The History of JRS
Established as a Public Employee Retirement System (PERS) by state statute on July 1, 1941 the System commenced operations effective November 1, 1941.
On June 30, 1942 the System had seven annuitants receiving an average monthly benefit of approximately $300. At June 30, 2013, there were 775 annuitants receiving monthly retirement benefits averaging nearly $10,500 and 323 survivors receiving monthly benefits averaging slightly more than $5,200.
The System's investment portfolio, which began as a $100,000 U.S. Defense Series E Savings Bond, has grown to nearly $613 million and now includes investments in U.S. and foreign bonds and equity securities, venture capital and real estate.
At June 30, 1942, the actuarial determined liability of JRS was $177,000 while the amount of fund balances for participant contributions and future operations totaled $83,000 resulting in an unfunded actuarial liability of $94,000. At June 30, 2014, the accrued actuarial liability of the System amounted to $2.229 billion and the actuarial value of assets amounted to $705.2 million resulting in an unfunded actuarial liability of $1.5 billion.
The System offers educational services to active members. The programs include one-on-one counseling and a pre-retirement seminar.