It’s true that the percentage of program liabilities covered by current assets have declined significantly from a previous high at the beginning of the decade.

The 2001 dot com bust, followed by the 2008 world economic turmoil created lower than expected investment returns. The fund experienced a minus-25 percent return for the fiscal year that ended June 30, 2009. However, the benefit enhancements which rewarded longevity in the classroom, implemented in 1998 and 2000, were not significant contributing factors to the projected unfunded liability.