State of Connecticut

Notes to the Financial Statements

June 30, 2010

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 fundís 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    $44,406    $66,072    $9    $110,487
Receivables:
From Other Funds    42    1,565    -    1,607
Investments    -    -    19,425    19,425
Securities Lending Collateral    -    -    3,481    3,481
Total Assets    44,448    67,637    22,915    135,000
Liabilities
Accounts Payable and Accrued Liabilities    8,792    1,123    -    9,915
Securities Lending Obligation    -    -    3,481    3,481
Total Liabilities    8,792    1,123    3,481    13,396
Net Assets
Held in Trust For Other
Postemployment Benefits    35,656    66,514    19,434    121,604
Total Net Assets    $35,656    $66,514    $19,434    $121,604

 

Statement of Changes in Fiduciary Net Assets (000's)
   State    Retired    Policemen and    
   Employees'    Teachers'    Firemen    Total
Additions
Contributions:
Plan Members    $-    $71,946    $452    $72,398
State    555,131    12,108    -    567,239
Municipalities    -    -    1    1
Total Contributions    555,131    84,054    453    639,638
Investment Income    177    181    2,140    2,498
Less: Investment Expenses    -    -    (69)    (69)
Net Investment Income    177    181    2,071    2,429
Other -- --
Total Additions    555,308    84,235    2,524    642,067
Deductions
Administrative Expense    -    1,771    -    1,771
Benefit Payments and Refunds    544,313    81,604    908    626,825
Total Deductions    544,313    83,375    908    628,596
Changes in Net Assets    10,995    860    1,616    13,471
Net Assets Held in Trust For
Other Postemployment Benefits:
Beginning of Year (as restated)    24,661    65,654    17,818    108,133
End of Year    $35,656    $66,514    $19,434    $121,604