Because the 5-yr historical investment performance was less than 1% above the actuarial assumption rate, the Board does not have the discretion to issue a 13th Check in 2009. The analysis is detailed below for your review.
13th Check Analysis
10/27/09
Rates of Return
Fiscal Year Actuarial Assumption Actual
2004-05 8.0% 14.0%
2005-06 8.0% 10.1%
2006-07 8.0% 16.9%
2007-08 8.0% -13.5%
2008-09 8.0% - 5.3%
5 Year Average 8.0% 4.4%