,
RECEIVED
SEP 2 1 2004
DOCUMENTS UGA LIBRARIES
ACTUARY'S REPORT TWENTY-FIRST ANNUAL VALUATION EMPLOYEES' RETIREMENT SYSTEM
OF GEORGIA
As of June 30, 1971
R. BLESS & ASSOCIATES, INC.
EMPLOYEE BENEFIT CONSULTANTS
P . 0. SOX 60749 ATLANTA , GEORGIA 30341
404 . 456-4019
October 12, 1972
Board of Trustees Employees' Retirement System of Georgia 254 Washington Street, S. W. Atlanta, Georgia 30334
Gentlemen:
The following report sets forth the results of the actuarial valuation prepared by our firm as of June 30th, 1971. The purpose of the valuation is to measure the liabilities under the System and to determine the ability of the present Funds plus the present rate of Member and State contributions to meet the future benefit commitments as defined under the System.
The calculations were based upon the employee data which was submitted to us and upon a summary of the assets of the Trust Fund as of June 30th, 1971. The calculations were further based upon the terms of the Retirement System in effect at this time.
In summary, the results of this valuation show that an increase in the rate of the State's contribution is indicated at this time.
Respectfully submitted,
R. BLESS & ASSOCIATES, INC.
-72 By: ~ /2 .~JV
Robert R. Bless
RRB: ja Attachments
Se cti on I
II
III IV
v
TABLE OF CONTENTS
Description Introduction and Summary Results of the Valuation as of June 30, 1971 Method of Calculation Summary of Actuarial Assumptions Statistical Tables
Pa ge 1
3
9
12 17
I
SECTION I
I
SECTION I INTRODUCTION AND SUMMARY
This report embodies the results of the actuarial valuation of t hE Emp l oyee s ' Re tirem en t System ot Geo~ gia as of June 30~ 1971. There were two significant changes in the Retirement System which have a direct influence on the anticipated costs of the System during the last year. These changes~ along with changes resulting from the normal experience of the membership have been included in the computations summarized in this report.
During the 1971 session of the General Assembly~ legislation was enacted which permitted members of the System to claim prior service credits which had previously been denied to them. This Act~ number 43~
Georgia Laws of 1971 permitted 3,369 members to claim
over 11,000 years of prior service credit. In addition,
Act number 41, allows members who work be yond age 65 ~ve credit for service after age 65. This
act has the effect of eliminating most of the savings in costs which may occur as a result of deferral of retirement, and since many de partments of the State
are adopting a mandatory 11retirement at age 65 11 policy
it has been necessary to assume, for cost purposes,
that all members will retire at age 65.
-1-
From June 30, 1970 to June 30, 1971 active membership in the System has grown from 34,119 to 38,447. An
increase in lives of this magnitude, while increasing the dollar cost of the System, would tend to reduce the cost of the Retirement System when expressed as a percentage of covered earnings. At the same time, however, the annual earnings of all members, including new members, have increased more than expected accord-
ing to the assumptions made in 1970 offsetting any
savings arising from the excess of new entrants.
The net result of the changes made to the Retirement System and the experience of the membership during the year is that the current level of State contribution
(7.0% of Annual Earnings) is not sufficient to provide
the benefits of the System. An increase in the contri-
bution to 7.5% will be necessary in order to maintain
the regular funding of the System.
The details of the Valuation, the method of calculation, the actuarial assumptions , and a statistical summary of the data furnished to us, are presented in the following sections of this report.
-2-
SECTION II
SECTION II RESULTS OF THE VALUATION
The results of the June 30, 1971 valuation are included in this Section of this report. As was mentioned earlier, one of the inherent qualities of the projection method is to enable us to alter many of the assumptions made in the valuation in such a way so as to determine the most probable costs of the Retirement System according to our best estimate of all of the factors which will affect the System.
The tables shown in this Section have been based upon the underlying actuarial assumptions as summarized in Section IV with respect to mortality, turnover, rate of becoming disabled, and the basic salary scale. The tables have also been based upon the further assumptions that inflation will continue to increase benefits payable after retirement at an annual rate of 2%; the earnings of members prior to retirement will increase by the same 2% per year in addition to the salary increases included in the basic assumptions; the Trust Fund will earn 4~% total investment income per year; and, the membership of the System will
increase by 4% per year. These latter assumptions are
primarily economic in nature and, therefore, the combination of the basic actuarial assumptions with
-3-
anticipated economic conditions has enabled the Board to determine the most suitable level of funding of the Retirement System in the light of all relevant conditions.
Schedule l indicates the anticipated future membership of the System and the associated pension payout expected according to the assumptions accepted by the Board of Trustees and the benefits to be provided by the System. Two project ions of the Trust Fund have been prepared from this Schedule differing only in the assumed rate of Employer Contribution.
Projection 1 indicates that the current State con-
tribution of 7.0% of payroll will be insufficient to
provide for the emerging benefits of the System. This projection shows that the Trust Fund will increase each year for the next 43 years and then start to decline, indicating that the future benefit payout will be greater than anticipated income. Under these conditions the Trust Fund would continue to be depleted until total exhaustion of the Fund occurs.
Projection 2 indicates that a State contribution of
7.5% of payroll would be necessary to meet the future
obligations of the System. This projection shows that the Trust Fund will continue to increase up to the
-4-
last year included and that a balance is achieved in the last. year which will enable the sources of income to provide the benefit payment without causing a drain on the Trust Fund.
-5-
YEAR
1971 1972 197 3 1C}74 1975
1C}76 1977 19?8 1979 1980
1981 1982 1983 1984 1985
1986 1987 1988 1989 1990
1991 1992 1C}93 1994 1995
GEORGIA EMPLOYEES RE1'IRE MENT SYSTEM
PROJECTION OF F.MPLOYEES
SCHEDIJLE 1
ACTIVE PI EMBERS
ANNIJAL EMPLOYEE SERV SALARY CONTRIBS RET
ANNIJAL O~HER PENSION RE1'
A~NIJ1\L NO.OP PENS ION TERMS
TOTAL REFUND
38,447 264,209,567 9,769,860 39,920 272,826,100 10,480,100 41,262 287,0C}7,039 11,077,767 42,C}80 303,349,544 11,747,44C} 44,864 320,886,052 12,464,132
2,9::10 3,24C} 3,5R1 4,013 4_,465
5,981,562 6,862,333 7,687,702 8,680,1C}2 9,721,867
1, 532 1,619 1, 7014 1,785 1,864
) ,386, 966 3,751,177 4,184,024 4,658,611 5,184,330
q,420 4,860 5,121 5,251 5,515
3,690,460 4,102,020 4,464,232 4,809,558 5,152,337
46,485 336,979,878 48,560 354,784,986 50,419 372,193,224 52,302 389,883,260 54,695 410,306,023
13,129,479 13,849,149 14,562,800 15,287,726 16,110,20tl
4,895 5, 348 5,760 6,196 6,599
11,015,216 12,4!::i4,218 14,175,990 15,776,316 17,182,415
1,940 2,034 2,10') 2,195 2,283
5,76g,764 6,419,158 7,141,792 7,910,295 8,793,227
S,774 5,984 6,279 6,497 6,773
5,547,003 5,920,376 6,326,913 6,701,767 7,121,619
56,826 430,066,036 16,920,693 58,957 450,191,578 17,747,919 61,193 470,540,040 18,578,168 63,846 493,491,394 19,506,812 66,516 516~474,618 20,434,120
7,007 7,363 7,771 8,174 8,573
18,577,795 19,983,802 21,724,771 23,412,022 25,459,723
2,391 2,478 2,586 2,694 2,805
9,752,737 10,718,519 11,796,224
12,986~037 "
14,205,C043
7,105 7,345 7,617 7 , .906 8, 275
7,551,403 7,976,786 8,374,770 8,798,166 9,236,696
69,182 540,206,919 21,400,309 8,972 71,810 564,080,354 22,375,764 9,167 74,829 590,008,024 23,424,429 9,749 77,848 615,731,328 24,464,328 10,135 80,777 642,119,623 25,542,506 10,544
27,266,901 28,928,938 30,739,277 32,808,464 34,522,631
2,938 3,055 3, 179 3,330 3,489
1 5, 486 ;:698. 8,618 1 6 , 8 2 q ', 8 0 8 8,946 1 8, 3 q 6-, 6 86 9,287 20;033,632 9,674 21 I 719,072 10,027
9,702,799 10,173,298 10,646,792 11,113,855 11,603,935
84,027 87,259 91,067 q4,456 9A,346
670,237,573 698,870,035 730,381,471 760,245,514 793.288,R20
26,681,852 27,849,870 29,114,g02 30,331,719 31,666,249
10,943 11,331 11,776 12,204 12,650
36,320,4q2 37,<}37,374 40,1 03,13'5 42,210,721 44,191,842
3,637 3,816 4,005 4,207 4,41q
23,606,.131 10,39C}
25,659,54,0' 10,810 2 7 ~,71 4 , 1 3 1 11,236 2g,980,A12 1~,759 32. 4 3 7 ~ 6 5;0 12,146
12,128,993 12,6148,598 13,1A0,323 13,785,304 14,363,722
"
ACTIVE tllR "E!!BEF.S
~NNUAI.
SALARY
GEORGIA EP'!PLOYEES RETI RE"ENT SY S TE~
PROJECTION OF Er5PLOYF.ES
SCHE DULE 1
EMPLOYP,E SERV CONTHI BS RET
A~NUAL OTHER PEN SION RET
ANNUAL NO. OF PENSION TE~l'!S
TO'T'AL REFUND
1996 1997 1998 1999 2000
102,147 825,632,521 32,973,169 13,106 106,~52 861,246,673 34,403,254 13,576 110,597 896,717,062 35,839,870 14,058 115,164 934,770,176 37,36q,607 14,592 119,551 971,911,144 38,870,083 15,114
46,7 2 7,6 ~8
ll9,216,314 51,424,857 53,887,722 56,606,933
.4, 6 2 0
4,834 5,080 5,316 5,583
34,930, 970 12,661 37,646,195 13,137 40 , 547 , 310 13,682 43 ,4 74 ,351 14, 1.93 46,638 ,291 14,785
14,989,3 37 15,610,372 16,271,824
16,945,~59
17 ,661,9 42
2001 2002 2003 2001t 2005
124,3~91012,146,644 40,491,568 15,651 129,6201055,182,584 42,215,027 16,220 134,5441096,957,863 43,902,785 16,818 140,1441142,856,857 45,742,197 17,432 ,,5,7731189,268,984 47,603,660 18,096
59,286,628 62,104,326 65,35 2,103 68,547,735 72,203,974
5,842 6,093 6,375 6,6118 6,955
50,067,176 15,313 53,489,788 15 ,956 57,107,551 16,635 60,867,194 17,214 64,745,192 17,969
18,376,613 19,125,800
19,922,~60
20,717 ,774 21,576,356
2116 2011 '
2101 2109 2.,.
151,6561237,671,481 49,544,847 157,4911286,448,404 51,509,340 1.1,9041338,887,989 -53,609,242 170,6021393,4118,147 55,793,523 177,7581 ..51,1105,969 58,108,218
18,778 19, 491 20,241 21,030 21,838
75,910,151 79,797,349 83,850,802 88,144,012 92,525,612
7,257 7,611 7,91111 8,370 8,737
68,785,037 18,676 73,193,272 19,418 77,727,286 20,1117 83,061,118 21,000 87,957,002 21,874
22,41a3,059 23,35.. ,633 24,269,702 25,2113,531 26,214,809
2111 2012 2013
201' 2015
185,11221512,680,110 60,550,841 22,712 97,1 24 ,190 9,121 93,009,0611 22,837 193,11211576,3116,489 63,083,339 23,623 102,405,428 9,528 98,2113,314 23,859 201,7561642,823,625 65,730,756 24,585 107,792,998 9,936 103,657,641 211,915 210,3031709,943,1511 68,390,689 25,608 114,992,2 8R 10,365 109,111,219 26,000 219ira921782,806,173 71,287,367 26,663 120,976,427 10,820 114,806,498 27,122
27,276,936 28,,11,761 29,588,689 30,822,708 32, 0q5,552
2016 2017 2018 2019 2020
228.8761857,992.622 74,283,190 27,746 127,079,240 11,293 120,649,546 28,331 238,7231936,654,435 77,415,902 28,906 133,468,460 11,778 126,673,171 29,536 2119,0292018,978.501 80,694,070 10,098 140,065,378 12,279 132,892,458 30,823 259,7152104,620,q81 84,107,298 31,330 146,838,767 12,795 139,279 ,919 32,160 271,0722195,036,352 87,704,846 32,645 153,908,092 13,328 145,858,039 33,551
33,451 ,986 34,846,453 36,324,150 37,861,277 39, 465,3 56
TEAR
1971 1972 1973 19711 1975
1976 1977 1978 1979 1980
1981 1982 198] 19811 1985
1986 1987 1988 1989 1990
1991 1992 1993 1994 1995
GEORGIA EP!()LOYEES RETI REP!ENT STSTEP!
PRO,JECTIOM OF FUND BALANCE
PRO,l ECT lOll 1
BEGINNING
EP!PLOYEE
STATE
BALANCE CONTRIBUTIONS COMTRIBOTIONS
IMVESTP!ENT YIELD
TOTAL PATP!ENTS
EIDI ffG BALAlfCE
176,933,869 200,443,560 224,660,321 249,942,506 216,351,230
9,769,860 10,480,100 11,077,767 11,747,449 12,464,132
18,494,670 19,097,827 20,096,793 21,234,468 22,462,024
8,304,149 9,354,364 10,443,583 11,581,168 12,770,597
13,058,988 14,715,530 16,335,958 18,148,361 20,058,534
200,443,560 224,660,121 249,942,506 276,357,230 303,995,111J9
303,995,4.49 132,3611,568 361,493,177 l91,023r86J 1121,085,4111
13,129,479 13,849,149 14,562,800 15,287,726 16,110,201$
2lr588,591 24,831$,949 26 ,o53,526 27,291,828 28,721,422
14,003,032 15,268,263 16,559,055 17,870,375 19,212,867
22,351,983 24,823r752 27,644,695 30,388,378 13,097,261
3J2,161t,568 361,493,177 191,023,861 421,085,1J11t 1152,032,6116
1152,012,646 1183,768r222 516,358,1111 5119r430,890 583,209,502
16,920,693 17,7117,919 18,578,168 19,506,812 20,11311,120
30,1011,623 31,513,410 32,937,803 34,544,"398 36,151,223
20,592,195 22,007,670 23,1152,570 24,921,627 26,417,360
35,881,935 38,679,107 41,895,765 115,196,225 48,901,462
1183,768,222 516,358,111J 5119,430,890 583,209,S02 617,112,lel
617,312,743 652,002,275 687,1105,133 723,191,800 759r635,216
21,1100,109 22,375,7611 23,4211,429 24,4611,328 25,542,506
37,814,1184 39,485,625 41,300,562 113,101,191 44,948,374
27,931,137 29,473,513 11,044,431 32,633,846 34,24lr103
52,456,398 55,932,01111 59r782r755 63,955,951 67,8115,638
652,002,215 687,1105,111 721,191,100 759,635,216 796,523,561
796,523,561 833,944,702 872,009,292 910,476,717 948,945,159
26,681,852 27,849,870 29,114,902 30,311,719 31,666,249
116,916,630 48,920,902 51,126,703 53,217,186 55,530,217
l5,878,275 37,539,330 39,223,409 40,916,374 42,617,105
72,055,616 76,245,512 80,997,589 85,996,837 90,993,214
833,944,702 872,009,292 910,1Hf, 717 948,945,159 987,765,516
GEORGI A Er!PLOTEE:S R ETI~EP!ENT SYSTEP!
PRO ,lECTION OF FON D B~.LANCE
PROJECTION 1
YElR
BEGINNING
EMPLOYEE
STATE
BALANCE CONTRIBUTIONS CONTRIBUTIONS
I NVESTPIENT YIELD
TOTAL Pl!ftENTS
EliDING
BALANCE
1996 1997 1998 1999 2000
987,765,516 1026,202,102 10611,423,733 1102,472,111 11110,320,503
32,973,169 34,403,254 35,839,870 37,369,607 38,870,083
57,794,276 60,287,267 62,770,194 65,433,912 613,033,780
44,317,136 46,003,991 47,682,305 49,352,405 50,qCJ9,348
96,647,995 102,472,881 108,211J,CJCJ1 114,307,532 120,907,166
1026,202,102 1064,ta23,733 1102,472,111 1140,320,503 1177., 316, 5te8
2001 2002 200)
20011 2085
1177,316,5118 1213,538, .. 66 12119,086,1 .. 4 128l,11fl,665 1 3 1 5 , 9 1 5 , 5 .1 2
40,491,568
42,215,027
n, 902,785
115,7112,197
47,603,660
70,850,265 73,862,781 76,787,050 79,999,980 83,248,829
52,610,502 54,189,784 55,720,800 57,191,373 58,593,555
127,730,417 134,719,9111 1112,382,1111 150,112,703 158,525,522
1211,538,466 1249,086,11111 1283,11 .. ,665 1315,915,512 1346,836,0Jit
2106 1346,816,014 2007 1375,790,741 2118 . 1402,1311,1117
2M9 1112~,8117,176 2118 111115,926,1171
119,51111,847 51,509,31t0 53,609,2112 55,793,523 58,108,218
86,637,0011 90,051,388 93,722,159 91', 51t1, 370 101,598,1118
59,911,103 61,127,932 62,229,1118 63,193,06) 64,009,398
167,138,2117 176,3115,251t 185,8117, 790 196,11118,661 206,697,1123
1375,790,7111 11t02,1lll,147 11125,8117,176 111" 5 92 6 , 4 71 11162,9115,082
2111 2012 201)
20111 2015
1462,9115,082
1~76,659,006
1486,2211,011 11191,1136,178 11190,207,ta12
60,550,81., 63,083,339 65,730,756 68,390,689 71,287,36]
105,887,608 110,311ta,2511 1111,997,654 119,696,021 1211,796,1132
64,685,665 65,197,915 65,523,085 65,610,739 65,1143,953
217,ta10,190 229,060,503 21t1,039,328 254,926,215 267,878,1177
11176,659,006 11186,2211,011 11t91,1136,178 1.. 90,207,ta12 11183,856,687
2016 2017 2018 2019 2020
11183,856,687 11172,063,1187 111511,11511,829 11130,682,538 11100,1131,699
74,283,390 77,ta15,902 80,6911,070 84,107,298 87,70ta,846
130,059,484 135,565,810 141,328,495 147,323.469 153,652,545
65,044,698 64,397,.714 63,1187,130 62,298,357 60,817,259
281,180,712 294,988,084 309,281,986 323,979.963 339,231,487
1.. 72,063,1t87 1454,ta511,829 1410,682,538 1.. 00,1131,699 1363,374,862
SCH.EDOLE 1 INTEREST RATE 4.51 STATE CONTRIBUTION 7.01 ANNUAL INCREASE IM LIVES . 4.0~
GEORGIA EfitPLOYEES RETIRENENT SYSTE!It
PROJF.CTIOli OP PUID BALA!ICE
PROJECTIOI 2
Y~AR
BEGIMlf IliG
EftPLOYEE
STATE
BALAIICE CONTRIBUTIONS CONTRIBUTIOIS
IlifYESTPIENT YIELD
TOTAL PA t!!ENTS
EIDIIG BlLAICB
1971 1972 1971 19711 1975
176.933,869 201,740.100 227,35ta.llta5 251t,166,938 2 82 ,260,601
9.769.860 10 ... 80.100 11.077.767 11,7,.7,449 12,ft64,132
19.762.876 20,407.392 21.474.859 22,690,5"6 24,002,277
8.312.683 9.442.181 10,595,825 11,804,029 13,070,901t
13.058,988
1~J.715.530
16,335,958 18,148,361 20,058.5111
201.740,300 227.J51f,lfiiS 254,166,918 282,260,601 311,739,180
1976 1977 1978 1979 1980
111,719,180 1112,110,8711 173,1119,152 ,05,111,1119 ,17,911,569
11,129,479 11,849,149 111,562,800 15,287,726 16,110,2011
25.206,095 26,537,917 27,"8110,053 29,161,268 30,690,891
14,387,901 15,7115,164 17,135,929 18,555,514 20,015.257
22, .151,981 24,823,752 27,61tll.695 30,388,378 13,097,261
3,.2,110,8711 171.419,152 ti05,311,U9 1137,CJ11,56t 1171,651,661
1981 1982 1981 1984 1985
,71,650,660 506,179,810 5,2,196, 7611 578,7111,689 616,261,142 .
16,920,691 17,7117,919 18,578,168 19,506,812 2o,n, 120
32,168,919 31,67ft,310 15, 196,_195 16,911,156 38,612,101
21,521,1t53 21,071,812 211,666,127 26,295,910 27,960,1172
15,881,915 18,679,107 111,895,765 115,196,225 ,8,CJ01,ft62
506,179,110 5,2,196,764 578,7.1,619 616,261, MZ 65ta,.J86,Jl)
1986 1987 1988 1919 1990
65ft,386,771 64Jl,JCJ5,973 111,410,0'51 J711,J81,601 115,9111,6'57
21,1100,]09 22,375,7611 2l,421f,lf2CJ 21f,ll61f,l28 25,5,2,506
110,1107,1178 lf2,191,210 1111,112,600 ,6,056,703 118,010, 5lt8
29,657,811 31,397,150 31,179,2711 14,CJ911,<J76 16,8146,311
52,1156,198 55,912,01111 59,782,755 63,955,951 67, 8115,61_8
6ctJ,195,9lJ 711,410,1SJ 17,,181,611 815,911),657 858,517,1J04
1991 1992 1CJCJ1 199,
19ct5
858,517,,0, 902,017,791 9ll6,575,727 991,983,151 1037,850,878
26,681,852 27,849,870 29,11,.,902 30,3l1,71CJ 31,666,24CJ
50.133,770 52.275,479 54,632,514 56,866.364 59,338.004
38,740,1RJ 40,678,097 42,657.779 44,666,279 46.703,.5J8
72,055,616 76,245,512 80,997,589 85,996,817 qo.99J,2111
902,017,191 CJIJ6,575,727 991,98l,JSJ 1017,850,878 1084,565,,55
,,
GEORGI A EI"!PLOYE~S RETIREMENT SYSTF.l1
PROJ ECTION OF FUND BALANCR
PROJECTIO N 2
T!lR
BEGIRNING
E~PLOTE E
S'l'~TE
BALANCE CONTRIBUTI ON S CONTRIBUTIONS
I NVESTP!ENT TIELD
TOTAL
PATft E ~T S
ElfDI ltG BALANCE
1996 1997 1998 1999 2000
1084,565,455 1131,410,243 1178,593,239 1226,180.332 127,,183,446
32.973, 169 34,403.2 54 35,839.870 37,369.6 07 38,870.0 83
61, 757, 313 64,421,251 67,074,436 69.920,809 72.698,954
4~.762,301
50,831 . 372 52,916,778 55 ,020,230 57,128 . 147
96 ,647,<J95 102,472,881 108,243,991 114,307.532 120,907,166
1131,410.241 1178,593,239 1226,180,332 1274,183,446 1321..973,Al64
2t01 2002 200]
2002005
1321,973 ...64 1369.672,559 1-17 , -2 5 , 106 1116ti,ll12,750 1510,981,152
40,491.568 42.215.027 43.902.785 Al5.742.197 117.603.660
75 .708.569 78.927,657 82,052.448 85.485,693 88,957.320
59.229.375 61 .329.777 63.Al14,525 65,473.215 67,499.950
127.730.417 13fJ ,71 9.914 1112 ,382 .11 150. 132,703 158,525,522
1369,672.559 11117,11 25,106 111611,1112.750 1510,981,152 1556,51 6, 560
2006 2017 2018 ' 210, 2110
15S6,516,560 1600,981.382 16113.772.256 168.11, 930, 263 1723,507,3110
49,5411,847 51,509,34 0 53.609.242 55,793.523 58.108,218
92,577,827 96.226,3111 100. 1118 ,822 104' .229.921 108.565,166
69,1180.395 71,1100,4117 73,247,733 75,002.2911 76.657,289
167 ,1 38,2117 176,3115,2511 185,8117.790 196,11.8,661 206.&97.423
1600,981,382 16113.772,256 1684,9 30,2 63 1723,507,340 17&0,1110.590
2011 2012 2113 2011t 2015
1760,1160.590 1791t,652,545 1826,263,967 ' 185tl,840,910 1878 .357.758
60.550.841 63,083,339 65,730,756 68.390,689 71.287.367
113.1118,472 117,910,717 122,883,207 127,903.748 133.35:3,902
78,222.832 79.677,869 81.002,308 82,11l8,626 83,103.262
217,1110,190 229,060.503 2fl1.03CJ,328 254,926.215 267,878,477
17911.652.545 1826,263.967 185at,eii0,910 1878,357.758 1898,223,812
2016 2017 2018 2019 2020
1898,223,812 19111,196,160 1925,988,573 1933,31l4,at47 1936,042,873
74,283,390 77,415,90 2 80,694,07 0 84,107,298 87,704,846
138,977,848 144.861.752 151,019,592 157,425.649 164,188,719
83,891,882 84,502,843 84,924,198 85,145,442 85,156,826
281 ,180 ,772 294,988,084 30 9,281, 9 86 323,979, 963 339 ,231.487
19111,196,160 1925,988,573 1933,341t,447 1936,042,873 1933,861,777
SCHEDULE 1 INTEREST RATE 4.5~ STATE CON~RIBUTION 7.51 ANNUAL INCREASE IN LIVE~ 4.0,
SECTION III
SECTION III METHOD OF CALCULATION
'
The projection of future benefits available each year for each employee is the fundamental unit of calculation employed in this valuation method. This involves a calculation of the amount of benefit available to the employee each year in the future based upon his then attained age, years of service and assumed salary. The effect of the employees' division (A or B) and whether or not he is entitled to the money purchase benefit or the final average formula benefit is also taken into account, Associated with the amount of benefit available to the employee each year is the probability of his receiving that benefit, which probability permits the determination of the expected payout each year. The summation of the expected payout for all of the
emp loyees for each year of the 50 years used in the
projection results in the total amount of benefit payments by the Retirement System, anticipated by the assumptions . New employees are introduced into the System each year in the future in such a manner as to permit the replacement of the employees who terminate, die, retire or become disabled, and to augment the working population of the System by a fixed percentage
-9-
each year.
The ultimate goal is to find the level contribution required to produce a Trust Fund which is sufficient in amount so that the investment earnings of this ultimate Trust Fund combined with the continuing leveJ _ggntribution of the State and the employees eqJJals the _a=n::n.:.o=..u.:::::.n:..::..t..::........o.:::...f::...._b:::_:e::.:n:.:e=-:f.:.i_t:.:s:..~w:..h:_:.i::..c::.:h.:.._:a::r:.e:..-.:P::.a==i~d~o:..u.:::..t::..-:e=a=c=.h...._.u...::Y~r. This balance is generally referred to as the "equation of maturity" and presents a unique determination of the funding requirements of the Retirement System based upon the various assumptions employed in the calculations. Due to the long range nature of the calculations, and the adoption of a Plan to provide post-retirement adjustments to recognize the effects of inflation upon the benefits, the calculations have been designed to recognize inflation as an assumption in addition to the usual array of assumptions regarding progression of salary and termination of employment for death, withdrawal, disability or retirement. Therefore, it is possible to evaluate the level of State contribution required to maintain the System based upon a great variety of assumptions.
The projections, therefore, enables the Board of Trustees to take a much more penetrating look at the emergence of benefits and the growth of the Trust
-10-
>
Fund for many years into the future to be satisfied that the contribution rate required by the State is reasonable in light of current and anticipated economic conditions and will continue to keep the System in an actuarially sound position.
It must be kept in mind that, regardless of the method of valuation, the results are dependent on the assumptions used in producing these results. Consequently, it is unlikely that the State's contribu-
tion could remain unchanged for 50 years as a result
of this valuation . Facts will change which may dictate a modification of the assumptions; some unusual disturbance in salary levels may occur in one or more departments of the State, unusual demands on the labor force may change the current rate of employee turnover, etc. However, these changes will be refleeted in the data received for each subsequent valuation . Long range changes will be taken into account at the quinquennial experience studies. Des pite these changes which will alter today's projections, and which would be inherent in any method used, the projection method produces much more reli able and detailed results than are possible under other methods .
-11-
SECTION IV
SECTION IV . SUMMARY OF ACTUARIAL ASSUMPTIONS
The actuarial assumptions used for projecting future employee terminations and salary progression employed in the Projections shown in Section II, are the same as last year, have been based upon the 1970 Experience Study and are summarized below .
Mortality Prior to Retirement
For males the a-1949 Annuity Mortality Table was
used to predict future deaths among male members .
For females the a-1949 Annuity Mortality Table was used
set back five years . The adjustment in age for females
was necessary to reflect the incidence of mortality
among female members. Sample rates are set out below:
1,000 Times the Probability of Death Within One Year
Attained Age
25
Male ----:77
Female
.38
35
1.39
.68
45
3.63
1.36
55
10.57
3.11
65
23.07
7.50
Mortality After Retirement For male retirees the a-1949 Annuity Mortality Table for Males, and for female retirees the a-1949 Annuity
-12-
Mortality Table for Females was used i n pro j ecting
fut ure deaths among retired membe rs. Sample rates
of mortality are shown below :
1,000 Times the Probability of Death Within One Year
Attained Age
Male
Female
70
35.09
20.96
80
85.50
61.42
90
208.49
176.16
In vestment Return The valuation pro j ections contained in Section II assume that the Trust Fund will realize a 4~% investment yield over the entire period of the projections.
Rate of Disability
The rates of disability used in the valuation are the
same as the rates previously used and are as set forth
below: Age
Probability of Becoming Disabled Within One Year
20
.001
30
.002
40
.004
50
.010
60
.029
-13-
Rate of Withdrawal
Separate rates of withdrawal were determined for males
and females and these rates vary by attained age and
duration of employment. While these so-called select
rates involve some complexity in the valuation, they
provide a more realistic picture of future termina-
tions of employment. A sample network of these
probabilities of withdrawal are set out below
separately for males and females:
MALES
Probability of Withdrawal Within One Year Based Upon the Following Number of
Years of Service at Date of Valuation
Attained Age
0-1
2-3
4-5
5 & Over
20
.53
. 24
.11
. 06
30
. 34
.16
. 09
.05
40
.30
.14
. 08
. 03
50
. 27
.12
.06
. 01
60
. 00
. 00
.00
.00
FEMALES
Probability of Withdrawal Within One Year Based Upon the Following Number of
Years of Service at Date of Valuation
Attained Age
0-1
2- 3
4-5 5 & Over
20
.35
.24
. 16
.06
30
.24
. 16
.09
. 05
40
. 18
.09
.06
. 03
50
. 17
. 07
. 06
.01
60
. 00
.00
. 00
.00
Progress of Future Salaries
The salary scale was constructed from data supplied
by the State Merit System and is intended to antici-
pate basic increments i n earnings due to employee's
longevity within his employment position . Sample
rates are shown below:
Ratio of Final Average Salary to Current Salary at Attained Age
Attained Age
Male
Female
20
5.92
4.99
30
3.64
3.09
40
2 .29
2.01
50
1.53
1.41
60
1.11
1.07
It is expected that member earnings will increase in accordance with the above and in addition will be further increased on account of inflationary forces at work in the economy. Each year these forces are examined and the schedule of adjustments shown above is adjusted to reflect this analysis.
Retirement Age Due to the recent trend among State departments to require members to retire at age 65, and because a member now receives credit for service beyond age 65, a ge 65 has been used as the retirement age for all cal-
-15-
culations. While deferral of retirement may still occur, a cost savings will not be produced due to the higher benefits which will be payable upon later retirement. Expenses and Contingencies There have been no specific allowances for expenses under the System or for contingency reserves.
-16-
SECTION V
~
r
T A. B L ~
1
E r. P L 0 Y F.; E S 1 R r: T T R f. "" F. N 'T'
S Y S "' E !'!
f) !-"
r. E 0 q_ G I A
DIVI:iTON
.~.
!HST ~ I B! ITI0 1~ OF 'lB"'lB':::RS!IlP - P i~I ' li1 :JP.R VI CS C~E'liTS
"!AL ES
.rnN;;; 10 , 1 !17 1
AGE NO. OF
GROUPS l'!E!'!BERS
TOTAL
t\NNUAL SALARY
MEM BP.RS
CONTRIRS 1\NO
INTEREST &.S
OF 6-3 0-71
A[),lUST P.D PRIOR SVC. CREDITS AS OP 6-l0- 71
CO~TRT BS "'HP.OU!,H
P-31-5~*
15-19
532 2,042,2 92
36 ,41 9
20-24 2,763 14, 549 ,4 97
60 4,7 02
24 , 260
3, 00 1
25-29 2,849 1<},334,714 1,863,461
TOT AJ,
PPT0 R
S F.RVTCE cqr.:nr-rs
27 , 7.61
AVF:R .II.GE ANNrTAL SAV. l:! Y
3,839
5 , 265
6 , 7B6
AVER AG E PRIOR
SEFVICE
C:~EDI'i'S
g
30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-6 9 7 0-74 75-7 9 80&0V
2,575 2 0,395, 8 10
2, 10 3 17,662,691
1, 97 7 15,~80,2~R
2 ,166 17,300 , 74'3
2,209 16,777,445
2 , 055 14,788 , 917
1,'180 11 , 33q ,2'34
4 5 9 3,709 , ')98
41
42R , 341
11
1 .32 , 0 7 R
6
104 , 78 7
J ,3 R6 , :D4 1 ,64 2 , 613 1 1 , 814 , 1)69 4 , 550 , 411 4 , 649 , 066 4 , 261 , qgo 3,7 8H , 26A 1, 250 ,1 n 7
111,1 41 16 ,1 68 ?.5 , ASO
92 7 60,87') 73 1, 166
1 ,523, 1n
3 74,49 0 1 , 733,377
42? , 918 41,7 9 9<? , 42q
117, ')8 1)
1 0 , ; ']3 81) , "392 161, q ')3 7.l 3, 32::J :?oq ,1 47 ;> 41 ,7 2 fl 6 '1,6 '19
1 , P.() 1 ? , 7 '37 7, 284
1 1, '130 141 , 217 n<n ,11 q 1,7 5 7,121 1,n R2 , 6 17 1, 97'1 ,1 05 4H 8 ,'l57
47 , 1) () 0 102 , ?. 1 6 12'1 , 264
7 , 0 2 ') H, 19A
8 , 1)3~
7 , 0'3 7 7,S'l') 7, 196 7,17fi 8 , 08 1 10 , 447 12 , "l0 7 17,4 64
'5 71 412 79C, 526 1, 250 1,064 1, 1 bO 9 ,2 9? 70 ,877
TOTAL 21,326 1 54 , 4 4 6 , 4 i~ ~ 12,111,433 5 , 6 33 , 0 31 1, 0 18 , h 4 4 6 , h5 1, h 77
7 , 242
3 11
* INCLUDING I~TEREST TO 6-30 -71
F. M P L 0 Y f. r: s
1' a. Fl L E
2
p ~ 'l' I 1 !; ~1 E ~ "'
v ~;
<; 'T' ": :1
n F
!_-; '!: 0 R ~ I A
0 I V1 S I 0 N
\
DIS'l' RIBU T10N OF MEM!"I PP. S ~H P - l:'F r np SF. FVIC E C~E DTTS
PEIH\ LE S
J !TNF. )'), 1<!71
AGE NO. OF GROUPS l'!EMBERS
15-19
441
'I'O'l'AL ANNUAL S ALARY
:'IEMflF.RS CONTRIBS AND
IN TEREST liS Of 6-30-71 .
AD.JUST ET) PRIOR SVC. C~P. D ITS AS OF 6 -30-?1
1,9.32,511
46,532
C J ~TRTBS
'T'H FO UG H 12- 11-51*
TOT :'IL PRIOR S ER VTCE CRF.OITS
1\V ERAr.E ANNUAL
SALI\RY
4,3R2
20-24 25-29
3,394 18,661,596 2,517 15,599,344
q90,375 1,370,178
5,498 6,1q7
30-34 35-39
1'658 10,185,022 1,411 8,529,036
1,226,930 1,234,Q58
42 9
10,159
10 ,58 3
6,142 fl,()44
40-44 1, 46 7 R,%3,422 1,439,075
6,A23
24, 0 19
30,642
6, () 41
45-49 50-54
1, 5 20 1,440
9,426,481 9,001,194
1,878,511 2,205,241
63,250 102, 3 16
56,247. 112,5q4
119,lq2 304,Q]Q
n ,2 o1
Fi, 250
55-59 60-64 65-69 70-74 75-79
1, 126 751 146 21 1
7,437,042 5,312,226 1,071,2Q4
162,073 2 , 697
2,2q4,343 2, 124, 25 7
46 5, 86 7 48, 2 42 1
4 16 , 0 14 652 ,711
8 2, QG7 1 ' 4 21
172, 620 2 07 ,176
45,053 1 ,1177
')CH~ 1 6 34
8 55, Q') g 12R, 0 2 0
2 , l1qH
6 , h0 4 7, 0 73
1,1 n
7 , 717 2 , r,q 7
80&0V
1
12,414
4, Rg2
TOTAL 15,894 96, 196,359 15,329,41 0
* INCLUDT~ G INTEREST TO 6-30-71
1 ,41">, 771
6 ~4 , 4g')
2 , 0 40, 261
12, 4 14 6 , 0 52
1\VEPAGP. OPIOP
SER VICE CR PO I'l'S
7 20 7H 2 11 522 1 , 138 8 76 1.l8
12 8
'"~' -\ 3 L "
l
F. "l P f. 0 Y E 8 S '
8 J.' l' I '{ F' " F: N !'
':) V ' ) T "f:1J!
nrvr sro~
A
f) -:;'
G E0 11r,I .\
DIST RI BUTIO N OF - ~E~B~RSH TP PSinn SER Vl CR CRF ~T TS
ALL ~EMR P RS OF DTVISTON JUN E 1 0 , 197 1
AGE NO. OF GROUPS ME!"'!3ERS
TOTAL
AN~DAL
SALARY
~EMBER S
CONTRI BS AND INTE RRST AS OF 6-30-71
ADJUS TE~
PP!09 SVC .
CREDT~S AS
OF 6 -l0-71
CO NTRTBS
~HROUGff
P-11-S3*
'!'0 1' 1\ L
PR I OR SE'R VICP.
CPF.O JT S
~ V ER.rd;E
VPFJAL
SA J. J\~ Y
15-19
973 3,974,803
82,952
4, 0~ '1
20-24 6,157 13,211,094 1,685,07A
24,26 0
3 , 0 01
27,261
5,3'l4
25-29 5,366 34,934,058 3,233,639
6,510
30-34 4,233 30,580,832 4,613,164
7, 22 4
35-39 3,514 26,191,727 4,R77,640
1,156
20,762
22,118
7,451
40-44 45-49 50-54
3,444 24,743,660 3,686 26,727,232 3,649 25,779,640
5,2S3,745 6, 42B,g25
6,R~4,307
67,498 79 /~, 111 6 1 ,716,12 8
104,411 2 18 ,1Q5 14 5 ,921
171,909 1, 0 12,h11 2, 0 62, 0 51
7r184 7, 2 '11 7, 0 6Ll
55-59 3 ,181 22, 2 25,9 59 6 ,556,333 1,290,504
180 ,7 1)7 1, 6 71, ?. 71
6 , 9a 7
60-64 65-6(} 70-74
2,331 16,651,510
605 4,7 80 , R91
fi2
590,417
5,912,525 1,716,2 34
159,38/l
2 ,3 8o ,11 0 50 5,9 05 1h,2 20
114Ll, 05 4 110 , fl72
5, 278
2,Rln,1h4 6 16, 5 77 50,!198
7,11ll 7,102 9,'122
75-79
12
134,775
36,170
99,429
2,787
102 , 2 16
11 , 231
80&0V
7
117,201
30,742
117,98 0
7, 29 4
17.5, ?6 4
16,743
TOTAL 37,220 250,642,808 47,440,844
* INCLUDING INTE REST TO 6-10-71
7 , 0 48, 806
1, ()10,134
~ . 69 1, <} 40
f- , 734
A V ER AGE P 'R IO H
Sf!PVICE CR Fni'l"S
4
6
49 ?.74 56') 525 1, 21 4 1,0 19 8 14
s , s 1a
17, B94 2l3
n 'l' A.
L ~~
4
E ~ P L 0 Y E E S ' R E ,., I '"I E 11 P. N 'l' s '{ s 1' f. .., 'l p
G R 0 R r; I A
J I VI S I 0 ~
l
DIS'l'RTBfiTtON OF - ~EMBERSHI P nRTOR '5 ERV IC F: CR!-~f)TTS
I'IA.L ES JUNE J O, H71
AGE 110. OP GROUPS "E.P!BERS
TOTAL ANNUAL SALARY
'I'IE I'IRERS CONTRIDS AND
INTEREST 1\S OF 6-30-71 .
AnJUS'l' F. D
PRIOR S VC.
CRED ITS AS OP 6-30-71
CONTRIBS 'l'HROOGti
12-11-'13*
TOTAL PRI0R
S'P.~VIC::
CRE DITS
AVERAGE ANNUAL SALARY
15-19
20-211
1
4,752
96
4,752
25-29
1
16,320
1, 047
16,120
30-3-
18
164,196
7q,oo6
q,122
35-39
o-1111
88
882,147
116 1,241,990
473,706 789,149
107, 465 169,505
6,93') 35,155
114,400 204,fi60
10,024 10,706
45-" 9
125 1,428,074 1,002,678
417,178
87,423
504,fl01
11,424
50-511
106
1,214,~21
909,484
578,'iB1
0 4,11 7
672, 698
11,460
55-59 60-61$
103 1,150,815
1$8
551,419
862,073 40S,879
807,H84 40q,1RA
90,65.1 45,910
~98,517
,.. ss, 1)98
11,172 11, 4cn
65-69
9
76,939
53,018
60,774
3, s gs
64,>)72
8, 548
10-115-19
3
13,554
8 , AA5
5 , 893
1
14,799
11, 785
33,477
'i,Rcn
:n , 4 77
4,'i18 14,799
80&0Y
3
21 ,9 00
1,515
17,301
J, 138
20, 4 19
7,300
TOTAL
622 6,781,77.9 4,598,52)
* INCLUDING INTEREST '!'0 6-30-71
2 , 60 7, 246
]67 ,279 2 , g74,47')
10 , 903
AV'P.R !\ GE PRIOR
SERVICE CREDITS
1,300 1, 764 4,036 6,346 B,723 9,4!l1 7,1R5 1, g64 .33 ,477 6 , 813 4,782
,-
m .~RL::
')
P. M P L 0 Y E E S' 1 P. 'T" t h' E !'! f. t.: T S'{S'T'f '1 0 F
c; S Q R r.; I A
::l I V I S I 0 "l
H
DI STRIBU'r.ION o: - ~~M BEP SHIP PHIOP SEF VIC E CRF.IliTS
FE"'ALES .lU~E 30, 1Q71
AGE NO. OF' GROUPS Pi E!'1BERS
TOT~L
ANNUAL SALARY
'1EI'IBER S CONTRIHS .a.ND
INrEREST AS OF 6-30-71
AD.JUST ED PRI OR SVC. CREDITS AS OF 6-10-71
.:f1 NTR18S 'r HROnGH
1? - 11 - 53*
TQ'T'AL PFIOR SER VICE CPEDITS
AVE Rl\.Ci E AN NUAL SA LAR Y
15-19
20-21t
2
11,60"
472
25-29
q
18,744
520
5,R02 4,6f36
30-34
16
113,724
49,992
7,107
35-39
57
1448,687
266,954
17,407
10 ,589
27, 9 Q6
7,871
40-4"
61
501 ,401
333,953
77, HO
25,429
102,"79t)
R,219
45-49
126 1, 0 24,296
710,242
274,310
61,161
137,471
8,129
50 -54
128
CJ93 ,762
725,502
176, 033
7 7,412
451 ,445
7,7 6 1
55-59
119
990,445
75 1,61 0
'140 ,5 29
R1, 6 90
62 2, 2 1Q
~,323
60-64
81
606,315
467,544
413,712
54, 6 42
468,154
7,4'l5
65-69
11
76,050
53 ,121
34, 262
1 , f3 74
18, 1 36
6,9H
70-74
75-79
80&0V
TOTAL
605 4, 785,029 3 , 359,913
* I NCLUDIN G INTEREST TO 6-30 - 71
1 ,.7 3 3, 621
1 16, 1 91 2, 0 50,42 0
7,q oq
AVF. Rli GE PRIOR
SERVICE CRE DITS
491 1, 685 ?.,67 8 1,51.42 5,2 28 '1,7 8?. 3,4n6
3,1RO
E M P L 0 Y E ~ S'
"' fl R L E
n
R F: ~ I 7 ~ "l F. ~ 1'
S v S 1' R ~
I") F
G E () ~ r; 1 A
f) T V I S I 0 N
13
DISTRIBUTION OF ME MBE RSHIP - PKTnR S~HVl ct: CREDITS
~LL I"'E:111B RS 0 l~ DIVJSION JUNP. 30 , 197 1
AGE NO. OF GROUPS !"!EMBERS
TOTAL ANNUAL SALARY
~EMBE~S
CONTRIBS AND INTEREST AS OF 6-30-71
1\ OJ US'J' ED
PRIOR S VC. CREDITS AS OP 6-30 -71
CONTFIBS
T HRO!H-;H
12-31 - 53 *
T()'l",\L
PRII")R
SERVTCF! C REDTTS
l\VF.RAGE ANNU AL SALllfn
15-19
20-2 25-29
3
16,356
5
35 ,064
569 1, 567
5 1 I~ 52 7,012
30-34
34
277 , 920
128 , 9q8
8,17 4
35-39
14 5 1,330 , 83 4
7 40,660
124,H72
17,524
142 , 396
9, 178
40-44
177 1,743,391 1,123,302
246,875
60 , 5 84
l0 7,4Sq
9 , 8 4!J
45-49
251 2,452 , 3 7 0 1 , 712, Q2 0
691,488
150,584
.8 42,072
9,770
50-54
234 2,208,583 1, 63 4, 987
qs4,614
171,529 1,126 , 143
q,418
55 -59
222 2,141,260 1 , 613 , 683 1,34R,413
172,3 4 3 1,520 ,756
q,645
60-64
129 1,15?, 7 34
873 , 423
1322,900
100,5'>2
1123 , 452
8,974
65-69 70-74
20
152,989
106,139
3
13 , 554
8 , .885
95,036
s, R<n
7 , 772
102,gos 5,R9.1
7,649 4,'>18
75 -79
1
14 , 799
11,785
13 , 477
13 , I~ 77
14,79Q
80&0V
3
21,900
1,515
17,30 1
.1,11 8
20 , ijl9
7,1 ')()
TOTAL 1, 227 11,566,759 7 ,9'> R,4 3q
* I NCL UDI NG INTEREST TO 6-30-71
4,340 , 869
F184 , 026 5 , 0 24,Rg')
q,426
AVE !H.GE PRIOR
SERVICE CRP.DITS
qA2 1, 7 37
J,.:JI)I~
4,812
f1,~')0
7,1 58 5, 14 0 1, 96 4 31,477 6, 811 4,0Q5
E M P L o Y E F. s
1' !I R L F:
7
n E "" r o F. 11 E N 'l'
c;vc:..,P."!
[) [V IS ION
~
() F'
GE0 " GI A
DIST1IBUTI O ~ OF PRIOR SER VIC E CREDI~S BY M8AN YEARS OF SER VICR
"1~L ES
,TIJNE 10 , 1971
SEBV NO. OF
GROUPS l'iEMBERS
TOT~L
ANNUAL SALARY
MEMBERS CONTRIBS AtlD
INTEREST AS OF 6-30-71 .
ADJUSTED P ~ TOR SVC. CREDITS ~S OF 6-30 - 71
CONTRTI3S THROUGH
12-11-53*
TOT-\L
PPI0'1 SFRVICE
CREDTTS
/\VE1t'\GE
ANN!JAL
S\LARY
-1 1- 2 2- 3 3- 4
3,808 20,102, 93 0 2,682 16,407,484 1,906 12,010,632 1,555 10,703,491
326,268 806,751 1,039,234 1,158,322
5 , !79 6 , 117 6 , 301 6 , R8J
ll- 5 1,368 9,540,451 1,232,905
6, Q11~
6-10 11-15 16-20
4,423 33,633,157 2,751 23,5 17,700 1,339 11,q90,035
6,491 ,178 7,000,329 4,713,901
150,IJ53
1,Sl5 3R, 2 Q1
1, 515 1g8 ,7 44
7,60 4 A, 5 4H 8,q54
21-25 26-30 31-35 36&0V
803 8,291,137. 463 . 5,21)6 , 382 150 2,032,2]2
18 1,010,!319
4, 22 4, 30'~ 3 ,124, 328 1,329,122
664,787
114,907 1,454,595 1,959,826 1,753,252
2Q 4,315 1R6 , 745 1Rfi,129 111,62g
60 Q,22 2 1 , A IJ 1 , 1 4 /') 2 ,1 1J5,155 1, 1-1 64, 88 1
10,325
11,~44
11,'->413 12, ')')g
TOTAL 21,326 154,446,448 1~,111,433
* INCLUDING INTEREST TO 6-10-71
5 ,h1J, nr~
1 , (\ 1 R , 6 4 '~
6,f-5 1, 1177
7,~42
~V E~ ~GF. P~TOR
SERVICE
CREDITS
141) 758 1, 976 11! , 306 23 ,q::> R
111
E 1'1 P L 0 Y !~ s s
.., l\ B L !';
R
,, ~ B .,., I ., f.~
r.: "J T
s y s T' e: '1
!) T V r_ s I n iiJ
.\
DISTRIBUTION OF PR TO P SO::R VICl: CP ":1)1 1':) 3 Y M8 -'\ N
() F' VEI\ :1'>
r; ? () r '~ I II. OF' s ~~ ~v r:: R
F E!'1 !\ L ES
.l!JNE 3(), 1471
SERV NO . OF GRO UPS MEMBERS
- 1 3,406
TOTAL ANNUAL SALARY
:1EMRERS CONTiliRS ANr>
INT EREST AS OF' 6-3 0-7 1
17, 807 , 242
313 , 1,44
1- 2 2,819 15,732,652
759,826
2- 3 1,823 10 , 57 ij , 7 .lO
813,907
3- 4 1 , 387 A,272,68n
862 , 097
4- 5 1,135 6,717,018
854 , 33 4
6-10 2,574 16,5.36 , 0 .18 1,160,966
11-15 1,341 9,327,248 2 , 822 , 6 17
16-20
654 4,839 , 849 2 , 068,>395
21 -2 5
366 2 , 809 , 5Q3 1,531,175
26-30
2 1 5 1,822 , 00 1 1, 0Q 4,177
31 - 35
119 1,135 , 982
721,434
36&0V
55
521 ,317
326, ')3]
TOTAL 15 , 894 96, 1<lf) , 159 15 , 3 2 q , IJ 10
* I NCLUDI Nr. TN'T'E: RB ST 1'0 6- 30 -71
AD,J UST En PRIOR SVC. CR EDI'l'S AS OF 6-1 0-71
11,524 5"> , 2 B 235 ,277 578,398 ">35 , 135 1 , 4 15 , 77.1
CONTRT 13S THROUGH
P -31- 53*
1'0T 1\.l,
PRIOR
SE~VICE
\.R:O:DTTS
46 2,413 56 , Q26 199 , 4?4 173,72Q 130 ,71 0 6 1, J42 (i 24 , IJQ()
46 2, 411 h8 , 150 254, 663 409 , (106 709 , 10R ') f)F-.,F-.77 2 , I) 41) , 2 6 )
II.VP.RAGE ANNIJAL SALARY 5 , 228 5 , '1RO 5 , 800 5 , 464 5,91'l 6,463 6 , 95') 7,400 7,676 8 ,474 9,':>46 9 ,4 78 n , 05 2
AVERAGE PRIOR
SE 0 VICE CREDITS
104 6q5 1,902 5, 958 1(), 81~ 8 12 8
TARL -~
g
E M P L 0 Y E E S' R F. '1' I R f: 11 E l>J T
SYSTEi'l
0 F
G E 0 R r; I A.
DI VI SI n ~
A
DISTRIBU~ION OF PRT OR S~R VICE C~ HOT TS BY ~~AN YEARS OF SRR VICR
ALL ,EMBERS OF DIVISIO N JUNR 30, 19 71
SERV NO. OF GROUPS !'!EftBERS
TOTAL ANNUAL SALARY
MEMAERS CONT RIBS AND
INTEREST AS
OF 6-30-71
ADJUSTED P RIOR SVC. CREDITS AS OF 6-30-71
CONTRIBS THROijGH
12-31-53*
TOTAL PRIOR SERVICE CREDITS
AVERAGE ANNUAL SA L.rt Hf
- 1 7,214 37,910,173
639,712
5,255
1- 2 5,501 32,140,136 1,566,577
5.842
2- 3 3,729 22,585,362 1,853,141
6,056
3- 4 2,942 18,976,177 2,020,419
6,450
4- 5 2,503 16,257,q69 2,087,239
6,49')
6-10 6,997 50,269,195 9,652,144
4b
46
7,184
11-15 4,092 32,844,q48 q, 822,946
3,948
1,g4!J
R, 0 26
16-20 1,993 16,829,884 6,782,797
161,977
9'),117
2')7,004
8,444
21-25 1,169 11,100,725 5,75'),480
370,146
1~93, 739
861,885
9 .495
26-30
678 7,028,383 4,21~,51)5 1, 68 9, 8 72
560 ,474 2 , 2 5 0 , 3 1~6
10,366
31-35
269 3,168,214 2,050,557 2,538,224
116,R39 2,R55,0fi3
11,777
36&0V
133 1,532,136
991,321 2,288,')87
172,971 2,Llf)1,')58
11,510
TOTAL 37,220 250,642,808 47,440,844
* INCLUDING INTEREST TO 6-30-71
7,048, 806
1,643,134
8 ,691,941)
6 ,714
AVERAGE
PRIOR
SERVICE CREDITS
12A 718 3,31g 10,613 18 ,507 233
E M P L 0 Y E F: S'
'Tl 7\. T3 L f<~
10
f-\ F '!' I ~~ ~ ~ E 'J T
s y s T' P. "!
() F
G :: () R r; T .~
D I VTS T 0 N
r3
DISTRIBUTION OF PRIOR SER VICE CREDIT~> BY MP. AN YP.A qs ();;' S ~~ RVTC "S
MALES JU NE 30 , F171
SERV NO. OF GROUPS MEMBERS
-1
1
TOTAL AN NUAL SALARY
11EMBERS CONTRIBS AND
INTER EST AS OF 6-~0-71 .
AD,TUSTED PRIOR SVC. CREDITS AS OF 6-10-71
9,648
160
CONTRIBS 'T'HROOGH
17-31-53*
TOTAL PR1:r>R SER VIC E CREDITS
AVERJ\G"E ANNUAL
S~I.1\RY
g,648
1- 2
2-- 3
3
24,672
1, 6 07
8, ?7.4
3- 4
4- 5
4
35,676
5, 86 3
8,Q1g
6-10
15
85,147
24,666
'),676
11-15
28
235,3Q9
114,848
8,407
16-20
170 1,629,431
933,730
21,302
7,150
28,652
9,')qu
21-25
167 1 ,866 ,554 1,248,330
14)9, 202
7'),760
S1U,g62
11, 17f)
26-30
137 1,665,217 1.,296,961
8 53,173
152,359 1,005,5 .12
12,154
31-35
71
871,149
698,805
786,B3
g1,181
877,514
17., ?. 6
36&0V
26
358,833
273,551
50 7,23n
40,579
547, 8 15
13, RO 1
TOTAL
622 6,781,729 4,598,526
* INCLUDING INT EREST '1'0 6-30-71
2 , ()0 7, 2 46
167,?29
2 1 Q 7 IJ 1 4 7 '1
10,Q01
AV::~~GE P~IOR
SERVICE CRED I TS
16R 1,083 7 ,3 39 12,159 21 , ()6 q 4,782
.,
'l'AB I.E 1 1
E ~ P L 0 Y E E S' R F. T I R E M 1'! N 'T'
S Y :; 'r E "1
n F
Gr:OR f;IA
DI VI S I 0 N " DIS TR I BUT I ON OF PRIOR SE RVICE CR EDIT S BY ~EAN YEARS OF SER VICE
FEMALF.S
.rr NE 3o, 1g 7 1
SERV NO. OF GROUPS MEMBERS
-1
6
1- 2
5
2- 3
4
3- 4
2
4- 5
3
6-10
6
11-15
25
16-20
210
TOTA L ANNUAL SALARY
~E MBERS
CONTRIBS AND I NT EREST AS OF 6 -30-71
A. DJUSTF:D PRIOR SVC. CREDITS AS OP 6 -30-7 1
29,976
556
28,608
1, 784
23,076
2,715
13,308
1, 849
15,288
3,176
41,526
15,613
412
194,652
100,430
1,574,542
973,641
33,020
C:1NTRIBS
'l'HROUGH
1 2- 31 -53*
21,645
TOTI\L PRIOR
S ERVICE CRE DITS
412 5 4,h65
AVE RAGE ANNTJH. ST\LA.RY
4,996 5,721 5,769 6,654 5,096 fi,Y21 7,786 7,4')7
21-25 26-30 31-35
160 1,2 35,059
1 02
88 8,900
57
5 28,300
948,302 708,265 425,342
307,110 513 , 718 ')30 ,4 87
106 ,2 11 99 ,14 1 61, 224
411,321 612,859 5q1,711
7,7 19 B,714
q,7.6'3
36&0V
25
211,794
178,234
TOTAL
605 4, 785 "0 29 3,359,913
* IN CLUD ING INTEREST TO 6-30-71
348, 876 1,733,621
28 ,576 116,797
17 7, I~ 52 2, 0 50,420
A,471 7,qog
AV F.:R .I\G E
PP IOR S"P.RVICE CREDITS
68
260 2 ,SIB 6,0 08 1iJ,180 15,098 l,18Cl
E M P L 0 y E E S'
B 'T' .\
I. k'
12
R !? 'T' I q ? ~1 P. !.l T
s y s "' ~ ....,
!) p
G j:' 0 R G I A.
D I V T :1 I 0 ~
11
DISTR IBU'I'ION OF P'nOB S S R VICP. CP.RDITS BY '1 E 1\ li! Y t::AO..S ()4' s ;;; RVIC:E
AL T. MEI'IRSRS OF DIVlST0N -JfJNE 10, 1971
SERV NO. OF GROUPS l"'F.MBERS
-1
7
TOTAL ANNUAL SALARY
MEMBERS CONTRIBS AND
INTEREST AS OF 6- 30-71
l q, 6 24
716
1- 2
5
28,608
1,784
2- 3
1
47,748
4,323
3- 4
2
13,30R
f,R49
4- 5
7
50,964
9,039
6-10
21
126,673
40,279
11-15
53
430,051
215,279
16-20
180 3,201,971 1,907,171
21-2';
127 3,101,614 2,1<}(),6]2
26-30
239
2,554,117
2,005,~26
31 - 35
128 1,399,449 1,124,1 47
36&0V
51
570,627
451,786
TOTAL 1,227 11,S66,759 7,9SR,439
* INCLUDIN G INTF.REST TO 6- ~ 0-71
i\D ~l!JS'!.'ED
PRIOR SVC. CREDITS ~s OF 6-10-71
412
54,.322 746,312 1,36fi, 8 91 1,316,1120 <156,112 4, 31!0,469
CONTRIBS 'PTHlO fJ r, H
12-31 -"d *
TO"''It
PRPlR
S ERV TCE CREDT'T'S
412
2/l,ggs
181,971 ?51,50') 1')?,405
fi CJ , 155
Gf34, ")26
83,117 9 29,283 1 , fi 1R, 391 1, 469, ? 25 125, 2 67 5 ,1124, ""' 5
f\ VERAGF. ANNJAL
SALARY 5,660 5,721 6,921 6, 6 '14 7,290 6,032 R, 11 4 R,411 9,485
10 , 6 86 10,93]
1 1,19~ '~,1126
AVERAGE P RIOR
SERVICE
C:~E!liTS
19
21Q 2 ~ A 18 f-. , 771 11,478 1P, 147. 4,0 9')
,
1' !\ B I. r.: 13
F M P L 0 Y F. E S' R E 'T' I : E ~1 E "' I'
SYS~' I~~
0 F
G !~O RG TA.
D IVISIO~J
4
DISTRIBUT IO N OF 1'\C'r iV E F. :1 PLOYF.ES BY AGF l\"i'D SF.RV I CE ';ROU P S
MAI.ES JUNE 30, 1'l71
AGE
GROUPS
0
1
15-19
405
119
20-24 1,104
768
25-29
673
ll98
30-34
368
307
35-39
285
202
40-44
275
201
45-49
261
190
50-54
184
163
55-59
1 54
135
60-64
74
83
65-69
22
15
70-74
2
1
75-7CJ
80f..OV
1
TO TAL 3,8 08 2 , 682
SERVICE G RO UPS
2
3
4
5-9
10-14 1'l-19
R
359
267
132
132
401
285
250
670
72
199
212
220
714
'118
17
170
150
148
475
458
185
170
n5
91
389
317
27.2
183
134
131
469
29 1
?.35
176
1')1
131
521
358
1 88
128
128
13'1
557
31q
211
93
75
100
370
303
190
13
17
25
111
105
65
s
1
2
11
7
')
1
?
2
1
1
1
1,906 1,555 1,368 4,423 2,751 1, 3 39
20-24
10 157 186 152 121 1 1 4
16 J 1 1
803
25 -29
Hl
8C
1')1 97 97 1H
.1
4 63
10 -04 1
6 32 51 48 11
1 150
15 r, OVER TOTAL
537.
2,761
2,849
2,575
2,103
1, (n7
2,1 66
1 2,:-2 09
17 2,055
33 1 , 5 80
21
459
1
41
3
11
2
6
78 21 , 326
'T' !\ 3 L E
14
E M P L 0 Y E E S' R E T I R E M E N T S Y S 1' E r>'l 0 F
GE0 RGI A
D I V T S T 0 N 1\
DI STR I BUTION OF A.CTIV F. EMPLOYEES BY ~ G E AND SERV I CE GROU PS
l' EMALES JON "P. 30, 1971
S F. n V I C E G R f) {J P S
AGE
35 &
GR OUPS
0
1
2
3
4
5-9
10-14 15-19 20 - 24 25 - 29 ] 0-04 OVER TOTAL
15-19
310
1 11
20
441
20-211 1,22 0
986
579
335
165
109
3,394
25-29
632
513
380
292
225
434
40
1
2,5 17
30-34
363
.3 00
180
165
139
3 49
15 3
<)
1,658
35-39
229
244
148
152
123
317
143
46
9
1, 4 11
4 0-4 1t
231
221
159
11 A
134
356
142
72
33
1
1,467
4 5-49
176
1 85
155
123
135
355
20 5
105
')9
2()
2
1, 520
50-54
1.37
160
117
107
112
294
24 2
128
70
54
17
2 1,440
55-59
88
60
69
70
66
230
212
135
82
53
44
17 1, 12 6
60-64
19
37
14
23
12
106
15')
130
83
69
Stl
13
751
65-69
2
2
2
2
20
41
25
27
1 s
6
3
1 4f)
7 0- 74
1
2
4
7
2
3
;~
21
7 5-79 RO&OV
l
1
1
,
TOTA L 3 ,406 2,819 1,82J 1, 3B 7 1, 13 5 7.,574 1 , 14 1
654
366
21')
11 9
55 15, R94
1'!i ;3 LE 15
E ~ P L 0 Y E F S' ~ R T T q E , E N ~
S YS TF."'
0 p
G~ 0 ~ GT A
D IV I SIO~
A
DI S TRIBUTIO N OF ACTIVP. P.MPLOYEES iW AGE AND S ERV TCJ<.: GR0fTPS
ALI. lii EI'IBE RS O F OIV IS I O~! J fTNF: 30, 197 1
SERVICE GROU P S
AGE
)5 &
GR OUPS
0
1
2
)
4
5-9
10 - 14 1 5-19 20 -24 25- 29 30-04 ovrm TOTU
15- 19
715
230
28
973
20-24 2,324 1 ,754
938
602
297
241
1
6,157
25- 29 1, 305 1, 011
781
577
475 1, 10 4
11 2
1
5,36 6
30- 34
731
607
3?9
377
359 1, 06 3
671
46
4,233
35-39
514
446
318
302
271
792
601
231
19
1,S1 4
40-1111
506
422
3 29
253
227
745
459
294
190
1q
3, 4 44
45-49
43 7
375
33A
257
266
821~
4q6
340
24 5
100
R
3,6 96
50 -5 11
3 21
323
293
258
243
817
600
316
222
204
49
3 3,649
55-59
242
19 5
1 97
198
20 1
787
SJ1
146
205
150
95
34 3, 1 81
60-64
93
120
1 07
9A
132
476
458
32()
19 7
1 6fi
98
66 2,131
65-69
22
17
15
19
?. 7
131
146
90
6 .1
34
17
24
605
7 0- 74
3
1
5
1
4
15
11~
7
6
')
1
62
75-79
1
2
3
1
1
1
3
12
80&0 V
1
1
1
1
1
2
7
TOTA L 7,21!J 5,501 3,7 29 2,942 2,5 0 3 6 ,997 4,092 1,193 1, 16 9
67H
269
133 17 , 220
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45 -49 50 -54 55-59 60-64 65-69 70-74 75-79 BO&OV TOTAL
'T' '\ Fl L E
1 5
E M P L 0 Y E E Si R E T I R E ~ ~ N T
svs~E l'!
0 F
G .E 0 ~ \. I h
DI VI S I 0 N B
DISTRIBUTION OF !iCTIV~ E"''PLOYE~S BY AG r~ AND SE RVICE GROfT PS
~ALES
JUN~ 30, 1971
S E RVI CE Gq 0 UP S
35 ~
0
1
2
3
.4
5-9
10 - 14 1S-1CJ 20-24 25-2 9 1 0-04 OVER TOTAL
1
1
1
1
1
1
.~
13
18
1
2
2
1
64
18
A8
1
8
39
56
10
116
2
,~
20
44
51
2
125
1
1
15
7.1
41
25
106
1
1
2
4
12
17
21
31
12
103
2
3
7
n
10
10
10
48
?.
7.
2
1
2
q
1
2
3
1
1
1
1
1
3
1
3
4
15
2R
170
16 7
137
71
26
622
- --
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
F. M P L 0 Y E E S'
'T' li B L P.
17
R~T'I P f: "l E N T
sfSTO.:M
D I V I S I 0 'i
n
DISTRIRU'l'ION OF 1\CTIVP P, ~1PLOY"P F:S RY !\G E AND
fE:MALES
,JUNE 30, 1971
S E RVI C E GR 0 UP S
0 F
G2011GIA
S E RV TCE GROUPS
0
1
2
3
15 ~
4
5-9
10-14 1'J-19 20-24 25-29 10-04 OVEP. TOTAL
1
1
2
3
1
4
1
3
1
1
f3
16
1
1
3
42
10
57
1
1
4
23
28
4
61
1
2
2
5
42
35
37
2
126
1
2
4
37
37
32
15
128
1
2
2
40
22
19
22
1 1
119
3
13
26
10
16
13
R1
1
5
2
2
1
11
6
5
4
2
]
6
25
210
160
10)
57
25
6OS
AGE GROUPS
15-1 9 20 -2 4 25-29 30- 34 35- 39 40- 44 45-49 50- 54 55- 5 9 60 - 64 65- 69 70-74 75-79
BO&OV TOTAL
E M P L 0 Y ~ E S'
T /\ ll L r:: 1 H
F{ r;o 'P T "? F! M F. N 1'
s y S T E "l
() F
G E 0 R G T !1.
DIVISION
['\
DIS ':r'R IBU'I' I ON OF ACT1VE E MPLOYEES BY AGF: AND SE~VTCF; GRO IJP S
ll LL :'!EM!:3F:RS OF DI VISIOl\ JUNE 30, 1971
S E R V I C E G R 0 rJ P S
35 s
0
1
2
3
4
5-9
10 - 14 15 - 1 <} 2 0 -24 25- 7. 9 3 0-04 ovgR '"~'OTAL
1
1
1
3
3
1
1
5
,
1
3
1
2
6
21
3
3
4
106
28
34
145
1
1
3
12
62
84
14
177
1
2
4
9
62
79
9()
4
2 51
1
2
1
5
52
')H
75
40
2 34
1
2
4
6
52
3Q
40
55
23
222
2
6
20
32
20
26
23
12 9
2
J
5
4
l
-~
20
1
2
1
1
1
1
1
1
3
7
5
7
2
7
21
53
3RO
.!?7
239
12R
51 1,2 27
~---
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
E M P L 0 Y E F. S'
1' A 3 L F; 1 q
r R E 'T'
~~ E PI! E ~J 'T
;~ :, v- S "' E !~
() F'
r; E 0 ':"! G I .1\
DI VI S I 0 N
A
DISTRIBUTION OF EMPL OYEES BY SALARY CLI\SS
!"11\LES
..HJNF. 10, 1971
EARNING LESS THAN $4,200
NU~BER
EARNINGS
EA RNING MORE THAN $4,200
NUl'tBF.R
EARNINGS
ALL Ef1PLOY EES
NUMBER
EARNINGS
391
1,365,384
141
676,9 0A
">32
2,042,292
863
3.,116,041
1,900
11,4 :H,~t56
2,763
14,549,497
409
1,486,774
2,440
17,847,939
2,849
19,3]4,714
282
1,041,245
2,291
19,354,564
2,575
20,395,810
248
902,372
1,855
16,760,319
2, 10 J
17,662,691
308
1,132,S14
1, 6 69
14,7!17,723
1, 977
15,q80,23R
399
1,474,461
1,767
15,826,287
2.,166
11,100,748
488
1,829,837
1, 7 2 1
14,9tn, fi o8
2,20 9
16,777,445
519
1,953,892
1,S36
12,835,024
2.,055
14.,788,911
402
1,5 10,478
1,17R
9,82B, 'H)5
1,580
1 1 ,339,284
R6
320,039
373
1,38 9,5') 9
459
3,709,')98
4
12,159
17
416, 1 ~14
41
428,343
1
3,600
10
128,478
1 1
112,078
1
4,122
')
10 fl, f)65
6
11)4,787
4,401
Hi, 152,923
Hi ,g 25
1lR,2gJ,5 24
7.1,126
154,446,448
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-5LJ 55-5<J 60-64 65-69 70-74 75-79 80&0V TOTAL
E M P L 0 Y .E E S'
r .n. tl ~ ~
~"
R E ., T H E "! E N T
s v s ,., p, i1
0 F
~ F: 0 R r; 1: h
DI V I SI 0 N
A
DISTRIT~fl'T'ION OF EMPLOYEES !F SALA RY CLASS
FEMA.LES ,TON~ 30, 1971
EARNING LESS TH~N $4,200
NUMBER
EARNINGS
EARNING ~O?E THAN ~4,200
NUMBF.R
EA. PNINGS
ALL F.MPLOYEES
NUi"'BER
F.l\ IlNI~GS
149
51R,197
292
1,414,)13
1~41
1,932,511
431
1,349,3.34
2,963
17,312,262
3,394
18,661,596
282
891,770
2, 235
14,707,574
2,517
15,599,344
267
883,102
1,3<J1
9,301,919
1,658
10,185,022
229
793,R2A
1, 182
7,735,207
1, 411
8, 529,036
238
832,949
1,229
8,010,472
1, 46 7
8,861,422
206
687,353
1,314
8,739,130
1,520
9,426, 4CJ3
186
595,838
1,254
8,4 0 5,3')1)
1,440
9,001,191~
122
408,679
1, 00 4
7,028,362
1,126
7,4 37,042
46
144,516
705
5,167,710
751
5,312,?26
5
14,271
141
1,0S7,023
146
1,071,2Q4
3
11,433
18
150,640
2 1
162,073
1
2,697
1
2,697
2, 165
7,133,g72
1 1J,729
12,41 4
gg,oo2,1n
1 15, 89 4
12 , 111 4 96,196,159
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 115-49 50-54 55-59 60-64 65- 69 70-74 75-79 80&0V TOTAL
'r 1\. B 1 E 7. 1
E M P 1 0 Y E F. S' R E 'T' I R F. M E N T S Y S T F. "1 () F'
r; r:: 0 R G I .~
D I VI S I 0 N
;
DIST R1B U'nON OF F.M PL OYF.F.S BY SALARY CLASS
ALL !'1EMBERS OF DIVISION JUNt: 30, 1971
EARNING LESS THAN $4 , 200
NUMBER
EARNINGS
F. ARNI HG MORE T HI\N $4,200
NUMBER
F.ATININGS
ALL EMPLOYEES
NUMBER
EARNINGS
540
1,883,581
4 :n
2,091 , 221
973
3,974,803
1, 294
4,465,376
4, 86 3
78,745,718
6,157
33,211,094
691
2,378,545
4,675
32,555,513
5, 366
34,914,0')8
549
1,924,348
3,684
28,6S6,434
4,233
30,580,832
477
1,696,201
3,037
24,495,526
3,514
26,191,727
546
1,965 ,464
2,898
22,77A,196
3,444
24,743,660
605
2,161,814
3,0131
24,565,417
3,686
26,727,232
674
2,42'1,675
2,97')
:n , J ' ) 2 , 9 6 4
3,649
25,778,640
641
2,362,572
2,540
19,863,186
3,181
22,225,959
448
1, 654,994
1,RA3
14,996,">16
2, 331
16,651,510
91
334,310
514
4,446,S H2
605
4 , 7AO,R9 3
7
21 ,592
55
556,1124
62
590,417
2
fi 1 297
10
12R,47R
12
.114,775
1
4, 122
f)
113 1079
7
117,201
6,566
23,286,8q6
30 1654
77.7 , .1tj5,912
17,220
2 ') () 1 6 4 2 1 8 0 8
~
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 8 0&0V TOTAL
"' A P L P 22
P. M P L 0 Y E F. S 1 R E..., I '' F M !~ '1 ""
:;vs,,~ .1
I) p
G F. 0 R G I 1\
D I VI S I 0 ~
S
DISTRIBUTI ON OF E~PLOYEES uv SALAqy CLASS
t1ALBS JUNE 30, 1971
EARNING LESS THAN $4,200
NUMBER
EARNINGS
EA ~ NING MO TI E THA N ~4,200
NOMBER
EARNINGS
ALL P.MPLOYEES
NUMBER
EARNINGS
3
6,999
6
20,900
3
4,200
5
13,551
3
11,058
1
1,800
2
5,400
1
3,600
24
67,509
1
4,752
1
16,320
18
164,196
85
875,147
110
1,221,0 90
122
1,423,874
106
1,214,821
9A
1,137,26 3
45
540,3()1
A
7 5, 119
1
8, 15 4
1
14,799
2
18,100
598
6,71 4 ,220
1
4,752
1
16,320
18
164,196
88
'382,147
116
1,241,990
12 5
1,428,074
106
1,214,R21
103
1,150,815
48
5">1,419
9
76,919
1
1 3, 551~
1
14,799
3
21,qoo
622
6,781,7 29
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
E M P L 0 Y E F. s I
,., A D L P. 2"3 R E T I ~ F. ~ E N T s v S T E '1
0 F
G P. 0 R G T A
0I V I SI 0 N
:3
DISTRIBUTION OF EMPLOY EES BY SALA RY CLASS
F'F.:"'li\LES
<lU NE 3 0 , n11
EARNING LESS THAN $4,200
NUMBER
EARNINGS
EARNING MO RE THAN $4,200
NU,..BER
EARNINGS
ALL EMPLOYEES
NU MBER
EARNINGS
1
2,760
1
2,400
1
2
1
2,253
2
11,604
3
15,984
16
113,724
57
448,687
60
LJ99,001
125
1,024,296
128
q <n, 76 2
117
9 Q0,44')
RO
604,0 62
11
7 6 , 050
2 4 16 57 61 126 12 R 119 81 1 1
11,604 18,741t 113,724 448,6 8 7 501,401 1,024,296 993,762 9Q0 , 44 5 6 0 6, 315 7 6, 05 0
6
7 ,413
sqg
4 , 77 7, 616
60 5
4,785,02'1
n-
r
~~ )
T A 3 L E 211
\,ill
,
E M P L 0 Y E E S' R E T I ? E ~ E N T S Y S 1' E "1 0 F
GE0 RGI A
DI VI S I 0 N
R
DISTRIBUTION OF EMPLO Y E~S BY SALARY CLASS
ALL MEM 8 F;RS OF DIVISION .JUN R 30, 1971
AGE GROUPS
EARNING LESS THAN $4,200
NU!I!BER
EARNINGS
EA RNING MORE THA~ ~ 4,200
NUMBER
EAFNINGS
ALL EMPLOYEES
NU,.,BER
EARNINGS
15-19
20-24
3
16,356
3
16,35fj
25-29
1
2,760
4
32,304
5
35,064
30-34
34
277,920
34
277,920
35-39
3
6,999
142
1,323,814
14')
1,330,H14
40-44
7
23,300
170
1,720,091
177
1,743,391
45-4<}
4
4,200
210
2,1l4B, 170
251
2,452,170
50-54
234
2,208 ,5 8 3
214
2,208,583
55-59
1
1 3,551
215
2,12 7,7 09
222
2,141,260
60-64
4
13,311
125
1,144,423
12 9
1,157,714
65-69
1
1,800
70-74
2
s,aoo
19
151, 189
1
8,1')4
20
152,989
3
1 3 ,554
75-79
1
14,799
1
14,799
80&0V
1
3,600
2
1'3,100
1
21,900
TOTAL
30
74 " 922
1, 19 7
11, 4 01,ii37
l, 22 7
11,566,7')9
E M P L 0 Y E E S'
'T'AS L E 2')
R F: 1' I n P "' E N T
,.
.)
YS T F
M
0 F
GEORr;I.It
DISTRIBUTION 0 F RETI~ED LIVES BY ~TT~INED ~GE ~~OOPS ~ND OPTIONS
,JUNE 30, 1971
MA.LF.S
I"JAXI~UPI
OPTION 1
OPTION 2
OPTION 3
OPTION 4
TOTAL
TOTAL
TOTAL
TOT A.L
TOT AL
TOTAL
TOTAL
AGE
NO. fi!ONTHLY
NO. PIONTHLY
NO. MONTHLY
NO. MONTHLY
NO. "'ONTH.LY
NO. MON'!'HLY
GROUP LIVES ALLOWANCE LIVES ALLOWANCE LIVES ALLOWA.NCF. LIVES ~LLOWANCE LIVES ALLOW!\NCE LIVES ALLOWANCE
0-19
20-24
25-29
30-311
35-39
2
737.91
3
539.59
1
258.70
6 1,536.20
40-44
4 1 1 819. 83
1
304.81
8 1,412.65
1
382.20
1!J 3,.919.49
45-49
13 5,611.81
2
32Z.29
15 3,280.16
5 1,346.37
1 1,313.24
::16 11,.873.87
50-54
21 7,219.83
2
402.97
33 8,.472.63
12 2, 714.10
1
551.69
69 19,361.22
55-59 60-611 65-69 70-74
flO 13,69fl.05 93 2'1,894.43 216 36,527.35 180 16,021.o5R
5 1,715.22 26 8, 462.25 50 12,943.58 49 6,731.71
55 14,463.78 124 21,901.72 189 22,662.01 146 13,.000.94
17 7,367.44 40 21,765.57 89 33,178.73 84 18,794.63
1
8H. 74 118 38,075.23
7 4.,375.58 290 84,399.55
g 5,746.96 553 111,058.63
3 1,061.41 462 55,.610.27
75-79 125 10,855.12
19 2,815.98
73 7,.265.45
50 6,.668.92
2
95?.99 26q 23,565.36
80-84
46 3,.779.16
7
699.74
44 2,999.44
25 4,651.35
1
113.24 123 12,167.93
85-89
18 2,001.37
2
317.20
12
600.95
16 1,356.64
48 4,.276.16
90&0V
8
664.82
2
111.63
5
444.19
1
99.7]
16 1,321).57
TOTAL 766 126,827.26 163 34,715.65 704 q6,710.95 344 q8,546.R4
27 15,163.78 2,004 372,164.48
)
"!',\ BLE 26
E M P L 0 Y S E S' R E 'T' I P ~ M P. N 1' S YST"Fr'! 0 F' <; E 0 R G I A
OIS'T'RHHJTION OF RF.TIRF.D LIVES BY ATTA INED AGE GlHHJPS AND OPTIONS
JUN E 30, 19 71
FEMALES
f!AXUHJ~
TOTAL
AGE
MO. .r!ONTHLY
GROUP LIVES ALLOWANCE
0-19
20-24
25-29 .
30-3Jt
OPTION 1
TOTAL
NO.
~ONTHLY
LIVES ALLOWANCE
OPTION 2 TOTAL
NO. "'ONTHLY LIVES ALLOWANCE
OP1'I ON 3 TOTAL
NO. MONTHLY LIVES ALLOijANCE
OPTION 4 TOT _I\L
NO. MONTHL Y LIVES ALLOWANCE
TOTAL TOTAL
NO. I"'ONTHLY LIVES ALLOWANCE
35-39
1
309.29
1$0-41$
3
801.83
4
690.63
45-49
5 1,232.56
2
341.,02
9 1,921.45
1
80.84
50-511
18 6,694.46
1
248.73
28 4,820.72
4 2,037.94
1
309.29
7 1,492.46
17 3,575.87
51 13,801.85
55-59
25 3,750.55
5 1,389.72
4) 7,206.45
3
811. 17
76 13,157.89
60-64 134 23,353.29
29 5,779.88
63 8,489.64
11 4,045.84
1
144.99 2313 41,813.64
65-69 260 39,596.52
76 17,301.89
80 10,884.83
18 4,267.29
4)4 72,050.51
70-74 234 27,184.24
83 10,849.78
90 8,064.44
12 1,849.47
1
100.00 420 48,047.93
75-79 118 9,397.75
39 3 ,092. 84
10 5 , 160.7 3
4
328 .55
80-84
72 4,380.11
10 1,071.38
44 2,180.56
4
143.57
85-89
25 1,783.13
1
28.35
19 1,337.16
3
51.48
90&0V
8
651.28
13
803.05
2
143.27
231 11,979.87 130 7,775.62
4R 3,200.12 23 1, 597.60
TOTAL 903 119,135.01 246 40,101.">9 463 ')1,559.66
62 13,759.42
2
244.99 1,676 224,802.67
":' .1\ BL? ?. 7
E f'l P L 0 Y E E S '
R P T I R E ~ 2 N T :::; Y S T E !'1 I) F G E 0 R G I A
DlS':'RI RtJ'T..'ION OF ~"R'I'T RE' D LIVES BY A'l'':'AINED AGP. r. PO TJPS ANJ OPTIONS
JUN-r:: 30, 1971
MAXIL'1UI"'
, OPTION
MALES AND FEMALES CO~BINED
OPTION 2
OPTION 1
OPTION 4
TOTAL
TOTAL
TOTAL
TOTAL
TOTAL
TOThL
TOTAL
AGE
NO.
~ONTHLY
NO. MONTHLY
NO. MONTHLY
NO. MONTHLY
NO. MONTHLY
lW. l'10NTHLY
GROUP LIVES ALLOWANCE LIVES ALLOWANCE LIVES ALLOWANCE LIVES ALLOWANCE LIVES ALLOWANCE LIVES ALLOWANCE
0-19
20-2lJ
25-29
30-34
35-39
3 1,047.20
3
539.59
1
258.70
1 1,845.49
LJ0-411
1 2,621.66
1
304.81
12 2,103.28
1
382.20
21 5,411.95
45-49
18 6,844.37
4
663.31
24 5,201.61
6 1,427.21
1 1,313.24
53 15,449.74
50-54. 39 13,914.2<}
3
651.70
61 13,293.35
16 4,75 .2.04
1
551.69 120 33,163.07
55-59 60-64 65-69 70-74
65 17,444.60 227 51,247.72 476 76,123.87 414 43,205.82
10 3,104.94 55 14,242.13 126 30,245.47 132 17,S81.49
98 21,670.23 187 30,391.36 269 33,546.84 236 21,065.38
20 3,178.61 51 25,811.41 107 37,446.02 96 20,644.10
1
834.74 194 51,233. 12
8 4,520.57 528 126,213.19
q 5,746.96 987 183,109.16
4 1 ,161.41 882 103,658.20
75-79 243 20,252.87
5'3 5,908.72 143 12,426.18
54 6,997.47
2
959.99 500 46,545.23
80-84 118 8,159.27
17 1,771.12
88 5,180.1)0
29 4,794.92
1
38.24 253 19,943.55
85-89
43 3,784.50
3
345.55
31 1,938.11
19 1,408.12
96 7,476 . 28
90&0V
16 1,316.10
15
q14.68
1
587.66
1
99.73
19 2,91A.17
TOTAL 1,669 245r962.27 409 74,819.24 1,167 148,27 0.6 1 406 112, 3 06.26
29 15 ,60 3.77 3,680 596,967 . 15
r
TABLE 28
E M P L 0 Y E F. S ' r E T I R E ~ E N T S Y ST E "' 0 F G E 0 H G I A
DT ST RTB UT TQ ~ OF MON ~R LY RETIR EMENT r AYMRNTS BY S EX AND OPTION
J UNE 30, 1971
RETTRF.E S NO T P EC~IVING PO S T RETIRE~ E NT hDJUSTME N ~
"NO.
BASIC
C-0-L SUPPLEMENTAL
TOTAL
AVERAGE
OPTION
SEX
LIVES
BENEFIT ADJUSTMENT ADJUSTMENT
BENF.PIT
BENEFIT
fii!AXIt'iUP1
!~!ALES
FEMALES TO'!'AL
586
713
1,299
101,294.94 84,859.79
186,154.73
101,294.94 84,859.79
18fi,154.73
172.85 119.01 14 3. 30
1
MALES
122 25,188.76
FE!HLES
169 24,643.59
TOTAL
291 49,832.35
25,188.76 24,643.59 49,832.35
206.46 145.82 171.24
2
MALES
601 83,433.40
FEI'H\LES
451 49,528.14
TOTAL
1,052 132,961.54
83,433.40 49,528.1CJ 132,961.54
138.82 109.81 126. 38
3
MAL ES
264 67,391. 9 2
PF.fii!ALES
46
9,232.45
TOTAL
3 10 7 6,624.37
67,391.92 9 ,232.45
76,6 24. 37
2 55.2 7 200.70 2 4 7 . 11
4
MALES
F EMALES
T OTAL
20 10, 0 71.67
2
244.99
22 10 , 316.66
10, 07 1.67 244 . 99
10,316.66
50 3.5 8 1 22.49 46 8.93
TOTA L
1'1 AL ES
F EM ALES TOTA L
1, 59 3 1, .1 8 1 2, Cl74
287 , 38 0 .6 9 16 8, 508.96 4 5 5, '389 .6 5
28 7,380.69 158,S 0 R.9 6 45'),889. 6 5
18 0. 40 122.01 153. B
r
TABLE 2 9
E M P L 0 Y R E S' P E T I R E M E N T S Y S 1' E '1 0 F GEOR G I I\
DISTRIBOTION OP MO NTHLY RET IR~MENT PAYM RNTS BY S EX A~D OPTION
~lUNE 30, 1971
RETIR EES RECEIVIN G POST RETIREMENT ADJnSTMEN T
NO.
BASIC
C-0-L SO?PI.EMENTl\L
TOTAL
AV ERAG .E
OPTION
SEX
LIVES
BENEFIT ADJUST'1ENT ADJUSTMENT
BENEfiT
BENEFIT
MAXHIUI.'I
MALES FEMALES
TOTAL
180 ?.J,961J.11 190 32,303.00 310 56,272.11
1,195.38 1,509.75 2,705.13
367.83 462.47 830.30
25,532.32 34,275.22 59,807.54
141.84 180.]9 161.64
1
P!ALES
41
8,967.77
431.11
127.9 5
9,526.89
232.36
FEMALES
77 14,550.42
701.46
208.12 15,460.00
200.11
TOTAL
118 23,518.19
1,132.63
336.07 24,986.89
211.75
2
MALES
103 12,445.82
645.49
186.24 13, 277. 55
128.90
.FEMALES
12
1,911.98
91.76
27.78
2,031.52
169.29
TOTAL
115 14,357.80
737.25
214.02 15,109.07
133.12
1
MALES
FEMALES
TOTAL
80 29,410.16
16
4,253.05
96 33,663.21
1,328.06 20fi.98
1,515.04
416.70 66.94
481.64
31,154.92 4 , 526.97
35,681.89
389.41 282.93 ] 71.68
4
MALES
FEfllALES
TOTAL
1
4,935.85
7
4,935.85
281.26 2q 1. 26
75.00 75 .00
5, 29 2 . 11 5 , 292.11
756.0 1 756.01
TOT AL
MALES
F EMALES TOTAL
411 7 9 ,72 8 .71 295 5 3, 0 18.45 7 06 13 2 1 71p 16
1,88 1.16 2,509.95 6,391.31
1, 11 3.72 84,781. 79 765. 3 1 56,293 .71
1 r 93 9 . OJ 1 41,0 7 7.5 0
206.28 190. 8 2 19q . 82
I
r-
RECEIVED
SEP 2 1 '2004 DOCUMENTS
UGA LIBRARIES
ACTUARY'S REPORT Tlt.fENTY -SEC OND ANNUAL VALUATIO~
EiViPLOYEES 1 RETIREMENT SYSTE!\1 OF GEORGIA
I
. I
As of June 30, 1 :j'72
Je r/J/e.H &_4-JJocialeJ, !Jnc.
Actuaries
-
Employee Benefit Plan Consultants
P. 0. Box 80749 Atlanta, Georgia 30341
404/458-4019
December 11, 1973
Board of Trustees
Employees' Retirement System of Georgia
254 Washington Street, S. W. Atlanta, Georgia 30334
f
L
Gentlemen:
L
1'.
The following report sets forth the results of the
j:
actuarial valuation prepared by our firm as of
June 30th, 1972. The purpose of the valuation is to measure the liabilities under the System and to determine the ability of the presen~ Fur1ds plus the present rate
of Member and State contributions to mee~ the future benefit commitments as defined under the System.
f
lj
k
I
The calculations were based upon the employee data which was submitted to us and upon a summary of the
'
assets of the Trust Fund as of June 30th, 1972. The calculations were further based upon the terms of the Retirement System in effect at this time.
II
In summary, the results of this valuation show that an
11
increase in the rate of the State's contribution is indicated at this time.
II
I
Respectfully submitted,
../
R. BLESS & ASSOCIATES, INC .
By= rf!-ts!r:PflPUd/
I
Robert R. Bl~ss
RRB: ja Attachments
.I
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Section I
II III
IV
v
TABLE OF CONTENTS
Description Introduction and Summary Method of Calculation Results of thrs Valuation as of JunE 30; 1~7?. Summary of Actuarial Assumptions Statistical Tables
Page
1
4
8
12 17
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--------------------------------- ' fl.)( ('.1.1 (_/'_Af.uocinfcJ
SECTION I
I & ? .1?1
11 .
- - - - - - ' (/..){e.U "J..J.Ioctale.!l
SECTION I
fNmO'bueTION AND SDrllMARY
This report embodies the restilts of the Actuarial Valuation of the Employees' Retirement System of Georgia as of
June 30, 1972. There have been no changes in the methods
used in preparing the valuation calculations or the tables produced. Further, there have been no significant changes in the Retirement System itself ~hich would have necessitated a change in the computations.
The purpose of the Actuarial Valuation of the System is to determine if the present funds plus the future contributions by the members and the State will be sufficient to provide the benefits promised by the provisions of the Systen1. Of necessity, the computations of fUture payments and contributions are based upon assumptions made by the actuary and the Board of Trustees as to the occurance and magnitude of salary increases, terminations of employment, deaths, investment income, etc. These assumptions are based upon prior experience of the System.
In addition to the basic actuarial assumptions mentioned above other factors, such as inflation and increasing membership of the System should also be recognized in the valuation in order to fully anticipate the future benefit lia-
------------------------~~ /J,.1.1 &Auociale.l
bilities. If these economic assumptions are not considered, as is the case of most other State Retirement Systems, it is impossible to use actuarial assumptions which are reasonable in todays economy and at the same time maintain a reasonable level of contributions.
If the system provides retirement benefits based upon final
average earnings, any increase in the e~rnings of members,
whether it be actual or anticipated, tends to increase the
fundin g requirements of the system disproportionately more
than the increase in earnin6s would indicate. It is for
this reason that many State retirement administrators are
reluctant to anticipate the salary increases which would
appear to te iticvitablc in todays economy,
tf1e san1e
time, they are fearful of the consequences of not recogniz-
ing the full expectation of salaries.
The key factor which provides the solution to the dilemma
is to recognize the fact that each year new members will
1.
be added to the retirement system to replace those employees
who leave. New employees will always have a lower incidence
of cost associated with them than older employees who have
many years of- service. It is therefore, possible to make
realistic assumptions with respect to future salaries of
these members in.~order to recognize the full potential cost
of their benefits. Considering that during the next 50 years,
1
---------------J'<.IJ(~JJ &_A-J.Jon\de.ll
the current membership will contriioute a bout 5% of the to-
.l
tal man years of membership and persons who have not yet
I
been employed will contribute the other 95% of the man years
of membership, it is easy to recognize the importance of
proper funding of new entrants.
Since 1~67 we have been employing the proJection method of valuation, which allows us to anticipate the full liabilities of all members, both present and future, but at the same time recognize the total of all future contributions to the system, thereby maintaining a reasonable level of funding.
The details of the valuationJ the method of calculation, the act~arial asswnpLions, and a statistical swrunary of the data furnished to us, are presented in the following sections of this report.
L_
I
II) /Jf (J . 11
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1
- - - - - - - - - - - ' (/..)ft>.l.l (7-..-AI.J.Ionule .i
SECTION II
L___
1 I -----------------
e .-:J
"-
1/f
i/..)u' .U
c:r'_,/,1IJJoc.wfeJ,
r
SEC 'riON II ME 'rHOD OF CALCULATION
The prGJect.Lon of future bene :C.Lts avaiJ.aole e ach year for each employee is the fundamental unit of calculation employe d .Ln thls valuatlon metho d . This lnvolve s a calculation of the amount of benefit available to the employ ee each year 1n the future based upon hls then atta1n e d a ge, years o f servlc e and assume d salary. The effect of th e empl oye e s' d.Lvi si un (A or B) and whe ther c.,r not h e is entitl e d to th e mon ey purchas e b e n~ flt or the final av e ra ge formula ben~ f it is also taken into account. Asso c.Lat e d w1th th e amount of beneflt availarile t o the employ ee each year 1s the probabll1ty or his r e c e1ving t hat benefit , which prooabllity pe rmlts the de t er minati on of the exp e ct e d payout each year . The summation of th e e xpect e:: d payout .for all of the employ ees for each year of the 50 years used ln the pro j ection r e sults in the t otal amount of benefit payments b y th e Re tir eme nt Sy stem, anticipated by the assumptions. Ne w employe es ar e introduc e d into the System each year in the future in such a manner as to permit th e replac eme nt of the employe e s who terminat e , d1eJ r e tire or become d1.sa bls dJ and to augment th e
wcrklng population of the System by a p~rcentage each year.
The ultimate goal is to find th~ level contribution rc:qulred to . rod~__a _Tru.st. Ii!t.lr:J.
ultimate F~nd combin8d with the cont1nuing level con-
---
- tr1bution tif th e Stats ?nd the employees equals the
amount of benefits whlch are pald out each year. This balance is generally referred to as the "equation of rna turJ. ty 11 and presents a unique determlna tion of the funding requirements of the Retirement System based upon the varlous assump~1ons employed 1n the calculations. Due to the J.ong range nature or the calculations) and the adoption of a Plan to provide post-retirement adjustments to recognize the effects of inflatLon upon the benefits, the calculations have been designed to reriognize inflation as an assumpt1on in addltlon to the usual array uf assumptlons regarding probress1on of salary and termination of employment for death, with drawalJ d1sability or retirement. Therefore, it is possible to determine the State's contribution required to ma1ntain the System based upon a great variety of assumptions.
/:?, IJ~'.l.l &AuociuleJ
The projections, thereforsJ enables the Board of Trustees to take a much more penetrating look at the emergence of benefits and the grov..rth of the Trust Fund for many years into the future to be satisfied that the contribution rate required b~ the StateJ is reasonab~e in light of current and anticipated economic conditions, and will
~
continue to maintain ths System in an actuarially sound position.
It must be kept in mind thatJ regardless of the method of valuation; the results are dependent on the assumptiohs used in producing these results. Consequently) it is unlik2iy thnt th~ State's contribution could remain unchanged for 50 years as a result of this valuation. Facts will change whlch may dictate a modification of the assumptions ; some unusual disturbance in salary levels may occur ln one or more departments of the State, unusual demands on the labor force may change the current rate of employee turnoverJ etc. Ho1,\ever J these changes will be reflected ln the data received for each subsequent valuation. Long range changes will be taken into account at the quinquennial experience studies. Despite these changes which will alter today's projections, and which would
------------------------------ J:!. rL?fe.u &Auocia fe.l
be inherent in any me thGd us2dJ th2 proJection method
'I
produces much mor~ r e liable and detail e d results than
are possible under other methods.
VJ J'Jf r> . j } . I
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SECTION III
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I ? 0 1 <' c 11 . I ' " (/..){ e. l.l ('Y_?l .Uoeta e J I
SECTION III RESULTS OF THE VALUATION
During the past year the number of active members has in-
creasea from 33,447 to 41,473. At the same time, annual salaries of the members in+>Teased from $264, 209, 567 to
~~ . _ .
$287,081,191. Both increases are significant and in excess ~ \ ~~
~U ~ ~ of the increases anticipated in our valuation last year.
ys<J'
However, the increase in salary is of slightly less signi- ~
ficance than the incre
membership produc1ng an actuar-
ial gain for the year. As a result of this gain, the pro-
jection of fUnd balance shown later in this section shows
that the Trust Fund 1J'.lill increase throughout the period of
the projection and reach a higher level than was anticipated
last year.
Since one of the advantages of the projection method is to allo1J'.l us to vary many of the assumptions, He tested our basic valuation assumptions against a variety of other combinations of assumptions. \!fuile theiSe other combinations produced a dispersion of fundin3 requirements depending upon whether they were less conservative or more conservative than our valuation assumptions, it is our opinion that the current State funding of 7~% of earnings is the most reasonable in light of all rclevent factors.
The projections shown on the following pages have been
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l
based upon the current membership of' the System, the underlying actuarial assumptions as summarized in Section IV with respect to mortality, turnover, rate of becoming disabled, and the basic salary scale. They have also been based upon the further assumptions that inflation will continue to increase benefits payable after retirement at an annual rate
-of 2~b;_the earnings of members prior to retirement will .
increase by ~ sam~ 2% per year in addition to the salary increases included in the basic assumptions; the Trust Fund will earn 4~% total investment income per year) and the membership of the System will increase by 4~ per year. These latter assumptions are primarily economd:c in nature and, therefore, the combination of the basic actuarial assumptions with these anticipated economic conditions has produced the most suitable level of funding of the Retirement System.
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c(-IT_?IJI .uociale.J
GEORGIA EMPLOYEES RETIREMENT SYSTEM
YEAR 1972
197 5 1976
--- -- --------- -------------- ------
PROJECTION ------OF--- - ---E-M--P--L..OYEE- S - - ---- --- - -- - -- --- ....
----- -- - - ---- - ----- -- - --
ACTIVE MEMBEP.S
ANNUAL EMPLOYEE SALARY ~ONTRIBS
SEKV , RET
AN NU A L CT HE R !) PENSION RET
ANNUAL NO.OF
PENSION TERMS
i.
TO' TAL REFUND
287,081,191 10,750,560 3,370 '8 ,003,932 1,735 4,236,831
2 9 8 ' 752 ' 3 0 1 - 11 ' 5 51 ' 52 0 )3 ,_4 9 5----- 8 36 3 ' 8 3 &_ ::_ 1 '7 7 6 ,__'::_' 58 9' 2 9 9
. . ,ooL 316,114,!27 12,283,642 3,687 8 , Bf.>5,R23 1,.819: 4_,999,103 4c,365 333,189,423 12,993,612 3,928 10,025,463 l,B45 5,451,474
48,226 350,576,859 l3,715,H48 4,221 11,411~80 1,892 5,931,207
4,840
5,438 5,717 5,900 6' 147 '
4;592,760
55t,047928
,
'
834569
___
_
_
_,
5,905,980 6t308,388
177
:0,200 370,16C,700 14,528,565
1973
52,2~6 38S,566,7b4 15,326,176
i979 _ _ _54,~90 - 410,483,029 16,188,456
1980
56,355 429,543,619 16,983,402
1981
58,754 452,448,997 17,931,224
4 ,53 0 4,855
5 '19.7 5 '55 7 5 ,8&2
12~427,561 _- 1,943 '6' 466' 0 25 141262,92-9 1,996 7,018,349
15,~81,052 - -2 ' 0 52 - - --7' 6 33' 211
17,?.39,228 2,132' 8,273,943
ld ,48 4 t ~ 04 2,195- 9,009,407
6,426 6,128
7,016 : _. 7,300 ..
7,541
6, 780,811 7,242,756 7,717,379 8,180,667 8;678,877
1982
61,306 476,169,808 18,907,582
19e3
63,478 497,711,810 l9,803,Ltl3
- - ].'9 H4---6 6, 0 78 - 5 2 1 , 1 7 B , 0 7 7 ?.0,761,201
19u5
68,804 546,412,161 21,7g!-3,342
1986 ... 71,530 571,225,478 22,815,793
6,230 19,969,~26 6,600 21,657,514
7 t 0 0 1 ----23 ~ 7 4 2 /710
7,3R5 25 ,377,:.>50 7,817 27 ,676,3t..4 :
2,281 ~ ~,7j2,704
2;352 10,628,326
2t 447___ !'1 '505' 048
2,546< 12,477,946 2~648 13,494,593
7,915 9,187,718 8,240 9,710,211
8 t 50 7 ---i 0 t 2 2 1 ' 0 1 3 .- -
,8,897 10,755,70Lt ::; 9' 2 53 11' 3 21 '0 0 9
--
198 7
74,291 597,203,649 23,887,876 8 t 23 , ~
1988
77,473 625,225,5b9 25,026,735 8,639
19 b -?---eo, 6 6 9 - 6 5 3 , 81 8 , c6 4 2 6 , 1 9 6 , 1 6 2 --- 9 t 048
1990
83,782 682,527,650 27,376;820 9,481
1991
87,248 713,628,574 28,647,961 9,900
2.9 1 l~ 8 1 f 8 5 3 2 ' 7 5 3 14,567,637 9,b24 - 11,907,525
31,tl.44,173 . 2.863 15,743,220 9,995 12~518,678
3 3 ' '17 7 ,'7 0 7 --- -2 t 9 7 8--- -. 16,977,958
~ - -
10,445 1 3 :,, 15 7 ' 8 5 6
36,141,096 3,098 18,272,659 .10,856 13 t 79 8, 7 53
38,322,377 3,225 19,686,534 11,267 ' 14,469,918
1992 1993 --:...994- --
1995 l9S6
SC,702 94,435 98,108 102,045 106,256
745,301,649 77b,5l6,623
812,06~,263
r347,40C,821 883,915,736
29,949,876 10,319 31,308,4Y2 1 0 t 7b 3 32,6E6,364 1L,l8'-:t 34,13~,415 11,tuo
35,617,460 12,036
40,256,685'
42 '6 34 t 7 10 .
' 44,854,2634 7 ,J26 ,OJ7 :
4.9 ' 'J 6 6 '1 1 6
...
3,358 3 ,51 7; 3,684
3,839
4,022 -
21,178,692 22,757,434 24,484,131 2(),285,392 28,194,331
11,748 15';166,245
1
l }2,187 ' 15;837,765
:
12,677 :- - 1.6 ~, 649, 306___ __ _ _
1 3' 15 5 . . 1 7 ~, 4 0 0' 53 2 13,684 : 18,213,795
. j
I I
- . .-- - -- -- .. .. -- -- ----- - - - --~- - - . - ------ --- ------ -- ----
- ---------- ------ -._------ ------1I
----- -
t .-' -,
- - - -- - - -- -, ..1
r_ - ---
GEORGIA EMPLOYEES RETIREMENT SYSTEM
YEAR
- - ----- - -- - ---- -
--- - --- ------ - -------------PRUJECTii.J:-..J
ACTIVE MEM8EFS
ANNUAL SALARY
E I~PLOYEE
CONTRIP.S
SEQ.V
RET
OF EMPLOYEES
Ar-11\!U AL CTH Ef~
P Er'lS I (J N RET
192 --- _19 97 .__ 11 c. 3 1 0 0 53 8 2 72 3 7,1 2 0 2 56 1 2 47 2 - . 5 1 92 6 z5 2 - . " 1 74 1G93 114,943 S60,971,554 38,766,310 12,917 j ~ ,242,626 4,356
1999 "'l!9,.21r00,835,7H 40,397,251 13,363 5o,905,743 4,545 20JO 124,C051042,053,098 42,086,537 13,815 ~ 9 ,346, 93 4 4,743 2001 129,1761086,856,061 43,908,430 14,297 61 ,995,719 4,954
- --- ----- - - - - - - - - - -
ANf~lJAL NU. OF PENSION TERMS
TOTAL REFUND
/
3 0 2 3 7 71 q l 4. 2 3 2 _1 9 0 5 5 1 9 6- -~--
32,421,708 14,771 19,900,879
34,710,900 15,427 20.790.009 37,198,160 15,979 21,689,699 39,814,228 16,614 22,596,715
2002 13L,C9lj1130,567,455 45,696,05314,779 6t~,R70,632 5,155 4?,521,082 17,333 23,574,825
----2 oo3 ----- 13 c:;, a5 ~11 7 9, o1 a, 2 81 4 7 , 6 s4 , c: o5 1 5 , 2 q 8--- 6 a , o3 s , 8 4 4----s , 3 sc. - -4 5 , 3 9 3, 9 34 1 7, 9 53 --- 2 4, 57 4 , 9 54
2004 145,302f227,022,226 49,613,077 15, 820 71,14 8,29 1 5,630 48,423,230 18,761 25,637,781 200S 151,093~27t,905,d37 51,639,744 16,373 74 , 8 30,104 5,865 51,585,600 19,446 26,703,350 2006 156,9411327,868,372 53,715,439 16,960 78 ,553,769 6,115 54,872,606 20,217 27,807,882
___ 2 0 0 7 --- - 16 3 , 54 ~l 3 8 3 ' 9 8 0' 2 5 8 55 ' 9 8 7 '53 2 . 1 7 ' 55? ---_8 ~~ '0 9 7 ' ?. 9 6 -- 6 ' 3 7 6 -- .. 58 '4 2 2 ' 8 41 20' 9 7 9 -- 2 8 ' 9 52 , 8 9 4-- - - --
2008 2009
1177t0,,1819161~4494E0,,24~484,,790523
58,270,874 60,635,838
1188,,2~0648
85 , 898 , 9 41 9 0 ,076, 99 1
6,651 6,941
62,143,996 21,897 66,017,203 22,743
3310,,1~2224,,012225
201J 183,925 559,107,t77 63,097,077 19,~65 9 4 ,270, 4 45 7,284 70,305,658 23,651 32,~74,041
2011 191,20~ 621,701,835 65,638,921 20,313 98, 647,048 7,624 74,558,515 24,5B2 33,785,709
2C12
- --- ---- ~?~3
L0i4 2Cl5 2016
19~,05~1687,644,279 68,302.375 21,105 206,6601753,274,120 70,96?,944 21,9~ f3
215,1311324,411,277 73,842,H52 22,7~5 223,60~1805,320,447 76,697,072 23,719 232,61 1970,8t9,06l 79,753,500 24,665
10;,109,604
1? :'- ,71,~77 .
11 ~ ,601, 9 ~7
1 23 ,503, 28 6
130,G77,0 ~ 5
7,941 8 ,276
8,650
9,024 9,398
78,952,244 83,509,43;
88,236,928
93,018,125
97,968,2~2
25,562
26,~12
27,599 28,774 29,902
35,[26,[03 - 36,539,154 -- ----- -
37,969,353
39,498,650
41,06~,3~7
_____?017 ___ 241,922/2049,547,060 . 82,936,093 25,638 136 .,856,0 5 2 __ 9,811 l03,077,5o2 31,102 ____42,7Cc,6o2 ___ _ _.
. ~013 251,5332131,045,592 86,234,4H4 26,669 1~3 1 910,184 10,245 108,342,741 32,343 44,404,810
2019 261,80~2217,194,996 89~13,254 27,735 15 1 ,236,1 6 4 10,681 113,780,5?,7 33,636 46,172,351
2020 2021
272,27 2305,781,522 93,296,442 28,864 1~ 8 ,819,280 11,140 119,388,784 35,030 48,026,146
2 s3 , 2 L. /2,3 9 a, 3 4 o, 25 5 9 7 , o3 a, 2 74 3 o , o2 6 1 6 o , 6 6 a , s~ 2 11 , 6 oo 125,162,977 36,419 49,938,763
---- -- --- - - ------------ - --- --. --- .... . ------ -- --- -- --- - - - . ---- ------ . .. . . . ... - - ---- --- - - ----~ -- -- --- ----- ----- .... . ------ ---------------- . ...
- . .. . . - ------ ---- --- -- --- . ~-- - -- - ----- - ------
w
GEORGIA EMPLCYE [ S RETIRE~ENT SYSTEM
-- ---~.l3_Q_J E-~-r LQ~___g_f_\,J~Q__-- ~~~-~_N_<; !;______- _
YEAR
BEGINNING
E~PLOYEE
STATE
BALANCE CONTRIBUTIONS CONTRIBUTIONS
INVEST~F.NT
YIELD
TOTAL PAYMENTS
EI\ID ING BAL.\NCE
1972 204,174,442
10,750,560
21,531 , 089
9,535,433 \;16,833,523 ' 229,158,001
1973 229,158,001
- - - - 19-;1;-- - -2 ss~ 760 ;s42 __ _
11,551,520 T2~ 2a3 , 6-42_
__
2?.,406 , 2"3, 108,
423
560
_
10
__11
,,e678
0,579 3, 375
--
18,025,981 255,76C,542
-19; 363, 285_______2a 4, 212, s34--
1975
1~76
284,272,834 314,043,624
12,998 , ( 12 13,715, 848
24, 9 d~,207
26,293 , 264
13,1 6 5,88~ 14,5uu,02~
21,~82,917
23,650,675
314,043,624 344,902,089
1977 344,902,089
14,523,565
27,762,053
15,894,459
25,674,397
1973 377,41 2,769
15,326,176
29,217 , 5J7
17,344,016
2A,524,044
- -1. c; 19 -- -41 b , 7 7 6 , 4 2 4 - - 1. 6 , 1 6 s , 4 5 6 ---- 3 o , 7 d f:> , ?. 2 1 --- -- is , 84 5 ~ 9 b a- - -- 3 o, 9 3 1 , 6 4 2
1980
445,66~,373
16,983,40~
32,215!771
20,4Q3,Rl2
33,693,838
1981 481,574,520
17,931,224
33,933 t 675
22,023,926
36,172,788
377,412,769 410,776,424 445,665,373 - ---- - -
451,574,520 519,290,557
1982 519,290,557
18,907,582
35,712 r 736
23,721,108
38,929,948
19ti3 19.1:1 4 --
5595sE;,37109Z;<,01z39:_
___1290,,786013,,240113-
-
37,32 8 ~386
25,482,146
39 '0 8 3 r356 ---27 -~292 ,964_
_
41,996,051 _45, 46!:1, 771
-- - - -
19 85 1986
640,993,679 ce4,324,923
21,793,342 22,<315,793
40, 980,912 42,b4l,911
29,163,490 31,090,851
43,611,500 52,491,966
558,702,035 599,319,929 640,993,679 -
684,324,S23
728, sat, 512
1987 728,581,512
23,887,876
44,790,27~
1988 774,375,041
25,C26,735 46,891,919
-----19d"9--~rz i ;3oo; 2 a4 ----- - 2 6, 196, 16.2 -- -- 4 9, 036, 4-oo--
1990 869,628,016 1991 919,348,125
27,376,820 28,647,961
51,189,574 53,S22,143
33,072,394 35,112,660 - 31 ,2os ,691
39,366,223 41,538,719
55,957,015 60,106,071 64,"113,521 68,212,508 72,478,829
774,375,041 821,300,284 869,628, 016 919,348,125 970,628,119
1992 97C,628,119
29,94~,R76
-ro 1993 1023,76C,295
31,3C8,492
- -.::- ---1 g 9.4 1 e , 4 3 a , 2 2 8 - - 3 2 , 6 Eo , 3 6 4
1995 113~,740,805 - ------ - - 1996 11~2,937,660
34,133,415 35,617,46C
55,897,624 58,388,747 60,90 5 ,196 63,555,062 66,2')3,680
43,R86,298
76,601,622
46,258,603
Rl,279,909
4 8 ' 7 0 0 ' 7 1 7-- --- !l5 ' 9 8 7 , 7 0 0
51,220,309
90,711,931
53,815,775
95,974,242
102.3,760,295 1078,436,228 1134,740,805 1192,937,660 1252,690,333
- - - -- - -- - -- - -- - ---- - --- - --- - - ---- -- -- ----
- . . ----- - - -- -- -
c:rr)!_
----- - -
~
- -\1 ..'i
---
_j
--- - - - ~
GEORGIA EMPLOYEES RETIREMENT SYSTEM
PROJECTION OF FUND AALANCE
YeAR
BEGINNING
E~PLOYEE
STAT E
BALANCE CONTRIBUTIONS CONTRIBUTIONS
I NV ESP 1E1\T YIEL D
TOTAL PAY I-1ENT S
1997 1252,690,333
37,120,256
69,0~0,370
56,4 82,246 101,?.19,267
" 1998 1314,113,938
38,766,310
72,07 2 , 86 7
59,231,291 106,565,213
----- ~1999- - -137 7, 619,19 3 - -- -~40, 3 S7, 2 51 --- " -75,06 2 ,6 8 3 -- - -- 62,061,563 - .. 112,406,652
2000 1442,734,038
42,C86,537
78,15 3 ,9 32
64,96 3 ,1 6 1 11 8 ,234,793
2001 1S09,707,925
43,S08,430
81,514,205
67,959,716 124,406,662
t;f~D ING BALJ\NC E
- 1314,113,S38
1377,blS,193
1 4 4 2 ' 7 3 4 ' i) 3 8 --- - -
1509,707,925 1578,683,614
2002 157E,6e3,614
45,6S6,053
8~,79~,559
2003 lt4S,235,696
47,654,905
88,42 6 ,371
- - - - ---- 20J4 --- 1 7 21 , 4 f! 1, 501 -- ----4 S, 613, C7 7-- ----- 92 , 02 6 ,66 7 ---
2005 1795,298,295 2006 1870,246,840
51,639,744 53,715,439
95,767,938 99,59J,12 8
71,030,009 130, 966,539 1649,235,696 74,172,261 138,007,732 1721,481,5C1 7 7, 3 >3 6, 3 52 - - 14 5, 209, 30 2 ... 179 5' 2 9 8' 295 ____ _
80,659,917 83,g82 ,712
153,119,054 1870,246,340 161,234,257 1946,300,862
2007 1946,300,862
55,987,532
103,79~,519
H7,365,579
2003 2023,979,361 - - - -- -- 2 0 G9 . ---2 1 0 2, 913, 4 4 E- _
58,27C ....6 0, 6 3 5
,, 88734a--
..111028
,01 8 ,3 B6
,353 , 6 71
--
-----
90,811,H22 9 4 , 30 7 , 2' 4 5
. -
2010 2182, 8 ~6,886
63,CS7,077 116,93 3 ,076
97,q42,010
2011 2263,548,905
65,638,921 121,627,638 101,415,895
160,473,131 178,166,962 1E7,416,316 197,150,144 206,991,272
2023,979,361 2102,913,448
" 2182,826,886 ----~
2263,548,905 2345,24CpOo7
2012 2013 -- - - -- --- - 2014
2015
20lt>
2345,240,087
68,302,375 126,573,321 105,011,278
242C,S39,11C
7C,SAH,S44 131,495 ,5; 9 1013,597,930
25oe,2 .:n,47E - #-. 73,842,852 ~.. ~ 136,830,846 ___,., i 12 '16 9 '9 8 0
258S,?.68,928
76,6'17,072 142,14 9 ,0:3'+ 115,6 f30,68B
2667,775,661
79,753,500 147,Ul ~ ,l8.) 119,115,277
' 218,187,951 22<;,7:,8,065 24l,b08,228 25 b,020,061 26q,107,704
2426,939,110 2508,233,478
2 ss q, 26 e, s 2 s
261)7,775,661 2745,351,914
2017 ~745,35l,q14
82,S36,0g3 153,716,030 122,506,238 282 ,634,276 2821,875,999
2018 2821,875,999
86,234,484 159,82 e ,4l9 125, 846,036
- - - - --2ol9 ..~ - 2Ei97, 121,203 ---- 89,713,254 166 ,2es ,625 ___ __129 ,129,034
296,657,735 28g7,127,203 311,189,102 297l,J70,014
2020 2971,070,014
93,296,442 172,933,614 132,348,057 326,234,210 3043,413,Sl7
2021 3043,413,917
------- ----- ----------- ------ 97,038,274
179,875,519
135,494,349
341,770,582 3114,051,477
(
.
INTEREST RATE 4.5~
STATE CONTRIBUTION 7.5~
ANNUAL INCREASE IN LIVES 4.0%
'
SECTION IV
L_---------------------------------- //. j]~.u (;rAuocia le.s
SECTION IV
... ~
SUMMARY OF ACTUARIAL ASSUMPTIONS
The ac t uar i al assumptions us e d in all o 1 th e computat i ons are th e same as last year, have been bas e d upon th e 19"70 Expe rJ. en c e Study and are summariz e d below.
Mor t a lity Prio r to R ~ t l r em e n t
----- For male s the a- 1~4~ Annuity Mortal ity Table was used
to pre dict f uture de a t hs among mal e membe rs . For
fefual e s, the a-1 949 Annui t y Mortality Ta bl e was us e d
'.
s e t ba ck five ;y 2ar3. The a dJus tmen t i n ne;e fer f ema l es
. II
was ne ce ssary to r efl e ct the inc1denc e of mortality
among fe mal e members . Sampl d rat e s are s e t out be low:
1,000 T1me s the Pro ba bility of Death With1n One Year
Atta i n e d A0,e
Mal e
Femal e
25
.77
.38
35
l.3S
.68
45
3.63
1.36
')5
10. i)'7
3.11
65
23. o~r
7.50
MGrta l i ty Af t e r R ~ t i r em e n t For mal e r 2 t.Lre e s th e a-1 :~14 9 Annuit y Mortality Tabl e for
V) /?fi (> . /)
I
- - --'-"-- - -- - - - - - - -- --- - - - - - - '' 7.:>1 c J.I c:r..AJ:uocia l eJ
Mal es, and for femal e retir ees th e a-1~49 Annuity Mortal-
1ty Tabl e for Femal es was used in proJ e ctln ~ f uture
deaths among r e t1red m2mbers. Sampl e rat e s or mortality
ar0 shovm belov.r :
1,000 Tlmcs th e Probab~lity of
Death Withln On e Year
.I
Attained Age
Ma le
Femal e
'70
35 . 00
20. ')6
80
85.50
61.42
~0
200.40
1'76 .1 6
Inv estment Re turn
annum.
Rate of Disa blllty
Th e rat e s o f dlsa bi llty us ~ d 1n th e valuation are the
same as th e rat e s pr e v~ousl y us~d and ar ~ as s e t forth
below:
1,000 Tlmc s the Pro ba bil ity of Be com1ng D1sa bl c d Withln On~ Ye ar
20
1.0
30
2.0
40
4.0
50
10.0
60
29 .0
L - - - --
.
- - ' " - - - - - - - - - - -- - - - - - - - - - - -
jJ
'-
(./1~711~ .1 .1
(?
(7'-4-.uocinlc.!
ProgrE::ss of Future Salar1 2s
The salary scal e itfas construct ed from data suppli ~ d b y
the Stata Mer1t System and is intended to anticipate
basic increments in earn1ngd du e to employee's longevity
within his employment posit1on. Sampl e rates are shown
below:
Ratio of Final Ave rage Salary to Current Sa la r y at attaine d Age
Attain s d Age
Mal e
Femal e
20
5.92
4.S;9
30
3.64
3.09
40
2.29
2 . 01
r-,...
')V
1.53
l.l+l
60
l.ll
1.07
It is expect e d that memb e r s arnin~s will increas e in
accordance w1th th2 above and in addition will be
further increased on account of inflationary forces at
work in the e conomy. Each year these forc 8s are ex-
amined and the schedul e of adjustments shown above is
adjusted to r efl ect this analysis.
Re tirement Age Due to th e rec ent tre nd among State De partments to require me:mb c: rs to retire at a6e 6'), and be caus e a me:mber now r e cei ves cr2d1t for s e rvic~ beyond a g e 65,
L...-...-------------------------'- ~~ /.](;,.1.1 &AJ.Iocia.le.l
ag~ 65 has bzen us e d _as th ~ retir ement age for all calculations. ~fui l c d8fcrral of retlremcnt may still occur, a cost savings will not be produc~d due to the higher benefit s which will be payabl e upon later r e tir ~ment. Exp5nses and Contin ge nc i~ S There ha ve been no sp e c ifi c allowanc e s f or -:: xpen s e s unde r th ~ Syst em or f or contingency r ~ serv e s.
-16-
SECTION V
I
'~ '
T ;\ A L E
1
F. M P l 0 Y E E S' ~ e T I R E M E ~ T S Y S T E fvl U F
Gr 0 RGI A
I) I V I S C N
A
DISlRibUTI J ~ OF ~EMB~RS H IP- P R I G~ SERVIC~ CRECITS
MAL:: S JUN l: 3 0 , 1:::,1 2
AGE ~ iJ . OF
GROUPS Mt::l\1 Bt:R S
TO TAL
AN"'UAL
SAL AR Y
ME"1 BEI(S
CONT R113S AND INTE REST AS OF 6-10-72
ADJUST !:D
PRJ (]!-\ SVC.
CRE DITS AS UF t -3 0-7 2
CiJ\l T ~I P.S TH ROU GH
12-31-53*
TOTAL PR lllR
SERVICE
CREDITS
AVERAGE 'ANNUAL SALAR.Y
15-19
636 2,490,593
3<;,779
3,Q16
20-24 3,073 1c,198,851
784,714
25,?.3 0
3.121
28,351
5,271
25-29 3,480 23,711,714 2,337,366
6, A13
30-34 2,699 21,811,3t2 3,853,938
8,08l
35-39 2,211 19,107,358 " 4,433,962
28 0
6,129
6,409
8,641
40-44 2,094 17,425,860 4,515,2 85
38,75c
65,009
103,765
8,321
45-4 9 2,138 17,764,724 5,0 95, 8 97
668,51 0
1'.. 8 '1 8 4
t'16,694
8,309
50-54 2,286 18,316,225 5,586,725 1,544,293
230, 872 1,775,165
e,o12
55-59 2,059 15,378,160 4,787,685
791,346
203,203
994,549
7,468
60-64 1,593 11,949,740 4,304,195 ltl95,52 6
229,215 1t424,741
7,501
65-69
391 3,364,888 1,274,615
.:.22,q5 o
~4,603
4tH,553
8,605
7 0-7L. 75-79 8 0&0V
47
518, 487
188,804
7
8 7, 8 50
24,011
3
44,989
21,455
1 8 , 'HW 84,17 4 1d,!4t;
5, 879 2,899 3,472
24,(i59 87,078 21,62l
11' 0 31 12,550 14,996
TOTAL 22,717 16~,170,807 3 7,24 8 ,4 3 7
* INCLUDING HJTE REST TO 6-30-72
4, 8 0d ,l9'}
96 2, 5 86 5,770,785
7,402
AVERAGE
PRiflR
SERVICE CREDITS
9
2 49 38 .1 776 483 894 1,246 528 12,439 7,207 254
r
TARL E 2
E M P L 0 Y E E S' R E T I R f M E N T S Y S T E M C F GEORGIA
UIVISIOI\ A
DISTRIBUTION OF MEMBERSHIP- PRIOR SERVICE CREDITS
Fe MALES JUNE 30, 1972
AGE NO. OF GROUPS MEMBERS
TOTAL
ANNUAL SALARY
MEMBERS
ADJUSTEu
CONTRIBS AND PRIOR SVC.
INTEREST AS CREDITS AS
OF 6-30-72 OF 6-30-72
CONTRI BS
THROUGH
12-31-53*
TCTAL PRIOR
SERVICE CREDITS
AVERAGE ANNUAL
SALARY
15-19
4S2 2,120,994
47,432
4,400
20-24 3,574 19,499,279 1,C92,010
5,455
25-29 3r218 20,110,467 1,903,698
6,249
30-34 1,887 llr786,403 1t555,782
6,246
35-39 1,577 9,602,430 1,445.101
6,549
6,549
6,089
40-44 1,609 9,884,744 1,828,822
5,1 60
23,442
28,602
6,143
45-49 50-54
1,601 1t529
9,956,768 9,867,084
2,117,426 2,556,208
54,6 6 3
144 ,o 77
51 ,870 96,476
106,533 240,553
6r219 6,453
55-59 1,200 7,975,520 2,567,748
357,1 0 1
154,500
511,601
6,646
60-64
737 5,399,299 2,189,692
597,5"19
191,316
788,895
7,326
65-69
172 1,306,529
603 t 792
~8 ,2 06
46,468
141tt674
7,596
70-74
11
94,693
26,889
75-79
1
2,823
1,4 2 1
762
2,183
8,608
2r823
80&0V
1
13,014
8,743
13,014
TOTAL 17,599 107,620,052 17 1 943,348
* INCLUDING INTEREST TO 6-30-72
1 ,258,2 )7
571,383 1,829,590
6,115
AVERAGE
PRIOR
SERVICE CREDITS
4
17 66 157 426 lr070
841
.198
103
T A IJ L E 3
t M P L G Y f E S' R E T I R t M E ~ T S Y S T E ~ C F
0 I V I S c t~
A
c; t 0 R G I A
DISTRJBUTIO:~ OF ~E~BERSHIP- PRtPR SERVICE CREDITS
ALL MEMBERS n F DIVISION
JUNE 30, l :nz
AGE NO. OF
GPOUPS MEMBERS
TOTAL ANNUAL SALARY
MEMt\ERS CONTRIBS AND
INTEREST AS
OF 6-30-72
ADJUSTED
PRIOR SVC.
C!-I.EDITS AS
OF- 6-30-72
CONTP. l BS THRUUGH
12-31-53*
TCTAL
PRIOR SERVICE
CREDITS
AVERAGE ANNUAL SALARY
15-19 1,118 4,611,587
20-24 6,647 35,698,130
25-29 6,6~8 43,822,182
30-34 4,586 33,597,765
35-39 3,788 26,709,788
40-44 3,703 27,310,604
45-49 3,73g 27,721,493
50-54 3,815 28t183,310
55-59 3,259 23,353,680
60-64 2,330 17,349,03~
65-69
563 4,671,418
87 t2ll 1,876,725 4,241,065 5,409,721 5,879,063 6,344,107 7,213,324 8,142,934 7,355,433 6,41J3,887 1t878t408
25,230
280 43,916 723 tl 73 1,688,370 1,148,447 lt793,105 521,156
3rl21
28,351
12,67~
88,451 200,054 327,348 357 t 703 420,531 111,071
12,958 132,367 923,227 2r015,718 1,506,150 2,213,636 632,227
4,124 5,370 6,542 7,326 7,579 7,375 7,414 7,387 7,165 7,445 8, 297
70-74
58
613,180
215,694
75-79
8
90,673
24,011
60&UV
4
5~,003
30,19d
TOTAL 40,316 275,790,8~9 55,191,786
* It~ CL UD IN G INTER EST T0 6- 3 0- 72
20,401 84 '1 79 18,149 6,066,406
6,641 2,899 3,472 1,533,969
27,042 87,078 21,621
7,600,37~
10,572 11,334 14,500
6,840
AVERAGE
PRIOR SERVICE CRFDITS
4
3 35 . 246 528 462 950 1,122 466 10,884 5,405 188
' - .
TA HL t
4
[ M P L C Y E E S' ~ t T I ~ E M E N T S V S T 1: r.1 C F
G E () R G I A.
0 I V I S fJ N R
D ISTRI ~UT I C! N OF 1.1\t~Bt.RSHIP- PIU Or<. SERVICE CREUITS
UA L:S JU N~ JO, 1972
~GE "J() . OF
GF..OUPS MEMBtRS
TOTAL ANN UAL
SALA~Y
I-1 L:MRE RS
CU NT!=\ I 3 S AND INT ERF ST AS
OF 6-30-72
ADJUST~ ~
PRI OR SVC. CRF DlTS NS
OF 6-30- 72
CL) "'Tr\IBS - T HR r:lJ GH :i?-31-53*
T r:T AL PP lOR
SE PVICE CRFD ITS
. AVERAGE ANNUAL SALARY
15-19
ZJ-24
25-29 30-34 35-39 40-44
45-49
50-54
2
12,894
605
1
9,312
418
11
100,800
46,078
6<1
730,713
417,93-'t
113 1,256,974
824,419
122 1,447,565 1 ,06'.,542
99 1,166,765
927,712
105,4 30 141,561 370,1 32 517,909
5 '38 7
27,392
83,7o4 87,369
110,817 168,953 453,896 605,278
6,447 9' 312 9,163 10,5<10 11,123 11,865 11,7!35
5~-59
60-64 65-69
99 1,111,'198
52
578,248
12
125,575
8H0~547
446' 711 9 9,475
673,896 387,9 "/5
!3-J,917
8 5,182 42 932 7
9,355
759,078
430,302
99,272
11,232 11, 120 10,464
70-74
2
11.5~8
8,225
75-79
1
15,24~
13,002
80&nv
3
zz,zoo
TOTAL 06,58~ 0 829
1,663 4o73!,337
* INC L LJ D IN G INTER E ST T0 6- 3 0- 7 2
s,~ 'l3
3 3 '+ 17
11 dul 2 ,343 ,4 91
3,263 344,J39
5,893 33,477 20,564 2,687,53.)
5,76<1 15,243
7,400 11,245
AVERAGE PRIOR
SERVICE CREDITS
1,606 1,495 3 .7 20 6,113 7,667 8,275 8,272 2,946 33,477 6,854 4,586
.....
r
TA!lL[
f::
E t-1 P L lJ Y t: E: S 1 I< t. T I q 1: ~~ E r~ T SYSTEM G F
G E f1 f\ G I A
u I V I S c: t\
B
DIST P. I f. UTIU ~ ~ OF 1'-'EI-'BERSHIP- P.:ll !'R Sft-~VIC( CR ED ITS
ALL MEM dfRS UF DIVISI ON JU NE 30, 1972
AGE Nn. OF GROU PS MEMBER S
TOTAL AN NUA L
SAL A~Y
ME ~GERS
CONT RI BS ANO INT~ RF ST AS
OF 6-30-72
pq~rDuJRUSTsv!-c0 .
CREDITS AS OF 6-30-72
CUH R I RS
THR OU GH 12-31-53*
TCT AL PR IUR
SE PVI CE
CREDITS
AVERAGE ANNUAL St.LARY
15-19 20-24 25-29 30-34 35-39
5 6 16 12 5
29, 394 36,390
13~,884
1,178,135
1 '6 67 2,170 59,955 694,078
114, 812
12,021
l2b,R3~
5,878 6,065 tl,367 9,425
40-44 45-49
169 1,739,471 1,161,176 2 35 2r404,071 1,782,000
205,539 602,223
49,091 144,341
254,63J 746,564
10,292 10,230
~0-54
55-59
222 2,141,159 lt682,358
86 8 ,320
213 2,105,505 1,657,662 1,095,3<-id
159,109 157,222
1,027,429 1,252,620
9,644 9,885
60-64 t5-69
134 1,241,659 1,J00,362
"26
231,679
1 80,867
972,78 ~
157,12l
1J8,478 16,776
981,264 173, 8 99
9,266 8,910
70-74 75-79 80&0 V
2
11,538
8,225
5,893
1
15,243
13,0C2
33,477
3
22,200
1, 6n3
17,301
3,263
5,893 33,477 20,564
5,769 15,243
7,40J
TOTAL 1,157 l1,29C,332 8r245,1Sl
* INCLUDING INTEFEST TO 6-3C-72
3,CJ72,l372
6':>0,30 1 4,623,173
Y,758
AV(RAGE PRIOR
SERVICE
CREDITS
1,014 1,506
3, l-76
4,628 5,880 7,322
6,688
2,946 33,477
6,854 3,99 5
1 T A ' \n ' L . E
~7
. r. . M1'P I L . 0 . y E ' E- $ I R . E l T I I ~~ . 1: . M I E '!\) : T
s v s 1 T 1 E : ~ ' c ' F
I
I
;
1
f\
GEOHGIA
l>lVIS ' Ir~
A
0 IS TR I P.. UTI O!'l uF f.>P I OR SfR VIC E CR[,)J TS f1 Y "'lEA ,N Yt::Af<S OF StRV' I' C' f
!'A LES
JUNE .;.o , 19 72
SFRV Nl.l. OF GROUPS f-1 EM tH:R S
TOTAL
ANNUAL SALA RY
MEMBFRS CUI\ITR IBS ANO
INT ERE ST AS
Of 6-30-72
AOJLSTFD
PRIOR SVC. CR!:DITS /:...S
OF o- -3J-72
CONTRIBS THP OUGH
12-31-53*
TCT AL PR lOR
SERVICE
CREDITS
AVERA GF
ANNUAL
SALARY
- 1 4,24S 22,6L6t123
36C,240
5,325
1- 2 2,112 l6,Yu3,073
9'34,696
6, 2 32
2- 3 2,129 14,066,169 1,232,795
6,606
3- 4 1,660 11,234,3C9 1, 3 q4, 5 S2
6,767
4- 5 1,413 10,23~,280 1r508,677
7,242
6-10 4,776 37,244,073 7,821,126
7,798
11-15 16-20
2,760 24,364,985 1r487 13,857,869
1' 133 '99J 5,742,833
142,971
1,499 14,061
1,499 157,032
8,827 9,319
21-25 26-30
789 8,378,227 4,434,336
144,563
492 5,785,308 3,635,473 1 ,299,4 2!)
219,336 392,330
363,899 1,691,750
10,618 11,758
31-35 36&0V
170 2,323,729 1,585,995 1,932,6 23
80 1,152,656
813,680 1,268,622
209,643 125,717
2,142,266 1,414,339
13,668 14,408
TOTAL ~2,717 16&,170,807 37,248,437
* I NCLUDING INTEREST TO 6-3C-72
4d0d,l 'oi9
9, 2, 586 5,770,7H5
7,402
AVERAGE PRifJR
SERVICE CREDITS
105 461 3,438 12,601 17,&79 254
T A r~ L E:
e
E ~1 n L f1 Y E E: S ' R E T I I< E M E I'! T SYSTE 1-1 C F
GEORGIA
DIVISI C N A
OISTRI8UTION OF PRIOR SERVlCf CRE J ITS ~y ~~AN YEARS OF SER VICE
F c i'-I~ L t: S
JLr..J E 30, H72
SE RV NO. CF
GROUPS ~1 [ M dE:RS
TOTAL ANNUAL SALA kY
M~~~ERS
CONTR[ ~ S AND INT ERCS T AS
OF 6-30-72
AOJLSTE ~
PRIOR SV C. CREDITS ~S
llF 6-30-7 2
C(]~JT F. I BS T f-iR OU GI-i
12-31-5?*
T CTAL P R lOR
SE PVICE
CR EC ITS
AVF.RAGE ANNUAL
SALARY
-1 1- 2 2- 3 3- 4
3, 13 28 19, e 15,191 2,dl4 15,780,407 2,220 12,902,290 1,571 9,546,276
338,627 788,066 1,093,162 1,068,445
5,176 5,607 5, 811 6,077
4- 5 6-1J 11-15 16-20
1,236
7,5~8.793
3,084 19,979,437
1,367 9, 8 72,174
712 5,465,419
1,069,457 4,0.:.2,376 3,154,957 2,356,566
9 ,o 81
48 1,711 21,156
48 1, 711 30,237
6,147 6,478 7,221 7,676
21-25
381 3,C31,388 1,696,17'1
26-30
219 1,882,223 1,1 -36 ,502
31-35
1 C4 1,073,653
722,388
36LOV
63
67C,795
446,617
TOTAL 17,599 107,620,052 17,q43,348
* I NCLUDI NG INTEF EST TO 6-3C-72
3 5 '? ':13 157,517 468,637 sa1,3 g1 1,258,207
170,620 177,062 121,70 6
79,0130 571,383
206,203 334,579 590,343 666,469 1,1329,5'10
7,956 8,594 10,323 10,647 6,115
AVERAGE PRIOR
SERVICE CREDITS
1 42 541 1,521 5,676 10,578 103
-'
T ABl C q
E M P L U Y [ F S' R E T PfMEt-.T S Y S T E M C F G E 0 R G I A DIVISIUr\ A
OISTki8UTICN OF PPIOR S~RVIGE C ~E JITS BY ~EAN Y~ARS OF SERVICE ALL MEM G~ RS OF DIVISION
JUt-.E 3.), 1972
SEPV NO. OF GROUPS ~E~~tRS
TOTAL ANI\IUAL
SALARY
ME '"I ~ E RS
CONTRIBS AND
INTER EST AS
OF 6-30-72
ADJUSTED
PiUOR SVC . CR c iJITS AS
OF 6-30-7 2
CONTRIBS
THR OUGH 12-31-5'3*
TCT AL PRIOR
SE RVICe
CI{ECITS
AVERAGE
ANNUAL
SALARY
-1 1- 2
8,077 42,441,315 5,526 32,6~3,481
698,868 1,772,763
5,254 5,914
2- 3 4,349 26,968,~60 2,315,957
3- 4 3,231 20,7~2,586 2t463,037
4- 5 2,649 17,833,073 2,578,135
6-10 7,B60 57,223,511 11,863,503
11-15 4,127 34,237,160 10,888,948
16-20 2,199 19,323,289 a,C99,40J
21-25 lt170 11,409,616 6rl20,515
2.6-30
711 7,667,'531 4,821,975
31-35
274 3,397,382 2,308,383
36t:OV
143 1,823,451 1,260,297
TOTAL 4J,316 275,790,a59 55,191,786
* I NCLUDING INTEREST TO fJ-3C-72
152,052 180,146 1,456,93 7 2 ,4 01 ,26 ) 1,876,0ll. 6,066,406
4ti
3 ,21J 35 '?1 7 389,956 569,392 331,349 2 04, 7CH
1,~33,969
48 3,210 187,269 570,102 2,026,329 2,732,609 2,080,808 7,600,375
6,201 6,432 6' ,732 7,280 8,295 8,787 9,751 10,784 12,399 12,751 6,840
AVERAGE PRIOR
SERVICE
CREDITS
85 487 2t849 9,973 14,551 188
_,
T A B L E 10
E M P L 0 Y E E S' K E T I R f: M E N T S Y S T E M C F G E 0 R G I A
0 I VI S I UN B
0 I ST~ IBUTI ON UF PRIOR SEP.VICE c;.u:o ITS ~y ~EAN YEARS OF SERVICE
tw'ALES JUNE 30, 197~
SERV NO. OF GROUPS NEM BERS
TOTAL ANNUAL
SALARY
ME111RERS
ADJUSTED
CONTRIBS AND ' PRIOR SVC.
INTE REST AS CREDITS A.S
OF 6-30-72 OF 6-30-72
CONTRI BS THROUGH
12-31-53*
TOTAL PR lOR SERVICE
CREDITS
AVERAGE ANNUAL
SALARY
-1
2
17,052
732
1- 2
1
10' 116
660
8,526 10,116
2- 3
3- 4
3
25,554
2 '871 '
8,518
4- 5
6-10
21
122,667
37,038
5,841
11-15
14
142,283
66 ,2 55
10,163
16-20
147 1,454,588
871,277
5,538
3,098
8,636
9,895
21-25 26-30
160 1,791,649 lt262,520 141 1,776,910 1 ,429' 902
320,074 816,683
57,016 149,154
377,090 965,837
11' 197 12,602
31-35
71
921,4~8
787,165
738,857
94,672
833,529
12,978
36&0V
26
327,549
272,914
462 ,3 39
40,09Q
502,438
12,598
TOTAL.
586 6,589,829 4,731,337 2 ,343 ,4 91
344,039 2,687,530
ll,245
* INCLUDING INTER EST TO 6-3 c~ 12
AVERAGE PRIOR
SERVICE CREDITS
58 2,356 6,849 11,739 19,324 4,586
l
.
T A B L E 11
E M P L 0 Y E ~ S' R E T I R E ~ E N T SYSTE~ C F
GEORGIA
U I VISION
B
DISTRIBUTION OF PRIOR SERVICE CRE:) ITS BY fiE AN YEA!{$ OF SERVICE
FE MALES JUNE 3 0 , 1972
. SERV NO. OF GROUPS MEMBERS
TOTAL ANNUAL SALARY
MEMBERS
ADJUSTED
CONTRIBS AND PRIOR SVC.
INTE REST AS CRED I TS AS
OF 6-30-72 OF 6-30-72
CONTRIBS THROUGH
12-31-53*
TCT AL PR lOR
SER VICE
CREDITS
AVERAGE . ANNUAL
SALARY
AVERAGE PRIOR
SERVICE
CREDITS
-1 1- 2
5
22,080
5
28 , 476
639 1,984
4,416 5,695
2- 3
4
24,876
2,763
6,219
3- 4
3
18,516
3,012
6,172
4- 5
2
14,124
2,615
7,062
6-10
4
30,456
10,090
7,614
11-15
6
52,842
23,538
8,807
16-20
188 1,424,317
926,286
12,710
9,078
21,788
7,576
115
21-25
156 1,262,579 1e000,037
219,157
91,369
310,526
8,093
1,990
26-30
110
c;79,926
818,680
484,041
106,796
590,837
8,908
5,371
31-35
60
590,076
496,830
529,77<:>
65,743
595,519
9,834
9,925
36&0V
28
252,234
227,3 74
TOTAL
571 4,700,502 3,513,854
* INCLUUING INTEREST TO 6-30-72
383,697 1,629,381
33,276 306,262
416,973 1,935,643
9,008 8,232
14,891 3,389
'
T A H L E 12
. t M P L 0 Y f: f S' R E T I R E M E !\1 T SYSTEM C F GEORGIA DIVISION H
DISTRIBUTION CF PRIOR SERVICE C~ E DITS RY MEAN YEARS OF SERVICE
ALL MEMBFRS OF DIVISION JUt-.iE 30, 1972
SERV NO. OF GROUPS MEMHERS
TOTAL ANNUAL SALAPY
MEMBEPS
ADJUSTED
CDNT~It3S AND . PRIOR SVC.
I NT ERE ST AS CRE:DITS AS
OF 6-30-72 Uf 6-30-72
CCNTPIBS THROUGH
12-31-51*
TCT AL PR lOR SERVICE CREDITS
AVERAGE ANNUAL
SALARY
1
7
39,132
1 ,3 71
5,590
1- 2
6
38,5<12
2,644
6,432
2- 3
4
24,876
2,763
6,219
3- 4
6
44,070
5,883
7,345
4- 5 o-10
2
14,124
25
153,123
2t615
47,129
7,062 6,124
11-15
20
195,125
89,793
9,756
16-20
33~ 2,878,905 1,797,564
18,248
12,176
30,424
8,593
21-25
316 3,054,228 2,262,558
539,231
. 148 '38 5
687,616
9,665
26-30
251 2,756,836 2,248,582 1,300,724
255,950 1,556,674
10,983
31-35
131 1,511,534 1,283,<195
36&0V
54
579,783
500,289
TOTAL 1,157 11,290,332 8,245,191
* INCLUDING INTEREST TO 6-3C-72
1,268,633 846,036
3,972,872
160,415 73,375
650,301
1,429,048 919,411
4,o23,173
11' 538 10,736
9,758
AVER~GE
PRIOR SERVICE CREDITS
90 2,176 6,201 10,908 17,026 3,9<15
T A H L I: 13
E M P l 0 Y [ E S'
K E T I R E ME N T S Y 5 T E M
\
DI VI S I 0 N A
DISTRIBUTION OF AC Tl VE EMPL CYEE S BY AGE AND
0 F
GE0 RGI A
SERVICE GROUPS
1-'ALF:S JUNE 30, 1972
SERVICE: GROUPS
AGE
35 &
GROUPS
0
1
2
3
4 . 5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
15-19 518
97
16
4
1
636
20-24 1,379
719
470
227
152
12 5
1 3,073
25-29
870
622
516
363
284
742
83
3,480
30-34
349
324
265
212
204
793
484
68
2,699
35-39
256
201
175
143
133
567
476
233
25
2,211
40-44
252
226
162
157 136
397
318
259
170
17
2,094
45-49 - 228
173
155
171
128
480
291
239
166
102
4
1 2, .138
50-54
189
145
150
156
149
555
363
217
154
164
43
1 2,286
55-59
144
128
127
130
128
561
325
218
127
93
60
18 2,059
60-64
52
60
81
83
82
453
299
189
120
87
49
38 1,593
65-69
6
12
11
12
16
87
109
58
24
27
13
16
391
70-74
4
4
1
2
1
14
10
5
2
2
1
1
47
75-79
2
l
1
3
"1
80&0V
1
l
1
3
TOTAL 4,249 2,712 2,129 1,660 1,413 4 '776 . 2,760 1,487
789 . 492
170
80 22,717
T A B L E 14
E ~ P L 0 Y E E S' R f. T I R F M E N T S Y S T E M C F
GEORGIA
0 I VISJON
A
DISTRIBUTION OF ACTIVE f. MPL CY Ef: S BY AGF. AND SERVICE GROUPS
FEMAL ES JUNF 30, 1972
SfRVIC E GROUPS
~GE
35 &
GROUPS
0
1
2
3
4 . 5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
15-19
363
95
22
1
1
20-24 1,373
915
603
364
204
115
25-29
799
617
511
388
296
552
55
30-34
357 . 344
257
176
152
420
168
13
35-39
296
227
198
140
145
361
144
57
9
40-44
211
203
205 . 146
123
432
172
78
38
1
45-49
204
172 .160
145
109
418
201
105
60
25
1
50-54
121
125
157
108
111
365
240
153
84
43
22
482 3,574 3,218 1,887 1,577 1,609 1 1,601 1,529
55-59
75
83
12
80
72
276
200
147
85
60
32
18 1,200
60-64
25
30
33
20
20
126
145
117
76
64
43
38
737
65-69
3
2
1
3
4
19
38
38
28
24
6
70-74
1
1
1
3
2
1
2
75-79
1
80&0V
1
TOTAL 3,828 2,814 2,220 l, 571 1,236 3 t084 1t367
712
381
219
104
6
172
11
1
1
63 17,599
T A e L E 15
E ~ P L 0 Y E E S'
R ~ T I R E ~ E N T SYSTEM
D I VI SIGN
A
G F
GEORGIA
DIS TR I BUT I ON OF ACTIVE EMPl OYEES BY AGE AND SERVICE GROUPS
All MEMl3ERS OF DIVISION JuNE 30, 1972
SERVICE GROUPS
. AGE
35 &
GROUPS
0
1
2
3
4 5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
15-19 881 192
38
5
2
20-24 2,752 1,634 1,073
591
356
240
1. 118 1 6,647
25-29 1,669 1r239 1,027
751
580 1,294
138
30-34
706
668
522
388
356 1,213 652
81
35-39
554
428
373
283
278
<328
620
290
34
6,698 4,586 3,788
40-44
463
429
367
303
259
!329
490
337
208
18
3,703
45-49
432
345
315
316
237
88
492
344
226
127
5
2 3,7?9
50-54
310
270
307
264
260
920
603
370
238
207
65
1 3,815
55-59
219
211
199
210
200
837
525
365
212
153
92
36 3,259
60-64
77
90
114
103
102
579
444
306
196
151
92
76 2,330
65-69
9
14
12
15
20
106
147
96
52
51
19
22
563
70-74
5
5
2
2
1
14
13
1
3
4
1
1
58
75-79
2
2
1
3
8
80&0V
1
1
1
1
4
TOTAL 8,077 5,526 4, 349 3,231 2,649 7,860 4,127 2,199 1' 170
711
274
143 40,316
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
\ , -
T A ~ L E: i6
E ~ P l 0 Y E E S' R E T I R E M E N T SYSTf.l>' C F
GEOKGIA
u 1 v 1 S I 0 fl.
A
0 I S TK I BUTI 0 N OF liC TI VE 01 PUlY E!: S BY AGE ~NO SERVICE GROUPS
MA LES JUNE 30, 1972
SERVIC E GROUPS
35 &
0
1
2
.3
4 . 5-9
10-14 l~-19 20-24 25-29 30-34 OVER TOTAL
1 1
1
2
1
1
2
1
1
2
8
11
2
1
48
17
69
5
2
41
53
12
113
3
3
18
44
50
4
1~2
1
1
12
17
39
29
99
4
2
11
16
29
24
13
99
1
2
3
8
8
10
11
9
52
2
1
1
2
1
3
2
12
2
2
1
1
1
l
1
3
3
21
14
147
160
141
71
26
586
AGE
GROUPS 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
T A B L t 17
E M P l 0 Y E E S' R E T l R E M E ~ T SYSTE~t C F
GEORGIA
D I V I S I 0 t\
8
DISTRIBUTICN r.F ACTIVE EMPL CY EE S BY AGE AND SE:FVICE GROUPS
F EMALES JU~E 30, 1972
.
SERVIC= GRCUPS
35 &
0
1
2
3
4 . 5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
2
1
3
2
2
1
5
1
1
1
2
5
1
2
43
10
56
1
2
20
24
9
56
1
2
2
36
41
28
3
113
1
1
38
29
38
16
123
1
1
1
36
28
16
24
1
114
1
10
20
18
. 16
17
82
1
3
4
1
1
4
14
5
5
4
3
2
4
6
188
156
110
60
28
571
1
-
' _;
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
F
0
T t. B L E 18
E M P l n Y E E S' R E T I ~ E ~ E N T S Y S T E M C F GEOkGIA
D 1 V I S I lJ N
H
0 I S TR I BUT 1Dr~ QF t... CT1VE EMPLCY H ~ tiY AGE ANfJ SERVICE GR OUPS
ALL ME i\18 E RS UF DIVISION
JUt\f 30, 1972
$[RVIC E GRCUPS
35 &
0
1
2
3
4 . 5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
3
1
1
5
3
2
1
t:
1
2
2
1
10
16
1
1
4
l
91
27
125
1
5
4
61
77
21
169
1
2
5
3
54
85
78
1
2~5
1
l
1
1
50
46
77
45
222
1
1
4
3
47
44
45
48
20
213
1
2
4
18
28
28
27
26
134
2
2
4
6
2
4
6
26
2
2
1
1
1
1
1
3
7
6
4
6
2
25
20
335
316
251
131
54 1,157
AGE GROUPS
15-1 9 20'-24 2 5-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79
80~0V
TOTAL
T A H L E: lO
E M.P L 0 Y E E s R E T 1 Q E M E tlj r S Y S T F M C F
D I V I s I (j f\
A
DISTRI BUTI ON nF Er-' PLJ Yt: ES BY SALARY CLASS
Gf n R G1A
:JALES J Ut\E 30 , 1 9 72
EARNING LESS THAN \4,200
NUMB EP,
EARNINGS
EARN I ~G 1"10 KE THAN $4,200
i~ UI'-1~E \{
EfiP NI NGS
ALL EMPLOYEES
NUMBER
EARNINGS
360
1,20~,73<;
27 &
1,283, 853
636
2,490,593
74S
2,633,850
2 t 32 Lr
13, 565,000
3,073
16,198,851
383
1,272,390
3,097
.22,439,324
3,480
23,711,71'
225
772,506
2t47 4
21,039,8156
2,699
21,81lr3t2
1sc
649,088
2,02 5
18,458,270
2, 211
19,107,358
226
793,874
1 ,86 H
16,631,985
2r094
17,425,860
228
807,499
1,910
16,957,225
2rl38
17,764,724
291
1,027,557
309
lr1llrl31
1, 99 ~; 1 t 75 I_)
17,288,668 14,267,028
2,286 2,059
18,316,225. 15,378,160
231
828,498
1, 3o2
llr121t241
1,593
11,949,740
43
145,653
34 8
3,219,234
391
3,364,888
6
19,044
41
499,443
47
518,487
1
2,157
7
87,850
2
42,~32
7
87,850
3
44,989
3r238
11,2~9,991
19,47 9
15 6 ,9 00 . 815
22,717
168,170,807
,
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V
TOTAL
T A 8 L E 20
E M P L 0 Y E f S' R E T I R E ~ E 1\: T SYSTE,.., C F
GEORGIA
n I VI S I 0 N
A
DISTRI8UTION OF E,_.PLOYEES BY SALARY CLASS
-
FEM ALES JUNE 30, 1972
EARNING LESS THAN S4,200
NUMBER
EARNINGS
185
652, Oll
574
1,879,460
391
1,210,048
310
1,001,884
287
967,957
293
953,310
273
883,337
219
699,295
164
519,573
51
158,524
9
21,111
3
B,853
1
2' 823
EARNING ~1 0 RE THAN $'+ 1 200
NUMBE R
EARNINGS
29 7
1,468,983
3,000
17,619,818
2,82 7
18,900,418
1,577
10,784,518
1,290
8,634,472
1,316
8,931,434
1,328
9,073,430
1 ,310
9,167,789
1 ,036
7,455,947
686
5,240,774
16]
1,278,752
8
85,840
ALL EMPLOYEES
NUMBER
EARNINGS
482
2,120,994
3,574
19,499,279
3,218
20,110,467
1,887
11,786,403
1, 577
9,602,430
1,609
9, 884, 74.4
1,601
9,956,768
1, 529
9, 867,084 . .
1,200
7,975,520
737
5,399,299
172
1,306,529
11
94,693
1
2,823
2,760
8,964,857
J. 14,83 9
13,014 98,65'>,194
1 17,599
13,014 107,f:20,052
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 so-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
T A B L E 21
E M P l 0 Y E E S' R E T I R E M E N T SYSTEM 0 F
DI vr sr 0 N A
GE0 R G I A
DISTRIBUTION OF E~PL O YE E S BY SALARY CLASS
All MEM b ERS Ot= DIVISION JUNE 30, 1972
EARNING LESS THAN $4,200
NUMBEI<
EARNINGS
EAR NI NG MO RE THAN S4,200
NUM E, ER
EARNINGS
All EMPLOYEES
NUMBER
EARNINGS
545
1,858,751
S73
2,752,836
1,118
4,611,587
1,323 774
4,513,310 \
2,482,439
5, 324 5,924
31,184,819 41,339,742
6,647 6,698
35,698,130 43,822,182
535
1,774,390
4,051
31,823,375
4,586
33,597,765
473
1,617,046
3, 315
27,092,742
3,788
2 a, 709,788
519
1,747,184
3, 184
25,563,420
3,703
27,310,604
501
1,,690,836
3, 238
26,030,656
3,739
27,721,493
510
1,726,853
3 9?1 0 5
26,456,457
3,815
28,183,310
473
1,630,704
2, 786
21,722,976
3,259
23,353,660
262
987,023
2,048
16,362,016
2,330
17,34t9,039
52
173,430
511
4,497,987
563
4,~71,418
9
27,897
49
585,283
58
613,180
1
2,823
1
87,850
8
90,673
1
2,151
3
55,846
4
58,003
5,998
20,234,849
34,318
255,556,009
40,316
275,790,859
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44
45-4~
50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
T A B L E 22
E r-1PL O Y !:E s R E T I P. E: 11 E N T SYSTtM G F G f 0 R G I A
D I VI S I 0 N
[3
DISTRigUTION OF Et-IPL n YEES AY SALARY CLASS
I-IAL ES JUNE 30, 1972
EARNING LESS THAN $4,200
NUMBER
EARNINGS
FARNING MuRc THAN $4,200
NU"'13ER
EARNINGS
ALL EMPLOYEES
NUMBER
EARNINGS
l
3,000
6
17,70C
2
4,800
4
8,514
4
6,351
2
7,200
1
1,800
1
3,000
1
3,t::OO
22
55_, S65
2
12,894
1
9,312
11
100,800
68
727,713
107
1,239,274
120
1,442,765
95
1,158,251
95
1,105,646
50
571,048
1 l
123,775
1
8,538
1
15,243
2
18,600
sc. ..
6,533,864
2
12,894
1
9,312
11
100,800
69
730,713
113
1,256,974
122
1,447,565
99
1,166,765
99
1,111,998
52
578,248
12
125,515
2
11,538
1
15,243
3
22,200
586
6,58<;,829
,.
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
T A 13 L E 23
E M P L 0 Y E E S' P.. E T I R t= M E N T S Y S T E M a F
D1 VI S I 0 N B
GE0 RG I A
DISTRIBUTION OF E~PLOYEES BY S ALARY CLASS
r: Er~A LES
JLJN E 30, 1972
EARNING LESS THAN $4,200
NUMBER
EARNINGS
EARN! I'.C MUI<E THAN $4,200
NUM BER
EARNING S
All EMPLOYEES
NUMBI;:R
EARNINGS
4
3,093
1
2,724
1
1,950
2
3,093
3 5 5 56 56 109
1~ 2
113
eo
14
16,500 27,078 33,084 447,421 482,496 953,413 971,670 991,557 660,318 106,104
3 5 5 56
. 56
113 123 114
82 14
16,500 27,078 3?,084 447,421 482,496 956,506 974,394 993,507 663,411 106,104
8
10,860
56 3
4,689,642
571
4,700,502
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
T A B L E 24
M P l 0 Y E E: s' R E T 1 R E: ~ E N T S Y S T E ~ C F
[) 1 V I S I 0 N
B
DISTRIBUTION OF E~PLJYEES BY S d.l.ARY CLASS
GEORGIA
All M01BERS OF DIVISION JU~E 30, 1972
EARNING LESS THAN $4,200
NUMB EP
EARNINGS
EARN I 1'\G MORE THAN $4,200
NUMB !: R
EARNINGS
All EMPLOYEES
NUMBER
EARNINGS
5
29,394
5
29,394
\
6
36,390
6
36,390
16
133,884
16
133,884
1
3,000
124
1,175,135
125
1, 178,135
6
17,700
163
1,721,771
169
1,739,471
6
7,893
229
2,396,178
235
2,404,071
5
11,238
217
2,129,921
222
2' 141, 15.9
5
8,301
2J8
2,097,203
213
2,105,505
4
10,293
1.30
1,231,366
134
1,241,659
1
1,800
25
229,879
26
231,679
1
3r000
1
8,538
2
11,538
1
15,243
1
15,243
1
3,600
2
18,600
3
22,200
30
66, 825
1,127
11,223,507
1,157
11,290,332
TA i3LE 25
-, c
f M P L 0 Y E E . 5 1 ~. f T I k E M f. N T S V S T [ 1-1 C F G E 0 ~ G 1 A
OISTKigUTIU~ OF ~~TIP~O LIV~S RY ATTAINEC AGt GROUPS ANQ OPTIONS
JU NE .30, 197 2
t~ ALES
MAXIMUM
TOTAL
AGE
iHl . MONTHLY
r, P.OUP Ll Ve S ALLOWA!';CE
0-19
20-24
25-29
30-34
OPTim! 1
TOTAL .
Nn.
~-10~TH L Y
LIVES ALLO'r/1\NCE
OPTION 2 T[IT!IL
NU . MOiJTHLY LIVtS Alli l.-IP.JCE
\
OPT I Dr-. 3
TOTAL
iJO . Mnr.JTHLY
LIV~S
~LUlWP. NCE
OPTION 4 TOTAL
Nfl . i-10NTHL Y LIVES AL.LO>'i,\ NCE
TOTAL TOTAL
NO. fo40NTHL Y L IVt:S ALLOWANCE
35-39 40-44 45-49 50-54
4 1,667.12 0 2, 691.46 1 3 5,465.27 34 14,358.74
1
757.56
2
548.43
6 2,127.10
2
34f. . ~4
9 2,109.47
21 5,15 0 .62
38 9,243 .13
1
258.70
6 1,858.24 15 4,496.31
1
398.63
1 1,313.24
2 1,221.08
7 2,272.66 17 5,957.12 43 14,335.80 95 31,446.36
55-59 60-64 65-69 70-74
49 16,615.32 107 34,719.48 2Q2 52,420.69
184 21,056.03
6 2,937.11 30 9,884.72 o2 16,465.65 53 9,550.39
67 14 , Ra.:, . 3 3
136 29' 194 . 87 246 32,107.02
172 20,1li~ . JZ
21 7, 954 .90 ::7 32,253 . 81 123 44,442.55 98 28 ,718.94
5 ~. 383.67 146 45,775.83 5 3 ,252. 39 345 109,305.27 12 5,865.99 735 151,302.10 5 3,479.45 512 82,919.13
75-79 80-8 4 85-89 90.0V
112 12,740.41 53 5,757.76 22 3,016.81 11 2,191.05
24 3,bll.38
6
625.39
1
383.08
83 7,576 .82
46 5,557.24
18 1,252.8 2
3
188.01
61 14,022.07
25 5,923.03
lti 4,502.02
6
765.45
2 1,010.82 282 39",161.50
1
58.19 131 17,921.61
59 9,154.73
l
99.73
21 3,244.24
TOTAL 887 172,700.34 191 47,090.81 841 127,725.99 441 145,196.02
35 20,083.19 2,395 512,796.35
EMPLOYEE s
TA G L~ 26
R E T I k I: M E N T S Y S T E: M
G F
GEORGI ~
DIST R IAUTION OF RETik E G LIV E S AY ATTAIN ~ C AGt GROUPS AND UPTI ONS
JU:\1 ~ 1 0 , 1 9 72
F Et-11\ Lf S
MAXIMUM
TOTAL
AGE
t.; (i
~ ON THL Y
GROUP LIVES ALL OWA NCE
0-19
20-24
25-29
30-34
OPTION 1 T OTAL
NO. MONTHLY
LIVES ALL CWA!\4CE
OPTI JI'< 2
T;1 TAL
1\J O.
MlJf'l THLY
LIVES AL LI) wt~ NCI:
CJ PTI UN 3
OPT ION 4
TOTAL
T OTAL
:\1 0. I-1GNT HL Y
NO.
~1f1N THL Y
l i VES ALLOWANC E lIVE-S ALLOWANCE
l
94.9 8
TOTAL
TOTAL
NU . MONTHLY
LIVES ALLOWANCE
1
94.98
35-39
1
309.29
1
366.25
1
154.97
40-44
4 1,275.85
4
737.44
45-49
11 2,761.52
1
228.69
9 2,040.91
1
80.84
50-54
16 5.128.34
2
361. 06
25 4,68 0 . 87
3 1, 947.67
3
830.51
8 2,013.29
22 5' 111.96
46 12,117.94
55-59
31 5,714.96
4
832. 54
41 6,03 3 .14
3
435.i:l9
79 13,016.53
60-64 18 1 34,340.37
33 7, 790. 94
72 10,632 .25
15 5,544.22
30 1 58,307.78
65-69 341 57,339.1c
8d 20, c45. 74
91 11,65 6 .30
13 3,967.88
1
144.99 524 93,754.07
70-74 254 35,465.75
97 17,824.73
88 8,8Y5.60
16 3,68 8 .48
455 65,874.56
75-79 13 1 15,014. 35
47 4,375 .42
73 6,98 6 .32
5
740. 85
80-84
77 6,881.45
12
1,747.8~
51 4, 4 31.18
4
182.31
85-89
24 2,178.63
2
l3 A.33
18
o OS.95
3
67.3"/
90f: ov
9 1,076.30
15 1,915.21
1
i3 4.67
256 2'1' 116. 94 144 13,242.82
47 3,194.28
25 3 , 076.18
TOTAL 1,0~0 167,485.97 287 54,311.58 478 58, 9 74.14
65 16,835.16
1
144.99 1,911 297,751.84
TABLE 27
E M P L 0 Y E E S' RETIREMENT SYSTEM C F G E 0 R G I A
DISTRIBUTION OF RETI~EO LIVtS BY ATTAINEC AGE GROUPS AND OPTIONS
JU NE: 3 8, 1 ':172
MALES AND FE~ALES C O MGI~EU
MAXIMUM
TOTAL
AGf
NO. MONTHLY
GROUP LIVES ALLOWANCE
0-19
20-24
25-29
30-34
OPTION 1 TOTAL
NO. MONTHLY LIVES ALLOWANCE
OPTION 2 TOTAL
NO. MONTHLY L1 VES ALLOWANCE
OPTION 3
TOTAL
NO.
~ONTHLY
LIVES ALLOWANCE
l
Y4 . 98
OPTION 4
TOTAL
NO.
~ONTHLY
LIVES ALLOWANC~
TOTAL
TOTAL
NO MONTHLY
LIVES ALLOWANCE
1
94.98
35-39 40-44 45-49 50-54
s 1,976.41
10 3,967.31 24 8,226.79 50 19,487.08
1
366.25
1
757.56
3
777.12
8 2,488.16
3
501.81
13 2,846.91
30 7,191.53
63 13,924.00
1
258.70
7 1,939.08 18 6,4.. 3.98
10 3,103.17
1
398.63
25 7,970.ttl
l 1,313.24 65 19,447.76
2 1,221.08 141 43,564.30
55-59 60-64 65-69 70-74
80 22,33 0.28 2 8 8 69,059.85 633 109,760.05 438 56,521.78
10 3,769.65 63 17,675.66 150 37,111.39 15u 27,375.1.2
108 20,917.97 208 39,827.12 327 43,763.32
260 29,009.92
24 8,390.79 82 37,7'18.03 136 48,410.43 114 32,407.42
5 3,383~67 221 58,792.36 5 3,252.39 646 167,613.05 13 6,010.98 1, _259 245,056.17 5 3,479.45 967 148,793.69
75-79 80-84 85-89 90&0V
243 27,754.76 130 12,639.21
46 5,195.44 20 3,267.35
71 8.186.80 156 14,~63.14
18 2, 373."27
97 9,981:3.42
3
521.41
36 2,062.77
18 2,103.22
66 14,762.92
29 6,105.34
21 4,569.39
7
850.12
2 1,010.82 536 66 ",278.44
1
58.19 275 31,164.43
106 12,349.01
1
99.73
46 6,320.42
TOTAL 1,967 340,186.31 478 101,402.39 1,319 186,700.13 506 162,031.18
36 20,228.18 4,306 810,548.19
TA CLE 211
~ M P L 0 Y E E S' P E T I R E M E N T SYSTEM 0 F G E 0 K G I .A
DIST R I R UTI O~ OF MON THLY Kf TI~ E~~ NT PAYMENTS OY SEX AND OPTION
JUNE 30 , l 'H2
RFTI R E~S NUT R~CEIVING PC ST RETIREMENT ADJUSTMENT
NO.
B~SIC
C-0-L SUPPLEMENTAL
TOTAL
AVERAGE
OPT IUN
SEX
Ll VES
BEN~FIT A O JUST~ENT ADJUSTMENT
BENEFIT
BENEFIT
MAXIMUM
MALES
FEMALES TOTAL
306 78 ,783.3 8
34 2 56,639.65 64 8 135,423.03
78 ,7 83.38 56,6 39 .. 65 135,42 3 .03
257.46 1 6 5.61 208.98
1
MALES
65 l8,73ti.22
FEMALES
73 15,213.75
TOTAL
138 33,971.97
18,738.22 15,233.75 33,971. 97
288.28 208.68 2 46 .17
2
MALES
470 80,785.23
FEMA"LES
258 31,520.83
TOTAL
728 112,306.06
80,785.23 31 , 520.83 112,306.06
171.88 122.17 154.26
3
MALES
135 50,55-...35
FEMALES
21
6,289.41
TOTAL
156 56,843.76
50,554e35 6,289.41
56,843.76
374.47 2<;9.49 364.38
4
MALES
FEMALES
TOTAL
20 12,485.51
1
144.99
21 12,630.50
12,485.51 144.99
12,630.50
624.2 7 144.99 6Gl.45
TOTAL
MALES FE MA LES TOTAL
996 241,346.69 695 109,828.63 1 '691 351,175.32
241,346.69 109,828.63 351,175.32
242.31 158.02 207.67
. ,
TAblE 29
E M P L 0 Y E E S' R E T I R E M E N T S Y S y E M 0 F G f 0 R G I A
DISTRIBUTI ON OF MONTHLY R~TIR~MENT PAYMENTS BY SEX AND OPTION
JUNE 30, 197 .~
RETIREES R~CEIVING POST RE TIRE~ENT ADJUSTMENT
NO.
BASIC
C- 0- L SUPPLEMENTAL
TOTAL
AVERAGE
OPTION
SEX
liVES
BEN E: FIT AD ..:.u SH ' ENT AOJ US TMtN T
RE NEFI.T
tjENEFIT
MAX I 1'-1UM
MALES
FE MALES
TOTAL
581 79, 892.08 738 93,562.35 1,319 173,454.43
12,7 40.09 15, 6 30 .47 28,370 .56
1,284.79 93,916.9t: 1,653.50 110,846.32 2,938.29 204,763.28
161.64 150.19 155.24
1
MALES
126
2~7342.47
3,570.51
439.61 28,352.59
225.02
FEMALES
214 32, 999.71
5,439 .64
638.48 39,077. 83
182 . 60
TOTAL
340 57,3-+2.18
9,010.15
1,078.09 67,430.42
198.32
2
MALES
371 40,413.40
5,847.54
679.82 46,940.76
126.52
FEMALES
220 22,325.66
4,781.65
346.00 27,453.31
124.78
TOTAL
591 62,739.06 10,629 .19
1,025. 82 74,3 94.07
125.87
3
MALES
306 81,677.12 11,546.60
1,417.95 94,641.67
309.28
FEMALES
44
9,014.07
1,348 .13
183.55 10,545.75
239.67
TOTAL
350 90,691.19 12, 894.73
!,601.50 105,187.42
300.53
4
MALES
FEMALES
TOTAL
15
6,702.95
15
6,702.95
734.34 734.34
160.39 160.39
7,597.68 7,597.68
506.51 506.51
TOTAL
MALES
FEMALES
TOTAL
1,399 233,028.02
1 '216 157,901.79 2 '615 390,929.81
34,439.0U 27,199.89 61,638 .97
3,982.56 271,449.66 2,821.53 187,923.21 6,804.09 459,372.87
194.03 154.54 175.66
~"',. :i.JllD . '
S I
~~5
t'\'1 2> I
RECEIVED
SEP 21 ZOOtt
DOCUMENTS UGA LIBRARIES
ACTUARY'S REPORT TtvENTY-THIRD ANNUAL VALUATION EMPLOYEES' RETIREMENT SYSTEM
OF GEORGIA
As of June 30, 1973
R. B/eJJ &_AJJociafeJ, .Jnc.
Actuaries .
Employee Benefit Plan Consultants
P. 0. Box 80749
Atlanta, Georgia 30341
404/458-4019
July 1, 1975
Board of Trustees Employeesi Retirement System of Georgia 254 Washington Street} S. W. Atlanta, Georgia 30334
Gentlemen!
The following report sets forth the results of the actuarial valuation prepared by our firm as of June 30th, 1973. The purpose of the valuation is to measure the liabilities under the System and to determine the ability of the present Funds plus the present rate of M~mber and State contributions to meet the future benefit commitments as defined under the System.
The calculations were based upon the employee data ~>'hich Hc;.s submitted to us and upon a summary of the assets of the Trust Fund as of June 30th, 1973. The calculations were further based .upon the terms of the Retirement System in effect at this time.
In summary, the results of this valuation show that the rate of the State's contribution is sufficient to maintain the funding of the System.
Respectfully submitted, R. BLESS & ASSOCIATES, INC. By:
RRB: ja Attachments
Robert R. Bless
; J
TABLE OF CONTENTS
Section I
II III
IV
v
Description Introduction and Summary Method of Calculation
Results of the Valuation
as of June 30J 1973 s~~ary of Actuarial Assumptions Statistical Tables
Page
1
4 8
12 ' 17
SECTION I
'
.J
INTRODUCTION AND SUMMARY
This report embodies the results of the Actuarial Valuation of the Employees' Retirement System of Georgia as of
June 30, 1973. There have been no changes in the methods
used in preparing the valuation calculations or the tables produced. Further, there have been no significant changes in the Retirement System itself which would have necessitated a change in the computations.
'I'he purpose of the Actuarial Valuation of the System is to determine if the present funds p+us the future contributions by the members and the State ~il~ be sufficient to provide the benefits promised by the p~ovisioQs of the System. Of necessity , the computations of future payments and contributions are based upon assumptions made . by the actuary and the Board of Trustees as to the occurance and magnitude of salary increases, terminations of employment, deaths, investment income, etc. These assumptions .are based upon prior experience of the System.
In addition to the basic actuarial assumptions mentioned above, other factors, such as inflation and increasing membership of the System should also be recognized in the valuation in order to fully anticipate the future benefit lia-
.
'
. .
' -
bili ties. If these economic assumptj_ons 2.r e not considered, as is the case of most other State Retirement Systems, it is impossible to use actuarial assumptions which are reasonable in toda~s economy and at the same time maintain a reasonable level of contributions.
If the s~stem provides retirement benefits based upon final average earnings, any increase in the earnings of members, whether it be actual or anticipated, tends to increase the funding requirements of the system disproportionately more than the increase in earnings would indicate. It is for this reason that many State retirement administrators are reluctant to anticipate the salary increases which would appear to be inevitable in todays economy, and at the same time, they are fearful of the consequences of not recognizing the full expectation of salaries.
The key factor which provides the solution to the dilemma is to recognize the fact that each year new members will be added to the retirement system to replace those employees who leave. New employees will always have a lower incidence of cost associated with them than older employees who have many years of service. It is therefore, possible to make realistic assumptions with respect to future salaries of these members in. ~ order to recognize the full potential cost of their benefits. Considering that during the next 50 years,
l . _ - - - - - - - - - - - - - - - - - - - - - - - - - /(!. IJ(~.u &_AJJoriale.l
.
the current memb ership will contri bute about 5%o f the to- -
tal man ~ears of membership and persons who have not yet
been employed will contribute the other 95% of the man years
of membership, it is easy to recognize the importance of prope r funding of new entrants.
Since 1 ~67 we have been employing the projection method of valuation, which allows us to anticipate the full liabilities of all members, both present ~nd f uture, but at the same time r ecognize the total of all futur e contributions to the system, thereby maintaining a reasonable level of funding .
The details of the valuation, the method of calculation, the
1
actuarial assumptions, and a statistical summary of the data
furnished to us, are presented in the follo wing sections of
this report.
lJ
L_________ ______________________ /'<. /J/eJ.I &AJ.IOcial J
1
SECTION II
L______________________________________ /{!. /]/~.1.1 &~L10riale.1
SECT!ON II
r1
MErHOD OF CALCULATION
The pr0ject1on of futurs beneflts available each year for each employee is the fundamental unit of calculation employed ~n th1s valuat1on method. This 1nvolves a calculation of the amount of benefit available to the employee each year 1n the future based upon his then attained age, years of service and assumed salary. The effect of the employees 1 division (A or B) and whether or not he is entitled to th e money purchase ben~flt or the final average formula benefit is also taken into account. Assoc1ated with the amount of beneflt available to the employee each year is the probability of his receivine; that benefit; which probability permits the determination of the expected payout each year. The summation of the expected payout f<?r all of the employees for each year of the 50 years used in the projection results in the total amount of benefit payments by the Retirement System, anticipated by the assumptions. New employees are introduced into the System each year in the future in such a manner as to permit the replacement of the employees who terminate, die, retire or become disabl ed, and to augment the
Je B/l'JJ L------ ________________________
& A . u o c i a leJ .
-'
]
wcrk1ng population of the System by a percentage each
year.
The ultimate goal is to find th e: level contribution
required to produc~ a Trust Fund which is sufficient
1n amount sc that the investment earnings of this
ultimate Fund combined with the continuing level con-
J
tribution of the State and the employees equals the
amount of ben~fits whlch are paid out each year. This
balance is generally referred to as the "equation of
maturity" and presents a unique determ1nat1on of the
funding requirements of the Retirement System based
upon the var1ous assumpt1ons employed in the calcula-
tions. Due to the 1ong range nature of the calculations,
and the adoption of a Plan to provide post-retirement
adjustments to recognize the effects of inflation upon
the benefits, the calculations have been designed to
recognize inflation as an assumpt1on in addition to the
usual array of assumpt1ons regarding progress1on of
salary and termination of employment for death, with-
drawal, disability or retirement. Therefore, it is
possible to determine the State's contribution required
to ma1nta1n the System based upon a great variety of
assumptions.
~---------------------------~~JJ~lJodaleJ
The proj e ctions, th~ refor ~ , enables the Board of Truste e s to take a much more penetrating look at the emergenca of oenefits and the growth of the Trust Fund for many years into the future to be satisfied that the contribution rat 8 require d b~ th e State, is reasonable in light of current and anticipated economic conditions, and will continue to maintain the System in an actuarially sound position.
It must be kept in mind that, regardless of the method of valuation, the results are dependent on the assumptions used in producing thes e results. Cons e qu ently, it is unlikely that th~ State's contribution cou l d remain unchanged for 50 years as a result of this valuation. Facts wi ll change which may dictat e a modification of the assumptions; some unusual dis-
'
.J
turbance in salary levels may occur in one or more departments of the State, unusual demands on the labor force may change the current rat e of employee turnover, etc. Ho ~e ver, the se change s will be r eflected in the
-,
data received for each subs equetit valuation. Long range change s will be taken into account at the quinquennial experience studies. Despite these changes which will alter todays projections, and which would
be inherent in any meth0d us ~ d, th~ proJection method produces much mar~ reliable and detailed results than are possible under other methods.
,I
.
l
" I I
I
.l
i
SECTION III
j
.,
I
J
I .
J
,
j
SECTION III RESULTS OF THE VALUATION
During the past year the number of active members has in-
creased from 41,473 to 41,951. At the same time, annual
salaries of the members increased from $287,081,191 to
$317,632,764. The increase in salaries is significant
and in excess of the increase anticipated in our valua-
-----tion last year. However, the overall experience of the
System, taking into account terminations, deaths and
retirements has produced an actuarial gain for the year.
As a result of this gain, the projection of fund balance
.J
shown later in this section shows that . the Trust Fund
will increase throughout the period of the proJection and
-.
reach a higher level than was anticipated last year.
Since one of the advantages of the projection method is t o
allow us to vary many of the assumptions, we tested our
basic valuation assumptions against a variety of other co~ -
binations of assumptions. While these other combinations
produced a dispersion of funding requirements depending u.por:
whether they were less conservative or more conservative
than our valuation assumptions, it is our opinion that tn~
current State funding of 7~% of earnings is the most r ea s01:
able in light of all relevent factors.
The projections shown on the following pages have been
ba s td upon the current membership of the System, the underlying actuarial assumption~ as summarized in Section IV with respect to mortality, turnover, rate of becoming disabled, and the basic salary scale. They have also been based upon the further assumptions that inflation will continue to increase benefits payable after retirement at an annual rate of 2%j the earnings of members prior to retirement will increase by the same 2% per year in addition to the salary increases included in the basic assumptiohs; the Trust Fund will earn 4~% total investment income per yearj and the
membership of the System will increase by 4% per year.
These latter assumptions are primarily econom~c in nature and, therefore, the combination of the basic actuarial assumptions with these anticipated economic conditions has produced the most suitable level of funding of the Retirement System.
-9-
':~
YEAR
1913 1974 1975 1976 1977
GEORGIA EMPLOYEES
PROJECT ION OF
1J ETIRE!!ENT StS'lE!
.. -
~MPL9YEE"S
..
--: . ,.
_; j.
'
..
} ;
ACTIVE f!E MBERS
UNUAL SALARY
E!!PLOYEE CO NT RIBS
SERV BET
ANNUAL OTHER
PENSION RET
41,951 317,632,764 12,5931645 ~3,629 336,542,874 13,333,049
45,374 35418471269 14,105,706 47,188 374,328,742 14,9 28,953 491075 393,591,121 15,735,150
3,668 3,711
3,782 3,924 4,118
91 1771 090;_:. 1 ,_.909 .
9,565~989 1~922
10,113~954;; 11937
10, 73.3, 262 ." 11975 11 91 8;"4 4 9. 1~995
ANNUli. HO.OP PENSIOB . XEB!S
5,o34 1273 5,375,019 5,772,054 6,234,533 6,747,898
5,092 5,464
5, &7~ 5,.924 6,207
TOTAL
BEl'UMD
!-
~
--:
4,555,341 5,117,363 5, 64 11,-"777
6,.196,920 6,772,123
1978 , 979 1980 19 a 1 1982
1983 1984 1985 . 1986 1987 I
5 1, o3 a 4 13 , 21 o , 411 16,555,305 53,079 433,589,577 11,40 4,287 55,202 454,404,184 18,269,195 57,410 476,927,546 19,211,561 59,706 499,153,358 20,135,688
62,094 522,472,~88 21,102,164 64,577 54G,720,749 22,109,382 67,160 571,998,986 23,159,578 69,846 597,228,375 24,198,558 72,639 623,601,332 25,288,247
4,304 4,548 41729 4,910 5,114
5,341 5, 593 5,892 6,117 6,488
13,321~245 ~ 2,037 14,794~801". 2,;083
7,300,894 7,912,391
16,127,840 2,131 . 8,5891059 17,239,401 2,'184 .; 9; 361,371 18,941,678 2,260 : 10,200,921
..
2 0 , 86 9, 190 :/: .2 , 340 11,087,601
22,867,936 !. 2,425 : 12,037,8"6 24,77 21 ,542 : ~ 2,:514 : 13 6 090,1 80 27,279,019 . 2,587 14,203,729
29,662,239 .: 2,705 15,348,423
6,484 61775 7,.052 7,346
~,612
11923 8;,254 8,580 8 ,925' 9, 278
7,.3391883 ,
718611 ,6 4 9
8,4~0,.082 ~:~ .
8,99.0,501 ~:<
9,501,~93 .: _
!
t)
10 10 IIJ, 750
1_0,6 38,957 t-1,2 44~ 629 ., 11,8(J3,660 12,445,865
~~~-
: ~
i~- ..
..i. ;
1988 1989 1990 1991 1992
75,544 651,565,412 26,~47,578 78,565 680,102,473 27,629,679 81,707 709,605,375 28,847,546 84,975 740,248,571 30,112,553 88,374 772,268,512 31,437,577
6,785 7,108 7,410 7,738 8,026
31,687 ,771 2,807 ' 16.,620,506 9,645 33,902,098 . 2,915 17,980~298 10,027 36,448,434 3,029 : 19.,401,357 "10,426
39,042,775 3,172 : 20.,971,413 10,824 41,124,692 ~ 3,302 . 22,629,966 11,256
13.,098,3~3
13,760,749 1 4I' 4 19 1 "511 15,140,917 15,837,001
1993 1994 1995 1996 1997
91,908 95,584 99,407 103,383 107,518
805,1 73,981 839,820,021 876,307,778 912,996,655 950,769,174
32,794,475 34,228,380
35,7~1,222
37,252,229 38,803,901
8,376 8,706 "9,016
9, 365 9,715
43,649.,719 3,461 24,380,745 11,709
46, 125, 552 3,607 :: 26,295,245 12,167
48,329,994 3,762 I 28,316,212 12,654 .
51,144,756 . 3,926 30,442,97~ . 13,150
54,252,285 ; 4,"120
.....
3
2
;
7
0
2
,7
1
6.".
1
3
,._66
5 .
,:,
16,557,824 17 ., 313,194 18,078,755 18.,893,350 19,732,966
,
;.__- ;j
.
GEORGIA EMPLOYEES RETIREMENT SYSTEM
YEAR
ACTIVE MEMBERS
ANNUAL SALARY
PROJECTION OF EMPLOYEES
EMPLOYEE CONTRI B,S
SERV RET
ANNUAL OT HER PENSIOti RET
-- - -- - ------ - -
ANNUAL- NO.OF
TOTAL
PENSIOU TERMS
REFUND
-
1q99 1999 2000 2001 2002
111,818 990,386,229 40,435,597 10,061 57,355,888 116,2901031,565,322 42,129,417 10,411 . 60,713,368
120,9411074, 160,511 43,880,244 10,761 63,954,933 125,7781118,689,378 45,713,752 11,i33 67,134,370 130,8091165,020,529 47,620,854 11,507 70,257,500
4,303 4,494 4,698 4,912 5,140
35,048,215 14,224 37,460,149 14,779
40,093,029 15,386 42,842,171 15,994 45,698,647 16,647
20,619,924 21,526,398
22,490,400 23,456,253 24,451,297
2003 2004 2005 2006 2007
136,0411213,165,037 49,601,911 11,880 141,4821263,076,030 51,656,236 12,275 147,1411314,593,846 53,772,932 12,680 153,0261367,708,002 55,949,040 13,146 159,1471422,993,879 58,216,319 13,579
73,629,255 76,906,521 80,379, 027 84,647,352 88,611,261
5,376 5,605 5,848 6 ,105 6,391
48,734,061 17,309 51,904,459 17,980 55,240,75(} 18,689 58,637,563 19,434 62,329,899 20,215
25, 500, so 1 26,555,777 27,670,082 28,805,517 30,006,708
2008 . 2009
2010 2011 2:> 12
165,5121480,637.287 60,580,864 14,075 92,916,781 I 172,1321540,893,244 63,054,026 14,580 971138,614
179,0171602,791,596 65,589,966 15,113 102,089,937
106,1771667,668,179 68,252,314 15,673 106,715#994
193,6241734,180,767 70,972,049 16,261 112,605,208
6,654 6,950 7,262 7,612 7,938
66,152,876 21,000 70,132,403 21,843 7~,245,185 22,719 78,772~903 23,624 83,218,927 24,568
31,193,073 32,430,889 33,732.073 35,081,316 36,403, 977
2013 2014 2015 2016 2017
201,3681803,313,487 73,799,988 16,900 118,752,039 209,4221875,533,704 76,755,824 17,551 124,905,734 217,7981950,626,651 79,830,366 18,254 131,234,549 226,5092027,117,458 82,945,790 19,013 139 ,563,207 235,5692108,076,467 86,257,461 19,760 146,702,973
8,284 87,813,557 25,556 8,667 92,574,590 26,577 9,030 97,510,108 27,643 9,412 102,510,873 28,749 9,836 107,682,270 29,912
37, 854, a9 9 3 9,360, 827 40,927,588 42,556 , OS 1 44,253,961
2018 2019 2020 2021 2022
244,9912192,248,654 89,700,175 20,563 154,11~2,393 10,2 ~ 1 113~012,921 31,105 254,7902279,766,289 93,279,825 21,373 '61,858,675 10,685 ,18 ~50 8,038 31,353
264,9812370,802,913 97,003,324 22,234 169,852,009 11,133 12 ~ ,172,991 33,646 275,5802465,506,307100,876,858 23,138 178-116,150 11!598 130,013,023 34,991
2S6,6032So3,989,1791oq,9os,o3o 24,078 186,666,857 12,oa6 136,032,914 36,393.
46,.0 17,052 47,851,803
49,760,387 51,745.444 53,811,177
,
GEORGIA EMPLOY EgS RET IR EM EN T SYSTEM
.YEAR
197 3 19 74 -
1975 19 7 6 . 1917
PROJECTION OP' FUND BALANCE
BEGIUNI NG
EMPLOYEE
STATE
RALANCE CONTRIBUTIONS CONTRIBUTIONS
INVESTMENT YIELD
TOTAL PAYMENTS
\
235,900,913 2 6 4, 56 2 , 9 6 4 295;400,288 328,313,507 363,372,B84
12,593, 64 ,5 13 , 3 33 ., 0 4 9 14,105,706 14,928,953 15,735,150
2!3,822,457 25, 240., 71 6 26,613,545 28,074,65 6 29,.519,334
11,012,653 12,321,930 13~ 721~, 753
' 15,220,483 16,797,.640
18,766,704 20,058,371 21, 53 0, 7 85 . 23,164,715 .
25,438,470
ENDING BALANCE
264,562,964 295,400,288 328,313,507 363,372,884 399,986, 538
19 78 1979 1980 198 1 19 82 '
39 9, 986, 5J8 438,010,638 477,50 8 ,193 518,640,87 2 561,805,837
16,555,305 17,404,287 18,269,195 1 9 , 2 1 1, 56 .1
20,135,688
30,990,731 32,519, 21 B 34,080,314 35,769,56 6 37,436,502
18,440,036 20,145,891 21,920,151 23,7751 1 11 2 5 , 7 0 7 , 11t 9
27,962,022 ' 30,.571,841 33 , 136,9 81 35,591,273 38 , 643,892
438,010,638 477,508,193 518,640,872 561,805,837 606,441,284
19 83 19 84 19 85 19 86 19 87
606,441,284 652,429,658 699,752,987 ! 748,574,423 7 9 8., 27 6'I' 9 9 6
21,102,184
~2,109,382
23,.159,578 24,198,558 25,288,247
39,185,414 41,004,056 42,899,924 44,792,128 46,770,100
27,701,317 29,754,630 3 1,870,285 34,038,295 36,251,006
42,000,541 ' 45,544,739 49,1 08,. 351 . 53 ,. 326,408 . 57,456,527 '
652,429,658 6 99,752,987 748,574,423 798,276,996 849,129,822
19R8 1989 1990 19 91 1992
84 9, 129, 822 901,561,915 955,418,790 1010,476,746 1066,660,003
26,447,578 27,629,679 28,847,546 30,112,553 31,437,577
48,867,406 51,007,685 53,220,403 55,518,643 57,920,138
38,523,779 40,862,65 6 43, 25 9 ,315 45,707 , 166 43,219,436
61,.406,670 ' 901,561,915 65 ~ 643,145 . 955,,418, 790 70 , 269 ,308 1010,476,746 75 ,. 155,. 105 . 1066,660,003 79,591,659 1124,645, 495
19 9 3 1994 1995 1996 1997
1124,645,495 1184,042,149 1244,973 , 257 1307,888,033 1372,106,922
)2,.794,475 34 , 228,380 35,.741,222 37,252,229 38,803,901
60,383,049 62,986,50 2 6 5,.723,083 68,474,.74 9 71,307,688
50 , 80 2 ,41 8 53,45 0 , 2 17 5 6, 175, 432 5 8.-972,994 61, 821,. 84 3
64,588,288 89,733,991 9 4,724, 961 '
10 0, 4 81, 0 83 106,687,967
1 184,042,149 1244,9 7 3,257 1307,.888 ,033 J 3 7 2 , 1 0 6 , 9 2 2 1437,352,387
L ''
L
J
- ;.
\.;.
I '
' .-.,
t:: -=~
.. .
L- - - .
c:_-:1
.
GEORGIA E~lPLOY EES RE'fiREMENT SYSTE!i
'
PROJECTION OF FUND BALANCE
YEA~
ti EGT Ntii NG
EMPLOYP.E
STATE
HALA~CE CONTRIBUTIONS CONTRIBUTIONS
1C)98 1999 2000 200 1 2002
1437,352,387 1503,761,818 1571,200,936 1639,761,737 1709,645,741
40,435,597 42,129,417 43,880,244 45,713,752 47,620,854
74,278,967 77,367,399 80,562,038 83,901,703 87,376,540
INVESTMENT YIELD
64,718,894 67,664,217 70,656,880 73,.703,343 76,812,332
TOTAL PAYMENTS
ENDING BALANCE
113,024,027 119,721,915 126,538,361 133,434,794 140,407,444
1so 3, 16 1, a 18 1571,200,936 1639,761,737 1709,645,741 1781,048,023
2003 2004
2005 2006 2007
1781,048,023 1853,756,979 1q27,994,178 2003,585,774 2079,878,668
49,601,911 51,656,236 53,772,932 55,949,040 58,216,319
90,987,378 94,730,702
98,594,539 102,578,100 106,724,541
79,.983,484 83,217,018 86,513,984 89,856,186 93,234,382
147,.863,811 155,366,757
16 3 .. 2 8 9, 85 9 172,090,432 180,947,868
1853,756,979 1927,994,.178
2003,585,.774 207<J,878,66a
:l157,106,042
2008 2009 2010 20 11 2012
:l157,106,042 2235,112,253 2314,137,097 239J,ij59,381 2473,309,304
60,580,864 63,054,026 65,589,966 68,252,314 70,972,049
111,047,797 115,566,993 120,209,370 125,075,113 130,063,558
96,650,280 100,105,731 103,590,143 107,.092,709 110,597,087
190,272,.730 199,701,906 210,.067,195 220,570,213 232,228,112
:l235,112,253 2314,137,097 2393,459,381 2473,309,304 2552,713,886
20 13 2014 2015 20 16 2017
2552,713,886 2631,418,146 2709,524,707 278 6, 928,679 2861,572,770
73,799,988 76,755,824 79,830,366
82,945,790 86,257,461
135,248,512 140,665,028 146,296,999 152,033,809 158,105,735
114,076,255 117, 52 6, 86 0 120,948,852 124 , 294,653 127,549,564
244,420,495 256,841,151 269,672,21,5
284,630,161 298,639,204
2631,418,146 :2709,524,707 2786,928,679 2861,572,770 2934,846, 326
20 18 2019 2020 20 21 2022
2934,846,326 3006,532,164 3076,430,877 3144,346,555 3210,090,456
89,700,175 93,279,825 97,003,324 100,876,858 104,905,030
164,418,649 170,982,472 177,810,218 184,912,973 192,299,188
130,739,380 133,854,932 136,887,523 139,828,687 142,669,669
313,172,366 " 3006,532,164 328,218,516 3076,430,877 343,785,387 3144,3ij6,555 359,874,617 3210,090,456 376,510,948 3:l73,453,395
INTEREST HATE 4.5% STATE CONtRIBUTION 7.5~ ANNUAL INCREASE IN LIVES 4.0%
l
'
i
SECTION IV
_J
1:!, L-..-_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
IJ(~J.l 7'AJ.wcinle.l
jiiP
SECTION IV SUMMARY OF ACTUARIAL ASSUMPTIONS
The actuari al assum) tio ns used ln all cf the 8cmputatio os are the same as last year J have bee n based upon the 1970 Experien ce StudJ- and are summari zed be lot."' .
Mortalit y Pri or to Re tl reme n t
For males the a-1949 Annuity Mortality Table v.ras used
to predict future deaths among male members. For
females, the a-1949 Annuity Mo r tality Table was used
set back five years. The adjustment in age for females
was necessary to reflect the incidence of mortality
among female members. Sample rates are set out below.
1,000 Times the Probability of Death Within One Year
Attained Age
Male
Female
25
.77
.38
35
1.39
.68
45
3.63
1.36
55
10.?7
3.11
65
23.07
7.50
' - - - - - - - -- - - - -- -- -----::--------- - /(!, r/J,JJ& A u ocill leJ
. .
Mortality After Retirement
For male retirees the a-1949 Annuity Mortality Table for
Males~ and for female retirees the a-1949 Annuity Mortal-
ity Table for Females was used in projecting future
deaths among retired members. Sample rates of mortality
are shown below.
1~000 Times the Probability of Death Within One Year
Attained Age
Male
Female
70
35.09
20.96
80
85.50
61.42
i
90
208.49
176.16
Investment Return It is assumed that the Trust Fund will earn 4~% per annum.
Rate of Disability The rates of disability used in the valuation are the same as the rates previously used and are as set forth below.
i,ooo Times the Probability of
Age
Becoming Dtsabled Within One Year
20
1.0
30
2.0
40
4.0
50
10.0
60
29.0
1
Rate of Withdrawal
Separate rates of withdrawal were determined for males
and females and these rates vary by attained age and
duration of employment.. While these select rates in-
volve some complexity in the valuation, they provide a
more realistic picture of future terminations of employ-
ment. A sample network of these probabilities of with-
drawal are set out below separately for males and females.
MALES
Probability of Withdrawal Within One Year Based Upon the Following Number of
Years of Service at Date of Valuation
Attained Age 0-1
2-3
4-5 5 & over
20
.53
.24
.11
.06
30
.34
.16
.09
.05
40
.30
.14
.08
.03
50
.27
.12
.06
.01
60
.oo
.00
.00
.00
L - - - - - - - - - - - - - - - - - - -., ,-, - - - - - - - / { ! , /J/~JJ &_AJ.Iocinle.l
FEMALES
Probability of Withdrawal Within One Year Based Upon the Following Number of
Years of Service at Date of Valuation
Attained Age 0-1
2-3
4-5
5 & over
20
.35
.24
,16
.06
30
.24
.16
.09
.05
40
.18
.09
.06
.03
50
.17
.07
.06
.01
60
.00
.00
.00
.00
Progress of Future Salaries
The salary scale was constructed from data supplied by
the State Merit System and is intended to anticipate
basic increments in earnings due to employee's longevity
within his employment position. Sample rates are shown
below.
Ratio of Final Average Salary to Current Salary at attained Age
Attained Age
Male
Female
20
5.92
4.99
30
6.64
3.09
40
2.29
2.01
50
1.53
1.41
60
1.11
1.07
It is expected that member earnings will increase in
accordance with the above and in addition will be
~------------------------- R~JJ~JorialeJ
further increased on account of inflationary forces at work in the economy. Each year these forces are examined and the schedule of adjustments shown above is adjusted to reflect this analysis.
Retirement Age Due to the recent trend among State Departments to require members to retire at age 65~ and because a member now receives credit for service beyond age 65, age 65 has been used as the retirement age for all calculations. \llhile de.ferral of retirement may still occur, a cost savir.gs will not be produced due to the high~r benefits which will be payable upon later retirement. Expenses and Contingencies There have been no specific allowances for expenses under the System or for contingency reserves.
L------------------------------------------------ /{!. /J(~.I.I & .../'1u oria le.s
SECTION V
/e ~------------------------------ B/~.u & A uocialeJ
L -
T ABl E 1
s E~PLOYEE
RETIREMENT
S V S T E "'
0 F
DI VI S I 0 N A
GEORGIA
DISTRIBUTION OF MEMBERSHIP - PRIOR SERVICE CREDITS
MALES JUNE 30 , 1973
AGE 1'10. OF GROUPS "l E"4 BER S
TOTAL ANNUAL SALARY
~EMBERS
CONTR to S AND INTEREST AS OF b- 3o-73
ADJUSTED PRIOR SVC. CREDITS AS OF 6-30-"73
CONTRIBS THROUGH
12-31-53
TOTAL PRIOR SERVICE CRECITS
AVERAGE ANNUAL SALARY
15-19
621 2,656,317
46,761
4r277
2Q-24 2r797 15 '79 2 '81:9
679,867
5,646
25-29 3,669 27,528,241 1,875,491
7,502
30-34 2,829 25,253t547 3,270,550
8,926
35-39 2, 304 21,911,562 4,258,170
3,806
3,806
9,510
40-44 2,132 19,755,919 4,441,596
21,013
.41,013
62,086
9,266
45-49 2,186 1c;' 879' 111 5t159,478
640,713
156,333
797,046
9,093
50-54 2,292 20,271,494 5,414,522
619,983
209,490
829,4 73
8,844
55-59 6o-64
2,032 16,886 '774 1,501 12,235,247
4,545,992 3,990,265
1,535,8~3
762,616
185, 142 191,964
1, 720,975
954,5 eo
8,310 8, 151
65-69
197 2,235,557
735,613
208,6&3
28,083
236,746
11,348
7o-74
21
354,9S4
77,803
1,058
975
2,033
13,147
75-79
8
105,383
30,120
83,999
3,015
87,014
13,172
800V
2
2 8,363
23,939
TOTAL 22,5' 97 184,895,375 34,550,173
I fo.C l UO I NG l NTEREST TO 6-30-73
18,149 3,892,087
3,611 823,432
21,760 4,715,519
14,181 8,182
AVERAGE PRIOR
SERVICE CREDITS
1 29 364 . 361 846 635 lr201 75 10,876 10,860 208
l - J l .1 L_ J L :_1 t
TABl E
2
EMPLOYEE s R E T I R E ~ E N T S Y S T E M 0 F
GEORGIA
0 I VI SI 0 N A
0 IS T RI BUT I 0~ OF MEMBERSHIP- PRIOR SERVICE CREDITS
FEMALES JUNE 30, 1<r13
AGE NO. OF GROUPS MEMBERS
TOTAL ANMJAL SALARY
MEMBERS CON TR I B S ANO
tNT ERE$ T AS OF 6-30-73
ADJUST ED PRIOR S VC. CR EO ITS AS OF 6-30-73
CONTRIBS THROUGH
12-31-53*
TOTAL PRIOR SERVICE CREDITS
AVERAGE ANNUAL SALARY
AVERAGE PRIOR
SERVICE CREDITS
15-19
434 2,019,2(:8
44,878
4t652
20-24 3,412 19,637.171 1,004.176
5, 755
25-29 3,549 24,057JOt15 1,628,616
6,778
30-34 35-39
2,119 14,576t453 1,695 llt222,014
1,477,545 1,372,066
-
6,878
2t360
2,360
6,620
1
40-44 1, 634 10,_933, 2 eo 1,656,22q
3, e69
22,563
26,432
6,691
16
45-49 1,688 11,651,375 2,053,717
36,957
46,220
83,177
6,902
49
50-54 55-59
1,606 11,192,317 1 ,226 8,783,990
2 ,3 99,975 2,524,122
108\461
282, 16 a
77,603 135,077
186,064 417,245
6,969 7,164
115
340
. I
6D-64
751 5 '802 ,219 2,191,407
417,817
168,763
586,580
7,725
781
65-69
. 162 1,367,013
532,888
11,1'<1<1
31,701
103 r5 00
8,438
638
7D-74
13
101,679
28,226
1r '}21
1. 421
7,821
109
75-79
BO&OV
1
. 5' 15~
39, 177
'ii,OOO
9,000
5,154
9,000
TOTAL 18,290 121,349,033 16,953,029
922,t~ 92
493,287 1,415,779
6,634
11
INCLUDING INTEREST TO 6- 3Q-73
\.
T AC l E
3
c. --
E M P l C Y E E S1 R E T I R E M E N T S Y S T E M 0 F
GEORGIA
DI VI S I 0 ~
A
DISTRIBUTION OF MEMBERSHIP PRIOR SERVICE CREDITS
All MEMBERS 0 F C IV IS ION JUNE 30, 1973
AGE NO. OF GROUPS MEMBERS
TOTAL ANNUAL SALARY
MEMBERS CONTRIBS AND
INTEREST AS OF 6-30-73
ADJUST EO PR lOR S VC. CREDITS AS OF 6-30-73
CONTRI BS THROUGH
12-31- 53*
TOTAL
PR lOR
SERVICE CREDITS
AVERAGE ANNUAL SALARY
15-19 1,055 4,675,585
91,639
4,431
20-24 25-29
6,209 35,430,040 7,218 51t55t336
1,684,043
3 ,s 04,107
5,706 1,146
30-34 4,948 39,830,000 4,748,096
8,049
35-39 40-44 45-49 50-54
3,999 33,133,576 3,766 30,689,200 3,874 31,530,486 3,898 31,463,811
5 ,630 t237 6,097,826
~.213,196
7,814,498
24, 91t2 677,670 726 ,4't4
6,166 63,576 202t553 287,093
6,166 88,518 880,223 1,015,537
8r285
a, 149 a, 139 a, 011
55-59 3,258 25,670,765 7r070rll5 1,818,001
320,219 2' 13 8,22 0
7,879
6Q-64 2,252 18,037,466 6,181,672 1,180,433
360,7 27 lt5lt1t160
8,009
65-69
359 3, 602, 571 1,268,501
280,462
59,784
340,246
10,035
7Q-74
40
456,664
106,030
2,479
975
3r4S4
11,416
75-79
8
105,383
30,120
83,999
3,015
87,014
13,172
80&0V
3
33t 517
63,117
18, 149
12,611
30,760
11,172
TOTAL 40,867 306,244,408 51,503,202
* INCLUDING INTEREST TO 6-30-73
4,814,51'9
1,316,719
6, 131,298
7,490
- .-
AVERAGE PRIOR
SERVICE CREDITS
1 23 227 -260 656 684 947 86 10,876 10,253 149
\.
TAAL E 4
E M P l C Y E E S' R E T I R E M E N T S Y S T E M 0 F
GEORGIA
D I V I S IG~
B
DISTRIBUTION OF MEMBERSHIP PRIOR SERVICE CREDITS
MALES JUNE 3 0, 1 973
AGE NO. OF GROUPS MEMBERS
TOTAL ANNUAL SALARY
MEMBERS CONTRIRS AND
INTEREST AS OF 6-30-73
ADJUSTED PRIOR SVC. CREDITS A S OF 6-30-73
CONTRIBS THROUGH
12- .31- 53*
TOTAL PR lOR SERVICE CREDITS
AVERAGE ANNUAL SALARY
15-19
20-24
1
8,964
741
25-29
1
10 ,o 80
930
8,964 10,080
30-34
5
49,116
12,621
9,823
35-39
64
71':,596
412,515
104,030
3,594
107,624
11,243
40-44
95 1,140,055
737,701
62,793
17,583
80,376
12,000
45-49
116 1,492,131 1,, 096,789
357,448
76,333
433,781
12,863
5{r54
105 1,344,589 1 ,065 ,963
508,152
89,131
597' 283
12, 805
55-59
88 1tll9t667
887,711
605,165
83,500
688 ,665
12,723
b0-64
52
658,811
5 20' 750
377,998
42, 5 36
420,534
12,669
65-69
8
69,810
57,582
48,393
4,639
53,032
8,726
70-74
1
8,749
481
8,749
75-79
2
12 t6 79
17,003
34,424
34,424
6,339
80&0V
1
12,000
305
17,301
3,394
.20 '69 5
12,000
TOTAL
539 6,646,249 4,811.102
* INCLUDING INTEREST TO 6-3Q-73
2,115,70'
320,710 2,436,414
12' 330
AVERAGE PRIOR
SERVICE CREDITS
1,681 846
3,739 5,-688 7, 825 8,087 6,629
17,212 20t695
4,520
T AALE 5
..
E M P L 0 Y E E S' R E T I R E M E N T S Y S T E M 0 F
GEORGIA
DIVISION
B
DISTRIBUTIO~ OF ~E~BERSHIP- PRIOR SERVICE CREDITS
FEMALES
JUNE 30, 1973
AGE NO. OF GROUPS MEMBERS
15-1 q
1
TOTAl
AN~UAL
SALARY
MfMRER S CONT R IRS AND
INTEREST AS OF 6-30-73
ADJUSTED PRIOR SVC. CREDITS AS
OF 6- 3D-73
4 ,soo
120
CONTRIBS T HROJGH
12-31- 53*
TOTAL PRIOR SERVICE CREDITS
AVERAGE ANNUAL SALARY
4t800
AVERAGE PRIOR
SERVICE CREDITS
20-24
3
19,680
1,159
6,560
25-29
1
35,220
4,587
5,031
30-34
4
28t5t:6
10,210
1, 141
35-39 4D-44
38
324,468
193,286
51
487,994
336,517
5,013 40,594
2,881
1 a, 03 9
7,894 58,633
8,538 9,568
207 1,149
45-49
96
949,812
699,434
198,232
52,5 82
250,814
9,89 3
2,612
50-54
126 1,083,350
839,931
317,011
6'h 864
386,87~
8,598
3,070
55-59
107
S73,87
768,245
379,843
68,002
447,845
9, 101
4,185
60-64
11
716,541
607t459
428,519
62,733
491 ,2 52
9,305
6,379
65-69
15
ll 7 '786
98 ,048
91,212
9,209
100,421
7,852
6,694
70-74
75-79
BOWV
TOTAL
525 4,742,106 3, 559,001 1,460,424
283,310 1 '743 '734
9,032
3,321
*INCLUDING INTEREST TC 6-30-73
_...
)
...___ J
-- -
s Ea.<~PLOYEE
T ABl E
6
R E T I RE.,EN Y S Y S T E M
0 F
GEORGIA
DI VI S I 0 N
B
DISTRIBUTION OF ME~BfRSHIP - PRIOR S ERV ICE CREO ITS
AGE r-..o. OF
GRnUPS -..EMBERS
ALL MEMBERS OF DIVISION JUNE 30, 1973
TOTAL ANNUAL SALARY
~E~f\ERS
CONTR IBS AND INTEREST AS IJF 6-30-73
ADJUSTED PR lOR SVC. CREDITS AS OF 6-30-73
CONTRIBS THROUGH
12-31-53
TOTAl PRIOR
SE~VICE
CRECITS
r
AVERAGE ANNUAL SALARY
AVERAGE PRIOR
SERVICE CREDITS
15-19
1
4,800
120
4t800
20-24
4
28 '644
1,900
7, 161
25-29
8
45,300
5,518
5,662
30-34
9
77 '6 82
22,837
8,631
35-39 40-44
102 1,044,064
605,801
146 1 ,6?8 ,oso 1,074,219
109,043 103,387
6,4 75 35,622
115,518 139,009
10,235 11t151
1, 132 952
45-49
212 2,441,943 1 .. 796,223
555,680
128,915
684,595
11,518
3,229
50-54
231 2,427,939 1,905,895
825,163
158,995
984,158
10,510
4,260
55-59
195 2 ,093 ,5 55 1 ,6 55 ,956
985,008
151,502 1,136,510
10,736
5t828
60-64
129 1,375,352 1,128t209
606,51 1
1 05 ,269
911,786
10,661
7,068
65-69
23
187,596
155,631
139,605
13,848
153,453
8,156
6,671
70-74
1
8,749
481
8,749
75-79
2
12,679
17' 003
34,424
34,424
6,339
17,212
80f.O V TOTAL
1
.12,000
1,064 ll,388t356
305 8,370,103
17' 301 3,576,128
3,394
6 04 ,ozo
20,695 4,180,148
12,000 10' 70 3
20,695 3, 928
* I t-.C LUD I NG INTEREST TC 6-30-73
\_
T ARL E
1
. '
E ~ P L 0 Y E E S' R E T I R E ~ E N T SYSTE~ C F
GEORG I A
DIVISION
A
DISTRIRUTICN OF PRIOR SERVICE CREDITS BY ~EA\1 YEARS OF SERVICE
~ALES
JUNE 30, 1973
SERV NO. OF GROUPS MEMBERS
TOTAL At-.1'-UAL SALARY
MEMBERS CONTR I B S AND
iNTEREST AS OF 6-30-73
ADJUST ED PRIOR SVC. CREDITS AS OF 6-30-73
CONTRIBS THROUGH
12-31-53*
TOTAL PRIOR SERVICE CREDITS
AVERAGE ANNUAL SALARY
AVERAGE PRIOR
SERVICE CREDITS
- 1 3,920 23,004,113
444,536
5r868
1- 2 2,898 20,135,464 1,043,718
6,948
2- 3 2,075 15,307,361 1,430,389
7, 377
3- 4 1,803 13,929,261 1,709,924
1,125
4- 5 l '505 11,936,040 1,190,099
7,930
6-10 5,085 44,194,939 3,855,364
11-15 2,555 25t149t525 8,389 ,959
16-20 1,534 16,C63,467 7' 1.21 '833
21-25
558 6,371,057 3,534,540
26-30
408 5,124,1<;0 3,276,500
31-35
200 2,821,079 1,945,416
36f.OV
56
858,875
607,888
TOTAL 22,597 184,895,375 34,550tl73
142,826 88,276
923,253 1,975,110
762,022 3,892,087
910 11 ,165 156,948 321,532 252,238 80,639 823,432
910 153,991 245,224 1,244,785 2,227,948 842,661 4,715,519
8,691 9,843 10,471 11 ,417 12,559 14 '10 5 15,337
a, 182
. . 100 439
3,050 11' 139 15,047
208
INCLUDING INTEREST TC 6-30-73
TARL E
8
EMPLOYEE s R E T tREMENT S Y S T E ,.. 0 F
GEORGIA
0 I VI S I 0 N A
0 IS TR I BUTI CN OF PP lOR SERVICE CRECITS BY MEA'4 YEARS OF SERVICE
FE MALES JUNE 30, 1971
SEPV t-.C. OF
GROUPS ~E~BERS
TOTAL Af\NU AL SALARY
MEMBERS CONTRIBS AND
INTEREST AS OF 6-30-73
ADJUSTED PRIOR SVC. CREDITS AS OF 6-30-73
CONTRIBS THROUGH
12-31-53*
TOTAL PRIOP SERVICE CRECITS
AVERAGE ANNUAL SALARY
-1 1- 2
3, 52 8 19t423t899
2,997 11 ,n9,3 80
352,292 901,791
5,505 5,979
2- 3 2, 110 13,392,197 1, 144, 389
6,347
3- 4
4- s
1,809 11,831,415 1, 373 9,205,4C3
1,367,506 880,200
6,540 6,704
6-10 11-15
3,642 25,799,947 1,397 11,192,997
2,006,891 3..,588,264
1,159
- 1,159
1,084
a, 012
16-20
756 6,281,007 2,744,096
5,49 1
4,601
10,092
8,308
21-25
341 2 '919 '3 81 1 ,696,924
27,660
147,734
175,3fi4
8,619
26-30
188 1,758,226 1,124,032
97' 72 4
154 t 108
251,832
9,352
31-'3 5
98 1,037,194
7 24,7 29
3 :.0 ft,218
110,772
464,990
10,583
36&0V
51
567,981
421t910
437,399
74,913
512,312
11, 136
TOTAL 18,290 121,349,033 16,953,029
INC LUO I NG INTEREST TC 6-30:-73
922,49 2
493,287 1,415,779
6,634
AVERAGE PRIOR
SERVICE CREDITS
13 514 1, 339 4,744 10,045
77
I
~
TABLE
9
E ~ P L 0 Y E E S' R E T I R E M E N T S Y S T E M 0 F
GE0 RG I A
DIVISION
A
DISTRlRUTtCN Of PRIOR SERVICE CREDITS BY ~EAN YEARS OF SERVICE
All MEMBERS OF DIVISION JUNE 30, 19 '73
SERV NO. OF GROUPS MEMBERS
TOTAL ANNUAL SALARY
~EMBERS
CONTRIBS AND INTEREST AS OF 6- 3Q-73
ADJUSTED PRIOR SVC. CREDITS AS OF 6- 3Q-73
CONTRIBS THROUGH
12-31-53*
TOTAL PRIOR SERVICE CREDITS
AVER~GE
ANNUAL SALARY
- 1 7,448 42,428,012
796,828
5,696
1- 2 5,895 38,054,844 1,945,509
6r455
2- 3 3- 4
4,185 28,699,558 3,612 25,760,677
2,574,778
3 ,o 11 ,431
6,857
~ 7,131
4- 5 2,87& 21,141,443 2,070,299
7,345
6-10 8,727 69i994,886 5,862,256
8r020
11-15 3, 952 36, 342' 523 1 t ,978,223
2,069
2,069
9, 195
16-20 2,290 22,344,475 9,865,930
.148,317
15,766
164,083
9,757
21-25
899 9,310,438 5 ,231 ,464
115,~' 36
304,682
420,618
10,356
26-30 31-35 36tOV
596 .298 107
6,882,416 3,858,274 1,426,856
4,400,532 2 ,6 70,146 1,029,798
1r020, C: 77 2,329, 9 28 1,199,421
475 ,6 40 363,010 155r552
1,496,617 2,692,938 1 ,354,973
11' 547 12 '94 7 13,335
TOTAL 40,887 306,244,408 51,503,202
* INCLUDING INTEREST TC ' 6-30-73
4,814,579
1,3H,71;
6,131,298
7,490
AVERAGE PRIOR
SER Vl CE CREDITS
71 467 2,511 9,036 12,663 149
........ . . \...._ .~
w:liiiia
._
.
T A B l E 10 E M P L 0 Y E E S' R E T I R E M E N T S Y S T E M
C F
GEORGI A
0 I V I SI 0N
B
rq 0 I S I BUTl f)IIJ OF PRIOR SERVICE CREDITS BY ~EAN YEARS OF SERVICE
t-1AL ES JUNE 3 0, 1973
SEPV NO. OF GROUPS MEMBERS
TOTAl AIIJIIJUAL SAlARY
MEMBERS CONT RIBS AND
INTEREST AS OF 6-30-73
ADJUSTED PRIOR SV C: . CREDITS 1\S OF 6-3D-73
CONTRIRS T HROJGH 12-31- 53*
TOTAL PRIOR SERVICE CREDITS
AVERAGE
A~NUAL
SALARY
-1
2
22 ,3 08
725
11t 154
1- 2 2- 3
2
19' 044
1,671
9,5.22
3- 4
4- 5 6-10
3
33,024
16
ll3,68l
5,786 9,095
11 '008 7,105
11-15
14
151,859
13 ,665
10t847
16-20 21-25
136 127
1,496,977 1 ,504,988
923,764 1 ,044,400
770 232,4 8 7
699 37,324
. 1 ,469
.269, a11
11 ,007 11,850
26-30 31-35
126 1,679,303 1, 362, 69 L 89 1,263,422 1,079,044
62.2,298 810,371
121,042 116,486
743,340 926,857
13' 321 14, 1<15
36t0V
24
361,639
310,258
449,7 78
45,159
494,937
15,068
TOTAl
539 6t646t249 4,811,102 lt 11 !), 704
320,710 .2,436,414
12,330
* INCL UO l NG INTEREST TC 6-30-73
AVERAGE PRIOR
SERVICE CR EDITS
10 .2,1.24 5,899 10,414 .20,622 4,520
'... '\ ..-
TABLE 11
E M P L 0 Y E E S' R E T' I R E M E N T S 'I S T E M c f
GE0 RGI A
DIVISION
B
DISTRIBUTION OF PRIOR SERVICE CREDITS BY MEAN YEARS Of SERVICE
FE~ALES
JUNE 30, 1973
SERV NO. OF GROUPS MEMBERS
TOTAL A"J"JUAL SALARY
MEMBERS CONT R I RS AND
INTEREST AS OF 6-30-73
ADJUSTED PRIOR SVC. CREDITS AS OF 6-3Q-73
CONTRIBS THROJGH
12-31-53
TOTAl PRIOR SERVICE CREDITS
AVERAGE ANNUAL SALARY
-1
4
26,136
607
6t534
1- 2
6
28,472
2,195
4,745
2- 3 3- 4
5
29,040
3
2o.oaa
3,588 2,933
5,808 6,696
4- 5
3
20,100
2,042
6,700
6-10
3
24,745
1 t156
8,248
11-15
9
85,116
36,822
9,457
16-20
141 1,170,024
756,500
1, 82 E:
599
2,42~
8,298
21-25
149 1t347,66<; 1,047,521
153 ,229
75 '171
228,400
9, 044
26-30
116 1,108,956
932,328
450,161
106,934
557,095
9,559
31-35
55
572 '702
494,423
447,2 32
65,438
512,670
10,412
36WV
31
309,057
278,880
407,976
35,168
443,144
9,969
TOTAL
525 4 '742' 106 3,559,001 1,460,424
.283,310 lt 74 3, 734
9,032
*INCLUDING INTEREST TO 6-3Q-73
AVERAGE PRIOR
~ERVICE
CREDITS
17 1,532 4,802 9,321 14,294 3,321
T A 3 L E 12
E Pl. P l 0 Y E E S' R E T I R E M E N T S Y S T E M 0 F
GEORGIA
DIVIS ION
8
DISTRIRUTION OF PRIOR SERVICE CREDITS BY MEAN YEARS OF SERVICE
ALL MEM 8 ER S 0 F D1VI S I 0 N JUNE 30, 1973
SERV NO. OF GROUPS MEMBERS
TOTAL
AN"!U~L
SAlARY
MEMBERS CONT RIBS AND
INTEREST AS OF 6-30-73
ADJUSTED PR lOP SVC. CREDITS AS OF 6- 3Q-73
CONTR I BS THROUGH
12-31- 53*
TOTAL PRIOR SERVICE CREDITS
AVERAGE ANNUAL SALARY
-1
6
48,444
1,333
8,074
1- 2
8
47, 516
3,867
5t939
2- 3 3- 4
5
29,040
3
zc,cea
3,588 2,933
5,808 6t696
4- 5
6
53,124
7,828
8,854
6-10
19
138,427
10 ,251
7,285
11-15
23
236,975
110, 487
10,303
16-20
277 2,667,001 1,680,264
2, 596
1,298
3,894
9,628
21-25
276 2,852,657 2,091,921
385,716
112,495
498,211
10t335
26-30
242 2,788,259 2,295,019 1,072,45;
227,976 1,300,435
11 ,521
31-35 36&0V
144 1,836,125 1,573,468 1,257,603
55
670,696
589,139
857,754
181,924 80,327
1,439,527
938 ,o 81
12,750 12,194
TOTAL 1,064 11,388,356 8,370t103
* INCLUDING INTEREST TO 6-3Q-73
3,576,128
604,020 4, 180, 14
10,703
AVERAGE PRIOR
SERVICE CREDITS
14 1,805 5,373 9,996 17,056 3,928
T A B L E 13
..... ~ -~ ~ ~ .. .
f M P l 0 Y E E S' R E T IREMENT S Y S T E M 0 F
GEORGI A
0 IVIS I0N A
0 TSTR I RUTI ON OF ACTIVE EMPLOYEES ev AGE AND SERVICE GROUPS
MALES JUNE 30, 1973
SERVICE GROUPS
AGE
35 &
GROUPS
0
1
2
3
4
5-9
10-14 15-19 20-24 25-29' 30-34 OVER TOTAL
15-19
502
105
13
1
621
2Q-24 1 '147
794
371
242
125
118
2,797
25-29
804
763
502
449
316
766
69
3,669
3Q-34
356
290
294
246
191
907
466
79
2,829
35-39
257
1c;0
164 162
134
617 44C 319
21
2,304
40-44
258
222
191
142
145
436
327
2 81
110
20
2rl32
45-49
224
177
183 162
164
513
211
226
138
118
4
2,186
50-54
191
171
160
156
187
619
320
198
101
119
65
5 2;292
55-59
130 130
128
137
146
610
302
196
82
ee
67
16 2,032
60-64
45
52
58
97
87
425
304
201
97
55
58
22 1,501
65-69
4
3
8
9
8
64
40
32
9
1
5
8
197
70-74
2
1
3
2
9
1
2
1
21
75-79
1
2
1
4
8
80&0V
1
1
2
TOTAL 3,920 2, 898 2,C75 1,803 1,505 5,085 2t555 1,534
558
408
200
56 22,597
T A B l E 14
E M P l 0 Y E E S' R E T tREMENT S Y S T E M 0 F
0 [vIS I0N
A
GEORGI A
DISTRIRUTIO"' OF ACTIVE EMPLOYEES BY AGE AND SERVICE GROJPS
FEMAlES JUNf 30, 1q73
SERVICE GROUPS
AGE
35 &
GROUPS
0
1
2
3
4
5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
15-19
320
105
9
434
20-24 lt164
987
529
354
226
152
3,412
25-29
775
709
501
467
360
696
41
3,549
3Q-34
389
333
279
235
160
500
202
21
2 '119
35-39
245
254
209
178
129
441
156
78
5
1,695
40-44
220
193
167
165
134
442
187
85
37
4
1,634
45-4G
183
178
170 152
144
473
201
103
59
24
1
l,b88
50-54
132
138
120
154
109
441
243
140
72
38
18
1 1,606
55-59
79
64
86
12
80
307
199
160
82
47
39
11 1t226
60-64
21
28
36
30
21
158
12 8
129
66
62
36
30
751
65-69
6
.3
2
4
30
38
36
19
13
3
8
162
7D-74
2
1
2
2
4
1
l
13
75-79
80&0V
1
1
TOTAL 3,528 2,9~1 2, llC 1,809 1,373 3' 642 1 t3 97
756
341
188
98
51 18,290
AGE GROUPS
15-1 c; 2Q-24 25-29 3Q-34 35-3C1 40-44 45-49 50-54 55-59 6Q-64 65-69 7Q-74 75-79 80tOV TOTAL
-'
\ _ .... J
- -- \ .:..
\,_, _.:......a.
'--
-
..~ . .
T A 6 L E 16
E M P L 0 Y E E S' R E T IRE ME NT S Y S T E M C F
GEORGI A
DI V I S I 0N
6
DISTRIBUTION oF ACTIVE EMPLOYEES BY AGE AND SERVICE GRaJPS
MALES JUNE 30, 1973
SERVICE GROUPS
:35 &
. 0
1
2
3
4
s-c;
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
1 1 1
1
2
2
1
1
1
1
2
5
3
1
41
18
64
1
2
3
41
42
6
95
3
1
18
33
55
6
. 116
1
2
12
18
34
37
1
105
3
1
15
9
16
31
13
88
1
2
4
7
5
13
13
7
52
2
1
2
2
1
8
1
1
1
1
2
1
1
3
16
14
136
127
12f
89
24
539
AGE GROUPS
15-19 20-24 25-29
I
30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 7Q-74 75-79 80&0V TOTAL
T A B l E 17
E "' P L 0 Y E E S' R E T I R E ~ E N T SYSTE~ C F
GEORGIA
D I VI SI 0 N
B
D I STRIBUTI GN OF ACTIVE EM FLOY EES BY AGE AND SERVICE GROUPS
FEMALES JUN e 30. 1973
SERVICE GRCUPS
35 &
0
1
2
3
4
5-9
10-14 15-19 20-24 25-29 3Q- 34 OVER TOTAL
1
1
1
2
3
.
3
2
2
7
1
1
1
1
4
1
1
1
1
25
9
38
1
2
17
25
6
51
1
3
26
32
31
3
96
1
2
1
34
32
3<J
17
126
1
1
1
27
28
21
19
9
107
1
7
21
16
15
17
77
4
2
3
1
5
15
4
6
5
3
3
3
9
141
149
llt
55
31
525
AGf GROUPS
15-19 20-24 25-29 30-34 35-3f1 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
~ _,
F M P L o v r E s
T A B L E 18
RETIRE"'ENT
SYSTE~
0 F
GEORGIA
DIVISION
B
IJ I STRIBUTI CN OF ACTIVE EM PLOY EES BY AGE AND SERVICE GROUPS
All MEMBERS OF DIVISION
JUNE 30, 1973
SERVICE GRCUPS
35 &
0
1
2
3
4
5-9
10-14 15-19 20-24 25-29 30-34 OVER TOTAL
1
1
1
3
4
4
2
2
8
1
1
2
1
1
3
9
2
1
4
2
66
27
102
2
2
5
58
67
12
146
1
3
4
44
65
S6
9
212
1
2
2
2
46
50
73
54
1
231
1
4
2
42
31
37
50
22
195
1
2
5
14
26
2<1
28
24
129
2
4
3
5
3
6
23
1
1
1
1
2
1
1
6
8
5
3
6
19
23
277
276
242
144
55 1,064
AGE GROUPS
15-1 q 20-24 25-29 30-34 35-39 4Q-44 45-49 5Q-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
\.
T A B L E 19
s E a . t P L O Y F . E
R E T I R E N E NT S Y S T E~ C F
D I VI S I 0 N A
DISTRIBUTION OF EMPLOY EFS BY SALARY CLASS
MALES JUNE 30, 1973
EAR NI NG l E S S TH AIll $ 4 , 2 0 0
NUMBER
EAPNINGS
EARNING MORE THAN $4,200
NUMB ER
EARNINGS
145
408,392
4"/6
2,247,925
276
822,214
2,521
14,970,654
141
416,856
3,528
27.111,385
66
190,343
2 ,763
25,063,203
71
207,306
2,233
21,704,256
52
145,173
69.
182,839
2,080 2,117
19,610,746 19,696,272
70
191,833
2,222
20,079,661
61
154,2 53
1,971
16,732,521
54
145,190
1,447
12,090,056
10
20,680
187
2,214,876
1
4, 122
26
350 '862
8
105,383
2
28,363
1,016
2,889,204
21, 5 tH
182,006,170
GEORGIA
ALL E114PLOYEES
NLMBER
EARNINGS
621
2,656,317
2,797
15,792,869
3,669
27,52 8,241
2,829
25,253t547
2,304
21,911,562
2,132
19,755,919
2,186
19,879,111
2,292
20,211,494
2t032
16,886,774
1 ,501
12,235,247
197
2,235,557
27
354,984
8
10 5, 383
2
28, 363
22,597
184t895t375
AGE
GROUPS
15-1 q 20-24 25-29 3Q-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80&0V TOTAL
. j ,. ., "
I
-- '
r
l - _,
r
. I- ;
,
L~ J
L . _,
--
-.,
\.
\.:.. -!
. . ;, - _
, -
.
..
T A B L E 20
E M P L C Y E E S' R E T I R E M E N T S Y S T E ~ C F
GEORGI A
D I VI S I 0 N A
DISTRIBUTION OF EMPLOYEES BY SALARY CLASS
FE~ALES
JUNE 30, 19 7 3
EARNING LESS THAN $4,200
"'U.. BER
EAR !'4INGS
EARNING MORE THAN $4,200
NU,..BER
EARNINGS
All EMPLOYEES
NUf'B ER
EARNINGS
93
296,529
341
1,722,739
434
2,019,268
342
1t067,918
3 ,070
18,569,253
3,412
19,637,171
281
823,285
3,268
2~t233,809
3,549
24,057,095
237
788,970
1,882
13,787,483
2,119
14.576,453
216
737t383
1,4 79
10,4 84 ,631
1,695
11,222,014
188
640,399
1 ,41c6
10t292 t 880
1, 634
10,933,280
170
600,5 76
1 ,518
11,050,798
1,688
11.651,375
145
468,_732
lt461
10,723,584
1,606
11,192,317
112
354,125
l' 114
8,429,864
1t226
8,783,990
42
126,228
7C9
5,675,991
751
5,ao2,219
6
13,038
156
1,353,975
162
1,367,013
2
6,627
11
95,052
13
101, 6 79
1,834
5, 923, 815
1 16,456
5,154 ll5 ,425 '218
1 18,290
5, 154 l2lt349t033
AGE GROUPS
15-19 2Q-24 2 5-29 30-34 35-39 40-44 45-4<; 50-54 55-59 6D-64 65-69 7C-74 75-79 80&0V TOTAL
.......
. ~
T A B L E 21
E M P l C Y E E S' R E T I R E M E N T SYSTEM 0 F
GEORGI A
D I VI S I 0 "
A
DIS TR I BUT ION OF EMPLOYEES BY SALARY CLASS
All MEMBERS OF CIV IS ION JUNE 30, PH3
F.ARNING LESS THAN S4,200
NUf'IBER
EAPNt~GS
EARNING MORE THAN $4,200
NU ~ BER
EARNINGS
ALL EMPLOYEES
NU~BER
EARNINGS
238
704,921
817
3,970,664
1,055
4,675,585
618
1,890,132
5,591
33,539,907
6,209
35t430,040
422
1t240, 141
6,7C76
50,345,195
7,218
51,585,336
303
979,313
4,645
38t850t687
~,91t8
39,830,000
287
944,689
3,712
32,188,887
3,999
33, 133,576
240
785,572
3, 526
29,903,627
3,766
30 ,689 ,2 00
239
783,416
3,635
30,747,070
3,874
31,530,486
215
660,565
3,683
30,803,245
3,898
31,463,811
173
508,379
3,085
25,162,385
3,258
25,670,765
96
271,418
2,156
17,766,048
2,252
18,0 37, 466
16
33,719
31t3
3,568,852
359
3,602,571
3
10,749
37
445,914
40
456,664
8
105 t 38 3
8
105t383
2,85C
8,813,019
3
38 ,o 3 7
3 3, 517 297,431,388
3 40,887
33,517 306,244,408
AGE GROUPS
15-19 20-24 2 5-2 c; 30-34 35-39 40-44 45-49 50-54 55-c:i9 60-64 65-69 70-74 75-1<1 BOWV TGTAL
.
T A B l E 22
EMPLOY F E S' R E T IREMENT S Y S T E M 0 F
DI V 1s I 0 N
B
DISTRIBUTION OF EMPLOYEES BY SALARY CLASS
GE 0 RGI A
EARNING LESS THAN $4,200
NUM~ER
EARNINGS
MALES JUNE 30, 1973
EARN [ NG MORE THAN $4 ,200
NUMBER
EARNINGS
All EMPLOYEES
NUMBER
EARNl NG S
2
7,491
4
13,800
2
7,200
1
l,BJO
1
3,750
2
5,400
1
3,600
13
43,041
l 1 5 62 91 114 104 87 52 6 1 1 l 526
8,964 10,080 49,116 712r105 1,12o,255 1,484,931 1,342,789 1,115,917 65 !h 811 6' '41 0
8,749 9,079 12,000 (:,603,203
1
1
5 64 95 116 105 88 52
8 1 2 1 539
8,964 10r080 49, 116 719,596 1,140,055 1 ,492,131 1t 344, 5~9 1,119,667
65 a, au
69t810 8,749
12t679 12, 000 6r646t249
AGE GROUPS
15-19 20-24 25-29 30-14 35-39 40-44 4 S-4c; 50-54 55-59 60-64 65-69 7G-74 75-79 800V TOTAL
1
T A A L E 23
E 1.1 P L 0 Y E f S' R E T I R E M E N T S Y S T E M G F
GE0 RG I A
0 I VI S I 0 N B
0 I ST R I BUT I tlN OF EMPLOYEES BY SALARY CLASS
FE"'ALES JUNE 30, 1973
EARNING LESS TH~N S4,200
"JU~BER
EARNI r>.!GS
EARNING ~ORE THAN $4,200
t>.lU"'BE~
EARNINGS
All EMPLOYEES
~UPIBER
EARNINGS
1
4,800
1
4,800
3
19,680
3
19,6d0
2
4, 092
5
31 tl28
7
35,220
4
28,566
4
28,566
38
324 AbB
38
324, 468
51
487,994
51
487.994
96
949,812
96
949,812
126
1,083,350
126
1,083,350
1
2,600
106
971,287
1C7
973,887
71
716,541
77
716, 541
1
14
117,786
15
ll7t786
4
6,692
521
4,735,414
525
4,742,10b
AGE GROUPS
15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 5 5-.59 60-64 65-69 7Q-74 75-79 80&DV TOTAL
. t
' '
r
!
.
~
,_
l
.
' -'
l, . ~
'
_' ,
-- I'
--
.,
~
~-.:. ~ ..1
\;_
....
T A R L E 24
E M P L C Y E E S 1 R E T I R E M E N T S Y S T E M 0 F
GEORGI A
0 I VI S I C~
B
DISTRIBUTION OF EMPLUYEE S BY SALARY CLASS
All MEMB F.RS OF CIVISION JUNE 3 C, 1 973
EARNING LESS THAN $4,200
NUMBF.R
EA~Nl NGS
EARNING MORE THAN $4,200
NUMB ER
EARNINGS
All EMPlOYEES
NUMBER
EARNINGS
1
4,800
1
4,800
4
28,644
4
28,644
2
4,092
6
41 t208
8
45,300
9
77,682
9
77,682
2
1,491
100
1,036,573
102
1, 044, 064
4
13,800
2.
7,200
1
1,800
142
1,614,250
210
2,434,743
230
' 2 ,426,139
146
1 ,628,050
212
2,441,943
231
2, 427, 9 39
2
6,350
193
2,087,205
195
2r093,555
129
1,375,352
129
1, 375, 352
3
5,400
20
182 r196
1
a, 749
23 .
187,596
1
8,749
1
3,600
1
9,079
2
12, 679
1
12,000
1
12,000
17
49t733
1,04 7
11,338,623
1,064
11,388,3~6
~ .
TABLE 25
E ~ P L 0 Y E E S' R E T I R E M E R r S Y S T E M 0 p G E 0 R G I A
DISTRIBUTION OF RETIPED LIV~S BY ArTAINED AGE GROUPS AND OPTIONS
,J UNE 20 , 1 9 7 J
MALES
''.!\ XV1UM
TOTAL
AG E
NO.
~ONTHLY
GR OU P LIVES ALLOWANCE
0-1 9
20-24
2 ')- 2 9
]0- )IJ
2
904.43
OPT IO N 1
TOTAL
NO.
~ONTHLY
LIVRS ALLOWANCE
OPT ION 2 TOTAL
NO. MONTHLY LIVES ALLOWA ~ CE
OPTION 3 TOTAL
N::>. l'IONTHLY LIVES ALLO~ AN CE
OPTION 4 TOTAL
NO. tiONTHLY LIVES AL~OWANCE
TOTAL TOT \ L
NO. MONTHLY
~IVES ALLO W~N CE
2
904.L~3
3')-39 40-44 45-41 50- r;~
3 1,299.20 9 4,636.09 12 4,931.02 40 17,624.75
1
757 .. 56
2
624.08
6 2,565.15
5 1,064.04 _
1
278.26
13 4,32 1.18
24 5,399 .06
4 3,950.30
42 12,234.49
16 6,276.09
9 2,641 .. 50
1
419. 97
24 10,1)4.80
42 14,904.46
1 1, 313. 24 105 40,013.72
55-59 60-1)4 55- (i t) 70-74
42 14,374.14 134 36,886.'JO 363 73,814.40 210 29,350.44
13 7,919.96 32 11,071.91 94 23,641.34 63 11,968.37
75 15,593.52 153 33,742.01
312 39,011.77 201 24,611.17
27 9,504.63 91 46,318.38 209 75,1 88.18 109 33,151.33
10 7, 6 34. 31 167 55,026.76 9 8,077.02 419 136,096.24
15 8,029.:>3 993 219,684 .78 6 4,033.79 589 103,115.10
75-79 80- 8 1J 85-89 90 &0 V
11<} 13,712.93 51 7,430.15 1A 2,071.14 13 2,730.33
28 5,144.72
6
551 .61
2
578.51
92 10,983.12
51 fi,32 H.83
24 1,591.85
6
42R.63
6 8 19, 1 46. 2 8 35 7,696.73 15 " 2,523.35 10 1,896.22
2 1,065.48 309 50,052.53
1
61.3~ 151J 22,06 8 .71
59 6,770 .. 85
29 5,055.18
TOTAL 1,026 209,766.12 247 64,823.21 998 155,31~.6~ 585 205,92 9 .75
45 30,634.29 2,901 666,469.06
l
. .
~ '
TABLE 26
E M P L 0 Y E E S' RETIBEMENr S Y S T E M 0 F G E 0 R G I A
DISTRIBUTION OF RETIRED LIVES DY ATTAINED AGE GROUPS AND OPTIJNS
JUNE 3 0 , 1973
FEM ALES
MAXIMUM
OPTION 1
OPTION 2
OPTION 3
OPTION 4
TOTAL
TOTAL
TOTAL
TOTAL
TOTAL
TOTAL
TOTAL
Ar,::
N3. MONTHLY
NO. MON1'HLY
NO. MONTHI.Y NO. MONTHLY
NO. MONTHLY
NO. MONTHLY
GROUE' LIVt:S 1\LLOWA~CE LIVES ALLOWANCE LIVES ALLOWA NCE LIVES ALLO WANCE LIVES Al.LOWANCE LIVES ALLOWANCE
0-19
1
100.20
1
100.20
20-24
2')- 29
30- 34
35-39
1
332.70
1
385.86
1
154.97
40-41~
6 1,967.46
1
483.84
3
564.40
4 5-4 q
10 5,092.86
1
228.69
9 2.125.14
1
80.84 .
50-54
22 6,718.49
1
120.82
21 4, 4.02. 74
1
545.97
J
873.53
10 3,015.70
21 7, 527.53
45 11,789.02
55-59 60-64 65-69 70-74
36 12,.138.23 194 44,001.22 412 78,086.96 27 2 43,747.63
6 41 10 3 109
1,760.27 10,175.97 24,771.28 25,078.11
41 6,685.16 78 11,463.07 84 11,712.17 87 9,207.78
6 2,647.25 19 7,829.40 20 6,349.68
19 . 5,074.40
1
707.17
90 24,133.08
1
392.28 333 73,861.94
2 1,106.17 621 122,026.26
487 83,107.92
75-79 142 17, 613. 6 6
51 5,374.73
76 6,639.50
4
50 2. 81
80-84
77 7,303. 59
15 2,113.82
48 5,658.17
3
184. 58
85-89
24
2,11~5.88
3
211.49
29 1,750.93
4
112.66
qo &ov
11 11 4 74. 43
13 1,960.74
1
89.31
273 30;130.70 143 1 5, 2 60. 16
60 41 22() 9 6 25 3, 524.4 8
TOTAL 1,207 220,823.11 332 70,704.88 490 62,324.77
.79 .23, 517.10
4 2,205.52 2,112 379,575.48
J
TABLE 27 E ~ ? L 0 Y E E S' R E T I R E M E N r SYSTEM 0 F G E 0 R G I A
,. .
' I
DISTRIBUTION OF RETIRED LIVES DY ATTAINED AGE GROUPS AND OPTIONS
,1 UNE 30 , 1 97 3
MALES AND FEKALES COMBINED
A:; To:
G?. 0 !J? 0-1q
20-24 2'1-2q 30-34
MAXIMUM TOTAL
NO.
LIVES
!'!ON THLY
lLLOWA~CE
2
904. I+)
OPTION 1
TOTAL
NO.
l10NTHLY
LIVPS AI.LOWANCE
OPT ION 2 TOTAL
NO. MONTHLY LIVES ALLOWANCE
OPTION 3
TOTAL
N~.
MONTHLY
LIVES ALLOWANCE
1
100.20
OPTION 4
TOTAL
NO.
IDNTHLY
LIVES ALLOWANCE
TOTAL
TOTI\L
NO. MONTHLY
LIVES ALLOWANCE
1
100. 20
2
904.43
3')-)g
40-4 4 45-49 50-'>4
u 1,6.31.go
15 6,603.55 22 10,023.88 62 24,Jij3.24
1
385.86
2 1,241.40
3
852.77
7 2,685.97
6 1,219.01 16 4,885.58 33 7,524.20 63 16,6 37 .. 23
1
278.26
5 4,031.14 17 6,822.06
12 3,515 .. 03
1
419.97
34 13,15J.50
63 22,431.99
1 1,313.24 150 51,801.74
55-59 60-64 65-6 9 70-74
78 26,712.57 328 80,R88.12 77 5 1 5 1 , 9 0 1. 3 6 482 73,098.07
19 9,680.23 73 21,247.88 197 48,412.62 172 37,046.48
116 22, 278.68
33 12,151.88
2 31 45,205.10 . 110 54,147 .. 78
396 50,723.94 229 81,537.86
288 33,818.95 12 8 38, 225.73
11 8,341.4tl 257 79,164.84 10 8,469 .. 30 752 209,958.18 17 9,1JS.. :l6 1,614 341.,711.04
6 4,033.79 1,076 186.,223.02
75-79 80- 8 4 85-89
90<;011
261 31,326.59 138 14,733.74
42 4,217.02 24 4,204.76
79 10,519.45
21 2,665.43
5
790.00
168 17,622. 62 99 11,987 .. 00 53 3,348.78 19 2,389.37
72 19,649.09 38 7,881.31 19 2,636.01 1 1 1,985.53
2 1,065.~8 582 80,183.23
1
61.39 297 37',328.87
119 10,991.81
54 8,579.66
TOTAL 2,233 430,589.23 579 135,528.09 1,488 217,640.46 664 229,446.85
49 32,839.91 5,0131046,044.54
-
E M P L 0 Y E E S'
TABLE 29 R E T I R E M E N r SYSTEft 0 F
GE l RGI A
"" .~.
. \.
DISTRIBUT!JN Of ~)NTHLY RETIREAENT PAYMENTS BY SEX AND OPTION
JUNE 30, 1973
RETIRF.ES RECEIVING POST RETIREMENT ADJUSTMENT
NO.
BASIC
C-0-L SUPPLEMENTAL
TOTAL
AVERAGE
OPTION
SEX
LIVES
BENEFIT ADJUST~ENT ADJUSTMENT
BENI;:PlT
BENEFIT
r1AXIMUM
MALES FEMALES
TOTAL
700 109,616.89 853 117,847.21 1, 553 227,464.10
15,272.62 18,338.52 33,511 .. 14
4,110.89 129,000.40 4, 777. 17 140,962.90 8,888.06 269,963 .30
184. 2 8 165. 25 173. 83
1
riAL ES
148 29,584.17
4,417.64
1,221.77 .35,22.3.58
237. 99
FE 111\ LES
245 40,161.28
6,612 ,. 15
1,761.62 46,5.35.05
198. 10
TOTAL
393 69;745.45 11,029.79
2,983.39 83,758.()3
213. 12
2
MALES
448 53,973.42
7 ,428.. 67
2,061.97 63,469.06
141. 67.
FEI1ALES
234 24,496.69
5,483 .. 14
1,064.57 31,044.40
132. 66
TOTAL
682 78,475.11 12,911.81
3, 12 6. 51& 94,513.46
138.58
3
MALES
3~8 103,793.53 14,516.89
4,121.98 122,432.50
332.69 '
FP.MAL 'ES
49 12,6)2.12
1,727.09
523.73 14,942.9 4
304. 95
TOTAL
417 116,485.75 16,243.98 4,645.71 137,375.44
329. 43
4
t1AI.ES
FEMALES
TOTAL
17 7,981.02 17 7,981.02
969.62 969.62
358.48 358.48
9,309.12 9,309.12
547. 59 54 7. 59
TOTAL
MALES
FF. MALES
TOTAL
1,681 304,954.13 1,381 195,197.30 3,062 50.0,151.43
42,605.44 32,160.90 74,766.34
11,875.09 359,434.66 8,127 .09 235,LJ85.29
20,002.18 594,919.95
213.82 170. 51 194. 29
TABLE 28
E 11 P L 0 Y E E S' R E T I R E M E N T S Y S T E M 0 F :iEORGIA
DISTRIBUTION OP MJNrHLY RETIREMENT PAYMENTS BY SE~ AND OPTION
JUNE 30, 1973
RETIREES NOT RECEIVING POST RETIF.EMENr ADJUSTMENT
NO.
BASIC
C-0-L
SUPPLE~ENTAL
l'OTAL
AVERAGE
OPTION
SEX
LIVES
BENEFIT ADJUSTMENT ADJUSTMENT
BENEFIT
BENEP'IT
M~XIMUM
.MALES FEMAL F.S TOTAL
326 80,765.72 354 79,860.21 680 160,625.93
80,765.72 79,860.21
160,62~.93
247. 74 225. 59 236. 21
1
M~ LES
FEMJl.LES
TOTAL
99 29,599.63 87 22,169.83 186 51,769.46
29,599.&3 22,169.83
51,769.46
29 8. 98 254. 82 278. 33
2
:-!ALES
550. 91,846.63
FEMALES
256 31,280.37
TOTAL
806 123,127.00
91,846.63 31,280.37 123,127.00
166. 9 9 122. 18" 152. 76
3
HALES
217 83,497.25 (')
FE ~lALES
30 8,574.16
TOTAL
247 92,071.!J1
83,497.25 8, 57 4. 16
92,071.41
384.77 285.80 372. 75
4
t1ALES
FE MALES
TOTAL
28 21,325.17
4
2,205.62
32 23,530.79
21,325.17 2,205.&2
23,530.79
761.61 551.40 7 35. 33
TOTAL
MALES
FEMALES TOTAL
1, 220. 307,034.40 731 144,090.19
1, 951 451,124.59
307,034.40 144,090.19 451,124.59
251.66 197. 11 231. 22
."".
' ~