Notes to the Financial Statements

June 30, 2012

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 $83,298 $91,777 $- $175,075
Receivables:
From Other Funds 3 2,056 - 2,059
Interest - - 1 1
Investments - - 22,559 22,559
Securities Lending Collateral - - 3,456 3,456
Total Assets 83,301 93,833 26,016 203,150
Liabilities
Accounts Payable and Accrued Liabilities 23,584 5,507 - 29,091
Securities Lending Obligation - - 3,456 3,456
Due To Other Funds - - 7 7
Total Liabilities 23,584 5,507 3,463 32,554
Net Assets
Held in Trust For Other
Postemployment Benefits 59,717 88,326 22,553 170,596
Total Net Assets $59,717 $88,326 $22,553 $170,596

Statement of Changes in Fiduciary Net Assets (000's)
State Retired Policemen and
Employees' Teachers' Firemen Total
Total Contributions 541,262 130,871 511 672,644
Investment Income 8 99 1,267 1,374
Less: Investment Expenses - - (81) (81)
Net Investment Income 8 99 1,186 1,293
Transfers In 14,500 - - 14,500
Other - - - -
Total Additions 555,770 130,970 1,697 688,437
Deductions
Administrative Expense - 2,606 - 2,606
Benefit Payments and Refunds 545,700 93,326 1,005 640,031
Other - 4 - 4
Total Deductions 545,700 95,936 1,005 642,641
Changes in Net Assets 10,070 35,034 692 45,796
Net Assets Held in Trust For
Other Postemployment Benefits:
Beginning of Year 49,647 53,292 21,861 124,800
End of Year $59,717 $88,326 $22,553 $170,596