321cg127r32u055312et005hdaftutnhdeinagmeoxucnets321so12732fw055312ai005tchcirnu1ed1

Superior CourTt oJutadlgceosnRtreibtiuretimonesnt Fund

11,30025

9,39012

(e) Expenses:

GTTheeoortGagliMacoGPnFetnriiebsruaatlioAsnisnssgelme belmypfloorytehre

defined purpose

boefnperfoitvipdeinnsgiorentiprelamnene1tst1aa,lb0lol2iw5shaendceosnanJudloyt1h,e9r2,9b01e0n22efbiyts

the for

ExpePnesresso:nal smeervmicbeesr:s of the Georgia National Guard (National Guard). The ERS Board of Trustees administers

PersoSnaallarsieetrhsveaicnGedsM:wPaFg.es

3,791

2,623

SaRlaertiireesmanendtwcoagnetrsibutions RFetIiCreAmMenetmcobnetrrsibhuiptions

3,793167 362762

2,622359 251979

FIHCeAalthAisnsoufraJnucnee 30, 2004 and 2005, GMPF had 104 and 61 retirees a2n64d299beneficiaries, re1s73p94ec3tively, HMeailsthceiclnluasrunrreeaonnutlcsye receiving benefits. Active and inactive plan member info4r9m92a2tion is maintain3e4d311by one

Miscellaenmepoluosyer, the Georgia Department of Defense.

4,29241

3,14115

CommunBiceantieofnitss:

4,941

3,415

ComPPouPTPmsbouetullsbainetcglaciiaeccgotAcsaaiemerotteriinmovomdsneniuetdsasanm:nbaiadcblnetaedptrslirpeeoibnarrnivestnsiticntcoige1nm0g(einsccolenulsdiegicnibuglteiavtefloeryaesbater1ns5eafyistesaarusmpooefnmsebartevtraicionefmasethnaet moNefamtaibgoeenra62lo0702f,24G770th284wueairtNhda2itmi0omnoaerldGmiautoear2lreyd3121)50313y,p500ehraiaorvsrinotgof

TeTlreacvoemldmiscuhnaicrgaeti,oannsd having received an honorable discharge from the Nation7a8l1G0 uard.

13015

Travel The retirement allowance is payable for life in the amount of $50 per13m06o4nth, plus $5 per 1m359o0nth for Professioenaaclhseyrevairceosf:creditable service in excess of 20 years. The maximum be3n6e4fit is $100 per mo3n9t0h.

ProAfeACcscsocoicmouonpnuaCutniltnotesignernrtgsavreniairbdcnveudiiscnt:ieivnosevnsestsmatmenndetnVsteesresvtriivcniecgses

2,954 2,957432

2,616 2,16,10622

CComonpturatEecmrtsspelrovyiecrescontributions are actuarially determined and approved and7c3e23r6tified by the E1R,0S222B68oard of

CAoncttruaacTrtisraulssteerevsi.cTeshere are no member contributions required.

33634

263847

AMctueadriicaallsseerrvviicceess

332433

342700

MPerdoifceaslEssimoernpvaloilcyfeesrescontributions required for the years ended June 30, 20025336an8d 2004 were $280907.129 and

PrLoefgesasli$so6enr8av.l7icf9eeespser active member, respectively, and were based on the June683204, 2003 and 2002722ac4tuarial

Legal sevravliucaetsions, respectively.

4,23481

4,25449

4,381

4,549

2005 - Employees' Retirement System of Georgia 2005 - Employees' Retirement System of Georgia

2005 - Employees' Retirement System of Georgia

61

FINANCIAL SECTION

ADDITIONAL INFORMATION

FINANCIAL SECTION

ADDITIONAL INFORMATION

FINANCI

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

NOTES TO FINA

(Including All Plans and Funds Administered by the Employees' Retirement System of Georgia)

(A Component Unit of the State of Georgia)

Employer contributions required for fi

ADMINISTRATIVE EXPENSES SCHEDULE

2002 actuarial valuation as follows:

ECMONPTLROIBYUTEIOENSS'ARNDEETXIPRENESMESENT SYSTEM OF GEORGIA
(InYceluadrsinegndAeldl PJulannes3a0n,d2F00u5ndasnAd d2m00in4istered by the Employees' Retirement System of Georgia) (A(ICnotmhopuosnaenndts)Unit of the State of Georgia)

Employer: Normal Accrued liability

ADMINISTRATIVE EXPENSES SCHEDULE CONTRIBUTIONS AND EXPENSES Y(IneaEtrhxsopMeuensandannesdeadsgsJ),euCmneoen3nt0ti,nf2eu0ee0sd:5: and 2004
Building maintenance
Other services and charges: ExpenseEsq,uCipomnteinnut ed:
ManaTgeemmpeonrtarfyeesse:rvices BuSiuldpipnlgiems aanindtemnaatnecreials
OtheRr esepraviricseasnadnmd acihnatregneasn:ce EqCuoiuprmieernstervices TeDmepporeracriaytisoenrvices SuMppislcieesllaanndeomusaterials ReOpfafiircseaenqduimpmainentetnance

2005

2004

Tota

Members become vested after ten yea

member contributions with accumulat

$

2005 561 Hthoew$meevmerb,2ei0rf0fao4nrf5eo6it1thsearlwl irsigehvtsesttoedretmireemmbe

$

-- 292 562123 57

Tyliea$haberislei,mtybpaplsoaeyydmer5uec6pn6o1ot858nni4939ntrctihbreeuatsiaoecnstus4aa.r0ri0eal%pvroeaajleuccahtteiy

(--e)13 The GMPF is a91s4ingle employer defin 291256 Georgia Gene6r8al93A2ssembly for the purp 22334 members of th8e141G5eorgia National Guar 57 3 the GMPF. 53 1

Courier services Depreciation MiscellaneTooutsal expenses Office equNipemt iennctome
Balance: BeginningTootfayl eeaxrpenses End of year Net income
Balance: Beginning of year SEeendacocfompanying independent auditors' report. year

17378 156

Membership

19497 32

11,30425 As of June 3910,1,95122004 and 2005, GMP

--3

ceumrprelonytleyr,rtehceeiGv--1einogrgbiaenDeefpitasr.tmAecntitvoef

an D

778

997

11,02--5 Benefits 9,91--2

$

---- Acremd$ietambbleersebrve--icco--em(einscleuldiginibgleatfloerasbte1n5e

served at least 10 consecutive years a -- discharge, and--having received an honor

$

-- T$he retirement--allowance is payable for

each year of creditable service in excess

See accompanying independent auditors' report.

Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu

2005 - Employees' Retirement System of Georgia

Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

2005 - Employees' Retirement System of Georgia 62

2005 - Employees' Retirement System of Georgia

Notes
FINANCIAL SECTION NOTES TO FINANCIAL STATEMENTS

Employer contributions required for fiscal year ended June 30, 2004 were based on the June 30, 2002 actuarial valuation as follows:

Employer: Normal Accrued liability
Total

20.33% (16.48)
3.85%

Members become vested after ten years of creditable service. Upon termination of employment, member contributions with accumulated interest are refundable upon request by the member. However, if an otherwise vested member terminates and withdraws his/her member contributions, the member forfeits all rights to retirement benefits.
The employer contributions are projected to liquidate the actuarial accrued funding excess within 11 years, based upon the actuarial valuation at June 30, 2004, assuming that the amount of accrued liability payment increases 4.00% each year.
(e) The GMPF is a single employer defined benefit pension plan established on July 1, 2002 by the Georgia General Assembly for the purpose of providing retirement allowances and other benefits for members of the Georgia National Guard (National Guard). The ERS Board of Trustees administers the GMPF.
Membership
As of June 30, 2004 and 2005, GMPF had 104 and 61 retirees and beneficiaries, respectively, currently receiving benefits. Active and inactive plan member information is maintained by one employer, the Georgia Department of Defense.
Benefits
A member becomes eligible for benefits upon attainment of age 60, with 20 or more years of creditable service (including at least 15 years of service as a member of the National Guard), having served at least 10 consecutive years as a member of the National Guard immediately prior to discharge, and having received an honorable discharge from the National Guard.
The retirement allowance is payable for life in the amount of $50 per month, plus $5 per month for each year of creditable service in excess of 20 years. The maximum benefit is $100 per month.
Contributions and Vesting
Employer contributions are actuarially determined and approved and certified by the ERS Board of Trustees. There are no member contributions required.
Employer contributions required for the years ended June 30, 2005 and 2004 were $89.19 and $68.79 per active member, respectively, and were based on the June 30, 2003 and 2002 actuarial valuations, respectively.

2005 - Employees' Retirement System of Georgia

63

Notes

FINANCI
NOTES TO FINA
Employer contributions required for fi 2002 actuarial valuation as follows:
Employer: Normal Accrued liability Tota
Members become vested after ten yea member contributions with accumulat However, if an otherwise vested memb the member forfeits all rights to retireme
The employer contributions are projecte years, based upon the actuarial valuati liability payment increases 4.00% each y
(e) The GMPF is a single employer defin Georgia General Assembly for the purp members of the Georgia National Guar the GMPF.
Membership
As of June 30, 2004 and 2005, GMP currently receiving benefits. Active an employer, the Georgia Department of D
Benefits
A member becomes eligible for bene creditable service (including at least 15 served at least 10 consecutive years a discharge, and having received an honor
The retirement allowance is payable for each year of creditable service in excess
Contributions and Vesting
Employer contributions are actuarially d Trustees. There are no member contribu
Employer contributions required for th $68.79 per active member, respectively valuations, respectively.

64

2005 - Employees' Retirement System of Georgia