Notes to the Financial Statements

June 30, 2014

Note 13 Pension Trust Funds Financial Statements

The financial statements of the pension trust funds are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. State contributions are recognized in the period in which the contributions are appropriated. Benefits and refunds are recognized when due and payable in accordance with the terms of each plan. Investment income and related expenses of the Combined Investment Funds are allocated ratably to the pension trust funds based on each fund's equity in the Combined Investment Funds.

   Statement of Fiduciary Net Position (000's)        
            Connecticut         
   State    State       Municipal    Probate       
  Employees'    Teachers'    Judicial    Employees'    Judges'    Other    Total
Assets                   
Cash and Cash Equivalents    $-    $569    $-    $-    $9    $296    $874
Receivables:                      
Accounts, Net of Allowances    6,198    9,918    8    15,349    4    -    31,477
From Other Governments    -    2,099    -    -    -    -    2,099
From Other Funds    23    8    -    1    -    -    32
Interest    282    782    4    52    2    -    1,122
Investments    10,469,352    16,220,107    187,774    2,161,258    90,241    1,473    29,130,205
Securities Lending Collateral    773,122    1,062,212    14,669    168,838    7,314    123    2,026,278
Total Assets    11,248,977    17,295,695    202,455    2,345,498    97,570    1,892    31,192,087
Liabilities                     
Accounts Payable and Accrued Liabilities    61    24,022    -    -    -    -    24,083
Securities Lending Obligation    773,122    1,062,212    14,669    168,838   7,314  123    2,026,278
Due to Other Funds    2,984    1,706    1    1,227    -    -    5,918
Total Liabilities    776,167    1,087,940    14,670    170,065    7,314    123    2,056,279
Net Position                      
Held in Trust For Employee                      
Pension Benefits    10,472,810    16,207,755    187,785    2,175,433    90,256    1,769    29,135,808
Total Net Position    $10,472,810    $16,207,755    $187,785    $2,175,433    $90,256    $1,769    $29,135,808

 

     Statement of Changes in Fiduciary Net Position (000's)
            Connecticut          
   State    State       Municipal    Probate       
  Employees'    Teachers'    Judicial    Employees'    Judges'    Other    Total
Additions                     
Contributions:                     
Plan Members    $144,806    $261,213    $1,641    $25,614    $255    $41    $433,570
State    1,268,890    948,540    16,298    -    -    -    2,233,728
Municipalities    -    2,421    -    149,786    -    -    152,207
Total Contributions    1,413,696    1,212,174    17,939    175,400    255    41    2,819,505
Investment Income    1,479,059    2,327,746    23,669    268,761    11,619    181    4,111,035
Less: Investment Expenses    (31,894)    (50,196)    (510)    (5,796)    (250)    (3)    (88,649)
Net Investment Income    1,447,165    2,277,550    23,159    262,965    11,369    178    4,022,386
Transfers In    -    -    -    -    -    -    -
Other    610    -    -    141    1,478    -    2,229
Total Additions    2,861,471    3,489,724    41,098    438,506    13,102    219    6,844,120
Deductions                      
Administrative Expense    722    -    -    -    -    -    722
Benefit Payments and Refunds    1,570,558    1,737,144    21,668    123,073    4,744    1    3,457,188
Other    -    7,728    -    -    -    -    7,728
Total Deductions    1,571,280    1,744,872    21,668    123,073    4,744    1    3,465,638
Changes in Net Position    1,290,191    1,744,852    19,430    315,433    8,358  218    3,378,482
Net Position Held in Trust For                     
Employee Pension Benefits:                     
Beginning of Year    9,182,619    14,462,903    168,355    1,860,000    81,898    1,551    25,757,326
End of Year    $10,472,810    $16,207,755    $187,785    $2,175,433    $90,256    $1,769    $29,135,808