| Section 1: Actuarial Valuation Summary



Summary of key valuation results



EXHIBIT 1



2019 2018

Contributions for Actuarially determined employer contributions (ADEC)' $365,803,372 $277 523,563

plan year beginning ADEC' as a percent of payroll 91.59% 68.56%

October 1: Expected employer contributions 90,860,529 82,979,021

Shortfall 274,942,843 194,544,533

Actuarial accrued Retired members and beneficiaries $2,953,200,280 $2,307,472,963

liability for plan year Inactive vested members 383,454,721 204,418,060

beginning October 1: Active members 1.744,402,145 1,182,100,271

Inactive members due a refund of employee contributions 11,241,555 9,047,179

Total 5,092,298,701 3,703,038,473

Normal cost including administrative expenses 91,896,341 53,750,366

Funded status for Market value of assets (MVA) $678,120,265 $768,820,663

plan year beginning Unfunded/(overfunded) actuarial accrued liability 4,414,178,436 2,934,217,810

October 1: Funded percentage 13.32% 20.76%

Projected insolvency in plan year beginning October 1 2023 2023

Key assumptions Net investment return (funding valuation basis) 4.00% 7.00%

Inflation rate 2.50% 2.50%

GASB information Discount rate prior to projected insolvency 4.00% 7.00%

20-year bond rate 2.66% 4.18%

Blended rate 2.67% 4.25%

Total pension liability $5,992,768,058 $4,941,600,552

Plan fiduciary net position 678,120,265 768,820,663

Net pension liability 5,314,647,793 4,172,779,889

Plan fiduciary net position as a percentage of total pension liability 11.32% 15.56%

Demographic data for Number of retired members and beneficiaries 8,761 8,702

plan year beginning Number of active members 8,736 9,368

October 1: Total covered payroll $399,386,941 $404,775,714

Average payroll 45,717 43,208

The ADEC is the actuarially determined contributions as developed in Section 2, net of projected member contributions

Government Employees' Retirement System of the Virgin Islands ag Segal 7