Financial Audit for the Fiscal Year Ended ..., State of Montana : Report to the Legislature 2004

Cover Financial Audit for the Fiscal Year Ended ..., State of Montana : Report to the Legislature 2004
Financial Audit for the Fiscal Year Ended ..., State of Montana : Report to the Legislature 2004
Montana. Legislature. Legislative Audit Division
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Funding Policy and Annual Pension Cost The following tables provide information concerning funding policies and annual pension costs (in thousands): Single Employer Systems Annual pension cost Contributions Employer Employee License and registration fees Actuarial valuation date Actuarial cost method Amortization metliod Remaining amortization period Asset valuation method Actuarial assumptions: Investment rate of retum Projected salary Increases (Includes inflation factor) Merit Postretirement... benefit increases HPORS $3,198 8.0% 4.25% 0%-7.3% None JRS $1,136 $2,859 743 348 $1,136 443 7/01/04 7/01/04 Entry age Entry age Level percentage of total salaries, open Level percentage of total salaries, open 19.1 years 30 years 4 year smoothed market 4 year smoothed market 8.0% 4,25% None None Page C-57 Single Employer Systems Annual Pension Percentage of APC Net Year Ended Costs (APC) Contributed Obligation HPORS 06/30/02 3,047 101.3% NONE 06/30/03 3,191 100,9% NONE 06/30/04 3,198 100.3% NONE JRS 06/30/02 1,032 100.0% NONE 06/30/03 1,052 100.0% NONE 06/30/04 1,137 100.0% NONE Multiple Employer Systems Annual Required Contribution Percentage of ARC Year Ended (ARC) Contributed PERS 06/30/02 55,369 100,5% 06/30/03 58,114 99.1% 06/30/04 57,036 101.0% MPORS 06/30/02 9,732 101.1% 06/30/03 10,196 101.0% 06/30/04 10,740 101.4% FURS 06/30/02 8,432 98.1% 06/30/03 8,740 100.8% 06/30/04 9.409 100.0% SRS 06/30/02 2,338 102.1% 06/30/03 2,435 101.7% 06/30/04 2,610 103.6% GWPORS 06/30/02 1,544 103.3% 06/30/03 1,803 101.8% 06/30/04 1,930 104.7% TRS 06/30/02 51,519 100.0% 06/30/03 53,277 100.0% 06/30/04 55,774 100.0% Page C-58 H.

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