2016_SUNY_Optometry_PRR

2 0 1 5 A N N U A L F I N A N C I A L R E P O R T

Required Supplementary Information (Unaudited) Schedule of the State University’s Proportionate Share of the ERS Net Pension Liability (Amounts in millions)

2015 Proportion of the net pension liability 5.32% Proportionate share of the net pension liability $ 179.8 Covered-employee payroll $ 1,262.1 Proportionate share of the net pension liability as a % of its covered payroll 14.2% Pension plan’s fiduciary net position as a % of the total pension liability 97.9%

Changes in benefit terms. There were no significant legislative changes in benefits for the April 1, 2013 actuarial valuation. Changes of assumptions. There were no significant changes in actuarial assumptions for the April 1, 2013 actuarial valuation. Methods and assumptions used in calculations of actuarially determined contributions. The April 1, 2013 actuarial valuation determines the employer rates for contributions payable in fiscal year 2015. The following actuarial methods and assumptions were used: Actuarial cost method The system is funded using the Aggregate Cost Method, all unfunded actuarial liabilities are evenly (as a percentage of projected pay) amortized over the remaining worker lifetimes of the valuation cohort.

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Asset valuation period

5-year level smoothing of the difference between the actual gain and the expected gain using the assumed investment rate of return.

Inflation

2.7%

Salary scale

4.9%

Investment Rate of Return

7.5% compounded annually, net of investment expenses, including inflation.

Schedule of Employer Contributions for the ERS Plan (Amounts in millions) 2015

Actuarially determined contribution (1)

242.2

Contributions in relation to the actuarial determined contribution (2)

189.6

Contribution deficiency

52.6

Covered-employee payroll (3)

1,384.2

Contribution as a percentage of covered-employee payroll

13.7%

(1) The actuarially determined contribution includes normal costs, adjustments made to record the reconciliation of projected salary to actual salary and miscellaneous accounting adjustments. (2) The contributions in relation to the actuarially determined contribution reflects actual payments. (3) Total payroll of covered employees for fiscal year ended June 30, 2015.

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

See accompanying independent auditors’ report.