|
The liquidation period for the unfunded actuarial accrued liabilities (as provided by law) is 32 years from June
30,1988. Significant actuarial assumptions used to compute contribution requirements are the same as those
used to compute the pension benefit obligation.
The computation of the pension contribution requirements for fiscal year 1988 was based on the same
actuarial assumptions, benefit provisions, actuarial funding method, and other significant factors used to
determine pension contribution requirements in the previous year.
Retirement expenditures applicable to governmental fund types for the year ended June 30, 1988,
aggregated approximately $475,015,000. The excess of retirement expenditures over retirement costs of
approximately $47,009,000, is included in the general long-term debt account group.
Three - Year Historical Trend Information for the System (amounts expressed in thousands):
|
|
|
|
|
(4)
|
|
(6)
Unfunded
Pension Benefit
|
|
|
(1)
|
|
|
Unfunded
|
|
Obligation as
|
|
|
Net Assets
|
(2)
|
(3)
|
Pension
|
(5)
|
a Percentage
|
|
|
Available for
|
Pension
|
Percentage
|
Benefit
|
Annual
|
of Covered
|
|
Fiscal
|
Benefits
|
Benefit
|
Funded
|
Obligation
|
Covered
|
Payroll
|
|
Year
|
at Cost
|
Obligation
|
(1) -5- (2)
|
(2) - (1)
|
Payroll
|
(4) - (5)
|
|
1986
|
$5,227,244
|
$12,158,741
|
43.0%
|
$6,931,497
|
$3,318,766
|
208.9%
|
|
1987
|
6,141,605
|
13,170,031
|
46.6
|
7,028,426
|
3,606,508
|
194.9
|
|
1988
|
8,119,720
|
14,142,577
|
57.4
|
6,022,857
|
3,916,851
|
153.8
|
Ten - year historical trend information is available in a separate financial report issued by the System. This
report presents information about progress made in accumulating sufficient assets to pay benefits when due.
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, as of June 30,1988, is as follows (amounts
expressed in thousands):
|
|
Fund
|
Balance (a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings (b)
|
Fund (c)
|
|
Employees' Retirement System .............
|
....... $ 385,035
|
$1,653,393
|
|
Teachers' Retirement System ..............
|
....... 808,368
|
3,242,842
|
|
State Police Retirement System ............
|
....... 36,958
|
275,632
|
|
Employees' Pension System ................
|
....... 4,389
|
928,444
|
|
Teachers' Pension System .................
|
....... 5,986
|
778,673
|
|
Total .................................
|
....... $1,240,736
|
$6,878,984
|
59
|
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