Received my annual report for fiscal 2011-2012 of the Police and Fire Retirement Fund. The numbers are a little bit weaker than in previous years, however the report states:

Overall Financial Condition: The Retirement System continues in sound actuarial condition in accordance with the principles of level percent-of-payroll financing.

Well, the first half of that sentence sounds good, but can someone rephrase the last half in plain english, using words of one syllable????