Exhibit+1+-+Bill+No.+33-0446_
| Section 1: Actuarial Valuation Summary Summary of key valuation results EXHIBIT 1 2019 2018 Contributions for Actuarially determined employer contributions (ADEC)' $365,803,372 $277 523,563 plan year beginning ADEC' as a percent of payroll 91.59% 68.56% October 1: Expected employer contributions 90,860,529 82,979,021 Shortfall 274,942,843 194,544,533 Actuarial accrued Retired members and beneficiaries $2,953,200,280 $2,307,472,963 liability for plan year Inactive vested members 383,454,721 204,418,060 beginning October 1: Active members 1.744,402,145 1,182,100,271 Inactive members due a refund of employee contributions 11,241,555 9,047,179 Total 5,092,298,701 3,703,038,473 Normal cost including administrative expenses 91,896,341 53,750,366 Funded status for Market value of assets (MVA) $678,120,265 $768,820,663 plan year beginning Unfunded/(overfunded) actuarial accrued liability 4,414,178,436 2,934,217,810 October 1: Funded percentage 13.32% 20.76% Projected insolvency in plan year beginning October 1 2023 2023 Key assumptions Net investment return (funding valuation basis) 4.00% …
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| Section 1: Actuarial Valuation Summary Summary of key valuation results EXHIBIT 1 2019 2018 Contributions for Actuarially determined employer contributions (ADEC)' $365,803,372 $277 523,563 plan year beginning ADEC' as a percent of payroll 91.59% 68.56% October 1: Expected employer contributions 90,860,529 82,979,021 Shortfall 274,942,843 194,544,533 Actuarial accrued Retired members and beneficiaries $2,953,200,280 $2,307,472,963 liability for plan year Inactive vested members 383,454,721 204,418,060 beginning October 1: Active members 1.744,402,145 1,182,100,271 Inactive members due a refund of employee contributions 11,241,555 9,047,179 Total 5,092,298,701 3,703,038,473 Normal cost including administrative expenses 91,896,341 53,750,366 Funded status for Market value of assets (MVA) $678,120,265 $768,820,663 plan year beginning Unfunded/(overfunded) actuarial accrued liability 4,414,178,436 2,934,217,810 October 1: Funded percentage 13.32% 20.76% Projected insolvency in plan year beginning October 1 2023 2023 Key assumptions Net investment return (funding valuation basis) 4.00% 7.00% Inflation rate 2.50% 2.50% GASB information Discount rate prior to projected insolvency 4.00% 7.00% 20-year bond rate 2.66% 4.18% Blended rate 2.67% 4.25% Total pension liability $5,992,768,058 $4,941,600,552 Plan fiduciary net position 678,120,265 768,820,663 Net pension liability 5,314,647,793 4,172,779,889 Plan fiduciary net position as a percentage of total pension liability 11.32% 15.56% Demographic data for Number of retired members and beneficiaries 8,761 8,702 plan year beginning Number of active members 8,736 9,368 October 1: Total covered payroll $399,386,941 $404,775,714 Average payroll 45,717 43,208 The ADEC is the actuarially determined contributions as developed in Section 2, net of projected member contributions Government Employees' Retirement System of the Virgin Islands ag Segal 7