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 Employer Contributions for the Upstate Plan (Amounts in millions) 2014 2013 2012

2011 *

Actuarially determined contribution (1)

1.5

2.6 3.0

1.2

Contributions in relation to the actuarial determined contribution (2)

3.0

2.6 3.0

1.2

-

-

-

Contribution deficiency (excess)

(1.5)

Covered-employee payroll (3)

33.6

36.0 16.0

21.9

Contribution as a percentage of covered-employee payroll

9.02%

7.14% 18.57% 5.44%

* Period from July 7, 2011 through December 31, 2011 (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) Covered-employee payroll represents pensionable payroll at the end of each Plan year. It is not practicable to obtain covered employee payroll amounts at the end of each fiscal year.

50

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

Notes for the Plan

Changes in benefit terms. There were no significant legislative changes in benefits for the January 1, 2014 actuarial valuation. Changes in assumptions. The actuarial assumptions for the mortality basis used for the January 1, 2014 actuarial valuation where changed from the RP-2000 mortality tables with generational improvements using scale AA to the RP-2014 mortality tables with generational improvements using scale MP-2014. Methods and assumptions used in calculations of actuarially determined contributions. The January 1, 2014 actuarial valuation determines the employer rates for contributions payable in 2014. The following actuarial methods and assumptions were used: Investment rate of return - 6.5% Mortality basis - RP-2000 mortality tables with full generational projections using Scale AA and alternative post disability mortality tables Amortization method - Level dollar, 20 year closed Remaining amortization period - 17.5 years Asset valuation method - Market value Inflation - 3.0% Compensation - 3.5% increases, limited to a maximum of $260,000 Termination - 1992 Vaughn Select and Ultimate Table

See accompanying independent auditors’ report.