Metropolitan Government of Nashville and Davidson County
Comprehensive Annual Financial Report
Notes to the Financial Statements
Note 9 - Schedule of Funding Progress


Actuarial
Valuation
Date
     Actuarial
Value of Assets
   Actuarial
Accrued
Liability (AAL)
   Unfunded
(Overfunded) AAL
     Funded
Ratio
       Covered
Payroll
     Unfunded
AAL as a Percentage of
Covered Payroll
  
                
Metro Plan                                            
                      
June 30, 1991
       $ 433,170,670     $ 597,040,491     $ 163,869,821     72.55 %      $ 231,773,461     70.70 %
June 30, 1992
       514,705,123     638,354,546     123,649,423     80.63         241,283,337     51.25  
June 30, 1993
       589,524,676     695,923,951     106,399,275     84.71         245,926,793     43.26  
June 30, 1994
       644,551,198     791,654,394     147,103,196     81.42         276,535,040     53.20  
June 30, 1995
       719,734,278     856,068,393     136,334,115     84.07         289,341,838     47.12  
June 30, 1996
       819,031,667     931,082,784     112,051,117     87.97         306,757,122     36.53  
June 30, 1997
       945,348,756     1,055,700,536     110,351,780     89.55         336,276,286     32.82  
June 30, 1998
       1,084,563,971     1,193,291,692     108,727,721     90.89         359,932,634     30.21  
                      
City Plan   (a)                                          
                      
June 30, 1991
   (b)     -     -     -     -         -     -  
June 30, 1992
       -     126,678,334     126,678,334     -         5,490,725     -  
June 30, 1993
   (b)     -     -     -     -         -     -  
June 30, 1994
       -     126,033,075     126,033,075     -         4,572,340     -  
June 30, 1995
   (b)     -     -     -     -         -     -  
June 30, 1996
       -     103,380,560     103,380,560     -         36,419     -  
June 30, 1997
   (b)     -     -     -     -         -     -  
June 30, 1998
       -     101,792,628     101,792,628     -         -     -  
                      
County Plan   (a)                                          
                      
June 30, 1991
   (b)     -     -     -     -         -     -  
June 30, 1992
       -     27,686,978     27,686,978     -         473,352     -  
June 30, 1993
   (b)     -     -     -     -         -     -  
June 30, 1994
       -     27,861,169     27,861,169     -         368,760     -  
June 30, 1995
   (b)     -     -     -     -         -     -  
June 30, 1996
       -     27,187,468     27,187,468     -         106,553     -  
June 30, 1997
   (b)     -     -     -     -         -     -  
June 30, 1998
       -     25,430,114     25,430,114     -         -     -  
                      
Metro Education Plan                                            
                      
June 30, 1991
   (c)     -     -     -     -         -     -  
June 30, 1992
   (c)     -     -     -     -         -     -  
June 30, 1993
   (c)     -     -     -     -         -     -  
June 30, 1994
   (c)     -     -     -     -         -     -  
June 30, 1995
   (c)     -     -     -     -         -     -  
June 30, 1996
       92,751,025     212,250,602     119,499,577     43.70         15,932,682     750.03  
June 30, 1997
       100,223,414     220,373,524     120,150,110     45.48         14,171,823     847.81  
June 30, 1998
       109,278,714     222,220,929     112,942,215     49.18         11,224,795     1006.19  
                      
City Education Plan   (a)                                          
                      
June 30, 1991
     -   43,878,225   43,878,225     - %     -     - %
June 30, 1992
   (c)     -     -     -     -         -     -  
June 30, 1993
       -     46,236,517     46,236,517     -         1,129,322     -  
June 30, 1994
       -     47,148,222     47,148,222     -         1,173,811     -  
June 30, 1995
       -     44,550,890     44,550,890     -         681,290     -  
June 30, 1996
       -     43,521,835     43,521,835     -         512,282     -  
June 30, 1997
       -     42,046,382     42,046,382     -         512,282     -  
June 30, 1998
       -     40,870,102     40,870,102     -         242,820     -  
                      
County Education Plan   (a)                       
                      
June 30, 1991
       -     62,499,496     62,499,496     -         -     -  
June 30, 1992
   (c)     -     -     -     -         -     -  
June 30, 1993
       -     67,992,313     67,992,313     -         2,197,439     -  
June 30, 1994
       -     67,318,219     67,318,219     -         2,199,994     -  
June 30, 1995
       -     67,350,976     67,350,976     -         1,598,881     -  
June 30, 1996
       -     66,621,096     66,621,096     -         1,350,521     -  
June 30, 1997
       -     64,780,582     64,780,582     -         1,350,521     -  
June 30, 1998
      -     64,942,095     64,942,095     -         934,645     -  
                      
                      
  (a) Plan is closed and funded on a "pay-as-you-go" basis.
  (b) The valuations of the closed City and County pension plans are performed on a bi-annual basis.
  (c) Information calculated in accordance with the parameters outlined in GASB Statement No. 27 is not available.
  (d) There are no factors that significantly affect the identification of trends in the amounts reported.

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