State of Connecticut

Notes to the Financial Statements

June 30, 2011

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 $74,975 $57,912 $- $132,887
Receivables:
From Other Funds (1) 1,302 - 1,301
Interest - - 1 1
Investments - - 21,860 21,860
Securities Lending Collateral - - 3,766 3,766
Total Assets 74,974 59,214 25,627 159,815
Liabilities
Accounts Payable and Accrued Liabilities 25,327 5,922 - 31,249
Securities Lending Obligation - - 3,766 3,766
Total Liabilities 25,327 5,922 3,766 35,015
Net Assets
Held in Trust For Other
Postemployment Benefits 49,647 53,292 21,861 124,800
Total Net Assets $49,647 $53,292 $21,861 $124,800

Statement of Changes in Fiduciary Net Assets (000's)
State Retired Policemen and
Employees' Teachers' Firemen Total
Additions
Contributions:
Plan Members $- $77,997 $462 $78,459
State 544,767 5,312 - 550,079
Municipalities - - - -
Total Contributions 544,767 83,309 462 628,538
Investment Income 3 135 2,956 3,094
Less: Investment Expenses - - (61) (61)
Net Investment Income 3 135 2,895 3,033
Other - - - -
Total Additions 544,770 83,444 3,357 631,571
Deductions
Administrative Expense - 2,706 - 2,706
Benefit Payments and Refunds 530,779 93,946 930 625,655
Other - 14 - 14
Total Deductions 530,779 96,666 930 628,375
Changes in Net Assets 13,991 (13,222) 2,427 3,196
Net Assets Held in Trust For
Other Postemployment Benefits:
Beginning of Year (as restated) 35,656 66,514 19,434 121,604
End of Year $49,647 $53,292 $21,861 $124,800