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Three-Year Historical Trend Information for the System (amounts expressed in thousands):
|
|
(1)
|
|
|
(4)
Unfunded
|
|
(6)
Unfunded
Pension Benefit
Obligation as
|
|
(8)
Employer
Contributions
|
|
|
Net Assets
|
(2)
|
(3)
|
Pension
|
(5)
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a Percentage
|
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as a Percentage
|
|
|
Available for
|
Pension
|
Percentage
|
Benefit
|
Annual
|
of Covered
|
(7)
|
of Covered
|
|
Fiscal
|
Benefits
|
Benefit
|
Funded
|
Obligation
|
Covered
|
Payroll
|
Employer
|
Payrolls
|
|
Year
|
at Cost
|
Obligation
|
(l)+(2)
|
(2)-(l)
|
Payroll
|
(4)-(5)
|
Contributions
|
(7) (5)
|
|
1988 .......
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. . . . $8,119,720
|
$14,142,577
|
57.4%
|
$6,022,857
|
$3,916,851
|
153.8%
|
$576,766
|
14.7%
|
|
1989 .......
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9,090,704
|
15,400,391
|
59.0
|
6,309,687
|
4,284,572
|
147.3
|
599,586
|
14.0
|
|
1990 .......
|
10,251,637
|
16,672,354
|
61.5
|
6,420,717
|
4,682,550
|
137.1
|
593,004
|
12.7
|
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, 1990, is as follows (amounts
expressed in thousands):
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|
Fund
|
Balance(a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings(b)
|
Fund(c)
|
|
Employees' Retirement System ...........................
|
...................... $463,580
|
$2,410,221
|
|
Teachers' Retirement System .............................
|
...................... 906,791
|
4,081,576
|
|
Employees' Pension System ..............................
|
...................... 6,529
|
1,269,832
|
|
Teachers' Pension System ................................
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...................... 8,295
|
1,104,813
|
|
Total ................................................
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...................... $1,385,195
|
$8,866,442
|
Changes in the pension fund balance for the year ended June 30,1990, were as follows (amounts expressed in
thousands):
|
|
Fund
|
Balance(a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings(b)
|
Fund(c)
|
|
Balance, July 1, 1989 .........................................................
|
$1,320,556
|
$7,770,148
|
|
Increases:
|
|
|
|
Member contributions .......................................................
|
112,621
|
|
|
Employer contributions .....................................................
|
|
593,004
|
|
Investment and other income .................................................
|
|
1,137,825
|
|
Decreases:
|
|
|
|
Benefit payments ..........................................................
|
|
(543,109)
|
|
Refunds ..................................................................
|
(125,100)
|
|
|
Administrative expenses ......................................................
|
|
(14,308)
|
|
Transfers to the Employee Annuity Savings Fund for interest credited to members'
|
|
|
|
accounts ..................................................................
|
149,945
|
(149,945)
|
|
Transfers to the Retirement Accumulation Fund for contributions of retiring members . .
|
(72,827)
|
72,827
|
|
Balance, June 30, 1990 ........................................................
|
$1,385,195
|
$8,866,442
|
(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.
(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.
58
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