The actuarially computed value of the unfunded accrued liabilities is greater than the actuarial present
value of accumulated plan benefits principally because the method for determining the actuarial present value
of accumulated plan benefits does not take into consideration anticipated future wage and salary increases.

For asset and investment management purposes, the State combines the assets of all State administered
retirement and pension systems into a pooled trust fund. Accordingly, the financial statements for the State
administered pension fund are presented on a combined basis in the fiduciary fund type financial statements.
Individual retirement systems' equity in the pension fund balance (amounts expressed in thousands) as of
June 30, 1983 is as follows:

	Fund	Balance(a)
	Employee	Retirement
	Annuity	Accumulation
	Savings(b)	Fund(c)
Employees' Retirement System ..................	.............. $305,815	$ 716,161
Teachers' Retirement System ....................	.............. 611,357	1,292,478
State Police Retirement System ..................	.............. 26,013	93,934
Employees' Pension System .....................	.............. 4,281	224,178
Teachers' Pension System .......................	.............. 4,584	146,075
Judges' Pension System .........................	.............. 4,541
Total ......................................	.............. $956,591	$2,472,826

Changes in the pension fund balances (amounts expressed in thousands) for the year ended June 30,1983
were as follows:

	Employee	Retirement
	Annuity	Accumulation
	Savings(b)	Fund(c)
Balance, July 1, 1982 .........................................	$908,618	$2,160,767
Increases:
Member contributions .......................................	93,221
Employer contributions .....................................	33	347,232
Investment and other income ................................	25	252,625
Decreases:
Benefit payments ...........................................	(79)	(299,519)
Refunds ....................................................	(30,389)
Administrative expenses ......................................		(3,117)
Transfers to the Employee Annuity Savings Fund for interest
credited to members' accounts ...............................	36,308	(36,308)
Transfers to the Retirement Accumulation Fund for contributions
of retiring members .........................................	(51,146)	51,146
Balance, June 30, 1983 .......................................	$956,591	$2,472,826

(a) The consulting actuary annually determines the changes in fund balances resulting from transfers of
employees from the Employees' and Teachers' Retirement Systems to the Employees' and Teachers' Pension
Systems and allocations of investment income. Such changes for the year ended June 30, 1983 will be
determined as a result of an uncompleted actuarial valuation as of July 1, 1983 and, accordingly, the amounts
of such changes will be included in the financial statements for the year ending June 30, 1984.

(b) Contributions made by members together with interest thereon are credited to the Employee Annuity
Savings Fund.

50