Timothy Sumer

TO USE OR PRINT this presentation click : ============================================================== 2/14/07 State ChamberPERS/TRS Presentation Prepared By: Michael E. Lamb, CPA, CGFM Chief Financial Officer Fairbanks North Star Borough P.O. Box 71267 Fairbanks, AK 99707-1267 (907) 459-1370 ,The Problem The basic problem Is: The PERS system has become under-funded. Bottom-line, there is an unpaid bill. The question is: Whose unpaid bill, whose liability, is it anyway? Who should pay, and why? Our purpose today: Understand the bill, then reach consensus! BUT: Before we agree on what we should do, we need to understand what we are actually doing, now! , @ 6/30/05 18,262 88.2% Tier I 2,303 11.1% Tier II 138 0.7% Tier III $12.8B $7.1B $5.7B 20,703 100.0% Retirees & Beneficiaries The Employee Universe 73,299 Active & Retired Members Active Retired @ 6/30/05 Active Members: 33,730 Vested Terminations: 6,105 Non-vested Terminations With Balances: 12,761 Total ...