Notes to the Financial Statements
June 30, 2010
Note 15 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 Assets (000's) | ||||
|---|---|---|---|---|
| State | Retired | Policemen and | ||
| Employees' | Teachers' | Firemen | Total | |
| Assets | ||||
| Cash and Cash Equivalents | $44,406 | $66,072 | $9 | $110,487 |
| Receivables: | ||||
| From Other Funds | 42 | 1,565 | - | 1,607 |
| Investments | - | - | 19,425 | 19,425 |
| Securities Lending Collateral | - | - | 3,481 | 3,481 |
| Total Assets | 44,448 | 67,637 | 22,915 | 135,000 |
| Liabilities | ||||
| Accounts Payable and Accrued Liabilities | 8,792 | 1,123 | - | 9,915 |
| Securities Lending Obligation | - | - | 3,481 | 3,481 |
| Total Liabilities | 8,792 | 1,123 | 3,481 | 13,396 |
| Net Assets | ||||
| Held in Trust For Other | ||||
| Postemployment Benefits | 35,656 | 66,514 | 19,434 | 121,604 |
| Total Net Assets | $35,656 | $66,514 | $19,434 | $121,604 |
| Statement of Changes in Fiduciary Net Assets (000's) | ||||
|---|---|---|---|---|
| State | Retired | Policemen and | ||
| Employees' | Teachers' | Firemen | Total | |
| Additions | ||||
| Contributions: | ||||
| Plan Members | $- | $71,946 | $452 | $72,398 |
| State | 555,131 | 12,108 | - | 567,239 |
| Municipalities | - | - | 1 | 1 |
| Total Contributions | 555,131 | 84,054 | 453 | 639,638 |
| Investment Income | 177 | 181 | 2,140 | 2,498 |
| Less: Investment Expenses | - | - | (69) | (69) |
| Net Investment Income | 177 | 181 | 2,071 | 2,429 |
| Other | - | - | - | - |
| Total Additions | 555,308 | 84,235 | 2,524 | 642,067 |
| Deductions | ||||
| Administrative Expense | - | 1,771 | - | 1,771 |
| Benefit Payments and Refunds | 544,313 | 81,604 | 908 | 626,825 |
| Total Deductions | 544,313 | 83,375 | 908 | 628,596 |
| Changes in Net Assets | 10,995 | 860 | 1,616 | 13,471 |
| Net Assets Held in Trust For | ||||
| Other Postemployment Benefits: | ||||
| Beginning of Year (as restated) | 24,661 | 65,654 | 17,818 | 108,133 |
| End of Year | $35,656 | $66,514 | $19,434 | $121,604 |