Our actuarial consultant found that the 2003 valuation was made in accordance with relevant state laws and rules, and actuarial standards. It further concluded that the assumptions and methods used in the 2003 valuation were generally reasonable.
The Florida Retirement System pension plan continues to be fully funded. The 2003 actuarial valuation determined that the plan's assets exceed its liabilities, with a surplus of $12.3 billion as of July 1, 2003. However, the 2003 actuarial valuation also shows that the plan's funding status (as measured by the ratio of its assets to liabilities) has experienced a decline over the last three fiscal years (from 118% in Fiscal Year 1999-00 to 114% in Fiscal Year 2002-03).
Our consultant made several technical recommendations. A major recommendation is that the Department of Management Services' consulting actuary should include a more detailed analysis of the causes of gains and losses to the system's liabilities. This would enable an outside actuary to better assess the factors causing recent gains and losses. Also, although the plan's funding status is not currently a concern because the plan is fully funded, the plan's funding status should continue to be closely monitored.

Actuarial Review of the July 1, 2013 Actuarial Valuation of the Florida Retirement System
Report 14-FRS July 2014
Actuarial Review of the July 1, 2012 Actuarial Valuation of the Florida Retirement System
Report 13-FRS August 2013
Florida Retirement System Pension Plan Valuation Met Standards
Report 12-09 July 2012
Florida Retirement System Pension Plan Valuation Met Standards
Report 11-17 May 2011

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.