Employer contributions for covered employees (excluding participating municipalities) to the System totalling
$588,785,000 (13.1% of covered payroll) for fiscal year 1992 were made in accordance with actuarially determined
contribution requirements based on an actuarial valuation performed as of June 30,1990. This amount consisted
of $331,217,000 normal cost and $257,568,000 amortization of the unfunded actuarial accrued liability (7.4% and
5.7%, respectively, of covered payroll). Employee contributions to the System for fiscal year 1992 were
$108,555,000 (2.4% of covered payroll).

The liquidation period for the unfunded actuarial accrued liabilities (as provided by law) is 28 years from June
30,1992. 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 1992 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.

For the year ended June 30, 1992, net assets available at cost were sufficient to fund 67.4% of the pension
benefit obligation ($11,884,463,000 + $17,625,026,000). At June 30,1992, the unfunded pension benefit obligation
($5,740,563,000) represented 127.9% of the annual payroll for covered employees ($4,487,636,000). The
contribution to the System ($588,785,000) for fiscal year 1992 represented 13.1% of annual covered payroll. Trend
information for the System excluding the participating municipalities prior to fiscal year 1992 is unavailable.

Three-Year Historical Trend Information for the Total System (amounts expressed in thousands):

				(4)		(6) Unfunded Pension Benefit		(8) Employer
	(1)			Unfunded		Obligation as		Contributions
	Net Assets	(2)	(3)	Pension	(5)	a Percentage		as a Percentage
	Available for	Pension	Percentage	Benefit	Annual	of Covered	(7)	of Annual
Fiscal	Benefits	Benefit	Funded	Obligation	Covered	Payroll	Employer	Covered Payroll
Year	at Cost	Obligation	(1)*(2)	(2)-(D	Payroll	(4)-K5)	Contributions	(7H(5)
1990 .......	$10,251,637	$16,672,354	61.5%	$6,420,717	$4,682,550	137.1%	$593,004	12.7%
1991 .......	11,325,358	18,381,046	61.6	7,055,688	5,071,804	139.1	633,995	12.5
1992 .......	. . . . 12,725,613	18,671,653	68.2	5,946,040	5,023,781	118.4	659,128	13.1

Ten-year historical trend information for the System 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 types financial
statements.

Changes in the System's fund balance for the year ended June 30,1992, were as follows (amounts expressed in
thousands):

	Fund	Balance(a)
	Employee	Retirement
	Annuity	Accumulation
	Savings Fund(b)	i Fund(c)
Balance, July 1, 1991 ....................................................	$1,449,116	$ 9,876,242
Increases:
Member contributions ..................................................	121,524
Employer contributions ................................................		659,128
Investment and other income ............................................		1,331,648
Decreases:
Benefit payments .....................................................		(655,358)
Refunds .............................................................	(40,562)
Administrative expenses .................................................		(16,125)
Transfers to the Employee Annuity Savings Fund for interest credited to
members' accounts ....................................................	92,103	(92,103)
Transfers to the Retirement Accumulation Fund for contributions of retiring
members ............................................................	(100,821)	100,821
Balance, June 30, 1992 ...................................................	$1,521,360	$11,204,253

(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.

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