|
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.
Three-Year Historical Trend Information for the Plan (amounts expressed in thousands):
|
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
Unfunded
Pension Benefit
|
(7)
|
(8)
Employer
|
|
|
|
|
|
Unfunded
|
|
Obligation as
|
|
Contributions
|
|
|
Net Assets
|
|
|
Pension
|
|
a Percentage
|
|
as a Percentage
|
|
|
Available for
|
Pension
|
Percentage
|
Benefit
|
Annual
|
of Covered
|
|
of Annual
|
|
Fiscal
|
Benefits
|
Benefit
|
Funded
|
Obligation
|
Covered
|
Payroll
|
Employer
|
Covered Payroll
|
|
Year
|
at Cost
|
Obligation
|
(1)/(2)
|
(2)/(1)
|
Payroll
|
(4)/(5)
|
Contributions
|
(7)/(5)
|
|
1990 ..............
|
$1,611
|
$74,745
|
2.2%
|
$73,134
|
$75,554
|
96.8%
|
$5,408
|
7.2%
|
|
1991 ..............
|
5,792
|
87,586
|
6.6
|
81,794
|
77,451
|
105.6
|
7,677
|
9.9
|
|
1992 ..............
|
8,481
|
92,718
|
9.1
|
84,237
|
80,700
|
104.4
|
7,327
|
9.1
|
Trend information for the Plan prior to fiscal year 1990 is unavailable.
Changes in the Plan's fund balance for the year ended June 30, 1992, were as follows (amounts expressed in
thousands):
|
Balance, July 1, 1991 .................................
|
$ 5,427
|
|
Increases:
|
|
|
Employer contributions .............................
|
7,327
|
|
Interest and other investment income .................
|
292
|
|
Decreases:
|
|
|
Administrative expenses ............................
|
(20)
|
|
Benefit Payments ..................................
|
(4,545)
|
|
Balance, June 30, 1992 ...............................
|
$ 8,481
|
17. Deferred Compensation Plan:
The State offers its employees a deferred compensation plan created in accordance with Internal Revenue
Code Section 457. The plan, available to all State employees, permits them to defer a portion of their salary until
future years. Participation in the plan is optional. The deferred compensation is not available to employees until
termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the
plan, all property and rights purchased with those amounts, and all income attributable to those amounts,
property or rights are (until paid or made available to the employee or other beneficiary) solely the property and
rights of the State subject only to the claims of the government's general creditors. Participants' rights under the
plan are equal to those of general creditors of the State in an amount equal to the fair market value of the deferred
account for each participant.
It is the opinion of the State's legal counsel that the State has no liability for losses under the plan but does
have the duty of due care that would be required of an ordinary prudent investor. The State believes that it is
unlikely that it will use the assets to satisfy the claims of general creditors in the future.
Investments are managed by the plan's trustee under one of several investment options, or a combination
thereof. The choice of the investment option(s) is made by the participants.
18. Commitments:
The State leases office space under various agreements that are accounted for as operating leases. Many of
the agreements contain rent escalation clauses and renewal options. Rent expenditures for fiscal year 1992 were
approximately $38,629,000. Future lease expense commitments under these agreements at June 30,1992, follow
(amounts expressed in thousands):
|
Years Ending
|
|
|
June 30,
|
Amounts
|
|
1993 .............................................
|
$ 33,474
|
|
1994 .............................................
|
29,481
|
|
1995 .............................................
|
22,165
|
|
1996 .............................................
|
15,918
|
|
1997 .............................................
|
11,259
|
|
1998 and thereafter ................................
|
19,659
|
|
|
$131,956
|
59
|
 |
