A RepoRt MontAnA LegisLAtuRe FinAnciAL Audit_part1 pot

A RepoRt to the MontAnA Legi sL AtuRe LegisLAtive Audit division 07 07-08 Fi n A n c i A L Au d i t JA n uA Ry 20 0 8 Public Employees’ Retirement Board For the Fiscal Year Ended June 30, 2007 This is trial version www.adultpdf.com [...]... investment pools Each plan owns an equity position in the pools and receives proportionate investment income from the pool in accordance with respective ownership The investment pools are: Montana Short Term Investment Pool, Montana Domestic Equity Pool, Retirement Fund Bond Pool, Montana International Equity Pool, Montana Real Estate Pool and Montana Private Equity Pool Each plan's allocated share of the... supplementary information consists of the schedules of funding progress and required contributions and related notes concerning actuarial information of the defined benefit pension plans administered by the PERB Financial Analysis of the Systems - Defned Benefit Plans Investments The State of Montana Board of Investments (BOI), as authorized by state law, invests the defined benefit plans' assets in... the Statement of Fiduciary Net Assets of the plan Investment gains and losses are reported in the Statement of Changes in Fiduciary Net Assets Defined Benefit Plans Total Investments At June 30,2007, the PERB's defined benefit plans held total investments of $4.8 billion, an increase of $697 million from fiscal year 2006 investment totals On the next page are the schedules of Net Assets and Changes... in benefit payments was due to the increase in benefit recipients and the increase in the average recipient's benefit due to the guaranteed annual benefit adjustment (GABA) For fiscal year 2007, refunds amounted to $13.6 million, an increase of $234 thousand (1.8 percent) from fiscal year 2006 The increase in refunds was due to lar- This is trial version www.adultpdf.com ... Changes in Net Assets for the defined benefit plans including comparative totals from fiscal year 2006 Analysis of Individual Systems PERS-DBRP and Education The PERS-DBRP provides retirement, disability and death benefits for covered employees of the State, local governments and certain employees of the university systems and school districts Member and employer contributions and earnings on investments... fiscal year ended June 30, 2006 The increase in investment income is due to greater investment returns Deductions fiom the PERS-DBRP net assets held in trust for benefits primarily include retirement benefits, refunds and administrative expenses For fiscal year 2007, benefits amounted to $166.2 million, an increase of $12.3 million (8.0 percent) fiom fiscal year 2006 The increase in benefit payments was... the fiscal year ended June 30, contributions decreased to $136.8 million in fiscal year 2007 from $155.2 million in fiscal year 2006, a decrease of $18.4 million (1 1.8 percent) Contributions decreased due to an increased number of members electing the PERS-DCRP instead of the PERS-DBRP plan The plan had net investment income of $629.6 million for the fiscaI year ended June 30, 2007 compared with net... plan The PERSDBRP and the Education Fund have been combined in these comparisons The PERSDBRP net assets held in trust for benefits at June 30, 2007 amounted to $4.1 billion, an increase of $582 million (16.5 percent) from $3.5 billion at June 30, 2006 Additions to the PERS-DBRP net assets held in trust for benefits include employer, member and state contributions and investment income For the fiscal . A RepoRt to the MontAnA Legi sL AtuRe LegisLAtive Audit division 07 07-08 Fi n A n c i A L Au d i t JA n uA Ry 20 0 8 Public Employees’ Retirement Board For the Fiscal Year Ended June. 8 Public Employees’ Retirement Board For the Fiscal Year Ended June 30, 2007 This is trial version www.adultpdf.com