Notes to the Financial Statements

June 30, 2016

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 $- $78,022 $34 $78,056
Receivables:
Accounts, Net of Allowances - - - -
From Other Funds (35) 1,968 - 1,933
Interest - - 1 1
Investments 395,436 - 28,588 424,024
Securities Lending Collateral 30,672 - 2,450 33,122
Total Assets 426,073 79,990 31,073 537,136
Liabilities
Accounts Payable and Accrued Liabilities 29,508 3,110 - 32,618
Securities Lending Obligation 30,672 - 2,450 33,122
Due To Other Funds 25,275 - - 25,275
Total Liabilities 85,455 3,110 2,450 91,015
Net Position
Held in Trust For Other
Postemployment Benefits 340,618 76,880 28,623 446,121
Total Net Assets $340,618 $76,880 $28,623 $446,121

   Statement of Changes in Fiduciary Net Position (000's)
   State    Retired    Policemen,    
   Employees'    Teachers'    Firemen, and    
   OPEB Plan    Healthcare Plan    Surviors' Benefits    Total
Additions
Contributions:
Plan Members $125,192 $92,437 $568 $218,197
State 608,593 19,960 - 628,553
Municipalities - - 676 676
Total Contributions 733,785 112,397 1,244 847,426
Investment Income 73,519 220 1,707 75,446
Less: Investment Expenses (66,034) - (1,533) (67,567)
Net Investment Income 7,485 220 174 7,879
Other - 1,504 - 1,504
Total Additions 741,270 114,121 1,418 856,809
Deductions
Administrative Expense - 3,612 - 3,612
Benefit Payments and Refunds 632,498 125,415 1,199 759,112
Transfer Out - - - -
Other 79 1,495 - 1,574
Total Deductions 632,577 130,522 1,199 764,298
Changes in Net Assets 108,693 (16,401) 219 92,511
Net Position Held in Trust For
Other Postemployment Benefits:
Beginning of Year (as restated) 231,925 93,281 28,404 353,610
End of Year $340,618 $76,880 $28,623 $446,121