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Division of Accounts


OPEB Plan Reports

The following actuarial reports were obtained to satisfy the GASB Statement 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, requirements.

The nature and structure of the state-administered plans reported in accordance with the accounting standard do not necessarily permit certain observations to be made easily.

The following schedule will provide readers with information regarding the state´s obligations in each plan. Please note that the state has no obligation for the Local Government Plan and, therefore, it is not listed. Also, the plan actuary reports procured from Aon Consulting in November 2005 are not comparable to these plan reports procured from Buck Consultants primarily because the scope of the contracts varied.

Component Units, in accordance with GASB Statements 14 and 39 that define the financial reporting entity, include entities that are, first, legally separate from the state and meet other criteria. Component units are reported separately in the state´s Comprehensive Annual Financial Report (CAFR) for accounting purposes, e.g., University of Tennessee System, Tennessee Board of Regents System, and Tennessee Housing Development Agency.

Summary of Actuary Reports for Health Plans and Related Information
June 30, 2013 (unaudited)
(Expressed in thousands)
 
  State Plan Teacher Plan Tennessee Plan (Medicare Supp) Local Government Plan Total All Plans
State Obligation
Unfunded Actuarial Liability $1,023,529 $216,600 $383,815   $1,623,943
Annual Required Contribution $99,003 $24,072 $28,943   $152,018
Employer Premium Contributions $41,438 $17,947 $10,599   $69,984
Net OPEB Obligation $397,024 $45,715 $107,205   $549,944
 
State Component Units Obligation
Unfunded Actuarial Liability $452,669     $363 $453,032
Annual Required Contribution $50,494     $122 $50,616
Employer Premium Contributions $32,257     $58 $32,315
Net OPEB Obligation $184,494     $527 $185,021
 
Others
Unfunded Actuarial Liability   $799,931 $97,210 $82,750 $979,891
Annual Required Contribution   $96,197 $9,869 $11,108 $117,174
Employer Premium Contributions   Not Available Not Available Not Available Not Available
Net OPEB Obligation   Not Available Not Available Not Available Not Available
 
Plan Totals
Unfunded Actuarial Liability $1,476,198 $1,016,531 $481,024 $83,113 $3,056,866
Annual Required Contribution $147,497 $120,269 $38,812 $11,230 $319,808
Employer Premium Contributions $73,695 Not Available* Not Available* Not Available* Not Available*
Net OPEB Obligation $581,518 Not Available* Not Available* Not Available* Not Available*

*Totals not supplied where major parts of calculation are not available.

State of Tennessee — State Employee Group Plan

State of Tennessee — Local Education Employee Group Plan

State of Tennessee — The Tennessee Plan

State of Tennessee — Local Government Employee Group Plan