Notes to the Financial Statements
June 30, 2007
Note 13 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. (see Note No. 4) (amounts in thousands):
| Statement of Fiduciary Net Assets (000's) | |||||||
|---|---|---|---|---|---|---|---|
| Connecticut | |||||||
| State | State | Municipal | Probate | ||||
| Employees | Teachers | Judicial | Employees | Judges | Other | Total | |
| Assets | |||||||
| Cash and Cash Equivalents | $ 3,359 | $ - | $ - | $ 7,221 | $ 32 | $ 183 | $ 10,795 |
| Receivables: | |||||||
| Accounts, Net of Allowances | 2,043 | 8,582 | 8 | 5,363 | 6 | - | 16,002 |
| From Other Governments | 5,771 | - | - | - | - | 5,771 | |
| From Other Funds | - | 454 | - | - | - | - | 454 |
| Interest | 337 | 838 | 12 | 75 | 4 | - | 1,266 |
| Investments | 10,037,696 | 13,782,071 | 187,348 | 1,717,314 | 87,647 | 875 | 25,812,951 |
| Securities Lending Collateral | 1,408,258 | 1,915,999 | 26,030 | 239,500 | 12,241 | 136 | 3,602,164 |
| Total Assets | 11,451,693 | 15,713,715 | 213,398 | 1,969,473 | 99,930 | 1,194 | 29,449,403 |
| Liabilities | |||||||
| Accounts Payable and Accrued Liabilities | 44 | - | 2 | - | 10 | - | 56 |
| Securities Lending Obligation | 1,408,258 | 1,915,999 | 26,030 | 239,500 | 12,241 | 136 | 3,602,164 |
| Due to Other Funds | - | 6,906 | - | - | - | - | 6,906 |
| Total Liabilities | 1,408,302 | 1,922,905 | 26,032 | 239,500 | 12,251 | 136 | 3,609,126 |
| Net Assets | |||||||
| Held in Trust For Employee | |||||||
| Pension Benefits | 10,043,391 | 13,790,810 | 187,366 | 1,729,973 | 87,679 | 1,058 | 25,840,277 |
| Total Net Assets | $ 10,043,391 | $ 13,790,810 | $ 187,366 | $ 1,729,973 | $ 87,679 | $ 1,058 | $ 25,840,277 |
| Statement of Changes in Fiduciary Net Assets (000's) | |||||||
|---|---|---|---|---|---|---|---|
| Connecticut | |||||||
| State | State | Municipal | Probate | ||||
| Employees | Teachers | Judicial | Employees | Judges | Other | Total | |
| Additions | |||||||
| Contributions: | |||||||
| Plan Members | $ 61,794 | $ 237,468 | $ 1,594 | $ 14,317 | $ 278 | $ 114 | $ 315,565 |
| State | 663,931 | 412,101 | 12,375 | - | - | - | 1,088,407 |
| Municipalities | - | 6,159 | - | 39,371 | - | - | 45,530 |
| Total Contributions | 725,725 | 655,728 | 13,969 | 53,688 | 278 | 114 | 1,449,502 |
| Investment Income | 1,594,319 | 2,217,450 | 27,888 | 266,191 | 13,555 | 87 | 4,119,490 |
| Less: Investment Expenses | (83,150) | (115,730) | (1,456) | (13,894) | (707) | (4) | (214,941) |
| Net Investment Income | 1,511,169 | 2,101,720 | 26,432 | 252,297 | 12,848 | 83 | 3,904,549 |
| Transfers In | - | - | - | - | 2,492 | - | 2,492 |
| Other | - | - | - | 20 | - | - | 20 |
| Total Additions | 2,236,894 | 2,757,448 | 40,401 | 306,005 | 15,618 | 197 | 5,356,563 |
| Deductions | |||||||
| Administrative Expense | 510 | - | 10 | - | - | - | 520 |
| Benefit Payments and Refunds | 958,115 | 1,165,656 | 16,797 | 80,969 | 2,782 | 2 | 2,224,321 |
| Other | 29 | 3,634 | 2 | 15 | 2,493 | - | 6,173 |
| Total Deductions | 958,654 | 1,169,290 | 16,809 | 80,984 | 5,275 | 2 | 2,231,014 |
| Changes in Net Assets | 1,278,240 | 1,588,158 | 23,592 | 225,021 | 10,343 | 195 | 3,125,549 |
| Net Assets Held in Trust For Employee Pension Benefits: | |||||||
| Beginning of Year | 8,765,151 | 12,202,652 | 163,774 | 1,504,952 | 77,336 | 863 | 22,714,728 |
| End of Year | $ 10,043,391 | $ 13,790,810 | $ 187,366 | $ 1,729,973 | $ 87,679 | $ 1,058 | $ 25,840,277 |