Valuation. It just shows the reconciliation and recording rate and as bill said, there was aness decrease of 1. 5 in the contribution rate, but there are offsetting events if you will that happened that did have an impact on the rate. First of all, there was a market gain on your assets of 13. 5 , and that increased or decreased the contribution by about 1 of pay, but since you had those market returns, it triggered your supplemental cola that were effective july 1st, 2017, and that basically gave most retirees about an additional 1. 5 increase on their benefits, in addition to their basic cola, so that increased the contribution rate by about 1. 5 . The second set of offsetting events were the continued phase in of your 2015 assumption changes. If you will, when we did the demographic assumption study back in 2015, it was decided to phase in the impact of the unfunded over five years, so youre in the third year of that phase in, and that increased the contribution rate by about 6. 3 o
Liabilities and your assets. The sources of the unfunded are liability gains and losses which are the gray bars, and thats when people dont retire according to the assumptions, their salary increases or lower or higher than the assumptions, so you have whats called liability losses. The gold bars are your liability losses on your actuarial, examine then, the assumption changes are indicated by the toeal bars, ad then, the impact of contributions on your unfunded liability are the the red slivers. So basically, its to give a historical perspective, back in 2007, the plan actually had a surplus of about 1. 4 billion, and over the course of the last ten years, unfunded has increased by about 5 billion for a net unfunded liability as of 2017 of 3. 5 billion. Now there are three main fa factors for this increase. The first is the 2. 3 billion for assumption changes, and you can see that in 2010 and 2015 we had the dependenciy graphic experience studies, and those 2 eal bars wiare based basi
Without objection . That will be the order. When you refer do you mean recommended. Recommended as a committee report. Yes thank you. If there is no further business before this body, we are adjourned. I call to order the Health Service board regular meeting december 8, 20 16. I ask everybody to stand for the pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice for all. Madam secretary, can we have roll call. Thank you. Roll call, scott, excused. Lim, present. Breslin, here. Farrell, present. Ferrigno, expectedal. Follansbee, present. Sass, present. We have a quorum. Would you call item 1. Item 1, action item. Approval with possible modification of the minutes of meeting set borthd below regular meeting of september 8. Special board forum held november 10, 2016. Closed session member appeal november 10, 2016. Are there any corrections from any of the m
Without objection . That will be the order. When you refer do you mean recommended. Recommended as a committee report. Yes thank you. If there is no further business before this body, we are adjourned. I call to order the Health Service board regular meeting december 8, 20 16. I ask everybody to stand for the pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice for all. Madam secretary, can we have roll call. Thank you. Roll call, scott, excused. Lim, present. Breslin, here. Farrell, present. Ferrigno, expectedal. Follansbee, present. Sass, present. We have a quorum. Would you call item 1. Item 1, action item. Approval with possible modification of the minutes of meeting set borthd below regular meeting of september 8. Special board forum held november 10, 2016. Closed session member appeal november 10, 2016. Are there any corrections from any of the m
Those in the audience would please take their seats, well get underway. I now call the regular meeting of the Health Services board to order. Would you please join me in saying the pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice for all. Well have the roll call. Roll call. Scott, present. Lim, present. Breslin, here. Farrell, expected. Ferrigno, excused. Follasbee, present. Sass, present. We have a quorum. Thank you. First action item. Item 1 approval of possible modification the minute of meeting regular meeting december 8 , 2016. Do i have a motion . Moved and [inaudible] the minutes the regular meeting och december 8 , 2016. Second. There is a second. Properly moved and seconded we approve the minute of the december 8 regular meeting of the board. Any comments or questions or edits by members of the board . Seeing none, any Public Comment . If