|
approximately $157 million and proprietary fund type retirement costs decreased by approximately $34 mil-
lion.
Selected data (amounts expressed in thousands) with respect to each plan is as follows:
|
|
State Contributions
|
|
Actuarial Present
Plan Benefits as of
|
Value of Accumulated
June 30, 1980 (a)
|
|
|
|
for the year ended
|
|
|
|
Net assets available
|
|
|
June 30, 1981
|
Vested
|
Nonvested
|
Total
|
for Plan Benefits (b)
|
|
Employees' Retirement System ...................
|
....... $ 73,061
|
$1,102,423
|
$ 57,370
|
$1,159,793
|
$ 813,088
|
|
Teachers' Retirement System .....................
|
....... 164,370
|
1,838,762
|
155,612
|
1,994,374
|
1,405,224
|
|
State Police Retirement System...................
|
....... 8,554
|
72,407
|
28,734
|
101,141
|
74,590
|
|
Employees' Pension System ......................
|
....... 8,113
|
53,412
|
6,022
|
59,434
|
4,106
|
|
Teachers' Pension System ........................
|
....... 1,784
|
26,043
|
906
|
26,949
|
3,515
|
|
Judges' Pension System .........................
|
....... 2,842
|
37,109
|
|
37,109
|
3,057
|
|
Mass Transit Administration Pension Plan .........
|
....... 2,209
|
(c)
|
(0
|
(0
|
(c)
|
|
Total ..................................
|
....... $260,933
|
$3,130,156
|
$248,644
|
$3,378,800
|
$2,303,580
|
(a) An assumed rate of return of 8V2% was used in determining the actuarial present value of accumu-
lated plan benefits.
(b) Net assets at actuarially determined market value.
(c) The actuarial present value of accumulated plan benefits and the net assets available for benefits is
not available for the Mass Transit Administration Pension Plan. The actuarially computed value of the un-
funded accrued benefits and vested benefits as of June 30, 1981 aggregated approximately 37 million and 29
million, respectively.
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 funds are presented on a combined basis in the fiduciary fund type financial state-
ments. Individual retirement systems' fund balances (amounts expressed in thousands) included in the com-
bined fund balance of the pension funds as of June 30, 1981 are as follows:
|
|
Fund
|
Balance(a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings(b)
|
Fund(c)
|
|
Employees' Retirement System .................
|
............. $287,885
|
$ 550,774
|
|
Teachers' Retirement System ..................
|
............. 549,294
|
1,001,460
|
|
State Police Retirement System ................
|
............. 21,966
|
66,595
|
|
Employees' Pension System ....................
|
............. 3,388
|
124,740
|
|
Teachers' Pension System .....................
|
............. 3,614
|
85,208
|
|
Judges' Pension System .......................
|
............. 3,620
|
|
|
Total................................
|
............. $869,767
|
$1,828,777
|
(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' Pen-
sion Systems and allocations of investment income. Such changes for the year ended June 30, 1981 will be
determined as a result of an uncompleted actuarial valuation as of July 1, 1981 and, accordingly, the
amounts of such changes will be included in the financial statements for the year ending June 30, 1982.
(b) Contributions made by members together with interest thereon are credited to the Annuity Savings
Fund.
(c) Contributions made by the employer and investment income thereon are credited to the Retirement
Accumulation Fund.
30
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