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B. Other Required Information <br /> Schedule of Funding Progress (dollar amounts in thousands): <br /> Actuarial UAAL as <br /> Accrued a Percent- <br /> Actuarial Liability Unfunded age of <br /> ' Actuarial Value of (AAL)- AAL Funded Covered Covered <br /> Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll <br /> Date ( a ) ( b ) ( b-a ) ( a/bL-C-1 (b-a)/c <br /> 12/31/95 $ 159,248 $250,732 $ 91,484 63% $ 108,456 84% <br /> Schedule of Employer Contributions: <br /> Year Ended Annual Required Percentage <br /> June 30 Contribution Contributed <br /> 1997 $ 573,956 100% <br /> ' The required information presented above was determined as part of the <br /> actuarial valuations. Additional trend information for the previous five <br /> years is available from the BCCRS. Other information as of the latest <br /> actuarial valuation follows. <br /> Valuation date January 1, 1996 <br /> Actuarial cost method Entry Age Normal Cost <br /> Amortization method Various <br /> Remaining amortization period 32 <br /> ' Asset valuation method Equities at fair market <br /> Actuarial assumptions: Fixed Income at Amortized Cost <br /> ' Investment rate of return 8% <br /> Projected salary increases 5.5% <br /> C. Teachers <br /> As required by state statutes, teachers of the Town are covered by the <br /> Massachusetts Teachers Retirement System (MTRS). The MTRS is <br /> funded by contributions from covered employees. The Town is not <br /> required to contribute. <br /> ' 21 <br />