All Retirement and Pension Systems, other than the Mass Transit Administration Pension Plan, are
jointly contributory. Employee contributions are established at fixed percentages of total employee
compensation, except for the Pension Systems where employee contributions are established at fixed
percentages of employee compensation in excess of the F.I.C.A. taxable wage base. The Mass Transit
Administration Pension Plan is a pay-as-you-go plan and requires no employee contributions.

The consulting actuary for the retirement and pension systems, other than the Mass Transit
Administration Pension Plan, prepared valuations as of June 30,1981 using the accrued benefits cost actuarial
method. Retirement costs for 1982 on this basis aggregated approximately $321,000,000 for governmental
fund types and $48,000,000 for the higher education and university hospital fund including amortization of
unfunded liabilities over 40 years and interest thereon.

The consulting actuary for the Mass Transit Administration Pension Plan prepared a valuation as of June
30, 1982 using the entry age normal cost method. Retirement costs for 1982 on this basis aggregated
approximately $3,600,000 for governmental fund types, including amortization of unfunded liabilities over 30
years.

Retirement expenditures applicable to governmental fund types for the year ended June 30, 1982
aggregated approximately $242,000,000. The excess of retirement costs over retirement expenditures, of
approximately $82,000,000 is included in the general long-term debt account group.

Selected data (amounts expressed in thousands) compiled in accordance with Financial Accounting
Standards Board Statement No. 35, with respect to each plan is as follows:

	State Contributions	Actuarial Plan	Present Value of Benefits as of June 30,	Accumulated 1981 (a)
	for the year ended				Net assets available
	June 30, 1982	Vested	Nonvested	Total	for Plan Benefits (b)
Employees' Retirement System .....................	....... $ 70,807	$1,181,345	$19,012	$1,200,357	$ 797,082
Teacher's Retirement System .......................	....... 162,232	2,276,818	33,965	2,310,783	1,475,065
State Police Retirement System ....................	....... 9,227	81,061	18,912	99,973	85,387
Employees' Pension System ........................	....... 22,419	48,132	9,223	57,355	116,721
Teachers' Pension System ..........................	....... 11,882	27,399	5,528	32,927	80,800
Judges' Pension System ............................	....... 3,221	33,804	4,392	38,196	3,844
Mass Transit Administration Pension Plan ..........	....... 2,397	fc)	(c)	(c)	(c)
Total .....................................	....... $282,185	$3,648,559	$91,032	$3,739,591	$2,558,899

(a) An assumed rate of interest of 10% was used in determining the actuarial present value of accumulated
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 plan benefits
is not available for the Mass Transit Administration Pension Plan.

The actuarially computed value of the unfunded accrued liabilities (amounts expressed in thousands) for
each plan is as follows:

	For the year ended
	June 30, 1981
Employees' Retirement System ....................................	........... $1,478,398
Teachers' Retirement System .....................................	........... 3,045,051
State Police Retirement System ...................................	........... 109,278
Employees' Pension System .......................................	........... 43,477
Teachers' Pension System .........................................	........... 48,486
Judges' Pension System ..........................................	........... 56,371
Mass Transit Administration Pension Plan .........................	........... 40,000
Total ......................................................	........... $4,821,061
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