Volume 361, Page 66 View pdf image (33K) |
There were no investments in loans to or leases with parties related to the Plan. In addition, no investment in Summary of Significant Accounting Policies: As a part of the Pension Trust Fund, the accounts of the Plan, including benefits and refunds, are maintained Funding Policy: The Administration's required contributions are based on actuarial valuations. Effective January 1, 1990, in Employer contributions to the Plan totaling $11,502,000 (12.1% of covered payroll) for fiscal year 1997 were The liquidation period for the actuarial accrued liabilities (as provided by law) is 24 years from June 30, 1997. The computation of the annual required contribution for fiscal year 1997 was based on the same actuarial Annual Pension Cost and Net Pension Obligation: The Administration's annual pension cost for the fiscal years ending June 30, 1997, 1996 and 1995 were The Administration contributed 100% of the annual pension cost for each of the fiscal years ending June 30, The Administration's net pension obligation was zero as of June 30, 1997, 1996 and 1995 for the Plan. The fiscal year 1997 annual pension cost and net pension obligations were determined as a part of an actuarial Valuation method ..............................................................................................Entry Age Normal Method Cost method of valuing assets........................................................................Fair Value Rate of return on investments........................................................................7.5% Compounded per Annum Projected inflation rate ....................................................................................5.00% Rate of salary increase.....................................................................................3.00%, Compounded per Annum Postretiremen! benefit increase......................................................................N/A Amortization method........................................................................................Level dollar annual installments Amortization period..........................................................................................30 years from July 1, 1989 Status of period (Open or Closed) ................................................................Closed___________________________________ During fiscal year 1997, there were no changes in actuarial assumptions or benefit provisions from 1996 which Post Retirement Benefits: The State also provides, in accordance with State Merit System Laws, postemployment health care benefits to 66
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Volume 361, Page 66 View pdf image (33K) |
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