State of Connecticut

Notes to the Financial Statements

June 30, 2008

Note 13 Pension Trust Funds Financial Statements

The financial statements of the pension trust funds are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. State contributions are recognized in the period in which the contributions are appropriated. Benefits and refunds are recognized when due and payable in accordance with the terms of each plan. Investment income and related expenses of the Combined Investment Funds are allocated ratably to the pension trust funds based on each fund's equity in the Combined Investment Funds.

Statement of Fiduciary Net Assets (000's)
Connecticut
State State Municipal Probate
Employees' Teachers' Judicial Employees' Judges' Other Total
Assets
Cash and Cash Equivalents $ - $ - $ - $ - $ - $ 204 $ 204
Receivables:
Accounts, Net of Allowances 2,053 9,707 8 4,665 4 - 16,437
From Other Governments - 4,521 - - - - 4,521
From Other Funds 47 206 - 2 - - 255
Interest 626 1,610 13 107 7 - 2,363
Investments 9,329,739 14,541,625 177,237 1,627,637 81,449 898 25,758,585
Securities Lending Collateral 1,083,988 1,676,926 23,908 219,645 10,889 120 3,015,476
Total Assets 10,416,453 16,234,595 201,166 1,852,056 92,349 1,222 28,797,841
Liabilities
Accounts Payable and Accrued Liabilities 14 - - - 10 - 24
Securities Lending Obligation 1,083,988 1,676,926 23,908 219,645 10,889 120 3,015,476
Due to Other Funds 554 3,208 - 64 5 - 3,831
Total Liabilities 1,084,556 1,680,134 23,908 219,709 10,904 120 3,019,331
Net Assets
Held in Trust For Employee
Pension Benefits 9,331,897 14,554,461 177,258 1,632,347 81,445 1,102 25,778,510
Total Net Assets $ 9,331,897 $ 14,554,461 $ 177,258 $ 1,632,347 $ 81,445 $ 1,102 $ 25,778,510


  Statement of Changes in Fiduciary Net Assets (000's)
Connecticut
State State Municipal Probate
Employees' Teachers' Judicial Employees' Judges' Other Total
Additions
Contributions:
Plan Members $ 67,390 $ 233,237 $ 1,626 $ 17,013 $ 307 $ 38 $ 319,611
State 711,555 2,518,560 13,434 - - - 3,243,549
Municipalities - 418 - 38,834 - - 39,252
Total Contributions 778,945 2,752,215 15,060 55,847 307 38 3,602,412
Investment Income (398,292) (590,915) (6,394) (57,163) (2,981) 11 (1,055,734)
Less: Investment Expenses (77,493) (114,808) (1,241) (11,357) (579) - (205,478)
Net Investment Income (475,785) (705,723) (7,635) (68,520) (3,560) 11 (1,261,212)
Transfers In - - - - 2,789 - 2,789
Other - 901 2 - - - 903
Total Additions 303,160 2,047,393 7,427 (12,673) (464) 49 2,344,892
Deductions
Administrative Expense 558 - 11 - - - 569
Benefit Payments and Refunds 1,014,096 1,283,742 17,524 84,953 2,982 5 2,403,302
Other - - - - 2,788 - 2,788
Total Deductions 1,014,654 1,283,742 17,535 84,953 5,770 5 2,406,659
Changes in Net Assets (711,494) 763,651 (10,108) (97,626) (6,234) 44 (61,767)
Net Assets Held in Trust For
Employee Pension Benefits:
Beginning of Year 10,043,391 13,790,810 187,366 1,729,973 87,679 1,058 25,840,277
End of Year $ 9,331,897 $ 14,554,461 $ 177,258 $ 1,632,347 $ 81,445 $ 1,102 $ 25,778,510