JOINT COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT 2010 ANNUAL REPORT TO THE GENERAL ASSEMBLY

Transcription

1 JOINT COMMITTEE ON PUBLIC EMPLOYEE RETIREMENT 2010 ANNUAL REPORT TO THE GENERAL ASSEMBLY DECEMBER 2009

2 STATE OF MISSOURI PUBLIC EMPLOYEE RETIREMENT STATE CAPITOL, ROOM 219-A JEFFERSON CITY, MO PHONE (573) FAJ«573) 526.s459 December 2009 Dear Colleague: The Joint Committee on Public Employee Retirement (JCPER) respectfully submits its Annual Report for plan year. We hope the information contained in this report will assist in the transparency of the financial and actuarial condition of Missouri's public pension plans. After recording unprecedented investment gains in plan year, Missouri's public plans joined the rest of the nation in experiencing a significant decline in plan assets due to the downturn in the investment markets in. However, as perpetual entities employing long-term investment strategies, Missouri plans will weather this downturn and continue in their role of providing retirement benefits promised to their membership. The JCPER will continue to monitor plan experience and address funding policies to assist General Assembly members in their legislative mission. Representative Ward Franz Chairman

3 COMMITTEE MEMBERS HOUSE MEMBERS Ward Franz, Chairman Bert Atkins Charlie Norr Charles Schlottach Jim Viebrock Patricia Yaeger SENATE MEMBERS Jason Crowell, Vice-Chairman Rita Heard Days Timothy P. Green Joseph Keaveny Scott Rupp Delbert Scott JCPER STAFF Ronda Stegmann, Executive Director Sheri Menteer, Pension Analyst TABLE OF CONTENTS BACKGROUND & RESPONSIBILITIES...1 MISSOURI S PUBLIC EMPLOYEE RETIREMENT SYSTEMS...2 STATUTORY & INVESTMENT REQUIREMENTS....6 FEDERAL & STATE ISSUES....7 CONCLUSION....9 DEFINED BENEFIT PLANS DEFINED CONTRIBUTION PLANS PUBLIC EMPLOYEE RETIREMENT

4 ABOUT JCPER BACKGROUND In 1983, during the First Regular Session of the 82 nd General Assembly, Missouri lawmakers established the Joint Committee on Public Employee Retirement (JCPER). This action was taken in response to the growing concern regarding the fiscal integrity of Missouri s public employee retirement systems. Prior to this legislative action, there was no centralized reporting agency charged with maintaining information regarding these public plans. This permanent pension review and oversight body consists of six Senators and six Representatives. The JCPER is governed by provisions in Chapter 21 and 105 of the Missouri Revised Statutes (RSMo). These statutes require: Chapter 21, the committee shall: Make a continuing study and analysis of all state and local government retirement systems; Devise a standard reporting system to obtain data on each public employee retirement system that will provide information on each system's financial and actuarial status at least biennially; Determine from its study and analysis the need for changes in statutory law; Make any other recommendations to the General Assembly necessary to provide adequate retirement benefits to state and local government employees within the ability of taxpayers to support their future costs. Chapter 105, public retirement plans: Are to be held in trust and shall not be co-mingled with any other funds; Are considered fiduciaries and may invest according to prudent person provisions; Shall submit to the JCPER an actuarial cost statement for proposed changes to a plan; Shall submit to the JCPER a comprehensive annual financial report within 6 months of a plan s fiscal year end; May participate in cooperative agreements providing portability of public employee benefits; Shall have an actuarial valuation performed (at least biennially) in compliance with the recommended standards of the Governmental Accounting Standards Board (GASB); Shall file proposed rules with the JCPER. Plans not required to file rules with the Secretary of State s office shall submit any proposed rule with the JCPER within 10 days of adoption. RESPONSIBILITIES The following is a summary of JCPER responsibilities: PERS Annual Reporting Missouri's 125 public employee retirement systems report plan information for analysis including assets, liabilities, benefit levels, membership, investment allocation, advisors, and investment related fees. It is the policy of the JCPER to evaluate a plan from year to year to determine specific trends, i.e., contribution levels, asset levels, etc. It is not our policy to compare one plan against another. Assistance to the General Assembly Sixty-nine retirement related bills were monitored through the legislative process in the 2009 session. Nine of those bills passed (with 2 vetoed by the Governor) and were signed into law with seven retirement systems specifically affected by passage of these provisions. (See page 8 for state legislation.) Assistance to Local PERS The JCPER continues to provide assistance to local PERS throughout the state. Most notably are the individual plan comparisons and analyses provided for the local political subdivisions. The committee believes this to be one of the most important functions. Assistance to Resource Groups With budget challenges and the exit of Boomers from the workforce, the JCPER serves as a resource for information to various commissions and ad hoc committees including the St. Louis Pension Task Force, the Missouri State Government Review Commission, and the State Retirement Advisory Commission. Education and avocation of public employee benefit issues remains central to the JCPER mission. Internet Resource JCPER information continues to be available via PUBLIC EMPLOYEE RETIREMENT -1-

5 MISSOURI PERS MISSOURI S PUBLIC EMPLOYEE RETIREMENT SYSTEMS After recording the largest investment gains in since the inception of JCPER reporting, and 2009 investment experience presented Missouri public plans, along with the rest of the nation, with unprecedented losses. While it is undeniable that Missouri s plans have sustained a significant decline in asset levels, it is important to remember that these plans are perpetual entities which employ long-term investment strategies to assist in weathering downturns in the investment markets. As is their standard, Missouri public plans remain committed to providing the promised retirement benefits to their membership. As of December 2009, there were 125 government entities in the state of Missouri providing retirement benefits. A complete listing of Missouri s individual PERS for plan year can be found in the appendices of this report. DEFINED CONTRIBUTION V. DEFINED BENEFIT There are two common types of public sector retirement plans. 1) Defined Contribution plan: Consists of employer and/or employee contributions into an individual account with the benefit paid at retirement equaling the accumulated account balance including any investment gains or losses. The Employee bears the investment risk. DC/DB Combination Plans = 10 2) Defined Benefit plan: Consists of employer and/or employee contributions with a benefit paid at retirement equaling a benefit formula defined by components such as benefit multiplier (usually 1.5% to 2.5%), final average salary, and/or years of service. This benefit is payable for the member s lifetime and depending on the option chosen, may provide a survivor benefit as well. The Employer bears the investment risk. In Missouri, 87 of the 125 public plans represented in this report are covered under a defined benefit structure. Due to the large representation, this report focuses primarily on this plan structure. PUBLIC EMPLOYEE RETIREMENT -2- MISSOURI PERS Defined Benefit = 77 Defined Contribution = 38

6 MISSOURI PERS When designing a retirement plan, many components must be considered and decisions made regarding several different variables: MISSOURI PERS Non-Contributory = 69 Contributory = 56 CONTRIBUTORY V. NON-CONTRIBUTORY Contributory plans require the employee to contribute a portion of earnings to the plan. The contribution varies for each plan and may be tied to statutory provisions. Non-Contributory plans do not require an employee contribution. SOCIAL SECURITY V. NON-SOCIAL SECURITY - Social Security participation for the majority of Missouri s public employees is required, however, certain teacher and public safety personnel opted out of Social Security participation in There are currently 19 non-social Security covered plans comprised of over 84,000 active and over 47,000 retired members. Non-Social Security covered plans typically provide a higher benefit formula and most often have earlier age and service requirements for retirement. Non-Social Security = 19 MISSOURI PERS Social Security = 106 FUNDING OF MISSOURI S PERS The JCPER maintains plan data which enables trend data to be produced for Missouri s plans. As an example, the chart below displays asset and liability trend data over the five year period from 2004 to. One key component of this chart can be noted with the progression of the actuarial value of assets. The actuarial value of assets utilizes, among other criteria, a smoothing period of investment gains and losses. This period is typically from 3 to 5 years and assists in reducing volatility in asset values and corresponding contribution requirements. ASSETS / LIABILITIES (Defined Benefit Plans) Liabilities 2004 $42.9 $42.2 $51.4 $46.3 $44.8 $54.3 $50.4 $48.4 $58.3 $57.6 $52.9 $62.5 $53.5 $55.9 $66.4 PUBLIC EMPLOYEE RETIREMENT -3-

7 MISSOURI PERS A DECADE OF CHANGE In producing this 2010 annual report, a comparison of plan information from the JCPER 2000 annual report has been provided which outlines plan data and demographic changes during the past decade. Following the robust investment markets of the 1990 s, Missouri s public plans, as the rest of the nation, encountered two significant investment market downturns during this decade. The following charts provide both 2000 annual report (plan year 1998) and 2010 annual report (plan year ) plan data. MEMBERSHIP CHANGES Active Inactive , , , ,056 As noted in the above chart, active members grew over13% in 10 years and inactive members grew over 64% in the same time period. As more Boomers exit the workforce and public employers face budgetary challenges, the inactive membership numbers will continue to increase dramatically compared to active membership growth. For plan year 1998, the JCPER monitored 111 public plans with 77 defined benefit plans, 32 defined contribution plans and 2 DB/DC combination plans included in this total. In, the total plans reviewed equaled 125 with 77 defined benefit plans, 38 defined contribution plans and 10 DB/DC combination plans included. It is clear that plan assets have grown substantially since In plan year 1998, total market value of assets equaled in excess of $34 billion compared to s total of over $53 billion. ASSETS / LIABILITIES (Defined Benefit Plans) Liabilities $ $29.7 $30.9 $53.5 $55.9 $66.4 BILLIONS PUBLIC EMPLOYEE RETIREMENT -4-

8 MISSOURI PERS Funded ratios, in the aggregate, for these plans equaled 111% and 96% on a market value and actuarial value respectively, compared to funded ratios of 81% and 84%. Along with increased plan asset and liability values, the plan revenue and expense streams increased as well. REVENUE 1998 EXPENSES 1998 Net Investment Income $(3,277) $4,983 Benefits Paid $1,067 $3,115 Employer Contributions $820 $1,486 Administration $18 $52 Employee Contributions $372 $749 Refunds $60 $108 Other Revenue $6 $4 Other $25 $3 MILLIONS MILLIONS As displayed, Missouri s public pension plans have grown significantly in the past decade in both plan revenue and expense. As these plans have matured, benefit payments have almost tripled from just over $1 billion in 1998 to in excess of $3.1 in, which is reflective of the growth in the inactive membership, previously noted. CONTRIBUTION RATES The number one obligation of PERS is to pay all of the benefits promised. A plan s ability to achieve this goal is the ultimate test of fiscal soundness. To this end, plans must receive annual employer contributions at a level recommended by the plan s actuary. A trend emerged in 2002 with sponsors facing an inability to meet the minimum required contribution payments which continued into with 22 plans failing to meet the full required contribution. As plans recognize and 2009 investment losses, annual plan contribution rates are expected to increase for several years. These increases may apply additional pressure to political subdivisions already facing budgetary constraints. INVESTMENT RATES OF RETURN With the market boom of the 1990s, many plans reevaluated their investment strategies and moved away from conservative investment allocations into more moderate investments. Because of the positive investment returns, many plans also increased their assumed rates of return to reflect the plan experience. Beginning in Plan 2000, plans started to experience negative investment returns that fell significantly short of assumptions. The negative trend continued for 3 plan years which caused many boards to reevaluate their assumed rates of return. PUBLIC EMPLOYEE RETIREMENT -5-

9 MISSOURI PERS The chart below compares investment rate of return assumptions utilized by plans in 1998 and. As previously mentioned, 77 defined benefit plans were monitored in 1998 as opposed to 87 in. Keeping those numbers in mind, it is important to note that in 1998 the lowest rate of return assumption reported was 7% however, for plan year, there were 13 plans with assumptions below 7%. After five consecutive years of positive investment experience, Missouri s public plans, in the aggregate, realized net investment losses in excess of negative $3.2 billion. This loss was encountered after a record net investment income in excess of $7.9 billion for plan year. INTERST RATE ASSUMPTIONS 77 Defined Benefit Plans in Defined Benefit Plans in 0 < 6.50% to 7.25% % to % and above NET INVESTMENT INCOME $5,098 $4,113 $4,231 -$3,277 $7,996 MILLION STATUTORY INVESTMENT REQUIREMENTS Chapter 105, which governs Missouri s public pension plans, contains provisions relative to plan investments and fiduciary responsibilities of plan boards. Specifically, Section outlines the Prudent Person Rule which requires plan fiduciaries to discharge his or her duties in the interest of the participants in the system and their beneficiaries and shall act with the same care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity and familiar with those matters would use in the conduct of a similar enterprise with similar aims. Corporate Bonds Government Bonds International Bonds Domestic Stocks International Stocks Short Term Real Estate Other ASSET ALLOCATIONS Total Assets = $53.73 Billion.77 $2.54 $2.05 $2.14 $10.31 $9.32 $9.36 BILLION $17.24 Given income derived from investments is the driving force behind plan revenue, it is crucial that fiduciaries develop and review investment policies and strategies. Each individual plan Board of Trustees sets its investment policy based on the fiduciary standards mentioned above. The chart to the left outlines plan year asset allocation utilized by Missouri s public plans. PUBLIC EMPLOYEE RETIREMENT -6-

10 FEDERAL & STATE ISSUES FEDERAL ISSUES The 111 th Congress has faced unprecedented issues on many fronts including financial institutions, markets and regulatory concerns as well as long-term challenges such as Medicare and Social Security. While many pension related proposals have been introduced, movement of such bills has been slow. The JCPER will continue to analyze Federal proposals for any effect on Missouri s public pension plans. Issues that have faced Missouri s plans in 2009 include the IRS pronouncement associated with the defining normal retirement age for a pension plan. Under the IRS regulations, the normal retirement age can t be earlier than what is typical for the employer s industry. For most plans, a normal retirement age that falls between ages 55 and 62 would meet the IRS regulations. Additionally, an exception has been made for public safety personnel with an acceptable age being 50 or later. An October 2009 IRS notice indicated public plan sponsors will have until January 1, 2013 to comply with the new rules (as opposed to the previous January 1, 2011 deadline). This extension allows the IRS to consider public plan sponsor comments associated with the impact of the regulations. GASB OPEB REPORTING In 2004, the Government Accounting Standards Board (GASB) released Statement No. 45 Accounting and Financial Reporting by Employers for Post-employment Benefits Other than Pensions (OPEBs). OPEBs are post-employment benefits other than pensions such as health insurance, dental, vision, prescription or other health benefits, and benefits such as life insurance, disability, and long-term care. The timeline associated with implementation of the statement has come to completion and all political subdivisions will now begin reporting OPEB liabilities. Nationally, state and local government OPEB liabilities are estimated to be close to $1 trillion. Since 1998, JCPER staff has tracked post-employment health care benefits for Missouri s retirement plans. Post-employment health care coverage is offered in 44 plans. Of these, 27 plans provide spousal and dependent coverage with the remaining 17 plans providing coverage to the retiree only. Thirty-three political subdivisions subsidize post-employment health care benefits through a premium subsidy or a flat dollar amount. These entities providing a retiree health care subsidy are now required to report the associated OPEB liability according to GASB. STATE ISSUES During the 2009 Missouri Legislative session, 69 pension-related bills were offered and evaluated by the JCPER. In total, 9 of these bills were Truly Agreed to and Finally Passed by the General Assembly. Of those passed, the Governor vetoed 2 bills. Seven pension systems were directly affected by the passage of these provisions. Provisions passed and the systems affected can be found on the following page. PUBLIC EMPLOYEE RETIREMENT -7-

11 FEDERAL & STATE ISSUES 2009 LEGISLATION MILITARY PENSIONS House Bill 82 Authorizes an income tax credit for military retirement benefits. MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM & MODOT & PATROL EMPLOYEES RETIREMENT SYSTEM House Bill 210 Allows contributions to the state employees charitable campaign to be withheld from a retiree s monthly annuity, upon request in writing. MUNICIPAL POLICE & FIRE PENSION PLANS Senate Bill 161 & House Bill 593 Removes certain insurance investment restrictions relative to municipal police and fire retirement plans POLICE RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS, KANSAS CITY POLICE RETIRE- MENT SYSTEM, & KANSAS CITY CIVILIAN POLICE EMPLOYEES RETIREMENT SYSTEM House Bill 397 Modifies disability retirement provisions (St. Louis Police) Clarifies provisions relative to reserve police officers (St. Louis Police) Allows certain members to receive a minimum monthly benefit of $600 (KC Police) PUBLIC SAFETY EMPLOYEES House Bill 580 Authorizes a Line of Duty Compensation Act for public safety workers killed in the line of duty. PUBLIC SCHOOL RETIREMENT SYSTEM /PUBLIC EDUCATION EMPLOYEES RETIREMENT SYSTEM House Bill 265 Clean up provisions, including allowing the comingling of PSRS and PEERS funds for investment purposes only, allow indemnification of PSRS/PEERS Board of Trustee members, and prohibit nonprofit educational association/organization employees hired after 06/30/10 from PSRS or PEERS membership. Several provisions related to retirement were offered and ultimately did not pass. These provisions may be issues brought before the Missouri General Assembly during the 2010 legislation session and include: Modifying the definition of compensation Modifying contribution structures Modifying Board structures Modifying service accruals Retirement Incentives Authorization of a Joint Interim Legislative Committee to examine system(s) PUBLIC EMPLOYEE RETIREMENT -8-

12 SUMMARY CONCLUSION The Joint Committee was established in 1983 in response to concerns addressed by the State Auditor s Office and the National Conference of State Legislatures Task Force on Public Pensions. Since that time, public pension plans have experienced an evolution of legislative, regulatory, financial and accounting requirements, and guidelines which have resulted in greater transparency of public pension plans. Sound policy recommendations have been adopted which include investment policies, board governance, and trustee education. Despite negative media attention tied primarily to public pensions, Missouri s plans and sponsors remain committed to delivering the benefits promised to their memberships. The JCPER will continue in its role of analysis and reporting plan status as well as providing assistance to Missouri s plans and the General Assembly. A LOOK AHEAD Preliminary plan year 2009 indicates Missouri s public plans were dramatically affected by the downturn in the investment markets. Of the 9 plans reporting net investment income for plan year 2009, these plans have experienced losses in excess of -$8 billion. These losses will be recognized during the respective plan s smoothing period and can be expected to affect plan status and contribution requirements for the next several years. PUBLIC EMPLOYEE RETIREMENT -9-

13 DEFINED BENEFIT PLANS It should be noted that data included in these appendices reflect PERS information from plan year

14 DEFINED BENEFIT PLAN INDEX AFFTON FIRE PROTECTION DISTRICT RETIREMENT PLAN ANTONIA FIRE PROTECTION DISTRICT PENSION PLAN ARNOLD POLICE PENSION PLAN BERKELEY POLICE & FIRE PENSION FUND BI-STATE DEVELOPMENT AGENCY DIVISION 788, A.T.U BI-STATE DEVELOPMENT AGENCY LOCAL 2 I.B.E.W BI-STATE DEVELOPMENT AGENCY DIV 788, CLERICAL UNIT A.T.U BI-STATE DEVELOPMENT AGENCY SALRIED EMPLOYEES BLACK JACK FIRE PROTECTION DISTRICT RETIREMENT PLAN BOTHWELL REGIONAL HEALTH CENTER RETIREMENT PLAN BRENTWOOD POLICE & FIREMEN RETIREMENT FUND BRIDGETON EMPLOYEES RETIREMENT PLAN CARTHAGE POLICEMEN S & FIREMEN S PENSION PLAN CEDAR HILL FIRE PROTECTION DIST LENGTH OF SERVICE PROGRAM CLAYTON NON-UNIFORMED EMPLOYEE PENSION PLAN CLAYTON UNIFORMED EMPLOYEES PENSION PLAN COLUMBIA FIREMENS RETIREMENT PLAN COLUMBIA POLICE RETIREMENT PLAN COUNTY EMPLOYEES RETIREMENT FUND CREVE COEUR EMPLOYEES RETIREMENT PLAN CREVE COEUR FIRE PROTECTION DISTRICT RETIREMENT PLAN EUREKA FIRE PROTECTION DISTRICT RETIREMENT PLAN FENTON FIRE PROTECTION DISTRICT RETIREMENT PLAN FERGUSON PENSION PLAN FLORISSANT EMPLOYEES PENSION PLAN FLORISSANT VALLEY FIRE PROTECTION DISTRICT RETIREMENT PLAN GLENDALE PENSION PLAN HANNIBAL POLICE & FIRE RETIREMENT PLAN HAZELWOOD RETIREMENT PLAN HIGH RIDGE FIRE PROTECTION DISTRICT PENSION PLAN JACKSON COUNTY EMPLOYEES PENSION PLAN JEFFERSON CITY FIREMEN S RETIREMENT SYSTEM JENNINGS POLICE & FIREMEN S RETIREMENT FUND JOPLIN POLICE & FIRE PENSION PLAN JUDICIAL RETIREMENT PLAN KANSAS CITY CIVILIAN POLICE EMPLOYEES RETIREMENT SYSTEM KANSAS CITY EMPLOYEES RETIREMENT SYSTEM KANSAS CITY FIREFIGHTER S PENSION SYSTEM KANSAS CITY POLICE RETIREMENT SYSTEM KANSAS CITY PUBLIC SCHOOL RETIREMENT SYSTEM KANSAS CITY A.T.A. SALARIED EMPLOYEES PENSION PLAN KANSAS CITY A.T.A. UNION EMPLOYEES PENSION PLAN LADUE NON-UNIFORMED EMPLOYEES RETIREMENT PLAN LADUE POLICE & FIRE PENSION PLAN LAGERS STAFF RETIREMENT PLAN LITTLE RIVER DRAINAGE DISTRICT RETIREMENT PLAN LOCAL GOVERNMENT EMPLOYEES RETIREMENT SYSTEM MAPLEWOOD POLICE & FIRE RETIREMENT FUND MEHLVILLE FIRE PROTECTION DISTRICT RETIREMENT PLAN METRO ST. LOUIS SEWER DISTRICT EMPLOYEES RETIREMENT PLAN METRO WEST FIRE PROTECTION DISTRICT RETIREMENT PLAN MID-COUNTY FIRE PROTECTION DISTRICT RETIREMENT PLAN MISSOURI HIGHER EDUCATION LOAN AUTHORITY PENSION PLAN MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM MODOT & HIGHWAY PATROL EMPLOYEES RETIREMENT SYSTEM MONARCH FIRE PROTECTION DISTRICT RETIREMENT PLAN NORTH KANSAS CITY HOSPITAL RETIREMENT PLAN NORTH KANSAS CITY POLICE & FIRE RETIREMENT FUND OLIVETTE SALARIED EMPLOYEES RETIREMENT PLAN OVERLAND NON-UNIFORMED PENSION FUND OVERLAND POLICE RETIREMENT FUND PATTONVILLE-BRIDGETON FIRE PROTECTION DIST RETIREMENT PLAN. 43 POPLAR BLUFF POLICE & FIRE PENSION PLAN PROSECUTING ATTORNEYS & CIRCUIT ATTORNEYS RETIRE SYSTEM PUBLIC EDUCATION EMPLOYEES RETIREMENT SYSTEM PUBLIC SCHOOL RETIREMENT SYSTEM RAYTOWN POLICEMEN S RETIREMENT FUND RICHMOND HEIGHTS POLICE & FIRE RETIREMENT PLAN ROCK COMMUNITY FIRE PROTECTION DISTRICT RETIREMENT PLAN ROCK HILL POLICE & FIRE PENSION PLAN SEDALIA FIREMEN S RETIREMENT FUND SEDALIA POLICE RETIREMENT FUND SHERIFF S RETIREMENT SYSTEM SPRINGDALE FIRE PROTECTION DISTRICT RETIREMENT SYSTEM SPRINGFIELD POLICE & FIRE RETIREMENT FUND ST. JOSEPH POLICEMEN S PENSION FUND ST. LOUIS COUNTY EMPLOYEES RETIREMENT PLAN ST. LOUIS COUNTY LIBRARAY DISTRICT EMPLOYEES PENSION PLAN ST. LOUIS EMPLOYEES RETIREMENT SYSTEM ST. LOUIS FIREMEN S RETIREMENT SYSTEM ST. LOUIS POLICE RETIREMENT SYSTEM ST. LOUIS PUBLIC SCHOOL RETIREMENT SYSTEM UNIVERSITY CITY NON-UNIFORMED RETIREMENT PLAN UNIVERSITY CITY POLICE & FIRE RETIREMENT FUND UNIV OF MO RETIREMENT, DISABILITY, & DEATH BENEFIT PLAN VALLEY PARK FIRE PROTECTION DISTRICT RETIREMENT PLAN WEST OVERLAND FIRE PROTECTION DISTRICT RETIREMENT PLAN... 56

15 $3,857,210 $3,845,111 $4,310,899 $4,322,516 $3,881,338 $3,849,742 $4,787,903 $4,764,011 $6,336,223 $6,886,608 $7,491,877 $8,122,485 $2,000,000 $3,500,000 $5,000,000 $6,500,000 $8,000,000 Active: 33 Inactive: 16 Employer: $341,915 Employee: Non-Contributory of compensation Reduced 3.33% per year less 30 s Supplemental Benefit: $500 monthly to age 62 55% 50% 45% 61% 63% 64% 47% Age 60 with 5 years of service Interest Rate: 7.5% Salary: 4.5% Active: 20 Inactive: 0 Employer: $78,806 Employee: Non-Contributory 2.25% of compensation for first 24 years of service, plus 1% for next 6 years of service $935,137 $1,027,789 $1,027,789 $1,217,986 $996,803 $1,027,789 $1,027,789 $830,160 $776,586 $818,182 $1,716,770 $1,716,770 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 Age 55 or 30 years of service Interest Rate: 7% Salary: 4% PUBLIC EMPLOYEE RETIREMENT % 101% 97% 71% 55% 54% 45%

16 $4,912,204 $4,912,204 $4,719,058 $5,536,488 $5,536,488 $5,536,488 $5,508,469 $5,508,469 $5,508,469 $5,493,769 $5,493,770 $5,513,529 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Active: 46 Inactive: 2 Employer: $421,152 Employee: $178, % of compensation times years of service Maximum: of compensation 110% 105% 104% Age 55 with 5 years of service Interest Rate: 8% Salary: 4.5% Active: 66 Inactive: 49 Employer: $221,851 Employee: $196,991 50% of compensation for the first 20 years of service, plus 1% for next 5 years of service Maximum: 55% of compensation Age 55 with 10 years of service Annual Maximum Amount: 3% Cap Total Maximum: 50% Percent of CPI: 50% Interest Rate: 7.5% Salary: 4% PUBLIC EMPLOYEE RETIREMENT -14- $12,122,515 $13,595,398 $14,660,895 $13,470,142 $13,470,142 $13,070,170 $12,337,070 $12,337,070 $12,337,070 $12,171,337 $12,171,337 $12,171,337 $7,500,000 $10,000,000 $12,500,000 $15,000, % 103% 93% 83%

17 $97,661,124 $99,123,171 $101,040,976 $97,050,487 $99,638,387 $94,032,935 $91,469,054 $90,066,198 $138,783,821 $149,889,177 $151,535,366 $142,175,988 $75,000,000 $100,000,000 $125,000,000 $150,000,000 Active: 1,255 Inactive: 968 Employer: $4,671,805 Employee: $1,724,197 $40 times years of service for those retiring with less than 25 years, $55 times years of service for those retiring with 25 or more years 55% 50% 66% 66% 67% 64% 66% Age 65, 25 years of service, or age 55 with 15 years of service Ad Hoc COLA Interest Rate: 8% Active: 53 Inactive: 5 Employer: $191,261 Employee: $59,721 $60 times years of service 25 years of service, or age 65 with 12 years of service Interest Rate: 8% PUBLIC EMPLOYEE RETIREMENT -15- $873,990 $924,183 $1,067,478 $1,126,783 $751,303 $839,041 $1,349,647 $1,407,149 $1,722,667 $1,634,761 $1,787,944 $1,878,842 $700,000 $1,000,000 $1,300,000 $1,600,000 $1,900, % 50% 40% 51% 49% 46% 47% 63% 82% 78%

18 $6,557,413 $6,603,485 $7,038,647 $6,652,726 $6,660,718 $6,593,288 $6,328,221 $6,503,985 $9,266,506 $9,175,867 $9,995,819 $9,714,392 $4,000,000 $6,000,000 $8,000,000 $10,000,000 Active: 52 Inactive: 64 Employer: $229,977 Employee: $93,096 $40 times years of service for those retiring with less than 25 years, $55 times years of service for those retiring with 25 or more years 71% 69% 72% 72% 71% 68% 66% 25 years of service, or age 65 with 10 years of service Interest Rate: 8% Active: 474 Inactive: 339 Employer: $2,064,252 Employee: Non-Contributory 1.5% of compensation times years of creditable service Age 65 with 5 years of service Interest Rate: 8% Salary: 4.5% PUBLIC EMPLOYEE RETIREMENT -16- $33,990,189 $41,694,020 $42,880,931 $42,280,212 $32,110,522 $40,281,552 $39,850,200 $47,677,929 $46,380,318 $47,082,346 $44,751,281 $43,192,896 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000, % 105% 101% 101% 81% 99% 109% 104% 103% 73%

19 $5,011,952 $5,011,952 $6,632,276 $6,632,276 $5,148,442 $4,863,254 $7,145,774 $7,145,773 $7,882,791 $8,601,797 $9,717,138 $9,292,853 $4,000,000 $6,000,000 $8,000,000 $10,000,000 Active: 37 Inactive: 9 Employer: $531,314 Employee: Non-Contributory Uniformed: $93 times years of service Non-uniform: $45 times years of service Supplemental benefit to age 62: Estimated Social Security Benefit Additional Uniformed Supplemental Benefit to age 65: $20 times years of service 55% 50% 62% 77% 77% 52% Age 60 or 30 years of service Interest Rate: 7% Active: 632 Inactive: 448 Employer: $2,285,296 Employee: Non-Contributory 1.2% of compensation times years of service Age 65 with 5 years of service Interest Rate: 8% PUBLIC EMPLOYEE RETIREMENT -17- $34,066,819 $34,903,115 $39,387,243 $34,628,365 $32,550,663 $37,222,325 $29,122,803 $29,683,641 $34,649,761 $26,085,136 $27,411,895 $31,953,845 $10,000,000 $20,000,000 $30,000,000 $40,000,000 86% 82% 86% 84% 93% 87% 89% 86%

20 $19,154,343 $19,338,491 $20,437,819 $21,804,288 $21,919,763 $23,434,802 $19,622,386 $19,599,111 $20,677,383 $17,935,607 $17,924,899 $17,932,705 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Active: 50 Inactive: 27 Employer: $961,192 Employee: $218, % of compensation for first 20 years of service, plus 1% for the next 10 years of service 110% Age 55 with 20 years of service Social Security Coverage: no 105% 93% 94% 94% Annual Amount Maximum: 2% Cap Total Maximum: 20% Interest Rate: 7.5% Salary: 5.5% Active: 135 Inactive: 119 Employer: $971,000 Employee: Non-Contributory 2% of compensation times years of service Age 60 with 5 years of service Interest Rate: 7.5% Salary: 4.5% PUBLIC EMPLOYEE RETIREMENT -18- $16,202,673 $21,411,638 $22,006,713 $19,016,440 $20,303,569 $22,784,662 $22,799,505 $23,670,291 $25,616,665 $28,906,568 $27,348,430 $28,997,267 $15,000,000 $20,000,000 $25,000,000 $30,000,000 55% 50% 79% 74% 78% 79% 82% 79% 56%

21 $5,087,316 $6,481,280 $6,059,546 $6,488,449 $6,766,023 $5,710,381 $6,144,028 $6,380,872 $5,349,332 $5,960,184 $6,237,333 $7,287,851 $4,000,000 $5,000,000 $6,000,000 $7,000,000 Active: 47 Inactive: 36 Employer: $195,088 Employee: Non-Contributory 2.5% of compensation for the first 20 years of service, plus 1% for the next 15 years 96% 96% 96% 86% 89% 89% Age 58 with 10 years of service Interest Rate: 8% Salary: 4% Active: 16 Inactive: 9 Employer: $19,811 $15 per month times years of service Maximum: $450 per month 10 year life annuity Employee: Non-Contributory $42,012 $42,012 $50,280 $50,280 $68,247 $68,247 $85,055 $85,054 $94,978 $90,884 $104,980 $120,792 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Age 65 with 5 years of service Interest Rate: 4. PUBLIC EMPLOYEE RETIREMENT % 50% 45% 40% 46% 53%

22 $9,210,101 $10,160,207 $10,124,715 $10,459,307 $9,661,919 $9,533,677 $9,403,617 $9,049,924 $9,035,521 $8,963,973 $8,655,695 $8,512,416 $5,000,000 $6,500,000 $8,000,000 $9,500,000 $11,000,000 Active: 91 Inactive: 57 Employer: Employee: Non-Contributory 1.5% of compensation times years of service Maximum: of compensation 115% 110% 105% 105% 104% 102% 110% 101% 91% Age 60 with 5 years of service Annual Amount Maximum: 2% Cap Total Maximum: 25% Interest Rate: 7% Salary: 4.5% Active: 87 Inactive: 57 Employer: $733,009 Employee: $227,153 2% of compensation times years of service Maximum: of compensation Age 55 with 10 years of service, age 50 with 25 years of service, or age 65 with 5 years of service Annual Amount Maximum: 2% Cap Total Maximum: 25% Interest Rate: 7% Salary: 3.5% PUBLIC EMPLOYEE RETIREMENT -20- $23,897,738 $21,744,890 $27,567,458 $27,667,999 $23,806,497 $25,274,151 $28,927,898 $22,058,021 $22,514,850 $27,182,515 $30,172,986 $31,448,981 $20,000,000 $24,000,000 $28,000,000 $32,000,000 83% 81% 87% 82% 91% 92% 76% 69%

23 $44,078,617 $51,502,482 $42,554,950 $42,552,612 $51,191,252 $49,976,390 $45,158,504 $45,651,998 $71,509,818 $66,776,699 $80,817,591 $75,827,181 $30,000,000 $45,000,000 $60,000,000 $75,000,000 Active: 134 Inactive: 119 Employer: $2,853,109 Employee: $1,121, % of compensation for the first 20 years of service, plus 2% for the next 5 years of service Maximum: of compensation 2% of compensation for less than 20 years of service Age 65 with 20 years of service Social Security Coverage: no 55% 50% 64% 64% 63% 68% 66% 64% 55% Annual Amount Minimum: 2% Interest Rate: 8% Salary: 4% Deferred Retirement Option Plan Active: 152 Inactive: 114 Employer: $2,520,373 Employee: $288,991 3% of compensation for the first 20 years of service, plus 2% for the next 5 years of service Maximum: of compensation 20 years of service, Age 65 with 1 year of service Annual Amount Minimum:.6% Interest Rate: 8% Salary: 4% Deferred Retirement Option Plan PUBLIC EMPLOYEE RETIREMENT -21- $30,107,495 $35,143,685 $30,361,809 $30,689,136 $28,307,018 $28,309,356 $34,611,285 $33,792,282 $47,163,350 $44,232,822 $53,963,403 $50,267,213 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 55% 50% 64% 64% 69% 67% 56%

24 $204,846,120 $271,146,789 $197,722,089 $197,722,089 $257,237,556 $254,803,856 $308,563,489 $233,046,479 $233,046,479 $298,184,874 $272,270,967 $364,213,668 $100,000,000 $200,000,000 $300,000,000 $400,000,000 55% 73% 78% 83% 74% 56% Active: 11,182 Inactive: 4,186 Employer: $20,053,257 Employee: $8,456,413 $29 x years of credited service Greater of Flat Dollar formula, TRR formula-social Security offset, or Prior Plan formula Age 62 with 8 years of service Annual Amount Maximum: 1% Interest Rate: 8% Salary: 3% Active: 87 Inactive: 76 Employer: $642,000 Employee: Non-Contributory 2% of compensation times years of service OR 1.7% of compensation times years of service plus 3% employer contribution to defined contribution plan Maximum: 30 years of service Age 65 with 8 years of service, Rule of 85 Uniformed: Age 55 Ad Hoc COLA Interest Rate: 8% Salary: 5.5% Deferred Retirement Option Plan Defined Contribution Plan See corresponding information in defined contribution section PUBLIC EMPLOYEE RETIREMENT -22- $13,846,042 $13,770,339 $15,626,437 $17,047,888 $15,122,849 $15,116,139 $17,676,455 $16,747,629 $18,535,546 $16,396,702 $17,172,016 $19,392,222 $12,000,000 $14,000,000 $16,000,000 $18,000,000 $20,000,000 84% 88% 88% 81%

25 $4,623,447 $5,548,136 $4,715,643 $4,516,653 $6,356,180 $5,800,967 $7,125,641 $5,538,106 $5,129,900 $6,962,631 $7,983,838 $9,622,947 $3,000,000 $5,000,000 $7,000,000 $9,000,000 50% 40% 59% 57% 74% 81% 89% 58% 48% Active: 57 Inactive: 25 Employer: $600,000 Employee: Non-Contributory of compensation offset by: 1) Defined contribution account, and 2) At age 62, 66.66% of primary social security benefit Age 55 or 25 years of service Interest Rate: 8% Salary: 4. Defined Contribution Plan See corresponding information in defined contribution section Active: 35 Inactive: 16 Employer: $269,000 Employee: Non-Contributory 2.5% of compensation times years of service Maximum: 30 years of service 20 or more years of service: Supplemental benefit of $400 monthly to Medicare eligibility then reduced to $200 monthly Age 55 or 30 years of service Interest Rate: 7.5% Salary: 3% PUBLIC EMPLOYEE RETIREMENT -23- $4,568,820 $5,482,584 $7,039,378 $6,553,093 $6,473,657 $6,106,755 $5,971,916 $5,697,363 $5,437,757 $5,388,195 $4,980,567 $5,061,998 $2,000,000 $4,000,000 $6,000,000 $8,000, % 106% 98% 110% 105% 106% 107% 78%

26 $16,536,585 $18,752,848 $22,510,281 $21,403,891 $21,887,674 $22,103,448 $17,536,384 $18,158,960 $18,158,960 $19,863,446 $20,018,373 $20,018,373 $10,000,000 $15,000,000 $20,000,000 $25,000, % 99% 97% 99% 97% 83% 73% Active: 58 Inactive: 21 Employer: $1,119,066 Employee: Non-Contributory 2.5% of compensation times years of service Maximum: 30 years of service Supplemental Benefit: Age 55 to 65, $13 times years of service (service through 2/28/06 only) Maximum: $390 per month Age 55 with 15 years of service Interest Rate: 7.5% Salary: 4.25% Active: 132 Inactive: 101 Employer: $7,075 Employee: Non-Contributory 1. of compensation times years of service Supplemental Benefit: $5 times years of service to medicare eligibility Maximum: $150 monthly $17,605,559 $16,810,351 $18,575,389 $20,495,838 $20,277,743 $19,838,340 $19,792,426 $19,792,426 $21,006,095 $21,600,485 $22,333,203 $21,097,686 $10,000,000 $13,000,000 $16,000,000 $19,000,000 $22,000,000 Age 60 with 8 years of service Interest Rate: 7.5% Salary: 4% PUBLIC EMPLOYEE RETIREMENT % 125% 120% 115% 110% 105% 122% 121% 127% 120% 116% 113%

27 $7,779,850 $7,779,850 $10,401,607 $12,140,887 $12,140,887 $11,584,456 $11,584,456 $10,827,972 $10,848,239 $15,339,604 $15,783,112 $15,386,711 $6,000,000 $8,500,000 $11,000,000 $13,500,000 $16,000,000 Active: 42 Inactive: 50 Employer: $1,165,885 Employee: Non-Contributory 2% of compensation times years of service Age 60 with 10 years of service 79% 71% 73% Interest Rate: 7.5% Salary: 5% Defined Contribution Plan See corresponding information in defined contribution section Active: 62 Inactive: 6 Employer: $1,111,409 Employee: $45, % of compensation times years of service Maximum: 30 years of service $8,710,791 $8,026,182 $11,432,711 $10,805,203 $14,886,647 $12,166,818 $11,569,634 $13,745,637 $10,591,795 $9,803,531 $12,773,976 $14,234,526 $6,000,000 $8,500,000 $11,000,000 $13,500,000 $16,000,000 Age 60 or 30 years of service Interest Rate: 6. Salary: 4% PUBLIC EMPLOYEE RETIREMENT % 50% 61% 56% 83% 77% 84% 89% 77% 73%

28 $4,284,474 $4,813,303 $5,454,488 $4,677,120 $4,573,869 $5,300,121 $4,060,603 $4,193,100 $4,193,000 $3,595,096 $3,855,397 $3,855,397 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Active: 26 Inactive: 16 Employer: $125,434 Employee: $47,199 50% of compensation for the first 20 years of service, plus 1% of compensation for each year over 20 years 105% 93% 97% 86% 88% 88% 79% Age 55 with 15 years of service Interest Rate: 7.5% Salary: 4% Active: 72 Inactive: 66 Employer: $678,725 Employee: $279,360 of compensation for the first 25 years of service, plus 1% for each year in excess of 25 years Maximum: of compensation $9,954,193 $9,954,193 $10,802,570 $10,802,570 $9,891,195 $9,891,195 $9,594,970 $9,595,000 $18,334,464 $17,563,000 $21,378,780 $20,466,977 $6,000,000 $10,000,000 $14,000,000 $18,000,000 $22,000, years of service, age 55 if hired on/after 7/1/07 Social Security Coverage: no Annual Amount Maximum: 3% Percent of CPI: Interest Rate: 7.5% Salary: 4% 55% 50% 45% 40% 55% 54% 53% 47% PUBLIC EMPLOYEE RETIREMENT -26-

29 $18,088,438 $17,995,243 $20,962,553 $21,717,561 $22,720,556 $25,190,087 $22,166,588 $21,355,315 $23,916,495 $19,215,487 $19,419,573 $22,186,040 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Active: 180 Inactive: 73 Employer: $1,073,126 Employee: Non-Contributory 2% of compensation times years of service Maximum: 30 years of service 86% 88% 87% 93% 89% 86% Age 60 or 25 years of service Interest Rate: 8% Salary: 5% Active: 35 Inactive: 2 Employer: $228,278 Employee: $100 times years of credited service Age 55 Interest Rate: 7.5% Defined Contribution Plan See corresponding information in defined contribution section PUBLIC EMPLOYEE RETIREMENT -27- $3,279,326 $3,516,105 88% $4,477,623 $5,073,224 97% $5,282,359 $5,316,377 $6,152,314 $5,415,499 $5,563,574 $1,000,000 $2,500,000 $4,000,000 $5,500,000 $7,000,000 86% 67% 62%

30 $136,776,721 $118,413,763 $123,472,666 $111,227,800 $150,714,462 $155,208,697 $158,956,519 $133,844,342 $172,848,627 $161,870,918 $198,328,898 $188,032,491 $80,000,000 $110,000,000 $140,000,000 $170,000,000 $200,000,000 Active: 1,523 Inactive: 1,707 Employer: $7,280,908 Employee: $20, % of compensation times years of service Elected officials: 4.167% of compensation times years of service up to 12 years; plus 5% for years % 69% 79% 69% 71% 78% 76% Age 65 with 5 years of service, Rule of 80 after age 55 Annual Amount Maximum: 1.5% Interest Rate: 7% Salary: 5% Active: 74 Inactive: 58 Employer: $903,296 Employee: $145, % of compensation times years of service Age 55 or 24 years of service, Rule of 80 Social Security Coverage: no Annual Amount Minimum: 2% Annual Amount Maximum: 2% Interest Rate: 7.5% Salary: 4% PUBLIC EMPLOYEE RETIREMENT -28- $13,319,292 $15,983,150 $17,643,689 $17,075,661 $16,333,426 $15,965,931 $19,508,768 $18,580,321 $25,564,177 $24,785,811 $28,088,394 $26,924,346 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 55% 50% 45% 66% 64% 69% 67% 69% 72% 57% 47%

31 $6,140,248 $6,140,248 $6,062,610 $6,062,610 $6,049,149 $6,049,149 $6,203,383 $6,203,383 $8,037,001 $7,949,816 $7,988,755 $8,168,623 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 Active: 11 Inactive: 48 Employer: $177,429 Employee: $22, % of compensation times years of service Maximum: 50% of compensation Age 55 with 20 years of service Age 65 with 15 years of service 76% 76% 76% 76% Interest Rate: 6% Salary: 4% Active: 165 Inactive: 134 Employer: $1,201,804 Employee: $1,260, % of compensation for the first 20 years of service, plus 1% for each of the next 15 years Maximum: of compensation $17,348,384 $20,818,061 $22,161,826 $21,123,764 $19,302,683 $19,722,351 $25,392,571 $22,896,993 $33,384,405 $39,279,954 $37,043,414 $40,827,363 $10,000,000 $20,000,000 $30,000,000 $40,000, years of service, Age 60 with 1 year of service Social Security Coverage: no Interest Rate: 7% Salary: 3% PUBLIC EMPLOYEE RETIREMENT % 50% 45% 40% 59% 58% 57% 58% 51% 42%

32 $77,341,103 $73,194,379 $72,180,820 $61,903,516 $57,728,934 $51,652,867 $48,534,166 $44,223,509 $326,666,373 $309,002,752 $292,303,886 $354,796,453 $20,000,000 $120,000,000 $220,000,000 $320,000,000 Active: 401 Inactive: 494 Employer: $26,215,309 Employee: Non-Contributory Less than 12 years of service: 4.17% of compensation times years of service More than 12 years of service: 50% of compensation 50% 40% 30% 20% 10% 0% 17% 15% 19% 17% 22% 19% 22% 21% Age 62 with 12 years of service, Age 60 with 15 years of service, Age 55 with 20 years of service Annual Amount Maximum: 5% Percent of CPI: Interest Rate: 8.5% Salary: 4% Active: 630 Inactive: 172 Employer: $3,372,411 Employee: $1,285,869 2% of compensation times years of service Maximum: of compensation Supplemental Benefit: $160 per month for those retiring after 8/28/07 with more than 15 years of service $72,320,741 $72,382,548 $95,806,800 $89,110,900 $110,394,100 $85,222,558 $78,846,717 $96,639,301 $97,989,985 $105,928,172 $97,103,806 $117,626,995 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 Later of age 65 or 10 years of service; Rule of 80 Annual Amount Maximum: 3% Interest Rate: 7. Salary: 4% Partial Lump Sum Option 74% 74% 87% 81% 83% 82% PUBLIC EMPLOYEE RETIREMENT -30-

33 $883,100,233 $873,680,276 $934,333,865 $914,460,201 $823,014,181 $847,393,167 $828,578,881 $745,720,993 $800,839,808 $717,344,299 $645,609,869 $781,899,987 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 Active: 3,688 Inactive: 1,944 Employer: $20,011,617 Employee: $6,528,004 2% of compensation times years of service Maximum: of compensation 110% 105% 92% 83% 103% 93% 97% 108% 94% Age 65 with 5 years of service, Age 55 with 25 years of service, Age 60 with 10 years of service, Rule of 80 Annual Amount Maximum: 3% Interest Rate: 7.5% Salary: 6% Active: 932 Inactive: 867 Employer: $10,940,229 Employee: $5,306, % of compensation times years of service Maximum: of compensation $425,580,918 $381,404,249 $434,033,285 $370,926,691 $332,415,711 $392,856,425 $429,266,296 $447,209,064 $478,734,450 $460,001,862 $412,407,949 $447,939,116 $200,000,000 $300,000,000 $400,000,000 $500,000, years of service Social Security Coverage: no 110% Annual Amount Maximum: 3% Interest Rate: 7. Salary: 6% 105% 94% 98% 88% 92% 103% 93% PUBLIC EMPLOYEE RETIREMENT -31-

34 $734,379,847 $742,060,223 $850,763,745 $755,107,100 $698,078,700 $807,902,200 $692,539,940 $635,621,582 $775,271,985 $604,107,701 $604,560,607 $741,001,020 $500,000,000 $600,000,000 $700,000,000 $800,000,000 $900,000,000 Active: 1,433 Inactive: 1,200 Employer: $15,747,111 Employee: $8,459, % of compensation times years of service Maximum: of compensation Supplemental Benefit: $420 per month Age 60 with 10 years of service, 25 years of service Social Security Coverage: no 82% 89% 82% 93% 86% 87% 86% Ad Hoc COLA Annual Amount Maximum: 3% Interest Rate: 7. Salary: 4% Active: 4,648 Inactive: 5,229 Employer: $15,888,234 Employee: $15,612,996 2% of compensations times years of creditable service Age 60 with 5 years of service Ad Hoc COLA Interest Rate: 8% Salary: 5% PUBLIC EMPLOYEE RETIREMENT -32- $624,647,060 $832,956,204 $796,082,377 $853,722,741 $854,123,580 $781,284,025 $832,799,089 $824,302,715 $818,027,235 $764,105,809 $763,684,602 $747,711,194 $300,000,000 $450,000,000 $600,000,000 $750,000,000 $900,000, % 105% 102% 102% 101% 109% 105% 78%

35 $8,649,482 $10,375,160 $10,996,419 $10,903,392 $9,695,603 $10,500,838 $10,374,911 $9,006,344 $9,922,874 $8,676,973 $9,493,793 $9,688,035 $5,000,000 $7,000,000 $9,000,000 $11,000,000 Active: 102 Inactive: 47 Employer: $810,000 Employee: Non-Contributory 1.45% of compensation times years of creditable service 105% 105% 104% 94% 98% 91% 92% 79% Age 65 with 5 years of service Interest Rate: 8% Salary: 4% Active: 580 Inactive: 256 Employer: $2,136,311 Employee: $1,039, % of compensation times years of service Age 62 with 10 years of service. Age 60 with 30 years of service Interest Rate: 7.5% Salary: 4.25% PUBLIC EMPLOYEE RETIREMENT -33- $26,208,205 $31,451,044 $37,954,046 $36,675,588 $35,317,582 $34,002,401 $33,316,021 $33,673,820 $49,089,874 $47,338,141 $52,217,337 $51,372,333 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 55% 50% 71% 72% 69% 71% 74% 50%

36 $1,953,338 $2,344,006 $2,524,959 $2,542,196 $2,897,592 $2,302,274 $2,273,640 $2,273,640 $2,007,755 $2,103,729 $2,103,729 $3,148,403 $1,000,000 $2,000,000 $3,000,000 Active: 30 Inactive: 12 Employer: $175,000 Employee: Non-Contributory 1.25% of compensation times years of service Maximum: 35 years of service 110% 101% 87% 88% 74% 62% Age 62 with 10 years of service Interest Rate: 7. Salary: 5% Active: 60 Inactive: 49 Employer: $2,240,000 Employee: $127,583 2% of compensation for the first 20 years of service, plus 2.5% for the next 10 years Maximum: of compensation $15,221,672 $18,266,006 $18,291,988 $18,106,583 $16,538,084 $17,426,067 $19,843,122 $19,999,879 $27,471,232 $25,861,569 $29,214,709 $28,526,368 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 Age 55 with 30 years of service Social Security Coverage: no Annual Amount Maximum: 2% Cap Total Maximum: 20% Percent of CPI: Interest Rate: 7. Salary: 4. PUBLIC EMPLOYEE RETIREMENT % 67% 64% 66% 63% 55% 52% 50%

37 $2,796,260 $2,831,531 $3,448,972 $3,423,682 $3,832,544 $3,542,101 $3,899,641 $4,191,595 $4,839,679 $4,132,946 $3,882,433 $4,337,107 $2,000,000 $3,000,000 $4,000,000 $5,000,000 Active: 18 Inactive: 7 Employer: $162,890 Employee: Non-Contributory 2% of compensation times years of service 79% 89% 87% 81% Age 60 with 5 years of service, Rule of 80 Annual Amount Maximum: 4% Interest Rate: 7.5% Salary: 4% Active: 10 Inactive: 0 Employer: Employee: $11,060 1% of compensation times years of service Minimum: $100 per Month $323,478 $298,345 $240,080 $240,080 $296,757 $296,757 $323,478 $323,478 $402,644 $699,698 $780,836 $766,582 $100,000 $300,000 $500,000 $700,000 Age 65 Interest Rate: 5% Salary: 3.5% PUBLIC EMPLOYEE RETIREMENT % 50% 46% 45% 42% 43% 40% 38% 35%

38 $3,468,900,642 $3,224,173,714 $3,383,152,937 $3,188,383,925 $2,984,489,211 $3,139,260,243 $3,962,816,922 $3,957,068,611 $4,058,828,886 $3,557,389,198 $4,082,057,434 $3,700,813,660 $2,000,000,000 $3,000,000,000 $4,000,000, % 110% 105% 102% 103% 110% 96% 98% 97% Active: 31,424 Inactive: 14,333 Employer: $130,007,191 Employee: $7,974,093 Several Optional Benefit Programs: 1%, 1.25%, 1.5%, 1., 2%, Non-Social Security 2.5% Temporary supplemental benefits of:.25%,.50%,., or 1% until age 62 or 65 depending on benefit program. Age 60 with 5 years of service Uniformed: Age 55 with 5 years of service Annual Amount Maximum: 4% Interest Rate: 7.5% Salary: 4% Partial Lump Sum Option Active: 48 Inactive: 21 Employer: $634,463 Employee: $183,929 2% of compensation times years of service Maximum: of compensation 20 years of service, Age 55 with 10 to less than 20 years of service Social Security Coverage: no Interest Rate: 7% Salary: 4% PUBLIC EMPLOYEE RETIREMENT -36- $9,938,643 $10,754,287 $11,129,311 $10,588,574 $11,776,806 $9,811,624 $9,342,031 $10,899,930 $9,485,190 $9,070,826 $9,798,689 $13,002,509 $8,000,000 $9,500,000 $11,000,000 $12,500,000 97% 93% 86% 83% 76%

39 $28,883,331 $28,883,331 $29,333,216 $31,976,402 $37,450,236 $37,082,693 $38,046,481 $43,334,723 $40,086,458 $40,086,458 $43,334,723 $43,378,524 $20,000,000 $26,000,000 $32,000,000 $38,000,000 $44,000,000 88% 93% 86% 74% 98% Active: 89 Inactive: 48 Employer: Employee: Non-Contributory 2.625% of compensation for first 27 years of service, plus 1% for each additional year Maximum: of compensation Age 58 with 5 years of service Annual Amount Minimum: 3% Cap Total Maximum: 24% Interest Rate: 7.5% Defined Contribution Plan See corresponding information in defined contribution section Active: 885 Inactive: 729 Employer: $7,460,492 Employee: Non-Contributory 1.7% of compensation times years of service, plus.40% of compensation above covered earnings, times years of service Maximum: 35 years of service $150,808,626 $183,679,417 $212,066,476 $191,357,144 $185,356,497 $195,834,204 $174,003,155 $170,757,219 $187,431,825 $157,822,577 $158,321,308 $177,630,420 $100,000,000 $150,000,000 $200,000,000 Age 65 with 5 years of service Annual Amount Minimum: 3% Cap Total Maximum: 45% Interest Rate: 7.5% Salary: 5.5% PUBLIC EMPLOYEE RETIREMENT % 93% 91% 98% 87% 71%

40 $24,912,373 $24,938,459 $24,275,196 $24,288,569 $27,190,848 $27,334,854 $29,689,665 $29,334,854 $31,872,294 $34,924,467 $35,113,315 $37,056,197 $20,000,000 $26,000,000 $32,000,000 $38,000,000 Active: 93 Inactive: 48 Employer: $2,086,572 Employee: Non-Contributory 2.5% of compensation times years of service 3% for benefits accrued as of 12/31/06 Maximum: 33 1/3 years of service 69% 78% 78% 79% Age 55 with 10 years of service Interest Rate: 7% Salary: 3% Active: 21 Inactive: 2 Employer: $200,000 $55 times years of service Maximum: 20 years of service Employee: Non-Contributory $695,704 $695,704 $648,726 $649,619 $864,197 $864,197 $924,002 $889,471 $896,943 $1,065,443 $1,245,601 $1,354,744 Age 55 with 10 years of service Interest Rate: 6.5% Defined Contribution Plan See corresponding information in defined contribution section PUBLIC EMPLOYEE RETIREMENT -38- $500,000 $1,000,000 $1,500,000 55% 50% 72% 71% 81% 51%

41 $15,045,096 $15,045,096 $15,045,096 $18,939,054 $18,939,054 $19,223,831 $18,147,807 $18,147,807 $18,584,711 $10,000,000 $12,500,000 $15,000,000 $17,500,000 $20,000,000 Active: 215 Inactive: 33 Employer: $2,038,462 Employee: Non-Contributory 2.5% of compensation times years of service 1.5% times years of service (non-salaried members) 110% Age 60 with 15 years of service, Age 65 with 5 years of service 105% 98% 99% Percent of CPI: Interest Rate: 7% Salary: 5% Active: 54,542 Inactive: 47,201 Employer: $249,808,225 Employee: Non-Contributory MSEP 2000: 1.7% of compensation times years of service, plus.8% to age 62 (under Rule of 80) Age 62 with 5 years of service, Rule of 80 after age 48 $6,983,737,684 $6,836,567,188 $6,431,033,445 $6,435,344,102 $7,934,030,312 $7,838,495,768 $9,128,347,470 $8,056,993,537 $7,377,289,283 $8,500,428,641 $8,013,205,414 $7,578,028,017 $5,000,000,000 $6,500,000,000 $8,000,000,000 $9,500,000,000 Annual Amount Maximum: 5% Percent of CPI: Interest Rate: 8.5% Salary: 4% BackDROP Option 87% 87% 87% 86% PUBLIC EMPLOYEE RETIREMENT -39-

42 $1,718,675,050 $1,783,902,280 $1,825,204,289 $1,685,807,004 $1,598,136,375 $1,521,142,953 $1,441,054,574 $1,417,348,982 $2,740,437,837 $2,627,409,025 $3,019,633,781 $2,897,267,409 $1,000,000,000 $2,000,000,000 $3,000,000,000 55% 50% 55% 54% 58% 56% 63% 58% 59% 57% Active: 8,889 Inactive: 9,185 Employer: $123,335,151 Employee: Non-Contributory MSEP 2000: 1.7% of compensation times years of service, plus.8% to age 62 (under Rule of 80) Age 62 with 5 years of service; Rule of 80 after age 48 Annual Amount Maximum: 5% Percent of CPI: Interest Rate: 8.25% Salary: 3. BackDROP Option Active: 124 Inactive: 20 Employer: $270,000 Employee: Non-Contributory Voluntary Employee Benefit Association Age 55 with 10 years of service Interest Rate: 6.5% Salary: 5% $1,219,323 $1,280,309 $1,288,138 $936,552 $3,388,512 $3,390,090 $4,040,687 $4,040,687 $3,924,095 $3,924,094 $3,726,920 $3,726,915 $500,000 $1,500,000 $2,500,000 $3,500,000 $4,500, % 340% 325% 310% 2 289% 306% 331% 362% PUBLIC EMPLOYEE RETIREMENT -40-2

43 $97,308,413 $97,308,413 $89,432,327 $89,432,327 $89,432,327 $125,577,970 $125,577,970 $138,680,000 $115,334,749 $115,334,758 $115,334,758 $152,470,000 $60,000,000 $90,000,000 $120,000,000 $150,000, % 91% 64% Active: 2,486 Inactive: 1,027 Employer: $10,200,000 Employee: Non-Contributory Hired after 1/1/05: of compensation not in excess of the integration level & 1.4% above integration, Hired prior to 1/1/05: 1.35% of compensation below integration, plus 2% above integration, times years of service Age 65 with 5 years of service Interest Rate: 7.5% Salary: 5% Active: 95 Inactive: 75 Employer: $1,056,526 Employee: $55,507 Less than 30 years: 2.5% of compensation for the first 20 years, plus 1% for the next 10 years 30 years of service: of compensation Age 55 $32,717,565 $33,999,722 $33,220,280 $38,836,397 $37,522,776 $32,685,099 $35,045,413 $33,846,633 $33,341,603 $32,685,099 $33,846,633 $39,623,547 $25,000,000 $30,000,000 $35,000,000 $40,000,000 Lesser of Social Security COLA or 4% 110% 105% 104% 106% Interest Rate: 6.5% Salary: 5% Deferred Retirement Option Plan (DROP) 99% 97% 97% 89% 88% 84% PUBLIC EMPLOYEE RETIREMENT -41-

44 $14,598,769 $14,598,769 $21,212,713 $21,212,713 $20,422,778 $19,096,646 $19,096,646 $19,832,944 $23,241,683 $22,624,112 $22,624,112 $21,736,771 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Active: 56 Inactive: 60 Employer: $496,280 Employee: $189,620 2% of compensation times years of service Age 55 with 5 years of service 110% 96% 104% 104% 63% Annual Amount Maximum: 2% Cap Total Maximum: 25% Interest Rate: 7.25% Salary: 5.25% Active: 56 Inactive: 55 Employer: $296,000 Employee: $107, % of compensation times years of service Maximum: of compensation $8,547,041 $8,634,732 $8,975,110 $8,882,458 $9,134,855 $9,134,855 $9,533,593 $9,918,535 $9,533,593 $9,311,847 $9,817,512 $10,070,321 $7,000,000 $8,000,000 $9,000,000 $10,000,000 Age 58 with 5 years of service, or 25 years of service 110% Annual Amount Maximum: 3% Percent of CPI: Interest Rate: 7.5% Salary: 4% 105% 93% 92% 97% 104% 97% 89% PUBLIC EMPLOYEE RETIREMENT -42-

45 $13,320,258 $14,687,093 $16,139,271 $14,934,685 $14,503,825 $14,503,825 $13,438,047 $14,025,317 $14,025,317 $13,212,286 $13,643,470 $13,643,470 $10,000,000 $12,000,000 $14,000,000 $16,000, % 97% 96% 103% 91% 83% Active: 46 Inactive: 34 Employer: $308,169 Employee: $115, % of compensation for first 20 years of service, plus 1.5% for next 10 years of service Age 65 with 5 years of service, Age 62 with 18 years of service, 20 years of service Annual Amount Maximum: 3% Percent of CPI: Interest Rate: 7.5% Salary: 4% Active: 61 Inactive: 16 Employer: $1,387,000 Employee: Non-Contributory 50% of compensation with 20 years of service Supplemental benefit from age 55 to 62: 20% of compensation $13,051,420 $19,458,339 $19,482,121 $19,482,122 $18,887,266 $18,887,276 $21,309,047 $16,476,776 $16,478,120 $19,684,134 $24,125,650 $23,328,609 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Uniformed: Age 55 with 5 years of service Non-Uniformed: Age 62 with 5 years of service Annual Amount Minimum: 1%, plus ad hoc COLA depending on plan s funded ratio Interest Rate: 7. Salary: 2.5% 50% 84% 89% 84% 81% 54% PUBLIC EMPLOYEE RETIREMENT -43-

46 $9,676,561 $11,029,905 $11,029,905 $10,474,338 $10,325,795 $10,325,795 $9,321,597 $9,322,160 $9,322,160 $9,321,597 $9,322,160 $9,322,160 $3,000,000 $6,000,000 $9,000,000 $12,000,000 Active: 77 Inactive: 53 Employer: $172,311 Employee: $265,623 2% of compensation for first 20 years of service, plus 1.5% for each additional year of service Maximum: $1,650 per month 105% 101% 88% Age 55 with 5 years of service Interest Rate: 6. Salary: 3.5% Active: 113 Inactive: 66 Employer: $1,570,187 Employee: Non-Contributory 1st Class Counties & St. Louis City: 50% of compensation 3rd & 4th Class Counties: years: $105 times each 2 year period 20+ years: $130 times each 2 year period $17,691,623 $17,845,076 $18,947,349 $15,374,924 $15,374,924 $17,050,896 $22,383,752 $23,194,630 $24,120,658 $21,699,766 $20,665,722 $21,925,113 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Age 62 with 12 years of service Annual Amount Maximum: 2% Cap Total Maximum: 50% Interest Rate: 7.5% Salary: 4% PUBLIC EMPLOYEE RETIREMENT % 94% 96% 94% 93% 99% 93%

47 $2,286,979,838 $2,218,637,802 $2,575,662,433 $2,703,762,383 $2,068,647,166 $2,011,565,783 $2,414,493,670 $2,681,176,232 $2,481,562,443 $2,982,812,828 $2,756,832,941 $3,278,602,046 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 50% 86% 83% 83% 83% 82% 79% Active: 50,865 Inactive: 34,911 Employer: $77,988,839 Employee: $81,370, % of compensation times years of service Rule of 80/30 & Out: Additional 0.8% of compensation times years of service to Social Security eligibility Age 60 with 5 years of service, Age 55 with 25 years of service, 30 years of service, Rule of 80 Annual Amount Maximum: 5% Cap Total Maximum: Percent of CPI: Interest Rate: 8% Salary: 5% Partial Lump Sum Option Active: 78,436 Inactive: 53,318 Employer: $521,241,501 Employee: $572,810, % of compensation times years of service 2.55% of compensation with 31 years of service, retiring before July 2013 Age 60 with 5 years of service; 30 years of service; Age 55 with 25 years of service; Rule of 80 Social Security Coverage: no Annual Amount Maximum: 5% Interest Rate: 8% Salary: 5% Partial Lump Sum Option PUBLIC EMPLOYEE RETIREMENT -45- $27,435,038,622 $28,751,241,194 $20,000,000,000 $25,000,000,000 $30,000,000,000 $35,000,000,000 83% 83% $34,490,452,169 $29,283,666,821 $27,049,004,438 $32,396,722,930 $25,603,528,651 $24,801,644,465 $30,037,130,487 $23,738,856,296 $23,049,441,000 $27,881,512,965 83% 83%

48 $7,166,479 $7,166,479 $7,446,576 $7,446,576 $6,964,265 $6,964,265 $8,689,197 $8,689,197 $10,265,854 $12,671,591 $11,833,724 $13,739,626 $5,000,000 $7,000,000 $9,000,000 $11,000,000 $13,000,000 Active: 46 Inactive: 26 Employer: $1,115,415 Employee: Non-Contributory 2.5% of compensation for first 20 years of service, plus 1% for next 10 years Age 55 with 20 years of service 55% 50% 68% 63% 69% 52% Interest Rate: 7.5% Salary: 4% Active: 64 Inactive: 36 Employer: $991,493 Employee: $111,726 of compensation Age 60 or 30 years of service Based on increase in base pay of actives until age 65 Interest Rate: 8% Salary: 5% PUBLIC EMPLOYEE RETIREMENT -46- $27,895,697 $30,050,196 $26,678,860 $29,330,755 $27,633,230 $25,713,877 $24,803,199 $27,633,230 $25,713,877 $22,273,821 $22,554,784 $21,799,589 $15,000,000 $20,000,000 $25,000,000 $30,000, % 115% 110% 105% 103% 102% 107% 96% 114% 107% 113% 105%

49 $5,803,249 $6,550,117 $6,323,062 $7,254,061 $5,585,509 $5,560,711 $7,473,784 $4,943,126 $4,749,236 $6,658,751 $8,437,632 $9,838,239 $4,000,000 $6,000,000 $8,000,000 $10,000,000 Active: 73 Inactive: 11 Employer: $732,742 Employee: Non-Contributory 2% of compensation times years of service Supplemental Benefit: $500 per month to Medicare eligibility 50% 74% 71% 78% 74% 74% 59% Later of age 60 or 5 years of service; Age 55 with 30 years of service Interest Rate: 7.5% Salary: 5% Active: 11 Inactive: 20 Employer: $236,769 Employee: Non-Contributory 40% of final average monthly compensation Temporary Benefit: 10% of final average month compensation to age 62 $1,367,888 $1,400,436 $1,367,888 $1,352,194 $1,352,194 $1,352,194 $1,433,939 $1,391,638 $1,931,638 $3,338,149 $3,112,009 $3,112,009 $500,000 $1,500,000 $2,500,000 $3,500,000 Age 60 with 5 years of service Interest Rate: 5.5% Salary: 4.5% PUBLIC EMPLOYEE RETIREMENT % 40% 30% 74% 72% 43% 43% 44% 42% 41%

50 $5,851,469 $5,851,469 $5,576,704 $5,576,704 $5,576,704 $5,145,526 $6,088,585 $6,088,585 $7,076,313 $6,952,394 $7,349,573 $7,057,049 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 Active: 40 Inactive: 31 Employer: $248,201 Employee: $83,201 50% of Indexed Earnings Base (IEB) IEB = $41,753 increasing 3% annually Age 55 with 22 years of service Social Security Coverage: no 79% 73% 83% 83% Annual Amount Maximum: 3% Interest Rate: 7% Salary: 3% Active: 43 Inactive: 34 Employer: $186,446 Employee: $32,273 2% of compensation times years of service Maximum: 30 years $4,163,737 $4,163,737 $4,521,203 $4,521,203 $4,241,492 $4,240,547 $3,934,206 $4,103,473 $6,166,659 $6,742,592 $7,073,332 $7,702,179 $2,000,000 $4,000,000 $6,000,000 $8,000,000 Age 52 or 15 years of service Annual Amount Maximum: 2% Interest Rate: 7.5% Salary: 4% 55% 50% 67% 64% 67% 54% PUBLIC EMPLOYEE RETIREMENT -48-

51 $23,643,907 $23,627,415 $28,739,289 $29,255,959 $29,254,426 $26,941,296 $25,891,328 $27,634,674 $27,565,602 $25,788,864 $25,634,674 $24,830,420 $20,000,000 $22,500,000 $25,000,000 $27,500,000 $30,000, % 105% 104% 103% 107% 106% 109% 82% Active: 114 Inactive: 150 Employer: $1,761,091 Employee: Non-Contributory 2% of compensation times years of service Age 55 with 12 years of service; Age 62 with 8 years of service Annual Amount Maximum: 5% Percent of CPI: Interest Rate: 7.5% Salary: 1.5% Active: 16 Inactive: 8 Employer: $63,000 $90 times years of service Employee: Non-Contributory $493,237 $592,397 $826,540 $300,000 $600,000 $900,000 Age 60 with 7 years of service Interest Rate: 6.5% PUBLIC EMPLOYEE RETIREMENT % 50% 72%

52 $128,085,142 $140,780,239 $138,911,962 $138,890,814 $129,093,378 $133,494,217 $126,842,334 $130,496,305 $263,813,767 $250,849,523 $295,579,925 $277,861,524 $75,000,000 $150,000,000 $225,000,000 $300,000,000 55% 50% 45% 40% 52% 51% 51% 49% 50% 48% 43% Active: 505 Inactive: 462 Employer: $8,794,259 Employee: $2,964, % of compensation times years of service Maximum: of compensation Hired after 6/1/06: 2.5% of compensation times years of service Maximum: of compensation Age 55 with 20 years of service, Age 60, 25 years of service Hired after 6/1/06: Age 55 with 25 years of service, or Age 60 Social Security Coverage: no Annual Amount Maximum: 3% Hired after 6/1/06: Ad Hoc COLA 35% Interest Rate: 7.5% Salary: 4% Active: 113 Inactive: 96 Employer: $1,536,575 Employee: $219,328 40% of compensation for the first 20 years of service, plus 2% for the next 15 years Maximum: of compensation 20 years of service Social Security Coverage: no $20,158,258 $23,425,652 $24,546,271 $24,580,285 $20,932,864 $22,953,206 $18,762,063 $18,233,797 $30,819,539 $34,763,770 $33,248,289 $36,492,434 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 Annual Amount Maximum: 4% Percent of CPI: 50% Interest Rate: 7.5% Salary: 4% 55% 50% 61% 59% 69% 63% 71% 64% 55% PUBLIC EMPLOYEE RETIREMENT -50-

53 $333,624,330 $400,349,196 $407,201,421 $393,856,441 $482,156,968 $480,600,292 $458,600,083 $442,519,830 $520,067,946 $585,381,064 $558,135,471 $617,001,406 $300,000,000 $400,000,000 $500,000,000 $600,000,000 55% 50% 78% 76% 82% 79% 82% 54% Active: 3,885 Inactive: 3,368 Employer: $27,245,017 Employee: Non-Contributory General Employees: 1.5% of compensation times years of service, plus $15 per month times years of service Uniformed: 1.6% of compensation times years of service, plus $30 per month times years of service to age 65, plus $5 per month times years of service Age 65 with 3 years of service, Uniformed: Age 60 with 10 years of service, Age 65 with 3 years of service, Both Groups: Rule of 80 Ad Hoc COLA Interest Rate: 8% Salary: 5% Active: 370 Inactive: 280 Employer: $437,010 Employee: Non-Contributory 1.6% of compensation times years of service Age 65 with 5 years of service Interest Rate: 7.5% Salary: 4.5% PUBLIC EMPLOYEE RETIREMENT -51- $26,625,264 $29,318,093 $29,673,441 $28,054,678 $28,054,678 $32,844,084 $35,262,231 $33,240,650 $33,240,650 $32,448,576 $30,722,522 $30,722,522 $20,000,000 $25,000,000 $30,000,000 $35,000, % 110% 105% 106% 106% 106% 112% 91%

54 $527,733,171 $527,733,171 $590,881,563 $674,016,719 $765,842,026 $688,132,586 $646,569,478 $732,576,024 $567,954,414 $554,065,539 $695,889,716 $666,182,075 $300,000,000 $450,000,000 $600,000,000 $750,000,000 79% 82% 94% 88% 88% 77% Active: 5,756 Inactive: 6,312 Employer: $30,350,011 Employee: $90, % of compensation times years of service up to $51,348, plus 2.05% of compensation times years of service above $51,348 Age 65 with 5 years of service, Rule of 85 Annual Amount Maximum: 5% Cap Total Maximum: 25% Percent of CPI: Interest Rate: 8% Salary: varied Deferred Retirement Option Plan (DROP) Active: 677 Inactive: 1,073 Employer: $7,484,524 Employee: $2,845,174 40% of compensation for the first 20 years of service, plus 2% for the next 5 years, plus 5% of each year over 25 years Maximum: 30 years of service 20 years of service Social Security Coverage: no Annual Amount Minimum: 1.5% Annual Amount Maximum: 5% Cap Total Maximum: 25% Interest Rate: 7.625% Salary: 4% Deferred Retirement Option Plan (DROP) PUBLIC EMPLOYEE RETIREMENT -52- $421,475,703 $485,138,953 $523,035,764 $525,113,202 $495,116,340 $533,235,588 $425,034,568 $410,868,775 $440,579,564 $415,163,177 $391,181,701 $429,764,156 $300,000,000 $400,000,000 $500,000,000 $600,000,000 97% 91% 96% 93% 93% 98% 93% 81%

55 $656,903,659 $752,273,226 $803,417,002 $808,886,286 $752,501,900 $775,668,726 $714,237,045 $681,832,313 $681,832,313 $690,483,923 $667,255,594 $690,483,923 $600,000,000 $700,000,000 $800,000,000 Active: 1,222 Inactive: 1,985 Employer: $10,384,025 Employee: $4,333,303 2% of compensation for the first 25 years of service, plus 4% for the next 5 years, plus 5% for all service after 30 years Maximum: of compensation Age 55 with 20 years of service Social Security Coverage: no 110% 105% 97% 105% 104% 97% 94% 82% Annual Amount Maximum: 3% Cap Total Maximum: 30% Interest Rate: 7. Salary: 5% Deferred Retirement Option Plan (DROP) Active: 5,021 Inactive: 6,091 Employer: $27,853,996 Employee: $11,537,258 2% of compensation times years of service Maximum: of compensation $809,792,984 $1,014,923,381 $1,158,921,113 $1,150,960,911 $1,003,438,983 $1,150,273,339 $1,124,465,383 $983,828,243 $1,122,583,775 $1,061,478,889 $935,328,638 $1,084,409,305 $750,000,000 $900,000,000 $1,050,000,000 Age 65, Rule of 85 Ad Hoc COLA Interest Rate: 8% Salary: 4.5% 105% 98% 86% 88% 87% 88% PUBLIC EMPLOYEE RETIREMENT -53-

56 $14,457,597 $16,286,201 $13,651,771 $16,666,460 $14,060,968 $15,866,169 $13,473,741 $15,033,711 $16,004,905 $19,081,923 $18,839,339 $20,096,937 $10,000,000 $13,000,000 $16,000,000 $19,000,000 $22,000,000 94% 84% 84% 87% 72% 81% 72% Active: 156 Inactive: 72 Employer: $562,138 Employee: $215, % of compensation times years of service, plus.5% above break point amount ($37,000) times years of service Maximum: 35 years of service Age 65, or Age 62 with 30 years of service Interest Rate: 6.5% Salary: 3% Active: 115 Inactive: 94 Employer: $942,048 Employee: $2, years of service: of compensation, plus 1% for the next 5 years, less member offset Offset is frozen upon 30 years of service $25,386,182 $26,510,482 $29,758,856 $28,556,549 $26,548,468 $27,884,469 $30,236,680 $28,645,117 $27,145,396 $29,228,531 $29,741,267 $30,243,209 $20,000,000 $24,000,000 $28,000,000 $32,000,000 Age 50 with 25 years of service Social Security Coverage: no Interest Rate: 6.5% Salary: 3% Defined Contribution Offset PUBLIC EMPLOYEE RETIREMENT % 110% 105% 111% 98% 104% 93% 106% 97% 98%

57 $2,427,134,469 $2,808,125,912 $2,733,031,895 $2,651,534,668 $2,983,628,277 $2,555,592,144 $2,494,741,000 $2,325,263,899 $2,400,806,890 $2,245,313,000 $2,125,656,340 $2,271,229,787 $2,000,000,000 $2,250,000,000 $2,500,000,000 $2,750,000,000 Active: 17,983 Inactive: 10,191 Employer: $68,444,616 Employee: Non-Contributory 2.2% of compensation times years of service Partial Lump Sum Option 120% 115% 110% 105% 99% 94% 104% 97% 104% 117% 103% 89% Age 65 with 5 years of service Ad Hoc COLA Interest Rate: 8% Salary: 5% Active: 26 Inactive: 7 Employer: $200,000 Employee: Non-Contributory 1. of compensation times years of service Maximum: 30 years of service $2,170,771 $2,170,771 $2,462,171 $2,462,251 $2,387,696 $2,079,086 $2,305,722 $2,160,467 $2,973,126 $2,752,799 $2,752,799 $2,791,134 $1,800,000 $2,100,000 $2,400,000 $2,700,000 $3,000,000 Age 55 Interest Rate: 7.5% Salary: 4% PUBLIC EMPLOYEE RETIREMENT % 105% 107% 96% 103% 99% 73%

58 $62,066 $62,066 $31,058 $31,058 $204,289 $204,289 $288,111 $288,924 $100,000 $200,000 $300,000 Active: 17 Inactive: 3 Employer: $30,000 $750 monthly to age 65 Employee: Non-Contributory 25% 20% 15% 10% 5% 0% 0% 0% 11% 22% Age 55 with 5 years of service Interest Rate: 6% PUBLIC EMPLOYEE RETIREMENT -56-

59 DEFINED CONTRIBUTION PLANS It should be noted that data included in these appendices reflect PERS information from plan year

60 DEFINED CONTRIBUTION PLAN INDEX BALLWIN POLICE PENSION PLAN BATES COUNTY MEMORIAL HOSPITAL RETIREMENT PLAN CEDAR HILL FIRE PROTECTION DISTRICT MONEY PURCHASE PLAN CENTRAL COUNTY FIRE & RESCUE PENSION PLAN CERF ADMINISTRATIVE OFFICE 401(A) PLAN CHESTERFIELD RETIREMENT PLAN COMMUNITY FIRE PROTECTION DISTRICT RETIREMENT PLAN CONSOLIDATED WATER DISTRICT #C-1 OF JEFFERSON COUNTY COOPER COUNTY MEMORIAL HOSPITAL RETIREMENT PLAN COTTLEVILLE FIRE PROTECTION DISTRICT RETIREMENT PLAN COUNTY EMPLOYEES RETIREMENT PLAN CREVE COEUR EMPLOYEES RETIREMENT PLAN CREVE COEUR FIRE PROTECTION DISTRICT RETIREMENT PLAN DES PERES RETIREMENT PLAN FLORISSANT EMPLOYEES RETIREMENT PLAN HIGH RIDGE FIRE PROTECTION DISTRICT PENSION PLAN KANSAS CITY ELECTED OFFICIALS SUPPLEMENTAL RETIREMENT PLAN.. 63 KIRKWOOD CIVILIAN EMPLOYEES PENSION PLAN KIRKWOOD POLICE & FIRE PENSION PLAN LAKE ST. LOUIS FIRE PROTECTION DISTRICT RETIREMENT PLAN LEMAY FIRE PROTECTION DISTRICT RETIREMENT PLAN LIBERTY HOSPITAL RETIREMENT INCOME PLAN LINCOLN COUNTY MEMORIAL HOSPITAL RETIREMENT PLAN MARYLAND HEIGHTS FIRE PROTECTION DISTRICT PENSION PLAN MARYLAND HEIGHTS PENSION PLAN MEHLVILLE FIRE PROTECTION DISTRICT RETIREMENT PLAN METRO NORTH FIRE PROTECTION DISTRICT RETIREMENT PLAN MIDCOUNTY FIRE PROTECTION DISTRICT RETIREMENT PLAN MISSOURI HIGHER EDUCATION LOAN AUTHORITY PENSION PLAN MONARCH FIRE PROTECTION DISTRICT RETIREMENT PLAN NORTHEAST AMBULANCE & FIRE PROTECT DIST RETIREMENT FUND O FALLON FIRE PROTECTION DISTRICT PENSION PLAN PACIFIC FIRE PROTECTION DISTRICT RETIREMENT PLAN PHELPS COUNTY REGIONAL MEDICAL CENTER PENSION PLAN PIKE COUNTY MEMORIAL HOSPITAL RETIREMENT PLAN PUBLIC WATER SUPPLY DISTRICT #2 OF JACKSON COUNTY PUBLIC WATER SUPPLY DISTRICT #3 OF JEFFERSON COUNTY RIVERVIEW FIRE PROTECTION DISTRICT RETIREMENT PLAN ROBERTSON FIRE PROTECTION DISTRICT RETIREMENT PLAN SAMARITAN MEMORIAL HOSPITAL PENSION PLAN SHADY VALLEY FIRE PROTECTION DISTRICT 401(A) PLAN SPANISH LAKE FIRE PROTECTION DISTRICT RETIREMENT PLAN SPRINGDALE FIRE PROTECTION DISTRICT RETIRMENT PLAN WEBSTER GROVES NON-UNIFORMED EMPLOYEES PENSION PLAN WEBSTER GROVES POLICE & FIRE RETIREMENT FUND WENTZVILLE FIRE PROTECTION DISTRICT RETIREMENT PLAN WEST COUNTY EMS & FIRE PROTECTION DISTRICT RETIREMENT PLAN 70 WEST OVERLAND FIRE PROTECTION DISTRICT RETIREMENT PLAN... 70

61 MEMBERSHIP = 45 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $4,570,531 $4,891,285 $4,000,269 $2,998,522 $212,742 $194,436 $201,686 $240,715 $50,000 $100,000 $150,000 $200,000 $250,000 MEMBERSHIP = 201 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $8,164,800 $7,189,894 $6,192,760 $6,258,926 $536,921 $640,629 $857,051 $894,477 $200,000 $400,000 $600,000 $800,000 $1,000,000 MEMBERSHIP = 17 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $1,124,694 $988,317 $795,769 $795,645 $23,823 $21,241 $20,655 $24,125 $57,785 $58,347 $55,360 $56,743 $20,000 $40,000 $60,000 MEMBERSHIP = 76 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $9,710,619 $10,629,682 $8,194,151 $7,342,443 $414,750 $636,687 $674,990 $649,015 $150,000 $300,000 $450,000 $600,000

62 MEMBERSHIP = 13 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $291,804 $241,898 $244,810 $197,718 $35,898 $36,009 $39,950 $42,846 $10,000 $20,000 $30,000 $40,000 MEMBERSHIP = 191 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $8,942,854 $8,024,311 $7,208,466 $6,709,627 $719,778 $896,696 $834,377 $833,000 $200,000 $400,000 $600,000 $800,000 MEMBERSHIP = 58 $15,000,000 $12,500,000 $10,000,000 $7,500,000 $5,000,000 $2,500,000 $11,967,750 $12,606,705 $10,049,265 $8,108,125 $540,000 $540,000 $532,000 $611,000 $200,000 $400,000 $600,000 MEMBERSHIP = 20 $2,000,000 $1,500,000 $1,000,000 $500,000 $1,481,792 $1,640,779 $1,236,325 $1,184,345 $33,731 $92,866 $97,608 $102,488 $20,000 $40,000 $60,000 $80,000 $100,000

63 MEMBERSHIP = 110 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $2,183,238 $2,051,906 $1,862,575 $1,861,826 $192,152 $183,404 $206,339 $204,098 $50,000 $100,000 $150,000 $200,000 MEMBERSHIP = 47 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $5,713,593 $4,748,275 $3,799,900 $3,924,523 $448,207 $512,575 $525,610 $572,576 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 MEMBERSHIP = 6,607 $12,000,000 $10,974,193 $10,800,464 $9,116,572 $10,000,000 $7,282,134 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $599,117 $572,682 $788,192 $719,080 $1,070,115 $1,070,115 $978,612 $1,626,581 $300,000 $600,000 $900,000 $1,200,000 MEMBERSHIP = 48 $496,487 $500,000 $412,864 $384,873 $400,000 $301,519 $300,000 $200,000 $100,000 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $64,733 $74,451 $85,626 $85,089 $25,000 $50,000 $75,000 $100,000

64 MEMBERSHIP = 57 $25,000,000 $19,349,227 $21,000,661 $20,000,000 $17,066,297 $14,642,809 $15,000,000 $10,000,000 $5,000,000 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $852,234 $858,518 $854,789 $1,269,591 $300,000 $600,000 $900,000 $1,200,000 MEMBERSHIP = 150 $7,500,000 $6,000,000 $4,500,000 $3,000,000 $1,500,000 $6,854,160 $7,134,184 $5,964,474 $5,658,128 $443,821 $409,944 $497,428 $1,428,064 $300,000 $600,000 $900,000 $1,200,000 $1,500,000 MEMBERSHIP = 181 $17,500,000 $15,000,000 $12,500,000 $10,000,000 $7,500,000 $5,000,000 $2,500,000 $15,572,356 $13,837,097 $11,186,229 $11,407,130 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $236,211 $224,100 $211,202 $205,283 $1,124,845 $1,060,066 $1,030,092 $1,187,404 $300,000 $600,000 $900,000 $1,200,000 MEMBERSHIP = 35 $300,000 $289,518 $200,000 $100,000 $52,727 $100 $200 $300 $400

65 MEMBERSHIP = 21 $1,500,000 $1,200,000 $900,000 $600,000 $300,000 $1,401,472 $100 $200 $300 $400 MEMBERSHIP = 170 $15,000,000 $12,500,000 $10,000,000 $7,500,000 $5,000,000 $2,500,000 $12,148,056 $12,791,083 $12,791,083 $11,953,617 $333,233 $432,833 $403,706 $403,706 $100,000 $200,000 $300,000 $400,000 $500,000 MEMBERSHIP = 97 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $28,111,768 $28,111,768 $27,995,694 $25,232,365 $433,116 $369,358 $369,358 $366,768 $977,714 $1,014,593 $1,014,593 $953,547 $200,000 $400,000 $600,000 $800,000 $1,000,000 MEMBERSHIP = 10 $500,000 $407,008 $391,893 $354,565 $400,000 $311,292 $300,000 $200,000 $100,000 $2,986 $60,896 $58,493 $64,534 $63,000 $15,000 $30,000 $45,000 $60,000

66 MEMBERSHIP = 23 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $2,157,430 $2,239,810 $1,727,488 $1,501,499 $5,070 $4,875 $5,560 $7,200 $130,000 $119,950 $144,500 $159,676 $50,000 $100,000 $150,000 $200,000 MEMBERSHIP = 1,326 $75,000,000 $62,836,986 $62,836,986 $54,125,542 $56,777,886 $60,000,000 $45,000,000 $30,000,000 $15,000,000 $2,900,190 $2,900,190 $2,601,155 $3,426,158 $3,214,012 $3,214,012 $3,148,956 $4,186,672 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 MEMBERSHIP = 248 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $4,595,100 $3,678,944 $4,063,930 $3,270,897 $249,424 $253,995 $275,243 $281,899 $75,000 $150,000 $225,000 $300,000 MEMBERSHIP = 49 $18,000,000 $15,000,000 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $14,152,619 $15,118,294 $16,512,034 $12,325,683 $663,431 $845,638 $804,525 $776,968 $200,000 $400,000 $600,000 $800,000

67 MEMBERSHIP = 143 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $11,062,225 $10,042,030 $9,262,581 $8,578,823 $15,801 $15,482 $13,299 $212,375 $21,936 $250,497 $539,129 $579,241 $150,000 $300,000 $450,000 $600,000 MEMBERSHIP = 17 $8,400,000 $7,200,000 $6,000,000 $4,800,000 $3,600,000 $2,400,000 $1,200,000 $7,945,044 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $315,513 $710,075 $200,000 $400,000 $600,000 $800,000 MEMBERSHIP = 15 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $3,771,884 $3,771,884 $3,545,993 $3,029,242 $540,714 $282,541 $282,541 $75,000 $150,000 $225,000 $300,000 MEMBERSHIP = 22 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $620,218 $534,106 $387,502 $294,475 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $140,000 $178,351 $188,707 $30,000 $60,000 $90,000 $120,000 $150,000 $180,000

68 MEMBERSHIP = 171 $7,944,640 $7,878,825 $8,000,000 $6,000,000 $5,152,415 $573,395 $492,654 $4,000,000 $2,000,000 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $622,764 $528,551 $524,776 $610,496 $150,000 $300,000 $450,000 $600,000 MEMBERSHIP = 123 $22,298,447 $24,081,918 $24,816,912 $25,000,000 $18,879,914 $20,000,000 $15,000,000 $10,000,000 $5,000,000 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $1,260,500 $1,232,200 $1,615,000 $1,530,000 $400,000 $800,000 $1,200,000 $1,600,000 MEMBERSHIP = $4,000,000 $3,000,000 $2,000,000 $1,000,000 $2,635,086 $3,159,240 Officials with the Northeast Ambulance & Fire Protection District failed to provide the statutorily required reports for plan years &. $197,915 $322,095 $100,000 $200,000 $300,000 $400,000 MEMBERSHIP = 60 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $4,629,074 $3,831,411 $2,584,380 $2,756,708 $416,836 $504,318 $504,318 $964,863 $200,000 $400,000 $600,000 $800,000 $1,000,000

69 MEMBERSHIP = 15 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $299,730 $253,948 $233,664 $206,352 $10,175 $28,306 $26,353 $35,348 $10,000 $20,000 $30,000 $40,000 MEMBERSHIP = 804 $50,000,000 $40,000,000 $36,409,197 $39,263,201 $42,334,080 $39,417,487 $1,947,326 $2,572,789 $30,000,000 $20,000,000 $10,000,000 $1,881,044 $1,666,195 $2,214,473 $1,630,360 $2,054,164 $2,444,481 $750,000 $1,500,000 $2,250,000 $3,000,000 MEMBERSHIP = 85 $3,000,000 $2,250,000 $1,500,000 $750,000 $2,343,305 $2,280,225 $2,480,400 $2,093,983 $103,178 $92,557 $95,995 $86,954 $88,903 $135,185 $124,830 $163,053 $40,000 $80,000 $120,000 $160,000 MEMBERSHIP = 10 $1,500,000 $1,200,000 $900,000 $600,000 $300,000 $1,300,547 $1,170,141 $1,170,141 $1,175,854 $39,009 $35,597 $34,538 $36,247 $35,243 $36,247 $35,243 $156,940 $40,000 $80,000 $120,000 $160,000

70 MEMBERSHIP = 11 $500,000 $400,000 $300,000 $200,000 $100,000 $450,314 $399,430 $406,912 $374,759 $22,000 $24,970 $26,580 $28,600 $10,000 $20,000 $30,000 MEMBERSHIP = 22 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $4,278,610 $3,755,593 $3,052,185 $2,953,895 $355,363 $347,947 $366,816 $371,231 $100,000 $200,000 $300,000 $400,000 MEMBERSHIP = 42 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $8,437,720 $8,654,101 $7,540,166 $5,791,127 $287,927 $548,688 $533,886 $584,052 $150,000 $300,000 $450,000 $600,000 MEMBERSHIP = 138 $2,928,155 $3,000,000 $2,463,721 $2,498,205 $1,896,056 $2,250,000 $1,500,000 $750,000 $86,459 $308,121 $366,909 $362,967 $100,000 $200,000 $300,000 $400,000

71 MEMBERSHIP = 12 $80,000 $75,464 $60,000 $40,000 $20,000 $17,177 $5,000 $10,000 $15,000 $20,000 MEMBERSHIP = 21 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $5,179,143 $5,523,630 $4,715,477 $4,039,624 $224,082 $276,815 $261,732 $295,639 $75,000 $150,000 $225,000 $300,000 MEMBERSHIP = 16 $250,000 $242,276 $200,000 $150,000 $100,000 $53,000 $50,000 $15,000 $30,000 $45,000 $60,000 MEMBERSHIP = 70 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $5,535,852 $5,382,119 $4,507,430 $4,741,684 $130,167 $127,400 $190,153 $176,296 $180,974 $168,398 $206,434 $203,573 $50,000 $100,000 $150,000 $200,000 $250,000

72 MEMBERSHIP = 84 $18,000,000 $15,000,000 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $16,994,295 $17,616,548 $16,797,190 $15,250,873 $282,606 $274,398 $305,478 $295,163 $458,165 $441,127 $539,631 $523,234 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 MEMBERSHIP = 40 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $275,117 $346,172 $100,000 $200,000 $300,000 $400,000 MEMBERSHIP = 66 $15,000,000 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $14,178,248 $14,714,558 $12,537,404 $10,396,069 $2,849 $875,000 $795,000 $942,500 $1,245,366 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 MEMBERSHIP = 20 $8,000,000 $6,707,246 $7,255,632 $5,777,688 $6,000,000 $5,032,806 $4,000,000 $2,000,000 Defined Benefit Plan: See corresponding individual plan page in defined benefit section $241,534 $305,147 $307,396 $387,812 $100,000 $200,000 $300,000 $400,000