Municipal Employees' Retirement System of Michigan - MERS

Municipal Employees' Retirement System of Michigan

The Report of the Sixty-Fifth Annual Actuarial Valuation as of December 31, 2010 and 50-Year Actuarial Projection Covering Participating Municipalities in the Municipal Employees' Retirement System of Michigan

Submitted to The Retirement Board Municipal Employees' Retirement System of Michigan September 16, 2011

September 16, 2011

The Retirement Board Municipal Employees' Retirement System of Michigan Lansing, Michigan Ladies and Gentlemen: This report presents the results of the 65th Annual Actuarial Valuation, prepared as of December 31, 2010, for 715 participating municipalities in the Municipal Employees' Retirement System. This total includes 15 municipalities that have ceased active membership in MERS, but for whom MERS retains assets and liabilities for future benefit payments. This report does not include the 40 participating MERS municipalities that have adopted MERS defined contribution benefits only. Also presented in this report are the results of the 50-year projections of MERS’ assets, liabilities and cash flow. The projections include the defined benefit plan and the defined benefit portion of the hybrid plan. MERS is an agent multiple-employer public employee pension plan and is a tax-qualified plan under section 401(a) of the Internal Revenue Code (most recent letter of Favorable Determination issued June 15, 2005). MERS is an independent public corporation established by the Legislature pursuant to Public Act 220 of 1996, and is an instrumentality of the participating municipalities and courts. Each municipality or court is responsible for the employer contributions needed to provide MERS benefits for its employees and former employees under the Michigan Constitution and the MERS Plan Document. Our actuarial valuation was based on the following: 1. 2. 3. 4.

The benefit provisions of MERS, as described in Section VII. Demographic data on the participants covered, as described in Section II. Financial information regarding plan assets, as shown in Section III. The actuarial assumptions and funding methods adopted by the Retirement Board. See Section VIII for details.

The valuation was based upon information furnished by the MERS administrative staff concerning Retirement System benefits, financial transactions, plan provisions, and individual active members, vested former members, retirees and beneficiaries. We checked for internal and year-to-year consistency, but we did not otherwise audit the data. We are not responsible for the accuracy or completeness of the information provided by the MERS administrative staff. This report was prepared at the request of the Retirement Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. The purpose of the actuarial valuation is to measure the System’s funding progress, to determine the employer contribution rates for the fiscal years beginning in 2012, and to determine the actuarial information for the Governmental Accounting Standards Board (GASB) Statement Nos. 25 and 27.

The Retirement Board September 16, 2011 Page 2

Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the plan’s funded status); and changes in plan provisions or applicable law. This report should not be relied on for any purpose other than the purpose described in this cover letter. The signing actuaries are independent of the plan sponsor. All of the undersigned actuaries are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge, the information contained in this report is accurate and fairly presents the actuarial position of MERS as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board and in compliance with Act No. 427 of the Public Acts of 1984, as amended, and the MERS Plan Document as revised. The actuarial assumptions used for this valuation produce results that we believe are reasonable. The Retirement Board of the Municipal Employees’ Retirement System of Michigan confirms that the System provides for payment of the required employer contribution as described in Section 20m of Act No. 314 of 1965 (MCL 38.1140m). Respectfully submitted,

Alan E. Sonnanstine, MAAA, ASA AES/CN/WJK:mrb

Cathy Nagy, MAAA, FSA

W. James Koss, MAAA, ASA

TABLE OF CONTENTS

I.

RESULTS OF THE ACTUARIAL VALUATION............................................................................ 1

II.

MEMBERSHIP CHARACTERISTICS .......................................................................................... 4

III.

ACTUARIAL VALUE OF ASSETS........................................................................................... 18

IV.

EMPLOYER CONTRIBUTIONS & FUNDED STATUS ................................................................ 19

V.

GASB NO. 25 AND GASB NO. 27 INFORMATION ............................................................... 29

VI.

50-YEAR ACTUARIAL PROJECTIONS ................................................................................... 30

VII.

SUMMARY OF PLAN PROVISIONS ........................................................................................ 74

VIII.

ACTUARIAL ASSUMPTIONS & FUNDING METHOD............................................................... 85

APPENDIX: DECEMBER 31, 2010 VALUATION RESULTS BY MUNICIPALITY

I. RESULTS OF THE ACTUARIAL VALUATION Our actuarial valuation of the liabilities and contribution rates for each of the 715 defined benefit plan participating municipalities in the Municipal Employees' Retirement System as of December 31, 2010 is based on four major elements: 1. 2. 3.

4.

The present benefit provisions of MERS, as governed by Act 220 of the Public Acts of 1996 and the MERS plan document, as revised (see Section VII). The characteristics of active and inactive MERS members as of December 31, 2010 (see Section II). The assets attributable to MERS members of each participating municipality. The total assets (at actuarial value) for all 715 municipalities included in the December 31, 2010 valuation was $6.95 billion (see Section III). The actuarial assumptions and funding method, which include an investment yield rate of 8% and the entry age normal actuarial cost method (see Section VIII).

The employer contribution rate has been determined for each municipality based on the entry age normal funding method. Under the entry age normal cost funding method, the total employer contribution is comprised of the normal cost plus the level annual percentage of payroll payment required to amortize the unfunded actuarial accrued liability over a period of 28 years. The 28-year period will decline by one year in each of the following eight annual valuations. For closed divisions (new hires are not covered by MERS defined benefit plan or hybrid provisions in a linked division) of active municipalities, the amortization period for positive unfunded liabilities is decreased annually by 2 years until the period reaches 5 years. Negative unfunded accrued liabilities are amortized over 10 years. The total normal cost is, for each active member, the level percentage of payroll contribution (from entry age to retirement) required to accumulate sufficient assets at the member's retirement to pay for his or her projected benefit. The employer normal cost is the total normal cost reduced by the member contribution rate. Closed municipalities (no longer actively participating in MERS) are covered by special funding requirements. The actuarial accrued liability represents the difference between the present value of all future benefits and the present value of future normal costs. The unfunded actuarial accrued liability (i.e., the actuarial accrued liability less assets accumulated as of the valuation date) is projected to the beginning of the fiscal year commencing in 2012, and is then amortized as noted above. Each of these components of the employer contribution (i.e., normal cost and amortization payment) are shown separately for each municipality in the Appendix. For open divisions, we show estimated dollar contributions (based on valuation payroll, but the actual required contribution for open divisions will be based on actual reported monthly pays during the fiscal year and will be different). For closed divisions, we show the dollar contributions that MERS will invoice. Within each municipality an individual employer contribution is determined for each valuation group (division). The funded status of each municipality is shown in the Appendix. Chart 6 on page 22 shows a distribution of the employer contribution rate for open valuation divisions included in the December 31, 2010 valuation. There is no single all-encompassing test for measuring a Retirement System's funding progress and current funded status. However, some common indicators of the progress that a Retirement System

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has achieved in funding their obligations include observing the changes over time in the following items: 1. 2. 3. 4.

The ratio of valuation assets to actuarial accrued liabilities. The pattern of the unfunded actuarial accrued liability as a percentage of active payroll. The ratio of valuation assets to the termination liability (computed as if all active employees terminated employment on the valuation date). The ratio of valuation assets to the actuarial present value of accrued benefits.

The tables and charts that are included in this report provide illustrations of the above funding measures on a current basis and on a historical basis.

Comments Based on the funding schedules in place in the 2009 valuation, the MERS overall funded percentage was projected to increase from 75.5% in 2009 to 76.1% in 2010. Based on actual events the funded percentage decreased to 74.5% in 2010. Within this experience (a -1.6% change from the projected 76.1% to the actual 74.5%), -1.6% was attributable to investment experience (based on the smoothed actuarial value of assets), -0.3% was attributable to benefit provision changes and new municipalities, +0.4% was due to changes in actuarial assumptions, and -0.1% was due to experience in other risk areas, (retirements, disabilities, withdrawals, pay increases, etc.). Comments on the Investment Markets The dramatic price declines across the world financial markets in 2008 led to increased volatility unlike any experienced in decades. The following two years, 2009 and 2010, have been more stable and MERS’ portfolio recovered with investment returns of over 17% and 14%, respectively. While economic worries continue to haunt investors world-wide, equity markets have rebounded, particularly in the United States. MERS maintains the 8% annual return assumption on investments in the belief that over the long term this is achievable. The actuarial value of assets (funding value), used to determine both MERS’ funded status and the required employer contributions, is based on a 10-year smoothed value of assets. Only a portion (three-tenths, for 2008, 2009, and 2010) of the 2008 investment market losses were recognized in the 2010 actuarial valuation reports. This reduces the volatility of the valuation results, which affects the required employer contributions and actuarial funded percentage. As of December 31, 2010 the actuarial value of assets is 116% of market value (down from 125% in 2009). This means that meeting the actuarial assumption in the next few years will require average annual market returns that exceed the 8% investment return assumption. If the investment markets do not fully make-up for the 2008 losses, employer contribution requirements may rise. MERS’ investment strategy employs diversification using various asset categories (stocks, bonds, and to a smaller extent real estate and private equity) to capture as much of the upside return as possible while managing acceptable risk. If contribution increases do become necessary, MERS would work to impose them incrementally. Remember that only three-tenths of the 2008 market losses are reflected in the 2010 actuarial valuation reports. As was true for past market downturns, MERS expects the markets to continue to rebound. By the time the 2008 market losses would be fully recognized (over the following 7 years), future market gains are expected to partly or fully offset 2008 market losses. This smoothing method is a powerful tool for reducing the volatility of the required employer contributions. However, if the financial markets do not rebound, the result would be gradual increases in employer contribution requirements over the next 7 years. -2-

TABLE 1 SUMMARY OF THE VALUATION RESULTS 2010 Number of Participating Municipalities Number of Valuation Divisions Open to new hires Closed to new hires Closed municipalities Total

2008

715

699

692

1,508 610 19 2,137

1,531 542 20 2,093

1,509 542 20 2,071

Total Payroll (millions)

$1,684

$1,637

$1,625

Assets at Market Value (millions) Assets at Actuarial Value (millions) Actuarial Rate of Return

$5,975 6,945 5.74%

$5,151 6,443 5.30%

$4,493 6,246 4.73%

$9,317

$8,535

$8,322

74.5%*

75.5%@

75.0%^

$8,564

$7,749

$7,268

81.1%

83.1%

85.9%

$136 149 $285

$134 129 $263

$133 125 $258

Actuarial Accrued Liability (millions – Entry Age Normal) Percent of AAL Funded (based on actuarial value of assets) Termination Liability (millions) Percent of Liability Funded (based on actuarial value of assets) Employer Normal Cost (millions) Amortization Payment (millions)# Total Regular Annual Contribution (millions) *

December 31, 2009

The December 31, 2010 funded percentage would have been 74.8% if not for benefit provision changes and new municipalities first reflected in the 2010 valuation.

@ The December 31, 2009 funded percentage would have been 75.6% if not for benefit provision changes and new municipalities first reflected in the 2009 valuation. ^

The December 31, 2008 funded percentage would have been 75.9% if not for benefit provision changes and new municipalities first reflected in the 2008 valuation.

#

The amortization payment excludes 16 closed municipalities in 2008. The 2009 amortization payment includes $0.5 million for 16 closed municipalities. The 2010 amortization payment includes $0.5 million for 15 closed municipalities.

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II. MEMBERSHIP CHARACTERISTICS Active Members The total number of defined benefit plan active members increased from 35,598 on December 31, 2009 to 35,816 on December 31, 2010. The basic demographic characteristics of the active members are shown below with comparative statistics for the past two years.

Item

2010

Number of defined benefit plan active members

December 31, 2009

2008

35,816

35,598

36,092

Average age

46.0

45.9

45.6

Average benefit service

12.0

11.8

11.6

Average vesting service

12.4

12.2

12.0

Average compensation

$ 47,018

$ 45,972

$ 45,020

Aggregate compensation (millions)

$1,684.0

$1,636.5

$1,624.9

Vested Former Members A vested former member is a person who terminated employment after 10 or more years of service (6 or 8 years with Benefit V-6 or V-8), with rights to a deferred benefit commencing at age 60 (or earlier if "F" benefits have been adopted). There were 6,961 former employees with deferred vested rights as of December 31, 2010. This compares to 6,726 such members as of the prior valuation.

Item

2010 #

Number of vested former members Average age Average annual deferred benefit

December 31, 2009

2008

6,961

6,726

6,662

50.0

49.8

49.5

$8,740

$8,260

$8,127

# Excludes terminated employees who are not vested. However, any member contributions still on deposit for such persons are reflected as an accrued liability for pending refunds (see page 29).

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Retirees and Beneficiaries There were 26,930 retirees and beneficiaries receiving payments as of December 31, 2010. The table below presents age and benefit information as of the current valuation and for the past two years.

Item Number of pensioners Average age Average annual benefit

2010

December 31, 2009

2008

26,930

24,930

23,832

68.9

69.0

69.0

$17,879

$16,991

$16,447

Defined Contribution Plan Participants and Total MERS Participants Although defined contribution plan participants are not included in the annual actuarial valuation of the MERS defined benefit plan, the trend in defined contribution participation is of interest. As of December 31, 2010, 40 participating municipalities have adopted defined contribution benefits only. Numerous municipality defined benefit divisions have established defined contribution plan benefits for future new employees. Existing defined benefit plan active members of many of those divisions were offered the choice of plans. The table below shows recent trends in defined contribution plan participation and overall MERS participants.

Item

2010

December 31, 2009

2008

Number of participants Total

78,343

75,605

74,400

Defined benefit plan including hybrid % of total

69,707 89.0%

67,254 89.0%

66,586 89.5%

Defined contribution plan only % of total

8,636 11.0%

8,351 11.0%

7,814 10.5%

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Table 2 provides a historical comparison of the number of active and vested former members included in the actuarial valuations, along with the number of participating municipalities. Table 3 shows a history of the number and annual benefits paid to retirees and beneficiaries, together with various ratios. Table 4 presents a historical development of retirees and beneficiaries added or removed from the rolls. Chart 1 presents a comparison of the growth in participating employers to the growth in plan participants (active members, vested former members and retirees). Chart 2 illustrates graphically the historical growth in the number of active members and retirees and beneficiaries. Charts 3 and 4 illustrate how MERS has matured over the years. Over time the number of active members per retiree has declined from over 7 to well below 2. The benefit payout as a percentage of active member payroll has increased to over 28%. Table 5 shows the distribution of active members by age and service and includes information on average compensation. Table 6 shows the retirees and beneficiaries by attained age, while Table 6A shows the Average Annual Pension by decade of Retirement.

Tables 7 and 8 present distributions of retirees and beneficiaries on the rolls by the types of benefit being paid and option selected. Finally, Table 9 shows the distribution of benefit provisions in effect for the 2010 and past two valuations.

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TABLE 2 PARTICIPATING MUNICIPALITIES AND COVERED PERSONS HISTORICAL COMPARISON Valuation No. of Date Participating Dec. 31, Municipalities

Number

Active Members Annual Average Payroll Pay

Percent Increase 9.9 % 3.7 10.3 7.9 12.0

Persons on Deferred Status

Annual Deferred Benefits

1976 1977 1978 1979 1980

312 320 324 332 334

26,951 28,772 28,066 29,148 29,528

$ 263,792,787 292,097,384 314,343,079 352,208,832 399,413,360

$ 9,788 10,152 11,200 12,083 13,527

306 321 366 363 432

1981 1982 1983 1984 1985

332 333 336 337 342

29,289 28,896 29,095 28,927 29,659

430,542,086 461,539,421 483,436,531 505,865,473 544,238,433

14,700 15,972 16,616 17,488 18,350

8.7 8.7 4.0 5.2 4.9

439 504 524 549 641

1986 1987 1988 1989 1990

345 349 361 370 381

30,036 29,802 30,345 31,313 32,256

577,785,159 598,014,814 635,074,449 674,297,441 725,691,155

19,236 20,066 20,928 21,534 22,498

4.8 4.3 4.3 2.9 4.5

681 846 839 955 1,261

1991 1992 1993 1994 1995

401 418 438 463 490

33,118 34,001 34,139 34,994 35,611

782,914,985 852,361,539 869,313,319 925,500,706 972,975,649

23,640 25,069 25,464 26,447 27,322

5.1 6.0 1.6 3.9 3.3

1,605 1,855 1,941 2,034 2,322

1996 1997 1998 1999 2000

506 529 541 552 560

36,070 36,547 36,817 36,472 36,573

1,025,214,728 1,068,597,733 1,163,056,817 1,179,274,854 1,225,992,204

28,423 29,239 31,590 32,334 33,522

4.0 3.0 8.0 2.4 3.7

2,713 3,752 4,369 4,794 5,303

2001 2002 2003 2004 2005

561 575 594 615 644

36,583 37,043 37,159 36,766 36,467

1,271,563,960 1,327,360,448 1,381,197,725 1,437,211,517 1,462,411,810

34,758 35,833 37,170 39,091 40,102

3.7 3.1 3.7 5.2 2.6

5,799 5,510 5,575 5,804 6,126

$34,788,263 35,150,225 37,240,512 40,567,372 43,894,457

2006 2007 2008 2009 2010

668 683 692 699 715

36,846 36,518 36,092 35,598 35,816

1,545,886,480 1,581,597,937 1,624,855,145 1,636,501,282 1,683,983,258

41,955 43,310 45,020 45,972 47,018

4.6 3.2 3.9 2.1 2.3

6,235 6,438 6,662 6,726 6,961

46,110,745 50,135,311 54,141,539 55,557,591 60,836,793

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TABLE 3 BENEFITS BEING PAID TO RETIREES AND BENEFICIARIES HISTORICAL COMPARISON Valuation Date December 31,

Number of Retirees and Beneficiaries

Percent Increase in Retirees and Beneficiaries

Annual Retirement Allowances

Percent Increase in Retirement Allowances

$ 8,753,807 10,753,677 12,012,571 13,450,368 15,234,503

16.1 % 22.8 11.7 12.0 13.3

1976 1977 1978 1979 1980

4,963 5,316 5,648 6,010 6,423

7.5 % 7.1 6.2 6.4 6.9

1981 1982 1983 1984 1985

6,861 7,175 7,554 7,902 8,343

6.8 4.6 5.3 4.6 5.6

17,446,778 19,618,191 21,674,209 24,369,121 27,747,190

14.5 12.4 10.5 12.4 13.9

1986 1987 1988 1989 1990

8,741 9,104 9,500 9,863 10,317

4.8 4.2 4.3 3.8 4.6

31,567,968 35,740,364 40,676,119 45,635,598 51,738,242

13.8 13.2 13.8 12.2 13.4

1991 1992 1993 1994 1995

11,061 11,617 12,040 12,492 13,032

7.2 5 3.6 3.8 4.3

61,807,210 71,044,806 80,964,212 91,226,923 102,010,673

19.5 14.9 14.0 12.7 11.8

1996 1997 1998 1999 2000

13,263 14,236 14,790 15,325 16,275

1.8 7.3 3.9 3.6 6.2

109,841,190 123,112,928 138,700,740 152,771,711 173,549,622

7.7 12.1 12.7 10.1 13.6

2001 2002 2003 2004 2005

16,905 17,538 18,443 19,271 20,155

3.9 3.7 5.2 4.5 4.6

191,785,646 210,982,922 236,588,632 262,221,987 288,061,637

10.5 10.0 12.1 10.8 9.9

2006 2007 2008 2009 2010

21,464 22,600 23,832 24,930 26,930

6.5 5.3 5.5 4.6 8.0

322,522,645 353,541,830 391,959,046 423,577,691 481,476,493

12.0 9.6 10.9 8.1 13.7

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TABLE 4 RETIREES AND BENEFICIARIES ADDED AND REMOVED HISTORICAL COMPARISON Ye ar Ende d D e ce mbe r 3 1 ,

No.

A dde d A nnual A llo wance s

R e mo v e d A nnual No. A llo wance s

End o f Ye ar A nnual No. A llo wance s

1976 1977 1978 1979 1980

573 562 545 642 666

$ 1,527,655 2,328,316 1,691,557 1,985,592 2,377,702

225 209 213 280 253

$ 312,147 328,446 432,663 547,795 593,567

4,963 5,316 5,648 6,010 6,423

$ 8,753,807 10,753,677 12,012,571 13,450,368 15,234,503

1981 1982 1983 1984 1985

753 630 665 665 781

2,835,979 2,852,317 2,802,889 3,468,634 4,297,247

315 316 286 317 340

623,704 680,904 746,871 773,722 919,178

6,861 7,175 7,554 7,902 8,343

17,446,778 19,618,191 21,674,209 24,369,121 27,747,190

1986 1987 1988 1989 1990

737 762 783 832 865

4,840,442 5,419,205 6,097,248 6,560,106 7,777,389

339 399 387 469 411

1,019,664 1,246,809 1,161,493 1,600,627 1,674,745

8,741 9,104 9,500 9,863 10,317

31,567,968 35,740,364 40,676,119 45,635,598 51,738,242

1991 1992 1993 1994 1995

1189 1,181 1,024 946 1154

11,803,085 11,771,336 12,219,419 12,978,853 13,799,665

445 625 601 494 614

1,734,117 2,533,740 2,300,023 2,716,142 3,015,915

11,061 11,617 12,040 12,492 13,032

61,807,210 71,044,806 80,964,212 91,226,923 102,010,673

1996 1997 1998 1999 2000

824 1504 1,122 1,312 1,319

10,582,845 16,305,680 19,230,034 19,663,240 23,588,044

593 531 568 777 369

2,752,328 3,033,941 3,642,223 5,592,269 2,810,133

13,263 14,236 14,790 15,325 16,275

109,841,190 123,112,929 138,700,740 152,771,711 173,549,622

2001 2002 2003 2004 2005

1,238 1,275 1,577 1,553 1,666

22,971,336 25,079,342 31,229,077 32,303,049 32,839,907

608 642 672 725 782

4,735,312 5,882,066 5,623,367 6,669,694 7,000,257

16,905 17,538 18,443 19,271 20,155

191,785,646 210,982,922 236,588,632 262,221,987 288,061,637

2006 2007 2008 2009 2010

2,071 2,030 2,015 1,871 2,809

38,752,141 36,947,384 43,573,642 36,164,024 67,149,443

762 894 783 773 809

4,291,133 5,928,199 5,156,426 4,545,379 9,250,641

21,464 22,600 23,832 24,930 26,930

322,522,645 353,541,830 391,959,046 423,577,691 481,476,493

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CHART 1

80,000

800

70,000

700

60,000

600

50,000

500

40,000

400

30,000

300

20,000

200

10,000

100

Municipalities

Defined Benefit Plan Participants

MERS GROWTH

0

0 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 Defined Benefit Plan Participants

Municipalities

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CHART 2 ACTIVE AND RETIRED PARTICIPANTS 70,000

Retired Active

Defined Benefit Plan Participants

60,000

50,000

40,000

30,000

20,000

10,000

0 1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2006

2007

2008

2009

2010

Valuation Date

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CHART 3 ACTIVE MEMBERS PER PENSION RECIPIENT 8

7.5

7

6.4 5.7

6

5.9 5.6

5

4.6

4

3.6 3.1 2.7

3

2.2 1.8

2

1.7

1.6

1.5

1.4

1.3

2008

2009

2010

1 0 1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2006

2007

CHART 4 BENEFITS AS PERCENT OF PAY 28.6

30 25.9 24.1

25 22.4 20.9 19.7 20

14.2

15 10.5 10 7.1 5.1 5

3.0

3.1

3.5

3.1

3.1

1955

1960

1965

1970

1975

3.8

0 1980

1985

1990

1995

2000

2005

2006

2007

2008

2009

2010

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TABLE 5 NUMBER AND AVERAGE PAY OF MEMBERS IN ACTIVE SERVICE AS OF DECEMBER 31, 2010 BY AGE AND YEARS OF BENEFIT SERVICE Age

Total

Total

Under 20 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65 & Over

Years of Benefit Service 10-14 15-19 20-24

0-4

5-9

35,816 $47,017

9,099 $39,218

7,602 $45,809

7,410 $48,228

4,622 $51,244

80 $17,420 846 $28,413 2,238 $40,917 3,262 $46,530 4,194 $49,408 5,167 $49,682 5,749 $49,299 6,280 $47,435 5,002 $47,446 2,308 $46,246 690 $37,532

80 $17,420 828 $28,371 1,676 $39,911 1,360 $41,549 1,126 $41,563 1,098 $41,888 992 $40,589 946 $38,825 603 $41,300 292 $39,863 98 $22,799

18 $30,337 538 $43,901 1,354 $50,462 1,171 $49,724 1,119 $46,514 1,035 $45,897 1,010 $41,723 771 $42,772 435 $41,476 151 $31,838

24 $44,322 538 $49,292 1,481 $53,572 1,403 $50,785 1,229 $47,160 1,181 $44,754 966 $44,468 436 $44,709 152 $39,043

10 $42,825 404 $55,119 1,086 $56,531 970 $52,402 964 $48,495 758 $46,288 348 $48,110 82 $40,913

25-29

30 & Over

3,865 $54,273

1,808 $54,651

1,410 $53,973

12 $48,571 445 $56,483 1,099 $58,435 1,045 $53,849 839 $50,789 342 $50,742 83 $43,234

16 $55,402 392 $53,931 657 $57,853 482 $54,630 209 $48,407 52 $44,694

32 $46,949 477 $52,704 583 $55,675 246 $54,260 72 $50,739

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TABLE 6 RETIREES AND BENEFICIARIES AS OF DECEMBER 31, 2010 TABULATED BY ATTAINED AGES Age

Number

Total Under 50 50 - 54 55 - 59 60 - 64 65 - 69 70 - 74 75 - 79 80 - 84 85 - 89 90 - 94 95 - 99 100 & Over Certain Only#

26,930 509 1,065 3,362 6,015 4,861 3,684 2,937 2,253 1,451 591 131 13 58

# These are beneficiaries of deceased retirees who had elected years certain and life options. The beneficiaries receive benefits until the end of the term certain period.

TABLE 6A RETIREES AND BENEFICIARIES AS OF DECEMBER 31, 2010 AVERAGE ANNUAL PENSION BY YEAR OF RETIREMENT Year of Retirement Number#

Average Annual Pension#

Before 1960 1960 - 1969 1970 - 1979 1980 - 1989 1990 - 1999 2000 - 2009 2010 - 2019

4 46 588 3,033 6,937 13,874 2,448

$ 4,948 9,468 5,356 8,107 14,997 21,198 22,526

Total

26,930

17,879

# As new divisions with existing retirees and beneficiaries join MERS, the year of retirement is set equal to the year the division joins MERS. This skews the number of retirees and beneficiaries as well as the average annual pension in years when this occurs.

-14-

TABLE 7 ALLOWANCES BEING PAID RETIREES AND BENEFICIARIES DECEMBER 31, 2010 TABULATED BY TYPE OF BENEFIT BEING PAID Monthly Benefits

All Retired Members

1

Type of Benefit 3 4

2

5

6

$ 0 - 199 200 - 399 400 - 599 600 - 799 800 - 999 1000 - 1199 1200 - 1399 1400 - 1599 1600 - 1799 1800 - 1999 2000 & Over

1,639 3,088 2,939 2,469 2,165 1,762 1,575 1,427 1,281 1,140 7,445

1,077 2,109 2,026 1,796 1,671 1,357 1,236 1,194 1,100 989 7,060

28 96 143 121 124 99 99 55 45 28 83

22 62 50 46 44 35 32 20 21 13 41

433 672 595 402 243 206 164 131 91 90 187

79 140 111 97 74 62 39 26 23 17 68

0 9 14 7 9 3 5 1 1 3 6

Totals

26,930

21,615

921

386

3,214

736

58

$40,123,041

$35,512,635

$400,480

$2,532,088

$657,105

$58,566

Total Monthly Benefits

$962,167

Type of Benefit 1. 2. 3. 4. 5. 6.

Normal Retirement for age and service Non-Duty Disability* Duty Disability* Beneficiaries Non-Duty Death Duty Death

* At age 60, these benefit types are converted to Type 1, normal retirement for age and service.

-15-

TABLE 8 ALLOWANCES BEING PAID RETIREES AND BENEFICIARIES DECEMBER 31, 2010 TABULATED BY OPTIONAL FORM OF BENEFIT BEING PAID All Retired Members

Monthly Benefits

1

2

3

$ 0 - 199 200 - 399 400 - 599 600 - 799 800 - 999 1000 - 1199 1200 - 1399 1400 - 1599 1600 - 1799 1800 - 1999 2000 & Over

1,639 3,088 2,939 2,469 2,165 1,762 1,575 1,427 1,281 1,140 7,445

545 869 835 712 600 564 472 459 407 344 2,440

24 38 82 73 79 96 86 89 98 85 825

Totals

26,930

8,247

1,575

$40,123,041

$12,738,123

$3,588,056

Total Monthly Benefit

4 1 0 5 4 5 13 7 3 5 9 70

5

6

7

8

9

10

194 343 360 311 312 269 257 270 250 215 1,573

45 91 52 51 26 24 13 3 5 4 22

13 22 24 27 43 16 13 23 9 9 68

14 44 32 48 49 31 19 13 21 18 102

12 27 25 11 13 14 4 6 6 2 40

17 27 41 24 24 18 21 16 15 11 70

774 1,627 1,483 1,208 1,014 717 683 545 465 443 2,235

122

4,354

336

267

391

160

284

11,194

$301,636

$7,736,396

$241,508

$382,226

$568,135

$217,363

$383,985

$13,965,613

Option Selected 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Beneficiary draws 100% of retiree's benefit Beneficiary draws 75% of retiree's benefit Beneficiary draws 60% of retiree's benefit Beneficiary draws 50% of retiree's benefit Equated option (changing at Social Security age) 5 year certain and life 10 year certain and life 15 year certain and life 20 year certain and life Straight life allowance -16-

TABLE 9 VALUATION DIVISIONS IN 2010, 2009, AND 2008 VALUATIONS TABULATED BY BENEFIT PLAN (EXCLUDES 15 CLOSED MUNICIPALITIES WITH 19 DIVISIONS IN 2010, 16 CLOSED MUNICIPALITIES WITH 20 DIVISIONS IN 2009, AND 16 CLOSED MUNICIPALITIES WITH 20 DIVISIONS IN 2008) Benefits Benefit A (1.00%) Benefit B-1 (1.70%) Benefit B-2 (2.00%) Benefit B-3 (2.25%) Benefit B-3 (2.25%) – no maximum Benefit B-4 (2.50%) – 75% maximum Benefit B-4 (2.50%) Benefit B-4 (2.50%) – no maximum Benefit C New (1.30%) Benefit C Old (1.00% under $4,200, 1.50% over) Benefit C-1 New (1.50%) Benefit C-1 Old (1.20% under $4,200, 1.70% over) Benefit C-2 (2.00% to social security age) (Base B-1) (Base C-1 New) (Base C-1 Old) Non Standard Benefit C-2 B-4 (Base B-3) B-4 to 65 (Base B-3) 2.8% (Base B-4) 1.70% (25 years) + 1.50% (over 25) - 80% maximum 2.20% - no maximum 2.25% (25 years) + 1.00% (over 25) 80% Max 2.25% (25 years) + 2.00% (over 25) 80% Max 2.20% (15 years) + 2.40% (15-25) + 1.00% (over 25) - 80% maximum 2.35% to maximum of 80% 2.50 (25 years) + 1.00% (over 25) 2.50 (25 years) + 1.00% (over 25) 80%Max 2.57 (25 years) + 1.00% (over 25) 2.7% (25 years) + 2.5% (25-30) + 1.0%(over 30) 2.7% (25 years)+2.5% (25-30)+1.0%(over 30) 80% Max 2.75% to maximum of 75% 2.75% to maximum of 80% 2.75% to maximum of 85% 2.80% to maximum of 75% 2.80% to maximum of 80% 2.80% (25 years) + 1.00% (over 25) 80% Max 2.80% (30 years) + 1.00% (over 30) no maximum 2.80% (35 years) + 1.50% (over 35) 100% Max 2.80% (25 years) + 2.5% (25-30) + 1.0%(over 30) 3.00% to maximum of 75% 3.00% to maximum of 80% 3.20% to maximum of 80% Hybrid 1.0% Hybrid 1.25% Hybrid 1.5% Bridged Benefit B-4 to B-1 (Frozen FAC) Bridged Benefit B-2 to B-1 (Frozen FAC) Old Plan Benefits Total Divisions

Number of Divisions with Benefit on December 31, 2010 2009 2008 2 2 2 76 68 68 322 327 332 509 504 504 6 1 0 4 4 3 904 895 884 7 3 2 15 13 11 6 6 6 41 41 40 17 18 19 35 1 8

36 1 8

36 1 9

2 1 1 3 6 1 0 3 4 5 1 1 2 0 0 21 1 1 20 4 2 2 8 3 29 9 6 8 3 1 1 16 2,118

2 1 1 0 6 0 1 0 4 0 1 0 10 0 0 22 1 1 19 4 2 2 0 3 28 9 5 6 2 1 1 14 2,073

2 1 1 0 4 0 1 0 4 0 1 0 7 2 1 22 1 1 19 4 2 0 0 2 27 9 4 4 1 0 0 14 2,051

-17-

III. ACTUARIAL VALUE OF ASSETS For actuarial valuation purposes, the actuarial value of assets is determined on the basis of a valuation method that assumes the fund earns the expected rate of return (8%), and includes an adjustment to reflect market value. This procedure was instituted for the December 31, 2005 valuation, and is applied as follows: (i)

Preliminary value is determined by taking the sum of the actuarial value at the beginning of the year and the excess of income over expenses during the year, assuming that the fund earns the assumed rate (8%) during the year.

(ii)

This value is written-up or written-down by recognizing 10% of the current year's difference between actual and expected return and 10% of that difference for the 9 prior years. Actual return for the year includes net interest, dividends, realized and unrealized gains or losses.

The cumulative difference between the market value and valuation assets as of December 31, 2005 is recognized over 9 years. For the December 31, 2010 valuation, this procedure produced an actuarial asset value that is equal to 116.29% of market value (compared to 125.17%, 139.15%, 98.85%, and 98.62% in 2009, 2008, 2007, and 2006, respectively).

In Table 37 on pages 100 - 102, we have illustrated the development of the actuarial value of assets for the December 31, 2001 through December 31, 2010 actuarial valuations. The market value of assets reported to the actuary includes most accounts receivables.

-18-

IV. EMPLOYER CONTRIBUTIONS AND FUNDED STATUS In the tables and charts that follow, we have illustrated the employer contribution requirements and funded status of the participating municipalities within MERS. This information is aggregated by division or municipality, as indicated in each table or chart. •

Table 10 provides a distribution of average employer contribution rates by type of benefit program. This information is shown on a divisional basis.

•

Chart 5 provides a distribution of the active municipalities by funded percentage of the entire municipality.

•

Chart 6 provides a distribution of divisions by employer contribution rate.

•

Tables 11-A, 11-B, 11-C, and 11-D provide a historical comparison of the funded status of MERS.

•

Table 12 provides the funded status of the termination liability for all MERS municipalities in the aggregate.

•

Table 13 provides additional historical funding information.

-19-

TABLE 10 COMPUTED EMPLOYER CONTRIBUTION RATES (EXCLUDES 610 CLOSED DIVISIONS AND 19 DIVISIONS OF 15 CLOSED MUNICIPALITIES) Benefit Program

Contributory Groups Member Employer No. of Contrib. Contrib. Divisions Avg. % Avg. %

Benefit B-1 (1.70%) Benefit B-2 (2.00%) Benefit B-3 (2.25%) - No Max Benefit B-3 (2.25%) Benefit B-4 (2.50%) - No Max Benefit B-4 (2.50%) - 75% Max Benefit B-4 (2.50%) Benefit C New (1.30%) Benefit C Old (1.00% < $4,200, 1.50%>) Benefit C-1 New (1.50%) Benefit C-1 Old (1.20% < $4,200, 1.70%>) Benefit C-2 (2.00% to social security age) (B-1 Base) (C-1 New Base) (C-1 Old Base) Non Standard C-2 B-4 (B-3 Base) 1.7%(25 years)+1.5% (over 25)-80% Max 2.20% - No Max 2.2%(15 years)+2.4%(15-25)+1.0%(over 25)-80% Max 2.35% - 80% Max 2.50%25yr - 80% Max 2.50%25yr - No Max 2.57%25yr - No Max 2.70%30yr 2.75% - 80% Max 2.80% - 80% Max 2.8% (1%>25y) - 80% Max 2.8% (1%>30y) - No Max 2.8% (1.5%>35y) - 100% Max 3.00% - 75% Max 3.00% - 80% Max 3.20% - 80% Max Hybrid - 1.0% Hybrid - 1.25% Hybrid - 1.5% Bridged Benefit B-2 to B-1 (Frozen FAC)

32 133 1 226 6 2 466 7 2 25 5

3.05% 3.70 4.77 4.57 4.34 7.57 5.11 2.82 0.47 3.66 2.34

5.05% 9.18 7.57 10.33 13.80 3.83 15.78 4.46 5.28 2.98 5.36

18 1 2

4.68 4.70 4.01

7.44 10.61 3.35

2 -3 2 -1 --1 11 17 -1 2 1 23 7 ---1

0.94 -5.00 6.91 -5.00 --7.00 7.19 6.80 -5.00 2.01 10.35 6.32 13.46 ---5.50

Total

998

5.01

Non-Contributory Groups Employer No. of Contrib. Divisions Avg. % 25 110 3 124 --175 7 1 13 5

Total Groups Employer No. of Contrib. Divisions Avg. %

7.78% 10.51 10.09 14.49 --23.24 6.19 5.67 7.31 5.17

57 243 4 350 6 2 641 14 3 38 10

6.20% 9.84 9.62 11.74 13.80 3.83 17.14 5.09 5.41 3.66 5.28

9 -3

8.47 -8.00

27 1 5

7.64 10.61 3.90

14.10 -19.53 9.82 -13.24 --15.02 19.22 15.62 -11.88 10.33 35.47 22.12 21.36 ---0.00

-3 --4 -5 1 -2 -2 ---1 -6 8 3 --

-13.16 --39.43 -28.31 18.58 -23.21 -64.31 ---54.76 -4.39 6.82 7.97 --

2 3 3 2 4 1 5 1 1 13 17 2 1 2 1 24 7 6 8 3 1

14.10 13.16 19.53 9.82 39.43 13.24 28.31 18.58 15.02 19.63 15.62 64.31 11.88 10.33 35.47 22.40 21.36 4.39 6.82 7.97 0.00

13.07

510

15.26

1,508

13.70

ADDITIONAL BENEFIT PROGRAMS (EXCLUDES 19 DIVISIONS OF 15 CLOSED MUNICIPALITIES) Benefit No. of Benefit No. of Benefit Program Divisions Program Divisions Program 6 & out 1 ER 55/10 8 20 & out 17 ER None 3 F50 21 & out 1 E-1 289 F50/20 22 & out 3 E-1(2%) 2 F53 25 & out 129 E-1 (2% Comp) 1 F55 30 & out 10 E-1 (3% Comp) 5 65 Points 2 E-1 (CPI, 2%) 1 D-2 D-2 (70% Min) NR 50 5 E-2 638 D-2(67%Dth/50%DSB) NR 55 24 E-2 (1%) 8 D-2(25%NDty/67%Dty) NR 58 3 E-2 (2% ) 1 NDD15% E-2 (2% Comp) 22

No. of Divisions 412 2 6 1,177 66 10 15 6 15

Benefit Program RS 50% RS 60% RS 100% Sub.75% V-5 V-6 V-7 V-8 V-10 V-10/V-1 V-15/V-10 Old Plan

No. of Divisions 139 17 2 15 15 414 2 183 1,478 6 4 16

Benefit Program SLIF AWD AWD 8% DROP+ FAC-2 FAC-3 FAC-4 FAC-5 Old Plan

No. of Divisions 43 25 7 1 9 905 2 1,186 16

Note: Some benefit programs in the two tables above are modifications of MERS standard benefits (see Section 43B of the MERS plan document). Others are benefit provisions that were in effect prior to MERS participation, and are not subject to change or available for adoption as a MERS benefit. -20-

CHART 5 DISTRIBUTION OF FUNDED PERCENTAGE OF ACTUARIAL ACCRUED LIABILITY AMONG THE 700 PARTICIPATING MUNICIPALITIES AS OF DECEMBER 31, 2010 200

175

Number of Municipalities (Excludes 15 Closed Municipalities)

180 160 131

123

140 120

88

100 80 51

49

60 40

23

22 12

20

19 7

0 Under 50%

50-59%

60-69%

70-79%

80-89%

90-99%

100-109%

110-119%

120-129%

130-139%

Over 139%

-21-

CHART 6 DISTRIBUTION OF MUNICIPALITY DIVISIONS BY EMPLOYER CONTRIBUTION RATE

Number of Divisions (Excludes 610 Closed Divisions And 19 Divisions of 15 Closed Municipalities)

300 251 250 175

200

161

169 150 122

150 100 100

80

79

69

61

55 36 50

0 0.00% 1.99%

2.00% 3.99%

4.00% 5.99%

6.00% 7.99%

8.00% - 10.00% - 12.00% - 14.00% - 16.00% - 18.00% - 20.00% - 22.00% - 24.00% 9.99% 11.99% 13.99% 15.99% 17.99% 19.99% 21.99% 23.99% & Over

-22-

TABLE 11-A ACCRUED LIABILITIES AND FUNDED PERCENTAGES HISTORICAL COMPARISON

Valuation Date Dec. 31,

Non-Retired Members Accrued Liabilities

Annual Allowances Being Paid

Retiree & Beneficiary Liabilities

Aggregate Accrued Liabilities

Aggregate Valuation Assets

Ratio of Valuation Assets to Accrued Liabilities

1976 1977 1978 1979 1980

$ 211,840,776 244,970,343 276,353,722 315,733,909 362,838,351

$ 8,753,807 10,753,677 12,012,571 13,450,368 15,234,503

$ 90,361,506 103,736,444 115,949,168 130,607,800 148,945,789

$ 302,202,282 348,706,787 392,302,890 446,341,709 511,784,140

$ 209,071,263 243,536,698 280,893,767 327,542,457 387,265,070

69.2% 69.8 71.6 73.4 75.7

1981 1982 1983 1984 1985

363,323,286 414,051,335 446,269,077 461,576,458 515,821,524

17,446,778 19,618,191 21,674,209 24,369,121 27,747,190

149,976,466 168,634,555 186,670,065 210,461,164 241,109,150

513,299,752 582,685,890 632,939,142 672,037,622 756,930,674

473,256,032 556,991,697 662,916,808 753,645,676 852,594,742

92.2 95.6 104.7 112.1 112.6

1986 1987 1988 1989 1990

561,682,159 562,053,213 607,495,332 680,170,204 775,542,300

31,567,968 35,740,364 40,676,119 45,635,598 51,738,242

274,975,217 312,365,574 356,617,104 402,345,765 457,239,911

836,657,376 874,418,787 964,112,436 1,082,515,969 1,232,782,211

975,239,340 1,101,948,565 1,178,554,489 1,299,895,892 1,397,164,304

116.6 126.0 122.3 120.1 113.3

1991 1992 1993 1994 1995

878,855,313 61,807,210 996,091,502 71,044,806 1,442,124,270* 80,964,212 1,624,832,681 91,226,923 1,775,482,400 102,010,673

562,788,136 648,167,481 704,868,169 844,417,739 968,431,013

1,441,643,449 1,644,258,983 2,146,992,632 2,469,250,420 2,743,913,413

1,550,887,208 1,720,222,990 1,863,307,761 1,986,586,888 2,166,888,155

107.6 104.6 86.8* 80.5 79.0

1996 1997 1998 1999 2000

1,940,753,420 2,110,440,654 2,275,823,309 2,372,394,581 2,652,393,426

109,841,190 124,469,481 138,700,740 152,771,711 173,549,622

1,035,006,491 1,174,726,785 1,316,174,131 1,463,153,486 1,744,617,407

2,975,759,911 3,285,167,459 3,591,997,440 3,835,548,067 4,397,010,833

2,386,832,847 2,692,666,308 3,030,361,014 3,464,935,295 3,787,192,159

80.2 82.0 84.4 90.3 86.1

2001 2002 2003 2004 2005

2,839,295,057 3,022,035,098 3,232,507,773 3,468,273,493 3,642,919,909

191,785,646 210,982,922 236,588,632 262,221,987 288,061,637

1,944,557,814 2,159,117,550 2,435,240,158 2,696,552,909 2,966,188,567

4,783,852,871 5,181,152,648 5,667,747,931 6,164,826,402 6,609,108,476

4,034,376,766 4,132,989,295 4,459,492,556 4,731,421,917 5,026,080,689

84.3 79.8 78.7 76.7 76.0

2006 2007 2008 2009 2010

3,873,227,261 4,096,299,479 4,292,664,633 4,192,727,414 4,366,511,986

322,522,645 353,541,830 391,959,046 423,577,691 481,476,493

3,314,517,721 3,627,633,023 4,029,217,401 4,341,972,611 4,950,709,526

7,187,744,982 7,723,932,502 8,321,882,034 8,534,700,025 9,317,221,512

5,493,761,771 5,973,015,584 6,245,536,242 6,443,101,939 6,945,422,936

76.4 77.3 75.0 75.5 74.5

* Change in actuarial funding method from Attained Age Normal Cost to Entry Age Normal Cost.

-23-

TABLE 11-B RESERVE FOR EMPLOYEE CONTRIBUTIONS AGGREGATE ACCRUED LIABILITIES AND AGGREGATE VALUATION ASSETS HISTORICAL COMPARISON Valuation Date December 31,



Ratio of Valuation Assets Accrued Liabilities

1976 1977 1978 1979 1980

$ 57,510,496 63,787,655 70,679,181 78,583,584 87,322,139

$ 57,510,496 63,787,655 70,679,181 78,583,584 87,322,139

1981 1982 1983 1984 1985

99,974,213 110,972,544 123,119,737 134,610,254 146,719,594

99,974,213 110,972,544 123,119,737 134,610,254 146,719,594

100.0 100.0 100.0 100.0 100.0

1986 1987 1988 1989 1990

158,270,468 166,483,204 175,671,692 184,507,092 193,558,998

158,270,468 166,483,204 175,671,692 184,507,092 193,558,998

100.0 100.0 100.0 100.0 100.0

1991 1992 1993 1994 1995

202,674,346 214,772,461 221,196,735 238,971,125 250,640,757

202,674,346 214,772,461 221,196,735 238,971,125 250,640,757

100.0 100.0 100.0 100.0 100.0

1996 1997 1998 1999 2000

265,314,637 277,465,847 291,925,302 305,474,698 318,387,711

265,314,637 277,465,847 291,925,302 305,474,698 318,387,711

100.0 100.0 100.0 100.0 100.0

2001 2002 2003 2004 2005

336,500,799 359,218,473 396,680,584 422,536,663 463,025,882

336,500,799 359,218,473 396,680,584 422,536,663 463,025,882

100.0 100.0 100.0 100.0 100.0

2006 2007 2008 2009 2010

518,036,804 565,861,130 591,919,166 604,275,554 652,068,591

518,036,804 565,861,130 591,919,166 604,275,554 652,068,591

100.0 100.0 100.0 100.0 100.0

100.0% 100.0 100.0 100.0 100.0

-24-

TABLE 11-C ACTUARIAL ACCRUED LIABILITIES FOR RETIRED BENEFIT PAYMENTS HISTORICAL COMPARISON Valuation Date December 31,

Annual Retirement Allowances




1976 1977 1978 1979 1980

$ 8,753,807 10,753,677 12,012,571 13,450,368 15,234,503

$ 90,361,506 103,736,444 115,949,168 130,607,800 148,945,789

$ 93,578,119 106,505,499 117,165,585 130,953,142 149,933,072

1981 1982 1983 1984 1985

17,446,778 19,618,191 21,674,209 24,369,121 27,747,190

149,976,466 168,634,555 186,670,065 210,461,164 241,109,150

161,990,110 181,975,448 202,412,938 210,461,164 241,109,150

108.0 107.9 108.4 100.0 100.0

1986 1987 1988 1989 1990

31,567,968 35,740,364 40,676,119 45,635,598 51,738,242

274,975,217 312,365,574 356,617,104 402,345,765 457,239,911

274,975,217 312,365,574 356,617,104 402,345,765 457,239,911

100.0 100.0 100.0 100.0 100.0

1991 1992 1993 1994 1995

61,807,210 71,044,806 80,964,212 91,226,923 102,010,673

562,788,136 648,167,481 704,868,169 844,417,739 968,431,013

562,788,136 648,167,481 704,868,169 844,417,739 968,431,013

100.0 100.0 100.0 100.0 100.0

1996 1997 1998 1999 2000

109,841,190 124,469,481 138,700,740 152,771,711 173,549,622

1,035,006,491 1,174,726,785 1,316,174,131 1,463,153,486 1,744,617,407

1,035,006,491 1,121,695,199 1,255,316,779 1,399,439,687 1,661,933,518

100.0 95.5 95.4 95.6 95.3

2001 2002 2003 2004 2005

191,785,646 210,982,922 236,588,632 262,221,987 288,061,637

1,944,557,814 2,159,117,550 2,435,240,158 2,696,552,909 2,966,188,567

1,838,700,512 2,012,124,629 2,244,136,154 2,464,191,571 2,708,811,119

94.6 93.2 92.2 91.4 91.3

2006 2007 2008 2009 2010

322,522,645 353,541,830 391,959,046 423,577,691 481,476,493

3,314,517,721 3,627,633,023 4,029,217,401 4,341,972,611 4,950,709,526

3,027,004,180 3,346,099,089 3,676,000,849 3,914,504,693 4,399,725,563

91.3 92.2 91.2 90.2 88.9

103.6% 102.7 101.0 100.3 100.7

-25-

TABLE 11-D RESERVE FOR EMPLOYER CONTRIBUTIONS HISTORICAL COMPARISON

Valuation Date December 31,

Aggregate Accrued Liabilities (Excluding Retirees)



1976 1977 1978 1979 1980

$ 154,330,280 181,182,688 205,674,541 237,150,325 275,516,212

$ 57,982,648 73,243,544 93,049,001 118,005,731 150,009,859

1981 1982 1983 1984 1985

263,349,073 303,078,791 323,149,340 326,966,204 369,101,930

211,291,709 264,043,705 337,384,133 408,574,258 464,765,998

80.2 87.1 104.4 125.0 125.9

52,057,364 39,035,086 ‑ ‑ ‑

12.1 8.5 ‑ ‑ ‑

1986 1987 1988 1989 1990

403,411,691 395,570,009 431,823,640 495,663,112 581,983,302

541,993,655 623,099,787 647,265,693 713,043,035 746,365,395

134.4 157.5 149.9 143.9 128.2

‑ ‑ ‑ ‑ ‑

‑ ‑ ‑ ‑ ‑

1991 1992 1993 1994 1995

676,180,967 781,319,041 1,220,927,535* 1,385,861,556 1,524,841,643

785,424,726 857,283,048 937,242,857 903,198,024 947,816,385

116.2 109.7 76.8* 65.2 62.2

‑ ‑ 283,684,871 482,663,536 577,025,258

‑ ‑ 32.6 52.2 59.3

1996 1997 1998 1999 2000

1,675,438,783 1,832,974,807 1,983,898,007 2,066,919,883 2,334,005,715

1,086,511,719 1,293,505,262 1,483,118,933 1,760,020,910 1,806,870,930

64.8 70.6 74.2 85.2 77.4

588,927,064 539,469,545 500,779,074 306,898,973 527,134,785

57.4 50.0 43.1 26.0 43.0

2001 2002 2003 2004 2005

2,502,794,258 2,662,816,625 2,835,827,189 3,045,736,830 3,179,894,027

1,859,175,455 1,761,646,193 1,818,675,818 1,844,693,683 1,854,243,688

74.3 66.2 64.1 60.6 58.3

643,618,803 901,170,432 1,017,151,371 1,201,043,147 1,325,650,339

50.6 67.9 73.6 83.6 90.6

2006 2007 2008 2009 2010

3,355,190,457 3,530,438,349 3,700,745,467 3,588,451,860 3,714,443,395

1,948,720,787 2,061,055,365 1,977,616,227 1,924,321,692 1,893,628,782

58.1 58.4 53.4 53.6 51.0

1,406,469,670 1,469,382,984 1,723,129,240 1,664,130,168 1,820,814,613

91.0 92.9 106.0 101.7 108.1

37.6% 40.4 45.2 49.8 54.4

Unfunded Accrued Liabilities Aggregate As Percent of Dollars Active Payroll $ 96,347,632 107,939,144 112,625,540 119,144,594 125,506,353

36.5% 37.0 35.8 33.8 31.4

* Change in actuarial funding method from Attained Age Normal Cost to Entry Age Normal Cost.

-26-

TABLE 12 TERMINATION LIABILITY AS OF DECEMBER 31, 2010

Type of Member Active Members Vested Former Members Retired Members and Beneficiaries Pending Refunds

Termination Liability $3,231,864,165 365,831,999 4,950,709,526 15,686,866

Total

$8,564,092,556

Total Valuation Assets

$6,945,422,936

Funded Percent

81.1%

Comment The Termination Liability represents the present value of benefits payable in the event that all active members terminate employment on December 31, 2010, based upon the valuation interest and mortality assumptions. For a non-vested active member, the Termination Liability represents the present value of the non-vested accrued benefit (deferred to age 60). Pending refunds represent expected refunds of accumulated member contributions to persons who have terminated membership before becoming eligible for pension benefits.

-27-

TABLE 13 FUNDING PROGRESS ACHIEVEMENT TESTS – HISTORICAL COMPARISON ($ MILLIONS) Termination Test Termination Funded Liability Ratio

Valuation Date Dec. 31,

Valuation Assets

1975

$ 177.8

1980

387.3

$ 419.0

1985

852.6

609.7

1990

1,397.2

1995 1996 1997 1998 1999

Actuarial Accrued Liability $ 260.3

92.4%

Continuation Tests Unfunded Funded Actuarial Member Ratio Liability Payroll 68.3%

$ 82.5

$ 243.8

Ratio of Unfunded Accrued Actuarial Liability to Payroll 33.8%

511.8

75.7

124.5

399.4

31.2

139.8

756.9

112.6

‑

544.2

‑

997.4

140.1

1,232.8

113.3

‑

725.7

‑

2,166.9 2,386.8 2,692.7 3,030.4 3,464.9

1,817.1 1,980.0 2,248.9 2,505.3 2,728.6

119.2 120.5 119.7 121.0 127.0

2,743.9 2,975.8 3,285.2 3,592.0 3,835.5

79.0 80.2 82.0 84.4 90.3

577.0 589.0 592.5 561.6 370.6

973.0 1,025.2 1,068.6 1,163.1 1,179.3

59.3 57.5 55.4 48.3 31.4

2000 2001 2002 2003 2004

3,787.2 4,034.4 4,133.0 4,459.5 4,731.4

3,167.8 3,813.5 4,193.7 4,652.5 5,155.8

119.6 105.8 98.6 95.9 91.8

4,397.0 4,783.9 5,181.2 5,667.7 6,164.8

86.1 84.3 79.8 78.7 76.7

609.8 749.5 1,048.2 1,208.2 1,433.4

1,226.0 1,271.6 1,327.4 1,381.2 1,437.2

49.7 58.9 79.0 87.5 99.7

2005 2006 2007 2008 2009

5,026.1 5,493.8 5,973.0 6,245.5 6,443.1

5,605.7 6,244.3 6,730.3 7,268.2 7,748.8

89.7 88.0 88.7 85.9 83.1

6,609.1 7,187.7 7,723.9 8,321.9 8,534.7

76.0 76.4 77.3 75.0 75.5

1,583.0 1,693.9 1,750.9 2,076.4 2,091.6

1,462.4 1,545.9 1,581.6 1,624.9 1,636.5

108.2 109.6 110.7 127.8 127.8

2010

6,945.4

8,564.1

81.1

9,317.2

74.5

2,371.8

1,684.0

140.8

-28-

V. GASB NO. 25 AND GASB NO. 27 INFORMATION The following information has been prepared to provide the information necessary to comply with GASB Statements No. 25 and No. 27. Statement No. 25 is effective for fiscal years beginning after June 15, 1996 and Statement No. 27 is effective for fiscal years beginning after June 15, 1997.

All entries are based on the actuarial methods and assumptions that were used in the December 31, 2010 actuarial valuation to determine the annual employer contribution amounts. The entry age normal actuarial method was used to determine the disclosure entries.

GASB No. 25 Information (as of 12/31/2010) Actuarial Accrued Liability Retirees and beneficiaries currently receiving benefits Terminated employees (vested former members) not yet receiving benefits Non-vested terminated employees (pending refunds of accumulated member contributions) Current employees Total Actuarial Accrued Liability

$4,950,709,526 365,831,999 15,686,866 3,984,993,121 $9,317,221,512

Net Assets Available for Benefits at Actuarial Value (Market Value is $5,974,859,019)

6,945,422,936

Unfunded (Overfunded) Actuarial Accrued Liability

$2,371,798,576

GASB No. 27 Information (as of 12/31/2010) Municipality Fiscal Years Beginning in 2012 Annual Required Contribution (ARC)

$ 288,177,192*

* Based on valuation payroll. For divisions that are open to new hires, the actual required contributions will be based on current monthly payrolls (during fiscal years beginning in 2012) times the computed employer contribution rate(s) shown in Tables 15 and 16 of the individual municipality actuarial valuation reports. The ARC shown here is the sum of the ARC’s calculated separately for each division. This ARC excludes 15 closed municipalities.

-29-

VI. 50-YEAR ACTUARIAL PROJECTIONS Regular actuarial valuations measure the retirement system’s present financial position and contribution adequacy by calculating and financing the liabilities created by the benefit program. This process involves discounting to present values the future benefit payments on behalf of present active and retired members and their survivors. However, valuations do not produce information regarding future changes in the makeup of the covered group or the amounts of benefits to be paid or investment return to be received. This is done by actuarial projections. Whereas valuations provide a snapshot of the retirement system as of a given date, projections provide a moving picture. Projected active, inactive vested and retired groups are developed from year-to-year by the application of assumptions regarding pre-retirement withdrawal from service, retirements, deaths, disabilities, and the addition of new members. Projected information regarding the retired life group leads to assumed future benefit payout. Combining future benefit payments with expected contributions and investment earnings produces the net cash flow of the system each year, and thus end of year asset levels. Projection results are a useful educational tool for demonstrating changing relationships among key elements affecting system financial activity over a long period of time. For example: how benefits and system assets will grow in future decades. Projections are not predictions of specific future events and do not provide numeric precision in absolute terms. For instance, cash flow projected to occur 10 years in the future will not be exact (except by coincidence). However, projections can increase the understanding of the emerging and changing relationships between future benefit payout and future investment income.

This report presents the results of a 50-Year open group actuarial projection of MERS’ experience based on regular actuarial assumptions and December 31, 2010 census data. Each division (general, police, fire, etc.) of each municipality and court is separately projected, based on the benefit provisions and actuarial assumptions applicable to that division. Closed divisions (new hires are not covered by MERS defined benefit or hybrid provisions in a linked division) are included in the projection, but with no new hires replacing members as they leave the active member group. The results have been summarized over the 2,137 defined benefit divisions (includes 19 divisions of 15 closed municipalities) and are presented in this report. In order to illustrate the impact of changes in investment return, two alternative investment return scenarios have been included in the report. -30-

SUMMARY OBSERVATIONS The actuarial projections of MERS are based on regular valuation assumptions and lead to some general observations: 1)

The ratio of active members to retirees will decline gradually over the next 50 years from the present level of 1.3 to a low point of around 0.8, and will settle at around 1.0 (see page 42). Expressed simply, the retiree population is expected to increase around 21%. At the same time, the active member population declines about 13% due to divisions that are closed to new hires (new hires are covered by the MERS defined contribution plan). The decline in the active/retiree ratio may be postponed if the active member population grows larger than projected, either due to new employers joining MERS or an increase in the existing employers’ work forces with defined benefit coverage.

2)

Due to the closed divisions, some of the projected quantities rise to higher levels, before settling down to their long term expected levels.

3)

The growth of the trust fund is expected to continue indefinitely, because of the projected 4.5% inflation. In real terms (2011 dollars), assets in 2060 will be slightly lower than the present (2011) level under the base projection (see page 44). However, assets will peak at a 7% higher level around 2018, due to the closed divisions, before declining back down to just below the present level (closed division employer contributions increase for 11-12 years after closure and then start to decline).

4)

Investment return is now and is expected to continue to be the largest source of revenue (by far) for the retirement system under the base projection (see page 44 or 48). Ultimately, the investment return is projected to be about 2.9 times as large as the employer and member contributions, under the base projection.

5)

MERS’ annual benefit payout is already larger than the annual employer and member contributions (see page 44). MERS relies in part on investment return to pay benefits. This is the normal and expected situation in a prefunded retirement system. The system has been reaping the rewards of actuarial advance funding. Liquidity needs will increase gradually until eventually leveling off at about 3%-3.5% of assets under the base projection (see page 46). The 3.5% annual real investment return (return in excess of inflation) will be used to pay benefits, while the 4.5% inflation portion of investment return will be needed to maintain the value of the portfolio.

-31-

6)

Benefit payout relative to active member payroll will temporarily increase with time, due mostly to the retirees from divisions that are closed to new hires. In the long run, benefit payout will level out at close to 25% of payroll, which is less than the level in 2010. Meanwhile, employer and member contributions will decline to under 12% of payroll under the base projection (see page 48).

7)

The current funded ratio, 75%, gradually increases towards 100% over the projection period under the base projection (see page 51). Since most amortization periods for divisions with unfunded liabilities never decrease below 20 years, the unfunded accrued liability for those divisions slowly gets smaller and smaller in real dollars, but never quite drops to zero. This smooth progression, of course, is based on a constant 8% projected investment income based on the actuarial value of assets.

8)

Based on current actuarial assumptions, the active member population “turns over” more rapidly than most readers would expect. By 2019 over half of the active members are persons who have not even been hired yet as of December 31, 2010 (see page 35). This is a common result.

9)

In the base projection, investment return on valuation assets is projected to be a constant 8% annually. Remember that at the beginning of the projection (December 31, 2010), valuation assets were higher than market value by over 16%. Consequently, in order to achieve an 8% return on valuation assets, the return on market value must average more than 8% annually. The base projection assumes that the 2008 investment losses are fully made up, so that the 10-year smoothed assets reflect 8% return every year. To show the impact of lower returns we included two more pessimistic projections. Alternative 1 projections were based on 7% annual market returns beginning January 1, 2011. Alternative 2 projections were based on 6% annual market returns beginning January 1, 2011. The alternative projections are more pessimistic than the base projections, because the 2008 market losses are never made up and the ongoing rate of return is less than 8%. Under the alternative projections, the annual valuation calculations of liabilities and required contributions are still based on the 8% investment return assumption. The cash flow and asset values, however, are based on the lower assumed investment returns. The population projections for Alternative 1 and Alternative 2 are identical to the population projections for the base scenario. The results of Alternatives 1 and 2 are compared with the base projection on pages 68 to 71.

-32-

10) Both alternatives result in substantially larger contribution requirements (see pages 68-69) and much lower funded percentages (see pages 70-71) than the base projection. 11) Under Alternative 1, the funded ratio will decline from the current 75% to 68% and slowly rise to 78% by the end of the projection period (see page 70). The contribution requirements will increase substantially from current levels for the first 9 years, as the 2008 losses are fully reflected in the actuarial valuations. Thereafter, the contribution requirements will decrease, ultimately to just below 2011 levels, but about 6% of pay higher than the base projections (see page 68). Under Alternative 2, the funded ratio will decline from 75% down to 62% and then rise slightly to 63% by the end of the projection period (see page 70). The contribution requirement for Alternative 2 will increase substantially from current levels for the first 10 years, as the 2008 losses are fully reflected in the actuarial valuations. Thereafter, the contribution requirements will decrease, ending up at a level about 2% - 3% of payroll higher than the 2011 levels (see page 68). This compares to the expected 7% - 8% reduction in contribution requirements under the base projection. By the end of the projection the required contribution rate (employer and member combined) is 11.70% under the base projection, 17.71% under Alternative 1, and 21.75% under Alternative 2. This demonstrates that the projected funded ratio and required contribution are highly sensitive to seemingly modest changes in the projected rate of investment return, and how important it is to make up the 2008 market losses. 12) If the average actual market rate of return is below 8% for an extended period, it is likely that the actuary would recommend that the Retirement Board adopt a lower investment return assumption for the annual actuarial valuations. This would result in an immediate (at that time) decrease in the computed funded ratio and increase in the required contributions. Thereafter, the funded ratio would start climbing back toward 100%, and the required contribution rate would gradually decline to the normal cost rate (based on the new assumption).

-33-

P O P U L AT I O N P R O J E C T I O N

The first phase of the projection study is to forecast the development of the active and retired groups in coming decades. The following pages present the results of the MERS population projection from 2011 through 2060 based on a continuation of present demographic patterns.

CHARACTERISTICS OF FUTURE MEMBERS The assumed characteristics of future members have a powerful effect on the results of 50-year projections, since future members are the major portion of the active member group for most of the 50 years (see page 35). The characteristics assumed for these projections are those of current members at the time they were hired. Characteristics of Future Members at Time of Employment Age Percent Below 25 25 - 29 30 - 34 35 - 39 40 - 44 45 - 49 50 - 54 55 & Up Total Average Pay (2010)

17.5 % 22.8 17.3 14.4 11.3 8.2 4.9 3.6 100.0 %

$47,018

-34-

TABLE 14 MERS ACTIVE MEMBER POPULATION 2011-2060 Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Present 32,265 29,311 26,722 24,386 22,238 20,250 18,395 16,675 15,057 13,546 12,151 10,868 9,691 8,611 7,626 6,717 5,892 5,149 4,475 3,866 3,319 2,829 2,392 2,004 1,666

Active Members Future 3,101 5,659 7,880 9,872 11,697 13,389 14,972 16,441 17,830 19,130 20,332 21,440 22,461 23,401 24,264 25,066 25,798 26,462 27,066 27,615 28,111 28,558 28,959 29,318 29,632

Total 35,366 34,970 34,602 34,258 33,935 33,639 33,367 33,115 32,887 32,677 32,483 32,308 32,152 32,013 31,890 31,783 31,690 31,611 31,541 31,481 31,429 31,387 31,351 31,322 31,298

Year Ending December 31, 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060

Present 1,374 1,127 918 741 593 473 376 297 232 179 136 102 75 54 38 26 18 12 8 5 3 2 1 0 0

Active Members Future 29,903 30,133 30,329 30,496 30,635 30,748 30,841 30,916 30,977 31,028 31,068 31,100 31,126 31,146 31,161 31,172 31,180 31,186 31,190 31,193 31,194 31,196 31,196 31,197 31,197

Total 31,277 31,260 31,247 31,237 31,228 31,222 31,216 31,212 31,209 31,206 31,204 31,202 31,201 31,200 31,199 31,198 31,198 31,198 31,197 31,197 31,197 31,197 31,197 31,197 31,197

Within 9 years it is expected that over half of the active member population will consist of people entering the system after the valuation date (December 31, 2010). -35-

TABLE 15 MERS PRESENT ACTIVE MEMBERS GROUP AVERAGES 2011-2060 Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Present Active Members 32,265 29,311 26,722 24,386 22,238 20,250 18,395 16,675 15,057 13,546 12,151 10,868 9,691 8,611 7,626 6,717 5,892 5,149 4,475 3,866 3,319 2,829 2,392 2,004 1,666

Group Averages Age Service 46.7 13.0 47.3 13.8 47.9 14.6 48.5 15.3 49.0 16.1 49.4 16.8 49.8 17.5 50.2 18.2 50.6 18.9 50.9 19.6 51.3 20.3 51.6 21.0 51.9 21.7 52.2 22.3 52.6 23.0 52.9 23.7 53.2 24.3 53.5 25.0 53.8 25.7 54.2 26.3 54.5 27.0 54.8 27.7 55.2 28.4 55.6 29.1 56.0 29.9


Present Active Members 1,374 1,127 918 741 593 473 376 297 232 179 136 102 75 54 38 26 18 12 8 5 3 2 1 0 0


Approximately 90% of the current active population will no longer be active after 21 years. None of the current active members will still be active members in 2060. -36-

TABLE 16 MERS FUTURE ACTIVE MEMBERS GROUP AVERAGES 2011-2060 Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Future Active Members 3,101 5,659 7,880 9,872 11,697 13,389 14,972 16,441 17,830 19,130 20,332 21,440 22,461 23,401 24,264 25,066 25,798 26,462 27,066 27,615 28,111 28,558 28,959 29,318 29,632



Future Active Members 29,903 30,133 30,329 30,496 30,635 30,748 30,841 30,916 30,977 31,028 31,068 31,100 31,126 31,146 31,161 31,172 31,180 31,186 31,190 31,193 31,194 31,196 31,196 31,197 31,197


-37-

TABLE 17 MERS TOTAL ACTIVE MEMBERS GROUP AVERAGES 2011-2060 Total Year Ending Active December 31, Members 2011 35,366 2012 34,970 2013 34,602 2014 34,258 2015 33,935 2016 33,639 2017 33,367 2018 33,115 2019 32,887 2020 32,677 2021 32,483 2022 32,308 2023 32,152 2024 32,013 2025 31,890 2026 31,783 2027 31,690 2028 31,611 2029 31,541 2030 31,481 2031 31,429 2032 31,387 2033 31,351 2034 31,322 2035 31,298

Age 45.6 45.3 45.0 44.7 44.4 44.1 43.8 43.5 43.3 43.0 42.8 42.6 42.4 42.2 42.1 42.0 41.9 41.8 41.8 41.8 41.8 41.8 41.8 41.9 41.9

Group Averages Total Group Averages Pay Year Ending Active Pay Service Inflated 2011 Dollars December 31, Members Age Service Inflated 2011 Dollars 11.8 $ 48,164 $ 48,164 2036 31,277 42.0 9.5 $144,080 $ 47,940 11.7 48,848 46,744 2037 31,260 42.0 9.5 150,868 48,037 11.5 49,749 45,557 2038 31,247 42.1 9.6 157,941 48,123 11.3 50,872 44,579 2039 31,237 42.1 9.7 165,308 48,199 11.1 53,384 44,766 2040 31,228 42.1 9.7 172,977 48,263 10.9 56,027 44,959 2041 31,222 42.2 9.8 180,965 48,318 10.7 58,786 45,142 2042 31,216 42.2 9.8 189,278 48,361 10.5 61,684 45,327 2043 31,212 42.2 9.8 197,931 48,394 10.4 64,727 45,515 2044 31,209 42.2 9.9 206,939 48,418 10.2 67,916 45,701 2045 31,206 42.2 9.9 216,318 48,433 10.0 71,258 45,885 2046 31,204 42.2 9.9 226,086 48,440 9.8 74,743 46,057 2047 31,202 42.2 9.9 236,266 48,441 9.7 78,391 46,224 2048 31,201 42.2 9.9 246,877 48,437 9.6 82,200 46,383 2049 31,200 42.2 9.9 257,944 48,429 9.5 86,188 46,539 2050 31,199 42.2 9.8 269,492 48,418 9.4 90,365 46,693 2051 31,198 42.2 9.8 281,547 48,406 9.3 94,726 46,839 2052 31,198 42.2 9.8 294,136 48,393 9.3 99,287 46,980 2053 31,198 42.1 9.8 307,287 48,379 9.2 104,058 47,118 2054 31,197 42.1 9.8 321,028 48,366 9.2 109,042 47,248 2055 31,197 42.1 9.7 335,389 48,354 9.2 114,253 47,374 2056 31,197 42.1 9.7 350,400 48,343 9.3 119,697 47,494 2057 31,197 42.1 9.7 366,093 48,333 9.3 125,385 47,609 2058 31,197 42.1 9.7 382,501 48,324 9.3 131,335 47,721 2059 31,197 42.1 9.7 399,657 48,318 9.4 137,566 47,832 2060 31,197 42.1 9.7 417,596 48,312

Average pay in year 2011 dollars provides a constant measure of purchasing power. In 2060, a participant earning a pay of $417,596 will be in the same relative financial position as the average participant today (based on 4.5% annual wage inflation). -38-

CHART 7 ACTIVE POPULATION - PRESENT AND FUTURE

40 35 30

Thousands

25 20 15 10 5 0 2011

2019

2027

2035

2043

2051

2059

Year Future Actives

Current Actives

-39-

TABLE 18 MERS RETIREE POPULATION 2011-2060 Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Retired Members Present Future 26,349 1,981 25,734 3,767 25,105 5,521 24,450 7,309 23,785 9,027 23,106 10,765 22,413 12,444 21,707 14,110 20,990 15,703 20,264 17,242 19,525 18,727 18,781 20,124 18,029 21,495 17,268 22,766 16,500 23,940 15,729 25,102 14,954 26,171 14,176 27,129 13,394 28,062 12,613 28,927 11,836 29,737 11,065 30,430 10,301 31,040 9,548 31,565 8,808 32,007

Total 28,330 29,501 30,626 31,759 32,812 33,871 34,856 35,818 36,693 37,505 38,252 38,905 39,524 40,034 40,440 40,831 41,125 41,305 41,457 41,540 41,573 41,494 41,341 41,113 40,815


Retired Members Present Future 8,086 32,373 7,385 32,704 6,708 32,979 6,058 33,185 5,440 33,340 4,857 33,426 4,310 33,466 3,802 33,480 3,335 33,452 2,910 33,397 2,525 33,317 2,182 33,227 1,878 33,124 1,611 33,027 1,379 32,926 1,178 32,827 1,007 32,731 861 32,640 738 32,555 635 32,477 548 32,406 476 32,344 415 32,289 364 32,242 321 32,203

Total 40,459 40,089 39,686 39,243 38,780 38,283 37,776 37,282 36,788 36,307 35,842 35,408 35,002 34,637 34,304 34,006 33,738 33,501 33,293 33,112 32,955 32,820 32,704 32,607 32,524

The present retiree group changes more gradually than the active member group. Just over half of the present retiree group is expected to be still drawing benefits after 18 years. -40-

Thousands

CHART 8 MERS RETIREE POPULATION - PRESENT AND FUTURE

45 40 35 30 25 20 15 10 5 0 2011

2019

2027

2035

2043

2051

2059

Year Current Retirees

Future Retirees

-41-

TABLE 19 RATIO OF ACTIVE MEMBERS TO RETIREES 2011-2060 Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Active Members 35,366 34,970 34,602 34,258 33,935 33,639 33,367 33,115 32,887 32,677 32,483 32,308 32,152 32,013 31,890 31,783 31,690 31,611 31,541 31,481 31,429 31,387 31,351 31,322 31,298

Retired Members 28,330 29,501 30,626 31,759 32,812 33,871 34,856 35,818 36,693 37,505 38,252 38,905 39,524 40,034 40,440 40,831 41,125 41,305 41,457 41,540 41,573 41,494 41,341 41,113 40,815

Actives per Year Ending Retiree December 31, 1.25 2036 1.19 2037 1.13 2038 1.08 2039 1.03 2040 0.99 2041 0.96 2042 0.92 2043 0.90 2044 0.87 2045 0.85 2046 0.83 2047 0.81 2048 0.80 2049 0.79 2050 0.78 2051 0.77 2052 0.77 2053 0.76 2054 0.76 2055 0.76 2056 0.76 2057 0.76 2058 0.76 2059 0.77 2060

Active Members 31,277 31,260 31,247 31,237 31,228 31,222 31,216 31,212 31,209 31,206 31,204 31,202 31,201 31,200 31,199 31,198 31,198 31,198 31,197 31,197 31,197 31,197 31,197 31,197 31,197

Retired Members 40,459 40,089 39,686 39,243 38,780 38,283 37,776 37,282 36,788 36,307 35,842 35,408 35,002 34,637 34,304 34,006 33,738 33,501 33,293 33,112 32,955 32,820 32,704 32,607 32,524

Actives per Retiree 0.77 0.78 0.79 0.80 0.81 0.82 0.83 0.84 0.85 0.86 0.87 0.88 0.89 0.90 0.91 0.92 0.92 0.93 0.94 0.94 0.95 0.95 0.95 0.96 0.96

The ratio of active members to retirees (A/R) is expected to decline steadily until it reaches a level of about 1.0. This is a reasonable result, given the mixture of retirement conditions in MERS. Note that the ratio dips temporarily to 0.76 as a result of the closed division members moving out of active employment into retirement.

-42-

CHART 9 RATIO OF ACTIVE MEMBERS TO RETIREES 1.5

1.0

0.5

0.0 2011

2015

2020

2025

2030

2035

2040

2045

2050

2055

2060

Year

-43-

CASH FLOW PROJECTIONS

As the retirement system matures, how will the relationship between contributions, benefit payments and investment return be affected? This section explores the expected emerging patterns over the next half century.

TABLE 20 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) 50-YEAR FUND PROJECTION BASED ON VALUATION ASSUMPTIONS ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 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 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060

Assets Beginning of Year $ 6,945 7,296 7,669 8,048 8,433 8,835 9,256 9,689 10,129 10,577 11,031 11,485 11,937 12,389 12,842 13,298 13,761 14,231 14,713 15,210 15,725 16,262 16,824 17,417 18,046 18,716 19,433 20,201 21,023 21,904 22,848 23,857 24,935 26,084 27,306 28,604 29,978 31,431 32,964 34,578 36,275 38,057 39,926 41,884 43,934 46,080 48,323 50,669 53,121 55,684

Employer Normal Cost $143 142 142 143 148 153 158 164 170 177 183 191 198 206 215 224 234 244 255 266 278 290 303 317 332 347 363 380 397 415 434 454 474 496 518 541 566 591 617 645 674 704 735 768 802 838 876 915 956 999

Contributions UAAL Member Payment Contribution $130 $57 144 58 158 58 170 59 188 61 204 64 211 67 213 70 215 73 214 76 207 79 198 83 190 86 183 90 176 94 170 98 166 103 161 107 158 112 154 117 151 123 149 128 147 134 144 141 142 147 141 154 139 161 137 169 135 177 134 185 132 193 131 202 129 211 127 221 125 231 124 241 122 252 120 263 117 275 115 287 112 300 110 314 107 328 104 342 100 358 97 374 93 390 89 408 84 426 80 445

Total $ 331 344 358 372 397 421 436 447 458 467 469 471 475 479 485 493 502 513 525 538 552 568 584 602 622 642 663 686 709 734 760 786 815 844 874 906 939 974 1,010 1,047 1,086 1,127 1,170 1,214 1,260 1,309 1,359 1,412 1,467 1,524

Benefit Payments $ 528* 546 584 622 659 696 732 769 806 844 882 920 959 997 1,034 1,071 1,108 1,144 1,178 1,212 1,246 1,278 1,308 1,338 1,366 1,392 1,420 1,449 1,479 1,512 1,547 1,585 1,628 1,675 1,727 1,785 1,848 1,918 1,993 2,075 2,163 2,258 2,358 2,465 2,577 2,696 2,821 2,952 3,089 3,232

Investment Income $ 548 576 605 634 664 696 729 762 796 831 866 901 936 970 1,005 1,041 1,077 1,113 1,151 1,190 1,230 1,273 1,317 1,364 1,414 1,467 1,524 1,586 1,651 1,721 1,796 1,877 1,962 2,053 2,150 2,253 2,362 2,477 2,598 2,725 2,859 2,999 3,147 3,301 3,462 3,631 3,807 3,992 4,185 4,386

Assets End of Year Inflated 2011 Dollars $ 7,296 $7,296 7,669 7,339 8,048 7,370 8,433 7,389 8,835 7,409 9,256 7,428 9,689 7,440 10,129 7,443 10,577 7,438 11,031 7,423 11,485 7,396 11,937 7,356 12,389 7,305 12,842 7,246 13,298 7,181 13,761 7,110 14,231 7,037 14,713 6,962 15,210 6,887 15,725 6,814 16,262 6,743 16,824 6,676 17,417 6,613 18,046 6,557 18,716 6,508 19,433 6,466 20,201 6,432 21,023 6,406 21,904 6,387 22,848 6,375 23,857 6,370 24,935 6,371 26,084 6,378 27,306 6,389 28,604 6,404 29,978 6,423 31,431 6,444 32,964 6,468 34,578 6,492 36,275 6,517 38,057 6,543 39,926 6,569 41,884 6,594 43,934 6,619 46,080 6,643 48,323 6,667 50,669 6,689 53,121 6,711 55,684 6,732 58,362 6,752

* First year benefit payments include $15.7 million of pending refunds of accumulated member contributions to terminated employees.

-44-

CHART 10 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) PROJECTED TRUST FUND ASSETS 60

50

$ in Billions

40

30

20

10

0 2011

2016

2021

2026

2031

2036

2041

2046

2051

2056

Year 2011 Dollars

Portion due to Inflation

-45-

TABLE 21 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) PROJECTED NON-INVESTMENT CASH FLOW 2011-2060 ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

External Cash Flow Inflow Outflow $331 $528 344 546 358 584 372 622 397 659 421 696 436 732 447 769 458 806 467 844 469 882 471 920 475 959 479 997 485 1,034 493 1,071 502 1,108 513 1,144 525 1,178 538 1,212 552 1,246 568 1,278 584 1,308 602 1,338 622 1,366

Net External Cash Flow Year Ending Dollars % of Assets December 31, $(197) -2.83% 2036 (203) -2.78% 2037 (226) -2.94% 2038 (249) -3.10% 2039 (262) -3.10% 2040 (275) -3.11% 2041 (296) -3.20% 2042 (322) -3.33% 2043 (348) -3.44% 2044 (377) -3.56% 2045 (412) -3.74% 2046 (449) -3.91% 2047 (484) -4.05% 2048 (518) -4.18% 2049 (549) -4.28% 2050 (579) -4.35% 2051 (606) -4.41% 2052 (631) -4.44% 2053 (654) -4.44% 2054 (675) -4.43% 2055 (694) -4.41% 2056 (710) -4.37% 2057 (724) -4.30% 2058 (735) -4.22% 2059 (744) -4.12% 2060

External Cash Flow Inflow Outflow $642 $1,392 663 1,420 686 1,449 709 1,479 734 1,512 760 1,547 786 1,585 815 1,628 844 1,675 874 1,727 906 1,785 939 1,848 974 1,918 1,010 1,993 1,047 2,075 1,086 2,163 1,127 2,258 1,170 2,358 1,214 2,465 1,260 2,577 1,309 2,696 1,359 2,821 1,412 2,952 1,467 3,089 1,524 3,232

Net External Cash Flow Dollars % of Assets $(750) -4.01% (757) -3.89% (763) -3.78% (770) -3.66% (778) -3.55% (787) -3.45% (799) -3.35% (813) -3.26% (831) -3.19% (853) -3.12% (879) -3.07% (909) -3.03% (944) -3.00% (984) -2.98% (1,028) -2.97% (1,077) -2.97% (1,131) -2.97% (1,188) -2.98% (1,251) -2.99% (1,317) -3.00% (1,387) -3.01% (1,462) -3.02% (1,540) -3.04% (1,622) -3.05% (1,708) -3.07%

The net external cash flow is currently in a negative position (i.e., benefits paid are more than contributions received). It is expected to become more negative over the next 50 years. Investment return is needed to pay benefits (a natural result from level contribution financing). Long range, the 3.5% annual real investment return (return in excess of inflation) will be needed to pay benefits. The remainder of investment return (the inflation portion-4.5% in this projection) is needed to preserve the purchasing power of the assets. -46-

CHART 11 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) PROJECTED NET CHANGE IN ASSETS AMOUNTS OF INFLATED DOLLARS 4,000

3,000

$ in Millions

2,000

1,000

0

(1,000)

(2,000) 2011

2016

2021

2026

2031

2036

2041

2046

2051

2056

Year Contributions minus Benefits (External Cash Flow) Investment Return Net Change in Assets (Inflated Dollars)

The results shown in the above chart do not show changes of constant value, because amounts of change are inflated dollar amounts. The Net Change in Assets, the blue bars, indicates perpetual additions to trust fund assets. While this is true (and necessary) in inflated dollars, it is not true in terms of constant value. Constant value changes are shown by the chart on page 45.

-47-

TABLE 22 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) CASH FLOWS AS %’S OF PAYROLL 2011-2060 External Cash Flow Year Ending Contributions Benefits December 31, Received Paid 2011 19.41% 30.97% 2012 20.12% 31.98% 2013 20.80% 33.92% 2014 21.36% 35.68% 2015 21.91% 36.36% 2016 22.34% 36.91% 2017 22.24% 37.33% 2018 21.87% 37.64% 2019 21.50% 37.86% 2020 21.03% 38.01% 2021 20.27% 38.09% 2022 19.52% 38.09% 2023 18.83% 38.03% 2024 18.20% 37.87% 2025 17.65% 37.62% 2026 17.16% 37.30% 2027 16.72% 36.92% 2028 16.33% 36.44% 2029 15.98% 35.90% 2030 15.66% 35.31% 2031 15.37% 34.69% 2032 15.11% 34.01% 2033 14.87% 33.28% 2034 14.64% 32.52% 2035 14.44% 31.72%

External Cash Flow Investment Year Ending Contributions Benefits Return December 31, Received Paid 32.16% 2036 14.24% 30.90% 33.70% 2037 14.06% 30.11% 35.12% 2038 13.89% 29.35% 36.37% 2039 13.73% 28.64% 36.66% 2040 13.58% 27.98% 36.92% 2041 13.44% 27.38% 37.15% 2042 13.31% 26.83% 37.31% 2043 13.18% 26.35% 37.41% 2044 13.06% 25.93% 37.45% 2045 12.95% 25.59% 37.41% 2046 12.84% 25.30% 37.31% 2047 12.74% 25.07% 37.12% 2048 12.64% 24.89% 36.88% 2049 12.55% 24.77% 36.58% 2050 12.45% 24.68% 36.24% 2051 12.37% 24.63% 35.86% 2052 12.28% 24.60% 35.47% 2053 12.20% 24.60% 35.07% 2054 12.12% 24.61% 34.66% 2055 12.04% 24.63% 34.26% 2056 11.97% 24.66% 33.87% 2057 11.90% 24.70% 33.50% 2058 11.83% 24.74% 33.16% 2059 11.77% 24.77% 32.84% 2060 11.70% 24.81%

Investment Return 32.56% 32.32% 32.13% 31.97% 31.86% 31.79% 31.76% 31.76% 31.80% 31.86% 31.94% 32.04% 32.15% 32.28% 32.41% 32.55% 32.69% 32.82% 32.96% 33.09% 33.21% 33.34% 33.45% 33.56% 33.67%

Investment return has already become the largest source of revenue for the retirement system - - - a natural result of level contribution financing. -48-

CHART 12 BASE PROJECTION ((8% MARKET RETURN AND MAKEUP FOR 2008) PROJECTED PATTERN OF CONTRIBUTION INCOME AND BENEFIT PAYOUT 40% 35% 30%

% of Payroll

25% 20% 15% 10% 5% 0% 2011

2019

2027

2035

2043

2051

2059

Years Benefits

Contributions

-49-

TABLE 23 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) MERS PROJECTED FINANCIAL GROWTH RATES 2011-2060 Year Ending Annual Growth in: December 31, Contributions Benefits 2012 3.94% 3.56% 2013 4.18% 6.89% 2014 3.97% 6.48% 2015 6.60% 5.95% 2016 6.06% 5.61% 2017 3.64% 5.24% 2018 2.40% 5.02% 2019 2.45% 4.80% 2020 1.97% 4.68% 2021 0.55% 4.52% 2022 0.43% 4.33% 2023 0.69% 4.22% 2024 0.93% 3.96% 2025 1.26% 3.76% 2026 1.59% 3.60% 2027 1.88% 3.44% 2028 2.11% 3.21% 2029 2.33% 3.03% 2030 2.51% 2.87% 2031 2.67% 2.76% 2032 2.82% 2.56% 2033 2.95% 2.41% 2034 3.07% 2.25% 2035 3.18% 2.07% 2036 3.27% 1.96%

Assets 5.11% 4.94% 4.78% 4.77% 4.77% 4.68% 4.54% 4.43% 4.30% 4.11% 3.94% 3.78% 3.66% 3.55% 3.48% 3.42% 3.39% 3.38% 3.39% 3.41% 3.46% 3.52% 3.61% 3.71% 3.83%

Year Ending Annual Growth in: December 31, Contributions Benefits 2037 3.33% 1.98% 2038 3.38% 2.03% 2039 3.43% 2.10% 2040 3.47% 2.20% 2041 3.51% 2.32% 2042 3.54% 2.48% 2043 3.57% 2.68% 2044 3.59% 2.90% 2045 3.62% 3.13% 2046 3.64% 3.34% 2047 3.65% 3.55% 2048 3.67% 3.76% 2049 3.70% 3.94% 2050 3.71% 4.11% 2051 3.73% 4.25% 2052 3.75% 4.36% 2053 3.78% 4.45% 2054 3.80% 4.52% 2055 3.82% 4.57% 2056 3.84% 4.61% 2057 3.87% 4.63% 2058 3.88% 4.64% 2059 3.89% 4.64% 2060 3.91% 4.64% 2061 3.94% 4.63%

Assets 3.95% 4.07% 4.19% 4.31% 4.42% 4.52% 4.61% 4.69% 4.75% 4.81% 4.85% 4.88% 4.90% 4.91% 4.91% 4.91% 4.90% 4.89% 4.88% 4.87% 4.85% 4.84% 4.82% 4.81% 4.80%

This schedule demonstrates that financial growth rates eventually stabilize close to the underlying assumed rate of wage inflation (4.5% for MERS). Note that the 2012 growth rate in benefits is low due to the one-time payment of pending refunds that was included in the 2011 benefit payout. -50-

TABLE 24 BASE PROJECTION (8% MARKET RETURN AND MAKEUP FOR 2008) MERS PROJECTED FUNDED RATIOS 2011-2060 ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Valuation Assets $ 7,296 7,669 8,048 8,433 8,835 9,256 9,689 10,129 10,577 11,031 11,485 11,937 12,389 12,842 13,298 13,761 14,231 14,713 15,210 15,725 16,262 16,824 17,417 18,046 18,716

Accrued Liabilities $ 9,713 10,120 10,520 10,914 11,308 11,702 12,098 12,496 12,895 13,297 13,701 14,109 14,520 14,937 15,360 15,791 16,233 16,688 17,159 17,650 18,161 18,699 19,267 19,870 20,514

Funded Ratio 75.1% 75.8% 76.5% 77.3% 78.1% 79.1% 80.1% 81.1% 82.0% 83.0% 83.8% 84.6% 85.3% 86.0% 86.6% 87.1% 87.7% 88.2% 88.6% 89.1% 89.5% 90.0% 90.4% 90.8% 91.2%


Valuation Assets $19,433 20,201 21,023 21,904 22,848 23,857 24,935 26,084 27,306 28,604 29,978 31,431 32,964 34,578 36,275 38,057 39,926 41,884 43,934 46,080 48,323 50,669 53,121 55,684 58,362

Accrued Liabilities $21,203 21,942 22,734 23,583 24,492 25,464 26,502 27,609 28,786 30,034 31,355 32,750 34,221 35,769 37,394 39,099 40,885 42,755 44,710 46,753 48,888 51,117 53,444 55,874 58,411

Funded Ratio 91.7% 92.1% 92.5% 92.9% 93.3% 93.7% 94.1% 94.5% 94.9% 95.2% 95.6% 96.0% 96.3% 96.7% 97.0% 97.3% 97.7% 98.0% 98.3% 98.6% 98.8% 99.1% 99.4% 99.7% 99.9% -51-

TABLE 25 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) 50-YEAR FUND PROJECTION ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 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 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060


Employer Normal Cost $143 142 142 143 148 153 158 164 170 177 183 191 198 206 215 224 234 244 255 266 278 290 303 317 332 347 363 380 397 415 434 454 474 496 518 541 566 591 617 645 674 704 735 768 802 838 876 915 956 999

Contributions UAAL Member Payment Contribution $130 $ 57 144 58 166 58 192 59 227 61 264 64 292 67 317 70 344 73 356 76 353 79 351 83 351 86 350 90 351 94 352 98 355 103 358 107 361 112 366 117 372 123 378 128 385 134 392 141 400 147 409 154 418 161 428 169 438 177 449 185 461 193 473 202 486 211 500 221 514 231 530 241 546 252 563 263 582 275 601 287 621 300 643 314 665 328 689 342 715 358 741 374 769 390 799 408 829 426 862 445

Total $ 331 344 366 394 436 481 517 550 587 609 616 625 635 647 660 674 691 709 728 749 772 796 822 850 879 910 943 977 1,012 1,049 1,088 1,129 1,172 1,216 1,263 1,312 1,364 1,417 1,474 1,533 1,595 1,660 1,728 1,800 1,875 1,953 2,035 2,122 2,212 2,307

Benefit Payments $ 528* 546 584 622 659 696 732 769 806 844 882 920 959 997 1,034 1,071 1,108 1,144 1,178 1,212 1,246 1,278 1,308 1,338 1,366 1,392 1,420 1,449 1,479 1,512 1,547 1,585 1,628 1,675 1,727 1,785 1,848 1,918 1,993 2,075 2,163 2,258 2,358 2,465 2,577 2,696 2,821 2,952 3,089 3,232

Investment Income $ 383 387 389 391 407 386 395 590 583 581 612 634 666 688 710 743 767 790 814 839 864 891 919 949 981 1,015 1,052 1,092 1,135 1,181 1,231 1,284 1,341 1,402 1,467 1,536 1,609 1,686 1,767 1,853 1,942 2,036 2,134 2,237 2,344 2,456 2,572 2,694 2,821 2,954

Assets End of Year Inflated 2011 Dollars $ 7,132 $ 7,132 7,316 7,001 7,488 6,857 7,651 6,704 7,835 6,570 8,007 6,425 8,187 6,287 8,558 6,289 8,922 6,274 9,269 6,237 9,615 6,191 9,954 6,134 10,297 6,072 10,635 6,001 10,971 5,924 11,318 5,848 11,667 5,769 12,022 5,689 12,386 5,608 12,762 5,530 13,153 5,454 13,563 5,381 13,996 5,314 14,457 5,253 14,952 5,199 15,485 5,152 16,060 5,113 16,679 5,082 17,347 5,058 18,066 5,041 18,838 5,030 19,666 5,025 20,552 5,025 21,495 5,029 22,499 5,037 23,562 5,048 24,687 5,061 25,873 5,076 27,121 5,092 28,431 5,108 29,805 5,124 31,244 5,140 32,748 5,156 34,320 5,171 35,961 5,185 37,674 5,198 39,461 5,210 41,325 5,221 43,270 5,231 45,298 5,241


-52-

CHART 13 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) PROJECTED TRUST FUND ASSETS 40 35

$ in Billions

30 25 20 15 10 5 0 2011

2016

2021

2026

2031

2036

2041

2046

2051

2056

Year 2011 Dollars


-53-

TABLE 26 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) PROJECTED NON-INVESTMENT CASH FLOW 2011-2060 ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

External Cash Flow Inflow Outflow $331 $528 344 546 366 584 394 622 436 659 481 696 517 732 550 769 587 806 609 844 616 882 625 920 635 959 647 997 660 1,034 674 1,071 691 1,108 709 1,144 728 1,178 749 1,212 772 1,246 796 1,278 822 1,308 850 1,338 879 1,366

Net External Cash Flow Year Ending Dollars % of Assets December 31, $(197) -2.83% 2036 (203) -2.84% 2037 (218) -2.98% 2038 (228) -3.04% 2039 (223) -2.91% 2040 (215) -2.74% 2041 (215) -2.69% 2042 (219) -2.67% 2043 (219) -2.56% 2044 (235) -2.63% 2045 (266) -2.87% 2046 (295) -3.07% 2047 (323) -3.25% 2048 (350) -3.40% 2049 (374) -3.52% 2050 (397) -3.62% 2051 (417) -3.69% 2052 (435) -3.73% 2053 (450) -3.74% 2054 (463) -3.74% 2055 (473) -3.71% 2056 (481) -3.66% 2057 (486) -3.58% 2058 (488) -3.48% 2059 (486) -3.36% 2060

External Cash Flow Inflow Outflow $ 910 $1,392 943 1,420 977 1,449 1,012 1,479 1,049 1,512 1,088 1,547 1,129 1,585 1,172 1,628 1,216 1,675 1,263 1,727 1,312 1,785 1,364 1,848 1,417 1,918 1,474 1,993 1,533 2,075 1,595 2,163 1,660 2,258 1,728 2,358 1,800 2,465 1,875 2,577 1,953 2,696 2,035 2,821 2,122 2,952 2,212 3,089 2,307 3,232

Net External Cash Flow Dollars % of Assets $(482) -3.22% (477) -3.08% (472) -2.94% (467) -2.80% (462) -2.67% (458) -2.54% (456) -2.42% (456) -2.32% (458) -2.23% (464) -2.16% (473) -2.10% (485) -2.06% (500) -2.03% (519) -2.01% (542) -2.00% (568) -2.00% (597) -2.00% (630) -2.02% (665) -2.03% (703) -2.05% (743) -2.07% (785) -2.08% (830) -2.10% (877) -2.12% (926) -2.14%

The net external cash flow is currently in a negative position (i.e., benefits paid are more than contributions received). It is expected to become more negative over the next 50 years. Investment return is needed to pay benefits (a natural result from level contribution financing). Long range, the 2.5% annual real investment return (return in excess of inflation under Alternative 1) will be needed to pay benefits. The remainder of investment return (the inflation portion--4.5% in this projection) is needed to preserve the purchasing power of the assets. -54-

CHART 14 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) PROJECTED NET CHANGE IN ASSETS AMOUNTS OF INFLATED DOLLARS 3,000 2,500

$ in Millions

2,000 1,500 1,000 500 0 (500) (1,000) 2011

2016

2021

2026

2031

2036

2041

2046

2051

2056


The results shown in the above chart do not show changes of constant value, because amounts of change are inflated dollar amounts. The Net Change in Assets, the blue bars, indicates perpetual additions to trust fund assets. While this is true (and necessary) in inflated dollars, it is not true in terms of constant value. Constant value changes are shown by the chart on page 53.

-55-

TABLE 27 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) CASH FLOWS AS %’S OF PAYROLL 2011-2060 External Cash Flow Year Ending Contributions Benefits December 31, Received Paid 2011 19.41% 30.97% 2012 20.12% 31.98% 2013 21.27% 33.92% 2014 22.62% 35.68% 2015 24.07% 36.36% 2016 25.52% 36.91% 2017 26.36% 37.33% 2018 26.94% 37.64% 2019 27.58% 37.86% 2020 27.43% 38.01% 2021 26.60% 38.09% 2022 25.87% 38.09% 2023 25.21% 38.03% 2024 24.58% 37.87% 2025 24.00% 37.62% 2026 23.48% 37.30% 2027 23.02% 36.92% 2028 22.59% 36.44% 2029 22.19% 35.90% 2030 21.83% 35.31% 2031 21.50% 34.69% 2032 21.20% 34.01% 2033 20.92% 33.28% 2034 20.67% 32.52% 2035 20.43% 31.72%



Investment return will eventually again become the largest source of revenue for the retirement system. However, compared to the Base Projection, under the Alternative 1 Projection more of the benefit payout comes from contributions, and less from investment return.

-56-

CHART 15 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) PROJECTED PATTERN OF CONTRIBUTION INCOME AND BENEFIT PAYOUT 40% 35% 30%

% of Payroll

25% 20% 15% 10% 5% 0% 2011

2019

2027

2035

2043

2051

2059

Years Benefits

Contributions

-57-

TABLE 28 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) MERS PROJECTED FINANCIAL GROWTH RATES 2011-2060 Year Ending Annual Growth in: December 31, Contributions Benefits 2012 3.94% 3.56% 2013 6.51% 6.89% 2014 7.67% 6.48% 2015 10.64% 5.95% 2016 10.28% 5.61% 2017 7.49% 5.24% 2018 6.45% 5.02% 2019 6.68% 4.80% 2020 3.68% 4.68% 2021 1.15% 4.52% 2022 1.45% 4.33% 2023 1.72% 4.22% 2024 1.80% 3.96% 2025 1.98% 3.76% 2026 2.23% 3.60% 2027 2.49% 3.44% 2028 2.59% 3.21% 2029 2.73% 3.03% 2030 2.90% 2.87% 2031 3.03% 2.76% 2032 3.15% 2.56% 2033 3.26% 2.41% 2034 3.36% 2.25% 2035 3.45% 2.07% 2036 3.52% 1.96%

Assets 2.58% 2.34% 2.18% 2.41% 2.19% 2.25% 4.53% 4.26% 3.88% 3.74% 3.53% 3.44% 3.29% 3.16% 3.16% 3.09% 3.04% 3.03% 3.03% 3.06% 3.12% 3.19% 3.30% 3.42% 3.57%


Assets 3.71% 3.86% 4.00% 4.14% 4.27% 4.40% 4.50% 4.59% 4.67% 4.73% 4.77% 4.80% 4.82% 4.83% 4.83% 4.83% 4.81% 4.80% 4.78% 4.76% 4.74% 4.72% 4.70% 4.69% 4.67%

This schedule demonstrates that financial growth rates eventually stabilize close to the underlying assumed rate of wage inflation (4.5% for MERS). Note that the 2012 growth rate in benefits is low due to the one-time payment of pending refunds that was included in the 2011 benefit payout. -58-

TABLE 29 ALTERNATIVE 1 PROJECTION (7% MARKET RETURN) MERS PROJECTED FUNDED RATIOS 2011-2060 ($ IN MILLIONS) Year Ending Valuation December 31, Assets 2011 $ 7,132 2012 7,316 2013 7,488 2014 7,651 2015 7,835 2016 8,007 2017 8,187 2018 8,558 2019 8,922 2020 9,269 2021 9,615 2022 9,954 2023 10,297 2024 10,635 2025 10,971 2026 11,318 2027 11,667 2028 12,022 2029 12,386 2030 12,762 2031 13,153 2032 13,563 2033 13,996 2034 14,457 2035 14,952


Funded Ratio 73.4% 72.3% 71.2% 70.1% 69.3% 68.4% 67.7% 68.5% 69.2% 69.7% 70.2% 70.6% 70.9% 71.2% 71.4% 71.7% 71.9% 72.0% 72.2% 72.3% 72.4% 72.5% 72.6% 72.8% 72.9%




Funded Ratio 73.0% 73.2% 73.4% 73.6% 73.8% 74.0% 74.2% 74.4% 74.7% 74.9% 75.1% 75.4% 75.6% 75.8% 76.0% 76.2% 76.4% 76.6% 76.8% 76.9% 77.1% 77.2% 77.3% 77.4% 77.5%

-59-

TABLE 30 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) 50-YEAR FUND PROJECTION ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 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 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060


Employer Normal Cost $ 143 142 142 143 148 153 158 164 170 177 183 191 198 206 215 224 234 244 255 266 278 290 303 317 332 347 363 380 397 415 434 454 474 496 518 541 566 591 617 645 674 704 735 768 802 838 876 915 956 999

Contributions UAAL Member Payment Contribution $ 130 $ 57 144 58 166 58 193 59 229 61 269 64 300 67 329 70 362 73 379 76 383 79 388 83 395 86 402 90 410 94 419 98 430 103 441 107 454 112 467 117 481 123 496 128 511 134 527 141 544 147 562 154 580 161 599 169 619 177 639 185 661 193 684 202 708 211 733 221 759 231 787 241 817 252 848 263 882 275 916 287 953 300 992 314 1,033 328 1,077 342 1,122 358 1,170 374 1,221 390 1,274 408 1,330 426 1,389 445

Total $ 331 344 366 395 439 486 525 563 605 632 645 662 680 698 719 742 766 793 821 850 882 915 949 985 1,023 1,063 1,104 1,147 1,192 1,239 1,288 1,340 1,393 1,449 1,508 1,570 1,635 1,703 1,774 1,849 1,927 2,010 2,096 2,187 2,282 2,382 2,487 2,597 2,713 2,834

Benefit Payments $ 528 * 546 584 622 659 696 732 769 806 844 882 920 959 997 1,034 1,071 1,108 1,144 1,178 1,212 1,246 1,278 1,308 1,338 1,366 1,392 1,420 1,449 1,479 1,512 1,547 1,585 1,628 1,675 1,727 1,785 1,848 1,918 1,993 2,075 2,163 2,258 2,358 2,465 2,577 2,696 2,821 2,952 3,089 3,232

Investment Income $ 383 373 367 360 366 336 333 520 492 475 498 512 526 539 553 566 579 592 606 620 634 650 666 684 703 724 747 772 799 829 861 895 933 973 1,016 1,061 1,110 1,161 1,214 1,271 1,330 1,392 1,457 1,525 1,595 1,669 1,745 1,825 1,909 1,995

Assets End of Year Inflated 2011 Dollars $ 7,132 $7,132 7,302 6,988 7,451 6,823 7,584 6,646 7,730 6,482 7,856 6,304 7,982 6,129 8,296 6,096 8,586 6,038 8,850 5,955 9,111 5,867 9,364 5,770 9,611 5,668 9,853 5,560 10,090 5,448 10,326 5,336 10,563 5,223 10,804 5,112 11,052 5,004 11,310 4,901 11,580 4,802 11,867 4,709 12,174 4,622 12,505 4,544 12,866 4,474 13,261 4,412 13,692 4,360 14,162 4,315 14,675 4,279 15,231 4,250 15,833 4,227 16,483 4,211 17,181 4,201 17,929 4,195 18,726 4,193 19,572 4,193 20,468 4,197 21,414 4,201 22,409 4,207 23,453 4,214 24,547 4,220 25,691 4,227 26,886 4,233 28,133 4,239 29,433 4,243 30,788 4,248 32,200 4,251 33,671 4,254 35,203 4,256 36,800 4,257


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CHART 16 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) PROJECTED TRUST FUND ASSETS 35 30

$ in Billions

25 20 15 10 5 0 2011

2016

2021

2026

2031

2036

2041

2046

2051

2056

Year 2011 Dollars


-61-

TABLE 31 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) PROJECTED NON-INVESTMENT CASH FLOW 2011-2060 ($ IN MILLIONS) Year Ending External Cash Flow December 31, Inflow Outflow 2011 $ 331 $ 528 2012 344 546 2013 366 584 2014 395 622 2015 439 659 2016 486 696 2017 525 732 2018 563 769 2019 605 806 2020 632 844 2021 645 882 2022 662 920 2023 680 959 2024 698 997 2025 719 1,034 2026 742 1,071 2027 766 1,108 2028 793 1,144 2029 821 1,178 2030 850 1,212 2031 882 1,246 2032 915 1,278 2033 949 1,308 2034 985 1,338 2035 1,023 1,366

Net External Cash Flow Year Ending External Cash Flow Dollars % of Assets December 31, Inflow Outflow $ (197) -2.83% 2036 $ 1,063 $1,392 (203) -2.84% 2037 1,104 1,420 (218) -2.98% 2038 1,147 1,449 (227) -3.04% 2039 1,192 1,479 (220) -2.90% 2040 1,239 1,512 (210) -2.71% 2041 1,288 1,547 (207) -2.63% 2042 1,340 1,585 (206) -2.58% 2043 1,393 1,628 (201) -2.43% 2044 1,449 1,675 (212) -2.47% 2045 1,508 1,727 (236) -2.67% 2046 1,570 1,785 (258) -2.84% 2047 1,635 1,848 (279) -2.98% 2048 1,703 1,918 (298) -3.10% 2049 1,774 1,993 (315) -3.20% 2050 1,849 2,075 (330) -3.27% 2051 1,927 2,163 (342) -3.31% 2052 2,010 2,258 (351) -3.32% 2053 2,096 2,358 (358) -3.31% 2054 2,187 2,465 (362) -3.27% 2055 2,282 2,577 (364) -3.22% 2056 2,382 2,696 (363) -3.13% 2057 2,487 2,821 (359) -3.03% 2058 2,597 2,952 (353) -2.90% 2059 2,713 3,089 (342) -2.74% 2060 2,834 3,232

Net External Cash Flow Dollars % of Assets $(329) -2.56% (316) -2.38% (301) -2.20% (287) -2.03% (272) -1.86% (259) -1.70% (246) -1.55% (234) -1.42% (225) -1.31% (219) -1.22% (215) -1.15% (213) -1.09% (215) -1.05% (219) -1.02% (226) -1.01% (236) -1.01% (248) -1.01% (262) -1.02% (278) -1.03% (295) -1.05% (314) -1.07% (334) -1.08% (354) -1.10% (376) -1.12% (399) -1.13%

The net external cash flow is currently in a negative position (i.e., benefits paid are more than contributions received). It is expected to become more negative over the next 50 years. Investment return is needed to pay benefits (a natural result from level contribution financing). Long range, the 1.5% annual real investment return (return in excess of inflation under Alternative 2) will be needed to pay benefits. The remainder of investment return (the inflation portion--4.5% in this projection) is needed to preserve the purchasing power of the assets.

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CHART 17 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) PROJECTED NET CHANGE IN ASSETS AMOUNTS OF INFLATED DOLLARS 2,000

$ in Millions

1,500

1,000

500

0

(500) 2011

2016

2021

2026

2031

2036

2041

2046

2051

2056


The results shown in the above chart do not show changes of constant value, because amounts of change are inflated dollar amounts. The Net Change in Assets, the blue bars, indicates perpetual additions to trust fund assets. While this is true (and necessary) in inflated dollars, it is not true in terms of constant value. Constant value changes are shown by the chart on page 61. -63-

TABLE 32 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) CASH FLOWS AS %’S OF PAYROLL 2011-2060 External Cash Flow Year Ending Contributions Benefits December 31, Received Paid 2011 19.41% 30.97% 2012 20.12% 31.98% 2013 21.27% 33.92% 2014 22.66% 35.68% 2015 24.21% 36.36% 2016 25.78% 36.91% 2017 26.78% 37.33% 2018 27.55% 37.64% 2019 28.40% 37.86% 2020 28.47% 38.01% 2021 27.88% 38.09% 2022 27.39% 38.09% 2023 26.97% 38.03% 2024 26.54% 37.87% 2025 26.15% 37.62% 2026 25.82% 37.30% 2027 25.53% 36.92% 2028 25.26% 36.44% 2029 25.01% 35.90% 2030 24.78% 35.31% 2031 24.56% 34.69% 2032 24.35% 34.01% 2033 24.14% 33.28% 2034 23.95% 32.52% 2035 23.77% 31.72%



Compared to the Base Projection, under the Alternative 2 Projection much more of the benefit payout comes from contributions, and less from investment return. Moreover, investment income is no longer the largest source of revenue.

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CHART 18 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) PROJECTED PATTERN OF CONTRIBUTION INCOME AND BENEFIT PAYOUT 40% 35% % of Payroll

30% 25% 20% 15% 10% 5% 0% 2011

2019

2027

2035

2043

2051

2059

Years

Benefits

Contributions

-65-

TABLE 33 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) MERS PROJECTED FINANCIAL GROWTH RATES 2011-2060 Year Ending Annual Growth in: December 31, Contributions Benefits 2012 3.94% 3.56% 2013 6.51% 6.89% 2014 7.87% 6.48% 2015 11.04% 5.95% 2016 10.80% 5.61% 2017 8.10% 5.24% 2018 7.13% 5.02% 2019 7.44% 4.80% 2020 4.51% 4.68% 2021 2.12% 4.52% 2022 2.52% 4.33% 2023 2.75% 4.22% 2024 2.73% 3.96% 2025 2.95% 3.76% 2026 3.16% 3.60% 2027 3.33% 3.44% 2028 3.45% 3.21% 2029 3.55% 3.03% 2030 3.62% 2.87% 2031 3.68% 2.76% 2032 3.73% 2.56% 2033 3.76% 2.41% 2034 3.81% 2.25% 2035 3.86% 2.07% 2036 3.89% 1.96%

Assets 2.38% 2.04% 1.78% 1.93% 1.63% 1.61% 3.93% 3.50% 3.07% 2.95% 2.78% 2.64% 2.51% 2.41% 2.34% 2.29% 2.28% 2.30% 2.33% 2.39% 2.48% 2.59% 2.72% 2.88% 3.07%


Assets 3.25% 3.44% 3.62% 3.79% 3.95% 4.10% 4.24% 4.35% 4.44% 4.52% 4.58% 4.62% 4.65% 4.66% 4.66% 4.66% 4.65% 4.64% 4.62% 4.60% 4.59% 4.57% 4.55% 4.54% 4.52%

This schedule demonstrates that financial growth rates eventually stabilize close to the underlying assumed rate of wage inflation (4.5% for MERS). Note that the 2012 growth rate in benefits is low due to the one-time payment of pending refunds that was included in the 2011 benefit payout.

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TABLE 34 ALTERNATIVE 2 PROJECTION (6% MARKET RETURN) MERS PROJECTED FUNDED RATIOS 2011-2060 ($ IN MILLIONS) Year Ending December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Valuation Assets $ 7,132 7,302 7,451 7,584 7,730 7,856 7,982 8,296 8,586 8,850 9,111 9,364 9,611 9,853 10,090 10,326 10,563 10,804 11,052 11,310 11,580 11,867 12,174 12,505 12,866


Funded Ratio 73.4% 72.2% 70.8% 69.5% 68.4% 67.1% 66.0% 66.4% 66.6% 66.6% 66.5% 66.4% 66.2% 66.0% 65.7% 65.4% 65.1% 64.7% 64.4% 64.1% 63.8% 63.5% 63.2% 62.9% 62.7%




Funded Ratio 62.5% 62.4% 62.3% 62.2% 62.2% 62.2% 62.2% 62.2% 62.3% 62.3% 62.4% 62.5% 62.6% 62.6% 62.7% 62.8% 62.8% 62.9% 62.9% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% -67-

TABLE 35 COMPARISON OF BASE AND ALTERNATIVE PROJECTIONS PROJECTED PATTERN OF CONTRIBUTION INCOME AND BENEFIT PAYOUT (PERCENTS OF PAYROLL)

Year 2011 2012 2013 2014 2015 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 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060

Benefits 30.97% 31.98% 33.92% 35.68% 36.36% 36.91% 37.33% 37.64% 37.86% 38.01% 38.09% 38.09% 38.03% 37.87% 37.62% 37.30% 36.92% 36.44% 35.90% 35.31% 34.69% 34.01% 33.28% 32.52% 31.72% 30.90% 30.11% 29.35% 28.64% 27.98% 27.38% 26.83% 26.35% 25.93% 25.59% 25.30% 25.07% 24.89% 24.77% 24.68% 24.63% 24.60% 24.60% 24.61% 24.63% 24.66% 24.70% 24.74% 24.77% 24.81%

Base Alternative 1 Alternative 2 (8% Market Return) (7% Market Return) (6% Market Return) Contributions Contributions Contributions 19.41% 19.41% 19.41% 20.12% 20.12% 20.12% 20.80% 21.27% 21.27% 21.36% 22.62% 22.66% 21.91% 24.07% 24.21% 22.34% 25.52% 25.78% 22.24% 26.36% 26.78% 21.87% 26.94% 27.55% 21.50% 27.58% 28.40% 21.03% 27.43% 28.47% 20.27% 26.60% 27.88% 19.52% 25.87% 27.39% 18.83% 25.21% 26.97% 18.20% 24.58% 26.54% 17.65% 24.00% 26.15% 17.16% 23.48% 25.82% 16.72% 23.02% 25.53% 16.33% 22.59% 25.26% 15.98% 22.19% 25.01% 15.66% 21.83% 24.78% 15.37% 21.50% 24.56% 15.11% 21.20% 24.35% 14.87% 20.92% 24.14% 14.64% 20.67% 23.95% 14.44% 20.43% 23.77% 14.24% 20.20% 23.59% 14.06% 19.99% 23.41% 13.89% 19.79% 23.25% 13.73% 19.60% 23.09% 13.58% 19.43% 22.94% 13.44% 19.26% 22.80% 13.31% 19.11% 22.67% 13.18% 18.97% 22.55% 13.06% 18.83% 22.44% 12.95% 18.71% 22.34% 12.84% 18.60% 22.25% 12.74% 18.50% 22.17% 12.64% 18.40% 22.10% 12.55% 18.31% 22.04% 12.45% 18.23% 21.99% 12.37% 18.16% 21.94% 12.28% 18.09% 21.90% 12.20% 18.03% 21.87% 12.12% 17.97% 21.84% 12.04% 17.92% 21.81% 11.97% 17.87% 21.79% 11.90% 17.82% 21.78% 11.83% 17.78% 21.77% 11.77% 17.74% 21.76% 11.70% 17.71% 21.75%

Total Normal Cost* 11.78% 11.71% 11.64% 11.61% 11.56% 11.52% 11.48% 11.44% 11.40% 11.37% 11.34% 11.31% 11.29% 11.26% 11.24% 11.22% 11.21% 11.19% 11.18% 11.17% 11.16% 11.15% 11.14% 11.13% 11.13% 11.12% 11.12% 11.11% 11.11% 11.11% 11.10% 11.10% 11.10% 11.10% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09% 11.09%

* Total normal cost equals the employer normal cost plus member contributions. As the plan approaches 100% funding under the Base Projection, the total contributions approach the total normal cost.

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CHART 19 COMPARISON OF BASE AND ALTERNATIVE PROJECTIONS PROJECTED PATTERN OF CONTRIBUTION INCOME AND BENEFIT PAYOUT 40% 35%

% of Payroll

30% 25% 20% 15% 10% 5% 0%

2011

2019

2027

2035

2043

2051

2059

Years Benefits

Base (8% Return) Contributions

Total Normal Cost

Alt 2 (6% Return) Contributions

Alt 1 (7% Return) Contributions

Total normal cost equals the employer normal cost plus member contributions. As the plan approaches 100% funding under the Base Projection, the total contributions approach the total normal cost.

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TABLE 36 COMPARISON OF BASE AND ALTERNATIVE PROJECTIONS MERS FUNDED RATIOS

Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Base Alternative 1 Alternative 2 Projection Projection Projection 75.1% 73.4% 73.4% 75.8% 72.3% 72.2% 76.5% 71.2% 70.8% 77.3% 70.1% 69.5% 78.1% 69.3% 68.4% 79.1% 68.4% 67.1% 80.1% 67.7% 66.0% 81.1% 68.5% 66.4% 82.0% 69.2% 66.6% 83.0% 69.7% 66.6% 83.8% 70.2% 66.5% 84.6% 70.6% 66.4% 85.3% 70.9% 66.2% 86.0% 71.2% 66.0% 86.6% 71.4% 65.7% 87.1% 71.7% 65.4% 87.7% 71.9% 65.1% 88.2% 72.0% 64.7% 88.6% 72.2% 64.4% 89.1% 72.3% 64.1% 89.5% 72.4% 63.8% 90.0% 72.5% 63.5% 90.4% 72.6% 63.2% 90.8% 72.8% 62.9% 91.2% 72.9% 62.7%

Base Projection: Alternative 1: Alternative 2:

Year 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 2060

Base Projection 91.7% 92.1% 92.5% 92.9% 93.3% 93.7% 94.1% 94.5% 94.9% 95.2% 95.6% 96.0% 96.3% 96.7% 97.0% 97.3% 97.7% 98.0% 98.3% 98.6% 98.8% 99.1% 99.4% 99.7% 99.9%

Alternative 1 Alternative 2 Projection Projection 73.0% 62.5% 73.2% 62.4% 73.4% 62.3% 73.6% 62.2% 73.8% 62.2% 74.0% 62.2% 74.2% 62.2% 74.4% 62.2% 74.7% 62.3% 74.9% 62.3% 75.1% 62.4% 75.4% 62.5% 75.6% 62.6% 75.8% 62.6% 76.0% 62.7% 76.2% 62.8% 76.4% 62.8% 76.6% 62.9% 76.8% 62.9% 76.9% 63.0% 77.1% 63.0% 77.2% 63.0% 77.3% 63.0% 77.4% 63.0% 77.5% 63.0%

8% Market Return and Makeup for 2008 7% Market Return (no makeup) 6% Market Return (no makeup)

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CHART 20 COMPARISON OF BASE AND ALTERNATIVE PROJECTIONS MERS FUNDED RATIOS

100%

Funded Ratio

90% 80% 70% 60% 50% 2011

2019

2027

2035

2043

2051

2059

Years Base Projection

Base Projection: Alternative 1: Alternative 2:

Alternative 1 Projection

Alternative 2 Projection

8% Market Return and Makeup for 2008 7% Market Return (no makeup) 6% Market Return (no makeup)

-71-

SUMMARY OF PROJECTION METHODS AND ASSUMPTIONS For Present Retirees, Beneficiaries and Vested Former Members: People are assumed to live and die in accordance with the valuation assumptions described in Section VIII of this report. For Present Active Employees: The projection deals with certain specific events in a member’s lifetime: retirement, quitting, dying, becoming disabled and receiving pay increases. For each future year and each event, the probability that the event occurs is determined and the financial effect (adjusted for the probability of occurrence of the event) is included in the projection. The assumptions used are described in Section VIII of this report. For Future Active Employees: Future active employees are assumed to have characteristics (age, sex, pay rate) that are similar to the characteristics of current employees at the time they were hired. Specifics are shown on page 34. The number of active members per division is assumed to continue at the present number, except that

closed divisions are projected to have no new entrants. The investment return rate used in making the valuations each year was 8% per year, compounded annually (net after administrative expenses). The long term investment return rate used in the asset projections was 8% per year (based on actuarial value) in the Base Projection, 7% per year (based on market value) in the Alternative 1 Projection, and 6% per year (based on market value) in the Alternative 2 Projection. The long term real rate of return is the portion of total investment return which is more than the inflation rate. Considering wage inflation recognition of 4.5%, the 8% investment return rate translates to an assumed long term real rate of return of 3.5%, the 7% investment return rate translates to an assumed long term real rate of return of 2.5%, and the 6% investment return rate translates to an assumed long term real rate of return of 1.5%.

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Two alternative sets of rates of investment return were studied, in order to gauge the impact of variations in return. The rates of return (based on smoothed valuation assets) are shown below:

Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032& Later

Rate of Return on Valuation Assets Base Alternative 1 Alternative 2 Projection (7%) Projection (8%) Projection (6%) 8.0 % 5.6 % 5.6 % 8.0 5.5 5.3 8.0 5.4 5.1 8.0 5.3 4.9 8.0 5.4 4.9 8.0 5.0 4.4 8.0 5.0 4.3 8.0 7.3 6.6 8.0 6.9 6.0 8.0 6.6 5.6 8.0 6.7 5.7 8.0 6.7 5.7 8.0 6.8 5.7 8.0 6.8 5.7 8.0 6.8 5.7 8.0 6.9 5.7 8.0 6.9 5.7 8.0 6.9 5.7 8.0 6.9 5.7 8.0 6.9 5.7 8.0 6.9 5.7 8.0 6.9 5.7

These are the projected rates of return based on the smoothed valuation assets, not the market value of assets. Remember that as of December 31, 2010 the valuation assets were equal to 116.29% of the market value of assets. The base projection assumes that the market loss experienced during calendar year 2008 is made up during the first 7 years, resulting in a constant 8% return on valuation assets in all years. The Alternative 1 projection assumes that market value return will be 7% annually in 2011 and later years. The Alternative 2 projection assumes that market value return will be 6% annually in 2011 and later years. In both alternatives, it is assumed that the 2008 market loss (remaining in the 2010 valuation) is never made up. In both alternatives, the asset smoothing method results in a long range rate of return, based on valuation assets, that is lower than the assumed market value return. This happens because there are always built up losses compared to the 8% valuation assumption. -73-

VII. SUMMARY OF PLAN PROVISIONS - DEFINED BENEFIT PLAN * The benefits summarized in this section are intended only as general information regarding the Municipal Employees’ Retirement System of Michigan. They are not a substitute for Act No. 427 of the Public Acts of 1984, as amended, and the MERS Plan Document, as revised. If any conflict occurs between the information in this summary and Act No. 427 of the Public Acts of 1984, as amended, or the MERS Plan Document, as revised, the provisions of Act No. 427 and the MERS Plan Document govern. Eligibility for Retirement (Plan Section 10) Age 60 with 10 or more years of credited service (reduced to 8 or 6 years if either Benefit V-8 or V-6, respectively, is adopted). Age 55 with 15 or more years of credited service (reduced benefit unless Benefit F55 is adopted). Age 50 with 25 or more years of credited service (reduced benefit unless Benefit F50 is adopted). The retirement allowance is reduced ½ of 1% for each complete month that the retirement date precedes the age at which full normal retirement benefits are available. The reduction may be partially or fully waived by adopting Benefit F55 and/or Benefit F50 and/or Benefit F(N). Optional Retirement Programs (Unreduced Benefits) (Plan Section 10) Benefit F50 - Age 50 with a required period of credited service of either 25 or 30 years. Benefit F55 - Age 55 with a required period of credited service of 15, 20, 25 or 30 years. Benefit F(N) - Any age with a required period of credited service of either 20, 21, 22, 23, 24, 25, 26, 27, 28, 29 or 30 years. Mandatory Retirement None. Deferred Retirement (Plan Section 12) Termination of membership before age 60 other than by retirement or death, after 10 years of credited service (8 or 6 years if Benefit V-8 or V-6 is adopted). Retirement allowance begins upon application filed with MERS and satisfaction of the eligibility requirements for retirement. The deferred retirement allowance is computed in the same manner as a service retirement allowance, based on the benefit program in effect as of the date of termination of membership. Rights to an allowance are forfeited if the member’s accumulated contributions are refunded after termination of employment. * Please see page 81 for a description of the Hybrid Plan. Gabriel Roeder Smith & Company

- 74 -

Service Retirement Allowance (Plan Sections 13-19) Credited service at time of termination of membership is multiplied by: Benefit A

- 1.0% of a member's final average compensation (FAC). Benefit A may not be adopted after January 2, 1986.

Benefit C New

- 1.3% of FAC.

Benefit C Old

- Sum of 1.0% times the first $4,200 of FAC, plus 1.5% times the portion of FAC over $4,200. Benefit C Old may not be adopted after January 2, 1986.

Benefit C-1 New - 1.5% of FAC. Benefit C-1 Old

- Sum of 1.2% times the first $4,200 of FAC, plus 1.7% times the portion of FAC over $4,200. Benefit C-1 Old may not be adopted after January 2, 1986.

Benefit B-1

- 1.7% of FAC.

Benefit C-2

- 2.0% of FAC, payable until attainment of the age at which unreduced Social Security benefits are available (currently age 66 for normal retirement, gradually increasing to age 67). Upon attainment of this age, the benefit reverts to the basic Benefit A, C New, C Old, C-1 New, C-1 Old or B-1.

Benefit B-2

- 2.0% of FAC.

Benefit B-3

- 2.25% of FAC, with a maximum benefit of 80% of FAC.

Benefit B-4

- 2.5% of FAC, with a maximum benefit of 80% of FAC.

Maximum Benefit Payable by MERS (Plan Section 55) The maximum benefit that may be paid by MERS is governed by Section 415 of the Internal Revenue Code (see page 84). Benefits in excess of the maximum benefit will be paid by the MERS Excess Benefit Plan under Plan Section 55A. Act 88 (Reciprocal Retirement Act, 1961 P.A. 88) If the municipality has elected to come under the provision of Act 88, service with former and future public employers in Michigan may be used to satisfy the service eligibility conditions of MERS. MERS maintains a statewide Act 88 adoption list: www.mersofmich.com/images/stories/Forms/Member/form_77.pdf

Gabriel Roeder Smith & Company

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Final Average Compensation (Plan Sections 2A(6) and 2A(11)) MERS plan benefits are based on a member’s final average compensation (FAC), subject to the dollar compensation limits under Section 401(a)(17) of the Internal Revenue Code (see page 84). For this purpose, final average compensation means one-fifth of the aggregate amount of compensation (as defined in the MERS Plan Document, Section 2A(6)) paid to a member during the period of 5 consecutive years of the member’s credited service in which the aggregate compensation paid is highest, known as FAC-5. Adoption of Benefit FAC-3 results in final average compensation being averaged over 3 years, instead of 5 years. Disability Retirement Allowance (Plan Section 24) Total and permanent disability while employed by a participating municipality and after meeting the vesting requirement of the benefit program. The service requirement is waived if the disability is the natural and proximate result of duty-connected causes. The allowance is computed in the same manner as a service retirement allowance, except that the reduction for retirement before age 60 is not applied. If disability is due to duty-connected causes, the amount of the retirement allowance shall not be less than 25% of the member’s final average compensation. Adoption of optional Benefit Program D-2 will provide a retirement allowance for a duty-connected disability that is the greater of: (i) 25% of the member's final average compensation; or (ii) A benefit based on 10 years of credited service in addition to the member's actual period of service, provided the total years of service do not exceed the greater of 30 years or the member's actual period of service. Non-Duty Death Allowance (Plan Sections 26 and 28) If a member or vested former member with the minimum years of service required to be vested dies before retirement, a monthly survivor allowance may be payable. If the member is married, the spouse is the automatic beneficiary unless the spouse, in writing, declines a benefit in favor of another named beneficiary.


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A contingent survivor beneficiary (named in the Membership Application With Formal Beneficiary Designations form filed with MERS) will receive a retirement allowance computed in the same manner as a service retirement allowance, based on service and final average compensation at death, but reduced to reflect an Option II (100% joint and survivor) election. The reduction for retirement before age 60 is not applied. Payment of a retirement allowance to the contingent survivor beneficiary of a deceased member commences immediately. Payment of a retirement allowance to the contingent survivor beneficiary of a deceased vested former member commences on the date the member would have first satisfied eligibility for retirement with an unreduced service retirement allowance. If there is no named beneficiary and the member leaves a spouse, the spouse will receive an Option II survivor allowance. Payment of a retirement allowance to the surviving spouse of a deceased member commences immediately. Payment of a retirement allowance to the surviving spouse of a deceased vested former member commences on the date the member would have first satisfied eligibility for retirement for an unreduced service retirement allowance. The amount of a surviving spouse's retirement allowance shall be 85% of the deceased member's or deceased vested former member's accrued retirement allowance computed in the same manner as a service retirement allowance, based on service and final average compensation at time of death. The amount of a surviving spouse's benefit is always the larger of i) the benefit computed as a contingent survivor beneficiary, and ii) the 85% of accrued retirement allowance benefit described above. If there is no named beneficiary and no retirement allowance being paid to a surviving spouse, unmarried children under age 21 will be paid an equal share of 50% of the deceased member's or deceased vested former member's accrued retirement allowance. The reduction for retirement before age 60 is not applied. If no retirement allowance becomes payable at death, the member's accumulated contributions, if any, are paid to the beneficiary or to the decedent's estate.


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Duty-Connected Death Allowance (Plan Section 27) A duty death allowance, computed in the same manner as a non-duty death allowance, may be payable to a spouse or children if death occurs as the natural and proximate result of performance of duty with a participating municipality. The vesting requirement is waived, and the minimum benefit is 25% of the deceased member’s final average compensation. Adoption of optional Benefit Program D-2 will provide a retirement allowance for a duty-connected death that is the greater of: (i) 25% of the member's final average compensation; or (ii) A benefit based on 10 years of credited service in addition to the member's actual period of service, provided the total years of service do not exceed the greater of 30 years or the member's actual period of service. Member Contributions (Plan Sections 32 and 35) Each member may contribute a percent of annual compensation, if selected by the municipality, on the member's annual compensation up to the compensation limit under Section 401(a)(17) of the Internal Revenue Code (see page 84). Any percentage from 0% to 10% (in 0.1% increments) may be selected. A 3%/5% contribution program was available prior to 1985 and may be continued (until any new benefit programs are adopted), but not adopted, after 1984. Under this program the member contributes 3% of the first $4,200 of annual compensation and 5% of portions of annual compensation over $4,200. Interest is credited to accumulated member contributions each December 31 (and reflected in the Annual Member Statement provided to each member) at a rate determined by MERS, currently the one-year U.S. Treasury Bill rate determined as of each December 31. The interest rate credited for the 12-month period ending on the valuation date was 0.28%. If a member leaves the employ of the municipality, or dies, without a retirement allowance or other benefit payable on his/her account, the member’s accumulated contributions plus interest (as described above) are refunded with spousal consent, to the member, if living, or to the member’s surviving spouse, if any, or to a named beneficiary (after spousal consent, if applicable). Note for MERS' Defined Contribution Program (Plan Section 19A): The Annual Actuarial Valuation addresses assets and liabilities for participation under MERS' Defined Benefit Programs. MERS' Defined Contribution Program (Benefit Program DC), which first became available for adoption in late 1997, is not addressed in the valuation results as it is not a defined benefit program.


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Post-Retirement Adjustments (Plan Sections 20-22) Benefit E – provides a one-time benefit increase to present retirants and beneficiaries. The amount of the increase is equal to a fixed percentage of the present benefit, or a fixed dollar amount times the number of years since the later of retirement or the date specified in the resolution. Benefit E may be readopted from time to time. Benefit E-1 – provides automatic 2.5% annual non-compounded benefit increases to persons (and their beneficiaries) retired before the effective date of Benefit E-1. Such increases are further limited to increases in the Consumer Price Index (CPI) if Benefit E-1 was adopted before January 1, 1999. For all adoptions or readoptions after that date, the increase is an automatic 2.5% non-compounded increase without any CPI limitation. Benefit E-2 – provides automatic 2.5% annual non-compounded benefit increases to persons (and their beneficiaries) retired on or after the effective date of Benefit E-2. Such increases are further limited to increases in the Consumer Price Index (CPI) if Benefit E-2 was adopted before January 1, 1999. For all adoptions or readoptions after that date, the increase is an automatic 2.5% non-compounded increase without any CPI limitation. Death-After-Retirement Surviving Spouse Benefit (Plan Sections 23 and 23A) A retiring member electing form of payment SL (straight life retirement allowance) is normally paid a lifetime retirement allowance, with payments terminating at death. The retiring member could provide benefits to a surviving spouse or another named beneficiary (see below) by electing Option II (100% continuation to beneficiary) or Option II-A (75% continuation to beneficiary) or Option III (50% continuation to beneficiary). A surviving spouse is automatically the beneficiary to an Option II, IIA or III allowance unless the spouse, in writing, relinquishes the benefit to the member electing a straight life allowance or to another named beneficiary. Electing these alternate forms of payment would lower the retiring member’s retirement allowance. If Benefit Program RS50% is adopted, a member retiring on or after the effective date of Benefit RS50% may elect form of payment SL and still provide a 50% survivor benefit to the member’s spouse. To be eligible for a surviving spouse benefit, the retiring member and spouse must have been married to each other both at the time of death and during the full one-year period just before retirement.


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DROP+ Delayed Retirement Option Partial Lump Sum (Plan Section 10(6)) Any member (covered or not covered by Benefit Program DROP+) who is eligible to retire with full, immediate retirement benefits has the option to: (i) Retire immediately and receive a monthly benefit payable immediately, or (ii) Delay his or her retirement date and continue to work. If the member is covered by Benefit Program DROP+ and the member retires at least 12 months after first becoming eligible for unreduced benefits, at actual retirement the member has the option to receive a partial lump sum and a reduced monthly benefit: (i) The member can elect a lump sum equal to 12, 24, 36, 48, or 60 times the member's monthly accrued benefit (if the member has delayed retirement at least that many months). (ii) For each 12 months included in the lump sum, the member's lifetime benefit is reduced by the DROP+ Percentage adopted by the employer. The employer can adopt any of the following DROP+ reduction percentages: 4%, 5%, 6%, 7%, or 8%.


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SUMMARY OF PLAN PROVISIONS - HYBRID PLAN * The benefits summarized in this section are intended only as general information regarding the Municipal Employees’ Retirement System of Michigan. They are not a substitute for Act No. 427 of the Public Acts of 1984, as amended, and the MERS Plan Document, as revised. If any conflict occurs between the information in this summary and Act No. 427 of the Public Acts of 1984, as amended, or the MERS Plan Document, as revised, the provisions of Act No. 427 and the MERS Plan Document govern.

Part I - Defined Benefit Portion of Hybrid Plan Eligibility for Retirement (Plan Section 19B) Age 60 and 6 or more years of service. Optional Retirement Programs (Unreduced Benefits) (Plan Section 10) None Mandatory Retirement None Deferred Retirement (Plan Sections 12 and 19B) Termination of membership before age 60 other than death, after 6 years of credited service. Retirement allowances begin upon application filed with MERS, at age 60 or later. The deferred retirement allowance is computed in the same manner as a service retirement allowance, based on the final average compensation and years of service at termination. Service Retirement Allowance (Plan Section 19B) Credited service at time of termination is multiplied by: Hybrid 1.0%

1.0% of a member's final average compensation (FAC)

Hybrid 1.25%

1.25% of FAC

Hybrid 1.5%

1.5% of FAC

* Please see page 74 for a description of the Defined Benefit Plan.


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Maximum Benefit Payable by MERS (Plan Section 55) The maximum benefit that may be paid by MERS is governed by Section 415 of the Internal Revenue Code (see page 84). Benefits in excess of the maximum benefit will be paid by the MERS Excess Benefit Plan under Plan Section 55A. Act 88 (Reciprocal Retirement Act, 1961 P.A. 88) If the municipality has elected to come under the provision of Act 88, service with former and future public employers in Michigan may be used to satisfy the service eligibility conditions of MERS. MERS maintains a statewide Act 88 adoption list: www.mersofmich.com/images/stories/Forms/Member/form_77.pdf Final Average Compensation (Plan Sections 2A(6), 2A(11) and 19(B)) Computed under defined benefit plan Benefit Program FAC-3. Disability Retirement Allowance (Plan Section 24) Benefits are the same as under the defined benefit plan, except that optional Benefit Program D-2 does not apply. Non-Duty Death Allowance (Plan Sections 26 and 28) Benefits are the same as under the defined benefit plan. Duty-Connected Death Allowance (Plan Section 27) Benefits are the same as under the defined benefit plan, except that optional Benefit Program D-2 does not apply. Member Contributions (Plan Section 19B) None Post-Retirement Adjustments (Plan Sections 20-22) None Death-After-Retirement Surviving Spouse Benefit (Plan Sections 23 and 23A) The same optional forms of payment are available as under the defined benefit plan, except that optional Benefit Program RS50% does not apply. DROP+ Delayed Retirement Option Partial Lump Sum (Plan Section 10(6)) None


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Part II - Defined Contribution Portion of Hybrid Plan

Employer Contributions (Plan Section 19B) Contribution Amount - Any percentage of compensation allowed by federal law. Vesting Schedule - One of the following vesting schedules for employer contributions can be adopted by the employer: 1. Immediate vesting upon participation, or 2. 100% vesting after stated years (participant is 100% vested after not to exceed maximum 5 years of service ("cliff" vesting)), or 3. Graded vesting percentages per year of service, not to exceed maximum 6 years of service for 100% vesting, nor be less than certain stated minimums Member Contributions (Plan Section 19B) Contribution Amount - Any amount allowed by federal law and subject to procedures established by the Retirement Board. Vesting Schedule - 100% immediate vesting


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Municipal Employees' Retirement System of Michigan IRC Section 415(b)(1)(A) Benefit Dollar Limits - 2011 The limits are based on the retiree’s age at retirement. The limit at ages 62-65 is indexed with inflation, in $5,000 increments. The limits at earlier ages are then increased proportionately. The limit applies to the retiree’s or beneficiary’s employer-financed straight life benefit, except in the case of an Option II, IIA, or III election with the retiree’s spouse as named beneficiary, in which case the limit applies to the employer-financed portion of the reduced joint and survivor benefit.

#

Age at Retirement

General Employees

Police and Fire Members #

35 36 37 38 39

$ 35,498 37,513 39,655 41,934 44,361

$ 195,000 195,000 195,000 195,000 195,000

40 41 42 43 44

46,947 49,705 52,648 55,793 59,154

195,000 195,000 195,000 195,000 195,000

45 46 47 48 49

62,753 66,608 70,744 75,185 79,961

195,000 195,000 195,000 195,000 195,000

50 51 52 53 54

85,103 90,649 96,639 103,118 110,140

195,000 195,000 195,000 195,000 195,000

55 56 57 58 59

117,764 126,057 135,094 144,963 155,763

195,000 195,000 195,000 195,000 195,000

60 61 62 63 64

167,610 180,638 195,000 195,000 195,000

195,000 195,000 195,000 195,000 195,000

65 & older

195,000

195,000

Requires that the member have at least 15 years of police, fire, and/or armed forces service as defined in the final regulations issues on April 5, 2007. Otherwise, use the limits for general members.

IRC Section 401(a)(17) Compensation Limit - 2011 For 2011 the IRC Section 401(a)(17) limit is $245,000. This limit is indexed with inflation in $5,000 increments. Gabriel Roeder Smith & Company

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VIII. ACTUARIAL ASSUMPTIONS AND FUNDING METHOD An actuarial valuation is the mathematical process that estimates plan liabilities and employer contribution requirements for purposes of financing the retirement system. This process is repeated annually to update the liabilities and contribution requirements for changes in member census and plan features, and to reflect actual plan experience in the process. The valuation reflects the present provisions of the Municipal Employees' Retirement Act of 1984 (Act 427 of 1984), as last amended by 2004 Public Act 490, as embodied in the MERS Plan Document (as revised). The specific benefit provisions in effect for each municipality are listed in Table 1 in the results section of the municipality's individual valuation report. In addition to utilizing current membership and financial data, an actuarial valuation requires the use of a series of assumptions regarding uncertain future events. The assumptions and methods used in the December 31, 2010 actuarial valuation are those adopted by the Retirement Board. The actuarial assumptions were last revised as of December 31, 2010 to reflect the results of the study of plan experience covering the period from December 31, 2003 through December 31, 2008. There have been no changes in the funding method which was adopted by the Retirement Board commencing with the December 31, 1993 valuations. The basic funding method is entry age normal and employer contribution amounts are developed as a level percentage of payroll. The actuarial valuation computations were made by or under the supervision of a Member of the American Academy of Actuaries (MAAA). Gabriel, Roeder, Smith & Company is an independent firm of consultants and actuaries.

ASSUMPTION AND METHOD CHANGES FOR THE DECEMBER 31, 2010 ACTUARIAL VALUATION The December 31, 2010 actuarial valuation reflects the following changes in the actuarial assumptions: • Temporary lower wage inflation assumption (see page 87). • New assumption related to increases in final average compensation for some municipalities (see page 88) • The standard amortization period for positive unfunded accrued liabilities is maintained at 28 years. The effects of these changes are shown in the individual municipality valuation reports, in the note below Table 16 for each division.


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Actuarial Assumptions To calculate MERS contribution requirements, assumptions are made about future events that could affect the amount and timing of benefits to be paid and the assets to be accumulated. The economic and demographic assumptions include: •

An assumed rate of investment return that is used to discount liabilities and project what plan assets will earn.

•

A mortality table projecting the number of members who will die before retirement and the duration of benefit payments after retirement.

•

Assumed retirement rates projecting when members will retire and commence receiving retirement benefits.

•

A set of withdrawal and disability rates to estimate the number of members who will leave the work force before retirement.

•

Assumed rates of pay increase to project member compensation in future years.

The actuarial assumptions used in connection with the December 31, 2010 actuarial valuations are unchanged from the December 31, 2009 valuation assumptions with the exceptions noted on page 85. The actuarial assumptions currently utilized are summarized below and on the following pages. Interest Rate Funding plan benefits involves the accumulation of assets to pay benefits in the future. These assets are invested and the net rate of investment earnings is a significant factor in determining the contributions required to support the ultimate cost of benefits. For the 2010 actuarial valuation, the net long-term investment yield is assumed to be 8%. This assumption was first used for the December 31, 1981 actuarial valuation. The reader should note that, given that the actuarial value of assets is currently 16% higher than the market value, meeting the actuarial assumption in the next few years will require average annual market returns that exceed the 8% investment return assumption. Please see the Comments on the Investment Markets on page 2.


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Pay Increases Because benefits are based on a member’s final average compensation, it is necessary to make an assumption with respect to each member’s estimated pay progression. The pay increase assumption used in the actuarial valuation projects annual pay increases of 4.5% (1% for calendar years 2011 2014) plus a percentage based on an age-related scale to reflect merit, longevity and promotional pay increases. The pay increase assumption for sample ages is shown below. The 4.5% long-term wage inflation assumption was first used for the December 31, 1997 actuarial valuation. The merit and longevity pay increase assumption was first used for the December 31, 2004 actuarial valuation.

Age

#

Base (Wage Inflation)#

Merit and Longevity

Total Percentage Increase in Pay

20

4.50%

8.40%

12.90%

25

4.50

5.33

9.83

30

4.50

3.26

7.76

35

4.50

2.05

6.55

40

4.50

1.30

5.80

45

4.50

0.81

5.31

50

4.50

0.52

5.02

55

4.50

0.30

4.80

60

4.50

0.00

4.50

For calendar years 2011, 2012, 2013 and 2014, the wage inflation assumption is 1%, instead of 4.5%. The 1% assumption was first used for the December 31, 2010 actuarial valuations.

Inflation Although no specific price inflation assumption is needed for this valuation, the 4.5% long-term wage inflation assumption would be consistent with a price inflation of 3% to 4%. Payroll Growth For divisions that are open to new hires, the number of active members is projected to remain constant, and the total payroll is projected to increase 4.5% annually in the long term (1% annually for calendar years 2011-2014). This assumption was first used for the December 31, 1997 actuarial valuation. Gabriel Roeder Smith & Company

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Increase in Final Average Compensation The 1999-2003 and 2004-2008 experience studies determined that for some retirees of some municipalities, the actual final average compensation (FAC) at retirement was larger than would be expected based on reported annual pays and FAC's for the years just before retirement. Some possible sources for the differences are: •

Lump sum payments for unused paid time off. Unused sick leave payouts have been excluded from FAC since the mid 1970s. However, since that time it has become popular to combine sick and vacation time into paid time off, which is included in the FAC. Consequently, the lump sums that are includible in FAC have grown over the years.

•

Extra overtime pay during the final year of employment. Our studies only reflect any increase in overtime during the final year, not any increase that occurs during the full 3 to 5 year averaging period.

We analyzed the variation among municipalities. The amount of unexpected FAC increase varies quite a bit between municipalities. Some municipalities show no sign of FAC loading, while other municipalities show increases above the average increase. This is presumably the result of different personnel policies among municipalities. The Retirement Board adopted new FAC assumptions to be first used for the December 31, 2010 annual actuarial valuations. These assumptions reflect an FAC load of 0% to 4% (increase in active member accrued liabilities and normal costs) for each municipality, based on the municipality's experience. The FAC increase assumption(s) for each division is reported in each municipality's annual actuarial report.


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Withdrawal Rates The withdrawal rates are used to estimate the number of employees at each age that are expected to terminate employment before qualifying for retirement benefits. The withdrawal rates do not apply to members eligible to retire, and do not include separation on account of death or disability. The assumed rates of withdrawal applied in the current valuation are based on years of service, and scaled up or down according to each division's experience. The scaling factor for each division is reported in each municipality's annual actuarial report. The base withdrawal rates (see the table below) are multiplied by the scaling factor to obtain the assumed withdrawal rates. Sample rates of withdrawal from active employment, before application of the scaling factor, are shown below. These rates were first used for the December 31, 2008 actuarial valuations. Sample Years of Service

% of Active Members Withdrawing Within the Next Year

0 1 2 3 4

20.00% 17.00 14.00 11.00 9.00

5

6.50

10

5.00

15

3.70

20

3.00

25

2.70

30

2.60

34 and over

2.40


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Retirement Rates A schedule of retirement rates is used to measure the probability of eligible members retiring during the next year. The retirement rates for Normal Retirement are determined by each member's replacement index at the time of retirement. The replacement index is defined as the approximate percentage of the member's pay (after reducing for MERS member contributions) that will be replaced by the member's benefit at retirement. The index is calculated as: Replacement Index = 100 x Accrued Benefit divided by [Pay less Member Contributions] Retirement rates for Early (reduced) Retirement are determined by the member's age at early retirement. The revised Normal Retirement rates below were first used for the December 31, 2009 actuarial valuations. The Early Retirement rates were first used for the December 31, 2004 actuarial valuations. NORMAL RETIREMENT Percent of Eligible Sample Active Members Replacement Retiring Within Index Next Year 5 5% 10 11 15 16 20 19 25 20 30 20 35 20 40 20 45 20 50 20 55 21 60 22 65 24 70 24 75 28 80 32 85 38 90 45 95 48 100+ 50 Gabriel Roeder Smith & Company

EARLY RETIREMENT - REDUCED BENEFIT Percent of Eligible Active Members Retiring Within Retirement Ages Next Year 50 2% 51 2 52 3 53 5 54 8 55 4 56 4 57 4 58 6 59 8

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Disability Rates Disability rates are used in the valuation to estimate the incidence of member disability in future years. The assumed rates of disablement at sample ages are shown below. These rates were first used for the December 31, 2004 actuarial valuation.

Sample Ages

Percent Becoming Disabled Within Next Year

20 25 30 35 40 45 50 55 60 65

0.02% 0.02 0.02 0.06 0.06 0.11 0.24 0.41 0.41 0.41

85% of the disabilities are assumed to be non-duty and 15% of the disabilities are assumed to be duty related. For those plans which have adopted disability provision D-2, 70% of the disabilities are assumed to be non-duty and 30% are assumed to be duty related. Mortality Table In estimating the amount of the reserves required at the time of retirement to pay a member’s benefit for the remainder of his or her lifetime, it is necessary to make an assumption with respect to the probability of surviving to retirement and the life expectancy after retirement. The mortality table used to project the mortality experience of plan members is a 50% Male - 50% Female blend of the 1994 Group Annuity Mortality Table. For disabled retirees, the regular mortality table is used with a 10-year set forward in ages to reflect the higher expected mortality rates of disabled members. These mortality tables were first used for the December 31, 2004 actuarial valuations. 90% of active member deaths are assumed to be non-duty deaths and 10% of the deaths are assumed to be duty related.


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The life expectancies and mortality rates projected for non-disabled members are shown below for sample ages: Age 20 25 30 35 40 45 50 55 60 65 70 75 80

Expected Years of Life Remaining 61.55 56.68 51.82 46.97 42.13 37.34 32.60 27.98 23.53 19.40 15.66 12.24 9.25

Mortality Rates 0.04% 0.05 0.06 0.07 0.09 0.13 0.20 0.34 0.62 1.16 1.87 2.99 5.07

The life expectancies and mortality rates projected for disabled members are shown below for sample ages: Age 20 25 30 35 40 45 50 55 60 65 70 75 80


Expected Years of Life Remaining 51.82 46.97 42.13 37.34 32.60 27.98 23.53 19.40 15.66 12.24 9.25 6.81 4.85

Mortality Rates 0.06% 0.07 0.09 0.13 0.20 0.34 0.62 1.16 1.87 2.99 5.07 8.25 13.46

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Miscellaneous and Technical Assumptions Loads

- For divisions with the Annuity Withdrawal provision (this provision is not available as a standard MERS benefit), if the Treasury Bill rate of interest is used, the normal retirement and early retirement liabilities and normal costs are increased by 3%.

Marriage Assumptions

- 70% of males and 70% of females are assumed to be married for purposes of death-in-service benefits. Male spouses are assumed to be three years older than female spouses.

Pay Increase Timing

- Beginning of valuation year. This is equivalent to assuming that reported pays represent amounts paid to members during the year ended on the valuation date.

Pay Adjustment

- None.

Decrement Timing

- Decrements of all types are assumed to occur mid-year.

Future Service

- Members are assumed to earn 1.0 years of service in each future year.

Eligibility Testing

- Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur.

Benefit Service

- Exact fractional service is used to determine the amount of benefit payable. Benefit service is the service used in the benefit formula.

Eligibility Service

- The larger of reported Eligibility Service and reported Vesting Service was used as eligibility service in the valuation. Eligibility service is the service used to meet the conditions for retirement, and is generally equal to or larger than benefit service.

Decrement Relativity

- Decrement rates are used directly from the experience study, without adjustment for multiple decrement table effects.

Decrement Operation

- Disability and withdrawal do not operate during retirement eligibility.

Normal Form of Payment

- Future retiring members are assumed to elect: Form of Payment SL II IIA III IV

Percentage 40% 30 10 15 5

Incidence of Contributions

- Contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. New entrant normal cost contributions are applied to the funding of new entrant benefits.

Maximum Compensation

- The dollar compensation limits under Section 401(a)(17) of the Internal Revenue Code are projected to increase 4.5% annually. No member or employer contributions are projected to be made on the portion of any member's annual compensation in excess of the IRC Section 401(a)(17) limit for the year.


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Miscellaneous and Technical Assumptions (continued) Maximum Benefit

- The dollar benefit limitations under Section 415 of the Internal Revenue Code are projected to increase 4.5% annually. Employee divisions 02, 20-29 (Police), 05 and 50-59 (Fire) are presumed eligible for the public safety benefit limits. No benefits in excess of the IRC section 415 limits are projected to be paid, except as provided under the Qualified Excess Benefit Arrangement, Plan Section 55A.

Member Contribution Interest - The interest rate credited on member contributions is the one-year Treasury Bill rate as of December 31, determined annually. The long-term rate assumed in the valuation is 4%, which is consistent with the 3% to 4% price inflation assumption. DROP+ Assumptions


- Each eligible member is assumed to make the DROP+ election with the most valuable combination of lump sum and reduced monthly benefit. The retirement probabilities on page are used for members who are not covered by Benefit Program DROP+. For members covered by Benefit Program DROP+, it is assumed that retirement will be delayed long enough to become eligible for at least 4 years worth of DROP+ lump sum.

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Actuarial Funding Method The Retirement Board has adopted funding methodology for the Retirement System to achieve the following major objectives: •

Develop level required contribution rates as a percentage of payroll (for divisions that are open to new hires);

•

Finance benefits earned by present employees on a current basis;

•

Accumulate assets to enhance members’ benefit security;

•

Produce investment earnings on accumulated assets to help meet future benefit costs;

•

Make it possible to estimate the long-term actuarial cost of proposed amendments to System provisions; and

•

Assist in maintaining the Retirement System’s long-term financial viability.

The basic funding objective is a level pattern of cost as a percentage of pay throughout each member’s working lifetime. The funding method used in this actuarial valuation – the entry age normal cost method – is intended to i) meet this objective, and ii) result in a relatively level long-term contribution requirement as a percentage of pay. This actuarial method was first used for the December 31, 1993 actuarial valuation. Under the entry age normal cost method, the total actuarially-determined contribution requirement is equal to the sum of the normal cost plus the payment required to fund the unfunded actuarial accrued liability over a period of years. Funding or amortizing the unfunded actuarial accrued liability includes a payment toward the liability (principal) plus a payment to reflect the time value of money (interest). Normal Cost In general terms, the normal cost is the cost of benefit rights accruing on the basis of current service. Technically, the normal cost rate is the level percentage-of-pay contribution required each year, with respect to each member, to accumulate over his or her projected working lifetime the reserves needed to meet the cost of earned benefits. The normal cost represents the ultimate cost of the Retirement System, if the unfunded liability is paid up and the actual experience of the System conforms to the assumptions.


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Actuarial Accrued Liability The total actuarial present value of future benefits is computed using the valuation’s actuarial assumptions. Subtracting the present value of future normal costs results in the actuarial accrued liability. The total actuarial accrued liability essentially represents the amount that would have been accumulated as of December 31, 2010, if contributions sufficient to meet the normal costs of the Retirement System had been made each year in the past, benefit provisions had always been the same as current benefit provisions, and actual past experience had always conformed to current actuarial assumptions. If assets equaled the total accrued liability, there would be no unfunded liability and future contribution requirements would consist solely of the calculated normal cost rates. Amortization of Unfunded Actuarial Accrued Liability The unfunded actuarial accrued liability is projected to the beginning of the fiscal year for which employer contributions are being calculated (see page 97 for a description of the projection). The projected unfunded accrued liability is then amortized by level percent of payroll contributions over a period of years. Active member payroll is assumed to increase 4.5% a year for the purpose of determining the level percent contributions. The standard amortization period to fund the unfunded liability is 28 years for positive unfunded liabilities in the 2010 valuation. This period will be reduced by one year in each of the next eight annual valuations, reaching 20 years in the 2018 valuation. Beginning with the 2019 valuation the 20 year period will be reestablished with each annual valuation. Section 20m of Act No. 314 of the Public Acts of 1965 as amended (MCL 38.1140m) requires that the amortization period not exceed 30 years. The standard amortization period for negative unfunded liabilities is 10 years, with the 10 year period reestablished with each annual actuarial valuation. For divisions that are closed to new hires, and the new hires are not covered by MERS defined benefit or hybrid provisions (in a linked division), the otherwise applicable MERS-wide standard amortization period for positive unfunded liabilities in effect in the valuation year in which the division is closed is decreased annually by 2 years until the period reaches 5 years. At that point, the amortization period will remain at 5 years.


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Shorter amortization periods may be elected by a municipality (but not shorter than 5 years for negative unfunded liabilities). Table 16 in the results section of each municipality's individual valuation report indicates the current length of the amortization period for each division. Note that when the 10 year amortization is used for negative unfunded liabilities, Table 16 reports the amortization in two parts: i) a long term credit based on the long term amortization period (usually the standard amortization period described above), plus ii) an overfunding credit resulting from using a 10 year amortization. In calculating the annual required contribution (ARC) for reporting and disclosure purposes under Statement Nos. 25 and 27 of the Governmental Accounting Standards Board, the following amortization methods are used: •

A level percentage of payroll amortization is used, based on the amortization periods described in the previous paragraph and based on the assumption that payroll increases 4.5% per year.

•

For divisions that are less than 100% funded and are closed to new hires (and new hires are not covered by MERS defined benefit or hybrid provisions in a linked division), a 30-year level dollar amortization is used if it results in a higher amortization payment.

Projection of Unfunded Accrued Liability The unfunded accrued liability as of December 31, 2010 is projected to the beginning of the fiscal year for which employer contributions are being calculated (each municipality's fiscal year beginning in 2012). This allows the 2010 valuation to take into account the expected future contributions that are based on past valuations. This projection process will result in more stable computed contribution rates, and was first used for the December 31, 2004 actuarial valuations. The projected unfunded accrued liability is amortized over the appropriate period (see page 96) to determine the amortization payment. For divisions that will have no new hires this is the dollar amortization payment. For divisions that are open to new hires this payment is divided by the projected fiscal year payroll to determine the amortization payment as a percentage of active member payroll. The resulting amortization contributions are displayed for each division in Table 16 of each municipality's individual valuation report. The details of the projection are displayed in Table 24 of each municipality's valuation report.


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Termination Liability The termination liability represents the value of the benefits that have been earned as of the valuation date based on final average compensation and benefit service as of the valuation date. All active members are assumed to terminate employment on the valuation date. Vested and non-vested active members are assumed to retire at the first age when the member would be eligible for unreduced deferred retirement benefits, assuming no continued employment after the valuation date (non-vested benefits are assumed to commence at age 60).


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Asset Valuation Method The actuarial value of assets is determined on the basis of a method that calculates expected investment income at the valuation rate of return and adds a portion of the difference between the expected investment income and actual investment income earned on a market value basis. The difference in investment income between expected return and market return is recognized over a 10-year period at the rate of 10% per year. This asset valuation method was first adopted for the December 31, 2005 valuation, and is applied as follows: Actuarial Value equals: (a) Actuarial value of assets from the previous actuarial valuation, plus (b) Aggregate employer and member contributions since the last valuation, minus (c) Benefit payments and refunds of member contributions since the last valuation, plus (d) Estimated investment income at the 8% valuation interest rate, plus (e) Portion of gain (loss) recognized in the current valuation. For the above purpose, gain (loss) is defined as the excess during the period of the investment return on the market value of assets over the expected investment income. The portion recognized in the valuation is 10% of the current year's gain (loss) plus 10% of the gain (loss) from each of the 9 preceding years. The cumulative difference between the market value and valuation assets as of December 31, 2005 is recognized over 9 years. During 2010, the approximate net investment return on average total assets at actuarial value (determined as the actuarial value of investment income divided by the average actuarial value of assets during the year) was 5.74%. The corresponding amounts for 2009, 2008, 2007, and 2006 were 5.30%, 4.73%, 8.12%, and 8.14%, respectively. For the December 31, 2010 valuation, the actuarial value of assets is equal to 116.29% of market value (compared to 125.17%, 139.15%, 98.85%, and 98.62% in 2009, 2008, 2007, and 2006, respectively). This percentage is applied to each division's reported market value of assets to estimate the actuarial value of assets for the division. Table 37 on pages 100 - 102 provides the details of the derivation of the actuarial value of assets for the retirement system in the aggregate. The reader should note that, given that the actuarial value of assets is currently 16% higher than the market value, meeting the actuarial assumption in the next few years will require average annual market returns that exceed the 8% investment return assumption. Please see the Comments on the Investment Markets on page 2. Note that the asset values in Table 37 differ slightly from the asset values reported elsewhere in the report, because the assets in Table 37 include some employer divisions that were not included in the respective annual valuations. Also note that for closed municipalities the market value of assets is used, instead of the smoothed market value described above. Gabriel Roeder Smith & Company

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Table 37 Municipal Employees' Retirement System of Michigan Derivation of Actuarial Value of Assets Valuation Date December 31: 1. Beginning of Year Assets a) Market Value b) Valuation Assets 2. End of Year Market Value Assets 3. Net Additions to Market Value a) Net Contributions b) Net Investment Income = (3d) - (3a) - (3c) c) Benefit Payments d) Total Additions to Market Value = (2) - (1a) 4. Average Valuation Assets = (1b) + .5x[(3a) + (3c)] 5. Expected Income at Valuation Rate = 8% x (4) 6. Gain (Loss) = (3b) - (5) 7. Phased-In Recognition of Investment Return a) Current Year: 0.2 x (6) b) First Prior Year c) Second Prior Year d) Third Prior Year e) Fourth Prior Year f) 1999-2003 Years Combined g) Total Recognized Investment Gain (Loss) 8. Change in Valuation Assets (3a) + (3c) + (5) + (7g) 9. End of Year Assets a) Market Value = (2) b) Valuation Assets = (1b) + (8) # c) Difference Between Market & Valuation Assets 10. Recognized Rate of Return = [(5) + (7g)] / (4) 11. Market Rate of Return 12. Valuation Asset Adjustment Factor = (9b) / (9a)

2001

2002

2003

2004

2005

$ 3,788,886,471 3,791,423,339

$ 3,647,820,869 4,034,377,419

$ 3,285,304,333 4,134,404,645

$ 4,071,997,180 4,459,492,020

$ 4,619,201,287 4,732,208,229

3,647,820,869

3,285,304,333

4,071,997,180

4,619,201,287

4,906,288,690

154,103,475 (93,269,286) (201,899,791) (141,065,602)

167,427,558 (324,926,459) (205,017,635) (362,516,536)

3,767,525,181 301,402,014 (394,671,300)

4,015,582,381 321,246,590 (646,173,049)

(78,934,260) (79,670,266) 63,981,441 40,228,410 43,743,057 N/A (10,651,618)

(129,234,610) (78,934,260) (79,670,266) 63,981,441 40,228,408 N/A (183,629,287)

242,954,080

100,027,226

3,647,820,869 4,034,377,419 (386,556,550)

3,285,304,333 4,134,404,645 (849,100,312)

7.72% (2.48%) 1.105969

3.43% (8.95%) 1.258454

223,450,393 792,139,959 (228,897,505) 786,692,847 4,131,681,089 330,534,487 461,605,472

0 0

223,057,268 577,562,751 (253,415,912) 547,204,107

277,589,524 288,223,418 (278,725,539) 287,087,403

4,444,312,698 355,545,016 222,017,735

4,731,640,222 378,531,218 (90,307,800)

44,403,547

(18,061,560) 44,403,547

(96,873,710) (52,470,163)

(96,873,710) (70,531,723)

325,087,375

272,716,209

306,863,480

4,071,997,180 4,459,492,020 (387,494,840)

4,619,201,287 4,732,208,229 (113,006,942)

4,906,288,690 5,039,071,709 (132,783,019)

8.00% 24.13% 1.095161

6.82% 14.24% 1.024465

6.51% 6.24% 1.027064

# See final paragraph on page 99.


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Table 37 (cont.) Municipal Employees' Retirement System of Michigan Derivation of Actuarial Value of Assets Valuation Date December 31: 1. Beginning of Year Assets a) Market Value b) Valuation Assets 2. End of Year Market Value Assets 3. Net Additions to Market Value a) Net Contributions b) Net Investment Income = (3d) - (3a) - (3c) c) Benefit Payments d) Total Additions to Market Value = (2) - (1a) 4. Average Valuation Assets = (1b) + .5x[(3a) + (3c)] 5. Expected Income at Valuation Rate = 8% x (4) 6. Gain (Loss) = (3b) - (5) 7. Phased-In Recognition of Investment Return a) Current Year: 0.1 x (6) b) First Prior Year c) Second Prior Year d) Third Prior Year e) Fourth Prior Year f) Fifth Prior Year g) Sixth Prior Year h) Seventh Prior Year i) Eighth Prior Year j) Ninth Prior Year k) Total Recognized Investment Gain (Loss) 8. Change in Valuation Assets (3a) + (3c) + (5) + (7k) 9. End of Year Assets a) Market Value = (2) b) Valuation Assets = (1b) + (8) # c) Difference Between Market & Valuation Assets 10. Recognized Rate of Return = [(5) + (7k)] / (4) 11. Market Rate of Return 12. Valuation Asset Adjustment Factor = (9b) / (9a)

2006

2007

$ 4,906,288,690 5,039,071,709 5,590,042,317

$ 5,590,042,317 5,512,924,466 6,071,046,914

371,505,157 622,409,716 (310,161,246) 683,753,627

2008 6,071,046,914 6,001,040,078 4,512,260,955

2009 4,512,260,955 6,278,731,673 5,276,645,338

5,276,645,338 6,604,608,397 5,971,593,444

386,942,952 442,377,206 (348,315,561) 481,004,597

374,214,134 (1,553,001,917) (379,998,176) (1,558,785,959)

5,532,238,162 442,579,053 (201,847)

5,998,148,057 479,851,845 (2,032,853,762)

21,683,022 (14,753,669)

(20,185) 21,683,022 (14,753,669)

(203,285,376) (20,185) 21,683,022 (14,753,669)

26,903,495 (203,285,376) (20,185) 21,683,022 (14,753,669)

20,621,513 26,903,495 (203,285,376) (20,185) 21,683,022 (14,753,669)

6,929,353

6,909,168

(196,376,208)

(169,472,713)

(148,851,200)

473,852,757

488,115,612

277,691,595

325,876,724

339,881,776

5,590,042,317 5,512,924,466 77,117,851 8.14% 12.61% 0.986204

6,071,046,914 6,001,040,078 70,006,836 8.12% 7.89% 0.988469

4,512,260,955 6,278,731,673 (1,766,470,718) 4.73% (25.59%) 1.391482

5,276,645,338 6,604,608,397 (1,327,963,059) 5.30% 17.10% 1.251668

5,971,593,444 6,944,490,173 (972,896,729) 5.74% 13.94% 1.162921

5,069,743,665 405,579,493 216,830,223

413,354,720 771,066,207 (420,036,544) 764,384,383

2010

6,275,390,761 502,031,261 269,034,946

423,489,032 733,059,352 (461,600,278) 694,948,106 6,585,552,774 526,844,222 206,215,130



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Table 37 (cont.) Municipal Employees' Retirement System of Michigan Derivation of Actuarial Value of Assets Valuation Date December 31: 1. Beginning of Year Assets a) Market Value b) Valuation Assets 2. End of Year Market Value Assets 3. Net Additions to Market Value a) Net Contributions b) Net Investment Income = (3d) - (3a) - (3c) c) Benefit Payments d) Total Additions to Market Value = (2) - (1a) 4. Average Valuation Assets = (1b) + .5x[(3a) + (3c)] 5. Expected Income at Valuation Rate = 8% x (4) 6. Gain (Loss) = (3b) - (5) 7. Phased-In Recognition of Investment Return a) Current Year: 0.1 x (6) b) First Prior Year c) Second Prior Year d) Third Prior Year e) Fourth Prior Year f) Fifth Prior Year g) Sixth Prior Year h) Seventh Prior Year i) Eighth Prior Year j) Ninth Prior Year k) Total Recognized Investment Gain (Loss) 8. Change in Valuation Assets (3a) + (3c) + (5) + (7k) 9. End of Year Assets a) Market Value = (2) b) Valuation Assets = (1b) + (8) # c) Difference Between Market & Valuation Assets 10. Recognized Rate of Return = [(5) + (7k)] / (4) 11. Market Rate of Return 12. Valuation Asset Adjustment Factor = (9b) / (9a)

2011

20,621,513 26,903,495 (203,285,376) (20,185) 21,683,022 (14,753,669)

(148,851,200)

2012

20,621,513 26,903,495 (203,285,376) (20,185) 21,683,022 (14,753,669)

(148,851,200)

2013

20,621,513 26,903,495 (203,285,376) (20,185) 21,683,022 (14,753,669) (148,851,200)

2014

20,621,513 26,903,495 (203,285,376) (20,185) 21,683,022 (14,753,667) (148,851,198)

2015

20,621,513 26,903,495 (203,285,376) (20,185) 21,683,025 (134,097,528)



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APPENDIX MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF

MICHIGAN

DECEMBER 31, 2010 VALUATION RESULTS BY

MUNICIPALITY

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name 21st Dist Ct 23rd Jud Dist Ct 26th Jud Cir Ct 34th Dist Ct 35th Dist Ct 41 B Dist Ct Addison Fire Dept Adrian, City of Aitkin Memorial Dist Albion, City of Alcona Co Alger Co Alger CRC Algonac, City of Allegan, City of Allegan Co Allegan CRC Alma, City of Almont, Vlg of Alpena Co Alpena CRC Alpena Rgnl Med Ctr Alpena Sr Citizens C Alpha, Vlg of Antrim Co Antrim CRC Arenac Co Arenac CRC Ash Twp Auburn, City of Au Gres, City of Bad Axe, City of Bad Axe Area Dist Li Bancroft, Vlg of Bangor, City of Baraga, Vlg of Baraga Co Baraga Co Memorial H Baraga CRC Baroda Twp Barry Co Barry Co CMH Auth Barry Eaton Dist Hlt Barton Hills, Vlg of Bates Twp Bath Charter Twp Battle Creek, City o Bay Area Trans Auth Bay City, City of Bay City HC Bayliss Pub Lib Bay Metro Trans Auth Beecher Metro Dist S Belding, City of Belleville, City of Benzie/Leelanau Dist Benzie Co Benzie Co Comm on Ag Benzie Co MCF (The M Benzie CRC Benzie Shores Dist L Benzie Trans Auth Berkley, City of Berrien Springs, Vlg Bessemer, City of Beverly Hills, Vlg o Big Rapids, City of Big Rapids HC Bingham Farms, Vlg o Birch Run, Vlg of Bishop Intl Arpt Aut Blackman Chtr Twp Blissfield, Vlg of Bloomfield Hills, Ci Blue Water Area Tran Boyne City, City of

Number of Number Divisions 8243 8223 0403 8235 8234 5014 4607 4601 7407 1301 0101 0203 0201 7707 0309 0302 0301 2901 4407 0401 0402 0405 0404 3614 0502 0501 0603 0604 5804 0905 0602 3211 3214 7610 8003 0704 0702 0703 0701 1109 0802 0804 2303 8107 3616 1909 1302 2810 0901 0906 1702 0907 2501 3410 8213 4504 1003 1006 1004 1001 1005 1007 6304 1102 2702 6321 5402 5406 6332 7315 2507 3806 4606 6302 7709 1506


1 1 1 1 1 2 1 7 1 6 8 8 1 2 4 14 3 6 3 6 2 5 1 1 5 2 7 3 1 1 2 1 1 1 1 3 2 2 3 1 14 2 3 1 1 1 10 2 6 2 1 3 2 1 3 1 6 1 2 3 1 1 4 1 1 2 2 1 1 3 1 1 1 7 2 4

Fiscal Year Beginning July 1 July 1 January 1 July 1 January 1 January 1 April 1 July 1 July 1 January 1 January 1 January 1 January 1 July 1 July 1 January 1 January 1 July 1 July 1 January 1 January 1 July 1 October 1 April 1 January 1 January 1 January 1 January 1 April 1 July 1 April 1 July 1 July 1 March 1 July 1 March 1 January 1 October 1 October 1 April 1 January 1 April 1 January 1 April 1 April 1 January 1 July 1 October 1 July 1 October 1 July 1 October 1 July 1 July 1 July 1 October 1 October 1 October 1 January 1 January 1 July 1 October 1 July 1 July 1 July 1 July 1 July 1 April 1 July 1 July 1 January 1 January 1 July 1 July 1 October 1 May 1

Number of Actives 7 12 23 35 12 32 2 147 1 39 55 32 27 21 9 112 50 79 14 85 27 392 0 2 305 37 57 22 4 6 4 21 1 1 14 8 31 103 27 5 405 56 76 3 1 22 332 74 83 15 6 95 8 7 16 4 78 9 106 28 1 20 49 12 12 13 26 4 2 14 32 33 21 32 53 29

Active Salary 312,919 540,148 716,096 1,573,730 586,203 1,368,995 151,404 7,310,870 48,000 1,595,100 1,826,326 1,304,033 1,212,042 1,089,773 622,922 6,059,933 2,364,198 3,029,810 756,251 3,176,947 1,143,479 22,932,039 0 43,801 11,407,938 1,479,712 1,973,973 833,008 127,287 274,884 259,525 989,862 43,173 43,018 547,404 305,789 1,174,594 4,556,456 1,016,346 248,034 14,818,563 2,098,693 3,392,244 140,942 39,794 1,245,513 16,067,939 2,447,915 4,126,308 744,470 161,510 3,503,023 472,953 355,425 851,494 201,355 3,125,738 274,943 3,500,877 983,622 68,529 642,044 2,194,904 470,581 453,522 727,853 1,255,926 242,523 161,404 619,681 1,822,484 1,945,164 928,218 2,244,043 2,076,764 1,318,808

Number of Retirees 1 6 9 4 8 22 0 123 0 101 47 27 35 10 7 231 63 78 3 78 38 354 7 0 147 39 48 27 4 6 6 14 0 1 12 10 20 85 33 0 182 0 54 1 1 4 320 10 277 16 5 31 15 3 16 1 42 4 38 31 0 0 65 7 15 12 50 3 0 2 7 7 4 40 8 32

Annual Benefits In Force 16,140 114,752 58,402 139,983 237,344 289,052 0 2,894,663 0 845,247 474,684 451,878 552,977 142,950 141,641 2,800,458 1,224,904 1,108,993 46,369 833,190 567,975 6,600,147 67,036 0 1,224,369 752,752 448,451 397,509 52,191 141,176 88,235 321,077 0 7,884 68,522 197,872 263,669 630,457 452,920 0 2,111,024 0 681,969 18,906 12,632 97,085 7,172,073 46,900 4,968,599 290,809 53,171 275,525 364,637 60,579 303,678 7,698 473,594 34,979 279,847 442,184 0 0 1,367,335 41,328 170,551 200,823 765,194 48,148 0 10,075 108,602 232,197 42,620 1,744,043 73,506 424,935

Number Deferred Vesteds 0 3 21 1 0 11 0 19 0 22 9 5 3 6 4 81 2 7 2 29 2 78 0 2 59 0 21 2 1 0 0 0 0 0 10 2 9 38 0 0 45 9 42 0 0 3 54 7 18 0 1 12 1 1 10 0 41 1 23 3 0 0 10 3 1 10 7 2 0 3 2 1 3 3 5 7

Annual Deferred Benefits 0 20,218 122,708 8,800 0 200,509 0 200,843 0 123,397 38,178 12,021 30,137 50,749 28,326 588,483 17,251 63,958 3,663 235,842 10,211 1,082,029 0 3,637 334,587 0 135,080 15,082 1,438 0 0 0 0 0 25,813 7,360 52,891 223,845 0 0 342,876 91,676 291,304 0 0 39,615 817,523 28,367 245,164 0 5,472 76,892 15,165 2,056 50,012 0 357,397 6,116 120,445 18,814 0 0 102,704 20,976 8,451 63,524 35,987 17,513 0 6,778 21,443 18,714 17,948 64,478 37,365 44,918

A-1

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Branch Co Brandon Chtr Twp of Breckenridge,Vlg of Bridgeport Chtr Twp Bridgman, City of Brighton, Chtr Twp o Brighton, City of Brighton Area Fire A Britton, Vlg of Brnch-Hillsdale-St J Bronson, City of Brooklyn, Vlg of Brownstown, Chtr Twp Buchanan, City of Buchanan Dist Lib Buena Vista Chtr Twp Burton, City of Butman Township Cadillac, City of Cadillac/Wexford Tra Calhoun Co Calhoun CRC Canton, Chtr Twp of Canton Pub Lib Capac, Vlg of Capital Area Dist Li Capital Region Arprt Carleton, Vlg of Carrollton Twp Cascade Chtr Twp Caseville, Vlg of Caspian, City of Cass Co Cass Co MCF Cass Dist Lib Cedar Springs, City Center Line, City of Central Lake, Vlg of Central Mich Dist Hl Charlevoix, City of Charlevoix Co Charlevoix CRC Charlotte, City of Charlotte Dist Lib Cheboygan, City of Cheboygan Co Cheboygan CRC Chelsea, City of Chelsea Area Fire Au Chesaning, Vlg of Chesterfield Twp Chesterfield Twp Lib Chikaming Twp Chippewa Co Chippewa CRC Chippewa River Dist Chocolay, Chtr Twp o Clare, City of Clare Co Clare Co Trans Auth Clare CRC Clawson, City of Clay Twp Clearwater Twp Clinton, Vlg of Clinton Co Clinton CRC Clinton-Eaton-Ingham Clinton Twp Clio, City of CMH of Central Mich Coldwater, City of Coldwater Brd of Pub Coleman, City of Coloma, City of Coloma Chtr Twp



3 2 2 4 1 2 5 1 1 1 2 1 3 4 1 4 5 1 7 3 2 4 8 1 3 4 5 1 2 1 1 1 8 2 1 2 4 1 5 3 6 2 5 2 3 3 2 3 1 3 3 1 2 11 2 2 1 2 4 1 2 3 6 1 2 6 4 6 9 1 1 7 2 1 1 2

Fiscal Year Beginning January 1 January 1 March 1 January 1 July 1 April 1 July 1 July 1 March 1 January 1 July 1 March 1 January 1 July 1 July 1 January 1 July 1 July 1 July 1 October 1 January 1 January 1 January 1 January 1 July 1 January 1 July 1 March 1 April 1 January 1 March 1 July 1 January 1 January 1 January 1 July 1 July 1 March 1 October 1 April 1 January 1 January 1 July 1 January 1 July 1 January 1 January 1 July 1 March 1 March 1 January 1 January 1 April 1 January 1 January 1 January 1 January 1 July 1 January 1 October 1 July 1 July 1 July 1 April 1 April 1 January 1 January 1 October 1 April 1 July 1 October 1 July 1 July 1 July 1 April 1 April 1


Active Salary 1,682,726 1,303,727 135,033 1,283,781 690,291 414,460 3,389,919 65,596 105,319 2,289,722 699,567 244,026 4,076,278 1,270,014 126,537 1,866,393 3,958,517 0 2,494,489 592,494 8,181,844 2,709,992 18,671,391 809,026 260,366 3,458,666 2,035,246 267,707 795,840 1,984,632 524,595 158,198 6,608,541 2,758,017 389,959 813,861 720,085 139,959 3,414,246 2,322,846 12,660,938 1,090,747 2,726,067 160,092 1,166,555 4,976,490 1,688,622 973,864 559,177 338,346 8,818,977 342,526 581,721 8,304,324 2,483,706 756,946 593,220 1,168,257 4,960,637 78,113 1,191,639 1,381,367 1,677,833 33,817 720,502 8,450,542 2,260,723 30,821,617 9,997,259 387,451 14,770,130 1,376,770 1,016,738 328,802 210,565 634,686


Annual Benefits In Force 7,046 211,711 204,356 388,277 15,747 61,802 519,282 16,162 0 463,078 25,313 78,423 150,879 387,131 3,673 397,903 2,415,756 0 704,863 36,873 1,248,113 816,832 3,768,192 172,896 109,081 66,588 963,837 15,243 41,904 170,350 13,848 65,027 857,919 164,213 31,879 150,139 740,976 0 817,887 515,048 1,671,078 435,512 842,493 45,480 568,074 808,864 986,250 643,628 0 176,845 432,415 9,772 24,920 1,524,057 991,916 57,784 0 404,097 911,124 8,895 668,951 1,595,797 269,605 0 100,012 1,596,138 893,637 4,572,868 3,040,563 33,455 1,701,839 978,880 696,297 89,380 0 114,222


Annual Deferred Benefits 0 12,582 19,753 207,641 7,844 34,202 53,166 0 0 159,233 8,360 0 15,976 48,720 2,873 72,657 107,236 15,287 155,524 6,689 37,633 211,464 42,798 14,220 27,466 7,068 169,815 2,354 18,374 73,790 0 7,953 154,060 64,326 12,875 17,095 22,749 0 234,207 83,877 336,704 42,951 131,294 0 6,409 169,581 26,160 70,462 0 15,175 95,889 0 4,855 215,260 44,250 6,601 0 66,926 128,048 0 2,359 50,420 95,774 0 44,945 212,866 57,755 1,206,851 86,560 23,961 811,060 89,211 117,273 0 0 0

A-2

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Columbiaville, Vlg o Coopersville, City o Coopersville Area Di Corunna City of Corwith Twp Covert Twp Crawford Co Crawford Co Trans Au Crawford CRC Croswell, City of Crystal Falls, City Crystal Falls Comm H Ctrl Dispatch of Mus Ctrl Wayne Co Sanita Davison,City of Davison Richfield Sr Davison Twp Dearborn, City of Deerfield, Vlg of Delta Chtr Twp Delta Co Delta CRC Delta-Menominee Dist Detour, Vlg of Detroit HC DeWitt, City of DeWitt Chtr Twp Dexter, Vlg of Dexter Area Fire Dep Dexter Twp Dickinson Co Dickinson CRC Dickinson-Iron Dist Dimondale,Vlg of Dist Hlth Dept #10 Dist Hlth Dept # 2 Dist Hlth Dept # 4 Douglas, City of Vlg Dowagiac, City of Dowagiac Dist Lib Dowagiac HC Drummond Island Twp Dryden, Vlg of Dundee, Vlg of Durand, City of East China Chtr Twp East Grand Rapids,Ci East Jordan, City of East Lansing, City o Eastpointe HC Eaton Co Eaton Co MCF Eaton Rapids, City o Eau Claire, Vlg of Ecorse, City of Elderly Housing Corp Elkton, Vlg of Elsie, Village of Emmett, Chtr Twp Emmett CRC Erie, Township of Escanaba, City of Essexville, City of E UP Reg Planning & E UP Trans Auth Evart, City of Evart Local Dev Fina Farmington, City of Farmington Cmnty Lib Farwell, Vlg of Fenton, City of Ferndale HC Ferrysburg, City of Flat Rock, City of Flint, Chtr Twp of Flint Pub Lib



1 1 2 5 1 1 7 1 3 2 3 2 3 2 4 1 2 2 1 1 8 3 2 1 3 3 2 1 1 1 7 2 4 1 2 2 1 3 6 1 2 1 1 1 2 1 5 4 17 1 10 4 5 1 7 2 2 1 2 2 1 6 6 1 2 1 1 6 2 1 8 1 1 6 4 1

Fiscal Year Beginning March 1 July 1 July 1 July 1 April 1 July 1 October 1 January 1 January 1 July 1 January 1 January 1 October 1 July 1 January 1 July 1 July 1 July 1 March 1 January 1 October 1 January 1 January 1 April 1 July 1 July 1 January 1 July 1 January 1 April 1 January 1 January 1 January 1 March 1 January 1 January 1 January 1 March 1 October 1 October 1 October 1 April 1 April 1 March 1 July 1 April 1 July 1 July 1 July 1 July 1 October 1 January 1 January 1 March 1 July 1 January 1 March 1 April 1 April 1 January 1 July 1 July 1 July 1 October 1 October 1 July 1 July 1 July 1 July 1 March 1 July 1 January 1 July 1 July 1 January 1 July 1


Active Salary 171,929 492,804 125,798 559,681 66,810 639,160 2,770,002 680,889 1,183,283 1,311,356 597,256 0 1,274,042 0 867,076 0 2,179,869 3,622,893 255,693 1,761,465 3,845,932 1,372,914 1,376,423 150,710 6,241,154 772,859 871,684 781,444 327,014 229,540 3,528,128 1,390,036 971,350 174,915 1,696,565 1,041,103 1,429,814 781,445 2,409,626 24,000 172,071 75,817 65,668 467,830 915,911 903,878 581,999 904,180 12,551,771 298,436 17,004,840 6,333,430 2,287,110 72,239 3,170,366 330,706 112,120 0 1,405,300 699,756 74,269 3,287,962 833,327 119,059 974,853 540,032 33,315 3,239,192 851,661 147,421 2,648,146 362,583 373,586 3,141,984 3,195,422 1,104,573


Annual Benefits In Force 14,288 90,216 11,373 250,843 0 0 818,772 187,396 445,299 427,743 484,042 259,487 211,067 345,335 350,988 27,957 201,396 0 42,641 571,380 1,251,343 394,444 126,942 37,528 165,704 266,075 14,042 127,686 32,272 28,117 1,186,737 543,304 406,454 29,620 1,317,704 300,890 611,776 108,127 868,717 0 0 0 28,746 297,009 206,330 289,884 1,466,948 150,261 9,190,395 0 5,081,492 257,767 359,754 31,987 3,424,831 200,577 40,005 1,533 124,346 826,625 0 1,701,813 366,612 0 400,944 60,816 32,818 1,197,853 342,013 0 604,984 0 45,094 1,119,474 827,674 0


Annual Deferred Benefits 0 18,559 6,721 58,241 0 5,307 120,646 16,291 0 41,234 108,247 146,024 16,289 38,530 26,679 0 23,252 0 0 34,815 121,428 58,576 308,411 359 202,190 44,396 35,937 0 0 907 173,167 53,160 134,971 14,135 120,633 144,854 109,411 32,819 120,975 2,854 5,176 2,220 7,757 0 42,721 19,525 70,721 46,565 589,458 0 577,384 68,718 81,113 0 21,805 28,492 5,459 12,173 25,753 28,909 0 107,505 40,710 0 10,942 41,169 0 49,602 11,458 0 35,611 0 5,042 74,535 56,064 0

A-3

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Flushing, Chtr Twp o Flushing, City of Forsyth Twp Fowler, Vlg of Fowlerville, Vlg of Fowlerville Dist Lib Frankenmuth, City of Frankfort, City of Franklin, Vlg of Fraser, City of Fremont, City of Fremont Area Dist Li Gaastra, City of Garden City, City of Gaylord, City of Genesee Chtr Twp Genoa Twp Gladstone, City of Gladwin, City of Gladwin City HC Gladwin Co Gladwin Co Dist Lib Gladwin CRC Gogebic-Iron Wastewa Grand Beach, Vlg of Grand Blanc, City of Grand Blanc Chtr Twp Grand Haven, City of Grand Ledge, City of Grand Ledge Area ESA Grand Rapids H C Grand Traverse Co Grand Traverse CRC Grand Traverse Pavil Grandville, City of Gratiot Co Gratiot CRC Grayling, City of Green Oak Chtr Twp Greenville, City of Grosse Ile Twp Grosse Pointe Park, Grosse Pte-Clntn Rfs Groveland Twp Hackley Pub Lib Hamburg Twp Hamtramck, City of Hamtramck Housing Co Hancock, City of Harbor Beach, City o Harbor Springs, City Harbor Springs Area Harrison, City of Hartland Deerfield T Hastings, City of Hazel Park, City of Helen Newberry Joy H Henika Dist Lib Herrick Dist Lib Hiawatha Bhvrl Hlth Hillsdale, City of Hillsdale Co Hillsdale CRC Hlth Source of Sagin Holland, City of Holland Area Cmnty P Holland Hospital Holly, Vlg of Homer, Vlg of Houghton, City of Houghton Co Houghton CRC Houghton Lake Pub Li Howard City, Vlg of Howard Twp Howell, City of



3 3 4 1 1 1 3 2 3 1 2 1 1 7 3 1 2 3 2 1 8 1 2 1 1 4 3 7 1 1 1 14 2 4 6 5 2 5 1 1 5 4 2 3 1 1 11 2 1 5 1 1 1 1 9 15 1 1 2 6 9 2 2 8 9 1 1 2 2 1 6 1 1 2 1 4

Fiscal Year Beginning April 1 July 1 April 1 January 1 February 1 July 1 July 1 July 1 July 1 July 1 July 1 July 1 July 1 July 1 July 1 January 1 April 1 April 1 July 1 July 1 January 1 January 1 January 1 July 1 November 1 June 1 January 1 July 1 July 1 July 1 July 1 January 1 January 1 January 1 July 1 January 1 January 1 July 1 April 1 July 1 April 1 July 1 July 1 April 1 July 1 July 1 July 1 January 1 July 1 July 1 January 1 January 1 January 1 April 1 July 1 July 1 January 1 January 1 July 1 October 1 July 1 January 1 January 1 January 1 July 1 July 1 July 1 July 1 January 1 July 1 January 1 January 1 July 1 March 1 April 1 July 1


Active Salary 524,823 1,584,087 662,376 130,522 350,116 142,408 1,676,286 604,910 731,505 0 1,451,346 292,234 74,578 6,035,482 1,581,382 1,955,904 180,430 831,473 352,282 534,636 3,596,473 170,975 1,399,475 345,707 361,720 1,995,518 2,673,831 10,511,320 547,229 505,383 270,278 5,928,845 467,908 12,125,296 1,288,311 2,706,095 1,507,782 404,594 763,635 978,664 3,113,176 5,103,036 0 422,871 150,231 815,768 6,859,618 927,055 626,872 935,145 1,249,110 359,368 422,012 228,034 2,197,500 5,952,467 1,421,714 88,921 2,031,343 1,804,855 3,632,843 1,911,857 1,733,507 10,123,889 15,525,358 612,216 0 954,753 382,284 765,879 4,022,538 395,764 219,783 181,016 73,332 3,339,441


Annual Benefits In Force 339,556 771,444 302,369 22,114 118,297 0 552,537 164,435 167,669 17,222 483,000 50,079 0 4,353,551 354,530 851,409 0 797,365 19,359 139,254 649,047 39,392 840,484 83,236 0 254,877 636,040 3,368,878 79,655 0 46,854 4,959,976 750,655 630,088 1,139,582 1,054,887 933,515 273,244 87,757 204,557 1,244,171 1,865,616 208,178 41,077 0 74,723 7,435,702 0 16,784 262,871 163,636 0 95,348 0 950,411 3,661,993 1,130,969 0 240,499 488,823 783,865 165,162 337,209 1,850,932 6,569,680 8,154 253,421 745,744 42,996 18,068 1,118,915 285,946 0 47,024 0 1,015,358


Annual Deferred Benefits 15,729 78,015 76,174 4,786 28,985 0 21,033 1,128 711 0 59,667 9,623 0 41,527 20,386 71,725 0 29,857 0 21,739 176,718 4,412 32,415 0 0 47,630 898 310,863 0 20,888 0 526,548 36,072 349,785 156,499 140,245 0 15,986 0 24,090 118,875 71,825 18,293 29,325 0 74,740 208,846 0 0 57,500 0 0 11,992 0 58,874 136,439 96,720 0 36,400 259,723 140,435 28,108 7,620 609,742 530,010 0 43,143 54,356 50,123 0 96,921 0 5,123 3,447 0 247,216

A-4

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Howell Area Fire Aut Howell-Carnegie Dist Hudsonville, City of Huntington Woods, Ci Hurley Med Ctr Huron Chtr Twp Huron Co Huron CRC Imlay City, City of Independence Twp Indianfields Twp Ingham Co Ingham CRC Interurban Trans Aut Ionia, City of Ionia Cmnty Lib Ionia Co Ionia CRC Ionia HC Iosco Co Iosco CRC Iron Co Iron Co HC Iron CRC Iron Mountain, City Iron Mountain-Kingsf Iron River, City of Ironwood, City of Isabella Co Isabella Co Trans Co Isabella CRC Ishpeming, City of Ishpeming Area Joint Ishpeming Twp Ithaca, City of Jackson Dist Lib Jackson Trans Auth Jordan Valley Dist L Kalamazoo, Chtr Twp Kalamazoo Lake Swr & Kalamazoo Pub Lib Kalkaska, Village of Kalkaska Co Kalkaska CRC Kalkaska Pub Trans A Keego Harbor, City o Kent CRC Keweenaw Co Keweenaw CRC Kinde, Vlg of Kingsford, City of L.M.A.S. Dist Hlth D L'Anse, Vlg of Lac Vieux Desert Ban Laingsburg, City of Lake Co Lake CRC Lakeland Lib Coop Lake Linden, Vlg of Lake Odessa, Village Lake Orion, Vlg of Lakeshore Coordinati Lansing Chtr Twp Lansing HC Lapeer, City of Lapeer Co Lapeer CRC Lapeer Dist Lib Lathrup Vlg, City of Laurium, Vlg of Lawrence, Vlg of Leelanau Co Leelanau CRC Leoni Twp Leslie, City of Leslie Twp



2 1 4 6 8 3 5 3 3 1 1 27 4 1 5 2 6 1 1 9 2 10 1 3 3 1 3 5 9 1 2 3 1 1 3 1 2 1 1 1 2 3 7 2 1 2 1 3 1 1 3 2 1 1 1 5 1 1 2 1 4 1 4 1 5 10 5 1 5 2 2 4 1 2 3 1

Fiscal Year Beginning July 1 July 1 July 1 July 1 July 1 January 1 January 1 January 1 July 1 January 1 April 1 January 1 January 1 October 1 July 1 July 1 January 1 January 1 October 1 January 1 January 1 January 1 October 1 January 1 July 1 July 1 July 1 July 1 October 1 October 1 October 1 January 1 January 1 April 1 July 1 January 1 October 1 July 1 January 1 March 1 July 1 March 1 January 1 January 1 October 1 July 1 October 1 January 1 January 1 February 1 July 1 October 1 July 1 January 1 July 1 January 1 January 1 October 1 March 1 March 1 July 1 October 1 January 1 July 1 July 1 January 1 January 1 January 1 July 1 March 1 March 1 January 1 January 1 July 1 July 1 July 1

Number of Actives

Active Salary

5 11 2 27 1,098 51 377 63 22 32 2 1,276 73 6 43 5 61 37 4 215 33 331 4 19 25 5 21 48 200 11 36 31 6 11 9 31 52 2 34 8 60 8 116 27 14 6 0 18 16 1 18 27 19 9 7 124 31 6 5 1 14 11 38 37 82 680 55 25 17 12 0 108 33 19 10 3

283,767 473,923 104,603 2,031,439 79,276,424 3,032,504 13,674,564 2,839,041 1,204,254 2,280,741 26,316 62,274,692 3,572,716 246,030 2,346,300 160,578 2,762,452 1,700,070 174,305 6,340,092 1,375,968 10,278,470 206,912 899,881 1,161,044 229,503 926,993 2,213,574 8,170,643 486,354 1,512,612 1,221,199 297,448 295,922 378,223 1,370,870 2,034,888 83,942 2,072,158 344,661 2,695,219 335,147 3,738,523 992,354 251,191 299,767 0 616,903 707,331 37,035 790,969 949,896 808,200 368,062 231,814 4,364,572 1,116,075 262,222 167,998 74,524 667,434 380,368 1,970,775 1,694,511 4,541,250 24,357,397 2,643,075 932,415 1,073,339 381,869 0 4,829,607 1,248,859 727,354 401,293 88,095


Annual Benefits In Force 25,708 25,281 129,498 1,538,255 11,309,270 509,360 3,228,781 1,513,146 231,728 110,786 24,727 15,187,614 2,212,490 0 694,052 6,991 123,147 766,637 28,870 1,068,869 401,058 961,532 5,619 746,439 826,561 32,209 318,381 1,228,966 1,800,295 41,200 578,974 707,216 5,007 23,550 254,892 226,967 68,310 2,569 101,935 41,228 26,990 247,862 666,351 604,385 89,134 227,593 79,331 60,550 444,190 14,977 265,767 417,506 260,021 0 0 360,932 576,170 36,328 48,164 2,577 260,045 34,323 105,799 554,038 788,156 3,116,937 654,705 195,697 386,693 82,211 7,069 695,588 227,215 361,643 64,601 0


Annual Deferred Benefits 0 3,357 122,145 35,452 2,158,927 2,119 562,967 19,604 47,939 0 12,942 2,375,652 209,572 0 154,379 14,357 63,499 7,396 0 183,719 36,669 153,774 5,274 14,616 23,334 8,881 3,344 46,532 551,874 0 77,917 42,538 6,750 0 21,857 68,828 26,230 0 31,174 12,108 20,463 1,911 96,300 42,587 21,179 60,783 0 27,989 0 0 725 484,530 14,736 0 0 91,939 9,529 35,152 11,342 0 6,170 3,138 0 130,283 93,796 781,829 25,356 849 0 6,349 8,780 223,615 38,825 282,580 8,000 0

A-5

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Lexington, Vlg of Lima Twp Litchfield, City of Livingston Co Livingston Co CMH Au Livingston CRC Looking Glass Rgnl F Loutit Dist Lib Lowell, City of Luce Co Luce CRC Ludington, City of Ludington-Mason Dist Luna Pier, City of Lyons, Vlg of Mackinac Co Mackinac Co HC Mackinac CRC Mackinac Straits Hos Mackinaw City, Vlg o Madison, Chtr Twp of Madison Heights, Cit Manistee, City of Manistee Co Manistee CRC Manistee HC Manistique, City of Manlius Twp Manton, City of Marenisco Twp Marine City, City of Marion, Vlg of Marlette, City of Marquette, City of Marquette Brd of Lig Marquette Chtr Twp Marquette Co Marquette Co Arpt Marquette Co Solid W Marquette Co Trans A Marquette CRC Marshall, City of Marshall Area Firefi Marshall Dist Lib Mason, City of Mason Co Mason CRC Mason-Oceana Cty Enh Mastodon Township MBS Intl Arpt Meceola Central Disp Mecosta Co Mecosta County Gener Mecosta CRC Melvindale, City of Melvindale HC Menominee, City of Menominee Co Menominee CRC Meridian Chtr Twp MERS Metamora Twp Mich. Grand River Wa Mich Muni Risk Mgmt Mich S Central Power Middleville, Vlg of Midland, City of Midland Co Central D Midland CRC Mid-Mich Dist Hlth D Mid-Mich Lib League Mid Peninsula Lbry C Milan, City of Milan Lib Milford, Vlg of Millington, Vlg of



2 1 1 9 1 2 1 1 3 2 4 1 1 2 1 4 1 2 2 1 1 6 5 10 3 1 3 1 2 1 2 2 1 12 5 2 13 1 4 2 5 5 1 1 4 7 2 2 1 4 1 8 2 3 6 1 3 7 3 6 1 1 1 1 3 5 6 2 3 5 1 1 6 1 6 2

Fiscal Year Beginning July 1 April 1 July 1 January 1 October 1 January 1 January 1 July 1 July 1 January 1 January 1 January 1 January 1 July 1 March 1 January 1 July 1 January 1 July 1 March 1 January 1 July 1 July 1 January 1 January 1 January 1 July 1 April 1 December 1 April 1 July 1 March 1 July 1 July 1 July 1 January 1 January 1 January 1 July 1 October 1 January 1 July 1 July 1 July 1 July 1 January 1 January 1 January 1 April 1 January 1 July 1 January 1 January 1 January 1 January 1 January 1 September 1 October 1 January 1 January 1 January 1 April 1 January 1 July 1 July 1 January 1 July 1 January 1 January 1 October 1 October 1 October 1 July 1 July 1 July 1 March 1


Active Salary 493,991 88,458 298,821 22,529,367 5,593,772 3,583,159 171,644 676,176 1,937,068 884,186 684,094 1,977,617 296,535 504,371 67,758 1,595,025 0 593,573 9,111,272 260,064 470,511 4,342,054 2,381,687 10,828,369 1,327,444 353,453 1,275,376 104,206 258,737 140,538 0 184,370 272,359 5,750,938 3,185,217 657,908 10,345,397 211,187 590,605 841,128 2,171,382 4,121,120 661,960 0 2,113,365 5,927,211 1,415,788 614,244 0 1,181,414 630,087 2,678,450 0 1,481,572 2,944,146 250,483 1,203,514 3,344,885 448,322 6,469,114 9,113,922 302,726 0 211,980 2,996,714 185,271 10,363,303 884,813 1,544,159 2,957,858 99,821 0 651,610 124,589 1,664,614 189,657


Annual Benefits In Force 45,407 3,995 81,829 4,281,878 291,947 644,343 0 35,980 563,750 235,220 509,917 974,387 36,779 276,841 0 486,261 21,560 489,990 444,215 22,778 34,628 2,220,435 812,804 1,654,170 600,927 9,579 538,906 0 91,079 0 4,313 21,370 36,184 2,270,980 2,339,270 32,629 4,262,813 112,362 40,220 116,875 1,415,184 1,803,398 0 26,815 769,168 1,946,165 165,064 8,085 5,013 476,145 49,888 1,384,602 588,219 580,696 2,046,976 14,685 441,419 843,685 229,666 1,865,028 139,804 0 2,897 0 299,574 69,411 7,212,112 59,743 1,044,721 347,810 16,247 31,503 744,535 16,271 528,381 42,935


Annual Deferred Benefits 11,329 0 7,919 908,486 297,936 106,452 710 0 163,411 82,552 27,448 46,813 7,967 0 0 95,741 5,856 9,827 199,768 0 9,810 241,336 17,116 281,772 73,559 0 963 3,569 10,368 0 0 607 55,377 162,039 24,173 27,281 439,730 5,143 23,723 20,227 118,624 176,061 0 0 32,625 340,369 34,136 12,376 0 24,842 3,182 329,381 401,007 48,704 65,994 43,909 190,727 97,286 0 156,709 116,856 12,711 0 0 110,414 8,561 386,815 0 26,191 164,589 32,889 0 121,719 0 90,619 39,583

A-6

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Missaukee Co MOA Solid Waste Mgmt Monroe HC Montague, City of Montcalm CRC Montmorency Co Montrose, City of Mt. Morris Chtr Twp Mt. Pleasant, City o Muir, Vlg of Mundy,Chtr Twp of Munising, City of Muskegon, City of Muskegon Area Dist L Muskegon Chtr Twp Muskegon Co Muskegon CRC Muskegon HC Muskegon Heights, Ci Muskegon Heights HC Negaunee, City of Negaunee Twp Network180 Newaygo CMH Newaygo Co Newaygo CRC Newaygo MCF Newaygo Soil & Wtr C New Baltimore, City Newberry, Vlg of New Buffalo, City of Niles Dist Lib N Muskegon, City of No. Mich. Comm. Mntl Northern Lakes CMH A Northfield Twp North Houghton Co Wt Northpointe Bhvrl Hl Northville, City of Northville Chtr Twp Northville Dist Lib Norton Shores, City Norway, City of Novi, City of NW Mich Cmnty Hlth A NW Rgnl Arpt Comm Oceana Co Oceola Twp Ogemaw Co Ogemaw Co EMS Auth Ogemaw CRC Olive Twp Onaway, City of Ontonagon, Vlg of Ontonagon Co Ontonagon Co Economi Ontonagon CRC Orchard Lake, City o Oronoko Chtr Twp Osceola Co Osceola CRC Oscoda Chtr Twp Oscoda Co Oscoda Wurtsmith Arp Otisville, Vlg of Otsego Co Otsego CRC Ottawa Co Ottawa Co Central Di Ottawa CRC Otter Lake, Vlg of Owosso, City of Oxford, Township of Oxford, Vlg of Parchment, City of Pathways(Spr.Bhvl.Mn



2 1 1 2 2 3 2 4 3 1 2 4 9 1 4 15 6 1 8 1 2 1 1 1 7 5 4 1 7 5 1 1 3 1 3 1 1 4 6 4 1 6 4 9 1 2 6 1 4 2 2 1 2 4 3 1 1 4 1 6 2 2 5 1 2 11 1 15 2 3 1 2 1 1 1 7

Fiscal Year Beginning January 1 January 1 October 1 July 1 October 1 January 1 July 1 April 1 January 1 July 1 January 1 July 1 July 1 January 1 April 1 October 1 January 1 October 1 July 1 April 1 January 1 April 1 October 1 October 1 January 1 October 1 January 1 September 1 June 1 January 1 July 1 October 1 December 1 January 1 January 1 July 1 January 1 October 1 July 1 January 1 December 1 July 1 July 1 July 1 January 1 January 1 January 1 July 1 January 1 October 1 January 1 April 1 April 1 April 1 January 1 January 1 January 1 July 1 January 1 January 1 January 1 January 1 January 1 October 1 July 1 January 1 January 1 January 1 January 1 October 1 March 1 July 1 January 1 July 1 January 1 October 1


Active Salary 1,276,875 166,537 281,423 838,748 1,882,239 1,479,758 267,426 2,556,216 4,011,819 116,644 1,459,594 930,838 11,533,186 615,627 2,671,357 43,243,016 3,442,664 263,465 2,650,723 283,763 1,301,945 206,837 6,961,422 257,495 2,542,210 1,536,633 4,952,589 91,500 2,864,341 564,470 1,017,719 449,933 787,298 0 1,924,158 541,276 143,505 3,057,224 1,430,837 7,021,949 690,855 4,973,591 1,599,698 13,817,418 730,209 986,877 11,044,771 311,620 2,863,529 810,870 1,263,746 69,250 205,752 397,597 1,528,771 0 1,815,613 720,265 533,717 4,247,086 824,680 479,982 1,663,390 163,808 163,445 4,385,025 1,198,321 43,300,146 397,578 6,005,448 32,870 338,561 851,839 592,631 509,365 3,229,889


Annual Benefits In Force 102,627 18,616 95,102 135,351 866,767 477,486 64,931 1,358,277 1,411,397 19,571 213,048 356,908 5,259,346 26,245 514,974 11,569,067 1,562,242 0 2,153,711 70,464 583,288 7,847 474,131 89,019 1,299,303 491,013 651,880 0 328,393 219,678 39,510 6,086 293,548 5,300 1,296,255 0 0 286,245 1,174,980 368,262 44,333 2,074,043 933,782 3,003,376 262,284 124,357 1,279,464 0 1,046,774 9,465 453,666 19,401 25,670 1,114,662 329,818 10,371 955,396 102,532 100,024 462,272 479,470 178,001 518,869 6,911 30,507 812,999 685,517 6,727,343 70,423 2,671,817 0 306,849 269,145 170,991 120,066 3,493,833


Annual Deferred Benefits 57,937 12,755 0 22,577 40,860 91,673 9,755 111,501 126,009 0 14,292 36,334 542,289 0 34,593 1,672,507 76,816 0 144,467 10,699 50,514 0 255,971 12,801 86,894 29,024 152,246 6,010 10,692 45,783 16,225 0 16,365 0 179,937 17,490 4,337 191,161 102,875 33,373 17,035 87,059 0 580,539 86,005 28,498 197,688 3,686 103,354 8,279 12,911 0 5,581 455,601 55,167 0 0 18,594 14,874 261,309 23,198 30,630 95,426 0 8,199 339,555 25,010 1,429,223 21,295 64,341 0 0 43,872 22,982 6,407 587,545

A-7

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Paw Paw, Vlg of Paw Paw Lk Reg Jnt S Pellston, Vlg of Pennfield Chtr Twp Pentwater, Vlg of Perrinton, Vlg of Petersburg, City of Petoskey, City of Pewamo, Vlg of Pigeon, Vlg of Pinckney, Village of Pinconning, City of Pittsfield Chtr Twp Pleasant Ridge, City Plymouth, Chtr Twp o Plymouth, City of Plymouth Dist Lib Pokagon Band of Pota Port Austin, Vlg of Port Austin Area Swr Port Huron, City of Port Huron Chtr Twp Port Huron HC Portland, City of Port Sanilac, Vlg of Port Sheldon Twp Potterville, City of Presque Isle Co Presque Isle CRC PRIDE Youth Programs Ravenna, Vlg of Reading, City of Redford, Chtr Twp of Redford Twp Dist Lib Reed City, City of Richfield Twp (Genes Richfield Twp (Rosco Richland Twp Richmond, City of Rochester, City of Rockford, City of Rockwood, City of Rogers City, City of Romeo, Vlg of Romeo Dist Lib Romulus, City of Roosevelt Park, City Roscommon Co Roscommon Co Trans A Rose City, City of Rose Twp Royal Oak, Chtr Twp Saginaw, City of Saginaw, Pub Lib of Saginaw Chtr Twp Saginaw Co Saginaw Co 911 Com C Saginaw Co CMH Saginaw CRC Saginaw HC Saginaw-Midland Muni Saginaw Trans Sys Au Saline, City of Sandusky, City of Sandusky Dist Lib Sanilac CRC Saranac HC Saugatuck, City of Saugatuck Twp Saugatuck Twp Fire D Sault Ste. Marie, Ci Sault Ste. Marie HC SCCMUA Schoolcraft Co Schoolcraft CRC Schoolcraft Memorial

Number of Number Divisions 8002 1103 2404 1312 6401 2909 5807 2402 3407 3203 4706 0904 8110 6301 8238 8202 8221 MI01 3208 3210 7702 7711 7712 3401 7403 7018 2313 7104 7101 6210 6111 3003 8209 8228 6702 2514 7202 7310 5012 6307 4103 5810 7102 5005 5006 8225 6107 7201 7205 6504 6506 6306 7301 7317 7314 7303 7316 7318 7304 7321 7305 7319 8105 7402 7404 7410 3413 0307 0305 0313 1701 4906 1905 7503 7501 7505


4 1 1 1 1 1 1 4 1 2 2 3 8 4 3 6 1 1 1 1 9 1 2 3 2 1 1 5 2 1 1 1 2 1 2 2 2 2 1 5 3 2 3 5 2 5 4 4 1 1 1 5 5 1 1 21 4 5 4 2 2 1 4 3 1 1 1 2 1 1 4 1 2 9 1 5

Fiscal Year Beginning March 1 April 1 January 1 April 1 April 1 March 1 July 1 January 1 April 1 March 1 March 1 July 1 January 1 July 1 January 1 July 1 January 1 October 1 March 1 March 1 July 1 January 1 July 1 July 1 July 1 April 1 July 1 January 1 January 1 October 1 January 1 July 1 April 1 April 1 July 1 July 1 April 1 April 1 July 1 July 1 July 1 July 1 July 1 July 1 July 1 July 1 December 1 January 1 October 1 July 1 April 1 January 1 July 1 July 1 April 1 October 1 October 1 October 1 January 1 July 1 July 1 October 1 July 1 March 1 January 1 January 1 April 1 July 1 July 1 July 1 July 1 April 1 January 1 October 1 January 1 January 1


Active Salary 1,311,022 205,867 78,344 621,729 265,713 38,408 229,326 3,973,031 85,307 203,876 428,987 339,105 7,153,303 578,975 4,236,759 245,093 754,981 6,470,067 149,766 0 14,255,504 821,251 1,088,909 1,935,712 178,166 162,021 389,022 2,265,177 926,719 64,998 189,494 138,164 4,268,956 514,310 763,058 635,170 455,425 455,061 557,738 3,348,219 1,667,839 720,067 1,024,384 1,165,346 471,316 4,854,341 629,711 5,118,308 621,686 142,426 43,150 185,242 6,502,488 1,001,734 2,112,499 6,477,736 1,081,432 1,071,866 3,418,831 356,905 590,031 956,052 3,716,481 798,545 43,452 2,076,577 166,399 380,376 194,181 77,692 3,976,589 334,864 748,370 5,583,451 1,145,011 2,385,931


Annual Benefits In Force 385,906 53,331 0 74,151 70,139 0 0 898,165 0 67,835 55,603 132,298 465,640 253,778 750,807 1,336,198 128,387 29,835 33,198 5,599 9,122,854 80,038 266,392 585,773 15,549 0 0 436,291 602,573 10,551 0 5,005 3,105,016 84,187 234,846 118,709 123,180 58,249 25,586 1,142,363 138,538 96,479 660,141 288,536 135,108 2,128,925 242,758 720,270 48,066 18,150 2,320 209,310 10,630,194 9,177 716,374 9,581,626 431,578 1,014,344 1,794,627 183,429 238,823 2,590 977,564 150,764 0 0 36,063 40,853 52,414 31,803 1,464,555 81,870 56,612 1,216,930 827,178 844,642


Annual Deferred Benefits 45,903 796 0 0 26,825 5,875 0 154,460 0 2,311 4,876 0 331,102 45,019 43,327 64,876 3,365 0 1,589 4,934 357,815 39,080 47,211 64,787 10,436 0 1,452 53,722 0 0 5,749 6,022 397,819 3,659 55,760 19,228 37,565 265 0 8,140 181,675 14,279 35,200 22,986 57,177 44,500 62,250 202,407 6,483 6,777 0 11,813 409,056 0 46,877 484,007 18,935 259,288 75,851 68,443 0 54,056 83,020 33,875 4,656 0 0 20,617 2,400 0 55,780 3,195 86,167 185,790 10,755 260,552

A-8

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name Scio Twp Scottville, City of Sebewaing, Vlg of SEMCOG SE Oakland Co Rsrc R SE Oakland Co Wtr Au Shepherd, Vlg of Shiawassee Co Shiawassee Co CMH Shiawassee Council o Shiawassee CRC Shiawassee Dist Lib Sims Whitney Util Au SMART South Haven, City of South Haven Area ESA South Lyon, City of Sparta, Vlg of Springfield, City of Spring Lake, Vlg of Spring Lake Dist Lib St. Charles, Vlg of St. Clair, City of St. Clair HC St. Ignace, City of St. Johns, City of St. Louis, City of Stambaugh Twp Standish, City of Stanton, City of St Clair Shores HC Stephenson, City of Sterling, Vlg of St Joseph Co St Louis HC Stockbridge, Vlg of Sturgis HC Summit Twp Sumpter Twp Superior Chtr Twp Superiorland Lib Coo Swan Creek Twp Swartz Creek, City o SW Shiawassee ESA Sylvan Lake, City of Tawas Police Auth Taylor HC The Lib Network Three Rivers, City o Tittabawassee, Twp o Traverse Area Dist L Traverse City, City Trenton, City of Tri-County Aging Con Trio Council on Agin Tuscarora Twp Tuscola Co Tuscola Co CMH Tuscola Co Hlth Dpt Tuscola Co MCF Tuscola CRC Twin Cities Pub Sfty Ubly, Vlg of Utica, City of Van Buren Co Van Buren Dist Lib Van Buren Twp Vassar, City of Vevay Twp Vicksburg, Vlg of Vicksburg Dist Lib Vienna, Chtr Twp of Wakefield, City of Walker, City of Walled Lake, City of Washtenaw Co



2 1 4 1 2 2 2 19 3 1 4 1 1 8 6 2 5 5 4 2 1 2 5 1 3 2 4 1 1 1 1 1 1 3 1 1 1 3 3 2 1 1 3 1 2 1 1 3 5 1 1 6 2 2 1 1 12 1 1 1 2 1 1 3 10 1 2 4 1 2 1 1 1 3 5 4

Fiscal Year Beginning April 1 July 1 April 1 July 1 July 1 July 1 March 1 January 1 October 1 January 1 January 1 December 1 July 1 July 1 July 1 January 1 July 1 January 1 July 1 July 1 January 1 April 1 October 1 January 1 January 1 July 1 July 1 April 1 July 1 March 1 January 1 July 1 April 1 January 1 July 1 July 1 October 1 April 1 April 1 January 1 October 1 April 1 July 1 January 1 July 1 July 1 April 1 October 1 July 1 April 1 January 1 July 1 July 1 October 1 October 1 July 1 January 1 October 1 January 1 January 1 January 1 July 1 March 1 July 1 October 1 January 1 January 1 July 1 April 1 July 1 March 1 January 1 July 1 July 1 July 1 January 1


Active Salary 1,034,441 284,681 788,306 4,010,328 832,002 1,260,194 236,292 15,391,811 3,923,318 179,573 1,988,518 336,482 67,892 39,146,755 4,272,061 773,733 2,713,288 975,006 1,510,929 893,990 327,184 439,113 2,030,810 92,209 1,295,138 1,303,664 620,970 37,619 164,759 0 450,810 152,188 33,406 7,212,426 158,131 344,126 131,588 1,391,249 1,408,553 1,531,569 33,501 151,343 572,087 601,582 494,819 218,458 277,282 1,124,399 2,970,636 841,195 1,694,188 8,152,207 2,190,662 2,275,216 0 405,837 6,506,213 4,998,411 1,205,813 8,218,895 1,065,900 0 167,541 974,580 9,206,636 535,840 3,488,114 903,337 84,555 764,983 80,939 388,778 698,856 2,305,844 2,078,294 18,976,106


Annual Benefits In Force 7,043 0 407,000 1,291,707 401,844 427,939 13,070 4,771,564 427,622 16,863 1,105,425 73,862 0 9,808,443 1,212,180 182,658 286,472 153,064 575,635 110,026 10,535 158,569 709,484 30,797 325,888 975,213 510,480 5,302 139,325 5,670 115,417 9,822 4,976 1,078,231 0 29,400 0 519,616 135,175 104,928 49,417 22,868 559,715 0 97,884 46,985 0 332,592 723,163 0 255,965 3,107,808 2,795,801 288,567 15,861 37,973 1,349,283 365,280 326,620 501,471 191,071 6,415 28,716 186,750 642,633 26,843 65,623 261,687 39,705 121,423 3,391 13,567 317,649 977,669 565,688 451,177


Annual Deferred Benefits 0 0 40,400 302,508 72,434 4,270 0 777,311 266,221 21,061 14,744 9,313 1,050 1,818,493 84,326 0 27,918 7,838 72,236 0 0 18,604 63,147 0 37,330 77,487 34,796 0 20,642 0 11,556 0 0 355,792 0 3,281 0 31,552 42,393 0 4,390 0 0 0 2,842 7,572 0 90,474 195,898 0 15,593 236,247 7,652 98,809 7,439 0 136,905 101,702 9,008 95,501 6,765 2,929 0 43,341 57,155 5,521 41,471 33,154 0 25,870 0 12,613 0 88,169 115,226 363,033

A-9

MERS 12/31/2010 Valuation - Results by Municipality Participant Information Municipality Name

Number of Number Divisions

Washtenaw CRC Wayland, City of Wayne, City of Wayne HC Webberville, Vlg of West Branch, City of West Branch Dist Lib Westland,City of Westphalia, Vlg of Wexford Co Wexford CRC White Cloud, City of White Cloud/Sherman White Cloud Cmnty Li Whitehall, City of White Lake Chtr Twp White Pigeon, Vlg of White Pine Lib Willard Pub Lib Williamston, City of W Iron Co Swr Auth Wixom, City of W Mich CMH Sys W Mich Shoreline Rgn Wolverine Lake, Vlg W UP Dist Hlth Dept WUPPDR Ypsilanti, City of Ypsilanti, Twp of Ypsilanti Cmnty Util Ypsilanti HC

8102 0304 8242 8252 3314 6505 6509 8211 1907 8302 8303 6206 6211 6208 6105 6325 7804 5904 1308 3310 3612 6316 5304 6110 6329 3101 3108 8101 8104 8106 8115

2 2 18 1 1 3 1 9 1 11 2 1 1 1 5 5 1 2 2 4 1 6 1 1 3 2 1 4 1 3 1

Totals - Active Groups Totals - Closed Groups

700 15

Totals - MERS

715


Fiscal Year Beginning October 1 July 1 July 1 January 1 April 1 July 1 July 1 July 1 March 1 January 1 January 1 July 1 July 1 July 1 July 1 January 1 April 1 July 1 July 1 July 1 July 1 July 1 October 1 October 1 July 1 January 1 October 1 July 1 January 1 September 1 July 1

Number of Actives

Active Salary

130 17 84 3 3 19 3 144 2 126 35 6 3 5 23 85 4 3 28 16 4 57 7 11 8 37 9 43 66 116 7

7,190,527 828,933 5,814,240 142,172 110,476 748,064 97,562 7,969,308 113,529 5,362,949 1,467,599 194,490 131,615 130,898 1,282,025 5,204,989 178,631 66,547 1,411,642 765,918 169,905 3,509,348 371,609 568,131 516,699 1,673,204 354,713 2,089,039 3,425,467 7,150,614 356,381

2,118 19

35,816 0

1,683,983,258 0

2,137

35,816

1,683,983,258

Number of Retirees 108 11 182 0 1 11 0 247 2 80 48 5 0 1 17 25 0 3 1 15 3 27 19 2 8 68 1 51 53 82 1

Annual Benefits In Force

Number Deferred Vesteds

Annual Deferred Benefits

2,337,803 139,144 5,762,573 0 15,128 154,933 0 6,679,864 14,356 1,160,491 635,228 44,650 0 11,946 238,000 698,992 0 12,126 7,021 232,477 59,819 821,484 270,134 50,056 165,556 535,163 27,279 738,828 962,393 2,024,890 16,891

9 7 19 0 3 2 0 34 0 18 7 3 0 0 2 4 0 0 2 6 0 12 4 6 2 61 0 16 6 18 1

94,965 52,625 357,897 0 18,589 30,332 0 464,864 0 172,812 107,120 13,524 0 0 13,287 80,659 0 0 14,291 76,375 0 75,779 28,079 21,408 16,002 419,848 0 116,527 45,072 268,157 10,040

26,675 255

480,071,461 1,405,032

6,771 190

60,190,498 646,295

26,930

481,476,493

6,961

60,836,793

A - 10

MERS 12/31/2010 Valuation - Results by Municipality Actuarial Accrued Liability

Municipality Name 21st Dist Ct 23rd Jud Dist Ct 26th Jud Cir Ct 34th Dist Ct 35th Dist Ct 41 B Dist Ct Addison Fire Dept Adrian, City of Aitkin Memorial Dist Albion, City of Alcona Co Alger Co Alger CRC Algonac, City of Allegan, City of Allegan Co Allegan CRC Alma, City of Almont, Vlg of Alpena Co Alpena CRC Alpena Rgnl Med Ctr Alpena Sr Citizens C Alpha, Vlg of Antrim Co Antrim CRC Arenac Co Arenac CRC Ash Twp Auburn, City of Au Gres, City of Bad Axe, City of Bad Axe Area Dist Li Bancroft, Vlg of Bangor, City of Baraga, Vlg of Baraga Co Baraga Co Memorial H Baraga CRC Baroda Twp Barry Co Barry Co CMH Auth Barry Eaton Dist Hlt Barton Hills, Vlg of Bates Twp Bath Charter Twp Battle Creek, City o Bay Area Trans Auth Bay City, City of Bay City HC Bayliss Pub Lib Bay Metro Trans Auth Beecher Metro Dist S Belding, City of Belleville, City of Benzie/Leelanau Dist Benzie Co Benzie Co Comm on Ag Benzie Co MCF (The M Benzie CRC

Number 8243 8223 0403 8235 8234 5014 4607 4601 7407 1301 0101 0203 0201 7707 0309 0302 0301 2901 4407 0401 0402 0405 0404 3614 0502 0501 0603 0604 5804 0905 0602 3211 3214 7610 8003 0704 0702 0703 0701 1109 0802 0804 2303 8107 3616 1909 1302 2810 0901 0906 1702 0907 2501 3410 8213 4504 1003 1006 1004 1001


Employer Liability 1,098,911 1,186,780 2,235,341 2,746,258 1,069,902 2,950,849 192,518 17,538,694 104,780 4,958,179 5,796,497 4,609,625 2,383,829 2,056,653 2,280,673 21,016,044 6,520,770 5,661,779 1,287,132 8,375,634 4,197,077 70,146,632 0 41,111 17,737,147 4,446,564 4,883,582 2,093,953 50,612 422,943 1,137,048 2,143,626 36,860 11,767 758,854 579,406 2,969,507 10,453,623 2,536,408 133,060 27,869,618 4,061,656 7,724,181 534,754 223,322 2,547,919 45,521,896 887,710 14,782,176 3,097,288 139,623 7,331,212 1,446,250 594,164 2,828,938 455,085 7,521,026 401,491 3,169,640 2,193,852

Employee Liability 217,493 455,657 26,635 1,400,943 817,078 913,958 0 5,170,034 2,050 146,932 216,523 89,573 868,602 856,106 4,742 3,199,028 1,933,931 2,407,764 307,871 339,175 111,219 3,128,462 0 0 990,087 56,512 426,380 67,284 27,422 127,399 0 476,086 15,715 0 141,591 0 2,950 193,541 802 42,162 2,079,811 290,898 1,215,648 0 0 861,346 5,679,657 1,234,940 2,044,758 234,036 73,366 339,592 127,248 263,884 175,605 0 369,300 0 484,044 166,842

Retired Liability

Total Liability

Actuarial Value of Assets

Percent Funded

210,529 1,174,181 441,768 1,600,110 2,205,518 2,847,914 0 28,297,619 0 7,026,307 4,582,033 5,276,699 5,066,494 1,705,733 1,736,856 28,530,795 11,396,283 10,431,265 482,079 8,164,477 5,759,348 62,167,492 739,368 0 10,996,293 7,127,959 4,104,651 3,775,348 488,036 1,295,646 905,443 3,377,102 0 76,618 556,657 2,306,662 2,458,107 5,755,675 4,013,357 0 19,296,795 0 6,190,660 125,059 112,127 1,110,266 70,766,231 480,695 48,809,511 2,832,284 474,868 2,585,284 4,440,140 660,560 3,700,222 65,432 4,257,717 406,532 2,718,641 4,280,125

1,526,933 2,816,618 2,703,744 5,747,311 4,092,498 6,712,721 192,518 51,006,347 106,830 12,131,418 10,595,053 9,975,897 8,318,925 4,618,492 4,022,271 52,745,867 19,850,984 18,500,808 2,077,082 16,879,286 10,067,644 135,442,586 739,368 41,111 29,723,527 11,631,035 9,414,613 5,936,585 566,070 1,845,988 2,042,491 5,996,814 52,575 88,385 1,457,102 2,886,068 5,430,564 16,402,839 6,550,567 175,222 49,246,224 4,352,554 15,130,489 659,813 335,449 4,519,531 121,967,784 2,603,345 65,636,445 6,163,608 687,857 10,256,088 6,013,638 1,518,608 6,704,765 520,517 12,148,043 808,023 6,372,325 6,640,819

1,348,700 2,637,607 3,085,261 3,988,219 3,029,721 5,971,609 141,311 41,256,425 77,844 15,272,482 7,812,407 6,881,848 6,551,143 4,349,467 2,884,473 40,573,210 15,035,282 17,268,264 1,613,220 12,316,727 8,435,726 114,287,052 206,927 44,120 25,204,532 6,379,544 7,157,393 2,733,788 284,749 1,399,532 1,484,900 3,603,693 44,390 34,712 2,211,149 1,666,029 4,109,662 11,698,137 4,181,549 164,050 36,553,096 3,823,827 11,935,277 576,959 157,922 3,639,181 88,247,674 2,912,564 45,270,314 5,869,316 1,228,981 6,497,544 4,572,389 963,764 3,993,656 510,328 9,023,218 590,568 5,948,944 3,067,334

88.3% 93.6% 114.1% 69.4% 74.0% 89.0% 73.4% 80.9% 72.9% 125.9% 73.7% 69.0% 78.7% 94.2% 71.7% 76.9% 75.7% 93.3% 77.7% 73.0% 83.8% 84.4% 28.0% 107.3% 84.8% 54.8% 76.0% 46.0% 50.3% 75.8% 72.7% 60.1% 84.4% 39.3% 151.7% 57.7% 75.7% 71.3% 63.8% 93.6% 74.2% 87.9% 78.9% 87.4% 47.1% 80.5% 72.4% 111.9% 69.0% 95.2% 178.7% 63.4% 76.0% 63.5% 59.6% 98.0% 74.3% 73.1% 93.4% 46.2%

A - 11


Municipality Name Benzie Shores Dist L Benzie Trans Auth Berkley, City of Berrien Springs, Vlg Bessemer, City of Beverly Hills, Vlg o Big Rapids, City of Big Rapids HC Bingham Farms, Vlg o Birch Run, Vlg of Bishop Intl Arpt Aut Blackman Chtr Twp Blissfield, Vlg of Bloomfield Hills, Ci Blue Water Area Tran Boyne City, City of Branch Co Brandon Chtr Twp of Breckenridge,Vlg of Bridgeport Chtr Twp Bridgman, City of Brighton, Chtr Twp o Brighton, City of Brighton Area Fire A Britton, Vlg of Brnch-Hillsdale-St J Bronson, City of Brooklyn, Vlg of Brownstown, Chtr Twp Buchanan, City of Buchanan Dist Lib Buena Vista Chtr Twp Burton, City of Butman Township Cadillac, City of Cadillac/Wexford Tra Calhoun Co Calhoun CRC Canton, Chtr Twp of Canton Pub Lib Capac, Vlg of Capital Area Dist Li Capital Region Arprt Carleton, Vlg of Carrollton Twp Cascade Chtr Twp Caseville, Vlg of Caspian, City of Cass Co Cass Co MCF Cass Dist Lib Cedar Springs, City Center Line, City of Central Lake, Vlg of Central Mich Dist Hl Charlevoix, City of Charlevoix Co Charlevoix CRC Charlotte, City of Charlotte Dist Lib

Number 1005 1007 6304 1102 2702 6321 5402 5406 6332 7315 2507 3806 4606 6302 7709 1506 1205 6333 2906 7307 1110 4711 4704 4715 4604 1202 1204 3801 8247 1101 1108 7312 2508 2604 8301 8305 1311 1307 8233 8232 7705 3317 3305 5805 7320 4110 3207 3608 1402 1403 1404 4105 5001 0504 3705 1505 1503 1501 2301 2309


Employer Liability 160,895 105,246 4,887,701 851,684 730,913 1,417,636 5,776,102 1,021,205 172,011 497,122 3,350,884 2,805,654 2,017,640 5,463,605 4,188,619 3,286,490 1,307,656 1,605,192 253,732 3,242,941 720,680 587,550 7,804,575 123,078 85,250 4,799,980 718,554 258,672 8,356,541 1,728,084 65,734 4,408,481 7,531,586 133,752 5,457,563 968,750 7,576,751 6,029,864 28,050,493 824,797 908,708 2,324,605 4,251,901 540,730 1,669,270 2,309,800 1,065,797 444,504 7,926,465 1,558,296 320,665 873,467 723,880 55,451 8,817,927 5,907,197 19,500,880 2,714,196 8,293,313 239,050

Employee Liability

Retired Liability

Total Liability


Percent Funded

21,071 118,859 1,180,036 42,315 227,794 32,095 396,022 34,267 0 299,166 941,635 1,567,004 339,223 1,192,259 43,797 1,066,995 324,624 1,286,392 82,196 342,992 345,430 222,769 227,402 0 86,824 1,139,151 447,104 102,913 4,634,287 807,030 47,254 939,416 1,849,948 0 90,095 10,448 8,928,750 172,679 20,569,213 768,275 6,534 1,441,483 301,643 194,216 611,805 1,626,842 343,068 0 3,664,596 1,132,425 110,320 389,167 365,811 0 1,318,744 895,930 382,164 112,864 1,210,312 18,343

0 0 12,973,163 340,234 1,305,888 1,959,363 7,400,313 417,145 0 68,178 1,306,387 2,435,864 403,303 20,981,086 693,432 4,300,190 75,416 2,104,296 2,114,951 3,370,669 163,674 658,772 6,196,130 215,352 0 4,758,460 288,672 757,369 2,096,634 3,541,557 36,040 4,244,237 32,058,275 0 6,348,454 362,406 12,803,100 8,046,075 40,944,910 1,684,962 1,222,651 680,941 9,745,075 173,724 400,605 1,976,404 125,668 590,844 8,254,952 1,412,950 204,474 1,493,117 7,105,851 0 7,362,358 5,011,967 16,201,695 3,792,996 8,193,668 324,935

181,966 224,105 19,040,900 1,234,233 2,264,595 3,409,094 13,572,437 1,472,617 172,011 864,466 5,598,906 6,808,522 2,760,166 27,636,950 4,925,848 8,653,675 1,707,696 4,995,880 2,450,879 6,956,602 1,229,784 1,469,091 14,228,107 338,430 172,074 10,697,591 1,454,330 1,118,954 15,087,462 6,076,671 149,028 9,592,134 41,439,809 133,752 11,896,112 1,341,604 29,308,601 14,248,618 89,564,616 3,278,034 2,137,893 4,447,029 14,298,619 908,670 2,681,680 5,913,046 1,534,533 1,035,348 19,846,013 4,103,671 635,459 2,755,751 8,195,542 55,451 17,499,029 11,815,094 36,084,739 6,620,056 17,697,293 582,328

177,886 304,033 14,601,510 1,560,507 1,725,010 2,746,799 8,610,397 1,076,792 147,299 785,130 4,967,694 4,132,047 2,926,191 15,693,243 3,899,043 7,037,213 1,668,578 4,389,854 1,320,957 5,064,055 818,767 1,618,096 10,003,808 360,080 311,388 11,006,427 886,237 802,336 11,467,354 7,166,602 170,567 7,439,583 18,678,791 139,204 11,570,167 1,226,859 15,388,120 8,302,992 63,798,032 3,258,270 878,187 4,661,960 10,668,427 727,064 2,092,759 4,668,584 1,324,341 658,180 16,610,546 5,061,384 738,713 2,445,321 5,284,044 73,384 12,673,241 8,225,348 26,464,711 4,911,755 12,722,907 344,696

97.8% 135.7% 76.7% 126.4% 76.2% 80.6% 63.4% 73.1% 85.6% 90.8% 88.7% 60.7% 106.0% 56.8% 79.2% 81.3% 97.7% 87.9% 53.9% 72.8% 66.6% 110.1% 70.3% 106.4% 181.0% 102.9% 60.9% 71.7% 76.0% 117.9% 114.5% 77.6% 45.1% 104.1% 97.3% 91.4% 52.5% 58.3% 71.2% 99.4% 41.1% 104.8% 74.6% 80.0% 78.0% 79.0% 86.3% 63.6% 83.7% 123.3% 116.2% 88.7% 64.5% 132.3% 72.4% 69.6% 73.3% 74.2% 71.9% 59.2%

A - 12


Municipality Name Cheboygan, City of Cheboygan Co Cheboygan CRC Chelsea, City of Chelsea Area Fire Au Chesaning, Vlg of Chesterfield Twp Chesterfield Twp Lib Chikaming Twp Chippewa Co Chippewa CRC Chippewa River Dist Chocolay, Chtr Twp o Clare, City of Clare Co Clare Co Trans Auth Clare CRC Clawson, City of Clay Twp Clearwater Twp Clinton, Vlg of Clinton Co Clinton CRC Clinton-Eaton-Ingham Clinton Twp Clio, City of CMH of Central Mich Coldwater, City of Coldwater Brd of Pub Coleman, City of Coloma, City of Coloma Chtr Twp Columbiaville, Vlg o Coopersville, City o Coopersville Area Di Corunna City of Corwith Twp Covert Twp Crawford Co Crawford Co Trans Au Crawford CRC Croswell, City of Crystal Falls, City Crystal Falls Comm H Ctrl Dispatch of Mus Ctrl Wayne Co Sanita Davison,City of Davison Richfield Sr Davison Twp Dearborn, City of Deerfield, Vlg of Delta Chtr Twp Delta Co Delta CRC Delta-Menominee Dist Detour, Vlg of Detroit HC DeWitt, City of DeWitt Chtr Twp Dexter, Vlg of

Number 1602 1603 1601 8103 8118 7313 5009 5010 1112 1703 1704 3707 5218 1804 1802 1806 1801 6305 7706 4005 4602 1903 1901 3308 5002 2523 3708 1201 1203 5603 1118 1107 4406 7005 7011 7604 6904 8010 2001 2004 2002 7401 3603 3618 6109 8214 2516 2525 2519 8251 4603 2306 2102 2105 2103 1706 8241 1908 1910 8217


Employer Liability 2,840,656 9,760,857 4,726,681 3,631,369 120,502 795,767 10,291,816 465,729 720,082 18,167,045 6,035,352 1,089,576 226,350 2,153,027 5,588,839 11,357 2,182,453 5,761,480 3,257,233 67,642 2,385,589 23,841,990 6,710,272 64,479,447 23,568,676 396,500 28,541,302 4,939,782 4,043,776 860,138 190,933 323,026 112,475 781,583 117,701 1,656,884 (1,862) 561,740 6,706,120 1,456,625 1,893,359 3,865,761 2,509,014 1,259,926 1,979,737 194,449 3,025,042 0 3,740,739 826,743 775,743 2,360,572 14,107,381 5,021,447 4,548,233 86,225 7,355,429 1,137,031 2,320,864 1,597,105

Employee Liability

Retired Liability

Total Liability


Percent Funded

873,989 2,021,171 661,590 0 60,020 5,535 7,090,877 253,211 562,783 2,081,566 58,854 377,726 593,415 536,460 2,291,361 38,974 794,791 258,296 1,103,961 0 284,649 1,238,793 1,217,975 11,692,740 6,691,587 156,650 1,473,074 1,581,884 407,405 225,055 324,121 266,994 98,545 308,079 28,749 26,889 41,019 330,512 711,971 305,047 347,705 189,790 5,334 20,384 733,356 17,396 589,863 0 2,230,941 663,859 54,608 1,290,152 240,900 0 380,588 0 37,172 96,842 693,542 410,805

5,787,686 7,646,847 11,202,341 6,726,305 0 1,936,908 4,530,435 91,440 276,542 14,544,760 9,396,118 610,194 0 4,470,472 8,378,778 93,603 6,440,452 16,521,999 2,648,030 0 931,392 15,617,499 8,788,366 46,075,596 29,148,473 325,737 16,952,593 8,474,127 6,212,684 883,140 0 1,285,051 128,625 902,474 121,740 2,822,239 0 0 8,166,898 2,096,076 4,778,015 4,114,791 5,442,430 2,239,813 1,955,086 2,882,829 4,948,750 259,919 2,419,824 0 375,259 7,415,069 14,071,265 4,024,182 1,401,683 348,148 1,620,980 2,701,158 157,481 1,362,224

9,502,331 19,428,875 16,590,612 10,357,674 180,522 2,738,210 21,913,128 810,380 1,559,407 34,793,371 15,490,324 2,077,496 819,765 7,159,959 16,258,978 143,934 9,417,696 22,541,775 7,009,224 67,642 3,601,630 40,698,282 16,716,613 122,247,783 59,408,736 878,887 46,966,969 14,995,793 10,663,865 1,968,333 515,054 1,875,071 339,645 1,992,136 268,190 4,506,012 39,157 892,252 15,584,989 3,857,748 7,019,079 8,170,342 7,956,778 3,520,123 4,668,179 3,094,674 8,563,655 259,919 8,391,504 1,490,602 1,205,610 11,065,793 28,419,546 9,045,629 6,330,504 434,373 9,013,581 3,935,031 3,171,887 3,370,134

6,614,937 15,496,805 9,795,044 6,899,433 207,767 605,860 16,445,891 983,264 1,191,982 27,576,324 10,499,225 2,230,090 828,807 4,979,097 13,797,052 107,588 7,633,299 11,127,090 4,794,210 86,682 4,343,588 32,003,087 12,131,735 93,777,936 43,871,158 756,339 46,269,658 13,162,268 7,289,470 1,302,282 443,567 1,224,953 282,789 1,895,305 228,785 2,940,369 52,409 603,185 11,108,402 3,547,246 3,218,339 4,947,321 5,689,534 3,541,204 4,217,827 2,774,810 5,341,539 162,685 6,233,396 2,265,031 1,092,500 7,762,220 24,160,170 4,658,791 7,726,485 213,246 9,509,562 2,272,643 2,691,395 2,635,286

69.6% 79.8% 59.0% 66.6% 115.1% 22.1% 75.1% 121.3% 76.4% 79.3% 67.8% 107.3% 101.1% 69.5% 84.9% 74.7% 81.1% 49.4% 68.4% 128.1% 120.6% 78.6% 72.6% 76.7% 73.8% 86.1% 98.5% 87.8% 68.4% 66.2% 86.1% 65.3% 83.3% 95.1% 85.3% 65.3% 133.8% 67.6% 71.3% 92.0% 45.9% 60.6% 71.5% 100.6% 90.4% 89.7% 62.4% 62.6% 74.3% 152.0% 90.6% 70.1% 85.0% 51.5% 122.1% 49.1% 105.5% 57.8% 84.9% 78.2%

A - 13


Municipality Name Dexter Area Fire Dep Dexter Twp Dickinson Co Dickinson CRC Dickinson-Iron Dist Dimondale,Vlg of Dist Hlth Dept #10 Dist Hlth Dept # 2 Dist Hlth Dept # 4 Douglas, City of Vlg Dowagiac, City of Dowagiac Dist Lib Dowagiac HC Drummond Island Twp Dryden, Vlg of Dundee, Vlg of Durand, City of East China Chtr Twp East Grand Rapids,Ci East Jordan, City of East Lansing, City o Eastpointe HC Eaton Co Eaton Co MCF Eaton Rapids, City o Eau Claire, Vlg of Ecorse, City of Elderly Housing Corp Elkton, Vlg of Elsie, Village of Emmett, Chtr Twp Emmett CRC Erie, Township of Escanaba, City of Essexville, City of E UP Reg Planning & E UP Trans Auth Evart, City of Evart Local Dev Fina Farmington, City of Farmington Cmnty Lib Farwell, Vlg of Fenton, City of Ferndale HC Ferrysburg, City of Flat Rock, City of Flint, Chtr Twp of Flint Pub Lib Flushing, Chtr Twp o Flushing, City of Forsyth Twp Fowler, Vlg of Fowlerville, Vlg of Fowlerville Dist Lib Frankenmuth, City of Frankfort, City of Franklin, Vlg of Fraser, City of Fremont, City of Fremont Area Dist Li

Number 8219 8111 2206 2203 3605 2304 5104 6501 7103 0303 1401 1406 1405 1708 4405 5803 7603 7701 4101 1504 3301 5011 2302 2305 2307 1104 8206 8222 3206 1906 1310 2401 5812 2101 0903 1709 1705 6705 6706 6343 6319 1805 2505 6345 7106 8212 2512 2518 2515 2502 5212 1904 4705 4710 7306 1002 6323 5003 6203 6209


Employer Liability 207,860 141,217 8,679,891 3,425,961 3,196,406 485,633 9,458,360 3,329,158 6,098,140 1,119,817 5,139,688 30,401 107,992 84,064 105,294 385,995 2,358,044 2,635,171 2,822,223 2,013,456 51,162,296 309,221 33,245,525 3,132,595 6,240,834 71,287 8,948,821 401,674 166,027 55,958 1,143,746 3,027,861 568 13,284,045 2,196,319 13,999 3,473,837 880,564 29,755 7,201,712 3,052,800 223,859 5,908,504 398,129 847,387 6,607,231 7,776,107 903,330 1,533,317 6,163,430 1,742,347 115,878 1,143,282 179,844 4,981,206 912,823 2,705,904 0 3,955,427 408,599

Employee Liability

Retired Liability

Total Liability


Percent Funded

38,917 208,492 1,599,557 48,321 229,013 9,547 201,882 291,244 1,494,273 18,328 2,116,720 21,129 2,464 634 33,979 255,855 103,719 625,551 502,360 378,473 2,519,209 210,413 18,603,852 1,147,735 943,790 53,262 58,050 154,237 127,537 40,937 836,932 130,015 2,265 198,192 596,901 44,532 0 25,376 0 581,738 532,121 121,760 258,743 164,464 251,810 2,447,970 3,387,969 0 307,036 115,593 475,957 0 330,222 50,486 940,241 141,197 248,515 0 2,526 7,908

309,190 237,087 13,840,916 5,135,203 3,723,857 247,346 13,527,718 2,562,407 7,117,442 1,078,342 9,280,088 0 0 0 233,595 3,113,722 1,933,912 3,162,322 14,580,792 1,381,076 97,556,368 0 59,829,372 2,130,607 3,802,441 294,065 33,708,491 1,823,381 259,283 13,464 1,321,331 9,376,159 0 17,173,156 3,345,829 0 4,755,362 610,140 426,857 12,284,370 3,586,985 0 6,378,868 0 382,521 10,424,211 11,384,775 0 3,747,838 8,989,249 3,352,926 186,345 1,381,695 0 6,165,307 1,640,925 2,163,775 147,573 5,136,480 506,613

555,967 586,796 24,120,364 8,609,485 7,149,276 742,526 23,187,960 6,182,809 14,709,855 2,216,487 16,536,496 51,530 110,456 84,698 372,868 3,755,572 4,395,675 6,423,044 17,905,375 3,773,005 151,237,873 519,634 111,678,749 6,410,937 10,987,065 418,614 42,715,362 2,379,292 552,847 110,359 3,302,009 12,534,035 2,833 30,655,393 6,139,049 58,531 8,229,199 1,516,080 456,612 20,067,820 7,171,906 345,619 12,546,115 562,593 1,481,718 19,479,412 22,548,851 903,330 5,588,191 15,268,272 5,571,230 302,223 2,855,199 230,330 12,086,754 2,694,945 5,118,194 147,573 9,094,433 923,120

433,067 534,206 17,817,068 5,835,842 5,512,166 618,420 15,134,985 5,110,018 11,914,784 1,691,096 9,107,259 48,283 158,798 82,379 340,442 2,829,725 3,606,527 4,965,401 11,286,065 3,273,848 99,154,337 497,634 72,180,067 6,274,531 7,840,158 220,622 21,982,172 1,783,246 501,281 170,414 2,681,445 8,099,319 5,819 20,106,664 5,118,960 97,434 5,197,307 1,395,358 322,418 19,901,055 6,868,462 278,492 9,395,038 275,624 1,118,857 11,751,533 17,316,160 1,042,074 3,277,147 9,271,955 3,079,928 232,674 3,034,319 226,621 9,523,092 1,700,246 3,437,920 256,848 6,166,902 739,383

77.9% 91.0% 73.9% 67.8% 77.1% 83.3% 65.3% 82.6% 81.0% 76.3% 55.1% 93.7% 143.8% 97.3% 91.3% 75.3% 82.0% 77.3% 63.0% 86.8% 65.6% 95.8% 64.6% 97.9% 71.4% 52.7% 51.5% 74.9% 90.7% 154.4% 81.2% 64.6% 205.4% 65.6% 83.4% 166.5% 63.2% 92.0% 70.6% 99.2% 95.8% 80.6% 74.9% 49.0% 75.5% 60.3% 76.8% 115.4% 58.6% 60.7% 55.3% 77.0% 106.3% 98.4% 78.8% 63.1% 67.2% 174.0% 67.8% 80.1%

A - 14


Municipality Name Gaastra, City of Garden City, City of Gaylord, City of Genesee Chtr Twp Genoa Twp Gladstone, City of Gladwin, City of Gladwin City HC Gladwin Co Gladwin Co Dist Lib Gladwin CRC Gogebic-Iron Wastewa Grand Beach, Vlg of Grand Blanc, City of Grand Blanc Chtr Twp Grand Haven, City of Grand Ledge, City of Grand Ledge Area ESA Grand Rapids H C Grand Traverse Co Grand Traverse CRC Grand Traverse Pavil Grandville, City of Gratiot Co Gratiot CRC Grayling, City of Green Oak Chtr Twp Greenville, City of Grosse Ile Twp Grosse Pointe Park, Grosse Pte-Clntn Rfs Groveland Twp Hackley Pub Lib Hamburg Twp Hamtramck, City of Hamtramck Housing Co Hancock, City of Harbor Beach, City o Harbor Springs, City Harbor Springs Area Harrison, City of Hartland Deerfield T Hastings, City of Hazel Park, City of Helen Newberry Joy H Henika Dist Lib Herrick Dist Lib Hiawatha Bhvrl Hlth Hillsdale, City of Hillsdale Co Hillsdale CRC Hlth Source of Sagin Holland, City of Holland Area Cmnty P Holland Hospital Holly, Vlg of Homer, Vlg of Houghton, City of Houghton Co Houghton CRC

Number 3617 8255 6903 2510 4713 2106 2605 2608 2602 2607 2601 2703 1117 2513 2511 7010 2312 2310 4108 2803 2802 2809 4102 2905 2903 2003 4708 5906 8207 8201 5004 6335 6114 4709 8205 8250 3107 3201 2405 2406 1803 4716 0801 6336 4805 0310 7012 1707 3001 3005 3004 7311 7001 7014 7006 6317 1304 3109 3102 3103


Employer Liability 164,392 13,881,020 5,523,186 4,179,074 119,557 3,150,509 462,773 1,048,250 6,434,323 354,283 2,558,475 906,571 20,378 5,019,854 5,086,454 30,722,123 754,840 722,509 1,001,396 25,065,224 2,477,047 12,668,204 5,671,545 11,877,066 3,928,663 768,305 1,716,546 2,362,581 10,089,995 13,332,680 88,221 527,692 80,158 1,647,154 15,198,862 649,289 1,423,980 1,942,435 1,188,021 259,025 1,380,791 280,000 5,523,962 15,616,839 3,949,506 280,011 4,325,939 7,372,141 8,619,477 2,341,200 3,388,445 19,289,253 45,930,583 262,353 314,007 2,355,233 737,539 280,295 10,309,933 1,192,094

Employee Liability 0 3,628,809 332,566 652,585 1,861 12,105 121,933 292,230 1,572,573 77,488 921,755 261,981 27,832 2,015,858 1,393,249 4,641,940 674,689 123,299 109,453 312,733 32,503 1,804,150 400,684 254,373 668,197 16,784 316,907 686,155 276,130 4,163,584 112,695 356,160 0 275,225 4,462,408 181,563 571,464 884,077 856,151 313,123 245,375 0 251,148 7,590,199 672,626 616 40,815 612,018 2,574,697 1,384,394 1,273,216 759,606 2,631,918 134,477 7,795 72,464 35,373 1,548,006 1,118,656 0

Retired Liability

Total Liability


Percent Funded

0 54,006,178 3,612,169 10,476,703 0 8,002,248 223,634 1,405,096 7,311,887 481,650 8,973,409 934,086 0 2,789,257 8,568,505 35,689,964 888,994 0 430,917 55,018,636 7,103,382 5,915,156 10,977,860 10,964,508 10,014,158 2,902,444 996,595 2,006,736 13,970,332 17,656,961 2,126,450 378,057 0 797,067 76,365,209 0 185,890 2,819,152 1,781,368 0 949,024 0 8,902,183 34,699,611 11,034,950 0 1,951,968 5,658,062 6,697,950 1,688,566 3,310,435 15,820,579 61,526,679 117,220 1,754,300 9,408,714 363,713 174,675 10,307,495 2,683,721

164,392 71,516,007 9,467,921 15,308,362 121,418 11,164,862 808,340 2,745,576 15,318,783 913,421 12,453,639 2,102,638 48,210 9,824,969 15,048,208 71,054,027 2,318,523 845,808 1,541,766 80,396,593 9,612,932 20,387,510 17,050,089 23,095,947 14,611,018 3,687,533 3,030,048 5,055,472 24,336,457 35,153,225 2,327,366 1,261,909 80,158 2,719,446 96,026,479 830,852 2,181,334 5,645,664 3,825,540 572,148 2,575,190 280,000 14,677,293 57,906,649 15,657,082 280,627 6,318,722 13,642,221 17,892,124 5,414,160 7,972,096 35,869,438 110,089,180 514,050 2,076,102 11,836,411 1,136,625 2,002,976 21,736,084 3,875,815

145,604 56,048,316 6,971,310 8,376,269 124,684 5,952,408 793,931 1,800,323 12,344,322 775,129 8,666,124 1,660,683 68,463 7,366,783 8,753,631 69,335,021 1,477,226 764,004 1,162,772 40,647,280 6,953,860 17,086,794 11,785,439 17,282,772 10,681,620 2,677,849 1,841,034 3,945,408 17,351,355 25,093,872 2,563,738 1,177,281 82,553 1,811,497 57,054,195 943,354 1,636,274 5,387,399 2,557,271 526,285 2,078,100 274,091 9,169,295 42,751,408 11,405,975 387,075 5,224,788 12,527,721 18,431,442 3,237,600 5,714,830 32,380,332 80,894,618 550,320 2,167,913 7,532,241 1,222,599 2,329,368 14,426,950 2,824,797

88.6% 78.4% 73.6% 54.7% 102.7% 53.3% 98.2% 65.6% 80.6% 84.9% 69.6% 79.0% 142.0% 75.0% 58.2% 97.6% 63.7% 90.3% 75.4% 50.6% 72.3% 83.8% 69.1% 74.8% 73.1% 72.6% 60.8% 78.0% 71.3% 71.4% 110.2% 93.3% 103.0% 66.6% 59.4% 113.5% 75.0% 95.4% 66.8% 92.0% 80.7% 97.9% 62.5% 73.8% 72.8% 137.9% 82.7% 91.8% 103.0% 59.8% 71.7% 90.3% 73.5% 107.1% 104.4% 63.6% 107.6% 116.3% 66.4% 72.9%

A - 15


Municipality Name Houghton Lake Pub Li Howard City, Vlg of Howard Twp Howell, City of Howell Area Fire Aut Howell-Carnegie Dist Hudsonville, City of Huntington Woods, Ci Hurley Med Ctr Huron Chtr Twp Huron Co Huron CRC Imlay City, City of Independence Twp Indianfields Twp Ingham Co Ingham CRC Interurban Trans Aut Ionia, City of Ionia Cmnty Lib Ionia Co Ionia CRC Ionia HC Iosco Co Iosco CRC Iron Co Iron Co HC Iron CRC Iron Mountain, City Iron Mountain-Kingsf Iron River, City of Ironwood, City of Isabella Co Isabella Co Trans Co Isabella CRC Ishpeming, City of Ishpeming Area Joint Ishpeming Twp Ithaca, City of Jackson Dist Lib Jackson Trans Auth Jordan Valley Dist L Kalamazoo, Chtr Twp Kalamazoo Lake Swr & Kalamazoo Pub Lib Kalkaska, Village of Kalkaska Co Kalkaska CRC Kalkaska Pub Trans A Keego Harbor, City o Kent CRC Keweenaw Co Keweenaw CRC Kinde, Vlg of Kingsford, City of L.M.A.S. Dist Hlth D L'Anse, Vlg of Lac Vieux Desert Ban Laingsburg, City of Lake Co

Number 7203 5902 1106 4702 4714 4707 7004 6303 2521 8224 3204 3202 4404 6328 7905 3303 3302 0308 3403 3412 3408 3404 3406 3501 3502 3606 3611 3602 2201 2205 3601 2706 3703 3709 3702 5204 5207 5216 2904 3802 3805 1507 3907 0306 3903 4001 4003 4002 4004 6322 4111 4202 4201 3209 2202 4803 0705 8402 7608 4301


Employer Liability

Employee Liability

Retired Liability

Total Liability


Percent Funded

396,016 314,175 62,622 7,135,201 410,237 808,397 666,995 5,010,302 122,666,254 6,697,126 28,993,710 5,310,469 3,173,432 5,247,692 107,159 109,981,394 10,633,384 846,763 7,302,311 353,266 3,554,338 3,983,535 637,146 11,458,491 3,014,895 14,043,233 433,789 3,684,931 2,546,294 350,178 3,889,353 4,390,758 26,587,911 813,735 3,075,650 2,990,418 733,525 451,260 848,432 2,236,171 3,207,964 133,705 2,656,139 773,730 3,434,524 1,222,080 7,637,420 2,466,217 604,633 1,004,601 0 1,361,455 1,602,034 10,443 2,603,488 3,644,315 1,923,860 147,066 206,845 6,777,394

0 0 0 1,586,175 43,583 2,907 71,052 1,284,882 23,183,952 2,222,199 8,676,541 1,891,491 1,400 857,066 0 40,956,348 314,793 12,653 325,984 0 1,023,182 647,080 56,877 400,405 1,187,655 2,311,671 0 0 667,881 161,654 186,808 1,529,215 1,257,892 365,505 1,234,797 965,001 138,864 358,980 353,776 735,567 870,632 0 5,024,981 5,574 57,081 155,236 479,063 741 74,565 104,977 0 172,452 1,437 10,516 599,920 3,008 257,989 3,142 74,974 400,913

0 424,178 0 10,347,073 278,513 185,465 1,308,240 15,143,853 116,458,435 6,497,951 34,683,570 15,419,383 2,358,080 1,155,677 175,145 153,196,741 21,880,973 0 7,204,794 65,838 1,346,385 8,833,019 272,998 9,652,110 3,887,456 8,871,848 41,764 7,325,366 8,092,000 344,813 3,307,101 11,679,925 16,985,173 423,549 5,988,611 8,186,418 33,722 251,570 2,686,568 2,318,240 641,904 18,884 1,238,230 359,641 314,568 3,041,160 7,409,714 6,273,504 971,410 2,506,030 400,508 547,233 4,438,463 179,570 3,022,999 3,945,015 2,813,056 0 0 3,306,838

396,016 738,353 62,622 19,068,449 732,333 996,769 2,046,287 21,439,037 262,308,641 15,417,276 72,353,821 22,621,343 5,532,912 7,260,435 282,304 304,134,483 32,829,150 859,416 14,833,089 419,104 5,923,905 13,463,634 967,021 21,511,006 8,090,006 25,226,752 475,553 11,010,297 11,306,175 856,645 7,383,262 17,599,898 44,830,976 1,602,789 10,299,058 12,141,837 906,111 1,061,810 3,888,776 5,289,978 4,720,500 152,589 8,919,350 1,138,945 3,806,173 4,418,476 15,526,197 8,740,462 1,650,608 3,615,608 400,508 2,081,140 6,041,934 200,529 6,226,407 7,592,338 4,994,905 150,208 281,819 10,485,145

455,809 591,187 68,246 12,271,346 588,524 958,559 1,330,867 11,752,110 168,796,785 10,500,487 62,955,031 17,587,046 4,281,212 5,800,075 33,568 227,832,071 23,041,690 980,601 7,838,963 351,981 5,011,598 4,988,708 794,005 16,210,721 6,480,513 21,754,906 401,789 5,290,643 6,244,120 594,248 5,788,788 10,625,468 34,699,232 1,685,919 8,330,650 7,994,750 826,113 919,534 2,984,564 5,924,844 4,263,970 170,768 7,865,857 958,959 3,397,515 2,868,125 13,389,467 4,621,053 1,661,238 2,413,574 184,123 1,645,886 4,030,527 80,843 5,201,705 7,931,154 3,056,710 138,343 308,612 8,659,629

115.1% 80.1% 109.0% 64.4% 80.4% 96.2% 65.0% 54.8% 64.4% 68.1% 87.0% 77.7% 77.4% 79.9% 11.9% 74.9% 70.2% 114.1% 52.8% 84.0% 84.6% 37.1% 82.1% 75.4% 80.1% 86.2% 84.5% 48.1% 55.2% 69.4% 78.4% 60.4% 77.4% 105.2% 80.9% 65.8% 91.2% 86.6% 76.7% 112.0% 90.3% 111.9% 88.2% 84.2% 89.3% 64.9% 86.2% 52.9% 100.6% 66.8% 46.0% 79.1% 66.7% 40.3% 83.5% 104.5% 61.2% 92.1% 109.5% 82.6%

A - 16


Municipality Name Lake CRC Lakeland Lib Coop Lake Linden, Vlg of Lake Odessa, Village Lake Orion, Vlg of Lakeshore Coordinati Lansing Chtr Twp Lansing HC Lapeer, City of Lapeer Co Lapeer CRC Lapeer Dist Lib Lathrup Vlg, City of Laurium, Vlg of Lawrence, Vlg of Leelanau Co Leelanau CRC Leoni Twp Leslie, City of Leslie Twp Lexington, Vlg of Lima Twp Litchfield, City of Livingston Co Livingston Co CMH Au Livingston CRC Looking Glass Rgnl F Loutit Dist Lib Lowell, City of Luce Co Luce CRC Ludington, City of Ludington-Mason Dist Luna Pier, City of Lyons, Vlg of Mackinac Co Mackinac Co HC Mackinac CRC Mackinac Straits Hos Mackinaw City, Vlg o Madison, Chtr Twp of Madison Heights, Cit Manistee, City of Manistee Co Manistee CRC Manistee HC Manistique, City of Manlius Twp Manton, City of Marenisco Twp Marine City, City of Marion, Vlg of Marlette, City of Marquette, City of Marquette Brd of Lig Marquette Chtr Twp Marquette Co Marquette Co Arpt Marquette Co Solid W Marquette Co Trans A

Number 4302 4106 3105 3402 6318 7007 3320 3311 4401 4403 4402 4410 6311 3104 8004 4501 4503 3804 3313 3319 7708 8112 3006 4703 4712 4701 2311 7013 4104 4804 4801 5302 5303 5802 3411 4901 4905 4903 4902 1606 4605 6308 5105 5101 5103 5107 7504 0311 8304 2704 7704 6704 7405 5201 5209 5215 5202 5210 5213 5206


Employer Liability 2,723,641 442,573 532,199 70,281 1,346,078 533,115 1,336,573 3,027,629 10,692,283 48,257,713 5,497,518 1,571,827 1,845,384 961,785 71,669 12,013,406 2,469,910 758,331 485,213 130,114 1,204,434 203,605 300,602 48,884,746 10,681,547 10,512,845 91,400 865,820 4,263,401 3,145,461 2,788,692 6,122,412 1,262,027 859,354 57,367 7,821,310 59,566 2,028,615 13,010,897 246,557 447,620 12,161,457 4,302,075 19,176,413 4,630,827 109,332 4,815,794 270,758 478,680 227,736 0 251,543 527,325 15,701,664 7,415,541 785,006 27,659,208 1,154,345 954,593 1,275,729

Employee Liability 256,546 151,611 0 47,311 338,863 0 3,076,727 0 94,764 2,082,731 2,153,759 314,925 660,090 0 0 320,937 723,857 1,042,758 191,649 105,410 264,235 106,192 202,451 833,209 558,665 684,993 0 177,644 1,581,718 193,854 1,131 2,528 6,182 246,360 27,722 83,872 2,285 5,434 1,171,257 128,043 277,183 871,116 2,664,336 1,838,421 159 166,770 27,310 74,583 173,531 0 0 71,939 389,711 3,874,054 2,184,095 416,306 3,799,740 52,969 288,900 302,009

Retired Liability

Total Liability


Percent Funded

5,812,159 329,486 471,655 13,060 2,355,743 350,677 1,198,214 5,523,412 7,890,453 29,520,413 5,905,876 2,180,942 3,863,737 735,417 51,525 6,465,953 2,161,323 3,507,747 661,694 0 451,573 21,596 926,752 47,208,627 2,656,659 5,971,643 0 380,498 5,230,147 2,381,399 5,720,386 10,028,387 328,014 3,409,112 0 5,391,467 332,416 5,594,311 4,455,546 312,302 215,728 21,093,583 7,186,344 15,577,699 5,940,005 71,537 6,410,153 0 869,036 0 27,932 194,267 429,000 26,123,796 25,349,553 320,994 48,959,373 1,285,399 424,556 1,205,222

8,792,346 923,670 1,003,854 130,652 4,040,684 883,792 5,611,514 8,551,041 18,677,500 79,860,857 13,557,153 4,067,694 6,369,211 1,697,202 123,194 18,800,296 5,355,090 5,308,836 1,338,556 235,524 1,920,242 331,393 1,429,805 96,926,582 13,896,871 17,169,481 91,400 1,423,962 11,075,266 5,720,714 8,510,209 16,153,327 1,596,223 4,514,826 85,089 13,296,649 394,267 7,628,360 18,637,700 686,902 940,531 34,126,156 14,152,755 36,592,533 10,570,991 347,639 11,253,257 345,341 1,521,247 227,736 27,932 517,749 1,346,036 45,699,514 34,949,189 1,522,306 80,418,321 2,492,713 1,668,049 2,782,960

5,658,574 878,262 701,518 192,789 3,051,725 1,001,879 5,611,511 7,544,527 14,131,184 73,526,774 8,747,320 2,965,601 5,439,945 1,139,083 150,512 13,857,631 3,225,089 4,618,100 1,149,842 197,388 1,419,430 334,147 1,050,925 71,482,681 14,276,661 16,024,500 126,968 1,331,007 8,500,217 3,626,235 4,621,692 12,893,316 1,514,295 2,749,579 107,678 10,366,555 212,544 4,183,263 13,942,100 611,067 746,709 26,547,659 14,693,334 28,836,132 5,659,923 453,795 6,155,310 278,495 732,617 210,132 43,524 425,368 1,062,304 31,052,228 23,384,100 1,191,851 54,460,076 1,683,843 1,622,597 2,606,358

64.4% 95.1% 69.9% 147.6% 75.5% 113.4% 100.0% 88.2% 75.7% 92.1% 64.5% 72.9% 85.4% 67.1% 122.2% 73.7% 60.2% 87.0% 85.9% 83.8% 73.9% 100.8% 73.5% 73.7% 102.7% 93.3% 138.9% 93.5% 76.7% 63.4% 54.3% 79.8% 94.9% 60.9% 126.5% 78.0% 53.9% 54.8% 74.8% 89.0% 79.4% 77.8% 103.8% 78.8% 53.5% 130.5% 54.7% 80.6% 48.2% 92.3% 155.8% 82.2% 78.9% 67.9% 66.9% 78.3% 67.7% 67.6% 97.3% 93.7%

A - 17


Municipality Name Marquette CRC Marshall, City of Marshall Area Firefi Marshall Dist Lib Mason, City of Mason Co Mason CRC Mason-Oceana Cty Enh Mastodon Township MBS Intl Arpt Meceola Central Disp Mecosta Co Mecosta County Gener Mecosta CRC Melvindale, City of Melvindale HC Menominee, City of Menominee Co Menominee CRC Meridian Chtr Twp MERS Metamora Twp Mich. Grand River Wa Mich Muni Risk Mgmt Mich S Central Power Middleville, Vlg of Midland, City of Midland Co Central D Midland CRC Mid-Mich Dist Hlth D Mid-Mich Lib League Mid Peninsula Lbry C Milan, City of Milan Lib Milford, Vlg of Millington, Vlg of Missaukee Co MOA Solid Waste Mgmt Monroe HC Montague, City of Montcalm CRC Montmorency Co Montrose, City of Mt. Morris Chtr Twp Mt. Pleasant, City o Muir, Vlg of Mundy,Chtr Twp of Munising, City of Muskegon, City of Muskegon Area Dist L Muskegon Chtr Twp Muskegon Co Muskegon CRC Muskegon HC Muskegon Heights, Ci Muskegon Heights HC Negaunee, City of Negaunee Twp Network180 Newaygo CMH

Number 5211 1306 1313 1309 3304 5301 5305 6403 3613 0902 5405 5403 5404 5401 8215 8220 5501 5502 5503 3315 2308 4409 3306 8237 3002 0803 5601 5604 5602 5901 8306 3609 5801 5806 6313 7904 5702 6002 5808 6112 5905 6001 2509 2503 3701 3405 2517 0202 6116 6117 6108 6103 6101 6113 6102 6115 5203 5217 4109 6207


Employer Liability 6,653,421 7,036,289 111,178 0 2,946,530 20,185,015 3,670,835 1,064,129 0 2,993,857 1,210,463 12,243,105 2,575,739 2,295,806 10,924,744 902,685 4,553,794 8,303,584 1,587,906 17,891,921 8,938,756 564,605 0 446,016 6,974,244 423,317 34,583,880 1,111,994 3,606,750 3,815,274 382,966 0 2,695,884 164,164 5,330,368 761,159 3,029,523 337,962 339,011 1,756,017 3,463,956 3,724,485 315,388 9,282,457 7,423,277 204,707 2,082,696 2,883,401 30,104,224 914,600 7,609,355 93,257,801 6,725,688 447,027 5,232,255 347,578 4,374,343 118,065 10,865,884 1,595,823

Employee Liability

Retired Liability

Total Liability


Percent Funded

985,364 3,554,660 156,259 0 2,204,250 44,534 457,839 221,194 0 41,525 36,038 465,920 209,901 1,004,612 2,215,344 8,209 124,894 600,346 0 3,628,545 1,396,291 91,770 0 183,649 232,049 110,682 2,613,923 339,476 1,022,975 681,567 4,273 2,026 14,586 0 408,204 224,086 259,963 0 52,393 606,112 653,576 43,458 8,099 791,425 2,049,095 37,429 1,126,440 10,519 11,008,091 79,119 2,305,362 10,245,531 130,825 61,676 2,568,901 89,607 43,688 102,317 3,110,181 0

15,974,785 17,730,018 0 267,124 9,030,712 20,556,505 1,642,129 82,218 44,498 5,438,507 501,888 15,337,743 5,043,302 5,448,376 21,488,286 125,566 3,591,708 8,707,227 2,461,890 24,055,826 1,558,188 0 12,164 0 3,019,185 820,789 80,460,450 669,152 9,734,805 3,084,679 173,407 274,855 8,317,508 138,578 5,179,777 377,590 1,054,118 235,882 1,140,704 1,451,493 10,118,562 5,177,953 685,960 16,497,582 14,104,457 169,573 2,292,194 3,700,548 47,279,077 247,065 5,027,704 112,161,784 14,260,545 0 22,853,790 643,172 5,889,055 86,495 5,765,053 916,717

23,613,570 28,320,967 267,437 267,124 14,181,492 40,786,054 5,770,803 1,367,541 44,498 8,473,889 1,748,389 28,046,768 7,828,942 8,748,794 34,628,374 1,036,460 8,270,396 17,611,157 4,049,796 45,576,292 11,893,235 656,375 12,164 629,665 10,225,478 1,354,788 117,658,253 2,120,622 14,364,530 7,581,520 560,646 276,881 11,027,978 302,742 10,918,349 1,362,835 4,343,604 573,844 1,532,108 3,813,622 14,236,094 8,945,896 1,009,447 26,571,464 23,576,829 411,709 5,501,330 6,594,468 88,391,392 1,240,784 14,942,421 215,665,116 21,117,058 508,703 30,654,946 1,080,357 10,307,086 306,877 19,741,118 2,512,540

11,228,114 23,297,013 343,444 191,206 11,124,695 35,011,617 3,808,678 1,289,654 40,526 6,013,444 1,388,764 27,565,169 7,959,998 7,844,750 18,581,412 735,549 7,425,613 12,967,694 2,595,308 27,192,819 11,347,345 712,795 7,437 723,928 8,776,797 1,139,091 80,166,101 1,728,528 10,202,700 6,936,701 614,121 193,361 6,112,885 253,519 7,661,239 1,291,310 3,195,724 717,844 992,666 2,974,629 9,654,400 5,853,830 499,100 16,244,540 18,695,806 284,176 3,958,764 5,364,142 88,810,354 1,190,021 12,639,325 173,067,836 16,220,720 484,358 25,666,492 748,777 7,150,947 217,388 21,895,495 3,382,123

47.5% 82.3% 128.4% 71.6% 78.4% 85.8% 66.0% 94.3% 91.1% 71.0% 79.4% 98.3% 101.7% 89.7% 53.7% 71.0% 89.8% 73.6% 64.1% 59.7% 95.4% 108.6% 61.1% 115.0% 85.8% 84.1% 68.1% 81.5% 71.0% 91.5% 109.5% 69.8% 55.4% 83.7% 70.2% 94.8% 73.6% 125.1% 64.8% 78.0% 67.8% 65.4% 49.4% 61.1% 79.3% 69.0% 72.0% 81.3% 100.5% 95.9% 84.6% 80.2% 76.8% 95.2% 83.7% 69.3% 69.4% 70.8% 110.9% 134.6%

A - 18


Municipality Name Newaygo Co Newaygo CRC Newaygo MCF Newaygo Soil & Wtr C New Baltimore, City Newberry, Vlg of New Buffalo, City of Niles Dist Lib N Muskegon, City of No. Mich. Comm. Mntl Northern Lakes CMH A Northfield Twp North Houghton Co Wt Northpointe Bhvrl Hl Northville, City of Northville Chtr Twp Northville Dist Lib Norton Shores, City Norway, City of Novi, City of NW Mich Cmnty Hlth A NW Rgnl Arpt Comm Oceana Co Oceola Twp Ogemaw Co Ogemaw Co EMS Auth Ogemaw CRC Olive Twp Onaway, City of Ontonagon, Vlg of Ontonagon Co Ontonagon Co Economi Ontonagon CRC Orchard Lake, City o Oronoko Chtr Twp Osceola Co Osceola CRC Oscoda Chtr Twp Oscoda Co Oscoda Wurtsmith Arp Otisville, Vlg of Otsego Co Otsego CRC Ottawa Co Ottawa Co Central Di Ottawa CRC Otter Lake, Vlg of Owosso, City of Oxford, Township of Oxford, Vlg of Parchment, City of Pathways(Spr.Bhvl.Mn Paw Paw, Vlg of Paw Paw Lk Reg Jnt S Pellston, Vlg of Pennfield Chtr Twp Pentwater, Vlg of Perrinton, Vlg of Petersburg, City of Petoskey, City of

Number 6201 6212 6204 6205 5016 4802 1113 1105 6104 2403 2808 8117 3106 2207 8208 8230 8229 6106 2204 6320 1502 2805 6402 4717 6502 6508 6503 7009 7105 6603 6602 6605 6604 6312 1114 6701 6703 3503 6801 6802 2506 6902 6901 7003 7008 7002 4408 7607 6327 6326 3901 5214 8002 1103 2404 1312 6401 2909 5807 2402


Employer Liability

Employee Liability

Retired Liability

Total Liability


Percent Funded

10,242,942 3,171,288 2,924,055 75,101 6,685,514 1,795,395 727,553 472,844 1,730,293 0 8,620,870 499,769 309,991 5,241,985 6,130,199 13,883,838 1,721,277 12,890,025 4,916,849 35,992,715 3,166,137 2,829,331 14,120,481 240,218 8,417,842 1,329,188 3,116,453 78,646 368,404 3,021,942 4,713,914 0 7,304,987 3,554,747 480,118 8,484,972 2,070,902 955,885 2,990,015 95,397 563,291 8,545,420 2,773,636 100,202,612 1,027,442 16,514,411 71,864 989,197 838,834 1,023,376 1,082,624 14,526,907 2,183,028 663,193 229,973 620,740 582,310 16,088 187,730 11,879,959

295,215 148,498 1,416,218 18,019 1,186,588 16,707 682,879 148,027 546,796 0 9,260 431,915 0 783,147 136,726 5,425,235 12,050 82,309 1,049,770 5,075,067 7,794 29,551 2,793,255 354,801 2,165,055 309,150 1,018,154 45,408 45,537 1,221,864 13,923 0 0 153,726 42,508 450,437 195,102 133,079 358,742 87,311 35,716 377,200 0 12,164,658 71,541 1,033,779 11,828 251,436 0 0 481,299 1,033,339 781,772 121,915 50,406 333,616 208,208 14,349 113,080 96,706

12,485,097 4,655,826 5,907,508 0 3,297,901 2,075,141 421,968 58,398 3,399,943 34,193 13,647,187 0 0 2,552,370 11,860,836 4,801,814 365,857 20,669,299 10,221,322 29,355,848 2,150,883 1,185,410 11,781,991 0 11,633,861 86,586 3,854,557 195,165 245,488 10,043,661 3,243,203 106,274 10,700,212 935,595 1,141,357 4,188,094 4,760,723 2,222,632 5,543,044 70,639 339,714 7,679,667 6,776,704 71,979,665 698,392 27,308,398 0 3,110,297 2,925,662 1,669,890 1,207,942 36,887,307 3,705,869 634,397 0 821,514 711,351 0 0 8,500,767

23,023,254 7,975,612 10,247,781 93,120 11,170,003 3,887,243 1,832,400 679,269 5,677,032 34,193 22,277,317 931,684 309,991 8,577,502 18,127,761 24,110,887 2,099,184 33,641,633 16,187,941 70,423,630 5,324,814 4,044,292 28,695,727 595,019 22,216,758 1,724,924 7,989,164 319,219 659,429 14,287,467 7,971,040 106,274 18,005,199 4,644,068 1,663,983 13,123,503 7,026,727 3,311,596 8,891,801 253,347 938,721 16,602,287 9,550,340 184,346,935 1,797,375 44,856,588 83,692 4,350,930 3,764,496 2,693,266 2,771,865 52,447,553 6,670,669 1,419,505 280,379 1,775,870 1,501,869 30,437 300,810 20,477,432

19,163,556 6,573,492 9,892,793 108,098 10,402,835 2,730,994 1,349,745 754,453 4,646,296 42,570 20,948,234 886,790 290,346 9,239,134 11,399,920 17,066,696 1,825,382 20,035,573 8,650,104 49,237,072 4,472,773 3,496,505 25,389,321 582,636 19,413,645 1,790,529 4,973,942 278,553 576,008 11,730,330 6,240,418 80,323 9,356,339 3,900,067 1,220,079 11,785,375 5,223,580 2,481,058 6,333,725 232,914 861,456 12,086,707 6,419,431 152,352,857 1,737,661 32,668,905 74,478 3,640,481 2,790,499 1,861,533 2,457,399 31,255,203 6,216,930 1,100,027 239,059 1,354,340 1,287,100 57,258 276,823 17,439,426

83.2% 82.4% 96.5% 116.1% 93.1% 70.3% 73.7% 111.1% 81.8% 124.5% 94.0% 95.2% 93.7% 107.7% 62.9% 70.8% 87.0% 59.6% 53.4% 69.9% 84.0% 86.5% 88.5% 97.9% 87.4% 103.8% 62.3% 87.3% 87.3% 82.1% 78.3% 75.6% 52.0% 84.0% 73.3% 89.8% 74.3% 74.9% 71.2% 91.9% 91.8% 72.8% 67.2% 82.6% 96.7% 72.8% 89.0% 83.7% 74.1% 69.1% 88.7% 59.6% 93.2% 77.5% 85.3% 76.3% 85.7% 188.1% 92.0% 85.2%

A - 19


Municipality Name Pewamo, Vlg of Pigeon, Vlg of Pinckney, Village of Pinconning, City of Pittsfield Chtr Twp Pleasant Ridge, City Plymouth, Chtr Twp o Plymouth, City of Plymouth Dist Lib Pokagon Band of Pota Port Austin, Vlg of Port Austin Area Swr Port Huron, City of Port Huron Chtr Twp Port Huron HC Portland, City of Port Sanilac, Vlg of Port Sheldon Twp Potterville, City of Presque Isle Co Presque Isle CRC PRIDE Youth Programs Ravenna, Vlg of Reading, City of Redford, Chtr Twp of Redford Twp Dist Lib Reed City, City of Richfield Twp (Genes Richfield Twp (Rosco Richland Twp Richmond, City of Rochester, City of Rockford, City of Rockwood, City of Rogers City, City of Romeo, Vlg of Romeo Dist Lib Romulus, City of Roosevelt Park, City Roscommon Co Roscommon Co Trans A Rose City, City of Rose Twp Royal Oak, Chtr Twp Saginaw, City of Saginaw, Pub Lib of Saginaw Chtr Twp Saginaw Co Saginaw Co 911 Com C Saginaw Co CMH Saginaw CRC Saginaw HC Saginaw-Midland Muni Saginaw Trans Sys Au Saline, City of Sandusky, City of Sandusky Dist Lib Sanilac CRC Saranac HC Saugatuck, City of

Number 3407 3203 4706 0904 8110 6301 8238 8202 8221 MI01 3208 3210 7702 7711 7712 3401 7403 7018 2313 7104 7101 6210 6111 3003 8209 8228 6702 2514 7202 7310 5012 6307 4103 5810 7102 5005 5006 8225 6107 7201 7205 6504 6506 6306 7301 7317 7314 7303 7316 7318 7304 7321 7305 7319 8105 7402 7404 7410 3413 0307


Employer Liability 157,010 294,964 1,218,830 425,693 8,990,637 2,093,455 6,364,415 2,133,929 1,545,467 4,601,632 137,004 960 39,576,613 1,028,065 3,006,593 5,585,936 641,047 165,219 258,969 4,828,881 2,766,672 420,292 387,477 236,688 13,750,485 1,121,007 2,750,957 1,162,103 669,871 2,435,051 835,331 4,892,479 4,227,597 830,757 1,781,951 2,755,813 1,018,259 13,462,414 1,521,150 10,258,325 1,408,697 277,307 40,095 551,627 21,063,400 521,697 6,016,435 33,779,704 4,448,950 6,221,894 6,329,656 1,443,166 1,370,595 1,197,847 9,776,887 1,847,529 122,197 1,102,885 173,882 960,917

Employee Liability 16,826 114,312 272,295 184,747 4,063,942 4,156 6,073,147 7,581 122,897 427,178 70,755 25,739 2,911,727 708,490 2,631 130,957 83,183 446,971 123,220 958,562 41,910 0 28,121 0 330,267 50,698 6,517 533,812 241,547 64,423 664,811 1,691,620 62,236 0 385,632 88,897 168,902 2,654,936 4,852 1,549,714 4,680 98,172 18,934 189,344 5,953,883 263,659 1,070,388 2,895,225 144,836 131,518 2,349,771 342,608 359,020 105,384 257,636 390,995 46,439 3,954,346 103,320 29,422

Retired Liability

Total Liability


Percent Funded

0 570,813 529,063 1,323,106 5,786,500 2,194,275 8,686,112 14,463,197 1,400,097 326,289 325,678 53,807 88,727,356 734,336 2,657,746 5,175,752 118,302 0 0 3,829,861 5,488,005 113,257 0 47,633 30,860,878 795,601 2,476,854 1,676,725 1,340,002 706,510 308,158 11,426,444 1,401,695 1,117,643 7,529,016 3,176,866 1,353,457 26,297,456 2,805,994 6,920,137 496,249 135,594 18,241 2,037,651 113,197,908 111,145 8,799,279 100,787,299 5,060,150 9,792,711 17,819,117 2,026,113 1,870,223 26,936 9,499,569 1,514,731 0 0 331,169 369,356

173,836 980,089 2,020,188 1,933,546 18,841,079 4,291,886 21,123,674 16,604,707 3,068,461 5,355,099 533,437 80,506 131,215,696 2,470,891 5,666,970 10,892,645 842,532 612,190 382,189 9,617,304 8,296,587 533,549 415,598 284,321 44,941,630 1,967,306 5,234,328 3,372,640 2,251,420 3,205,984 1,808,300 18,010,543 5,691,528 1,948,400 9,696,599 6,021,576 2,540,618 42,414,806 4,331,996 18,728,176 1,909,626 511,073 77,270 2,778,622 140,215,191 896,501 15,886,102 137,462,228 9,653,936 16,146,123 26,498,544 3,811,887 3,599,838 1,330,167 19,534,092 3,753,255 168,636 5,057,231 608,371 1,359,695

139,959 710,949 1,790,719 1,589,582 14,829,823 2,741,316 16,573,088 8,704,141 3,322,115 6,706,329 499,019 153,882 95,743,922 1,953,864 4,899,919 7,119,568 580,531 647,227 351,035 7,732,452 5,674,290 472,410 403,600 275,436 34,512,997 1,776,386 3,701,659 2,039,971 1,401,589 2,226,348 1,217,199 14,752,580 4,502,640 2,081,848 6,091,892 4,432,092 1,674,631 19,946,665 3,127,878 16,225,168 1,736,812 584,402 281,028 4,555,826 70,432,198 1,466,939 11,218,376 90,752,010 7,542,481 10,503,283 24,385,884 2,059,715 2,760,242 1,438,240 13,961,876 2,044,460 176,822 4,894,804 397,214 1,268,387

80.5% 72.5% 88.6% 82.2% 78.7% 63.9% 78.5% 52.4% 108.3% 125.2% 93.5% 191.1% 73.0% 79.1% 86.5% 65.4% 68.9% 105.7% 91.8% 80.4% 68.4% 88.5% 97.1% 96.9% 76.8% 90.3% 70.7% 60.5% 62.3% 69.4% 67.3% 81.9% 79.1% 106.8% 62.8% 73.6% 65.9% 47.0% 72.2% 86.6% 91.0% 114.3% 363.7% 164.0% 50.2% 163.6% 70.6% 66.0% 78.1% 65.1% 92.0% 54.0% 76.7% 108.1% 71.5% 54.5% 104.9% 96.8% 65.3% 93.3%

A - 20


Municipality Name Saugatuck Twp Saugatuck Twp Fire D Sault Ste. Marie, Ci Sault Ste. Marie HC SCCMUA Schoolcraft Co Schoolcraft CRC Schoolcraft Memorial Scio Twp Scottville, City of Sebewaing, Vlg of SEMCOG SE Oakland Co Rsrc R SE Oakland Co Wtr Au Shepherd, Vlg of Shiawassee Co Shiawassee Co CMH Shiawassee Council o Shiawassee CRC Shiawassee Dist Lib Sims Whitney Util Au SMART South Haven, City of South Haven Area ESA South Lyon, City of Sparta, Vlg of Springfield, City of Spring Lake, Vlg of Spring Lake Dist Lib St. Charles, Vlg of St. Clair, City of St. Clair HC St. Ignace, City of St. Johns, City of St. Louis, City of Stambaugh Twp Standish, City of Stanton, City of St Clair Shores HC Stephenson, City of Sterling, Vlg of St Joseph Co St Louis HC Stockbridge, Vlg of Sturgis HC Summit Twp Sumpter Twp Superior Chtr Twp Superiorland Lib Coo Swan Creek Twp Swartz Creek, City o SW Shiawassee ESA Sylvan Lake, City of Tawas Police Auth Taylor HC The Lib Network Three Rivers, City o Tittabawassee, Twp o Traverse Area Dist L Traverse City, City

Number 0305 0313 1701 4906 1905 7503 7501 7505 8116 5308 3205 8210 6310 6309 3704 7602 7609 7605 7601 7606 0606 8216 8001 8005 6315 4107 1303 7015 7016 7308 7703 7715 4904 1902 2902 3615 0601 5903 5007 5504 0605 7803 2908 3316 7805 3803 8226 8109 5208 7309 2504 7611 6314 3504 8231 8218 7801 7322 2807 2801


Employer Liability 305,157 55,665 7,537,708 485,198 1,536,753 11,109,096 3,410,045 7,345,660 889,554 150,724 1,973,236 11,843,884 1,403,103 4,209,469 129,161 39,997,665 6,170,529 418,469 4,437,830 602,283 107,984 88,113,954 6,221,625 1,680,749 7,360,493 2,013,084 2,900,343 917,930 742,069 1,168,291 7,877,190 256,419 5,154,080 4,986,557 2,120,223 34,482 833,391 0 565,235 271,219 38,816 16,778,530 612,516 198,436 46,010 3,319,915 2,587,248 2,292,957 138,931 279,850 1,986,839 256,228 895,584 352,904 206,843 2,189,548 5,708,891 313,868 2,806,720 23,722,375

Employee Liability 7,002 0 3,372,388 166,886 536,702 1,991,283 21,081 2,450,666 722,737 242,464 623,567 17,190 30,583 110,055 39,806 1,015,426 38,837 142,696 1,441,258 291,312 0 4,376,326 2,488,637 779,554 415,542 495,466 668,754 804,835 272,345 153,511 539,519 0 73,743 82,058 357,924 17,891 20,495 0 254,893 0 27,564 2,431,109 0 159,683 0 39,115 1,581,029 1,249,761 49,677 71,474 324,678 86,152 375,391 198,065 100,175 791,285 1,252,158 1,554,250 299,087 608,742

Retired Liability

Total Liability


Percent Funded

427,147 302,820 13,507,985 772,883 608,108 12,921,189 8,885,103 8,622,207 69,308 0 3,788,916 12,260,038 3,645,299 3,535,918 140,576 49,582,000 3,759,441 120,780 11,650,469 697,596 0 98,380,406 11,970,116 2,455,863 2,626,334 1,570,505 5,411,943 1,283,083 137,509 1,842,227 8,495,058 294,970 3,502,394 10,317,348 4,886,673 47,568 1,444,739 58,336 1,064,172 68,127 45,160 10,953,101 0 319,913 0 6,412,178 1,168,587 1,182,936 624,214 222,846 6,221,450 0 779,154 521,513 0 3,010,391 7,297,552 0 2,245,692 32,214,397

739,306 358,485 24,418,081 1,424,967 2,681,563 26,021,568 12,316,229 18,418,533 1,681,599 393,188 6,385,719 24,121,112 5,078,985 7,855,442 309,543 90,595,091 9,968,807 681,945 17,529,557 1,591,191 107,984 190,870,686 20,680,378 4,916,166 10,402,369 4,079,055 8,981,040 3,005,848 1,151,923 3,164,029 16,911,767 551,389 8,730,217 15,385,963 7,364,820 99,941 2,298,625 58,336 1,884,300 339,346 111,540 30,162,740 612,516 678,032 46,010 9,771,208 5,336,864 4,725,654 812,822 574,170 8,532,967 342,380 2,050,129 1,072,482 307,018 5,991,224 14,258,601 1,868,118 5,351,499 56,545,514

310,865 371,642 21,087,835 1,222,824 2,737,284 19,243,924 6,746,576 15,051,215 1,369,871 438,141 4,457,756 26,511,581 4,093,378 5,394,858 446,011 59,855,811 9,433,412 580,043 11,228,007 1,544,415 180,255 157,583,693 21,695,636 3,300,822 7,824,448 2,334,015 7,464,911 2,166,924 1,174,748 2,292,515 11,554,552 387,213 6,272,604 9,567,052 5,370,378 70,494 1,489,183 95,038 1,245,365 193,054 254,025 31,358,854 493,003 470,093 42,359 7,044,096 3,531,834 3,839,240 841,892 445,977 7,924,796 351,817 1,744,361 600,254 326,333 5,432,761 11,172,653 1,969,777 3,984,649 41,600,136

42.0% 103.7% 86.4% 85.8% 102.1% 74.0% 54.8% 81.7% 81.5% 111.4% 69.8% 109.9% 80.6% 68.7% 144.1% 66.1% 94.6% 85.1% 64.1% 97.1% 166.9% 82.6% 104.9% 67.1% 75.2% 57.2% 83.1% 72.1% 102.0% 72.5% 68.3% 70.2% 71.8% 62.2% 72.9% 70.5% 64.8% 162.9% 66.1% 56.9% 227.7% 104.0% 80.5% 69.3% 92.1% 72.1% 66.2% 81.2% 103.6% 77.7% 92.9% 102.8% 85.1% 56.0% 106.3% 90.7% 78.4% 105.4% 74.5% 73.6%

A - 21


Municipality Name

Number

Employer Liability

Employee Liability

Retired Liability

Total Liability


Percent Funded

Trenton, City of Tri-County Aging Con Trio Council on Agin Tuscarora Twp Tuscola Co Tuscola Co CMH Tuscola Co Hlth Dpt Tuscola Co MCF Tuscola CRC Twin Cities Pub Sfty Ubly, Vlg of Utica, City of Van Buren Co Van Buren Dist Lib Van Buren Twp Vassar, City of Vevay Twp Vicksburg, Vlg of Vicksburg Dist Lib Vienna, Chtr Twp of Wakefield, City of Walker, City of Walled Lake, City of Washtenaw Co Washtenaw CRC Wayland, City of Wayne, City of Wayne HC Webberville, Vlg of West Branch, City of West Branch Dist Lib Westland,City of Westphalia, Vlg of Wexford Co Wexford CRC White Cloud, City of White Cloud/Sherman White Cloud Cmnty Li Whitehall, City of White Lake Chtr Twp White Pigeon, Vlg of White Pine Lib Willard Pub Lib Williamston, City of W Iron Co Swr Auth Wixom, City of W Mich CMH Sys W Mich Shoreline Rgn Wolverine Lake, Vlg W UP Dist Hlth Dept WUPPDR Ypsilanti, City of Ypsilanti, Twp of Ypsilanti Cmnty Util Ypsilanti HC

8203 3307 6507 1604 7902 7907 7901 7906 7908 3610 3212 5008 8006 8007 8236 7903 3318 3902 3904 2522 2701 4112 6324 8113 8102 0304 8242 8252 3314 6505 6509 8211 1907 8302 8303 6206 6211 6208 6105 6325 7804 5904 1308 3310 3612 6316 5304 6110 6329 3101 3108 8101 8104 8106 8115

9,418,134 3,565,941 60,960 1,020,166 10,574,230 4,514,657 3,151,958 3,374,005 1,657,965 0 171,089 1,539,455 10,113,998 745,271 6,012,216 2,112,284 39,286 1,179,387 76,920 690,213 1,060,171 7,814,862 4,175,860 30,253,318 17,284,207 3,297,056 18,577,257 279,747 103,009 1,549,628 217,918 28,284,665 281,945 10,214,230 4,936,142 278,176 136,621 207,769 2,490,113 9,193,137 75,570 90,004 1,119,701 1,046,269 247,090 11,866,722 2,031,093 2,132,382 399,255 6,556,817 306,630 3,511,265 5,170,895 20,422,992 318,254

2,382,196 21,131 0 20,692 3,169,834 2,437,964 795,878 2,757,042 735,599 13,183 168,385 736,941 6,830,852 336,056 3,305,920 671,948 90,499 0 0 344,853 365,183 415,915 1,387,932 14,297,998 5,165,652 35,318 6,612,985 142,046 92,580 529,739 70,695 357,256 0 2,302,607 449,444 0 55,920 22,126 0 4,092,164 15,725 28,171 423,516 593,919 4,429 1,591,260 118,051 19,789 516,670 60,027 440,704 1,340,904 2,613,317 1,320,150 156,603

30,794,342 2,641,009 204,494 510,051 12,581,231 3,590,694 3,994,144 4,399,173 1,921,250 74,685 384,389 1,890,827 6,258,061 249,279 933,566 2,908,132 363,521 1,159,804 26,972 136,506 2,784,936 9,297,103 6,402,809 4,802,812 26,126,507 1,359,464 68,662,936 0 114,035 1,764,551 0 75,873,271 131,854 10,853,212 6,017,699 439,142 0 117,133 2,278,641 7,381,928 0 93,666 66,868 2,273,881 715,600 9,536,122 2,508,704 564,398 1,692,437 4,734,354 306,027 6,935,445 9,401,955 19,575,354 215,936

42,594,672 6,228,081 265,454 1,550,909 26,325,295 10,543,315 7,941,980 10,530,220 4,314,814 87,868 723,863 4,167,223 23,202,911 1,330,606 10,251,702 5,692,364 493,306 2,339,191 103,892 1,171,572 4,210,290 17,527,880 11,966,601 49,354,128 48,576,366 4,691,838 93,853,178 421,793 309,624 3,843,918 288,613 104,515,192 413,799 23,370,049 11,403,285 717,318 192,541 347,028 4,768,754 20,667,229 91,295 211,841 1,610,085 3,914,069 967,119 22,994,104 4,657,848 2,716,569 2,608,362 11,351,198 1,053,361 11,787,614 17,186,167 41,318,496 690,793

29,031,469 6,661,697 272,242 936,590 23,419,238 11,367,928 6,825,380 11,297,110 3,089,765 97,873 483,099 2,920,071 16,162,118 1,344,612 8,120,096 4,870,375 319,390 1,615,962 80,504 922,789 2,947,855 10,233,341 4,689,287 44,474,881 33,152,973 4,222,670 72,105,966 402,050 251,119 3,260,846 324,768 57,465,343 347,054 16,998,826 7,115,313 501,228 159,692 308,537 3,879,635 16,739,933 98,430 126,054 1,604,040 2,842,280 638,132 15,626,617 4,497,247 4,068,035 1,323,068 8,824,378 1,075,811 17,795,672 14,009,840 28,817,702 691,039

68.2% 107.0% 102.6% 60.4% 89.0% 107.8% 85.9% 107.3% 71.6% 111.4% 66.7% 70.1% 69.7% 101.1% 79.2% 85.6% 64.7% 69.1% 77.5% 78.8% 70.0% 58.4% 39.2% 90.1% 68.2% 90.0% 76.8% 95.3% 81.1% 84.8% 112.5% 55.0% 83.9% 72.7% 62.4% 69.9% 82.9% 88.9% 81.4% 81.0% 107.8% 59.5% 99.6% 72.6% 66.0% 68.0% 96.6% 149.7% 50.7% 77.7% 102.1% 151.0% 81.5% 69.7% 100.0%


700 15

3,709,954,832 4,488,563

651,661,670 406,921

4,938,653,467 12,056,059

9,300,269,969 16,951,543

6,927,831,046 17,591,890

74.5% 103.8%

Totals - MERS

715

3,714,443,395

652,068,591

4,950,709,526

9,317,221,512

6,945,422,936

74.5%


A - 22

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name 21st Dist Ct 23rd Jud Dist Ct 26th Jud Cir Ct 34th Dist Ct 35th Dist Ct 41 B Dist Ct Addison Fire Dept Adrian, City of Aitkin Memorial Dist Albion, City of Alcona Co Alger Co Alger CRC Algonac, City of Allegan, City of Allegan Co Allegan CRC Alma, City of Almont, Vlg of Alpena Co Alpena CRC Alpena Rgnl Med Ctr Alpena Sr Citizens C Alpha, Vlg of Antrim Co Antrim CRC Arenac Co Arenac CRC Ash Twp Auburn, City of Au Gres, City of Bad Axe, City of Bad Axe Area Dist Li Bancroft, Vlg of Bangor, City of Baraga, Vlg of Baraga Co Baraga Co Memorial H Baraga CRC Baroda Twp Barry Co Barry Co CMH Auth Barry Eaton Dist Hlt Barton Hills, Vlg of Bates Twp Bath Charter Twp Battle Creek, City o Bay Area Trans Auth Bay City, City of Bay City HC Bayliss Pub Lib Bay Metro Trans Auth Beecher Metro Dist S Belding, City of Belleville, City of Benzie/Leelanau Dist Benzie Co Benzie Co Comm on Ag Benzie Co MCF (The M Benzie CRC Benzie Shores Dist L Benzie Trans Auth


Number

Amortization Period(s)

8243 8223 0403 8235 8234 5014 4607 4601 7407 1301 0101 0203 0201 7707 0309 0302 0301 2901 4407 0401 0402 0405 0404 3614 0502 0501 0603 0604 5804 0905 0602 3211 3214 7610 8003 0704 0702 0703 0701 1109 0802 0804 2303 8107 3616 1909 1302 2810 0901 0906 1702 0907 2501 3410 8213 4504 1003 1006 1004 1001 1005 1007

28 28 28, 10 28 28 28, 25, 10 28 28, 12 28 28, 26, 14, 12, 10 28, 19, 10 28, 24, 12, 10 28 28, 10 28, 14, 10 28, 14, 12, 10 28 28, 19, 12, 10 28 28, 20, 18 28, 18, 10 28, 26, 12, 10 20 28, 10 28, 12 28 28, 18, 12 28 28 28 20 28 28 28 28, 10 28, 10 28 20, 12 28 28 28, 16, 12 28 28 28 28 28 28, 26, 10 28, 10 28, 12, 10 12 28, 10 28 28, 16 28 28 19 28 28 28 28 28 25, 10

Normal Cost

Amortization Payment

32,760 26,472 56,784 144,156 23,508 106,524 15,384 613,560 4,536 141,420 191,448 164,796 87,024 63,780 81,096 494,784 147,108 147,504 40,896 246,612 114,696 1,586,628 0 2,316 825,408 157,944 174,588 41,748 11,700 22,212 17,784 60,576 3,600 2,364 39,144 43,488 126,348 239,544 100,392 18,948 1,194,396 185,496 299,004 8,148 3,516 78,468 1,566,276 172,788 346,872 79,452 9,120 323,280 55,440 (2,340) 89,484 22,452 297,432 34,308 183,768 82,104 3,348 39,096

8,664 9,888 (39,888) 90,180 55,632 36,552 2,676 522,960 1,488 (59,148) 156,876 173,964 93,564 10,644 59,208 953,640 255,708 132,000 23,916 260,988 86,448 2,081,316 38,352 (252) 244,428 275,520 168,336 168,864 14,556 23,856 39,672 125,520 396 2,808 (39,144) 68,640 69,768 404,580 120,744 540 693,612 26,460 166,332 4,224 9,228 46,080 1,795,476 (39,096) 2,053,908 11,736 (9,120) 192,552 88,044 27,336 141,828 780 162,840 10,992 22,920 187,956 180 (8,664)

Total Employer Contribution 41,424 36,360 16,896 234,336 79,140 143,076 18,060 1,136,520 6,024 82,272 348,324 338,760 180,588 74,424 140,304 1,448,424 402,816 279,504 64,812 507,600 201,144 3,667,944 38,352 2,064 1,069,836 433,464 342,924 210,612 26,256 46,068 57,456 186,096 3,996 5,172 0 112,128 196,116 644,124 221,136 19,488 1,888,008 211,956 465,336 12,372 12,744 124,548 3,361,752 133,692 2,400,780 91,188 0 515,832 143,484 24,996 231,312 23,232 460,272 45,300 206,688 270,060 3,528 30,432

A - 23

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Berkley, City of Berrien Springs, Vlg Bessemer, City of Beverly Hills, Vlg o Big Rapids, City of Big Rapids HC Bingham Farms, Vlg o Birch Run, Vlg of Bishop Intl Arpt Aut Blackman Chtr Twp Blissfield, Vlg of Bloomfield Hills, Ci Blue Water Area Tran Boyne City, City of Branch Co Brandon Chtr Twp of Breckenridge,Vlg of Bridgeport Chtr Twp Bridgman, City of Brighton, Chtr Twp o Brighton, City of Brighton Area Fire A Britton, Vlg of Brnch-Hillsdale-St J Bronson, City of Brooklyn, Vlg of Brownstown, Chtr Twp Buchanan, City of Buchanan Dist Lib Buena Vista Chtr Twp Burton, City of Butman Township Cadillac, City of Cadillac/Wexford Tra Calhoun Co Calhoun CRC Canton, Chtr Twp of Canton Pub Lib Capac, Vlg of Capital Area Dist Li Capital Region Arprt Carleton, Vlg of Carrollton Twp Cascade Chtr Twp Caseville, Vlg of Caspian, City of Cass Co Cass Co MCF Cass Dist Lib Cedar Springs, City Center Line, City of Central Lake, Vlg of Central Mich Dist Hl Charlevoix, City of Charlevoix Co Charlevoix CRC Charlotte, City of Charlotte Dist Lib Cheboygan, City of Cheboygan Co Cheboygan CRC Chelsea, City of


Number 6304 1102 2702 6321 5402 5406 6332 7315 2507 3806 4606 6302 7709 1506 1205 6333 2906 7307 1110 4711 4704 4715 4604 1202 1204 3801 8247 1101 1108 7312 2508 2604 8301 8305 1311 1307 8233 8232 7705 3317 3305 5805 7320 4110 3207 3608 1402 1403 1404 4105 5001 0504 3705 1505 1503 1501 2301 2309 1602 1603 1601 8103

Amortization Period(s) 28, 10 28, 10 28 28, 10 20, 12 20 28 28, 10 28 28 28, 10 28, 25, 18, 14, 10 28 28, 18 28, 10 28, 10 28, 10 28, 10 28 28, 10 28 28, 10 28, 10 28, 10 28, 25 28 25 28, 12, 10 28, 10 28, 12 28 28, 10 28 28 28, 24 28, 26 28 28 28, 10 28, 10 28 28 28 28 28 28, 10 28, 10 28, 10 28, 10 28, 10 25, 10 19 28 28, 10 28, 25, 10 28, 10 28 28 28 28 12

Normal Cost 191,028 29,268 39,912 72,096 74,256 17,340 9,216 16,560 157,632 103,092 91,704 291,300 189,696 81,912 142,524 92,124 3,204 115,008 29,904 28,980 357,420 10,308 1,320 187,296 4,320 14,736 514,620 64,488 4,848 200,940 92,952 0 209,784 59,592 147,372 272,460 1,465,860 36,564 31,236 277,308 232,980 11,544 74,592 115,704 38,076 15,000 373,332 74,364 20,004 52,668 63,216 12,444 206,388 205,536 1,131,948 101,196 191,340 12,672 90,396 443,016 202,368 88,572

Amortization Payment 253,044 (29,268) 28,392 24,660 439,920 27,264 1,212 4,020 32,988 140,052 (21,816) 679,044 51,864 116,616 (324) 31,740 64,788 103,764 20,916 (14,496) 221,772 (2,220) (1,320) (31,824) 30,708 16,476 202,356 15,936 (2,616) 117,024 1,299,144 1,236 12,564 5,592 731,808 316,476 1,383,852 1,380 69,576 (29,400) 184,224 9,288 30,084 63,708 10,704 19,932 164,940 (66,876) (10,800) 13,224 155,160 (1,920) 360,684 188,256 506,088 89,796 259,152 12,444 152,748 207,120 357,684 347,016

Total Employer Contribution 444,072 0 68,304 96,756 514,176 44,604 10,428 20,580 190,620 243,144 69,888 970,344 241,560 198,528 142,200 123,864 67,992 218,772 50,820 14,484 579,192 8,088 0 155,472 35,028 31,212 716,976 80,424 2,232 317,964 1,392,096 1,236 222,348 65,184 879,180 588,936 2,849,712 37,944 100,812 247,908 417,204 20,832 104,676 179,412 48,780 34,932 538,272 7,488 9,204 65,892 218,376 10,524 567,072 393,792 1,638,036 190,992 450,492 25,116 243,144 650,136 560,052 435,588

A - 24

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Chelsea Area Fire Au Chesaning, Vlg of Chesterfield Twp Chesterfield Twp Lib Chikaming Twp Chippewa Co Chippewa CRC Chippewa River Dist Chocolay, Chtr Twp o Clare, City of Clare Co Clare Co Trans Auth Clare CRC Clawson, City of Clay Twp Clearwater Twp Clinton, Vlg of Clinton Co Clinton CRC Clinton-Eaton-Ingham Clinton Twp Clio, City of CMH of Central Mich Coldwater, City of Coldwater Brd of Pub Coleman, City of Coloma, City of Coloma Chtr Twp Columbiaville, Vlg o Coopersville, City o Coopersville Area Di Corunna City of Corwith Twp Covert Twp Crawford Co Crawford Co Trans Au Crawford CRC Croswell, City of Crystal Falls, City Crystal Falls Comm H Ctrl Dispatch of Mus Ctrl Wayne Co Sanita Davison,City of Davison Richfield Sr Davison Twp Dearborn, City of Deerfield, Vlg of Delta Chtr Twp Delta Co Delta CRC Delta-Menominee Dist Detour, Vlg of Detroit HC DeWitt, City of DeWitt Chtr Twp Dexter, Vlg of Dexter Area Fire Dep Dexter Twp Dickinson Co Dickinson CRC Dickinson-Iron Dist Dimondale,Vlg of


Number 8118 7313 5009 5010 1112 1703 1704 3707 5218 1804 1802 1806 1801 6305 7706 4005 4602 1903 1901 3308 5002 2523 3708 1201 1203 5603 1118 1107 4406 7005 7011 7604 6904 8010 2001 2004 2002 7401 3603 3618 6109 8214 2516 2525 2519 8251 4603 2306 2102 2105 2103 1706 8241 1908 1910 8217 8219 8111 2206 2203 3605 2304

Amortization Period(s) 25, 10 28, 14 28, 25 28, 10 28 28, 10 28, 10 28, 10 10, 10 28 28 28 28 19, 12 28 28, 10 28, 10 28, 24, 22, 20, 10 28, 10 28, 12, 10 28 28 28 28, 12 20, 14 28 25 28, 25, 10 28 28 28, 10 28, 18, 10 28, 10 25 28, 22, 20, 19, 10 28 28 28 28, 26 28 12 28 26 28 25, 10 28 28 28, 26, 22, 20, 10 28 28, 10 28 28, 10 28 28 28 28 28 28, 10 28, 24 28, 19, 12 28

Normal Cost


31,992 23,124 591,756 28,356 20,760 752,508 202,992 54,888 23,556 94,140 287,304 2,148 83,796 124,836 85,572 5,100 46,320 767,460 191,376 2,188,188 703,044 35,568 1,510,980 65,400 79,188 25,296 8,676 18,636 3,564 28,284 2,580 62,652 (36) 41,544 216,456 62,088 98,964 137,040 52,452 0 62,208 0 111,960 0 204,456 425,340 17,748 (14,448) 508,788 122,940 156,144 14,244 617,832 72,648 80,040 48,528 33,192 3,972 353,172 132,888 83,880 11,268

(3,456) 118,560 297,660 (19,284) 19,092 397,572 279,840 (18,132) (948) 113,364 132,000 1,896 95,736 984,552 114,192 (2,088) (46,320) 534,168 254,508 1,379,652 824,640 6,204 35,448 190,416 285,036 34,332 3,960 35,664 2,952 4,824 1,632 96,288 36 15,984 288,360 16,404 199,740 170,040 120,780 123,204 23,100 35,640 172,128 5,760 112,164 (81,960) 5,880 172,980 262,164 230,592 (131,856) 11,700 (65,268) 87,384 24,720 38,364 6,372 2,736 331,356 145,728 112,692 6,576

Total Employer Contribution 28,536 141,684 889,416 9,072 39,852 1,150,080 482,832 36,756 22,608 207,504 419,304 4,044 179,532 1,109,388 199,764 3,012 0 1,301,628 445,884 3,567,840 1,527,684 41,772 1,546,428 255,816 364,224 59,628 12,636 54,300 6,516 33,108 4,212 158,940 0 57,528 504,816 78,492 298,704 307,080 173,232 123,204 85,308 35,640 284,088 5,760 316,620 343,380 23,628 158,532 770,952 353,532 24,288 25,944 552,564 160,032 104,760 86,892 39,564 6,708 684,528 278,616 196,572 17,844

A - 25

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Dist Hlth Dept #10 Dist Hlth Dept # 2 Dist Hlth Dept # 4 Douglas, City of Vlg Dowagiac, City of Dowagiac Dist Lib Dowagiac HC Drummond Island Twp Dryden, Vlg of Dundee, Vlg of Durand, City of East China Chtr Twp East Grand Rapids,Ci East Jordan, City of East Lansing, City o Eastpointe HC Eaton Co Eaton Co MCF Eaton Rapids, City o Eau Claire, Vlg of Ecorse, City of Elderly Housing Corp Elkton, Vlg of Elsie, Village of Emmett, Chtr Twp Emmett CRC Erie, Township of Escanaba, City of Essexville, City of E UP Reg Planning & E UP Trans Auth Evart, City of Evart Local Dev Fina Farmington, City of Farmington Cmnty Lib Farwell, Vlg of Fenton, City of Ferndale HC Ferrysburg, City of Flat Rock, City of Flint, Chtr Twp of Flint Pub Lib Flushing, Chtr Twp o Flushing, City of Forsyth Twp Fowler, Vlg of Fowlerville, Vlg of Fowlerville Dist Lib Frankenmuth, City of Frankfort, City of Franklin, Vlg of Fraser, City of Fremont, City of Fremont Area Dist Li Gaastra, City of Garden City, City of Gaylord, City of Genesee Chtr Twp Genoa Twp Gladstone, City of Gladwin, City of Gladwin City HC


Number 5104 6501 7103 0303 1401 1406 1405 1708 4405 5803 7603 7701 4101 1504 3301 5011 2302 2305 2307 1104 8206 8222 3206 1906 1310 2401 5812 2101 0903 1709 1705 6705 6706 6343 6319 1805 2505 6345 7106 8212 2512 2518 2515 2502 5212 1904 4705 4710 7306 1002 6323 5003 6203 6209 3617 8255 6903 2510 4713 2106 2605 2608

Amortization Period(s) 28 12 12 28 28 28 28, 10 28 28 28 28 28 12, 10 28 28, 20, 19, 14, 12, 10 28 28, 10 28, 10 28, 25 28 28, 18, 16, 12 28 12, 10 28 12 25, 10 28, 22, 20, 19 28, 12, 10 25, 10 28 28 28 20, 10 12, 10 28 28, 25, 19, 12, 10 25 28 28, 10 28, 10 28, 10 28 28, 22 28, 22, 10 28 28, 10 28 28, 10 28 28, 10 28 28 28 25, 23 28 28 28, 10 24, 12 28 28

Normal Cost 158,052 68,580 65,244 81,360 133,440 1,356 13,200 8,616 5,220 7,020 74,244 75,288 54,108 66,852 1,514,256 17,580 1,026,312 296,976 165,984 3,228 366,888 22,740 2,388 0 62,892 76,104 4,860 317,208 56,316 6,756 123,684 57,300 4,272 383,724 45,732 7,980 250,692 10,920 20,208 230,436 187,776 81,852 54,096 213,216 63,240 10,800 39,948 9,072 126,096 42,540 68,400 0 165,936 33,780 4,188 707,676 178,836 254,076 16,164 87,852 40,824 36,468

Amortization Payment 446,016 109,500 285,396 27,144 385,176 156 (4,584) 96 1,752 51,180 41,532 76,824 732,024 25,692 3,767,316 900 2,047,908 (7,056) 164,580 10,392 1,294,800 31,236 14,952 0 32,388 453,384 (288) 746,148 71,700 (4,596) 157,140 6,432 7,632 1,284 33,000 3,420 169,404 15,984 18,492 394,968 273,984 (16,680) 123,264 332,604 134,052 3,672 (19,152) 72 147,576 51,852 105,360 0 152,388 9,588 936 851,832 134,844 368,688 (468) 459,744 936 48,276

Total Employer Contribution 604,068 178,080 350,640 108,504 518,616 1,512 8,616 8,712 6,972 58,200 115,776 152,112 786,132 92,544 5,281,572 18,480 3,074,220 289,920 330,564 13,620 1,661,688 53,976 17,340 0 95,280 529,488 4,572 1,063,356 128,016 2,160 280,824 63,732 11,904 385,008 78,732 11,400 420,096 26,904 38,700 625,404 461,760 65,172 177,360 545,820 197,292 14,472 20,796 9,144 273,672 94,392 173,760 0 318,324 43,368 5,124 1,559,508 313,680 622,764 15,696 547,596 41,760 84,744

A - 26

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Gladwin Co Gladwin Co Dist Lib Gladwin CRC Gogebic-Iron Wastewa Grand Beach, Vlg of Grand Blanc, City of Grand Blanc Chtr Twp Grand Haven, City of Grand Ledge, City of Grand Ledge Area ESA Grand Rapids H C Grand Traverse Co Grand Traverse CRC Grand Traverse Pavil Grandville, City of Gratiot Co Gratiot CRC Grayling, City of Green Oak Chtr Twp Greenville, City of Grosse Ile Twp Grosse Pointe Park, Grosse Pte-Clntn Rfs Groveland Twp Hackley Pub Lib Hamburg Twp Hamtramck, City of Hamtramck Housing Co Hancock, City of Harbor Beach, City o Harbor Springs, City Harbor Springs Area Harrison, City of Hartland Deerfield T Hastings, City of Hazel Park, City of Helen Newberry Joy H Henika Dist Lib Herrick Dist Lib Hiawatha Bhvrl Hlth Hillsdale, City of Hillsdale Co Hillsdale CRC Hlth Source of Sagin Holland, City of Holland Area Cmnty P Holland Hospital Holly, Vlg of Homer, Vlg of Houghton, City of Houghton Co Houghton CRC Houghton Lake Pub Li Howard City, Vlg of Howard Twp Howell, City of Howell Area Fire Aut Howell-Carnegie Dist Hudsonville, City of Huntington Woods, Ci Hurley Med Ctr Huron Chtr Twp


Number 2602 2607 2601 2703 1117 2513 2511 7010 2312 2310 4108 2803 2802 2809 4102 2905 2903 2003 4708 5906 8207 8201 5004 6335 6114 4709 8205 8250 3107 3201 2405 2406 1803 4716 0801 6336 4805 0310 7012 1707 3001 3005 3004 7311 7001 7014 7006 6317 1304 3109 3102 3103 7203 5902 1106 4702 4714 4707 7004 6303 2521 8224

Amortization Period(s) 28 28 28, 10 28 25, 10 28 28, 14 28, 16, 14, 10 25 28 12 28, 16 12 28, 10 6 12, 10 28 28, 23, 18, 10 28 28 28 28, 10 28, 10 28, 10 28 28, 26, 12, 10 28, 10 28 28, 22, 10 28 25 28 28 28, 10 28, 10 12 28, 10 28 28, 18, 14, 12, 10 28, 12, 10 28 28 28, 26, 24, 22, 12 28, 22, 20, 14 28, 10 28 28, 10 10, 10 28 28 28, 10 18 28, 10 28 28, 26 28 24, 19, 12, 10 28, 19, 12 28, 25, 23, 21 28

Normal Cost 335,184 15,732 123,000 27,660 17,472 118,848 225,984 959,088 13,620 49,980 20,148 709,608 33,840 663,432 91,512 242,244 152,556 33,060 65,436 1,176 386,892 352,920 0 29,580 12,516 54,564 557,412 103,632 38,736 45,420 48,600 26,196 32,064 29,028 199,764 450,624 87,744 10,200 179,652 174,696 239,616 32,220 48,060 705,048 1,147,440 38,928 0 136,908 32,076 77,736 369,732 55,524 26,532 13,632 6,132 294,816 28,776 34,548 9,672 138,732 4,253,640 243,852

Amortization Payment 155,556 7,476 198,720 21,636 (2,616) 127,740 397,956 29,448 46,572 3,792 37,980 3,146,976 272,640 161,916 903,564 596,232 207,312 75,372 62,616 57,540 364,500 528,012 81,458 3,636 (144) 44,700 3,271,152 (12,564) 28,464 12,132 65,580 2,556 26,076 228 310,620 830,472 436,044 (10,200) 58,092 106,380 (7,164) 113,940 119,016 239,340 2,067,444 (4,164) 11,994 230,388 (12,168) (32,316) 383,928 55,212 (6,492) 10,884 (648) 354,648 7,992 1,752 91,356 647,088 5,011,392 259,860

Total Employer Contribution 490,740 23,208 321,720 49,296 14,856 246,588 623,940 988,536 60,192 53,772 58,128 3,856,584 306,480 825,348 995,076 838,476 359,868 108,432 128,052 58,716 751,392 880,932 81,458 33,216 12,372 99,264 3,828,564 91,068 67,200 57,552 114,180 28,752 58,140 29,256 510,384 1,281,096 523,788 0 237,744 281,076 232,452 146,160 167,076 944,388 3,214,884 34,764 11,994 367,296 19,908 45,420 753,660 110,736 20,040 24,516 5,484 649,464 36,768 36,300 101,028 785,820 9,265,032 503,712

A - 27

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Huron Co Huron CRC Imlay City, City of Independence Twp Indianfields Twp Ingham Co Ingham CRC Interurban Trans Aut Ionia, City of Ionia Cmnty Lib Ionia Co Ionia CRC Ionia HC Iosco Co Iosco CRC Iron Co Iron Co HC Iron CRC Iron Mountain, City Iron Mountain-Kingsf Iron River, City of Ironwood, City of Isabella Co Isabella Co Trans Co Isabella CRC Ishpeming, City of Ishpeming Area Joint Ishpeming Twp Ithaca, City of Jackson Dist Lib Jackson Trans Auth Jordan Valley Dist L Kalamazoo, Chtr Twp Kalamazoo Lake Swr & Kalamazoo Pub Lib Kalkaska, Village of Kalkaska Co Kalkaska CRC Kalkaska Pub Trans A Keego Harbor, City o Kent CRC Keweenaw Co Keweenaw CRC Kinde, Vlg of Kingsford, City of L.M.A.S. Dist Hlth D L'Anse, Vlg of Lac Vieux Desert Ban Laingsburg, City of Lake Co Lake CRC Lakeland Lib Coop Lake Linden, Vlg of Lake Odessa, Village Lake Orion, Vlg of Lakeshore Coordinati Lansing Chtr Twp Lansing HC Lapeer, City of Lapeer Co Lapeer CRC Lapeer Dist Lib


Number


3204 3202 4404 6328 7905 3303 3302 0308 3403 3412 3408 3404 3406 3501 3502 3606 3611 3602 2201 2205 3601 2706 3703 3709 3702 5204 5207 5216 2904 3802 3805 1507 3907 0306 3903 4001 4003 4002 4004 6322 4111 4202 4201 3209 2202 4803 0705 8402 7608 4301 4302 4106 3105 3402 6318 7007 3320 3311 4401 4403 4402 4410

28, 10 28 28 28 28 28, 26, 25, 12, 10 28 28, 10 28, 12, 10 28, 22, 10 28, 10 28 28 28, 22, 20, 14, 12 28 28, 20, 18, 10 28 28 28 28 28, 10 25 28, 14, 12, 10 28, 10 28, 25 28 28 28 20, 19 28, 10 28, 10 28, 10 25 28 28 28 28, 10 28 28, 10 28 5 28 28 28 28 28, 10 28 25 28, 10 28, 10 28 28 28, 26, 10 25, 10 24, 19, 10 28, 10 25, 10 28 28 28, 10 28, 12, 10 28

Normal Cost 1,166,616 191,544 127,032 151,656 2,304 3,819,468 442,740 17,832 252,840 13,152 188,076 121,044 13,032 440,904 46,248 738,360 14,364 114,948 84,216 11,232 113,052 145,692 606,480 10,404 108,852 108,744 21,132 20,448 23,532 96,900 103,860 4,968 244,716 24,024 230,892 52,368 410,640 117,636 35,316 24,036 0 45,300 76,104 1,164 69,540 57,228 76,380 22,044 13,656 418,812 93,864 14,676 15,372 7,644 37,956 36,024 142,428 192,156 453,264 2,062,380 113,328 53,892

Amortization Payment 490,248 266,820 65,388 76,404 13,440 4,044,204 521,988 (13,464) 386,748 5,652 47,652 444,228 9,948 405,096 83,424 176,448 3,744 301,428 265,356 13,776 88,680 401,964 803,424 (10,404) 103,920 218,856 4,044 7,368 66,948 (72,048) 2,952 (1,860) 58,644 9,372 20,100 84,936 109,536 216,900 (1,488) 64,848 42,648 22,776 106,668 6,276 55,224 (19,368) 101,100 660 (3,012) 96,432 164,292 2,088 17,940 (6,852) 65,004 (12,444) (7,308) 54,564 235,968 307,464 270,588 57,528

Total Employer Contribution 1,656,864 458,364 192,420 228,060 15,744 7,863,672 964,728 4,368 639,588 18,804 235,728 565,272 22,980 846,000 129,672 914,808 18,108 416,376 349,572 25,008 201,732 547,656 1,409,904 0 212,772 327,600 25,176 27,816 90,480 24,852 106,812 3,108 303,360 33,396 250,992 137,304 520,176 334,536 33,828 88,884 42,648 68,076 182,772 7,440 124,764 37,860 177,480 22,704 10,644 515,244 258,156 16,764 33,312 792 102,960 23,580 135,120 246,720 689,232 2,369,844 383,916 111,420

A - 28

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Lathrup Vlg, City of Laurium, Vlg of Lawrence, Vlg of Leelanau Co Leelanau CRC Leoni Twp Leslie, City of Leslie Twp Lexington, Vlg of Lima Twp Litchfield, City of Livingston Co Livingston Co CMH Au Livingston CRC Looking Glass Rgnl F Loutit Dist Lib Lowell, City of Luce Co Luce CRC Ludington, City of Ludington-Mason Dist Luna Pier, City of Lyons, Vlg of Mackinac Co Mackinac Co HC Mackinac CRC Mackinac Straits Hos Mackinaw City, Vlg o Madison, Chtr Twp of Madison Heights, Cit Manistee, City of Manistee Co Manistee CRC Manistee HC Manistique, City of Manlius Twp Manton, City of Marenisco Twp Marine City, City of Marion, Vlg of Marlette, City of Marquette, City of Marquette Brd of Lig Marquette Chtr Twp Marquette Co Marquette Co Arpt Marquette Co Solid W Marquette Co Trans A Marquette CRC Marshall, City of Marshall Area Firefi Marshall Dist Lib Mason, City of Mason Co Mason CRC Mason-Oceana Cty Enh Mastodon Township MBS Intl Arpt Meceola Central Disp Mecosta Co Mecosta County Gener Mecosta CRC


Number 6311 3104 8004 4501 4503 3804 3313 3319 7708 8112 3006 4703 4712 4701 2311 7013 4104 4804 4801 5302 5303 5802 3411 4901 4905 4903 4902 1606 4605 6308 5105 5101 5103 5107 7504 0311 8304 2704 7704 6704 7405 5201 5209 5215 5202 5210 5213 5206 5211 1306 1313 1309 3304 5301 5305 6403 3613 0902 5405 5403 5404 5401

Amortization Period(s) 28, 10 28 19, 14, 10 28 28 28, 24 28, 10 28 28, 19, 10 28, 10 28 28, 19, 14, 10 28, 10 28 28, 10 28 28, 12 28 28, 10 28 28 28, 24 28, 10 28, 18 26 28, 19 28, 12 28 28 28, 26, 20, 10 28, 10 28, 10 28, 14 28, 10 28 28 28, 10 28 28 28 28, 12 19, 12 28 28, 18, 14, 12, 10 19 28, 10 28 28, 14 28, 26, 10 28, 10 18 28, 10 28, 19 28 28, 18 28, 10 28 14, 12, 10 28, 10

Normal Cost 66,084 37,272 0 482,892 61,812 42,768 28,500 4,404 32,316 8,604 16,500 1,803,816 429,600 336,636 14,040 66,264 127,044 102,432 86,196 280,824 36,744 39,444 4,692 170,628 0 76,704 912,036 24,900 16,332 378,588 167,256 894,564 130,332 6,540 184,140 4,356 19,644 12,120 0 6,432 24,480 577,656 163,944 46,992 868,524 21,264 39,624 49,320 247,116 210,300 22,380 0 105,516 735,072 126,060 58,356 0 151,608 50,664 252,432 0 67,872

Amortization Payment 52,404 29,076 48 258,780 111,024 40,848 1,716 1,884 27,264 (480) 20,292 1,348,824 (46,992) 59,676 (3,852) 4,596 137,772 110,304 218,364 170,868 4,068 93,000 (2,424) 201,960 10,980 213,708 259,620 3,768 10,116 482,148 (50,700) 439,920 348,132 (6,540) 267,084 3,396 40,140 816 0 4,692 14,904 1,018,308 955,872 17,556 2,379,840 58,932 (624) 8,400 666,984 270,636 (8,880) 5,940 164,760 329,052 103,704 4,956 1,557 133,668 18,648 39,840 260,391 47,268

Total Employer Contribution 118,488 66,348 48 741,672 172,836 83,616 30,216 6,288 59,580 8,124 36,792 3,152,640 382,608 396,312 10,188 70,860 264,816 212,736 304,560 451,692 40,812 132,444 2,268 372,588 10,980 290,412 1,171,656 28,668 26,448 860,736 116,556 1,334,484 478,464 0 451,224 7,752 59,784 12,936 0 11,124 39,384 1,595,964 1,119,816 64,548 3,248,364 80,196 39,000 57,720 914,100 480,936 13,500 5,940 270,276 1,064,124 229,764 63,312 1,557 285,276 69,312 292,272 260,391 115,140

A - 29

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Melvindale, City of Melvindale HC Menominee, City of Menominee Co Menominee CRC Meridian Chtr Twp MERS Metamora Twp Mich. Grand River Wa Mich Muni Risk Mgmt Mich S Central Power Middleville, Vlg of Midland, City of Midland Co Central D Midland CRC Mid-Mich Dist Hlth D Mid-Mich Lib League Mid Peninsula Lbry C Milan, City of Milan Lib Milford, Vlg of Millington, Vlg of Missaukee Co MOA Solid Waste Mgmt Monroe HC Montague, City of Montcalm CRC Montmorency Co Montrose, City of Mt. Morris Chtr Twp Mt. Pleasant, City o Muir, Vlg of Mundy,Chtr Twp of Munising, City of Muskegon, City of Muskegon Area Dist L Muskegon Chtr Twp Muskegon Co Muskegon CRC Muskegon HC Muskegon Heights, Ci Muskegon Heights HC Negaunee, City of Negaunee Twp Network180 Newaygo CMH Newaygo Co Newaygo CRC Newaygo MCF Newaygo Soil & Wtr C New Baltimore, City Newberry, Vlg of New Buffalo, City of Niles Dist Lib N Muskegon, City of No. Mich. Comm. Mntl Northern Lakes CMH A Northfield Twp North Houghton Co Wt Northpointe Bhvrl Hl Northville, City of Northville Chtr Twp


Number 8215 8220 5501 5502 5503 3315 2308 4409 3306 8237 3002 0803 5601 5604 5602 5901 8306 3609 5801 5806 6313 7904 5702 6002 5808 6112 5905 6001 2509 2503 3701 3405 2517 0202 6116 6117 6108 6103 6101 6113 6102 6115 5203 5217 4109 6207 6201 6212 6204 6205 5016 4802 1113 1105 6104 2403 2808 8117 3106 2207 8208 8230

Amortization Period(s) 28, 20, 18 28 28 28, 24, 12, 10 28, 24 28 28 28, 10 28, 10 28, 20 28, 12 28, 18 28, 20 28, 24 28, 10 28, 10 28, 14, 12 28 28, 12 28 28 28, 10 28 28 28 28, 22 28, 12 28 28, 10 28 28 28, 14 13, 10, 5, 10 28 28 28, 24, 22, 20, 10 28 28 28, 18, 10 28 28 28 28, 10 14, 10 20, 18, 14, 12, 10 25, 23, 10 28, 18, 10 28, 10 15, 10 28, 20, 10 25 28, 10 28 14 28 28 28, 12, 10 20, 19, 18, 14, 12 28, 25

Normal Cost 317,820 32,592 116,844 369,840 51,396 582,264 1,005,264 39,804 0 23,280 225,036 16,344 1,211,280 57,072 103,380 180,024 7,992 0 85,860 11,304 138,696 9,576 117,912 19,752 33,516 50,796 173,520 173,544 21,096 342,420 362,628 5,076 97,764 114,480 824,544 59,724 239,280 3,057,696 321,312 21,468 211,728 12,120 146,376 6,348 613,296 15,360 225,240 156,420 210,360 3,996 177,936 51,504 31,152 21,636 63,936 0 182,472 51,804 12,540 267,084 128,316 959,364

Amortization Payment 995,184 15,756 43,524 261,732 82,668 967,944 27,336 (6,024) 426 (12,348) 78,540 13,032 2,859,888 20,448 228,984 31,320 (5,304) 9,691 430,608 2,580 206,100 3,744 59,568 (15,924) 27,828 44,532 241,116 171,012 30,576 549,252 257,136 6,600 80,904 65,808 187,896 2,712 122,592 2,320,536 257,736 1,104 282,900 17,988 165,492 4,572 (219,984) (15,360) 362,256 80,748 9,828 (1,656) 61,596 61,536 26,256 (8,232) 52,884 0 129,168 2,328 948 (59,484) 589,140 372,648

Total Employer Contribution 1,313,004 48,348 160,368 631,572 134,064 1,550,208 1,032,600 33,780 426 10,932 303,576 29,376 4,071,168 77,520 332,364 211,344 2,688 9,691 516,468 13,884 344,796 13,320 177,480 3,828 61,344 95,328 414,636 344,556 51,672 891,672 619,764 11,676 178,668 180,288 1,012,440 62,436 361,872 5,378,232 579,048 22,572 494,628 30,108 311,868 10,920 393,312 0 587,496 237,168 220,188 2,340 239,532 113,040 57,408 13,404 116,820 0 311,640 54,132 13,488 207,600 717,456 1,332,012

A - 30

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Northville Dist Lib Norton Shores, City Norway, City of Novi, City of NW Mich Cmnty Hlth A NW Rgnl Arpt Comm Oceana Co Oceola Twp Ogemaw Co Ogemaw Co EMS Auth Ogemaw CRC Olive Twp Onaway, City of Ontonagon, Vlg of Ontonagon Co Ontonagon Co Economi Ontonagon CRC Orchard Lake, City o Oronoko Chtr Twp Osceola Co Osceola CRC Oscoda Chtr Twp Oscoda Co Oscoda Wurtsmith Arp Otisville, Vlg of Otsego Co Otsego CRC Ottawa Co Ottawa Co Central Di Ottawa CRC Otter Lake, Vlg of Owosso, City of Oxford, Township of Oxford, Vlg of Parchment, City of Pathways(Spr.Bhvl.Mn Paw Paw, Vlg of Paw Paw Lk Reg Jnt S Pellston, Vlg of Pennfield Chtr Twp Pentwater, Vlg of Perrinton, Vlg of Petersburg, City of Petoskey, City of Pewamo, Vlg of Pigeon, Vlg of Pinckney, Village of Pinconning, City of Pittsfield Chtr Twp Pleasant Ridge, City Plymouth, Chtr Twp o Plymouth, City of Plymouth Dist Lib Pokagon Band of Pota Port Austin, Vlg of Port Austin Area Swr Port Huron, City of Port Huron Chtr Twp Port Huron HC Portland, City of Port Sanilac, Vlg of Port Sheldon Twp


Number


8229 6106 2204 6320 1502 2805 6402 4717 6502 6508 6503 7009 7105 6603 6602 6605 6604 6312 1114 6701 6703 3503 6801 6802 2506 6902 6901 7003 7008 7002 4408 7607 6327 6326 3901 5214 8002 1103 2404 1312 6401 2909 5807 2402 3407 3203 4706 0904 8110 6301 8238 8202 8221 MI01 3208 3210 7702 7711 7712 3401 7403 7018

28 28 28 28, 24, 20, 19, 10 12 28 28, 26, 10 28 28, 22, 20 28, 10 28 28 28 28, 20, 12, 10 28 19 28 28, 12 28 28, 25 28 28, 24 28, 10 25 28, 19, 10 28, 10 28 28 18, 12, 10 28, 26 28 28, 14, 10 28 28 28 26, 19, 12 28, 10 28 28 28 28 28, 10 28 28 28 28, 10 28, 12 28, 10 28, 26, 10 28, 12 28, 20, 15, 10 20, 12, 10 28, 10 25, 10 28 14, 10 28, 22, 10 28 28 28, 10 28 25, 10

Normal Cost


81,180 577,488 173,208 884,328 50,904 99,276 798,012 16,200 278,064 82,884 84,480 3,228 15,120 33,816 147,396 0 207,888 46,464 44,508 363,132 57,840 57,024 148,728 9,108 14,304 397,416 122,112 3,879,312 23,520 584,328 1,536 (25,152) 98,220 59,856 22,620 260,760 106,836 16,164 2,832 46,584 17,172 3,720 12,144 467,784 5,244 10,248 40,920 21,408 406,908 70,380 331,788 24,756 76,776 702,000 6,900 0 1,273,416 52,980 109,332 198,048 17,940 17,664

13,476 705,420 397,272 1,253,712 88,176 28,704 132,948 372 177,372 (10,932) 158,868 2,124 4,344 180,984 90,924 1,896 456,444 64,800 23,112 70,296 94,860 43,800 133,344 1,224 5,364 252,768 166,092 1,678,812 9,636 634,008 468 38,700 51,456 43,908 16,560 1,719,480 11,400 16,632 2,100 21,828 11,532 (2,724) 1,152 159,864 1,728 13,968 15,156 15,144 196,620 100,356 259,680 787,296 (25,512) 0 1,932 0 2,024,664 26,940 38,784 197,952 13,416 (4,200)

Total Employer Contribution 94,656 1,282,908 570,480 2,138,040 139,080 127,980 930,960 16,572 455,436 71,952 243,348 5,352 19,464 214,800 238,320 1,896 664,332 111,264 67,620 433,428 152,700 100,824 282,072 10,332 19,668 650,184 288,204 5,558,124 33,156 1,218,336 2,004 13,548 149,676 103,764 39,180 1,980,240 118,236 32,796 4,932 68,412 28,704 996 13,296 627,648 6,972 24,216 56,076 36,552 603,528 170,736 591,468 812,052 51,264 702,000 8,832 0 3,298,080 79,920 148,116 396,000 31,356 13,464

A - 31

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Potterville, City of Presque Isle Co Presque Isle CRC PRIDE Youth Programs Ravenna, Vlg of Reading, City of Redford, Chtr Twp of Redford Twp Dist Lib Reed City, City of Richfield Twp (Genes Richfield Twp (Rosco Richland Twp Richmond, City of Rochester, City of Rockford, City of Rockwood, City of Rogers City, City of Romeo, Vlg of Romeo Dist Lib Romulus, City of Roosevelt Park, City Roscommon Co Roscommon Co Trans A Rose City, City of Rose Twp Royal Oak, Chtr Twp Saginaw, City of Saginaw, Pub Lib of Saginaw Chtr Twp Saginaw Co Saginaw Co 911 Com C Saginaw Co CMH Saginaw CRC Saginaw HC Saginaw-Midland Muni Saginaw Trans Sys Au Saline, City of Sandusky, City of Sandusky Dist Lib Sanilac CRC Saranac HC Saugatuck, City of Saugatuck Twp Saugatuck Twp Fire D Sault Ste. Marie, Ci Sault Ste. Marie HC SCCMUA Schoolcraft Co Schoolcraft CRC Schoolcraft Memorial Scio Twp Scottville, City of Sebewaing, Vlg of SEMCOG SE Oakland Co Rsrc R SE Oakland Co Wtr Au Shepherd, Vlg of Shiawassee Co Shiawassee Co CMH Shiawassee Council o Shiawassee CRC Shiawassee Dist Lib


Number


2313 7104 7101 6210 6111 3003 8209 8228 6702 2514 7202 7310 5012 6307 4103 5810 7102 5005 5006 8225 6107 7201 7205 6504 6506 6306 7301 7317 7314 7303 7316 7318 7304 7321 7305 7319 8105 7402 7404 7410 3413 0307 0305 0313 1701 4906 1905 7503 7501 7505 8116 5308 3205 8210 6310 6309 3704 7602 7609 7605 7601 7606

25 28, 18 28 28 28 28 28 28 28 28 28 28 28 28, 10 28 28, 10 28 28, 10 14, 12 28, 10 28, 10 28, 26 28 28, 10 28, 10 28, 22, 18, 16, 10 12 28, 10 28 19, 14, 12 14 28, 19, 14 28, 10 20, 19, 10 28, 12 28, 10 28, 24, 10 28 28, 10 25 28 28, 10 28 25, 10 28 28 28, 10 28, 22, 10 28 16, 14, 12, 10 28, 25, 10 25, 10 28 28, 10 28 28, 12 28, 10 28, 12, 10 28, 10 28 28, 10 28

Normal Cost 26,496 166,368 94,152 6,648 8,184 6,552 593,856 69,120 87,384 15,804 42,636 58,272 25,152 243,228 147,912 58,260 114,816 113,964 38,796 465,636 91,188 445,728 63,228 8,112 1,548 17,508 463,428 45,084 155,052 502,452 110,976 109,608 270,528 21,072 34,572 103,164 405,744 50,616 2,244 133,320 7,992 25,008 19,008 7,680 191,796 19,812 50,280 543,900 151,716 134,604 65,328 19,752 47,916 404,640 48,888 98,040 10,488 1,379,484 324,252 5,304 128,628 10,872

Amortization Payment 1,596 99,720 138,084 3,408 564 384 557,076 9,972 87,144 69,504 44,304 50,736 30,624 172,128 61,644 (16,584) 190,584 80,016 81,660 1,212,660 63,564 137,232 8,148 (7,380) (1,548) (17,508) 7,112,808 (45,084) 244,200 4,638,288 197,820 308,976 112,800 129,852 70,344 (9,552) 324,300 88,932 (924) 9,132 11,028 5,364 22,236 (1,296) 175,464 10,584 (6,096) 357,396 294,612 343,296 17,016 (4,440) 102,012 (246,636) 53,772 153,024 (10,440) 1,665,612 18,516 5,496 345,024 2,520

Total Employer Contribution 28,092 266,088 232,236 10,056 8,748 6,936 1,150,932 79,092 174,528 85,308 86,940 109,008 55,776 415,356 209,556 41,676 305,400 193,980 120,456 1,678,296 154,752 582,960 71,376 732 0 0 7,576,236 0 399,252 5,140,740 308,796 418,584 383,328 150,924 104,916 93,612 730,044 139,548 1,320 142,452 19,020 30,372 41,244 6,384 367,260 30,396 44,184 901,296 446,328 477,900 82,344 15,312 149,928 158,004 102,660 251,064 48 3,045,096 342,768 10,800 473,652 13,392

A - 32

MERS 12/31/2010 Valuation - Results by Municipality Municipality Name Sims Whitney Util Au SMART South Haven, City of South Haven Area ESA South Lyon, City of Sparta, Vlg of Springfield, City of Spring Lake, Vlg of Spring Lake Dist Lib St. Charles, Vlg of St. Clair, City of St. Clair HC St. Ignace, City of St. Johns, City of St. Louis, City of Stambaugh Twp Standish, City of Stanton, City of St Clair Shores HC Stephenson, City of Sterling, Vlg of St Joseph Co St Louis HC Stockbridge, Vlg of Sturgis HC Summit Twp Sumpter Twp Superior Chtr Twp Superiorland Lib Coo Swan Creek Twp Swartz Creek, City o SW Shiawassee ESA Sylvan Lake, City of Tawas Police Auth Taylor HC The Lib Network Three Rivers, City o Tittabawassee, Twp o Traverse Area Dist L Traverse City, City Trenton, City of Tri-County Aging Con Trio Council on Agin Tuscarora Twp Tuscola Co Tuscola Co CMH Tuscola Co Hlth Dpt Tuscola Co MCF Tuscola CRC Twin Cities Pub Sfty Ubly, Vlg of Utica, City of Van Buren Co Van Buren Dist Lib Van Buren Twp Vassar, City of Vevay Twp Vicksburg, Vlg of Vicksburg Dist Lib Vienna, Chtr Twp of Wakefield, City of Walker, City of


Number 0606 8216 8001 8005 6315 4107 1303 7015 7016 7308 7703 7715 4904 1902 2902 3615 0601 5903 5007 5504 0605 7803 2908 3316 7805 3803 8226 8109 5208 7309 2504 7611 6314 3504 8231 8218 7801 7322 2807 2801 8203 3307 6507 1604 7902 7907 7901 7906 7908 3610 3212 5008 8006 8007 8236 7903 3318 3902 3904 2522 2701 4112

Amortization Period(s) 28, 10 28, 10 28, 12, 10 28, 20 28 28 28 28 28, 10 28 28, 19, 12, 10 25 28 28, 18 28, 14, 12 28 12 28 28 28, 10 28, 25, 10 28 28 25 28, 10 28, 25, 18 28 28, 10 28 28, 14 25, 10 28 28 28, 10 28, 16 28, 10 25, 10 28 28, 10 19 28, 10 28 28, 22, 12 28, 10 28 28, 10 28, 25, 10 28 28, 10 28 28, 10 28 28 28 28 28 28 28 18

Normal Cost 5,904 3,505,656 285,276 40,548 262,848 57,336 125,412 32,952 34,944 66,048 226,140 14,988 162,000 146,880 48,240 1,392 14,376 0 26,604 13,896 3,576 530,916 16,164 24,768 12,384 178,284 72,588 95,928 1,848 6,372 38,028 47,880 26,424 1,728 16,092 67,020 231,396 50,472 133,668 858,168 164,220 177,420 0 57,348 428,568 229,920 105,744 187,392 48,288 0 4,944 55,308 343,944 30,708 283,992 68,148 3,228 68,076 6,108 36,708 37,656 232,524

Amortization Payment (5,904) 1,907,988 (96,420) 92,052 135,144 91,500 79,740 43,104 (2,712) 45,372 299,040 9,156 129,216 414,324 189,852 1,536 82,236 0 33,636 7,524 (3,576) (245,220) 5,988 10,740 180 148,788 111,936 46,512 (1,848) 6,612 44,820 (1,080) 15,936 24,492 (2,472) 31,392 154,620 (10,356) 72,000 826,236 1,001,064 (46,860) 6,485 33,396 159,396 (89,976) 59,928 (78,900) 61,992 3,075 12,564 63,612 363,516 (2,196) 111,432 42,972 9,432 37,452 1,260 12,672 66,672 552,684

Total Employer Contribution 0 5,413,644 188,856 132,600 397,992 148,836 205,152 76,056 32,232 111,420 525,180 24,144 291,216 561,204 238,092 2,928 96,612 0 60,240 21,420 0 285,696 22,152 35,508 12,564 327,072 184,524 142,440 0 12,984 82,848 46,800 42,360 26,220 13,620 98,412 386,016 40,116 205,668 1,684,404 1,165,284 130,560 6,485 90,744 587,964 139,944 165,672 108,492 110,280 3,075 17,508 118,920 707,460 28,512 395,424 111,120 12,660 105,528 7,368 49,380 104,328 785,208

A - 33

MERS 12/31/2010 Valuation - Results by Municipality Total Employer Contribution

Number


Normal Cost


Walled Lake, City of Washtenaw Co Washtenaw CRC Wayland, City of Wayne, City of Wayne HC Webberville, Vlg of West Branch, City of West Branch Dist Lib Westland,City of Westphalia, Vlg of Wexford Co Wexford CRC White Cloud, City of White Cloud/Sherman White Cloud Cmnty Li Whitehall, City of White Lake Chtr Twp White Pigeon, Vlg of White Pine Lib Willard Pub Lib Williamston, City of W Iron Co Swr Auth Wixom, City of W Mich CMH Sys W Mich Shoreline Rgn Wolverine Lake, Vlg W UP Dist Hlth Dept WUPPDR Ypsilanti, City of Ypsilanti, Twp of Ypsilanti Cmnty Util Ypsilanti HC

6324 8113 8102 0304 8242 8252 3314 6505 6509 8211 1907 8302 8303 6206 6211 6208 6105 6325 7804 5904 1308 3310 3612 6316 5304 6110 6329 3101 3108 8101 8104 8106 8115

28 28, 25, 24, 10 28 28 25, 19, 10 25 28 28, 10 25, 10 28, 10 28 28, 12, 10 28 28 28 28 28 28, 10 28, 10 28, 12 28, 10 28, 26 28 28, 19, 12, 10 12 28, 10 28, 23 28, 18 28, 10 28, 26, 10 28 28 28, 10

139,836 1,384,080 608,076 128,508 900,372 20,196 2,136 62,496 8,208 1,322,136 7,308 373,500 166,188 20,712 13,368 7,452 91,896 343,368 10,224 1,884 73,716 51,048 20,928 413,256 35,016 70,848 (9,816) 116,448 29,796 179,316 196,968 521,808 28,332

386,052 260,232 814,176 23,520 1,470,228 1,164 2,988 29,520 (4,212) 2,623,884 3,492 343,800 226,092 11,280 1,620 2,292 49,212 206,076 (684) 7,884 (1,620) 63,360 17,112 416,280 21,348 (70,848) 67,680 153,636 (2,208) (179,316) 165,792 648,288 (360)


700 15

135,564,840 0

148,950,816 499,517

284,515,656 499,517

Totals - MERS

715

135,564,840

149,450,333

285,015,173

Municipality Name


525,888 1,644,312 1,422,252 152,028 2,370,600 21,360 5,124 92,016 3,996 3,946,020 10,800 717,300 392,280 31,992 14,988 9,744 141,108 549,444 9,540 9,768 72,096 114,408 38,040 829,536 56,364 0 57,864 270,084 27,588 0 362,760 1,170,096 27,972

A - 34

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name 21st Dist Ct 23rd Jud Dist Ct 26th Jud Cir Ct 34th Dist Ct 35th Dist Ct 41 B Dist Ct Addison Fire Dept Adrian, City of Aitkin Memorial Dist Albion, City of Alcona Co Alger Co Alger CRC Algonac, City of Allegan, City of Allegan Co Allegan CRC Alma, City of Almont, Vlg of Alpena Co Alpena CRC Alpena Rgnl Med Ctr Alpena Sr Citizens C Alpha, Vlg of Antrim Co Antrim CRC Arenac Co Arenac CRC Ash Twp Auburn, City of Au Gres, City of Bad Axe, City of Bad Axe Area Dist Li Bancroft, Vlg of Bangor, City of Baraga, Vlg of Baraga Co Baraga Co Memorial H Baraga CRC Baroda Twp Barry Co Barry Co CMH Auth Barry Eaton Dist Hlt Barton Hills, Vlg of Bates Twp Bath Charter Twp Battle Creek, City o Bay Area Trans Auth Bay City, City of Bay City HC Bayliss Pub Lib Bay Metro Trans Auth Beecher Metro Dist S Belding, City of Belleville, City of Benzie/Leelanau Dist Benzie Co Benzie Co Comm on Ag Benzie Co MCF (The M Benzie CRC Benzie Shores Dist L

Number 8243 8223 0403 8235 8234 5014 4607 4601 7407 1301 0101 0203 0201 7707 0309 0302 0301 2901 4407 0401 0402 0405 0404 3614 0502 0501 0603 0604 5804 0905 0602 3211 3214 7610 8003 0704 0702 0703 0701 1109 0802 0804 2303 8107 3616 1909 1302 2810 0901 0906 1702 0907 2501 3410 8213 4504 1003 1006 1004 1001 1005


Active 1,414,945 1,168,177 1,550,156 3,703,280 1,943,611 2,584,830 103,003 18,099,391 37,284 3,883,662 5,656,182 3,980,223 2,739,030 2,302,179 1,826,491 15,723,383 8,609,430 6,892,477 1,343,450 5,950,218 4,302,805 58,406,759 0 6,018 13,656,976 3,507,871 3,510,220 1,928,562 34,565 488,279 1,240,800 2,032,015 40,353 5,562 805,516 333,159 2,357,016 7,911,179 2,116,781 131,289 22,212,049 3,258,625 6,714,686 625,187 224,458 2,391,425 40,158,231 1,912,331 9,798,749 2,570,522 169,144 6,199,251 1,103,473 620,129 2,238,753 346,128 3,326,695 292,848 2,871,557 2,030,545 205,437

Retired 210,529 1,174,181 441,768 1,600,110 2,205,518 2,847,914 0 28,297,619 0 7,026,307 4,582,033 5,276,699 5,066,494 1,705,733 1,736,856 28,530,795 11,396,283 10,431,265 482,079 8,164,477 5,759,348 62,167,492 739,368 0 10,996,293 7,127,959 4,104,651 3,775,348 488,036 1,295,646 905,443 3,377,102 0 76,618 556,657 2,306,662 2,458,107 5,755,675 4,013,357 0 19,296,795 0 6,190,660 125,059 112,127 1,110,266 70,766,231 480,695 48,809,511 2,832,284 474,868 2,585,284 4,440,140 660,560 3,700,222 65,432 4,257,717 406,532 2,718,641 4,280,125 0

Deferred Vested 0 109,943 679,927 67,334 0 998,257 0 1,583,203 0 714,108 220,495 91,212 161,864 409,281 131,262 4,100,961 101,514 414,678 12,237 1,580,557 54,917 5,808,041 0 31,559 1,709,642 0 744,627 68,836 4,920 0 0 0 0 0 149,209 48,282 289,932 1,444,678 0 0 2,063,657 211,972 1,739,419 0 0 275,081 4,975,998 258,721 1,253,636 0 37,776 422,427 84,488 7,667 256,161 0 2,401,489 29,111 653,107 133,757 0

Pending Refunds 0 313 0 268 17,811 14,886 0 125,235 0 2,222 0 0 6,109 7,049 0 68,310 24,980 33,722 698 12,339 0 5,283 0 0 54,092 0 22,494 0 0 0 0 1,472 0 0 1,114 0 0 2,000 0 0 40,961 24,566 33,864 0 0 2,982 113,916 18,592 27,241 0 8,121 0 0 0 0 0 10,460 0 34,896 829 0

Percent Funded

Total 1,625,474 2,452,614 2,671,851 5,370,992 4,166,940 6,445,887 103,003 48,105,448 37,284 11,626,299 10,458,710 9,348,134 7,973,497 4,424,242 3,694,609 48,423,449 20,132,207 17,772,142 1,838,464 15,707,591 10,117,070 126,387,575 739,368 37,577 26,417,003 10,635,830 8,381,992 5,772,746 527,521 1,783,925 2,146,243 5,410,589 40,353 82,180 1,512,496 2,688,103 5,105,055 15,113,532 6,130,138 131,289 43,613,462 3,495,163 14,678,629 750,246 336,585 3,779,754 116,014,376 2,670,339 59,889,137 5,402,806 689,909 9,206,962 5,628,101 1,288,356 6,195,136 411,560 9,996,361 728,491 6,278,201 6,445,256 205,437

83.0% 107.5% 115.5% 74.3% 72.7% 92.6% 137.2% 85.8% 208.8% 131.4% 74.7% 73.6% 82.2% 98.3% 78.1% 83.8% 74.7% 97.2% 87.7% 78.4% 83.4% 90.4% 28.0% 117.4% 95.4% 60.0% 85.4% 47.4% 54.0% 78.5% 69.2% 66.6% 110.0% 42.2% 146.2% 62.0% 80.5% 77.4% 68.2% 125.0% 83.8% 109.4% 81.3% 76.9% 46.9% 96.3% 76.1% 109.1% 75.6% 108.6% 178.1% 70.6% 81.2% 74.8% 64.5% 124.0% 90.3% 81.1% 94.8% 47.6% 86.6%

A - 35

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Benzie Trans Auth Berkley, City of Berrien Springs, Vlg Bessemer, City of Beverly Hills, Vlg o Big Rapids, City of Big Rapids HC Bingham Farms, Vlg o Birch Run, Vlg of Bishop Intl Arpt Aut Blackman Chtr Twp Blissfield, Vlg of Bloomfield Hills, Ci Blue Water Area Tran Boyne City, City of Branch Co Brandon Chtr Twp of Breckenridge,Vlg of Bridgeport Chtr Twp Bridgman, City of Brighton, Chtr Twp o Brighton, City of Brighton Area Fire A Britton, Vlg of Brnch-Hillsdale-St J Bronson, City of Brooklyn, Vlg of Brownstown, Chtr Twp Buchanan, City of Buchanan Dist Lib Buena Vista Chtr Twp Burton, City of Butman Township Cadillac, City of Cadillac/Wexford Tra Calhoun Co Calhoun CRC Canton, Chtr Twp of Canton Pub Lib Capac, Vlg of Capital Area Dist Li Capital Region Arprt Carleton, Vlg of Carrollton Twp Cascade Chtr Twp Caseville, Vlg of Caspian, City of Cass Co Cass Co MCF Cass Dist Lib Cedar Springs, City Center Line, City of Central Lake, Vlg of Central Mich Dist Hl Charlevoix, City of Charlevoix Co Charlevoix CRC Charlotte, City of Charlotte Dist Lib Cheboygan, City of Cheboygan Co

Number 1007 6304 1102 2702 6321 5402 5406 6332 7315 2507 3806 4606 6302 7709 1506 1205 6333 2906 7307 1110 4711 4704 4715 4604 1202 1204 3801 8247 1101 1108 7312 2508 2604 8301 8305 1311 1307 8233 8232 7705 3317 3305 5805 7320 4110 3207 3608 1402 1403 1404 4105 5001 0504 3705 1505 1503 1501 2301 2309 1602 1603


Active 223,752 4,935,875 776,307 606,567 801,152 6,281,507 646,441 191,992 593,741 2,800,134 2,009,675 2,329,229 2,922,617 3,955,575 4,194,567 971,289 2,710,873 262,210 1,787,926 921,217 374,236 4,702,939 128,818 138,454 4,330,906 988,396 361,483 8,747,516 1,703,299 96,077 4,536,665 5,704,405 0 4,559,373 986,469 11,145,699 4,411,167 32,258,007 1,590,522 732,688 3,126,778 2,721,432 740,296 1,758,257 2,686,006 1,329,210 434,764 7,953,924 2,045,828 253,112 904,268 703,163 30,458 6,934,304 5,265,343 14,412,734 2,361,097 6,919,086 240,229 3,001,338 8,983,389

Retired 0 12,973,163 340,234 1,305,888 1,959,363 7,400,313 417,145 0 68,178 1,306,387 2,435,864 403,303 20,981,086 693,432 4,300,190 75,416 2,104,296 2,114,951 3,370,669 163,674 658,772 6,196,130 215,352 0 4,758,460 288,672 757,369 2,096,634 3,541,557 36,040 4,244,237 32,058,275 0 6,348,454 362,406 12,803,100 8,046,075 40,944,910 1,684,962 1,222,651 680,941 9,745,075 173,724 400,605 1,976,404 125,668 590,844 8,254,952 1,412,950 204,474 1,493,117 7,105,851 0 7,362,358 5,011,967 16,201,695 3,792,996 8,193,668 324,935 5,787,686 7,646,847

Deferred Vested 0 694,250 114,718 68,238 448,093 224,501 76,086 0 21,059 127,063 190,773 36,160 455,574 269,486 234,165 0 117,386 68,917 1,044,894 22,734 278,056 274,858 0 0 983,289 28,330 0 51,337 293,025 9,737 380,585 635,135 133,752 656,568 42,624 165,942 974,907 431,389 98,165 233,761 28,393 868,513 20,703 61,781 491,426 0 30,418 879,733 446,379 86,771 113,958 93,639 0 1,306,190 609,256 2,054,711 238,255 905,783 0 43,366 1,232,150

Pending Refunds 4,296 57,258 0 10,296 174 0 0 0 29,307 27,414 0 0 7,182 0 18,100 0 1,062 2,079 31,686 0 27,351 0 0 0 44,291 386 8,585 18,465 28,928 0 55,344 8,794 0 0 0 143,187 7,070 75,635 0 3,184 125,802 6,141 7,002 1,792 6,413 841 0 95,443 96,114 11,251 29,060 52,511 0 88,790 3,765 15,717 223 25,266 0 14,672 50,168

Percent Funded

Total 228,048 18,660,546 1,231,259 1,990,989 3,208,782 13,906,321 1,139,672 191,992 712,285 4,260,998 4,636,312 2,768,692 24,366,459 4,918,493 8,747,022 1,046,705 4,933,617 2,448,157 6,235,175 1,107,625 1,338,415 11,173,927 344,170 138,454 10,116,946 1,305,784 1,127,437 10,913,952 5,566,809 141,854 9,216,831 38,406,609 133,752 11,564,395 1,391,499 24,257,928 13,439,219 73,709,941 3,373,649 2,192,284 3,961,914 13,341,161 941,725 2,222,435 5,160,249 1,455,719 1,056,026 17,184,052 4,001,271 555,608 2,540,403 7,955,164 30,458 15,691,642 10,890,331 32,684,857 6,392,571 16,043,803 565,164 8,847,062 17,912,554

133.3% 78.2% 126.7% 86.6% 85.6% 61.9% 94.5% 76.7% 110.2% 116.6% 89.1% 105.7% 64.4% 79.3% 80.5% 159.4% 89.0% 54.0% 81.2% 73.9% 120.9% 89.5% 104.6% 224.9% 108.8% 67.9% 71.2% 105.1% 128.7% 120.2% 80.7% 48.6% 104.1% 100.0% 88.2% 63.4% 61.8% 86.6% 96.6% 40.1% 117.7% 80.0% 77.2% 94.2% 90.5% 91.0% 62.3% 96.7% 126.5% 133.0% 96.3% 66.4% 240.9% 80.8% 75.5% 81.0% 76.8% 79.3% 61.0% 74.8% 86.5%

A - 36

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Cheboygan CRC Chelsea, City of Chelsea Area Fire Au Chesaning, Vlg of Chesterfield Twp Chesterfield Twp Lib Chikaming Twp Chippewa Co Chippewa CRC Chippewa River Dist Chocolay, Chtr Twp o Clare, City of Clare Co Clare Co Trans Auth Clare CRC Clawson, City of Clay Twp Clearwater Twp Clinton, Vlg of Clinton Co Clinton CRC Clinton-Eaton-Ingham Clinton Twp Clio, City of CMH of Central Mich Coldwater, City of Coldwater Brd of Pub Coleman, City of Coloma, City of Coloma Chtr Twp Columbiaville, Vlg o Coopersville, City o Coopersville Area Di Corunna City of Corwith Twp Covert Twp Crawford Co Crawford Co Trans Au Crawford CRC Croswell, City of Crystal Falls, City Crystal Falls Comm H Ctrl Dispatch of Mus Ctrl Wayne Co Sanita Davison,City of Davison Richfield Sr Davison Twp Dearborn, City of Deerfield, Vlg of Delta Chtr Twp Delta Co Delta CRC Delta-Menominee Dist Detour, Vlg of Detroit HC DeWitt, City of DeWitt Chtr Twp Dexter, Vlg of Dexter Area Fire Dep Dexter Twp Dickinson Co

Number 1601 8103 8118 7313 5009 5010 1112 1703 1704 3707 5218 1804 1802 1806 1801 6305 7706 4005 4602 1903 1901 3308 5002 2523 3708 1201 1203 5603 1118 1107 4406 7005 7011 7604 6904 8010 2001 2004 2002 7401 3603 3618 6109 8214 2516 2525 2519 8251 4603 2306 2102 2105 2103 1706 8241 1908 1910 8217 8219 8111 2206


Active 4,177,705 2,442,408 118,266 710,813 12,752,478 690,685 1,267,664 15,708,631 5,080,840 1,134,275 815,206 1,790,668 5,240,298 59,826 2,107,211 4,949,462 3,368,919 87,657 2,291,502 18,834,788 5,887,947 61,126,627 26,220,163 342,898 20,752,819 5,139,859 3,612,076 1,196,814 541,487 364,242 163,465 858,337 70,840 680,852 41,630 678,450 5,781,211 1,294,428 1,789,891 3,324,896 1,198,076 0 1,975,222 0 1,915,180 0 4,073,912 638,336 791,856 1,520,207 10,494,971 4,422,126 2,579,068 52,995 4,957,296 651,924 2,039,793 1,264,259 139,157 361,956 7,185,692

Retired 11,202,341 6,726,305 0 1,936,908 4,530,435 91,440 276,542 14,544,760 9,396,118 610,194 0 4,470,472 8,378,778 93,603 6,440,452 16,521,999 2,648,030 0 931,392 15,617,499 8,788,366 46,075,596 29,148,473 325,737 16,952,593 8,474,127 6,212,684 883,140 0 1,285,051 128,625 902,474 121,740 2,822,239 0 0 8,166,898 2,096,076 4,778,015 4,114,791 5,442,430 2,239,813 1,955,086 2,882,829 4,948,750 259,919 2,419,824 0 375,259 7,415,069 14,071,265 4,024,182 1,401,683 348,148 1,620,980 2,701,158 157,481 1,362,224 309,190 237,087 13,840,916

Deferred Vested 169,920 232,963 0 69,621 390,465 0 50,330 1,518,801 179,169 11,320 0 290,205 667,960 0 16,037 161,149 452,810 0 296,040 1,328,474 457,460 7,053,156 518,783 115,589 4,607,498 485,984 644,018 0 0 0 0 93,806 42,831 626,716 0 19,475 656,597 106,314 0 119,451 816,257 1,280,310 41,587 211,845 59,256 0 78,719 0 0 217,755 1,046,603 381,142 2,058,099 3,159 794,927 127,009 193,589 0 0 9,097 909,586

Pending Refunds 0 0 11,916 0 36,429 6,088 11,716 130,580 69 7,480 0 11,776 73,498 0 3,990 6,866 37,007 0 5,682 9,191 33,262 304,630 199,564 0 24,102 22,073 12,050 0 0 4,981 0 17,730 0 0 0 830 3,589 4,425 0 265 0 0 44,021 0 15,708 0 0 28,480 0 52,396 0 0 3,826 0 3,168 11,200 15,774 15,240 9,925 19,311 75,076

Percent Funded

Total 15,549,966 9,401,676 130,182 2,717,342 17,709,807 788,213 1,606,252 31,902,772 14,656,196 1,763,269 815,206 6,563,121 14,360,534 153,429 8,567,690 21,639,476 6,506,766 87,657 3,524,616 35,789,952 15,167,035 114,560,009 56,086,983 784,224 42,337,012 14,122,043 10,480,828 2,079,954 541,487 1,654,274 292,090 1,872,347 235,411 4,129,807 41,630 698,755 14,608,295 3,501,243 6,567,906 7,559,403 7,456,763 3,520,123 4,015,916 3,094,674 6,938,894 259,919 6,572,455 666,816 1,167,115 9,205,427 25,612,839 8,827,450 6,042,676 404,302 7,376,371 3,491,291 2,406,637 2,641,723 458,272 627,451 22,011,270

63.0% 73.4% 159.6% 22.3% 92.9% 124.7% 74.2% 86.4% 71.6% 126.5% 101.7% 75.9% 96.1% 70.1% 89.1% 51.4% 73.7% 98.9% 123.2% 89.4% 80.0% 81.9% 78.2% 96.4% 109.3% 93.2% 69.6% 62.6% 81.9% 74.0% 96.8% 101.2% 97.2% 71.2% 125.9% 86.3% 76.0% 101.3% 49.0% 65.4% 76.3% 100.6% 105.0% 89.7% 77.0% 62.6% 94.8% 339.7% 93.6% 84.3% 94.3% 52.8% 127.9% 52.7% 128.9% 65.1% 111.8% 99.8% 94.5% 85.1% 80.9%

A - 37

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Dickinson CRC Dickinson-Iron Dist Dimondale,Vlg of Dist Hlth Dept #10 Dist Hlth Dept # 2 Dist Hlth Dept # 4 Douglas, City of Vlg Dowagiac, City of Dowagiac Dist Lib Dowagiac HC Drummond Island Twp Dryden, Vlg of Dundee, Vlg of Durand, City of East China Chtr Twp East Grand Rapids,Ci East Jordan, City of East Lansing, City o Eastpointe HC Eaton Co Eaton Co MCF Eaton Rapids, City o Eau Claire, Vlg of Ecorse, City of Elderly Housing Corp Elkton, Vlg of Elsie, Village of Emmett, Chtr Twp Emmett CRC Erie, Township of Escanaba, City of Essexville, City of E UP Reg Planning & E UP Trans Auth Evart, City of Evart Local Dev Fina Farmington, City of Farmington Cmnty Lib Farwell, Vlg of Fenton, City of Ferndale HC Ferrysburg, City of Flat Rock, City of Flint, Chtr Twp of Flint Pub Lib Flushing, Chtr Twp o Flushing, City of Forsyth Twp Fowler, Vlg of Fowlerville, Vlg of Fowlerville Dist Lib Frankenmuth, City of Frankfort, City of Franklin, Vlg of Fraser, City of Fremont, City of Fremont Area Dist Li Gaastra, City of Garden City, City of Gaylord, City of Genesee Chtr Twp

Number 2203 3605 2304 5104 6501 7103 0303 1401 1406 1405 1708 4405 5803 7603 7701 4101 1504 3301 5011 2302 2305 2307 1104 8206 8222 3206 1906 1310 2401 5812 2101 0903 1709 1705 6705 6706 6343 6319 1805 2505 6345 7106 8212 2512 2518 2515 2502 5212 1904 4705 4710 7306 1002 6323 5003 6203 6209 3617 8255 6903 2510


Active 2,879,358 2,204,490 345,682 9,694,855 2,434,660 5,666,073 590,199 5,772,413 29,390 72,771 33,661 43,966 423,950 1,728,472 2,753,812 1,713,596 2,001,028 33,043,530 452,334 32,052,960 2,797,819 5,773,192 121,151 6,274,050 420,751 268,748 0 1,204,777 2,198,134 2,717 11,044,312 2,623,072 44,532 3,146,348 636,481 22,330 4,364,363 3,789,608 375,034 4,617,446 452,028 1,039,601 5,953,450 7,794,958 582,753 801,360 4,280,029 1,358,767 41,254 1,391,822 257,914 5,016,074 867,441 1,790,448 0 2,917,767 305,875 157,629 11,214,534 4,303,965 3,126,987

Retired 5,135,203 3,723,857 247,346 13,527,718 2,562,407 7,117,442 1,078,342 9,280,088 0 0 0 233,595 3,113,722 1,933,912 3,162,322 14,580,792 1,381,076 97,556,368 0 59,829,372 2,130,607 3,802,441 294,065 33,708,491 1,823,381 259,283 13,464 1,321,331 9,376,159 0 17,173,156 3,345,829 0 4,755,362 610,140 426,857 12,284,370 3,586,985 0 6,378,868 0 382,521 10,424,211 11,384,775 0 3,747,838 8,989,249 3,352,926 186,345 1,381,695 0 6,165,307 1,640,925 2,163,775 147,573 5,136,480 506,613 0 54,006,178 3,612,169 10,476,703

Deferred Vested 187,732 805,002 105,739 795,135 936,249 930,021 221,742 759,067 27,241 45,693 16,989 58,027 0 259,838 206,210 482,608 267,686 3,732,928 0 3,214,764 498,038 496,875 0 111,204 182,977 27,561 95,727 72,095 251,658 0 679,963 150,344 0 29,823 223,926 0 236,104 64,861 0 94,263 0 51,330 268,114 278,840 0 42,537 595,080 456,689 17,542 116,984 0 139,244 1,876 4,532 0 349,416 37,885 0 389,053 109,809 455,395

Pending Refunds 0 13,759 0 3,112 16,955 17,272 591 44,140 0 0 0 0 52,257 0 4,722 9,532 9,588 35,318 0 323,690 169,367 18,282 1,826 3,236 1,040 0 1,168 5,754 0 0 26,187 0 0 0 0 0 113 6,838 0 6,821 0 0 56,988 12,519 0 28,108 0 0 0 23,857 1,137 1,146 540 4,408 0 0 0 0 0 729 65,951

Percent Funded

Total 8,202,293 6,747,108 698,767 24,020,820 5,950,271 13,730,808 1,890,874 15,855,708 56,631 118,464 50,650 335,588 3,589,929 3,922,222 6,127,066 16,786,528 3,659,378 134,368,144 452,334 95,420,786 5,595,831 10,090,790 417,042 40,096,981 2,428,149 555,592 110,359 2,603,957 11,825,951 2,717 28,923,618 6,119,245 44,532 7,931,533 1,470,547 449,187 16,884,950 7,448,292 375,034 11,097,398 452,028 1,473,452 16,702,763 19,471,092 582,753 4,619,843 13,864,358 5,168,382 245,141 2,914,358 259,051 11,321,771 2,510,782 3,963,163 147,573 8,403,663 850,373 157,629 65,609,765 8,026,672 14,125,036

71.1% 81.7% 88.5% 63.0% 85.9% 86.8% 89.4% 57.4% 85.3% 134.0% 162.6% 101.4% 78.8% 92.0% 81.0% 67.2% 89.5% 73.8% 110.0% 75.6% 112.1% 77.7% 52.9% 54.8% 73.4% 90.2% 154.4% 103.0% 68.5% 214.2% 69.5% 83.7% 218.8% 65.5% 94.9% 71.8% 117.9% 92.2% 74.3% 84.7% 61.0% 75.9% 70.4% 88.9% 178.8% 70.9% 66.9% 59.6% 94.9% 104.1% 87.5% 84.1% 67.7% 86.7% 174.0% 73.4% 86.9% 92.4% 85.4% 86.9% 59.3%

A - 38

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Genoa Twp Gladstone, City of Gladwin, City of Gladwin City HC Gladwin Co Gladwin Co Dist Lib Gladwin CRC Gogebic-Iron Wastewa Grand Beach, Vlg of Grand Blanc, City of Grand Blanc Chtr Twp Grand Haven, City of Grand Ledge, City of Grand Ledge Area ESA Grand Rapids H C Grand Traverse Co Grand Traverse CRC Grand Traverse Pavil Grandville, City of Gratiot Co Gratiot CRC Grayling, City of Green Oak Chtr Twp Greenville, City of Grosse Ile Twp Grosse Pointe Park, Grosse Pte-Clntn Rfs Groveland Twp Hackley Pub Lib Hamburg Twp Hamtramck, City of Hamtramck Housing Co Hancock, City of Harbor Beach, City o Harbor Springs, City Harbor Springs Area Harrison, City of Hartland Deerfield T Hastings, City of Hazel Park, City of Helen Newberry Joy H Henika Dist Lib Herrick Dist Lib Hiawatha Bhvrl Hlth Hillsdale, City of Hillsdale Co Hillsdale CRC Hlth Source of Sagin Holland, City of Holland Area Cmnty P Holland Hospital Holly, Vlg of Homer, Vlg of Houghton, City of Houghton Co Houghton CRC Houghton Lake Pub Li Howard City, Vlg of Howard Twp Howell, City of Howell Area Fire Aut

Number 4713 2106 2605 2608 2602 2607 2601 2703 1117 2513 2511 7010 2312 2310 4108 2803 2802 2809 4102 2905 2903 2003 4708 5906 8207 8201 5004 6335 6114 4709 8205 8250 3107 3201 2405 2406 1803 4716 0801 6336 4805 0310 7012 1707 3001 3005 3004 7311 7001 7014 7006 6317 1304 3109 3102 3103 7203 5902 1106 4702 4714


Active 50,350 1,424,504 214,457 1,224,953 5,291,191 328,148 2,614,678 1,232,230 47,722 5,513,872 3,465,304 25,151,923 1,281,877 449,323 1,087,837 18,011,856 2,328,073 10,713,915 4,725,079 10,095,579 4,014,055 510,104 852,720 2,460,474 6,528,443 12,712,697 0 624,303 63,246 724,491 11,925,197 735,664 1,765,433 2,071,726 1,783,675 539,417 1,476,444 93,806 4,083,593 15,147,906 3,127,346 356,451 4,087,928 6,080,938 9,421,847 3,111,388 4,624,404 15,687,062 36,263,087 319,091 0 945,954 428,059 1,899,290 9,692,143 1,068,948 316,426 181,182 53,427 5,554,084 252,015

Retired 0 8,002,248 223,634 1,405,096 7,311,887 481,650 8,973,409 934,086 0 2,789,257 8,568,505 35,689,964 888,994 0 430,917 55,018,636 7,103,382 5,915,156 10,977,860 10,964,508 10,014,158 2,902,444 996,595 2,006,736 13,970,332 17,656,961 2,126,450 378,057 0 797,067 76,365,209 0 185,890 2,819,152 1,781,368 0 949,024 0 8,902,183 34,699,611 11,034,950 0 1,951,968 5,658,062 6,697,950 1,688,566 3,310,435 15,820,579 61,526,679 117,220 1,754,300 9,408,714 363,713 174,675 10,307,495 2,683,721 0 424,178 0 10,347,073 278,513

Deferred Vested 0 184,611 0 90,726 1,054,028 46,594 154,295 0 0 272,728 2,187 1,915,392 0 110,764 0 3,446,785 236,562 1,820,770 987,077 1,000,131 0 106,105 0 59,772 717,916 249,843 160,904 188,516 0 131,143 1,461,998 0 0 464,724 0 0 107,717 0 448,915 846,546 586,148 0 256,468 1,561,812 1,014,858 160,413 35,818 3,053,020 2,941,911 0 321,802 504,475 270,302 0 585,215 0 58,721 32,735 0 1,440,978 0

Pending Refunds 0 0 0 18,643 51,758 1,643 0 0 0 1,166 14,626 65,993 0 0 0 6,651 0 86,198 0 0 0 0 613 26,981 1,938 81,621 40,012 0 0 8,639 251,648 0 9,057 7,876 16,630 0 5,208 0 24,855 56,064 66,761 0 0 42,265 37,418 2,533 4,757 17,604 53,966 12,204 0 3,355 0 0 27,674 0 0 0 0 57,726 0

Percent Funded

Total 50,350 9,611,363 438,091 2,739,418 13,708,864 858,035 11,742,382 2,166,316 47,722 8,577,023 12,050,622 62,823,272 2,170,871 560,087 1,518,754 76,483,928 9,668,017 18,536,039 16,690,016 22,060,218 14,028,213 3,518,653 1,849,928 4,553,963 21,218,629 30,701,122 2,327,366 1,190,876 63,246 1,661,340 90,004,052 735,664 1,960,380 5,363,478 3,581,673 539,417 2,538,393 93,806 13,459,546 50,750,127 14,815,205 356,451 6,296,364 13,343,077 17,172,073 4,962,900 7,975,414 34,578,265 100,785,643 448,515 2,076,102 10,862,498 1,062,074 2,073,965 20,612,527 3,752,669 375,147 638,095 53,427 17,399,861 530,528

247.6% 61.9% 181.2% 65.7% 90.0% 90.3% 73.8% 76.7% 143.5% 85.9% 72.6% 110.4% 68.0% 136.4% 76.6% 53.1% 71.9% 92.2% 70.6% 78.3% 76.1% 76.1% 99.5% 86.6% 81.8% 81.7% 110.2% 98.9% 130.5% 109.0% 63.4% 128.2% 83.5% 100.4% 71.4% 97.6% 81.9% 292.2% 68.1% 84.2% 77.0% 108.6% 83.0% 93.9% 107.3% 65.2% 71.7% 93.6% 80.3% 122.7% 104.4% 69.3% 115.1% 112.3% 70.0% 75.3% 121.5% 92.6% 127.7% 70.5% 110.9%

A - 39

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Howell-Carnegie Dist Hudsonville, City of Huntington Woods, Ci Hurley Med Ctr Huron Chtr Twp Huron Co Huron CRC Imlay City, City of Independence Twp Indianfields Twp Ingham Co Ingham CRC Interurban Trans Aut Ionia, City of Ionia Cmnty Lib Ionia Co Ionia CRC Ionia HC Iosco Co Iosco CRC Iron Co Iron Co HC Iron CRC Iron Mountain, City Iron Mountain-Kingsf Iron River, City of Ironwood, City of Isabella Co Isabella Co Trans Co Isabella CRC Ishpeming, City of Ishpeming Area Joint Ishpeming Twp Ithaca, City of Jackson Dist Lib Jackson Trans Auth Jordan Valley Dist L Kalamazoo, Chtr Twp Kalamazoo Lake Swr & Kalamazoo Pub Lib Kalkaska, Village of Kalkaska Co Kalkaska CRC Kalkaska Pub Trans A Keego Harbor, City o Kent CRC Keweenaw Co Keweenaw CRC Kinde, Vlg of Kingsford, City of L.M.A.S. Dist Hlth D L'Anse, Vlg of Lac Vieux Desert Ban Laingsburg, City of Lake Co Lake CRC Lakeland Lib Coop Lake Linden, Vlg of Lake Odessa, Village Lake Orion, Vlg of Lakeshore Coordinati

Number 4707 7004 6303 2521 8224 3204 3202 4404 6328 7905 3303 3302 0308 3403 3412 3408 3404 3406 3501 3502 3606 3611 3602 2201 2205 3601 2706 3703 3709 3702 5204 5207 5216 2904 3802 3805 1507 3907 0306 3903 4001 4003 4002 4004 6322 4111 4202 4201 3209 2202 4803 0705 8402 7608 4301 4302 4106 3105 3402 6318 7007


Active

Retired

786,555 283,041 4,748,160 116,461,028 6,039,346 30,022,904 5,235,818 2,537,933 4,486,628 47,637 114,841,812 8,441,888 919,322 4,349,416 279,332 2,821,096 3,537,732 562,103 9,311,019 3,960,362 13,548,573 292,897 3,676,639 2,605,057 258,219 3,922,846 4,797,452 20,862,087 1,116,795 3,195,806 2,688,605 653,947 848,488 1,137,502 2,233,006 3,350,960 90,090 7,380,476 644,226 2,475,883 1,038,168 6,250,829 1,592,868 340,773 687,696 0 1,125,309 1,443,815 15,013 3,276,825 902,184 1,964,389 116,113 211,150 5,306,849 2,582,211 274,758 487,817 117,037 1,562,415 487,749

185,465 1,308,240 15,143,853 116,458,435 6,497,951 34,683,570 15,419,383 2,358,080 1,155,677 175,145 153,196,741 21,880,973 0 7,204,794 65,838 1,346,385 8,833,019 272,998 9,652,110 3,887,456 8,871,848 41,764 7,325,366 8,092,000 344,813 3,307,101 11,679,925 16,985,173 423,549 5,988,611 8,186,418 33,722 251,570 2,686,568 2,318,240 641,904 18,884 1,238,230 359,641 314,568 3,041,160 7,409,714 6,273,504 971,410 2,506,030 400,508 547,233 4,438,463 179,570 3,022,999 3,945,015 2,813,056 0 0 3,306,838 5,812,159 329,486 471,655 13,060 2,355,743 350,677

Deferred Vested 26,280 448,964 282,243 13,252,039 9,321 4,521,013 176,092 266,680 0 65,758 15,174,238 1,110,025 0 891,161 35,598 241,864 56,592 0 1,299,625 147,388 847,553 13,609 64,324 135,669 21,685 22,883 210,503 2,832,225 0 406,297 220,806 39,716 0 79,796 601,675 142,428 0 197,070 115,159 76,531 5,120 494,323 222,773 271,089 433,617 0 70,707 0 0 2,162 2,485,188 89,419 0 0 451,345 44,402 242,703 51,235 0 51,952 25,381

Pending Refunds 0 2,759 58,332 575,165 58,081 411,824 0 0 1,709 0 1,184,059 2,559 0 475 0 18,353 0 3,265 24,957 0 96,642 0 0 960 467 490 0 19,140 1,534 38,721 44,370 0 0 0 28,809 20,369 0 0 0 0 5,038 39,960 0 6,863 9,250 0 7,067 0 0 508 695 0 0 1,054 12,546 0 6,534 0 0 26,159 0

Percent Funded

Total 998,300 2,043,004 20,232,588 246,746,667 12,604,699 69,639,311 20,831,293 5,162,693 5,644,014 288,540 284,396,850 31,435,445 919,322 12,445,846 380,768 4,427,698 12,427,343 838,366 20,287,711 7,995,206 23,364,616 348,270 11,066,329 10,833,686 625,184 7,253,320 16,687,880 40,698,625 1,541,878 9,629,435 11,140,199 727,385 1,100,058 3,903,866 5,181,730 4,155,661 108,974 8,815,776 1,119,026 2,866,982 4,089,486 14,194,826 8,089,145 1,590,135 3,636,593 400,508 1,750,316 5,882,278 194,583 6,302,494 7,333,082 4,866,864 116,113 212,204 9,077,578 8,438,772 853,481 1,010,707 130,097 3,996,269 863,807

96.0% 65.1% 58.1% 68.4% 83.3% 90.4% 84.4% 82.9% 102.8% 11.6% 80.1% 73.3% 106.7% 63.0% 92.4% 113.2% 40.1% 94.7% 79.9% 81.1% 93.1% 115.4% 47.8% 57.6% 95.1% 79.8% 63.7% 85.3% 109.3% 86.5% 71.8% 113.6% 83.6% 76.5% 114.3% 102.6% 156.7% 89.2% 85.7% 118.5% 70.1% 94.3% 57.1% 104.5% 66.4% 46.0% 94.0% 68.5% 41.5% 82.5% 108.2% 62.8% 119.1% 145.4% 95.4% 67.1% 102.9% 69.4% 148.2% 76.4% 116.0%

A - 40

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Lansing Chtr Twp Lansing HC Lapeer, City of Lapeer Co Lapeer CRC Lapeer Dist Lib Lathrup Vlg, City of Laurium, Vlg of Lawrence, Vlg of Leelanau Co Leelanau CRC Leoni Twp Leslie, City of Leslie Twp Lexington, Vlg of Lima Twp Litchfield, City of Livingston Co Livingston Co CMH Au Livingston CRC Looking Glass Rgnl F Loutit Dist Lib Lowell, City of Luce Co Luce CRC Ludington, City of Ludington-Mason Dist Luna Pier, City of Lyons, Vlg of Mackinac Co Mackinac Co HC Mackinac CRC Mackinac Straits Hos Mackinaw City, Vlg o Madison, Chtr Twp of Madison Heights, Cit Manistee, City of Manistee Co Manistee CRC Manistee HC Manistique, City of Manlius Twp Manton, City of Marenisco Twp Marine City, City of Marion, Vlg of Marlette, City of Marquette, City of Marquette Brd of Lig Marquette Chtr Twp Marquette Co Marquette Co Arpt Marquette Co Solid W Marquette Co Trans A Marquette CRC Marshall, City of Marshall Area Firefi Marshall Dist Lib Mason, City of Mason Co Mason CRC

Number 3320 3311 4401 4403 4402 4410 6311 3104 8004 4501 4503 3804 3313 3319 7708 8112 3006 4703 4712 4701 2311 7013 4104 4804 4801 5302 5303 5802 3411 4901 4905 4903 4902 1606 4605 6308 5105 5101 5103 5107 7504 0311 8304 2704 7704 6704 7405 5201 5209 5215 5202 5210 5213 5206 5211 1306 1313 1309 3304 5301 5305


Active 4,291,337 1,765,607 7,444,691 36,835,690 6,319,555 1,788,962 1,996,477 710,574 0 9,574,854 2,727,928 497,773 486,529 196,020 1,312,986 350,983 351,703 33,954,790 8,565,578 10,038,070 77,524 895,147 4,042,870 2,969,267 2,256,207 5,129,717 1,451,269 1,134,018 75,727 6,200,802 0 1,561,854 10,032,646 130,617 461,281 10,198,489 6,134,700 15,500,010 3,228,137 279,960 3,931,430 377,429 585,686 243,679 0 315,682 539,808 14,863,477 8,167,850 1,014,532 24,519,595 1,395,154 867,251 1,427,383 4,521,845 8,068,252 189,129 0 3,902,966 15,809,999 3,741,514

Retired 1,198,214 5,523,412 7,890,453 29,520,413 5,905,876 2,180,942 3,863,737 735,417 51,525 6,465,953 2,161,323 3,507,747 661,694 0 451,573 21,596 926,752 47,208,627 2,656,659 5,971,643 0 380,498 5,230,147 2,381,399 5,720,386 10,028,387 328,014 3,409,112 0 5,391,467 332,416 5,594,311 4,455,546 312,302 215,728 21,093,583 7,186,344 15,577,699 5,940,005 71,537 6,410,153 0 869,036 0 27,932 194,267 429,000 26,123,796 25,349,553 320,994 48,959,373 1,285,399 424,556 1,205,222 15,974,785 17,730,018 0 267,124 9,030,712 20,556,505 1,642,129

Deferred Vested 0 718,478 511,356 4,486,249 225,944 4,261 0 34,377 71,669 1,169,342 281,367 1,150,969 18,958 0 73,501 0 75,589 5,239,194 1,630,317 742,523 809 0 910,038 364,554 235,477 379,716 56,289 0 0 592,883 61,851 87,589 1,472,275 0 79,553 1,320,100 68,278 1,527,960 542,376 0 1,944 21,990 51,487 0 0 1,827 289,768 1,100,301 279,036 137,936 3,098,622 42,631 171,329 177,917 596,878 900,435 0 0 299,905 2,548,415 224,085

Pending Refunds 324 0 0 116,951 43,738 9,133 48,301 0 0 9,739 11,452 25,551 856 0 137 0 6,921 29,696 0 0 0 544 17,859 3,512 0 0 0 15,279 6,337 0 0 0 103,397 0 0 20,379 7,838 47,697 0 17,522 0 0 0 0 0 0 0 21,187 24,427 0 220,344 0 3,746 0 14,050 112,668 14,106 0 26,251 0 2,647

Percent Funded

Total 5,489,875 8,007,497 15,846,500 70,959,303 12,495,113 3,983,298 5,908,515 1,480,368 123,194 17,219,888 5,182,070 5,182,040 1,168,037 196,020 1,838,197 372,579 1,360,965 86,432,307 12,852,554 16,752,236 78,333 1,276,189 10,200,914 5,718,732 8,212,070 15,537,820 1,835,572 4,558,409 82,064 12,185,152 394,267 7,243,754 16,063,864 442,919 756,562 32,632,551 13,397,160 32,653,366 9,710,518 369,019 10,343,527 399,419 1,506,209 243,679 27,932 511,776 1,258,576 42,108,761 33,820,866 1,473,462 76,797,934 2,723,184 1,466,882 2,810,522 21,107,558 26,811,373 203,235 267,124 13,259,834 38,914,919 5,610,375

102.2% 94.2% 89.2% 103.6% 70.0% 74.5% 92.1% 76.9% 122.2% 80.5% 62.2% 89.1% 98.4% 100.7% 77.2% 89.7% 77.2% 82.7% 111.1% 95.7% 162.1% 104.3% 83.3% 63.4% 56.3% 83.0% 82.5% 60.3% 131.2% 85.1% 53.9% 57.7% 86.8% 138.0% 98.7% 81.4% 109.7% 88.3% 58.3% 123.0% 59.5% 69.7% 48.6% 86.2% 155.8% 83.1% 84.4% 73.7% 69.1% 80.9% 70.9% 61.8% 110.6% 92.7% 53.2% 86.9% 169.0% 71.6% 83.9% 90.0% 67.9%

A - 41

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Mason-Oceana Cty Enh Mastodon Township MBS Intl Arpt Meceola Central Disp Mecosta Co Mecosta County Gener Mecosta CRC Melvindale, City of Melvindale HC Menominee, City of Menominee Co Menominee CRC Meridian Chtr Twp MERS Metamora Twp Mich. Grand River Wa Mich Muni Risk Mgmt Mich S Central Power Middleville, Vlg of Midland, City of Midland Co Central D Midland CRC Mid-Mich Dist Hlth D Mid-Mich Lib League Mid Peninsula Lbry C Milan, City of Milan Lib Milford, Vlg of Millington, Vlg of Missaukee Co MOA Solid Waste Mgmt Monroe HC Montague, City of Montcalm CRC Montmorency Co Montrose, City of Mt. Morris Chtr Twp Mt. Pleasant, City o Muir, Vlg of Mundy,Chtr Twp of Munising, City of Muskegon, City of Muskegon Area Dist L Muskegon Chtr Twp Muskegon Co Muskegon CRC Muskegon HC Muskegon Heights, Ci Muskegon Heights HC Negaunee, City of Negaunee Twp Network180 Newaygo CMH Newaygo Co Newaygo CRC Newaygo MCF Newaygo Soil & Wtr C New Baltimore, City Newberry, Vlg of New Buffalo, City of Niles Dist Lib

Number 6403 3613 0902 5405 5403 5404 5401 8215 8220 5501 5502 5503 3315 2308 4409 3306 8237 3002 0803 5601 5604 5602 5901 8306 3609 5801 5806 6313 7904 5702 6002 5808 6112 5905 6001 2509 2503 3701 3405 2517 0202 6116 6117 6108 6103 6101 6113 6102 6115 5203 5217 4109 6207 6201 6212 6204 6205 5016 4802 1113 1105


Active 909,131 0 2,142,263 846,635 8,876,302 0 2,781,815 7,893,944 316,882 3,342,658 6,870,061 1,404,945 12,685,142 7,237,187 412,620 0 778,323 4,855,922 462,672 27,760,972 868,088 3,124,299 2,307,219 218,793 0 986,094 215,532 4,415,417 735,826 2,804,230 233,210 269,752 1,911,940 2,905,316 2,979,212 180,234 5,298,073 7,038,428 236,713 2,293,500 1,910,351 29,383,515 978,452 8,065,977 78,049,894 5,610,455 492,338 4,360,740 221,598 3,480,575 220,736 10,643,347 1,724,530 8,861,065 2,306,150 2,674,650 52,484 6,810,291 1,207,896 1,181,103 557,165

Retired 82,218 44,498 5,438,507 501,888 15,337,743 5,043,302 5,448,376 21,488,286 125,566 3,591,708 8,707,227 2,461,890 24,055,826 1,558,188 0 12,164 0 3,019,185 820,789 80,460,450 669,152 9,734,805 3,084,679 173,407 274,855 8,317,508 138,578 5,179,777 377,590 1,054,118 235,882 1,140,704 1,451,493 10,118,562 5,177,953 685,960 16,497,582 14,104,457 169,573 2,292,194 3,700,548 47,279,077 247,065 5,027,704 112,161,784 14,260,545 0 22,853,790 643,172 5,889,055 86,495 5,765,053 916,717 12,485,097 4,655,826 5,907,508 0 3,297,901 2,075,141 421,968 58,398

Deferred Vested 53,073 0 97,742 13,644 2,094,620 2,785,640 321,980 449,495 356,651 1,085,287 584,485 0 772,325 341,525 81,004 0 0 690,058 42,254 2,836,461 0 99,843 839,305 219,294 0 842,399 0 302,193 327,903 219,511 60,714 0 103,659 379,437 610,635 59,636 943,012 783,976 0 38,311 270,905 3,251,624 0 247,776 10,731,374 397,156 0 806,826 44,072 202,413 0 1,182,404 75,324 590,698 147,811 832,386 41,491 68,139 359,426 154,873 0

Pending Refunds 3,945 0 0 0 14,990 0 16,625 1,698 0 0 7,734 0 48,516 63,420 0 0 0 0 3,605 110,040 8,119 19,905 47,795 0 2,026 0 0 14,401 436 1,785 0 0 0 64 2,778 2,682 8,394 63,971 0 20,879 0 89,493 2,675 48,999 503,489 0 0 211,103 1,248 0 0 47,765 0 28,187 0 240,375 4,841 14,308 0 17,989 2,333

Percent Funded

Total 1,048,367 44,498 7,678,512 1,362,167 26,323,655 7,828,942 8,568,796 29,833,423 799,099 8,019,653 16,169,507 3,866,835 37,561,809 9,200,320 493,624 12,164 778,323 8,565,165 1,329,320 111,167,923 1,545,359 12,978,852 6,278,998 611,494 276,881 10,146,001 354,110 9,911,788 1,441,755 4,079,644 529,806 1,410,456 3,467,092 13,403,379 8,770,578 928,512 22,747,061 21,990,832 406,286 4,644,884 5,881,804 80,003,709 1,228,192 13,390,456 201,446,541 20,268,156 492,338 28,232,459 910,090 9,572,043 307,231 17,638,569 2,716,571 21,965,047 7,109,787 9,654,919 98,816 10,190,639 3,642,463 1,775,933 617,896

123.0% 91.1% 78.3% 102.0% 104.7% 101.7% 91.6% 62.3% 92.0% 92.6% 80.2% 67.1% 72.4% 123.3% 144.4% 61.1% 93.0% 102.5% 85.7% 72.1% 111.9% 78.6% 110.5% 100.4% 69.8% 60.2% 71.6% 77.3% 89.6% 78.3% 135.5% 70.4% 85.8% 72.0% 66.7% 53.8% 71.4% 85.0% 69.9% 85.2% 91.2% 111.0% 96.9% 94.4% 85.9% 80.0% 98.4% 90.9% 82.3% 74.7% 70.8% 124.1% 124.5% 87.2% 92.5% 102.5% 109.4% 102.1% 75.0% 76.0% 122.1%

A - 42

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name N Muskegon, City of No. Mich. Comm. Mntl Northern Lakes CMH A Northfield Twp North Houghton Co Wt Northpointe Bhvrl Hl Northville, City of Northville Chtr Twp Northville Dist Lib Norton Shores, City Norway, City of Novi, City of NW Mich Cmnty Hlth A NW Rgnl Arpt Comm Oceana Co Oceola Twp Ogemaw Co Ogemaw Co EMS Auth Ogemaw CRC Olive Twp Onaway, City of Ontonagon, Vlg of Ontonagon Co Ontonagon Co Economi Ontonagon CRC Orchard Lake, City o Oronoko Chtr Twp Osceola Co Osceola CRC Oscoda Chtr Twp Oscoda Co Oscoda Wurtsmith Arp Otisville, Vlg of Otsego Co Otsego CRC Ottawa Co Ottawa Co Central Di Ottawa CRC Otter Lake, Vlg of Owosso, City of Oxford, Township of Oxford, Vlg of Parchment, City of Pathways(Spr.Bhvl.Mn Paw Paw, Vlg of Paw Paw Lk Reg Jnt S Pellston, Vlg of Pennfield Chtr Twp Pentwater, Vlg of Perrinton, Vlg of Petersburg, City of Petoskey, City of Pewamo, Vlg of Pigeon, Vlg of Pinckney, Village of Pinconning, City of Pittsfield Chtr Twp Pleasant Ridge, City Plymouth, Chtr Twp o Plymouth, City of Plymouth Dist Lib

Number 6104 2403 2808 8117 3106 2207 8208 8230 8229 6106 2204 6320 1502 2805 6402 4717 6502 6508 6503 7009 7105 6603 6602 6605 6604 6312 1114 6701 6703 3503 6801 6802 2506 6902 6901 7003 7008 7002 4408 7607 6327 6326 3901 5214 8002 1103 2404 1312 6401 2909 5807 2402 3407 3203 4706 0904 8110 6301 8238 8202 8221


Active 1,833,261 0 7,421,156 393,556 221,105 4,138,296 4,481,999 11,967,459 1,558,454 9,586,902 4,601,233 23,672,854 2,489,228 2,803,799 12,713,287 564,717 9,115,128 1,181,595 3,442,034 120,274 310,790 1,440,536 4,104,571 0 7,157,373 4,076,770 270,313 6,334,358 1,846,173 578,128 2,293,449 186,221 594,791 5,691,026 1,939,286 78,351,877 992,424 15,413,382 82,776 895,808 306,719 419,855 1,495,625 11,410,080 2,190,774 653,094 242,717 756,509 518,466 2,204 188,877 8,986,602 111,017 353,706 1,465,620 607,018 6,917,730 1,367,338 7,181,213 1,304,239 1,813,583

Retired 3,399,943 34,193 13,647,187 0 0 2,552,370 11,860,836 4,801,814 365,857 20,669,299 10,221,322 29,355,848 2,150,883 1,185,410 11,781,991 0 11,633,861 86,586 3,854,557 195,165 245,488 10,043,661 3,243,203 106,274 10,700,212 935,595 1,141,357 4,188,094 4,760,723 2,222,632 5,543,044 70,639 339,714 7,679,667 6,776,704 71,979,665 698,392 27,308,398 0 3,110,297 2,925,662 1,669,890 1,207,942 36,887,307 3,705,869 634,397 0 821,514 711,351 0 0 8,500,767 0 570,813 529,063 1,323,106 5,786,500 2,194,275 8,686,112 14,463,197 1,400,097

Deferred Vested 70,721 0 1,360,571 77,410 17,191 1,163,132 510,005 164,230 124,819 355,952 0 3,046,442 606,754 153,970 1,434,306 23,487 791,437 63,351 95,856 0 32,926 2,627,149 385,064 0 0 70,310 67,177 1,382,294 205,796 107,875 680,480 0 42,218 1,840,740 75,725 9,379,344 117,234 361,250 0 0 160,082 63,826 29,727 3,633,540 191,678 1,876 0 0 226,119 17,490 0 1,004,985 0 5,102 14,621 0 1,978,339 316,089 207,511 442,892 6,112

Pending Refunds 1,008 0 0 0 0 29,562 10,101 0 0 16,213 10,140 237,792 0 0 114,504 884 74,182 39,948 14,921 0 0 157,157 0 0 0 193 5,851 2,780 3,302 2,034 20,923 0 0 7,668 0 624,720 8,873 847 0 0 0 0 0 44,308 41,066 0 0 0 10,931 3,160 0 0 0 0 8,120 10,418 176,189 0 110,645 0 0

Percent Funded

Total 5,304,933 34,193 22,428,914 470,966 238,296 7,883,360 16,862,941 16,933,503 2,049,130 30,628,366 14,832,695 56,312,936 5,246,865 4,143,179 26,044,088 589,088 21,614,608 1,371,480 7,407,368 315,439 589,204 14,268,503 7,732,838 106,274 17,857,585 5,082,868 1,484,698 11,907,526 6,815,994 2,910,669 8,537,896 256,860 976,723 15,219,101 8,791,715 160,335,606 1,816,923 43,083,877 82,776 4,006,105 3,392,463 2,153,571 2,733,294 51,975,235 6,129,387 1,289,367 242,717 1,578,023 1,466,867 22,854 188,877 18,492,354 111,017 929,621 2,017,424 1,940,542 14,858,758 3,877,702 16,185,481 16,210,328 3,219,792

87.6% 124.5% 93.4% 188.3% 121.8% 117.2% 67.6% 100.8% 89.1% 65.4% 58.3% 87.4% 85.2% 84.4% 97.5% 98.9% 89.8% 130.6% 67.1% 88.3% 97.8% 82.2% 80.7% 75.6% 52.4% 76.7% 82.2% 99.0% 76.6% 85.2% 74.2% 90.7% 88.2% 79.4% 73.0% 95.0% 95.6% 75.8% 90.0% 90.9% 82.3% 86.4% 89.9% 60.1% 101.4% 85.3% 98.5% 85.8% 87.7% 250.5% 146.6% 94.3% 126.1% 76.5% 88.8% 81.9% 99.8% 70.7% 102.4% 53.7% 103.2%

A - 43

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name

Number

Pokagon Band of Pota Port Austin, Vlg of Port Austin Area Swr Port Huron, City of Port Huron Chtr Twp Port Huron HC Portland, City of Port Sanilac, Vlg of Port Sheldon Twp Potterville, City of Presque Isle Co Presque Isle CRC PRIDE Youth Programs Ravenna, Vlg of Reading, City of Redford, Chtr Twp of Redford Twp Dist Lib Reed City, City of Richfield Twp (Genes Richfield Twp (Rosco Richland Twp Richmond, City of Rochester, City of Rockford, City of Rockwood, City of Rogers City, City of Romeo, Vlg of Romeo Dist Lib Romulus, City of Roosevelt Park, City Roscommon Co Roscommon Co Trans A Rose City, City of Rose Twp Royal Oak, Chtr Twp Saginaw, City of Saginaw, Pub Lib of Saginaw Chtr Twp Saginaw Co Saginaw Co 911 Com C Saginaw Co CMH Saginaw CRC Saginaw HC Saginaw-Midland Muni Saginaw Trans Sys Au Saline, City of Sandusky, City of Sandusky Dist Lib Sanilac CRC Saranac HC Saugatuck, City of Saugatuck Twp Saugatuck Twp Fire D Sault Ste. Marie, Ci Sault Ste. Marie HC SCCMUA Schoolcraft Co Schoolcraft CRC Schoolcraft Memorial Scio Twp Scottville, City of

MI01 3208 3210 7702 7711 7712 3401 7403 7018 2313 7104 7101 6210 6111 3003 8209 8228 6702 2514 7202 7310 5012 6307 4103 5810 7102 5005 5006 8225 6107 7201 7205 6504 6506 6306 7301 7317 7314 7303 7316 7318 7304 7321 7305 7319 8105 7402 7404 7410 3413 0307 0305 0313 1701 4906 1905 7503 7501 7505 8116 5308


Active 3,610,266 186,632 0 28,401,134 1,170,002 2,373,853 4,421,638 514,381 605,828 275,986 5,105,664 2,618,248 292,647 366,884 159,660 9,336,735 1,022,774 2,432,832 1,318,161 329,871 2,195,896 1,365,533 4,536,567 2,363,697 342,537 1,262,349 1,993,603 875,099 7,521,051 764,905 8,393,011 1,356,234 361,922 55,858 670,514 19,713,577 603,104 5,239,226 34,284,833 4,242,907 5,032,987 5,899,362 1,109,475 1,522,455 779,976 8,387,469 1,747,749 121,341 5,263,310 151,292 876,716 257,520 70,872 9,584,731 590,998 1,183,618 10,264,472 2,900,022 6,751,096 1,323,145 450,114

Retired 326,289 325,678 53,807 88,727,356 734,336 2,657,746 5,175,752 118,302 0 0 3,829,861 5,488,005 113,257 0 47,633 30,860,878 795,601 2,476,854 1,676,725 1,340,002 706,510 308,158 11,426,444 1,401,695 1,117,643 7,529,016 3,176,866 1,353,457 26,297,456 2,805,994 6,920,137 496,249 135,594 18,241 2,037,651 113,197,908 111,145 8,799,279 100,787,299 5,060,150 9,792,711 17,819,117 2,026,113 1,870,223 26,936 9,499,569 1,514,731 0 0 331,169 369,356 427,147 302,820 13,507,985 772,883 608,108 12,921,189 8,885,103 8,622,207 69,308 0

Deferred Vested 0 7,755 19,560 2,101,096 352,938 350,037 221,552 52,685 0 2,090 238,524 0 0 22,789 34,057 2,187,072 13,001 355,247 64,880 271,345 1,365 0 67,967 1,113,597 89,199 187,963 209,845 193,681 118,833 400,632 1,051,235 38,151 42,970 0 95,101 2,351,450 0 204,622 2,945,251 93,900 1,650,063 347,440 437,693 0 382,531 397,739 174,518 44,444 0 0 150,613 21,866 0 231,245 17,367 592,636 1,465,078 64,846 1,797,103 0 0

Pending Refunds 1,009 3,348 7,139 45,730 6,099 0 632 10,174 0 0 9,985 0 0 0 0 6,275 0 805 0 10,275 1,703 0 46,959 0 0 3,592 0 6,480 83,991 0 30,225 0 3,096 0 49,667 132,613 18,582 2,236 36,994 0 647 6,638 20,840 11,655 0 0 2,027 6,090 31,339 0 0 0 0 21,453 10,214 25,393 89,706 0 22,867 20,659 0

Percent Funded

Total 3,937,564 523,413 80,506 119,275,316 2,263,375 5,381,636 9,819,574 695,542 605,828 278,076 9,184,034 8,106,253 405,904 389,673 241,350 42,390,960 1,831,376 5,265,738 3,059,766 1,951,493 2,905,474 1,673,691 16,077,937 4,878,989 1,549,379 8,982,920 5,380,314 2,428,717 34,021,331 3,971,531 16,394,608 1,890,634 543,582 74,099 2,852,933 135,395,548 732,831 14,245,363 138,054,377 9,396,957 16,476,408 24,072,557 3,594,121 3,404,333 1,189,443 18,284,777 3,439,025 171,875 5,294,649 482,461 1,396,685 706,533 373,692 23,345,414 1,391,462 2,409,755 24,740,445 11,849,971 17,193,273 1,413,112 450,114

170.3% 95.3% 191.1% 80.3% 86.3% 91.0% 72.5% 83.5% 106.8% 126.2% 84.2% 70.0% 116.4% 103.6% 114.1% 81.4% 97.0% 70.3% 66.7% 71.8% 76.6% 72.7% 91.8% 92.3% 134.4% 67.8% 82.4% 69.0% 58.6% 78.8% 99.0% 91.9% 107.5% 379.3% 159.7% 52.0% 200.2% 78.8% 65.7% 80.3% 63.7% 101.3% 57.3% 81.1% 120.9% 76.4% 59.4% 102.9% 92.4% 82.3% 90.8% 44.0% 99.5% 90.3% 87.9% 113.6% 77.8% 56.9% 87.5% 96.9% 97.3%

A - 44

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name Sebewaing, Vlg of SEMCOG SE Oakland Co Rsrc R SE Oakland Co Wtr Au Shepherd, Vlg of Shiawassee Co Shiawassee Co CMH Shiawassee Council o Shiawassee CRC Shiawassee Dist Lib Sims Whitney Util Au SMART South Haven, City of South Haven Area ESA South Lyon, City of Sparta, Vlg of Springfield, City of Spring Lake, Vlg of Spring Lake Dist Lib St. Charles, Vlg of St. Clair, City of St. Clair HC St. Ignace, City of St. Johns, City of St. Louis, City of Stambaugh Twp Standish, City of Stanton, City of St Clair Shores HC Stephenson, City of Sterling, Vlg of St Joseph Co St Louis HC Stockbridge, Vlg of Sturgis HC Summit Twp Sumpter Twp Superior Chtr Twp Superiorland Lib Coo Swan Creek Twp Swartz Creek, City o SW Shiawassee ESA Sylvan Lake, City of Tawas Police Auth Taylor HC The Lib Network Three Rivers, City o Tittabawassee, Twp o Traverse Area Dist L Traverse City, City Trenton, City of Tri-County Aging Con Trio Council on Agin Tuscarora Twp Tuscola Co Tuscola Co CMH Tuscola Co Hlth Dpt Tuscola Co MCF Tuscola CRC Twin Cities Pub Sfty Ubly, Vlg of

Number 3205 8210 6310 6309 3704 7602 7609 7605 7601 7606 0606 8216 8001 8005 6315 4107 1303 7015 7016 7308 7703 7715 4904 1902 2902 3615 0601 5903 5007 5504 0605 7803 2908 3316 7805 3803 8226 8109 5208 7309 2504 7611 6314 3504 8231 8218 7801 7322 2807 2801 8203 3307 6507 1604 7902 7907 7901 7906 7908 3610 3212


Active 1,666,277 8,165,781 743,293 3,895,257 61,423 31,590,366 3,840,953 409,730 4,212,508 851,097 114,086 69,485,876 6,444,183 1,697,307 6,116,147 1,835,729 1,899,635 969,626 1,167,549 1,052,045 6,863,471 306,951 4,445,188 3,722,085 2,326,105 32,831 801,454 0 680,215 207,776 56,430 13,727,810 556,209 256,271 39,178 1,883,704 2,477,680 3,072,021 183,096 435,577 2,348,485 140,296 1,102,058 467,049 265,007 2,125,606 4,716,394 1,938,656 2,547,307 20,610,505 11,846,524 2,449,522 0 649,420 10,438,308 5,050,983 3,514,966 4,399,181 2,421,180 0 293,796

Retired

Deferred Vested

3,788,916 12,260,038 3,645,299 3,535,918 140,576 49,582,000 3,759,441 120,780 11,650,469 697,596 0 98,380,406 11,970,116 2,455,863 2,626,334 1,570,505 5,411,943 1,283,083 137,509 1,842,227 8,495,058 294,970 3,502,394 10,317,348 4,886,673 47,568 1,444,739 58,336 1,064,172 68,127 45,160 10,953,101 0 319,913 0 6,412,178 1,168,587 1,182,936 624,214 222,846 6,221,450 0 779,154 521,513 0 3,010,391 7,297,552 0 2,245,692 32,214,397 30,794,342 2,641,009 204,494 510,051 12,581,231 3,590,694 3,994,144 4,399,173 1,921,250 74,685 384,389

314,939 1,961,928 323,255 28,515 0 4,869,710 1,423,053 218,313 134,798 25,568 9,216 11,461,749 512,037 0 105,807 39,888 315,985 0 0 127,196 352,810 0 246,410 625,587 138,589 0 107,262 0 72,545 0 0 2,234,774 0 13,155 0 215,199 142,447 0 13,070 0 0 0 15,446 26,321 0 465,297 1,179,001 0 119,799 1,762,288 31,136 611,414 60,960 0 688,520 660,209 93,334 580,095 22,927 13,183 0

Pending Refunds 2,328 0 0 0 694 13,644 0 0 0 0 0 130,165 13,917 0 17,498 16,265 23,586 2,830 0 0 0 0 1,798 93 489 0 0 0 0 0 0 14,043 0 4,246 0 0 46,340 492 0 0 11,659 6,750 18,531 0 4,180 37,538 34,473 0 3,449 0 1,477 0 0 3,951 74,150 194,581 21,648 207,886 0 0 3,309

Percent Funded

Total 5,772,460 22,387,747 4,711,847 7,459,690 202,693 86,055,720 9,023,447 748,823 15,997,775 1,574,261 123,302 179,458,196 18,940,253 4,153,170 8,865,786 3,462,387 7,651,149 2,255,539 1,305,058 3,021,468 15,711,339 601,921 8,195,790 14,665,113 7,351,856 80,399 2,353,455 58,336 1,816,932 275,903 101,590 26,929,728 556,209 593,585 39,178 8,511,081 3,835,054 4,255,449 820,380 658,423 8,581,594 147,046 1,915,189 1,014,883 269,187 5,638,832 13,227,420 1,938,656 4,916,247 54,587,190 42,673,479 5,701,945 265,454 1,163,422 23,782,209 9,496,467 7,624,092 9,586,335 4,365,357 87,868 681,494

77.2% 118.4% 86.9% 72.3% 220.0% 69.6% 104.5% 77.5% 70.2% 98.1% 146.2% 87.8% 114.5% 79.5% 88.3% 67.4% 97.6% 96.1% 90.0% 75.9% 73.5% 64.3% 76.5% 65.2% 73.0% 87.7% 63.3% 162.9% 68.5% 70.0% 250.0% 116.4% 88.6% 79.2% 108.1% 82.8% 92.1% 90.2% 102.6% 67.7% 92.3% 239.3% 91.1% 59.1% 121.2% 96.3% 84.5% 101.6% 81.1% 76.2% 68.0% 116.8% 102.6% 80.5% 98.5% 119.7% 89.5% 117.8% 70.8% 111.4% 70.9%

A - 45

MERS 12/31/2010 Valuation - Results by Municipality Termination Liability Municipality Name

Number

Utica, City of Van Buren Co Van Buren Dist Lib Van Buren Twp Vassar, City of Vevay Twp Vicksburg, Vlg of Vicksburg Dist Lib Vienna, Chtr Twp of Wakefield, City of Walker, City of Walled Lake, City of Washtenaw Co Washtenaw CRC Wayland, City of Wayne, City of Wayne HC Webberville, Vlg of West Branch, City of West Branch Dist Lib Westland,City of Westphalia, Vlg of Wexford Co Wexford CRC White Cloud, City of White Cloud/Sherman White Cloud Cmnty Li Whitehall, City of White Lake Chtr Twp White Pigeon, Vlg of White Pine Lib Willard Pub Lib Williamston, City of W Iron Co Swr Auth Wixom, City of W Mich CMH Sys W Mich Shoreline Rgn Wolverine Lake, Vlg W UP Dist Hlth Dept WUPPDR Ypsilanti, City of Ypsilanti, Twp of Ypsilanti Cmnty Util Ypsilanti HC

5008 8006 8007 8236 7903 3318 3902 3904 2522 2701 4112 6324 8113 8102 0304 8242 8252 3314 6505 6509 8211 1907 8302 8303 6206 6211 6208 6105 6325 7804 5904 1308 3310 3612 6316 5304 6110 6329 3101 3108 8101 8104 8106 8115

Totals - Active Groups Totals - Closed Groups Totals - MERS

Active

Pending Refunds

Percent Funded

Total

1,890,827 6,258,061 249,279 933,566 2,908,132 363,521 1,159,804 26,972 136,506 2,784,936 9,297,103 6,402,809 4,802,812 26,126,507 1,359,464 68,662,936 0 114,035 1,764,551 0 75,873,271 131,854 10,853,212 6,017,699 439,142 0 117,133 2,278,641 7,381,928 0 93,666 66,868 2,273,881 715,600 9,536,122 2,508,704 564,398 1,692,437 4,734,354 306,027 6,935,445 9,401,955 19,575,354 215,936

406,304 427,579 30,006 166,102 191,019 0 127,896 0 110,944 0 420,773 485,837 1,155,950 522,415 482,575 2,163,360 0 137,262 254,199 0 2,951,954 0 1,243,211 963,221 93,782 0 0 133,345 473,852 0 0 64,347 544,338 0 414,012 184,796 168,699 90,227 2,537,475 0 438,855 316,901 1,612,794 31,465

9,383 178,392 16,252 35,647 1,065 4,899 0 0 5,180 857 0 75,787 282,599 115,262 9,734 294,500 0 326 27,855 0 5,707 0 68,019 9,368 0 0 0 0 73,783 0 0 8,155 15,600 0 32,609 22,691 0 14,897 0 0 115,019 61,140 21,418 22,401

700 15

3,231,864,165 4,938,653,467 0 12,056,059

360,979,721 4,852,278

15,643,660 43,206

8,547,141,013 81.1% 16,951,543 103.8%

715

3,231,864,165 4,950,709,526

365,831,999

15,686,866

8,564,092,556


1,455,953 14,990,552 1,090,325 7,278,152 2,361,747 143,850 783,832 79,666 881,809 1,308,275 5,841,950 3,777,115 20,136,000 17,226,911 2,729,973 17,328,147 438,686 38,852 1,794,554 321,560 18,274,552 306,337 9,347,256 2,930,068 170,183 126,029 214,306 2,293,428 9,294,738 87,568 127,655 1,131,098 1,054,190 217,451 10,556,563 2,046,209 2,123,113 576,014 3,861,852 684,028 3,861,229 5,961,729 16,571,762 488,248

Retired

Deferred Vested

3,762,467 21,854,584 1,385,862 8,413,467 5,461,963 512,270 2,071,532 106,638 1,134,439 4,094,068 15,559,826 10,741,548 26,377,361 43,991,095 4,581,746 88,448,943 438,686 290,475 3,841,159 321,560 97,105,484 438,191 21,511,698 9,920,356 703,107 126,029 331,439 4,705,414 17,224,301 87,568 221,321 1,270,468 3,888,009 933,051 20,539,306 4,762,400 2,856,210 2,373,575 11,133,681 990,055 11,350,548 15,741,725 37,781,328 758,050

77.6% 74.0% 97.0% 96.5% 89.2% 62.3% 78.0% 75.5% 81.3% 72.0% 65.8% 43.7% 168.6% 75.4% 92.2% 81.5% 91.6% 86.5% 84.9% 101.0% 59.2% 79.2% 79.0% 71.7% 71.3% 126.7% 93.1% 82.5% 97.2% 112.4% 57.0% 126.3% 73.1% 68.4% 76.1% 94.4% 142.4% 55.7% 79.3% 108.7% 156.8% 89.0% 76.3% 91.2%

81.1%

A - 46