Westchester Community College · Westchester Community College ... to improve the faithfulness of representations and usefulness of ... benefits during the period when employees render

Westchester Community College

Actuarial Valuation of Postretirement Health Care Benefits

Determined in Accordance with Statement No. 45 of the Governmental Accounting Standards Board As of September 1, 2012

- Including -

Notes to Financial Statements

As of August 31, 2013

November 2013

Harbridge Consulting Group, LLC

Actuaries and Advisors

One Lincoln Center, 12th Floor, Syracuse, NY 13202 Voice: 315.703.8900 | Fax: 315.703.8989

TABLE OF CONTENTS

Westchester Community College Harbridge Consulting Group, L.L.C. Measurement Date: September 1, 2012

EXECUTIVE SUMMARY ............................................................................1 Section I: Executive Summary ..................................................................... 1 Section II: Certification .................................................................................. 3

DETAILS OF CALCULATIONS .................................................................4 Section III: Details of Calculations ................................................................. 4 Section IV: Notes to Financial Statements ..................................................... 6

DATA AND ASSUMPTIONS..................................................................... .8

Section V: Comparison of Results & Participant Summary ........................... 8 Section VI: Assumptions & Methodology ..................................................... 12 Section VII: Plan Provisions .......................................................................... 15

SUMMARY OF GASB 45 ......................................................................... 17 Section VIII: Summary of GASB 45 & Referenced Tables……………….... 17

The information contained in this report was prepared for the use of Westchester Community College and its auditors in connection with our actuarial valuation. It is not intended or necessarily suitable for other purposes. To avoid misrepresentation, it is intended to be used in its entirety.

SECTION I EXECUTIVE SUMMARY

Westchester Community College 1 Harbridge Consulting Group, L.L.C. Measurement Date: September 1, 2012

The objective of the Governmental Accounting Standards Board (GASB) Accounting Standard No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, is to improve the faithfulness of representations and usefulness of information included in the financial reports of employers regarding other postemployment benefits. Postemployment benefits include health care benefits, life insurance benefits, and, in some cases, sick pay accrual. These benefits arise from an exchange of salaries and benefits for employee services rendered and constitute part of the compensation for those services. The goal is to measure and recognize the cost of postemployment benefits during the period when employees render the services and to provide relevant information about obligations and the extent to which progress is being made in funding these obligations. The following exhibit illustrates the Actuarial Accrued Liability, Annual Required Contribution, Annual OPEB Cost, and Net OPEB Obligation. It should be noted that while the Actuarial Accrued Liability impacts the development of the Annual Required Contribution, it is not a component of the balance sheet or accounting liability. It is, however, required to be disclosed on the Notes to Financial Statements. In addition, the Present Value of Total Future Liability is illustrated for informational purposes only; it is not required to be disclosed. Please refer to Section VIII for a description of GASB 45 terminology.

SECTION I EXECUTIVE SUMMARY



Postretirement Health Care Benefits Plan As of September 1, 2012

Investment Rate of Return: 4.50%

CSEA Management Nurses Teachers Total

Actuarial Accrued Liability (AAL)

Retirees & Dependents $20,784,972 $5,138,081 $163,524 $21,453,687 $47,540,264

Actives Fully Eligible 17,931,588 3,940,349 0 20,395,644 42,267,581

Actives Not Fully Eligible 24,699,334 2,389,945 0 12,477,927 39,567,206

Disableds 0 0 0 0 0

Total Actuarial Accrued Liability 63,415,894 11,468,375 163,524 54,327,258 129,375,051

Additional Obligation attributable to future service 36,966,765 5,073,512 0 22,627,693 64,667,970

Present Value of Total Future Liability 100,382,659 16,541,887 163,524 76,954,951 194,043,021

Annual Required Contribution (ARC)

Normal Cost for Fiscal Year $2,985,349 $608,521 $0 $2,233,872 $5,827,742

Amortization of Unfunded Actuarial Accrued Liability 3,893,200 704,061 10,039 3,335,235 7,942,535

Annual Required Contribution (ARC) 6,878,549 1,312,582 10,039 5,569,107 13,770,277

Annual OPEB Cost

Annual Required Contribution (ARC) $6,878,549 $1,312,582 $10,039 $5,569,107 $13,770,277

Interest on Net OPEB Obligation 623,206 153,888 4,661 677,176 1,458,931

Adjustment to Annual Required Contribution (850,212) (209,943) (6,359) (923,841) (1,990,355)

Annual OPEB Cost 6,651,543 1,256,527 8,341 5,322,442 13,238,853

Net OPEB Obligation

Net OPEB Obligation - beginning of year $13,849,016 $3,419,733 $103,573 $15,048,350 $32,420,672

Annual OPEB Cost 6,651,543 1,256,527 8,341 5,322,442 13,238,853

Actual Employer Contributions (1,426,478) (337,309) (2,206) (1,894,314) (3,660,307)

Net OPEB Obligation - end of year 19,074,081 4,338,951 109,708 18,476,478 41,999,218

SECTION II CERTIFICATION


This valuation has been conducted in accordance with generally accepted actuarial principles and practices. The actuaries involved in this engagement are members of the Society of Actuaries and other professional actuarial organizations and meet the “Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States” to render the actuarial opinion outlined herein. In preparing the results presented in this report, we have relied upon information provided to us regarding plan provisions, plan participants, and benefit payments. While the scope of our engagement did not call for us to perform an audit or independent verification of this information, we have reviewed this information for reasonableness, but have not audited it. The accuracy of the results is dependent upon the accuracy and completeness of the underlying information which is the responsibility of those who supply the data. The calculations reported herein have been made on a basis consistent with our understanding of GASB 45. Determinations for purposes other than meeting the Westchester Community College’s financial accounting requirements may be significantly different from the results reported. Section VI of this report provides a summary of the assumptions and methods used in our valuation. These assumptions represent anticipated future experience under the Plan and were selected based on the College’s best estimate range with regard to each assumption. We believe the assumptions are reasonable for the purposes for which they are being used. The investment rate of return was selected based on the College’s expectations. Please note that the results provided are based on uncertain events. If actual experience is significantly different than assumed, significant variations in results may occur. Results that differ from those shown in this report, within a reasonable range, could also be considered appropriate. Respectfully submitted,

HARBRIDGE CONSULTING GROUP, L.L.C. _____________________________________ ______________________________________ Monica J. Cecilia, F.S.A. Nicholas R. Mark, F.S.A., E.A. Member of the American Academy of Actuaries Member of the American Academy of Actuaries (315) 703-8905 (315) 703-8974 [email protected] [email protected] MJC:NRM:ami N:\Client\WESCOM0591\HC\2013\Valuation\Report\WCC FY 2013 GASB.doc

SECTION III DETAILS OF CALCULATIONS


CSEA Management Nurses Teachers Total

Calculation of Normal Cost Component

Normal Cost $2,856,793 $582,317 $0 $2,137,677 $5,576,787

Interest on Normal Cost 128,556 26,204 0 96,195 250,955

Normal Cost Component $2,985,349 $608,521 $0 $2,233,872 $5,827,742

Calculation of Amortization Component

Actuarial Accrued Liability (AAL) $63,415,894 $11,468,375 $163,524 $54,327,258 $129,375,051

Actuarial Value of Assets 0 0 0 0 0

Unfunded Actuarial Accrued Liability 63,415,894 11,468,375 163,524 54,327,258 129,375,051

Amortization Period Status Open Open Open Open Open

Amortization Period (years) 30 30 30 30 30

Investment Rate of Return 4.50% 4.50% 4.50% 4.50% 4.50%

Amortization Factor 17.0219 17.0219 17.0219 17.0219 17.0219

Annual Amortization 3,725,550 673,743 9,607 3,191,612 7,600,512

Interest on Amortization Payment 167,650 30,318 432 143,623 342,023

Amortization Component $3,893,200 $704,061 $10,039 $3,335,235 $7,942,535

Calculation of Annual Required Contribution (ARC)

Normal Cost Component $2,985,349 $608,521 $0 $2,233,872 $5,827,742

Amortization Component 3,893,200 704,061 10,039 3,335,235 7,942,535

Annual Required Contribution $6,878,549 $1,312,582 $10,039 $5,569,107 $13,770,277

Calculation of Interest on Net OPEB Obligation

Net OPEB Obligation - end of prior year $13,849,016 $3,419,733 $103,573 $15,048,350 $32,420,672

Investment Rate of Return 4.50% 4.50% 4.50% 4.50% 4.50%

Interest on Net OPEB Obligation $623,206 $153,888 $4,661 $677,176 $1,458,931

Calculation of Annual OPEB Cost

Annual Required Contribution $6,878,549 $1,312,582 $10,039 $5,569,107 $13,770,277

Interest on Net OPEB Obligation 623,206 153,888 4,661 677,176 1,458,931

Adjustment to Annual Required Contribution (850,212) (209,943) (6,359) (923,841) (1,990,355)

Annual OPEB Cost $6,651,543 $1,256,527 $8,341 $5,322,442 $13,238,853

SECTION III DETAILS OF CALCULATIONS


Fiscal Year 2013 Expected Cash Flow and Ten Year Projection of Future Cash Flow

Fiscal Year CSEA Management Nurses Teachers Total

2013 $1,254,774 $323,803 $6,909 $1,532,444 $3,117,930

2014 1,432,843 397,996 7,375 1,715,674 3,553,888

2015 1,588,696 424,838 7,843 1,863,386 3,884,763

2016 1,775,157 459,523 8,308 2,033,857 4,276,845

2017 1,912,366 475,953 8,734 2,154,123 4,551,176

2018 2,690,697 635,509 11,426 3,006,104 6,343,736

2019 2,938,089 708,545 11,987 3,228,184 6,886,805

2020 3,174,757 750,977 12,466 3,479,738 7,417,938

2021 3,412,297 804,466 12,879 3,604,113 7,833,755

2022 3,614,043 877,132 13,125 3,833,651 8,337,951

2023 3,794,142 916,134 13,309 4,016,906 8,740,491 The ten year projection of future cash flow is based on a closed group valuation as of September 1, 2012. It does not consider the impact of future new hires.

SECTION IV NOTES TO FINANCIAL STATEMENTS



GASB 45 Notes to Financial Statements As of August 31, 2013

Annual OPEB Cost and Net OPEB Obligation FY 2013 FY 2012 FY 2011

Annual Required Contribution $13,770,277 $13,990,927 $13,240,591

Interest on Net OPEB Obligation 1,458,931 1,020,349 575,347

Adjustment to Annual Required Contribution (1,990,355) (1,392,016) (784,920)

Annual OPEB Cost 13,238,853 13,619,260 13,031,018

Contributions made (3,660,307) (3,872,992) (3,142,105)

Increase in Net OPEB Obligation 9,578,546 9,746,268 9,888,913

Net OPEB Obligation - beginning of year 32,420,672 22,674,404 12,785,491

Net OPEB Obligation - end of year $41,999,218 $32,420,672 $22,674,404

Annual OPEB Cost $13,238,853 $13,619,260 $13,031,018

Percentage of Annual OPEB Cost contributed 27.65% 28.44% 24.11%

Net OPEB Obligation at end of year 41,999,218 32,420,672 22,674,404

Funded Status 08/31/2013 08/31/2012 08/31/2011

Actuarial Accrued Liability (AAL) $137,836,587 $139,531,862 $130,367,669

Actuarial Value of Assets 0 0 0

Unfunded Actuarial Accrued Liability (UAAL) 137,836,587 139,531,862 130,367,669

Funded Ratio (Assets as a percentage of AAL) 0.00% 0.00% 0.00%

Annual Covered Payroll $47,230,652 $49,594,362 $49,460,984

UAAL as a Percentage of Covered Payroll 291.84% 281.35% 263.58%

Actuarial Methods and Assumptions

Measurement Date 08/31/2013 08/31/2012 08/31/2011

Investment Rate of Return 4.50% 4.50% 4.50%

Expected Return on Plan Assets 0.00% 0.00% 0.00%

Expected Return on Employer's Assets 4.50% 4.50% 4.50%

Rate of compensation increase n/a n/a n/a

Inflation Rate 3.00% 3.00% 3.00%

SECTION IV NOTES TO FINANCIAL STATEMENTS



GASB 45 Notes to Financial Statements As of August 31, 2013 (Continued)

Assumed pre-65 medical trend rates at August 31

Health care cost trend rate assumed for next fiscal year 8.50%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00%

Fiscal year that the rate reaches the ultimate trend rate 2021

Assumed post-65 medical trend rates at August 31




Assumed prescription drug trend rates at August 31




Additional Information

Actuarial Cost Method Projected Unit Credit

Amortization Method Level Dollar

Amortization Period Single Amortization Period

Amortization Period (in years) 30.00

Amortization Period Status Open

Method used to determine Actuarial Value of Assets N/A

SECTION V COMPARISON OF RESULTS & PARTICIPANT SUMMARY


$9,135,415

$9,512,885

$13,031,018

$13,619,260

$13,238,853

$85,903,180

$90,964,035

$122,345,312

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

$7,000,000

$9,000,000

$11,000,000

$13,000,000

$15,000,000

$17,000,000

09/01/2008 09/01/2009 09/01/2010 09/01/2011 09/01/2012

AA

L

An

nu

al O

PE

B C

ost

Annual OPEB Cost

AAL

Annual OPEB Cost

AAL

Annual OPEB Cost

AAL

Annual OPEB Cost

AAL

$130,367,669

$129,375,051

History of Actuarial Accrued Liability (AAL) and Annual OPEB Cost



Change in Liability from September 1, 2011 to August 31, 2013

Actuarial Accrued Liability

Reasons for Decrease • Benefit payments made to

current retirees

• Updated Pharmacy trend

assumption

• Less than expected increase

in claims costs

• Updated NYS retirement and

turnover assumptions for TRS

employees

• Updated dental trend

assumption

• Demographic changes

different than those assumed

• Benefit payments made to

current retirees

August 31, 2013

$137,836,587

September 1, 2011 August 31, 2012 September 1, 2012

$130,367,669 $139,531,862 $129,375,051

• Accumulation of interest on

AAL

• Updated mortality

• Updated mortality

assumption

• Accrual of additional benefits

for actives not fully eligible

• Accrual of additional benefits

for actives not fully eligible

Percent Change

Reasons for Increase

6.54%-7.28%7.03%

• Accumulation of interest on

AAL

• Revised expected increase

in excise tax limit based on

actual trend for FEHBP



Reconciliation of Plan Participants Participant data was provided by Westchester Community College. We reviewed the data for reasonableness, but did not independently verify or audit it. The participant data was reconciled with information received in conjunction with prior actuarial studies. In the event that significant changes or discrepancies were found, they were discussed with the College. In some circumstances routine corrections or modifications were made, in part by referencing other source documents. No material defects are believed to exist in the data. A reconciliation of the participant data is detailed below:

Active

EmployeesRetirees Dependents Disableds Total

549 298 119 0 966

43 0 0 0 43

(37) (11) (9) 0 (57)

0 0 0 0 0

0 0 0 0 0

(18) 18 9 0 9

0 0 0 0 0

0 0 0 0 0

537 305 119 0 961

Data adjustments

Total as of September 1, 2012

Reconciliation of Medical Plan Participant Data

Terminations

To inactive

From inactive

Retirements

Total as of September 1, 2010

New entrants

Disablements



Summary of Active Plan Participants

0-4 5-9 10-14 15-19 20-24 25-29 30+ Total

Under 25 3 0 0 0 0 0 0 3

25-29 9 3 0 0 0 0 0 12

30-34 19 10 6 0 0 0 0 35

35-39 11 13 6 4 1 0 0 35

40-44 11 22 12 6 7 1 0 59

45-49 21 9 22 12 11 6 0 81

50-54 12 13 10 11 11 5 5 67

55-59 8 15 13 8 21 8 12 85

60-64 11 4 13 11 11 8 12 70

65 and over 6 8 10 15 11 2 38 90

Total 111 97 92 67 73 30 67 537

Years of ServiceAge

Average age 52.2

Average years of service 15.2

Number of active employees not fully eligible for

benefits 314

Number of active employees fully eligible for

benefits 223

Summary of Inactive Plan Participants

Age Retirees Dependents Disableds Total

Under 55 2 4 0 6

55-59 9 6 0 15

60-64 35 13 0 48

65-69 75 28 0 103

70-74 59 22 0 81

75-79 43 13 0 56

80-84 46 13 0 59

85 and over 36 20 0 56

Total 305 119 0 424

Medical Inactive Participants

SECTION VI ASSUMPTIONS & METHODOLOGY


The valuation of postretirement health care benefits involves estimates and assumptions about the probability of events occurring far into the future. Examples include assumptions about future employment, mortality, and the health care cost trend. Calculations are based on the types of benefits provided under the terms of the substantive plan at the time of the valuation and on the pattern of cost sharing between the employer and plan members. Calculations reflect a long-term perspective, so methods and assumptions used include techniques that are designed to reduce short-term volatility. Below is a description of the actuarial assumptions and methodology used in the actuarial valuation. Actuarial Cost Method: Projected Unit Credit Valuation Date: September 1, 2012 Measurement Date: September 1, 2012 Investment Rate of Return: This rate is based on the projected long-term earning rate of the assets expected to be available to pay benefits. Since Westchester Community College does not currently segregate funding for these benefits, the appropriate rate is the expected return on the employer’s general assets. Mortality: The RP-2000 Mortality Table for annuitants and non-annuitants with projected mortality improvements using Scale AA; specifically as outlined in IRC Regulation 1.430(h)(3)-1 for 2013 valuations. The static mortality tables are projected from the base table for the year 2000 through 2013 with further projection to reflect the approximate expected duration of liabilities, namely 7 years for annuitants and 15 years for non-annuitants. Disability: Rates of decrement due to disability are assumed to be 0%. Turnover: Rates of turnover are based on the experience under the New York State Employees’ Retirement System (ERS) and the New York State Teachers’ Retirement System (TRS) reported by New York State as of April 2010. Please refer to Section VIII for these tables. Retirement Incidence: Rates of retirement are based on the experience under the New York State Employees’ Retirement System (ERS) and the New York State Teachers’ Retirement System (TRS) reported by New York State as of April 2010. Please refer to Section VIII for these tables.

Expected Return on Plan Assets 0.00%

Expected Return on Employer’s General Assets 4.50%

Investment Rate of Return Selected 4.50%



Election Percentage: It was assumed that 100% of future retirees eligible for coverage will elect postretirement health care benefits. Future retirees were assumed to elect coverage in medical plans at the following rates:

Union Group

Medical Plan

% of Retirees Electing Coverage

CSEA, Management, Nurses POMCO Health Plan 100%

Teachers POMCO Teacher Health Plan 100%

Current retirees were assumed to continue participation in their current plans. Spousal Coverage: 85% of future retirees are assumed to elect spousal coverage upon retirement, with male spouses assumed to be three years older and female spouses assumed to be three years younger than the retiree. Per Capita Costs: Retiree claim cost information for the POMCO Health Plan and POMCO Teacher Health Plan were not sufficiently credible. Therefore, to develop a baseline cost assumption, we used actual experience from other medical studies with similar plan designs and used mathematical smoothing techniques to develop reasonable assumptions for estimating current retiree costs. The following tables present the average expected health care costs, excluding administrative fees for the POMCO Health Plan and POMCO Teacher Health Plan, per capita, for fiscal year 2013:

Age Male Female

55-59 $10,354 $12,659

60-64 $13,223 $14,549

65-69 $4,011 $4,248

70-74 $4,517 $4,964

75-79 $4,917 $5,707

80-84 $5,261 $6,238

85-89 $5,469 $6,496

90-94 $5,551 $6,594

95-99 $5,551 $6,594

POMCO Health Plan

Incurred Annual Claim Cost Per Retiree or Dependent

Age Male Female

55-59 $10,863 $13,280

60-64 $13,873 $15,264

65-69 $4,294 $4,547

70-74 $4,836 $5,314

75-79 $5,264 $6,110

80-84 $5,632 $6,678

85-89 $5,855 $6,954

90-94 $5,943 $7,059

95-99 $5,943 $7,059

POMCO Teacher Health Plan

Incurred Annual Claim Cost Per Retiree or Dependent

Administrative fees were assumed to be $465 per contract annually.



Annual Rate of Increase in Health Care Costs: The assumed rates of increase in health care costs are presented in the table below:

Fiscal Year

Pre-65 Medical

Post-65 Medical

Prescription Drug

2013 9.00% 7.00% 6.500%

2014 8.50% 6.75% 6.250%

2015 8.00% 6.50% 6.000%

2016 7.50% 6.25% 5.750%

2017 7.00% 6.00% 5.500%

2018 6.50% 5.75% 5.375%

2019 6.00% 5.50% 5.250%

2020 5.50% 5.25% 5.125%

2021+ 5.00% 5.00% 5.000%

Administrative fees were assumed to increase at 3.25% per year. Dental claims were assumed to increase at 4.00% per year.

Annual Rate of Increase in the Consumer Price Index (CPI): CPI of 2.50% was assumed for purposes of determining future increases in limits corresponding to the excise tax of the Affordable Care Act on high cost employer-sponsored health plans.

SECTION VII PLAN PROVISIONS


Plan Eligibility: Age 55 with 5 Years of Service with Westchester County and eligible to receive a pension from the NYS Retirement System. Duration of Coverage: Retiree benefits continue for the life of the retiree. Spousal benefits continue for the life of the spouse. Surviving Spouse Coverage: Surviving spouses are permitted to continue coverage after the death of the retiree, but are responsible for paying 100% of premium (less Part B premium for post-65 surviving spouses). Retiree Contributions: Retirees contribute a portion of medical premiums based on group and years of service at retirement. Those retirees who are members of the Teachers, Management, and Nurses Union groups do not contribute to postretirement health care benefits for single coverage and contribute 20% of the family minus single premium for dependent coverage. CSEA retirees are subject to the following contribution schedule:

Years of Service at Retirement

Retiree Contribution

Dependent Contribution

5-10 50% of premium 65% of family minus single premium

10-19 25% of premium 40% of family minus single premium

20+ 0% of premium 20% of family minus single premium

Retirees are not required to contribute to the Dental Plan.

Medicare Part B: Medicare Part B premiums are reimbursed at 100% for post-65 retirees and dependents. Premiums for surviving spouses are not reimbursed, but the contribution rate for surviving spouses is net of Part B premiums. For purposes of this valuation, we have assumed reimbursement at the basic level and that there will be no additional reimbursement due to the income surcharge. Medical Benefits: Retiree medical benefits are provided through the POMCO Health Plan and POMCO Teacher Health Plan. The POMCO Health Plan and the POMCO Teacher Health Plan are self-insured experience rated PPO plans. Monthly premiums for the plan year from January 1, 2012 through December 31, 2012 are presented in the following table:

POMCO Health and Teacher Plans

All Retirees

Single $952.42

Family $2,381.08

SECTION VII PLAN PROVISIONS


Dental Benefits: Dental benefits are provided through the POMCO Dental Plan for retirees only. Dependents and surviving spouses are not eligible for dental coverage. Monthly premiums for the plan year from January 1, 2012 through December 31, 2012 are presented in the following table:

Dental Plan

All Retirees

Single $24.58

Health Care Reform: The Affordable Care Act has a financial impact on employers who sponsor postretirement health care benefits and therefore certain provisions are reflected in the GASB 45 valuation. The excise tax is reflected starting in 2018. The excise tax is 40% of the excess amount the plan’s health care cost exceeds limits as defined in the legislation. The 2018 limits are detailed below and are scheduled to increase with the Consumer Price Index (CPI) plus 1% for calendar years beginning before 2020 and with CPI for all years thereafter.

Active/Retiree Qualified Retiree*

Single $10,200 $11,850

Family $27,500 $30,950

* A qualified retiree is receiving coverage by reason of being a retiree, is over age 55, and not entitled

to benefits or eligible for enrollment under the Medicare program.

SECTION VIII SUMMARY OF GASB 45 & REFERENCED TABLES


SUMMARY OF GASB 45 GASB 45 Statement The Governmental Accounting Standards Board (GASB) Accounting Standard No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, covers postemployment benefits including health care benefits, life insurance benefits, and, in some cases, sick pay accrual. GASB 45 requires employers to recognize these benefits on an accrual basis rather than pay-as-you-go. Effective Date Statement 45 becomes effective in three phases, based on the annual revenues of the employer. The phase in which an employer should implement GASB 45 is the same as the employer’s phase for the purpose of implementing Statement No. 34, Basic Financial Statements–and Management’s Discussion and Analysis-for State and Local Governments. The total revenue was based on the first fiscal year ending after June 15, 1999. A new revenue calculation is not required.

Phase Effective for Period Beginning After Total Annual Revenue

Phase 1 December 15, 2006 $100 million or more

Phase 2 December 15, 2007 $10 million up to $100

million

Phase 3 December 15, 2008 Less than $10 million

Valuation Frequency For financial reporting purposes, a full actuarial valuation should be performed at the following minimum frequency.

a. Biennially for plans with a total membership of 200 or more b. Triennially for plans with a total membership of fewer than 200

Interim valuations, or roll-forwards, may be performed in years in which a full valuation is not required.



GASB 45 Terminology: Present Value of Total Future Liability – The present value of total future liability represents the total future benefits expected to be paid to current and future retirees as a result of their service through the valuation date as well as any expected future service. The present value of total future liability is the cost to finance benefits payable in the future, discounted to reflect the expected effects of the time value of money and the probabilities of payment. Actuarial Accrued Liability (AAL) - The AAL is the actuarial present value of future benefits based on employees' service rendered to the measurement date using the selected actuarial cost method. Retirees & Dependents – former employees who have satisfied the age and service requirement

and are currently receiving postretirement health care benefits Actives Fully Eligible – active employees who have satisfied the age and service requirement for

postretirement health care benefits. Actives Not Fully Eligible – active employees who have not yet satisfied the age and service

requirement for postretirement health care benefits. Unfunded Actuarial Accrued Liability (UAAL) - The excess of the Actuarial Accrued Liability over the Actuarial Value of Assets. For an unfunded plan, the UAAL is equal to the AAL. Normal Cost – The present value of future benefits earned by employees during the current fiscal year. Annual Required Contributions of the Employer (ARC) - If the plan were funded, the ARC would equal the employer’s periodic required contributions to a defined benefit OPEB plan, calculated in accordance with the GASB #45 parameters. For non-funded plans, this amount is calculated and used to increase the net unfunded OPEB Obligation. Annual OPEB Cost - An accrual-basis measure of the periodic cost of an employer’s participation in a defined benefit OPEB plan. The Annual OPEB Cost is recorded as an expense and disclosed in the government-wide financial statement. Net OPEB Obligation - The cumulative difference as of the effective date of this Statement between annual OPEB cost and the employer’s contributions to the plan, including the OPEB liability (asset) at transition, if any, and excluding (a) short-term differences and (b) unpaid contributions that have been converted to OPEB-related debt. The Net OPEB Obligation is represented as a balance sheet liability in the Statement of Net Assets.



REFERENCED TABLES Turnover New York State Employees’ Retirement System (ERS) Turnover Rates

<2 Years 2 Years 3 Years 4 Years 5-9 Years 10+ Years

<20 18.375% 10.298% 6.792% 5.938% 4.333% 2.727%

20 18.259% 10.298% 6.792% 5.938% 4.333% 2.727%

21 18.011% 10.298% 6.792% 5.938% 4.333% 2.727%

22 17.680% 10.298% 6.792% 5.938% 4.333% 2.727%

23 17.286% 10.853% 8.065% 6.339% 4.505% 2.727%

24 16.840% 11.240% 8.865% 6.671% 4.628% 2.727%

25 16.362% 11.473% 9.293% 6.919% 4.701% 2.727%

26 15.892% 11.592% 9.493% 7.107% 4.727% 2.727%

27 15.479% 11.621% 9.587% 7.282% 4.719% 2.727%

28 15.157% 11.569% 9.645% 7.485% 4.690% 2.688%

29 14.917% 11.436% 9.683% 7.721% 4.655% 2.643%

30 14.716% 11.226% 9.682% 7.945% 4.620% 2.588%

31 14.502% 10.953% 9.602% 8.084% 4.589% 2.522%

32 14.240% 10.645% 9.411% 8.065% 4.563% 2.447%

33 13.929% 10.326% 9.100% 7.855% 4.539% 2.369%

34 13.592% 10.015% 8.695% 7.483% 4.510% 2.290%

35 13.264% 9.712% 8.247% 7.028% 4.472% 2.215%

36 12.972% 9.407% 7.814% 6.587% 4.418% 2.140%

37 12.731% 9.086% 7.440% 6.238% 4.345% 2.063%

38 12.538% 8.747% 7.146% 6.016% 4.254% 1.982%

39 12.387% 8.405% 6.926% 5.903% 4.146% 1.904%

40 12.262% 8.081% 6.755% 5.845% 4.033% 1.830%

41 12.148% 7.793% 6.610% 5.783% 3.919% 1.768%

42 12.033% 7.553% 6.473% 5.676% 3.812% 1.719%

43 11.910% 7.360% 6.336% 5.512% 3.716% 1.683%

44 11.782% 7.208% 6.202% 5.306% 3.629% 1.653%

45 11.659% 7.089% 6.079% 5.094% 3.550% 1.620%

46 11.560% 6.995% 5.968% 4.906% 3.472% 1.572%

47 11.499% 6.926% 5.870% 4.766% 3.389% 1.504%

48 11.485% 6.880% 5.777% 4.680% 3.301% 1.419%

49 11.516% 6.856% 5.688% 4.639% 3.210% 1.329%

50 11.577% 6.849% 5.608% 4.625% 3.122% 1.250%

51 11.642% 6.854% 5.549% 4.620% 3.048% 1.189%

52 11.688% 6.865% 5.524% 4.608% 2.990% 1.148%

53 11.697% 6.877% 5.547% 4.583% 2.951% 1.125%

54 11.670% 6.891% 5.620% 4.546% 2.926% 1.112%

55 11.623% 6.914% 5.736% 4.508% 2.912% 1.105%

56 11.594% 6.955% 5.875% 4.484% 2.906% 1.103%

57 11.633% 7.031% 6.023% 4.493% 2.908% 1.105%

58 11.790% 7.155% 6.170% 4.547% 2.916% 1.110%

59 12.106% 7.338% 6.311% 4.653% 2.927% 1.116%

60 12.585% 7.589% 6.453% 4.808% 2.940% 1.124%

61 13.185% 7.894% 6.594% 5.001% 2.954% 1.132%

62-69 13.796% 8.223% 6.726% 5.212% 2.966% 1.138%

70+ 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

Age

Tiers 1, 2, 3, 4



New York State Employees’ Retirement System (ERS) Turnover Rates

<2 Years 2 Years 3 Years 4 Years 5-9 Years 10+ Years

<20 18.375% 10.298% 6.792% 5.938% 2.623% 5.381%

20 18.259% 10.298% 6.792% 5.938% 2.623% 5.381%

21 18.011% 10.298% 6.792% 5.938% 2.623% 5.381%

22 17.680% 10.298% 6.792% 5.938% 2.623% 5.381%

23 17.286% 10.853% 8.065% 6.339% 2.728% 5.381%

24 16.840% 11.240% 8.865% 6.671% 2.803% 5.381%

25 16.362% 11.473% 9.293% 6.919% 2.847% 5.381%

26 15.892% 11.592% 9.493% 7.107% 2.863% 5.381%

27 15.479% 11.621% 9.587% 7.282% 2.858% 5.381%

28 15.157% 11.569% 9.645% 7.485% 2.841% 5.305%

29 14.917% 11.436% 9.683% 7.721% 2.819% 5.216%

30 14.716% 11.226% 9.682% 7.945% 2.798% 5.110%

31 14.502% 10.953% 9.602% 8.084% 2.779% 4.981%

32 14.240% 10.645% 9.411% 8.065% 2.763% 4.834%

33 13.929% 10.326% 9.100% 7.855% 2.748% 4.682%

34 13.592% 10.015% 8.695% 7.483% 2.731% 4.529%

35 13.264% 9.712% 8.247% 7.028% 2.707% 4.382%

36 12.972% 9.407% 7.814% 6.587% 2.675% 4.234%

37 12.731% 9.086% 7.440% 6.238% 2.630% 4.083%

38 12.538% 8.747% 7.146% 6.016% 2.574% 3.925%

39 12.387% 8.405% 6.926% 5.903% 2.509% 3.772%

40 12.262% 8.081% 6.755% 5.845% 2.439% 3.627%

41 12.148% 7.793% 6.610% 5.783% 2.370% 3.505%

42 12.033% 7.553% 6.473% 5.676% 2.305% 3.409%

43 11.910% 7.360% 6.336% 5.512% 2.246% 3.337%

44 11.782% 7.208% 6.202% 5.306% 2.193% 3.279%

45 11.659% 7.089% 6.079% 5.094% 2.145% 3.214%

46 11.560% 6.995% 5.968% 4.906% 2.098% 3.119%

47 11.499% 6.926% 5.870% 4.766% 2.047% 2.985%

48 11.485% 6.880% 5.777% 4.680% 1.994% 2.818%

49 11.516% 6.856% 5.688% 4.639% 1.938% 2.641%

50 11.577% 6.849% 5.608% 4.625% 1.885% 2.485%

51 11.642% 6.854% 5.549% 4.620% 1.840% 2.364%

52 11.688% 6.865% 5.524% 4.608% 1.805% 2.284%

53 11.697% 6.877% 5.547% 4.583% 1.781% 2.237%

54 11.670% 6.891% 5.620% 4.546% 1.766% 2.211%

55 11.623% 6.914% 5.736% 4.508% 1.757% 2.198%

56 11.594% 6.955% 5.875% 4.484% 1.754% 2.194%

57 11.633% 7.031% 6.023% 4.493% 1.755% 2.198%

58 11.790% 7.155% 6.170% 4.547% 1.760% 2.207%

59 12.106% 7.338% 6.311% 4.653% 1.766% 2.219%

60 12.585% 7.589% 6.453% 4.808% 1.775% 2.235%

61 13.185% 7.894% 6.594% 5.001% 1.783% 2.250%

62-69 13.796% 8.223% 6.726% 5.212% 1.790% 2.264%

70+ 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

Tiers 5 & 6

Age


Westchester Community College 21 Harbridge Consulting Group, L.L.C Measurement Date: September 1, 2012

New York State Teachers’ Retirement System (TRS) Turnover Rates for females

0 Years of 1 Year of 2 Years of 3 Years of 4 Years of 5 Years of 6 Years of 7 Years of 8 Years of 9 Years of 10 + Years of

Service Service Service Service Service Service Service Service Service Service Service

<22 25.2705% 9.3652% 5.7894% 4.6566% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

23 26.4144% 10.0160% 5.7894% 4.6566% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

24 27.5583% 10.6668% 5.7894% 4.6566% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

25 28.7022% 11.3175% 6.5741% 4.6566% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

26 29.8461% 11.9683% 7.3589% 5.1834% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

27 30.9900% 12.6190% 8.1437% 5.7103% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

28 32.1339% 13.2698% 8.9285% 6.2371% 4.9651% 4.0533% 4.0279% 3.1433% 3.0269% 2.9859% 2.3495%

29 33.2779% 13.9205% 9.7132% 6.7640% 5.7959% 4.8790% 4.4087% 3.1433% 3.0269% 2.9859% 2.3495%

30 34.4218% 14.5713% 10.4980% 7.2908% 6.3498% 5.7047% 4.7896% 3.3283% 3.1649% 2.9859% 2.3495%

31 33.7149% 14.3990% 10.2994% 7.6587% 6.6267% 6.5304% 5.1704% 3.6984% 3.4408% 2.9859% 2.3495%

32 33.0080% 14.2268% 10.1008% 8.0267% 6.9037% 6.8562% 5.5512% 4.0686% 3.8771% 3.0520% 2.3495%

33 32.3011% 14.0545% 9.9023% 8.3946% 7.1806% 7.1482% 5.9321% 4.4387% 4.3134% 3.3165% 2.3495%

34 31.5943% 13.8822% 9.7037% 8.7625% 7.4576% 7.2579% 6.3129% 4.8088% 4.7165% 3.5810% 2.3495%

35 30.8874% 13.7100% 9.5051% 9.1304% 7.7345% 7.1809% 6.6937% 5.1790% 5.1195% 3.8455% 2.2675%

36 30.1485% 13.1968% 9.3169% 8.5419% 7.2583% 6.7681% 6.1670% 4.8941% 4.1891% 3.6339% 2.1034%

37 29.4097% 12.6836% 9.1287% 7.9533% 6.7822% 6.3553% 5.6403% 4.6092% 3.8337% 3.4223% 1.9393%

38 28.6709% 12.1704% 8.9405% 7.3647% 6.3060% 5.9425% 5.1135% 4.3243% 3.4782% 3.2107% 1.7752%

39 27.9321% 11.6572% 8.7522% 6.7761% 5.8298% 5.5298% 4.7553% 4.0394% 3.1227% 2.9991% 1.6111%

40 27.1932% 11.1440% 8.5640% 6.1875% 5.3536% 5.1170% 4.3971% 3.7545% 2.7672% 2.7875% 1.4471%

41 27.2086% 11.2626% 8.4583% 6.2068% 5.3566% 4.8726% 4.1349% 3.5634% 2.7143% 2.6346% 1.3501%

42 27.2240% 11.3812% 8.3526% 6.2260% 5.3596% 4.6282% 3.8726% 3.3722% 2.6614% 2.4818% 1.2531%

43 27.2393% 11.4998% 8.2468% 6.2452% 5.3626% 4.3838% 3.6103% 3.1810% 2.6085% 2.3289% 1.1560%

44 27.2547% 11.6185% 8.1411% 6.2644% 5.3656% 4.1395% 3.3481% 2.9899% 2.5555% 2.1760% 1.0590%

45 27.2700% 11.7371% 8.0354% 6.2837% 5.3686% 3.8951% 3.0858% 2.7987% 2.5026% 2.0231% 0.9620%

46 27.6387% 11.9587% 8.3107% 6.4476% 5.3600% 4.0789% 3.1262% 2.8348% 2.5804% 2.0103% 0.9440%

47 28.0073% 12.1803% 8.5860% 6.6116% 5.3514% 4.2628% 3.1667% 2.8708% 2.6581% 1.9974% 0.9259%

48 28.3759% 12.4019% 8.8614% 6.7756% 5.3428% 4.4466% 3.2071% 2.9069% 2.7359% 1.9846% 0.9079%

49 28.7445% 12.6235% 9.1367% 6.9395% 5.3342% 4.6304% 3.2476% 2.9429% 2.8136% 1.9717% 0.8899%

50 29.1131% 12.8450% 9.4120% 7.1035% 5.3256% 4.8143% 3.2880% 2.9790% 2.8914% 1.9589% 0.8718%

51 29.4817% 13.0666% 9.6873% 7.2674% 5.3170% 4.9981% 3.3284% 3.0151% 2.9691% 1.9461% 0.8538%

52 29.8503% 13.2882% 9.9627% 7.4314% 5.3084% 5.1820% 3.3689% 3.0511% 3.0469% 1.9332% 0.8357%

53 30.2189% 13.5098% 10.2380% 7.5954% 5.2997% 5.3658% 3.4093% 3.0872% 3.1246% 1.9204% 0.8177%

54+ 30.5876% 13.7314% 10.5133% 7.7593% 5.2911% 5.5496% 3.4498% 3.1232% 3.2024% 1.9075% 0.7996%

Age


Westchester Community College 22 Harbridge Consulting Group, L.L.C Measurement Date: September 1, 2012

New York State Teachers’ Retirement System (TRS) Turnover Rates for males

0 Years of 1 Year of 2 Years of 3 Years of 4 Years of 5 Years of 6 Years of 7 Years of 8 Years of 9 Years of 10 + Years of

Service Service Service Service Service Service Service Service Service Service Service

<22 25.9944% 9.3433% 6.4593% 4.8649% 3.7015% 2.2000% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

23 25.9944% 9.3433% 6.4593% 4.8649% 3.7015% 2.2000% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

24 27.2583% 9.3433% 6.4593% 4.8649% 3.7015% 2.2000% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

25 28.5222% 10.0846% 6.4593% 4.8649% 3.7015% 2.2000% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

26 29.7861% 10.8259% 7.0858% 4.8649% 3.7015% 2.2000% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

27 31.0500% 11.5672% 7.7123% 5.1379% 3.7015% 2.2000% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

28 32.3138% 12.3086% 8.3389% 5.4108% 3.9868% 2.4169% 1.2711% 1.0469% 0.9177% 0.8490% 0.7368%

29 33.5777% 13.0499% 8.9654% 5.6838% 4.2721% 2.6338% 1.3989% 1.0469% 0.9177% 0.8490% 0.7368%

30 34.8416% 13.7912% 9.5919% 5.9567% 4.4623% 2.8507% 1.6544% 1.1635% 0.9177% 0.8490% 0.7368%

31 34.4014% 13.8382% 9.5492% 6.2415% 4.5574% 3.0677% 1.9100% 1.3968% 1.1002% 0.8490% 0.7368%

32 33.9612% 13.8851% 9.5065% 6.5263% 4.6525% 3.2846% 2.1655% 1.6300% 1.2828% 0.8884% 0.7368%

33 33.5210% 13.9321% 9.4638% 6.8111% 4.7476% 3.5015% 2.4210% 1.8633% 1.4653% 1.0462% 0.7368%

34 33.0808% 13.9790% 9.4211% 7.0958% 4.8426% 3.7184% 2.6766% 2.0965% 1.6479% 1.2040% 0.7368%

35 32.6406% 14.0260% 9.3783% 7.3806% 4.9377% 3.9353% 2.9321% 2.3297% 1.8304% 1.3303% 0.7368%

36 32.5430% 13.8801% 9.4647% 7.4514% 5.1198% 4.0652% 3.0587% 2.4116% 1.8515% 1.4313% 0.7506%

37 32.4454% 13.7343% 9.5511% 7.5223% 5.3018% 4.1951% 3.1853% 2.4934% 1.8726% 1.5323% 0.7645%

38 32.3478% 13.5885% 9.6374% 7.5931% 5.4839% 4.3250% 3.3119% 2.5753% 1.8936% 1.6333% 0.7783%

39 32.2502% 13.4426% 9.7238% 7.6640% 5.6659% 4.4548% 3.4386% 2.6571% 1.9147% 1.7343% 0.7922%

40 32.1526% 13.2968% 9.8101% 7.7348% 5.8480% 4.5847% 3.5652% 2.7390% 1.9358% 1.8353% 0.8061%

41 31.5621% 13.6402% 10.1321% 7.7187% 5.8465% 4.4883% 3.5483% 2.9326% 2.0588% 1.8597% 0.8304%

42 30.9716% 13.9835% 10.4541% 7.7025% 5.8451% 4.3919% 3.5314% 3.1262% 2.1819% 1.8842% 0.8547%

43 30.3810% 14.3269% 10.7761% 7.6864% 5.8437% 4.2954% 3.5145% 3.3198% 2.3049% 1.9087% 0.8790%

44 29.7905% 14.6703% 11.0981% 7.6702% 5.8423% 4.1990% 3.4976% 3.5134% 2.4280% 1.9331% 0.9033%

45 29.2000% 15.0136% 11.4201% 7.6541% 5.8409% 4.1026% 3.4807% 3.7070% 2.5510% 1.9576% 0.9276%

46 29.0773% 15.4527% 11.6641% 8.0859% 5.9296% 4.3021% 3.6045% 3.9363% 2.6291% 1.9590% 0.8957%

47 28.9546% 15.8918% 11.9082% 8.5177% 6.0184% 4.5016% 3.7284% 4.1656% 2.7071% 1.9603% 0.8638%

48 28.8320% 16.3308% 12.1523% 8.9495% 6.1071% 4.7011% 3.8522% 4.3949% 2.7851% 1.9617% 0.8319%

49 28.7093% 16.7699% 12.3964% 9.3813% 6.1959% 4.9007% 3.9760% 4.6242% 2.8631% 1.9631% 0.8000%

50 28.5866% 17.2090% 12.6404% 9.8131% 6.2847% 5.1002% 4.0998% 4.8535% 2.9412% 1.9645% 0.7681%

51 28.4639% 17.6480% 12.8845% 10.2449% 6.3734% 5.2997% 4.2236% 5.0828% 3.0192% 1.9658% 0.7362%

52 28.3413% 18.0871% 13.1286% 10.6767% 6.4622% 5.4992% 4.3475% 5.3121% 3.0972% 1.9672% 0.7043%

53 28.2186% 18.5262% 13.3727% 11.1085% 6.5509% 5.6988% 4.4713% 5.5414% 3.1753% 1.9686% 0.6724%

54+ 28.0959% 18.9652% 13.6168% 11.5403% 6.6397% 5.8983% 4.5951% 5.7707% 3.2533% 1.9699% 0.6405%

Age



Retirement New York State Employees’ Retirement System (ERS) Retirement Rates

< 20 Years 20-29 Years 30+ Years <20 Years 20-29 Years 30+ Years

55 15.655% 29.771% 55.855% 5.923% 8.206% 41.847%

56 8.874% 13.022% 23.639% 3.858% 4.789% 19.822%

57 7.267% 10.981% 20.885% 3.839% 4.887% 18.561%

58 8.663% 12.168% 19.484% 3.993% 5.426% 18.220%

59 9.860% 14.358% 19.139% 4.336% 6.459% 18.802%

60 9.824% 16.002% 19.303% 4.888% 7.811% 19.944%

61 12.896% 19.192% 21.575% 8.169% 16.183% 24.296%

62 17.478% 29.445% 30.069% 14.912% 32.164% 35.967%

63 14.088% 22.236% 20.647% 10.952% 21.710% 24.163%

64 15.868% 25.367% 20.720% 12.035% 21.020% 23.513%

65 20.503% 25.527% 23.208% 15.763% 25.788% 27.753%

66 21.347% 27.429% 23.237% 15.360% 25.820% 28.852%

67 18.053% 24.840% 20.013% 12.425% 20.575% 22.782%

68 14.699% 26.911% 18.633% 12.378% 19.431% 24.346%

69 17.778% 23.200% 17.022% 13.189% 20.578% 23.787%

70 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

Tier 1 Tiers 2, 3, 4, 5, & 6

Age



New York State Teachers’ Retirement System (TRS) Retirement Rates

Age Males Females Age Males Females

55 31.1756% 31.1774% 55 3.4627% 4.2183%

56 25.4224% 24.9599% 56 2.9994% 3.6835%

57 18.7021% 16.3685% 57 2.8821% 3.5166%

58 20.1230% 17.3078% 58 3.7932% 4.0023%

59 21.7976% 17.7174% 59 3.4563% 4.2266%

60 22.5532% 19.0579% 60 4.7151% 4.8490%

61 22.7859% 20.4671% 61 5.3363% 6.2749%

62 21.1386% 22.1966% 62 21.1386% 22.1966%

63 17.8082% 18.1851% 63 17.8082% 18.1851%

64 13.4752% 15.9849% 64 13.4752% 15.9849%

65 17.4277% 20.0559% 65 17.4277% 20.0559%

66 19.7891% 18.9809% 66 19.7891% 18.9809%

67 11.5544% 16.1544% 67 11.5544% 16.1544%

68 12.6412% 16.9583% 68 12.6412% 16.9583%

69 9.5163% 15.7879% 69 9.5163% 15.7879%

70 13.4313% 16.9101% 70 13.4313% 16.9101%

71 13.2847% 17.3372% 71 13.2847% 17.3372%

72 8.3523% 12.3957% 72 8.3523% 12.3957%

73 6.0934% 12.6204% 73 6.0934% 12.6204%

74 14.0439% 11.8774% 74 14.0439% 11.8774%

75 16.5500% 15.3458% 75 16.5500% 15.3458%

76 100.0000% 100.0000% 76 100.0000% 100.0000%

At least Age 62 or with 30+ Years of Service

TRS - Tier 1 and Tiers 2, 3, 4

and Tier 5 and 6 at least Age 62

TRS - Tiers 2, 3, 4 less than Age 62

with <30 Years of Service

Age Males Females Age Males Females

55 1.7313% 2.1092% 55 1.7313% 2.1092%

56 1.4997% 1.8418% 56 1.4997% 1.8418%

57 1.4411% 1.7583% 57 31.1756% 31.1774%

58 1.8966% 2.0012% 58 25.4224% 24.9599%

59 1.7281% 2.1133% 59 18.7021% 16.3685%

60 2.3575% 2.4245% 60 20.1230% 17.3078%

61 2.6682% 3.1375% 61 21.7976% 17.7174%

62 21.1386% 22.1966% 62 21.1386% 22.1966%

63 17.8082% 18.1851% 63 17.8082% 18.1851%

64 13.4752% 15.9849% 64 13.4752% 15.9849%

65 17.4277% 20.0559% 65 17.4277% 20.0559%

66 19.7891% 18.9809% 66 19.7891% 18.9809%

67 11.5544% 16.1544% 67 11.5544% 16.1544%

68 12.6412% 16.9583% 68 12.6412% 16.9583%

69 9.5163% 15.7879% 69 9.5163% 15.7879%

70 13.4313% 16.9101% 70 13.4313% 16.9101%

71 13.2847% 17.3372% 71 13.2847% 17.3372%

72 8.3523% 12.3957% 72 8.3523% 12.3957%

73 6.0934% 12.6204% 73 6.0934% 12.6204%

74 14.0439% 11.8774% 74 14.0439% 11.8774%

75 16.5500% 15.3458% 75 16.5500% 15.3458%

76 100.0000% 100.0000% 76 100.0000% 100.0000%

TRS - Tier 5 and 6 less than Age 62

with <30 Years of Service

TRS - Tier 5 and 6 less than Age 62

with 30+ Years of Service

Westchester Community College · Westchester Community College ... to improve the faithfulness of representations and usefulness of ... benefits during the period when employees render

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