3 out of the last 5 years psprs is under performance. FY2012 -.32%

Market, write down in real estate, opportunity cost in moving funds

psprs plan will be around 58% in the next actuarial valuation

employer costs are going higher; picture isn't pretty.

bad, bad news.

Employer Groups; feedback has been negative and they need supplemental sources of funds

furlough days and more as monies dry up and pressure increases to cut more sources.

GASB - reporting of liabilities by pension funds. start next fiscal year. Moves everything to the balance sheet. Financial report won't look good.

Speaker said in Yuma county alone, pension liability could be three times higher than the revenue.

All liabilities - net pension liability.

2010 - Math errors from a partner, caused big problems. Now start a counter-party risk assessment.