|
The actuarially computed value of the unfunded accrued liabilities is greater than the unfunded 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 and uses different rate assumptions.
For asset and investment management purposes, the State combined 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, 1987 is as follows:
|
|
Fund
|
Balance (a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings (b)
|
Fund (c)
|
|
Employees' Retirement System .............
|
....... $ 357,623
|
$1,184,712
|
|
Teachers' Retirement System ...............
|
....... 752,356
|
2,331,146
|
|
State Police Retirement System .............
|
....... 34,293
|
200,922
|
|
Employees' Pension System ................
|
....... 4,231
|
681,450
|
|
Teachers' Pension System ..................
|
....... 6,107
|
582,147
|
|
Judges' Pension System ...................
|
....... 6,618
|
|
|
Total ................................
|
....... $1,161,228
|
$4,980,377
|
Changes in the pension fund balances (amounts expressed in thousands) for the year ended June 30, 1987,
were as follows:
|
|
Fund
|
Balance (a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings (b)
|
Fund (c)
|
|
Balance, July 1, 1986 .............................
|
$1,088,212
|
$4,139,032
|
|
Increases:
|
|
|
|
Member contributions ..........................
|
105,263
|
|
|
Employer contributions .........................
|
|
539,265
|
|
Investment and other income .....................
|
|
732,069
|
|
Decreases:
|
|
|
|
Benefit payments ..............................
|
|
(436,614)
|
|
Refunds ......................................
|
(14,845)
|
|
|
Administrative expenses ..........................
|
|
(10,777)
|
|
Transfers to the Employee Annuity Savings Fund for
|
|
|
|
interest credited to members' accounts .............
|
47,109
|
(47,109)
|
|
Transfers to the Retirement Accumulation Fund for
|
|
|
|
contributions of retiring members .................
|
(64,511)
|
64,511
|
|
Balance, June 30, 1987 ............................
|
$1,161,228
|
$4,980,377
|
(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, 1987, will be
determined as a result of an uncompleted actuarial valuation as of July 1, 1987, and, accordingly, the amounts
of such changes will be included in the financial statements for the year ending June 30, 1988.
(b) Contributions made by members together with interest thereon are credited to the Employee Annuity
Savings Fund.
(c) Contributions made by the employer and investment income thereon are credited to the Retirement
Accumulation Fund.
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