PERA’s retirement plans projected to be fully funded by 2040
PERA’s retirement plans projected to be fully funded by 2040
February 22, 2021
The Board of Trustees received an actuarial update on the financial health of PERA’s three largest plans at the February 11, 2021 board meeting. The current plan funding ratios are as follows:
- General Plan: 79.1%
- Police & Fire Plan: 87.2%
- Correctional Plan: 96.7%
These funding ratios represent the ratio of the market value of assets to the actuarial accrued liabilities for each plan. In other words, they represent the percentage of benefits that have been earned by plan members that are currently funded.
Making progress towards fully funded plans is important. This update confirmed that as of the valuation date, all three funds are expected to reach full funding by 2040—well within the targeted 30-year time frame established by the legislature.