Notes to the Financial Statements
June 30, 2014
Note 12 Other Retirement Systems Administered by the State of Connecticut
The State acts solely as the administrator and custodian of the assets of the Connecticut Municipal Employees' Retirement System (CMERS) and the Connecticut Probate Judges and Employees Retirement System (CPJERS). The State makes no contribution to and has only a fiduciary responsibility for these funds. None of the above mentioned systems issue stand-alone financial reports. However, financial statements for CMERS and CPJERS are presented in Note No. 13.
Plan Descriptions and Contribution Information
The State acts solely as the administrator and custodian of the assets
of the Connecticut Municipal Employees' Retirement System (CMERS) and the
Connecticut Probate Judges and Employees Retirement System (CPJERS). The State
makes no contribution to and has only a fiduciary responsibility for these
funds. None of the above mentioned systems issue stand-alone financial reports.
However, financial statements for CMERS and CPJERS are presented in Note No. 13.
Membership of each plan consisted of the following at the date of the latest actuarial valuation:
| CMERS | CPJERS | |
|---|---|---|
| 7/1/2014 | 12/31/2013 | |
| Retirees and beneficiaries | ||
| receiving benefits | 6,511 | 364 |
| Terminated plan members entitled | ||
| to but not receiving benefits | 1,258 | 142 |
| Active plan members | 8,477 | 346 |
| Total | 16,246 | 852 |
| Number of participating employers | 187 | 1 |
Connecticut Municipal Employees' Retirement System
Plan Description
CMERS is an agent multiple-employer defined benefit pension plan that covers
fire, police, and other personnel (except teachers) of participating
municipalities in the State. Pension plan assets, are pooled for investment
purposes but separate accounts are maintained for each individual municipality
so that each municipalities share of the pooled assets is legally available to
pay the benefits of only it's employees. Plan benefits, cost-of-living
adjustments, contribution requirements of plan members and participating
municipalities, and other plan provisions are described in Chapters 7-425 to
7-451 of the General Statutes. The plan provides retirement, disability, and
death benefits, and annual cost-of-living adjustments to plan members and their
beneficiaries.
Contributions
Plan members are required to contribute 2.25 percent to 5.0 percent of their
annual salary. Participating municipalities are required to contribute at an
actuarial determined rate. The participating municipalities fund administrative
costs of the plan.
Connecticut Probate Judges and Employees' Retirement System
Plan Description
CPJERS is an agent multi-employer defined benefit pension plan that covers
judges and employees of probate courts. Plan benefits, cost-of-living
adjustments, required contributions of plan members and the probate court
system, and other plan provisions are described in Chapters 45a-34 to 45a-56 of
General statues. The plan provides retirement, disability, and death benefits,
and annual cost-of-living adjustments to plan members and their beneficiaries.
Pension plan assets are pooled for investment purposes but separate accounts are
maintained for each individual court so that each court's share of the pooled
assets is legally available to pay the benefits of only its employees. The plan
is administered by the State Employee's Retirement Commission.
Contributions
Plan members are required to contribute 1.0 percent to 3.75 percent of
their annual salary. The probate court system is required to contribute at an
actuarial determined rate. Administrative costs of the plan are funded by the
probate court system.
Investment Policy
The State Treasurer employs several outside consulting firms as external
money and investment managers, to assist the Chief Investment Officer as they
manage the investment programs of the pension plans. Plan assets are managed
primarily through asset allocation decisions with the main objective being to
maximize investment returns over the long term at an acceptable level of risk.
There is no concentration of investments in any one organization that represents
5.0 percent or more of plan net position available for benefits.
Net Pension Liability
Information concerning each participating employers' share of the CMERS
and CPJERS total pension liability and significant assumptions used to measure
each plans' total pension liability, such as inflation, salary changes, discount
rates and mortality are available for each participating employer by contacting
the State Comptrollers' Retirement Division.