Attachment G - Pension Policy - June 2023.pdf

City of Phoenix Employees’ 
Retirement System 
ACTUARIAL VALUATION REPORT AS OF 
June 30, 2022 
GRS 
Attachment G

City of Phoenix Employees’ Retirement System 
A-2 
 
Financial Position and Summary of Results 
The funded ratio increased on an actuarial value of assets basis and decreased on a market value of assets basis 
from June 30, 2021 to June 30, 2022. 
June 30, 2022
June 30, 2021
1. Total Actuarially Determined Contribution
a.
Dollar Amount
215,036,318
$       
203,110,931
$       
b.
As a % of Payroll
35.24%
34.14%
2. Funded Status
a.
Actuarial Accrued Liability
4,723,290,827
$    
4,541,798,567
$    
b.
Actuarial Value of Assets (AVA)
3,361,409,190
          
3,211,142,294
          
c.
Unfunded Liability (AVA-basis)
1,361,881,637
          
1,330,656,273
          
d.
Funded Ratio (AVA-basis)
71.17%
70.70%
e.
Market Value of Assets (MVA)
3,242,686,938
$        
3,438,026,681
$        
f.
Unfunded Liability (MVA-basis)
1,480,603,889
          
1,103,771,886
          
g.
Funded Ratio (MVA-basis)
68.65%
75.70%
3. Summary of Census Data
a.
Actives
i.(a) Tier 1 Count
4,110
                          
4,522
                          
i.(b) Tier 2 Count
541
                             
587
                             
i.(c) Tier 3 Count
3,287
                          
2,860
                          
i.(d) Total Active Count
7,938
                          
7,969
                          
ii.
Total Annual Compensation
595,761,181
$           
580,866,220
$           
iii.
Average Projected Compensation
75,052
                        
72,891
                        
iv.
Average Age
46.7
                            
46.8
                            
v.
Average Service
11.8
                            
12.2
                            
b.
Deferred Vested Member Counts
1,109
                          
1,053
                          
c.
Retiree Counts
6,363
                          
6,183
                          
d.
Beneficiary and Alternate Payee Counts
1,195
                          
1,171
                          
e.
Disability Counts
222
                             
233
                             
f.
Total Members Included in Valuation
16,827
                    
16,609
                    
 
Exhibit A.1
City of Phoenix Employees’ Retirement System
Executive Summary
 
The funded ratio may not be appropriate for assessing the need for future contributions. The funded ratio is 
not appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan’s 
benefit obligations.