2016_SUNY_Optometry_PRR

T H E S T A T E U N I V E R S I T Y O F N E W Y O R K

Required Supplementary Information (Unaudited)

Schedule of the State University’s Proportionate Share of the TRS Net Pension Liability (Asset) (Amounts in millions)

2015 .71%

Proportion of the net pension liability (asset)

Proportionate share of the net pension liability (asset)

$ (79.6)

Covered-employee payroll

$ 140.7

Proportionate share of the net pension liability (asset) as a % of its covered payroll Pension plan’s fiduciary net position as a % of the total pension liability

(56.6%)

111.48%

Changes in benefit terms. There were no significant legislative changes in benefits for the June 30, 2014 actuarial valuation. Changes of assumptions. There were no significant changes in actuarial assumption for the June 30, 2014 actuarial valuation. Methods and assumptions used in calculations of actuarially determined contributions. The actuarially determined contribution rates in the schedule of contributions are calculated as of June 30, two years prior to the end of the fiscal year in which contributions are reported. The following actuarial methods and assumptions were used: Actuarial cost method The system is funded using the Aggregate Cost Method, which does not identify nor separately amortize unfunded actuarial liabilities. Costs are determined by amortizing unfunded present value of benefits over the average future working lifetime of active plan members, which currently for TRS is approximately 15 years.

48

Asset valuation period

5-year phased in deferred recognition of each year’s actual gain or loss, above (or below) an assumed inflationary gain of 3.0%.

Inflation

3.0%

Salary scale

Rates of increase differ based on age and gender as disclosed on page 36. 8.0% compounded annually, net of investment expenses, including inflation.

Investment Rate of Return

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

Actuarially determined contribution (1)

17.2

Contributions in relation to the actuarial determined contribution (2)

17.2

Contribution deficiency

-

Covered-employee payroll (3)

145.2

Contribution as a percentage of covered-employee payroll

11.81%

(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.