Notes to the Financial Statements

June 30, 2016

Note 12 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. As of June 30, 2016 the Fiduciary Fund financial statements were as follows (amounts in thousands):

   Statement of Fiduciary Net Position (000's)        
            Connecticut          
   State    State       Municipal   Probate       
   Employees'    Teachers'    Judicial   Employees'  Judges'    Other    Total
Assets
Current:
Cash and Cash Equivalents $607 $5,306 $- $3,566 $- $332 $9,811
Receivables:
Accounts, Net of Allowances 15,990 11,360 73 12,804 4 - 40,231
From Other Governments - 1,075 - - - - 1,075
From Other Funds 42 (2) - 1 - - 41
Interest 487 956 7 84 3 - 1,537
Investments 10,636,703 15,584,564 189,678 2,212,023 87,268 1,546 28,711,782
Securities Lending Collateral 959,799 1,370,928 17,016 198,596 8,113 175 2,554,627
Noncurrent:
Due From Employers - - - 279,178 - - 279,178
Total Assets $11,613,628 $16,974,187 $206,774 $2,706,252 $95,388 $2,053 $31,598,282
Liabilities
Accounts Payable and Accrued Liabilities $37 $6,429 $- $- $14 $- $6,480
Securities Lending Obligation 959,799 1,370,928 17,016 198,596 8,113 175 2,554,627
Due to Other Funds - 1,958 - - 12 - 1,970
Total Liabilities 959,836 1,379,315 17,016 198,596 8,139 175 2,563,077
Net Position
Held in Trust For Employee
Pension Benefits 10,653,792 15,594,872 189,758 2,507,656 87,249 1,878 29,035,205
Total Net Assets $10,653,792 $15,594,872 $189,758 $2,507,656 $87,249 $1,878 $29,035,205
 
   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 $135,029 $293,493 $1,831 $24,019 $241 $43 $454,656
State 1,501,805 975,578 18,259 - - - 2,495,642
Municipalities - 142 - 135,754 - - 135,896
Total Contributions 1,636,834 1,269,213 20,090 159,773 241 43 3,086,194
Investment Income (983) (181,425) 14,148 174,331 7,023 (29) 13,065
Less: Investment Expenses 883 162,952 (12,708) (156,581) (6,308) 26 (11,736)
Net Investment Income (100) (18,473) 1,440 17,750 715 (3) 1,329
Transfer In - - - - - - -
Other 10,058 - 66 505 1,444 1 12,074
Total Additions 1,646,792 1,250,740 21,596 178,028 2,400 41 3,099,597
Deductions
Administrative Expense 651 - - - - - 651
Benefit Payments and Refunds 1,736,279 1,738,131 22,994 144,230 5,029 - 3,646,663
Other - 153,763 - - - - 153,763
Total Deductions 1,736,930 1,891,894 22,994 144,230 5,029 - 3,801,077
Changes in Net Assets (90,138) (641,154) (1,398) 33,798 (2,629) 41 (701,480)
Net Position Held in Trust For
Employee Pension Benefits:
Beginning of Year (as restated) 10,743,930 16,236,026 191,156 2,473,858 89,878 1,837 29,736,685
End of Year $10,653,792 $15,594,872 $189,758 $2,507,656 $87,249 $1,878 $29,035,205