Notes to the Financial Statements

June 30, 2014

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 Position (000's)
   State    Retired    Policemen,     
   Employees'    Teachers'    Firemen, and    
   OPEB    Healthcare Plan    Survivors' Benefits    Total
Assets             
Cash and Cash Equivalents    $19,507    $109,533    $5    $129,045
Receivables:             
Accounts, Net of Allowances    -    3,095    -    3,095
From Other Funds    8    1,712    -    1,720
Interest    -    -    1    1
Investments    160,422    -    27,185    187,607
Securities Lending Collateral    10,230    -    1,950    12,180
Total Assets    190,167    114,340    29,141    333,648
Liabilities             
Accounts Payable and Accrued Liabilities    29,896    13,009    -    42,905
Securities Lending Obligation    10,230    -    1,950    12,180
Total Liabilities    40,126    13,009    1,950    55,085
Net Position             
Held in Trust For Other             
Postemployment Benefits    150,041    101,331    27,191    278,563
Total Net Assets    $150,041    $101,331    $27,191    $278,563

 

Statement of Changes in Fiduciary Net Position (000's)
   State    Retired    Policemen,    
   Employees'    Teachers'    Firemen, and    
  OPEB    Healthcare Plan    Survivors' Benefit    Total
Additions
Contributions:
Plan Members    $45,509    $85,944    $521    $131,974
State    514,697    25,955    -    540,652
Municipalities    -    -    350    350
Total Contributions    560,206    111,899    871    672,976
Investment Income    14,421    13    3,494    17,928
Less: Investment Expenses    (312)    -    (75)    (387)
Net Investment Income    14,109    13    3,419    17,541
Other    142    6,900    -    7,042
Total Additions    574,457    118,812    4,290    697,559
Deductions
Administrative Expense    -    7,527    -    7,527
Benefit Payments and Refunds    568,224    107,648    1,075    676,947
Other    -    10    -    10
Total Deductions    568,224    115,185    1,075    684,484
Changes in Net Assets    6,233    3,627    3,215    13,075
Net Position Held in Trust For
Other Postemployment Benefits:
Beginning of Year    143,808    97,704    23,976    265,488
End of Year    $150,041    $101,331    $27,191    $278,563