Fiduciary Funds
Trust and Agency Funds are maintained to account for assets held by the State in a trustee capacity or as an agent for individuals, private organizations or other funds. These Fiduciary Funds include expendable trust, nonexpendable trust, pension trust, investment trust, and agency funds. Significant Trust and Agency Funds of the State are described as follows:
Trust Funds
Employment Security:
to account for the collection of unemployment insurance premiums from employers and the
payment of unemployment benefits to eligible claimants.
Special Assessment:
to account for assessments levied on employers and used to pay principal and interest on
unemployment compensation debt.
Retired Teachers' Health Benefits Plan:
to account for resources used to provide health benefits to retired teachers and their
beneficiaries. The plan is administered by the Teachers' Retirement Board.
Second Injury and Compensation Assurance:
an extension of the Worker's Compensation Act, the fund is currently used to pay
claimants whose injuries are made more severe because of a pre-existing condition, and in
cases where an injured worker receiving worker's compensation subsequently undergoes
an incapacitating relapse.
Clean Water:
to account for resources used to provide loans to municipalities to finance waste water
treatment projects.
Soldiers', Sailors', and Marines':
to account for the principal and interest earned on investments of this fund. Interest
earned has been earmarked by the General Assembly for the benefit of resident veterans to
provide such things as food, wearing apparel, medical or surgical aid, care and relief or
funeral benefits.
Pension:
See notes 9 and 10 for a description of the Pension Funds.
External Investment Pool:
to account for the portion of the Short-Term Investment Fund that belongs to participants
that are not part of the State's financial reporting entity.
Agency Funds
Securities Held for Others:
to account for securities that are held by the State Treasurer for insurance companies and
individuals under insurance and escheat laws of the State.
Back to Combining Financial Statements
Table of Contents
Back to Comptroller's Home Page