Actuarial Valuation Reports

• Adoption of June 30, 2006 Defined Benefit Actuarial Valuation
  June 7, 2007

  Description: This item identifies a UAO of $19.6 billion and an 87 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2005 Defined Benefit Actuarial Valuation
  April 7, 2006

  (NOTE: The subject title on this document states June 30, 2006.)
  Description: This item identifies a UAO of $20.3 billion and an 86 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2004 Defined Benefit Actuarial Valuation
  June 2, 2005

  Description:This item identifies a UAO of $24.2 billion and an 83 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2003 Defined Benefit Actuarial Valuation (revisited)
  July 8, 2004

  Description: This item indicates the 1990 benefit structure did not have a normal cost deficit. The 1990 benefits UAO was recalculated and revised to show a smaller UAO.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2003 Defined Benefit Actuarial Valuation
  June 3, 2004

  Description: This item identifies a UAO of $23.1 billion and an 82 percent funded ratio.
  Ensuing Board Action: A modification was needed and the final report was delivered in July 2004. The board directed staff to provide a full analysis and options identifying alternatives to address the UAO.

• Adoption of June 30, 2001 Defined Benefit Actuarial Valuation
  May 2, 2002

  Description: This item identifies a UAO of $2.2 billion.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2000 Defined Benefit Actuarial Valuation
  May 3, 2001

  Description: This item identifies an actuarial surplus of $9.1 billion and a 110 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 1999 Defined Benefit Actuarial Valuation
  April 6, 2000

  Description: This item identifies a UAO of $7.4 billion.
  Ensuing Board Action: The board adopted the valuation.

• Update to June 30, 1998 Defined Benefit Actuarial Valuation
  May 6, 1999

  Description: This item provides follow-up from the April 1999 item and identifies $3.1 billion more in the actuarial value of assets than liabilities, and states that the actuarial liability of benefit enhancements was $1.7 billion higher than estimated.
  Ensuing Board Action: The board decided to pay off the present value cost of the increased liability of $1.7 billion over a 30-year period using surplus assets generated in future years, and reserve a portion of the existing surplus to ensure availability of funds in years in which no additional surplus assets are generated.

• Adoption of June 30, 1998 Defined Benefit Actuarial Valuation
  April 8, 1999

  Description: This item identifies the UAO as having decreased from 18 years to three years.
  Ensuing Board Action: The board adopted the valuation.

Other Reports

• Funding Pensions & Retiree Health Care for Public Employees (External link)
  Released August 2007, a report of the Public Employee Post-Employment Benefits Commission.

• Policy Report: Teacher's Count on Promised Benefits (PDF - 131 KB)
  Released July 2007, reviews CalSTRS funding gap strategy.

• The Value of Defined Benefit Plans (PDF - 78 KB)
  Issue Brief released in July 2006 by the American Academy of Actuaries discusses differences in defined benefit and defined contribution plans and ways to achieve parity.

Related Items

• Panel on Actuarial Assumptions (Part 3 – Financial Economics/System Funding)
  February 8, 2008

  Description: This item introduces the panel that discusses the "financial economic" assumptions used in an actuarial valuation.
  Ensuing Board Action: none

• Panel on Actuarial Assumptions (Part 2 – Demographic Assumptions)
  November 2, 2007

  Description: This item introduces the panel that discusses the demographic assumptions used in an actuarial valuation.
  Ensuing Board Action: none

• Panel on Actuarial Assumptions (Part 1 – Economic Assumptions)
  September 6, 2007

  Description: This item introduces the panel that discusses the economic assumptions used in an actuarial valuation.
  Ensuing Board Action: none

• Response to Actuarial Audit Recommendations
  April 7, 2006

  Description: This item is a response to specific recommendations made by independent actuarial firms that evaluated the experience study and actuarial valuations undertaken by Milliman in 2005.
  Ensuing Board Action:  none