State of Connecticut

Notes to the Financial Statements

June 30, 2008

Note 15 OPEB Trust Fund Financial Statements

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

Statement of Fiduciary Net Assets (000's)
State Retired Policemen and
Employees' Teachers' Firemen Total
Assets
Cash and Cash Equivalents $ 10,000 $ 59,206 $ 2 $ 69,208
Receivables:
From Other Funds 50 1,650 - 1,700
Interest - - 2 2
Investments - - 20,601 20,601
Securities Lending Collateral - - 2,764 2,764
Total Assets 10,050 60,856 23,369 94,275
Liabilities
Accounts Payable - 1,239 - 1,239
Securities Lending Obligation - - 2,764 2,764
Total Liabilities - 1,239 2,764 4,003
Net Assets
Held in Trust For Other
Postemployment Benefits 10,050 59,617 20,605 90,272


Statement of Changes in Fiduciary Net Assets (000's)
State Retired Policemen and
Employees' Teachers' Firemen Total
Additions
Contributions:
Plan Members $ - $ 60,779 $ 391 $ 61,170
State 463,697 20,770 - 484,467
Municipalities - - 22 22
Total Contributions 463,697 81,549 413 545,659
Investment Income 50 1,485 (470) 1,065
Less: Investment Expenses - - (91) (91)
Net Investment Income 50 1,485 (561) 974
Other - 4,162 - 4,162
Total Additions 463,747 87,196 (148) 550,795
Deductions
Administrative Expense - 1,717 - 1,717
Benefit Payments and Refunds 453,697 69,698 829 524,224
Total Deductions 453,697 71,415 829 525,941
Changes in Net Assets 10,050 15,781 (977) 24,854
Net Assets Held in Trust For
Other Postemployment Benefits:
Beginning of Year (as restated) - 43,836 21,582 65,418
End of Year $ 10,050 $ 59,617 $ 20,605 $ 90,272