The DOI biennial report shows the value of the Summit Police Pension Fund's liabilities was $30,072,390 at the end of 2016, while its value of assets was $9,766,665 a difference of $20,305,725.
The fund's actuarial funding position has improved over the past five years. In 2016, 32.5 percent of the fund was funded. Five years ago, 28 percent was funded.
Combining the liabilities of all the funds, just 47.9 percent were funded in 2016, according to the report. Unfunded liabilities statewide totaled $185.2 billion in 2016.
Summit Police Pension Fund health over 5 years
| 2012 | 2013 | 2014 | 2015 | 2016 | Change 2012-2016 | |
|---|---|---|---|---|---|---|
| Actuarial value of assets | $7,917,317 | $8,303,826 | $8,911,903 | $9,373,071 | $9,766,665 | 23.4% |
| Actuarial value of liabilities | $28,290,259 | $26,402,921 | $27,492,146 | $28,834,726 | $30,072,390 | 6.3% |
| Actuarial funding position | -$20,372,942 | -$18,099,095 | -$18,580,243 | -$19,461,655 | -$20,305,725 | 0.3% |
| Actuarial funding percent | 28% | 31.4% | 32.4% | 32.5% | 32.5% | 4.5% |
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