| TEACHERS PENSION FUND |
| CONSTANTS | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 |
| Retiree Years of Service | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Average Increase in Teacher Salary | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Retiree Rate | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Mortality Rate | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Expected Average Final Salary | $ 82,000 | $ 82,820 | $ 83,648 | $ 84,485 | $ 85,330 | $ 86,183 | $ 87,045 | $ 87,915 | $ 88,794 | $ 89,682 | $ 90,579 | $ 91,485 | $ 92,400 | $ 93,324 | $ 94,257 | $ 95,199 | $ 96,151 | $ 97,113 | $ 98,084 | $ 99,065 | $ 100,056 | $ 101,056 | $ 102,067 | $ 103,087 | $ 104,118 | $ 105,159 | $ 106,211 | $ 107,273 | $ 108,346 | $ 109,429 | $ 110,524 |
| Expected Administrative Expense | NA | $25,000,000 | $25,250,000 | $25,502,500 | $25,757,525 | $26,015,100 | $26,275,251 | $26,538,004 | $26,803,384 | $27,071,418 | $27,342,132 | $27,615,553 | $27,891,709 | $28,170,626 | $28,452,332 | $28,736,855 | $29,024,224 | $29,314,466 | $29,607,611 | $29,903,687 | $30,202,724 | $30,504,751 | $30,809,799 | $31,117,896 | $31,429,075 | $31,743,366 | $32,060,800 | $32,381,408 | $32,705,222 | $33,032,274 | $33,362,597 |
| INPUTS |
| Cost of Living Adjustment | 0.03 |
| Long Term Rate of Return | 0.075 |
| Productivity Factor | 0.005 |
| Employee Contribution Rate | 0.095 |
| Final Salary Give Back | $ - 0 |
| State Contribution Factor | 2.5 |
| SUMMARY OF KEY RESULTS |
| NPV of Unfunded Liability |
| Ratio of Assets to Liability NPV |
| CALCULATIONS | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 |
| Average Teacher Salary | $ 68,500 |
| Number of Active Teachers | 133,000 |
| Number of New Retirees | NA |
| Number of Retirees | 101,500 |
| Total Teacher Compensation | NA |
| Employee Contribution to Fund | NA |
| State Contribution to Fund | NA |
| Average Retiree Benefit | NA |
| Expected Benefits Payout | NA |
| FUND BALANCE STATEMENT | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 |
| Beginning Balance | NA |
| Add: Employee Contribution | NA |
| Add: State Contribution | NA |
| Add: Income on Investments | NA |
| Less: Benefits Payout | NA |
| Less: Administrative Expenses | NA |
| Ending Balance | $ 40,000,000,000 |
| FUND LIABILITY | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 |
| Expected Benefits Payout | NA |
| Net Present Value of Payouts | NA |
| NPV of Unfunded Liability | NA |
| Ratio of Assets to Liability NPV | NA |
T914
StartingTemplateTeachersPensionFund.xlsx
