West Virginia Public Employees Retirement System's funding level improved to 83.6% for the fiscal year ended June 30, up from 80% in fiscal 2004, according to the latest actuarial valuations provided Wednesday by Harry Mandel, actuary for the state's pension systems. The $3.4 billion system had liabilities of $4.1 billion at the end of the 2005 fiscal year.
The funding level of the $1.6 billion West Virginia Teachers Retirement System also improved for the 2005 fiscal year to 26.4%, up 2.4 percentage points from the previous fiscal year. The fund had liabilities of $5 billion at the end of fiscal 2005. State lawmakers approved contributing $23 million from the state's budget surplus for fiscal 2006, Mr. Mandel said.
State legislators also plan to contribute $69 million from the budget surplus to the West Virginia Public Safety, Death, Disability & Retirement System, Mr. Mandel said. The pension plan was 74.4% funded as of June 30, with assets of $361 million and liabilities of $485 million. The plan was 24.5% funded in fiscal 2004; funding improved because of a special $225 million contribution.
All three of the plans are based in Charleston.