JOINT COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT

SECOND QUARTER MEETING

September 15, 2009

The Joint Committee on Public Employee Retirement held its 3rd Quarter Meeting at

2:OOpm in House Hearing Room 1. With a quorum being established, Chairman Franz called

the meeting to order. Joint Committee members in attendance were Senators Crowell, Days

and Green and Representatives Atkins, Franz, Norr, Schlottach, Viebrock and Yaeger.

Senators Rupp and Scott were not in attendance.

The Chairman turned the meeting over to the Executive Director, Ronda Stegmann.

Preliminary reporting for plan year 2008 was reviewed. It was noted the JCPER routinely

collected plan data for the previous year. Plan assets, liabilities, revenue streams and outflows

were outlined. Quarterly plan reporting was reviewed for the 2nd quarter numbers reported for

2009. Indicated was a growth in plan assets of $3 billion dollars over lSt quarter numbers with

40 of the 84 plans reporting.

The Director presented a request to update an existing office computer which is currently

due for replacement in the Senate rotation. A request to purchase licenses for Microsoft Office

Professional Plus 2007 and Adobe Acrobat 9 Professional for both office computers was also

made. Senator Yaeger made a motion to approve the computer and software upgrades.

Senator Days seconded the motion. The motion was approved unanimously.

The fourth quarter meeting is tentatively scheduled for Tuesday, November 17, 2009.

The agenda for this meeting will include a review of plans that are under 70% funded. The

Director also brought to the committee's attention website features that will be added, including

placing meeting agendas, handouts, and minutes on the JCPER website.

At the request of St. Louis Mayor Francis Slay, Ron Smith presented to the committee

funding issues facing the City of St. Louis due to the recent market downturn. Following the

presentation, it was agreed that the City of St. Louis will work with the legislature and the City

retirement plans to address the funding issues that each are currently faced with. Chris Molitor,

President of the International Association of Fire Fighters (IAFF) Local 73, presented a rebuttal

to the City's presentation on behalf of the IAFF.

No further business being presented, the committee adjourned.

~ b n d a Stegmann Executive ~ i rec to ;~

JOINT COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT

3rd QUARTER MEETING September 15, 2009

AGENDA

Roll Call

Preliminary 2008 Reporting Quarterly Reporting

Office Equipment (vote)

Other Business - Watch List Meeting Website Additions

City of St. Louis Presentation

$66.5$56.1

$53.7

$62.5$52.9

$57.6

$58.3$48.4

$50.4

$54.3$44.8

$46.3

$51.4$42.2$42.9

2008

2007

2006

2005

2004

ASSETS / LIABILITIESLIABILITIES ACTUARIAL VALUE OF ASSETS MARKET VALUE OF ASSETS

BILLIONS

SOURCES

$(2,510)

$5 $3$26 $2 $5$724$536 $567 $656 $676$1,045$1,413$1,155 $1,280 $1,536

$5,098

$4,113

$4,986

$7,996

$(4,000)

$(2,000)

$-

$2,000

$4,000

$6,000

$8,000

2004 2005 2006 2007 2008

OTHER EMPLOYEE EMPLOYER INVESTMENT

-$3,465$7,171

$4,164$3,299

$4,323$2,949$2,893

$2,643$2,437

$2,245

$98$97$81$93$86$48$50$36$32$30

-$4,000 -$2,000 $0 $2,000 $4,000 $6,000 $8,000

Reserves

Benefits

Refunds

Administration

APPLICATIONS2008 2007 2006 2005 2004

Joint Committee on Public Employee Retirement Quarterly Reports

2009 Second Quarter

Plan Name

Arnold Police Pension Plan

Black Jack FPD Retirement Plan

Bothwell Regional Health Center Retirement Plan

Bridgeton Employees Retirement Plan

Carthage Policemen's & Firemen's Pension Plan

County Employees Retirement Fund

Creve Coeur FPD Retirement Plan

Fenton FPD Retirement Plan

Florissant Employees Pension Plan

Florissant Valley FPD Retirement Plan

Glendale Pension Plan

Hannibal Police & Fire Retirement Plan

Jackson County Employees Pension Plan

Joplin. Police & Fire Pension Plan

Kansas City Civilian Police Employees' Retirement System

Kansas City Police Retirement System

Kansas City Public School Retirement System

KC Area Transportation Authority Salaried Employees Pension Plan

Ladue Non-uniformed Employees Retirement Plan

Ladue Police & Fire Pension Plan

Local Government Employees Retirement System

Mehlville FPD Retirement Plan

Missouri Higher Education Loan Authority Pension Plan

Bes. Market Value

$5,091,704

$4,615,877

$25,657,597

$14,499,445

$4,821,955

$196,755,000

$4,773,793

$1 5,653,253

$6,767,398

$1 1,488,518

$4,284,474

$7.81 2,850

$121,570,707

$1 7,492,329

$67,300,000

$501,000,000

$564,540,119

$8,699,209

$1,911,993

$14,749,122

$2,909,673,538

$27,744,576

$16,495,256

End. Market Value

$5,738,634

$5,222,673

$28,432,836

$16,218,876

$4,991,282

$224,009,000

$5,547,950

$16,932.020

$7,383,831

$12,149,202

$3,600,334

$8,382,641

$1 32,935,947

$20,428,880

$75,264,000

$552,855,000

$607,811,370

$9,853,704

$2,100,205

$16,127,225

$3,194,595,344

$27,447,759

$1 8,561,755

ROR 12 mos.

-15.8% (Net)

0% (Net)

-1 1.7% (Net)

-22.43% (Gross)

-1 3.08% (Net)

-1 1.6% (Gross)

n/a% (Gross)

-1 1.44% (Net)

-27.60% (Net)

NA% (Gross)

-15.2% (Gross)

-12.6% (Gross)

-1 3.16% (Gross)

9.9% (Net)

-19.4% (Gross)

-1 7.9% (Gross)

-1 8.1 % (Gross)

-1 1.89% (Gross)

-1 6.34% (Net)

-16.66% (Net)

-1 8.54% (Gross)

1 % (Gross)

12.83% (Gross)

ROR 36 rnos.

-3.3% (Net)

0% (Net)

-1 .O% (Net)

-6.07% (Gross)

-.59% (Net)

-1 .O% (Gross)

n/a% (Gross)

-3.99% (Net)

-5.34% (Net)

NA% (Gross)

na% (Gross)

na% (Gross)

-.68% (Gross)

-.4% (Net)

-3.5% (Gross)

-3.0% (Gross)

-3.3% (Gross)

-1.67% (Gross)

-3.12% (Net)

-3.26% (Net)

-2.05% (Gross)

1 % (Gross)

-1.35% (Gross)

ROR 60 mos.

0.3% (Net)

0% (Net)

3.2% (Net)

-1.20% (Gross)

1.08% (Net)

2.8% (Gross)

nla% (Gross)

-0.15% (Net)

1.49% (Net)

NA% (Gross)

na% (Gross)

na% (Gross)

-1.37% (Gross)

3.4% (Net)

1.9% (Gross)

2.3% (Gross)

2.0% (Gross)

+2.48% (Gross)

.75% (Net)

.69% (Net)

2.89% (Gross)

1 % (Gross)

.94% (Gross)

Please be aware information provided in this report may contain unaudited data.

Plan Name

MoDOT & Highway Patrol Employees' Retirement System

North Kansas City Policemen's & Firemen's Retirement Fund

Pattonville-Bridgeton FPD Retirement Plan

Prosecuting Attorneys' Retirement System

Public Education Employees' Retirement System

Public School Retirement System

Richmond Heights Police & Fire Retirement Plan

Rock Community FPD Retirement Plan

Sheriffs Retirement System

St. Joseph Policemen's Pension Fund

St. Louis County Employees Retirement Plan

St. Louis County Library Dist Empl Pension Plan

St. Louis Employees Retirement System

St. Louis Public School Retirement System

University of Mo Retirement, Disability & Death Benefit Plan

Valley Park FPD Retirement Plan

West Overland FPD Retirement Plan

Bea. Market Value

$1,179,629,465

$24,989,115

$1 2,185,534

$1,836,695,000

$1,930,006,000

$1 9,873,465,000

$22,060,464

$492,114,087

$22,116,112

$14,006,621

$308,985,818

$25,837,494

$470,750,914

$71 5,368,110

$1,950,585,000

$2,282,753

$4,307,230

End. Market Value

$1,221,219,306

$29,770.100

$14,933,207

$2,045,617,500

$2,106,552,000

$21,526,025,000

$24,883,720

$622,429,198

$24,191,357

$20,538,696

$350,216,137

$28,245,963

$510,140,878

$774,294,950

$2,146,113,000

$2,505,505

$4,764,691

ROR 12 mos.

-24.70% (Net)

-14.52% (Gross)

-18.53% (Net)

-12.4% (Net)

-1 8.85% (Gross)

-1 9.21 % (Gross)

-1 0.67% (Net)

(-13.61)% (Net)

0.080% (Gross)

-1 1.6% (Gross)

-20.25% (Gross)

6.9% (Net)

-17.61 % (Gross)

-17.5% (Gross)

-18.4% (Net)

-1 2.94% (Net)

-12.944% (Net)

ROR 36 rnos.

-4.61 % (Net)

-2.27% (Gross)

-7.16% (Net)

-0.1 % (Net)

-3.36% (Gross)

-3.50% (Gross)

-.048% (Net)

(-2.43)% (Net)

1 .I 59% (Gross)

-2.0% (Gross)

-4.60% (Gross)

5% (Net)

-2.39% (Gross)

-2.1% (Gross)

-2.8% (Net)

NIA % (Net)

-1.762% (Net)

ROR 60 mos.

2.06% (Net)

-0.70% (Gross)

-1.25% (Net)

2.7% (Net)

1.61 % (Gross)

1.49% (Gross)

3.22% (Net)

5% (Net)

3.860% (Gross)

16.5% (Gross)

.90% (Gross)

4.8% (Net)

3.24% (Gross)

2.6% (Gross)

2.8% (Net)

NIA% (Net)

1.814% (Net)

Please be aware information providedin this report may contain unaudited data.

UPGRADE ESTIMATES Replacement Computer with MS Office 2007 Dell Optiplex 760 Minitower Desktop = $558.00 (includes 4 GB memory, 250 GB hard drive, DVD drive, floppy drive, stereo speakers) Dell 17” FPD LCD Monitor = $139.00 Microsoft Office Professional Plus 2007 – License = $320.28 Subtotal $1,017.28 Software Upgrades Microsoft Office Professional Plus 2007 – License = $320.28 (for existing office PC) Adobe Acrobat 9 Professional – upgrade x 2 licenses = $318.00

Subtotal $638.28

TOTAL $1655.56

JCPER COMPARISON OF EXPENDITURES BY MONTH (FY'09 & FY'10)

YTD Exp

FY'09 Payroll 24,047.53FY'10 Payroll 16,391.60Increase or Decrease (7,655.93)% Change -31.84%

FY'09 E&E 3,222.08FY'10 E&E 3,129.89Increase or Decrease (92.19)% Change -2.86%

FY'09 Total 27,269.61FY'10 Total 19,521.49Increase or Decrease (7,748.12)% Change -28.41%

FY'10 Appropriation 169,274.00 Total Expenditures 19,521.49Balance Available as of 09/01/09 149,752.51

St. Louis Employees' Retirement System

Oct I Market Value Actuarial Value Liabilities

Employer Contributions %

ARC Actual Contributed Ending Sept 30

Not Available $ 30,350,011

71,301,428 15,756,456 15,752,497 15,158,997 19,115,679 12,106,532 2,768,207

Funded Ratio MV AV

Firemen's Retirement System of St. Louis

Oct I Market Value Actuarial Value Liabilities

Employer Contributions %

ARC Actual Contributed Ending Sept 30

Not Available $ 7,484,524

63,689,991 4,110,402 4,110,402 2,055,201 1,884,356 3,365,007 3,544,385

Funded Ratio MV AV

Police Retirement System of St. Louis

Funded Ratio Oct 1 Market Value Actuarial Value Liabilities MV AV

**Due to use of the Aggregate cost method, an actuarial accrued liability (AAL) was not calculated. To comply with GASB 50, the Plan began reporting the Schedule of Funding Progress which includes the AAL.

Employer Contributions %

ARC Actual Contributed Ending Sept 30

Not Available $ 10,384,025 85.7%

42,289,488 262.1 % 8,093,226 52.1% 8,093,226 64.8% 4,046,613 40.1% 4,115,600 171.9%

* * -

City of St. Louis Pension Systems

- Y :, Background

P Current Status Cost Outlook

S

I

City Pension Systems

Background: b The City has three pension systems:

Employees' Retirement System (ERS) .Benefits set by the Board of Aldermen; ,,Investments governed by an independent Board of

. ,ic Trustees made up of trustees appointed by the . . <'

Mayor, trustees elected by the members, and the

7 Comptroller serving as Ex-Officio member;

I .Employers include: the City, Zoo, Art Museum, . Library, Tower Grove Park, Mental Health Board and

-* a Taxi Commission.

2

City Pension Systems

Background: .The City has three pension systems:

Firemen's Retirement System (FRS) .Benefits enabled by the Missouri Legislature and set

I by the Board of Aldermen; . ' cImrestrnents governed by an independent Board of

\ Trustees with City trustees appointed by the Mayor, but with a majority of active and retired firefighters;

r. t . ,&I costs paid by the City.

b' . 3

City Pension Systems

Background: ,The City has three pension systems:

Police Retirement System (PRS) , Benefits set by the Missouri Legislature; env vestments governed by an independent Board of

4 , 2 .Trustees with City trustees appointed by the Mayor, ' j but with a majority of active and retired police

\ omcers;

h

, .While mandated by the State, all costs paid by the .. . City.

4

City Pension Systems Background:

The City's pension systems are Defined Benefit Plans - very rare in today's economy. The systems have some of the richest benefits of any public sector plan. Their costs have increased dramatically:

8 , / PENSION COSTS FYOO - F Y l O

Rp-mCI-n-EP

g -am,

rrm Fro! n a 2 nm rw ns rra ,or noa n o s n r o

S n d . L M L I I I P . a Imr--p*mndlt:63Ab- 5

City Pension Systems

Background: City Contributions/Debt Payments - Last 10 Years (millions):

ERS E!s !?ES TOTAL FYOl $0.0 $6.4 $0.0 $ 6.4 W02 $7.4 $6.6 $0.0 $14.1 W03 , $16.7 $6.5 $0.0 $23.2 FY04 $fb4, $5.2 $4.1 $20.8 'n0Sd $11.Z, $5.2 $4.0 $20.3 FY06 $$1.6 " $7.1 $8.1 $26.8 FY07 $14.8 - $7.1 $8.1 $30.0 WOS $16.7 $7.1 $8.1 $3 1.9 FY09 $39.1" $13.2 $13.3 $65.6* F Y l O $26.1

.P $17.8 $17.6 $61.5

*FY09 Includes $12.6M one-time payment to ERS

(I

3

City Pension Systems

Background:

I n February, 2008, the voters approved a half-cent Public Safety sales tax increase (Proposition S). . This tax increase rovided a dedicated annual revenue funding stream o ? $5.5 million to the Fire Retirement System and $5.5 million to the Police Retirement System, in addition to what the City had budgeted for pension payments.. . Corn anion legislation rov~ded a dedicated funding stream E of $f3.5 million to the mployee Retirement System.

7

City Pension Systems

Background:

During FY08, the City financed large lump sum pa ments to the three pension systems to keep them sound y funded:

Y = ERS: $46.7M

. 4 ,a, FRS "- $62.6M

\. 7%: $35.8M $145.1M

t with the additional one-time payment of $12.6M to the ERS in FY09, ALL the City's pension obliaations were paid

2.' up to date. 8

City Pension Systems Background: ,Pension costs now exceed the total operating

costs of many City departments:

PENSION COSTCOMPARISON n t o P n v a C m b - ~ p n ~ m s d v ~ ~ y ~ * p r m m ~

sm 0

m l o

1500

;Moo y ;-. a20 0

I10 0

so0

I Peouons Pa lk Ded Slreel Dspl Calrecbon. Firs Depl !+alth 6

b m a n Sew-

' w v J S s l Y O p n ( L r g l m d I ~ ~ IpcnllmdI glnh * ) 9

City Pension Systems Current Status: F As of October 1, 2008, (beginning of current plan year) all three

pension systems were well funded:

ERS FRS !?!s AV of Assets $674 .0~ $485 .1~ $788.5M AA Liabilities $765.8M $523.0M $906.6M Unfunded Amt $ 91.8M $ 37.9M $118.1M

~ - 4. d k n d e b ' . - \ , - 88.0°/o 92.8% 87.0%

w ystems funded at 80% or more are considered healthy financially.

F However, investment losses in the past year were significant and are ; yet to be fully recognized (losses are smoothed over a period of years)

10

5

City Pension Systems

Current Status: As with all public-sector pension systems, the City's three systems saw these dramatic declines in market value due to investment losses for their plan years ending September 30, 2008:

,',I<

;i "; ERS - & - PRS

($97.3)~ 7

($102.2)M ($152.O)M

,"

I

City Pension Systems

Current Status: F These investment losses already on the books, are

sufficient to increase contribution requirements significantly over the next several years

,'

- b &nthued valuation losses since Sept. 30, 2008 h i l l p a ke these funding requirements even greater. (S&P 500 index still down over 15% at

s; end of July - systems assume gains)

$2

City Pension Systems

Cost Outlook (Projections based on current status):

PROJECTED PENSION COSTS P r a D n ~ n d P . r a m D & ~ ~ m C m b w L o u a E a i m ~ R v u ~

0 0 , , , . . . , . . , , . . . , , - C *

nm n o 1 mu m nor m 5 nos n o 7 ma noeb n l o s mtr m z p m l p n i ~ p m i 5 p

F Y ( R ~ s I ~ 2 w 0 n a m ~ m t o m S d w f m m ~ ~

c a , d l l ~ . ~ D h * I m 13

City Pension Systems

Cost Outlook:

b Pension cost increases could top $15M in FYI1 and exceed $50M by FY2015, and this assumes rate of return and other assumptions are met in subsequent years.

c For,the City to bear these costs this will mean massive layoffs, further reducedbenefits (less pay and health care coverage) for those still employed; and reductions in City services to our citizens.

ith valuatkns down a prox. 35% in past two years and liabilities increasin steadily, RIRNG STOCK PRICES ALONE CANNOT FIX THE PR~BLEM. It would take many years for the market to bring the systems back to their funding levels prlor to the downturn, and it still

? would not make up for the losses over the past year. s

11

7

City Pension Systems

Cost Outlook:

, Clearly, steps need to be taken to reduce pension costs so the City can afford to maintain our pension systems and keep them solvent.

I -TI 9 ~ s i d e ' h m investment performance, there are 3 .main pension cost drivers:

= Size of the workforce Compensation of the workforce

: Level of benefits

15

City Pension Systems

Next Steps: b Inform E&A b Inform Board of Aldermen b Inform State legislators F Inform, our constituents - via the web; free

' \media .Develop a comprehensive plan to address , future costs.

A -3

18

7

City Pension Systems

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17

The Firemen's Retirement System of St. Louis 1601 South Broadway St. Louis, MO 63104 314-588-2288 Fax: 314-588-2289 www.frs-stl.org

Len Wiesehan, Chairman Vicky Grass, Executive Director

September 17,2007

State Representative Ward Franz Chairman, Joint Committee on Public Employee Retirement Missouri State Capital Building Room 219-A Jefferson City, MO 65101

Dear Chairman Franz:

Attached you will find a copy of The Firemen's Retirement System of St. Louis response to the presentation that was given to the Joint Committee on Public Employee Retirement by the City of St. Louis regarding this, and other, public retirement systems in the City of St. Louis. This response is offered to clarify some of the issues in the City's presentation.

If you have any questions regarding these issues please feel free to contact m.e at any time.

~xecutiv? Director vgrass@sbcglobal.net

City of St . Louis Pension Systems

Background Current Status Cost Outlook

T H E FIREMEN'S RETIREMENT SYSTEM OF ST. LOUIS RESPONSE

This report contains data that we believe will correct the inaccuracies in the presentation the Mayor's office gave to the Joint Committee on Public Employee Retirement Systems, as well as several neighborhood organizations, concerning The Firemen's Retirement System of St. Louis. We have only reported on the sections that we believe to have provided inaccurate information.

Page 2 - Box 1 - Bullet 3

The City does not pay all costs associated with the Retirement System. Active Fire Fighters contribute 8% of their pay bi-weekly. The City is required to make contributions based on the annual valuation of the System which changes from year to year. Investment earnings contribute the largest portion of revenue most years except when the stock market falters or we have an overall economic decline. (See attached report that gives revenue by source.)

Page 3 - Box 1 - Bullet 1

Defined Benefit Plans are the standard in the Public Sector. They are not rare at all.

Page 3 - Box 1 - Bullet 2

Two of the three plans are public safety plans and traditionally they have better benefits because they are stand alone plans and the members are not covered by Social Security.

Page 3 - Box 1 - Bullet 3

There is no disagreement that costs have risen. These increases are due primarily to the unprecedented stock market declines and the downturn in economic conditions and not due to increased benefits. For example, the Fire Fighters have not sought a benefit increase since 2003.

Page 3 - Box 2

These debt payments have accumulated due to non-payment of mandatory required contributions by the City of St. Louis.

Page 4 - Box 1 - Bullet 2

To the best of our knowledge this tax increase is being used to pay the debt service for the City's failure to make mandatory required contributions to FRS. Not the current required contributions.

Page 4 - Box 2

The large lump sum payments to the Systems have nothing to do with soundness. This amount represents the money they owed the Systems from non-payment of the mandatory required contribution plus some interest. This was a debt that they owed and are now paying for with the Proposition S money. The City actually paid the Retirement System $49,404,511.11 on September 27, 2007. (The large payments that were made to all three Systems were due to the Supreme Court decision that upheld the Retirement Systems claim that the City was required to make the contributions.)

Page 6 - Box 2 - Bullet 2

The Firemen's Retirement System is down -6.07% from September 30,2008. This number indicates that the System, through i t s asset allocation and investment policy, has done much better than the 5 & P 500 index.

Page 7 - Box 2 - Bullet 3

We would like to know what numbers are being used in making the assumption that the valuation is down approximately 35%.

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$ 39,810,871 1 12.44 1996 I $ 11,286,200 1997 ! $ 9,262,597 $ 71,415,145

$ 32,793,945 $ 75,788,302 $ 68,264,342 $ (21,935,444) $ (39,948,240) $ 41,336,614 $ 52,104,522 $ 54,729,794 $ 41,066,609 $ 132,115,000 $ (72,576,772)

43.73/ $ 1,803,524 $ 26,721,147

1998* 1999 2000 2001 2002

2003** 2004 2005 2006 2007 2008 2009

*Includes an extraordinary contribution in the amount of $27,943.654.00. T I

15.62 13.39

, 16.08 14.18 (6.41)

(11.40) 10.20 13.06 12.44 8.23

15.76 -16.10

35' 23.89

9.73 9.5

11.23 10.31 25.82

5.5 6 6

37.9 19.86 29.28

$ 31,150,406 $ 2,836,561 $ 3,251,579 $ 3,544,385 $ 3,365,007 $ 2,078,155 $ 1,870,730 $ 4,110,402 $ 4,110,402 $ 14,285,300 $ 7,484,524

12,193,989

This amount is equal to the present value at

$ 1,794,531 1 $ 60,358,017 $ 1,897,606 ) $ (2,547,618)

May 1998 of the scheduled unfunded accrued liability amoritization payments through 8-31-2010.

$ 2,002,840 $ 2,221,819 $ 2,344,970 $ 2,511,580 $ 2,625,526 $ 2,873,886 $ 2,644,335 $ 2,853,058 $ 2,796,286

2,845,174

2003 2004 2005 2006

$ 70,948,901 $ 62,790,944 $ (27,824,799) $ (45,824,827) $ 36,632,933 $ 47,359,906 $ 47,975,057 $ 34,103,149 $ 65,629,492

-82,906,470

Required $8,913,102.00 13,765,477.00 17,768,649.00 18,179,837.00

12.4 28.7 41;7

51.31

Paid 2,078,155.00 2,055,201.00 4,110,402.00 4,110,402.00

Due $6,834,947.00 11,710,276.00 13,658,247.00 14,069,471.00 46,272,941.00

I

change

I

--

Year

T H E FIREMEN'S R E T I R E M E N T SYSTEM OF ST. LOUIS

2005

2006

2007 2008

27,624,677 28,615,532

29,742,364

29,908,146

ANNUAL

1980

1981

1982

1983 1984

1985

1986

1987 1988

1989

1990 1991 1992 -- 1993

1994

1995

1996

1997 1998

1999

2000 2001

2002

2003 2004

DISTRIBUTIONS

r -

13 months-Fiscal

OF MEMBERS

5,480,620

5,993,987

6,402,832

7,329,442

7,813,069

8,410,707

9,236,582

10,197,434 .11,442,474 12,286,643

15,927,974

16,710,194 16,186,402

-

1 7 , 6 5 5 , 4 9 0 ~

18,771,806

19,569,615 / 20,618,675 1 21,443,718 1 22,173,548 1 22,880,233 1 25,348,189 ' 26,538,8901

26,067,727 / 26,722,7021 29,288,492 /

BENEFITS

Valuation as of October 1.

Firemen's Retirement System of St. Louis Projection of Contributions

Assumed -8.3% PY09 Return C urrent Funding

Poky $12,194,000 $18,383,000 $26,324,000' $28,88 1,000 $30,163,000 $30,008,000 $29, I 16,000 $28,644,000 "' $28,471,000 $27,658,000 $28,184,000 $27,34 1,000 $26,655,000 $26,44 1,000 $26,165,000 $26,079,000 $26,389,000 $26,524,000 $26,653,000 $27,011,000 $27,15 1,000 $26,338,000 $26,339,000 $26,712,000 $25,264,000 $25,805,000 $26,429,000 $26,900,000 $28,156,000 $28,065,000 $28,63 1,000

Current Funding Policj, - FIL method, and a tlwee-year asset smoothing method (The funded ratio is developed utilizing the EAN Accrued Liability)

Table 2a

Valuation as of October 1,

Firemen's Retirement System of St. Louis Projection of Contributions

Assumed -30% PY 09 Return Current Funding

Policy $12,194,000 $21,573,000 $33,258,000 $39,180,000 $40,055,000 $39,626,000 $3 8,332,000" $37,552,000 $37,098,000 $35,824,000 $36,0 1 8,000 $34,579,000 $33,525,000 $32,878,000 $32,25 1,000 $32,0 16,000 $32,204,000 $32,137,000 $32,067,000 $32,298,000 $32,245,000 $3 1 , I 43,000 $30,968,000 $3 1,208,000 $29,635,000 $30,067,000 $30,599,000 $30,921,000 $32,034,000 $3 1,832,000 $32,255,000

Current Funding Policj? - FIL method, and a three-year asset smoothing method.