Financial- Standard and Poor's (1-2 Files)

Home Browse Search

NOTE 14 - CONTRIBUTED CAPITAL - PROPRIETARY FUND TYPES: 'Ibere were no changes in contributed capital in the County's proprietffiy fimd types for the year ended June 30, 1993. NOTE 15 - RECONCILIATION OF OPERATING TRANSFERS: Op~rating transfers betwecn the County's fimds are summariud as follows: Special General Revenue Operating traasfers in Operating transfers out ~ 403,044 S 1,370,099 8 68 (690.7751 Net transfers in (out) NOTE 16 - PENSION PLAN: Aeaicv Total S S 1,773,143 3( 00.0001 (1.773.143) 3~9 24 679 324 300 000 ~` Substaatiaily all County employas are particigants in'the State of Oregon Public Eanployces Retirement System (PERS), a defined benefit ageat multiple~employer public employa ~ent system that acts as a common investm~t and administrative agent for govcrnmental tmits in the State of Oregon. 'Il~is r~eat plaa is the only post employment benefit provided by Marion Couaty. The County's paytoll for employxs cova+ed by PERS for the year ended June 30, 1993 was 530,686,016; the County's total payroll was 532,550,481. ~ ~ All County full-time etnployas are eligi'ble W participa#e in the PERS. Beaefits generally vest after five years of continuous service. Retirement is allowed at age 58 with unreduced beaefits, but retireme,at is generally available after age 55 with reduced benefits. Compulsory retitement age is 70. Retirement ben~fits are based on salary and l~gth of service, are calculated using a formula and are payable in a lump sum or moadily asing sevecal payment options. PERS also provides death and disability bene5ts. These benefit provisions and otha requit+~~ts are established by sffite sKatutes. The County is required by the rules applicable to PERS to contribute 8.46% of oovered employee's salaries to PERS. 'Ihe required employee contribution of 6% of cov~ed compensation is paid by the County pursuant to collective bargaining agreements. . . ~ The amount shown below as the "pension benefit obligarion", requirtd by Governmental Accounting Standards Board Statement No. 5, is a standardiud disclosure measure of the present value of pansion benefits, adjusted for the effects of projected salary increases estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of PERS on a going-conc.eaa basis, assess progress made in accumulating sufficient assets to pay- benefits when du~, and make comparisons among government pension plans and employas. 'I~e measwe is the actnarial present value of crodited projected benefits, and is independent of the funding method used to determine contributions to PERS. The pension benefit obligation was completed as part of an actuuial valuation~performed as of December 31, 1992 and is the most recent availabie. Signific~at actuarial assumptions used in the valuation include (a) a rate of retutn on the investment of present and fuhu+e assets of 8%e, (b) projectod salary increases of 6% per year in addition to salary increases and longevity, (breakdown of satary inereases not available) (c) post-retirement b~efit increases of 2% per year (the maximum allowable), and (d) demogtaphic assumptions that have been chosea to refled the best estimate of emerging experience of the members in the system. No obligation for retirees is attributed to the County as PERS pools the risk related to retired employas among all ~ployers. Accordingly, the County's separate actuarial valuation covers only current employees. f: -24-