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GASB OPEB Unfunded Liability – 2004 to 2005: Why Did it Increase?

UPDATED CALCULATION OF ACTUARIAL ACCRUED LIABILITY RESULTED IN INCREASE FROM $4.9 BILLION TO $10 BILLION

Liability, 7/1/2004

One year of interest on liability, additional benefits, benefits paid and actuarial experience

Increase life expectancy and change retirement and turnover assumptions to better reflect LAUSD experience

Health cost increases

Change actuarial cost method to method that creates level annual costs

Discount rate/investment return assumption change decreased from 6.5% to 5% to more closely reflect expected investment returns on LAUSD investments

Liability, 7/1/2005

1Epler

Source: Segal

$4.9B1 +0.3B

+0.4B

+0.9B +1.3B

+2.2B

$10 B

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