Other Required Supplementary Information

Schedule of Funding Progress - Other Postemployment Benefits Plan (amounts in thousands)



Actuarial Valuation Date


Actuarial Value of Assets (a)

Actuarial Accrued Liability (AAL) (1) (b)


Unfunded AAL (UAAL) (b-a)


Funded Ratio (a/b)


Covered Payroll (c)
UAAL as a Percentage of Covered Payroll ((b-a)/c)
7/1/2009 $ - $ 455,677 $ 455,677 0% $ 948,375 48%
7/1/2011 - 643,742 643,742 0% 996,686 65%
7/1/2013 (2) - 663,395 663,395 0% 1,072,984 62%
Notes:
(1) The entry age cost actuarial method is used by the University.
(2) The July 1, 2013, unfunded actuarial liability of $663.4 million was higher than the July 1, 2011, liability of $643.7 million due to several factors. While there were fewer retirees and the healthcare trend rates are lower, the rising age of retirees and the potential impact of the excise tax from the Affordable Care Act increased the implicit rate subsidy and offset the decreasing factors.
Schedule of University's Proportionate Share of the Net Pension Liability - Florida Retirement System (FRS) Defined Benefit Pension Plan
2014 (1) (2) 2013 (1)
University's Proportion of the FRS Net Pension Liability 1.52% 1.23%
University's Proportionate Share of the FRS Net Pension Liability $ 92,657,576 $ 212,307,108
University's Covered-Employee Payroll (3) $ 1,024,891,028 $ 1,053,555,913
University's Proportionate Share of the FRS Net Pension Liability
as a Percentage of Covered-Employee Payroll
9.04% 20.15%
FRS Plan Fiduciary Net Position as a Percentage of the FRS Total Pension Liability 96.09% 88.54%
Notes:
(1) The amounts presented for each fiscal year were determined as of June 30.
(2) Changes of assumptions - As of June 30, 2014, the inflation rate assumption was decreased from 3.00% to 2.60%, the real payroll growth assumption was decreased from 1.00% to 0.65%, and the overall payroll growth rate assumption was decreased from 4.00% to 3.25%. The long-term expected rate of return decreased from 7.75% to 7.65%.
(3) Covered-employee payroll includes active employees who are members of the following plans: defined benefit, Investment Plan, State University Optional Retirement Program, and DROP because total employer contributions are determined on a uniform basis (blended rate) as required by Part III of Chapter 121, Florida Statutes.
Schedule of University Contributions - Florida Retirement System (FRS) Defined Benefit Pension Plan
2015 (1) 2014 (1)
Contractually Required FRS Contribution $ 38,680,557 $ 33,264,015
FRS Contribution in Relation to the Contractually Required FRS Contribution (38,680,557) (33,264,015)
Contribution Deficiency (Excess) $ - $ -
University's Covered-Employee Payroll (2) $ 1,066,940,109 $ 1,024,891,028
FRS Contribution as a Percentage of Covered-Employee Payroll 3.63% 3.25%
Notes:
(1) The amounts presented for each fiscal year were determined as of June 30.
(2) Covered-employee payroll includes active employees who are members of the following plans: defined benefit, Investment Plan, State University Optional Retirement Program, and DROP becuse total employer contributions are determined on a uniform basis (blended rate) as requried by Part III of Chapter 121, Florida Statutes.
Schedule of University's Proportionate Share of the Net Pension Liability - Health Insurance Subsidy (HIS) Defined Benefit Pension Plan
2014 (1) (2) 2013 (1)
University's Proportion of the HIS Net Pension Liability 1.41 % 1.38 %
University's Proportionate Share of the HIS Net Pension Liability $ 131,969,507 $ 120,063,826
University's Covered-Employee Payroll (3) $ 396,471,815 $ 382,427,384
University's Proportionate Share of the HIS Net Pension Liability
as a Percentage of Covered-Employee Payroll
33.29% 31.40%
HIS Plan Fiduciary Net Position as a Percentage of the HIS Total Pension Liability 0.99% 1.78%
Notes:
(1) The amounts presented for each fiscal year were determined as of June 30.
(2) Change of assumption - The municipal rate used to determine total pension liability decreased from 4.63% to 4.29%.
(3) Covered-employee payroll includes active employees who are members of the following plans: defined benefit, Investment Plan, and DROP.
Schedule of University Contributions - Health Insurance Subsidy (HIS) Defined Benefit Pension Plan
2015 (1) 2014 (1)
Contractually Required HIS Contribution $ 5,578,364 $ 4,834,988
HIS Contributions in Relation to the Contractually Required HIS Contribution (5,578,364) (4,834,988)
Contribution Deficiency (Excess) $ - $ -
University's Covered-Employee Payroll (2) $ 413,619,247 $ 396,471,815
HIS Contributions as a Percentage of Covered-Employee Payroll 1.35% 1.22%
Notes:
(1) The amounts presented for each fiscal year were determined as of June 30.
(2) Covered-employee payroll includes active employees who are members of the following plans: defined benefit, Investment Plan, and DROP.