Notes to the Financial Statements

June 30, 2015

Note 14 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 Plan Healthcare Plan Surviors' Benefits Total
Assets
Cash and Cash Equivalents $ - $ 95,357 $ 53 $ 95,410
Receivables:
Accounts, Net of Allowances - - - -
From Other Funds (8) 1,662 - 1,654
Interest - - 1 1
Investments 260,310 - 28,097 288,407
Securities Lending Collateral 15,430 - 1,857 17,287
Total Assets $ 275,732 $ 97,019 $ 30,008 $ 402,759
Liabilities
Accounts Payable and Accrued Liabilities $ 26,501 $ 3,738 $ - $ 30,239
Securities Lending Obligation 15,430 - 1,857 17,287
Due To Other Funds 4,163 - - 4,163
Total Liabilities 46,094 3,738 1,857 51,689
Net Position
Held in Trust For Other
Postemployment Benefits 229,638 93,281 28,151 351,070
Total Net Assets $ 229,638 $ 93,281 $ 28,151 $ 351,070
Statement of Changes in Fiduciary Net Position (000's)
State Retired Policemen,
Employees' Teachers' Firemen, and
OPEB Plan Healthcare Plan Survivors' Benefit Total
Additions
Contributions:
Plan Members $ 93,277 $ 85,517 $ 523 $ 179,317
State 546,284 25,145 - 571,429
Municipalities - - 766 766
Total Contributions 639,561 110,662 1,289 751,512
Investment Income 7,620 156 862 8,638
Less: Investment Expenses (769) - (87) (856)
Net Investment Income 6,851 156 775 7,782
Other 15,368 2,532 - 17,900
Total Additions 661,780 113,350 2,064 777,194
Deductions
Administrative Expense - - - -
Benefit Payments and Refunds 582,157 113,087 1,104 696,348
Transfer Out - 8,313 - 8,313
Other 26 - - 26
Total Deductions 582,183 121,400 1,104 704,687
Changes in Net Assets 79,597 (8,050) 960 72,507
Net Position Held in Trust For
Other Postemployment Benefits:
Beginning of Year 150,041 101,331 27,191 278,563
End of Year $ 229,638 $ 93,281 $ 28,151 $ 351,070