|
The total contribution for all participating political subdivisions for the year ended June 30, 1995, was
$47,709,683.
Three-Year Historical Trend Information for the System, excluding participating political subdivisions is as
follows (amounts expressed in thousands).
|
|
|
|
|
(4)
|
|
(6)
Unfunded
Pension Benefit
|
|
(8)
Employer
Contributions
|
|
|
(1)
|
|
|
Unfunded
|
|
Obligation as
|
|
as a
|
|
|
Net Assets
|
(2)
|
(3)
|
Pension
|
(5)
|
a Percentage
|
|
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
|
(1X2)
|
(2)-(D
|
Payroll
|
(4X5)
|
Contributions
|
(7X5)
|
|
1993
|
$13,197,548
|
$18,675,201
|
70.7%
|
$5,477,653
|
$4,542,599
|
120.6%
|
$617,782
|
13.6%
|
|
1994
|
14,089,325
|
19,295,944
|
73.0
|
5,206,619
|
4,679,896
|
111.3
|
612,494
|
13.1
|
|
1995
|
15,182,024
|
20,390,217
|
74.5
|
5,208,193
|
4,933,529
|
105.6
|
646,355
|
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 pension fund balance for the year ended June 30, 1995, are as follows (amounts
expressed in thousands).
|
|
Fund Balance
|
(a)
|
|
|
Employee
|
Retirement
|
|
|
Annuity
|
Accumulation
|
|
|
Savings Fund(b)
|
Fund(c)
|
|
Balance, July 1, 1994................................................................................................................
|
$1,466,974
|
$13,626,157
|
|
Increases:
|
|
|
|
Member contributions..........................................................................................................
|
89,835
|
|
|
Employer contributions.......................................................................................................
|
|
689,342
|
|
Investment income................................................................................................................
|
|
1,288,299
|
|
Decreases:
|
|
|
|
Benefit payments....................................................................................................................
|
|
(844,156)
|
|
Refunds...................................................................................................................................
|
(17,966)
|
(485)
|
|
Administrative expenses..........................................................................................................
|
|
(28,511)
|
|
Transfers to the Employee Annuity Savings Fund for interest credited to
|
|
|
|
members' accounts...............................................................................................................
|
63,914
|
(63,914)
|
|
Transfers to the Retirement Accumulation Fund for contributions of retiring
|
|
|
|
members.................................................................................................................................
|
(99,342)
|
99,342
|
|
Balance, June 30, 1995.............................................................................................................
|
$1,503,415
|
$14,766,074
|
(a) The consulting actuary annually determines the changes in fund balances resulting from transfers of
employees from the Employees' and Teachers' Retirement System to the Employees' and Teachers' Pension System
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.
Mass Transit Administration Pension Plan (Plan):
The Mass Transit Administration Pension Plan is a single employer non-contributory plan which covers all
Mass Transit Administration (Administration) employees covered by a collective bargaining agreement and all
those management employees who were employed by the Baltimore Transit Company. In addition, employees who
enter the management group as a result of a transfer from a position covered by a collective bargaining agreement
maintain their participation. The Plan is part of the State's financial reporting entity and is included in the State's
financial statements as a Pension Trust Fund. For the year ended June 30, 1995, the Administration's covered
payroll was $92,445,000 and its total payroll was $110,509,000. The Plan is administered and funded in compliance
with the collective bargaining agreements which established the Plan.
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