| Metro |
City (a) |
County (a) |
Metro Education |
City Education(a) |
County Education (a) |
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| ACTUARIAL VALUATION
INFORMATION |
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| Valuation date | June 30, 1998 | June 30, 1998 | June 30, 1998 | July 1, 1998 | July 1, 1998 | July 1, 1998 | |||||||||
| Actuarial cost method | entry age | entry age | entry age | entry age | entry age | entry age | |||||||||
| normal | normal | normal | normal | normal | normal | ||||||||||
| Amortization method | level dollar | level dollar | level dollar | level dollar | level dollar | level dollar | |||||||||
| closed | open | open | open | open | open | ||||||||||
| Amortization period | 40 years | 40 years | 40 years | 40 years (b) | 40 years | 40 years | |||||||||
| (21 remaining) | |||||||||||||||
| Asset valuation method | 5 year | 5 year | 5 year | market | market | market | |||||||||
| smoothed | smoothed | smoothed | |||||||||||||
| market | market | market | |||||||||||||
| Actuarial assumptions: | |||||||||||||||
| Investment rate of return* | 8.00% | 8.00% | 8.00% | 7.75% | 7.75% | 7.75% | |||||||||
| Projected salary increases* | 5.00% | None | None | 6.00% | 6.00% | 6.00% | |||||||||
| Cost of living adjustments | 1.8 - 3.25% | None | None | 3.00% | 3.00% | 3.00% | |||||||||
| * Includes inflation at | 3.25% | 3.25% | 3.25% | 3.00% | 3.00% | 3.00% | |||||||||
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| (a) These plans are closed and funded on a "pay-as-you-go" basis. Contributions are not made based on actuarial computation. | |||||||||||||||
| (b) In the calculation of the contribution requirement, costs are amortized over the average life expectancy of all active and retired members (20.69 years at valuation date). | |||||||||||||||
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