Plan Type: Defined benefit
Accrual Rate: 2 - 2.5%
Value of Assets: $99,500,000
Accrued Liability: $127,800,000
Unfunded Accrued Liability: $28,300,000
Required Contribution: $2,809,962
Required Contribution per Household: $83
Plan Type: Defined benefit
Accrual Rate: 2.8% (capped at 25 years)
Value of Assets: $208,800,000
Accrued Liability: $194,200,000
Unfunded Accrued Liability: Overfunded $14,600,000
Required Contribution: $3,066,652
Required Contribution per Household: $90
Value of Assets: $5,568,324
Accrued Liability: $68,578,718
Unfunded Accrued Liability: $63,010,394
Required Contribution: $4,512,080
Required Contribution per Household: $133
Actual Contribution: $3,111,257
Actual Contribution per Household: $92
Value of Assets: $31,240,927
Accrued Liability: $114,013,342
Unfunded Accrued Liability: $82,772,415
Required Contribution: $6,501,073
Required Contribution per Household: $191
Actual Contribution: $6,807,865
Actual Contribution per Household: $200
Information from the City of Southfield's most recent CAFR and SERS Ordinance 1551.