Question
Calculate pension funded ratio The city of Tallahassee maintains pension trust funds for general employees, police officers, and firefighters. Assume a note to Tallahassees financial
Calculate pension funded ratio
The city of Tallahassee maintains pension trust funds for general employees, police officers, and firefighters. Assume a note to Tallahassees financial statements shows the following regarding each fund (in thousands of dollars):
| General | Police | Fire | |
|---|---|---|---|
| Plan fiduciary net position | $1,718,613 | $514,283 | $326,288 |
| Total pension liability | $1,881,916 | $585,016 | $414,873 |
a) Calculate the funded ratio for each of the city of Tallahassees pension plans. Round all percentages to one decimal.
| General | |
| Police | |
| Fire |
b) Using the rule of thumb suggested in the text, do any of the pension funds fall below the reasonableness norm?
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
