Plan membership and contributing emloyers/non-employers consisted of the following at June 30, 2020:
| 2020 | |
|---|---|
| Inactive plan members or beneficiaries currently receiving benefits | 45,537 |
| Inactive plan members entitled to but not yet receiving benefits | 65 |
| Active plan members | 42,520 |
| Total | 88,122 |
| Contributing Employers – | 582 |
| Contributing Nonemployers - | 1 |
The State of New Jersey’s Total OPEB Liability for nonspecial funding situation was $12,484,309,814 at June 30, 2020.
Components of Net OPEB Liability – The components of the collective net OPEB liability for Local Government Retired Employees Plan, including the State of New Jersey, is as follows:
| June 30, 2020 | |
|---|---|
| Total OPEB Liability | $18,111,475,228 |
| Plan Fiduciary Net Position | 164,862,282 |
| Net OPEB Liability | $17,946,612,946 |
|
Plan fiduciary net position as a percentage of the total OPEB liability |
0.91% |
The total OPEB liability as of June 30, 2020 was determined by an actuarial valuation as of June 30, 2019, which was rolled forward to June 30, 2020. The actuarial assumptions vary for each plan member depending on the pension plan the member is enrolled in. This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement:
| Inflation rate | 2.50% |
| Salary Increases*: | |
| Public Employees’ Retirement System (PERS) | |
| Initial fiscal year applied | |
| Rate through 2026 | 2.00% to 6.00% |
| Rate thereafter | 3.00% to 7.00% |
| Police and Firemen's Retirement System (PFRS) | |
| Rate for all future years | 3.25% to 15.25% |