City of Phoenix Retirees' Association. COPERS. C ity o f P hoenix E mployees’ R etirement S ystem. March 2009. Agenda. Economic Overview COPERS’ Financial Condition Funded Status Employer Contributions. Agenda. Post-Retirement Increases PEP 13th Check Calculation Process
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Employee Contribution 5% per charter
(1) Determine Investment Earnings
Average over last five calendar years
(2) Are there “Excess Earnings”?
Actuarial Return Target = 8%
(3) If yes, an amount is added to the “PEP Reserve”
(4) Phoenix-Mesa CPI for prior year
(5) PEP is lesser of CPI or amount supported by reserve balance
10yr Cumulative: 26.6%
10yr Average: 2.7%
(1) Phoenix-Mesa CPI for prior year
(2) 13th Check is lesser of ½ CPI or 3% with minimum of 1% if PEP Reserve balance is sufficient
*Minimum rate per amended City Charter