State of Connecticut

Notes to the Financial Statements

June 30, 2009

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 $ 31,733 $ 77,832 $ 2 $ 109,567
Receivables:
From Other Funds 70 1,567 - 1,637
Interest - - 1 1
Investments - - 17,815 17,815
Securities Lending Collateral - - 3,289 3,289
Total Assets 31,803 79,399 21,107 132,309
Liabilities
Accounts Payable 7,142 13,745 - 20,887
Securities Lending Obligation - - 3,289 3,289
Total Liabilities 7,142 - 3,289 3,289
Net Assets
Held in Trust For Other
Postemployment Benefits 24,661 65,654 17,818 108,133
Total Net Assets $ 24,661 $ 65,654 $ 17,818 $ 108,133

Statement of Changes in Fiduciary Net Assets (000's)

State Retired Policemen and
Employees' Teachers' Firemen Total
Additions
Contributions:
Plan Members $ - $ 70,864 $ 459 $ 71,323
State 452,029 22,433 - 474,462
Municipalities - - 9 9
Total Contributions 452,029 93,297 468 545,794
Investment Income 527 1,074 (2,368) (767)
Less: Investment Expenses - - (50) (50)
Net Investment Income 527 1,074 (2,418) (817)
Other - 7,062 - 7,062
Total Additions 452,556 101,433 (1,950) 552,039
Deductions
Administrative Expense - 2,027 - 2,027
Benefit Payments and Refunds 437,945 93,369 837 532,151
Total Deductions 437,945 95,396 837 534,178
Changes in Net Assets 14,611 6,037 (2,787) 17,861
Net Assets Held in Trust For
Other Postemployment Benefits:
Beginning of Year (as restated) 10,050 59,617 20,605 90,272
End of Year $ 24,661 $ 65,654 $ 17,818 $ 108,133