24 CAR § 20-405
24 CAR § 20-405. Funded percentage test
Length: 112 wordsOfficial source
(a) The local plan’s current assets (cash and investments) must be sufficient to cover a portion of the proposed total liabilities of all participants of the local plan.
(b) The portion is defined in the table below.
Testing Dates as of
December 31
Amortization of Unfunded Active Liabilities
Amortization of Unfunded Retiree Liabilities
Active Liability-Short Condition Test
Funded Percentage Test
1994
18
9
55%
82%
1995
16
8
60%
84%
1996
14
7
65%
86%
1997
12
6
70%
88%
1998
10
5
75%
90%
1999
9
5
80%
92%
2000
8
5
85%
94%
2001
7
5
90%
95%
2002
6
5
95%
96%
2003 & after
5
5
100%
97%