What is Unfunded Actuarial Accrued Liability (UAAL), also known as Prior Service Liability?
Prior Service Liability is the cost of providing benefits for service credit earned: • Prior to an employer joining the WRS, or • For providing benefit improvements based on service credit earned prior to the effective date of certain major benefit legislative changes, several of which have been enacted into law by the Legislature/Governor over time. Your current balance is the net of: • The original amounts determined for your employees’ service prior to the time you came under the retirement system, plus • The liability for statutory benefit changes, plus • All interest that has been assessed on the liability, less • All payments made.
