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Question(s) / Instruction(s):

34.     (Preparation of Pension Trust Fund schedule of funding progress)
     
Based on the following data elements (not all of which are relevant to this problem) calculate (a) the funded ratio and (b) the unfunded actuarial accrued liability as a percentage of covered payroll for Elisa County's schedule of funding progress at December 31, 2008
               Total investments, at fair value, January 1, 2008          $11,500,000
               Actuarial accrued liability at December 31, 2008          $15,750,000
               Pension benefits paid during the year 2008          $3,100,000
               Actuarial value of assets at December 31, 2008          $13,800,000
               Total payroll for year 2008, including overtime          $4,000,000
               Covered payroll for year 2008          $3,800,000

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