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