an estimate of the outlays required if every claim that is before WorkCare has to be paid out tomorrow

The accumulated cost of benefits previously earned by active and retired members but not yet collected or paid.

Occurs when there are fewer assets in the fund than liabilities.

The financial obligation for service already rendered by former and present employees. The amount of this obligation not covered by System assets represents the "unfunded liability." An unfunded liability typically comes about when benefits are increased without immediate funding.

The amount by which the Board's own current liabilities exceed its assets.

The amount of funds or time (commonly measured in years) needed to pay for improvements over the years for present members and retirees who formerly contributed at a lower contribution rate for a lesser program.