GASB Actuarial Valuations


In 2015, ACERA implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No. 67, which sets new guidelines on the reporting of pension liability.

How “Net Pension Liability” Differs From “Unfunded Actuarial Accrued Liability”

ACERA now reports a figure in our Comprehensive Annual Financial Report called Net Pension Liability or NPL. NPL is similar to Unfunded Actuarial Accrued Liability (UAAL) in that they are both projections of how much ACERA owes to its members in benefits (now and in the future) but doesn’t yet have in the pension fund. The primary difference between the two is that UAAL is calculated using Actuarial Value of Assets and NPL is calculated using Market Value of Assets. Each is calculated by our actuary in a separate valuation. The valuation that uses UAAL is also the valuation that is used to set our contribution rates. The valuation that uses NPL is used for reporting purposes to comply with GASB Statement No. 67 financial reporting requirements. Both valuations are attached to this page.

 Below is a summary of ACERA’s NPL as calculated by our actuary.

Net Pension Liability (NPL)

Dollars in Millions

Valuation as of
December 31
Plan Fiduciary Net Position Total Pension Liability (TPL) Net Pension Liability Plan Fiduciary Net Position as a Percentage of TPL
Plain English: (Market value of how much we have now) (How much we owe in benefits, now and in the future) (How much more we’ll need to pay all the benefits we owe) (% of how much we owe that we have now. The ultimate goal is 100%.)
2022 $9,257.8 $11,489.1 $2,231.3 80.58%
2021 $10,217.2 $11,009.5 $0.8 92.80%
2020 $8,444.9 $10,639.3 $2,194.4 79.37%
2019 $7,819.1 $9,959.8 $2,140.7 78.51%
2018 $6,771.1 $9,535.1 $2,764.0 71.01%
2017 $7,110.2 $9,123.9  $2,013.7 77.93%
2016 $6,167.8 $8,411.0 $2,243.2 73.3%
2015 $5,853.4 $7,971.9 $2,118.4 73.4%
2014 $5,912.4 $7,653.1 $1,740.6 77.3%
2013 $5,693.8 $6,975.8 $1,282.0 81.6%

Refer to ACERA’s Comprehensive Annual Financial Report, Section 2, Note 5, for more detailed information on NPL.