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gross benefits for calendar year 1992.

F. REFUND OF CONTRIBUTIONS

If an employee leaves covered employment before accumulating ten years of
membership service, employee contributions plus accrued interest earnings may
be refunded to the employee. If the member returns to service and repays the
withdrawn contributions plus the interest the contributions would have earned had
they remained on deposit, membership service is fully restored.



3. CONTRffiUTION RATES

A. MEMBER CONTRIBUTIONS

Member contribution rates for fiscal year 1993 were set by statute at 7.9% of
total monthly compensation and deducted from each member's salary and remitted
by the employer. An individual account is established for each member's
contributions and interest allocations until a retirement or refund request is
processed.

B. EMPLOYER CONTRIBUTIONS

During fiscal year 1993, the employer contributed 7.15% of their total GWRS-
covered payroll to the retirement system on a monthly basis.

C. FINES & FORFEITURES

Certain monies collected as fines and forfeited bonds are deposited in the pension

55



STATE OF MONTANA

GAME WARDENS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)

trust fund until such time as there is no longer any unfunded liability to the
system. The amount received for fiscal year 1993 was $273,958.



FUNDING STATUS & PROGRESS

Refer to the Actuarial Section.

CONTRIBUTIONS REQUIRED & CONTRIBUTIONS MADE

The GWRS funding policy provides for periodic employer and employee contributions at rates
established by state law; contribution requirements are not actuarially determined. An actuary
determined the actuarial implications of the funding requirement in a biennial actuarial valuation
at July 1, 1992 with a GASB update at June 30, 1993. The actuarial method used to determine
the implications of the statutory funding level is the entry age normal funding method, with both
normal cost and amortization of the unfunded accrued liability determined as a level percentage
of payroll. Contributions for the year totalled $713,305. Employer contributions totalled
$198,771 (7.60% of payroll), employees contributed $220,505 (8.43% of payroll). State
contributions (including fines and forfeited bonds totalled 294,029 (11.24% of payroll). These
contributions consisted of (a) $419,436 normal cost (16.04% of payroll) and (b) $293,869
amortization of the unfunded actuarial accrued liability (11.24% of payroll).

SIGNIFICANT ACCOUNTING & FINANCIAL REPORTING POLICIES

1. METHOD OF ACCOUNTING

Refer to the Appendix for standard accounting policies.

2. VALUATION OF INVESTMENTS

See Appendix for investment policies as these policies are standard for all funds. The
following is the listing of investments at fiscal year end:



56



STATE OF MONTANA

GAME WARDENS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)



GWRS INVESTMENTS




Tvpe Cost


Market


Corporate Securities $4,516,094


$4,842,722


US Government Securities 4,120,447


4,508,508


Canadian Securities 367,236


412,723


Short Term Investment Pool 1 , 55 1 , 900


1,551,900


Mont-Comp (Common Stock) 2,740,125


4,398,964


Leveraged Buy-Outs 1 1 6 , 1 79


171,643


Deferred Gains/Losses (21.803)


(21.803)


TOTAL INVESTMENTS $13,390,178


$15,864,6570



TEN- YEAR fflSTORICAL TREND INFORMATION

Ten-year historical trend information designed to provide information about the Game Wardens'
Retirement System progress made in accumulating sufficient assets to pay benefits when due is
presented on pages 58 through 62.



57



STATE OF MONTANA
GAME WARDENS' RKOREMENT SYSTEM

MEMBERSHIP



Fiscal
Year



Active
Members



Inactive
Members



Total



06/30/84
06/30/85
06/30/86
06/30/87
06/30/88
06/30/89
06/30/90
06/30/91
06/30/92
06/30/93



87
86
85
84
86
80
89
91
87
86



2
4
3
3



88
87
88
85
87
83
91
95
90
89



Q.

X
CO

tr

LU
CD

liJ




1984 1985 1986 1987 1988 1989 1990 1991 1992 1993



FISCAL YEAR
I ACTIVE MEMBERS □INACTIVE MEMBERS



58



STATE OF MONTANA
GAME WARDENS' RETIREMENT SYSTEM

RETIRED MEMBERS AND BENEFTT RECIPIENTS



Fiscal
Year



Retirement



Disability



Survivor



Total



06/30/84
06/30/85
06/30/86
06/30/87
06/30/88
06/30/89
06/30/90
06/30/91
06/30/92
06/30/93



27
30
34
34
38
44
46
47
49
51



6
6
6
8
8
8
9
9
9
9



4
4
4
4
4
4
3
3
3
4



37
40
44
46
50
56
58
59
61
64



CO

I—
z
yj

Q.

O




1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

fiscal year
■ retirement B disability H survivor



59









STATE


OF MONTANA










GAME


WARDENS' RETIREMENT SYSTEM
/E SUMMARY OF REVENUES BY SOURCE




C


OAfPARATI}


Fiscal




Contributions




Investment




Year


Member


Employer


State Fines


Income


Total


06/30/8^


I 154,959


157,626


272,841


496,613


1,082,039


06/30/8.


5 151.341


153,074


260,860


589,449


1,154.724


06/30/8 (


S 177,302


158,392


221,265


787,657


1,344,616


06/30/8'


7 193,279


172,155


218.582


737,861


1,321.877


06/30/8!


i 246,066


170,626


221,358


848,892


1,486.942


06/30/8'


) 227,577


177,998


236,930


929,032


1.571.537


06/30/9 (


D 203,877


252,561


207.232


929,652


1.593.322


06/30/9


I 196,239


175,548


295,346


957,919


1,625.052


06/30/9;


Z 210,764


185,745


18,439 270,845


1,025.555


1,711.348


06/30/9


3 220,505


198.771


20.071 273,958


1.096.263


1,809,568




REVENUES FOR FISCAL YEAR 93














yy-^^ember(12.2%)












//l^k


Employer (11.0%)






0.






^^m


State (1.1%)




Inv


3St. (60.6%) ^


^


w


Fines (15.1%)





60



Fiscal






Admin






Year


Benefits


Refunds


Expenses'


Other"


Total


06/30/84


298,787


325


4,510


(1.763)


301,859


06/30/85


301,159


3,776


4,199


(969)


308,165


06/30/86


383,440


16.353


5,192


(4,536)


400,449


06/30/87


408,698


56,728


6,119





471,545


06/30/88


432,327


35,659


6,707


(1.700)


472,993


06/30/89


544,591


49,590


3,971


30,445


628,597


06/30/90


685,390


1,287


3,965


9,278


699,920


06/30/91


717,300


2,113


4,645


59


724,117


06/30/92


778,714


11,092


5,099


804


795,709


06/30/93


831.533


5.967


5,459


(16.192)


826.767



STATE OF MONTANA
GAME WARDENS' RETIREMENT SYSTEM

COMPARATIVE SUMMARY OF EXPENSES BY TYPE



EXPENSES FOR FISCAL YEAR 93



Refunds & Admin. (1.4%)




'Includes Investment Expense
**Inclades Prior Year Adjustments



Benefits (98.6%)



61



STATE OF MONTANA
GAME WARDENS' RETIREMENT SYSTEM

ANALYSIS OF FUNDING PROGRESS

^_^ (In millions of dollars)





Net Assets


Pension






Annual


Unfunded PBO


Fiscal


Available


Benefit


Percent


Unfunded


Covered


As A Percent Of


Year


For Benefits*


Obligation


Funded


PBO


Payroll


Covered Payroll


1988


$9.0


$11.0


81.8%


$2.0


$2.2


90.9%


1989


9.9


12.0


82.5%


2.1


2.0


105.0%


1990


10.8


12.9


83.7%


2.1


2.2


95.5%


1991


11.7


1.1.5


86.9%


1.8


2.4


74.6%


1992


12.6


14.2


88.7%


1.6


2.5


65.2%


1993


13.6


15.4


88.2%


1.8


2.6


69.5%



Expressing the net assets available for benefits as a percentage
of the pension benefit obligation (PBO) provides one indication
oftbe system's funding status. Analysis of this percentage over
time indicates whether the system is becoming financially stronger
or weaker. Generally, the greater this percentage, the stronger
the system. Expressing the unfunded PBO as a percentage of annual
covered payroll approximately adjusts for the effects of inflation
and aids analysis of the system's progress made in accumulating
sufficient assets to pay benefits. Generally, the smaller this
percentage, the stronger the system.



This comparative information is only available from FY88 to FY93.
*Net Assets at cost.



62



SHERIFFS'



RETIREMENT SYSTEM



H *'* '"^




Photo compl iments of the Lewis t Clark County Sheriffs' Department.



63



STATE OF MONTANA
SHERIFFS' REnREMENT SYSTEM

BALANCE SHEET

JUNE 30, 1993



ASSETS

Cash In Treasury
Interest Receivable
Accounts Receivable
Corporate Securities
U.S. Government Securities
Canadian Securities
Short Term Investment Pool
Common Stock
Leveraged Buy — Outs
Deferred Gains And Losses
Total Assets



$35,758

568,.332

167,211

20,574,972

13,120,590

1,598,465

2,498,300

6,856,486

464,712

(29,271)



$45,855,555



LIABILITIES

Accounts Payable

Net Assets Available For Benefits

FUND BALANCE

Retirees and Survivors Currently Receiving Benefits
Terminated Members Not Yet Receiving Benefits
Current Employees:

Accumulated Employee Contributions

Employer Financed Vested

Employer Financed Nonvested

Post Retirement Adjustment Reserve
Total Pension Benefit Obligation
Net Assets Available for Future Benefit Credits

Total Fund Balance



34,477



$45.821.078



$8,853,612
575,714

11,474,885

12,706,914

2,122,284

14,203



35,747,612
10,073,466



$45.821.078



The notes to the financial statements are an integral part of this statement



64



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM

STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN FUND BALANCE

FOR FISCAL YEARS ENDED JUNE 30, 1993 AND JUNE 30, 1992



1993



1992



REVENUES

Retirement Contributions

Member

Employer

State
Interest Reserve Buyback
Investment Income
Common Stock Dividends
Total Revenues

EXPENSES

Benefit Payments
Refund of Member Contributions
Interest On Refunds
Employer Refund
Administrative Expense
Investment Expense
Total Expenses



$1,064,518


$1,088,881


1.119.336


1,088,347


20.586


18,132


7.694


356


3.294.370


3,157,480


296.356


252,742


$5,802,860


$5,605,938


$882,569


$781,090


193.570


187,636


80,596


83,421


18,965





16.449


9,874


5.563


4,915


$1,197,712


$1,066,936



OTHER FINANCING SOURCES - (USES)

Prior Year Adjustments

Excess Of Revenues Over Expenses

Fund Balance Beginning Of Year

Fund Balance End Of Year



($61.786)



4.543.362

41.277.716

$45.821.078



$92



4,539,094

36,738,622

$41.277.716



The notes to the financial statements are an integral part of this statement



65



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM
NOTES TO THE FINANCIAL STATEMENTS
PLAN DESCRIPTION



1.



PLAN MEMBERSHIP



The Sheriffs' Retirement System (SRS) is a statewide defined benefit retirement plan
established in 1974 in accordance with Title 19, Chapter 7 of the Montana Code
Annotated to provide pension benefits for Montana sheriffs, undersheriffs, and regularly
appointed deputy sheriffs. The SRS is a multiple-employer, cost-sharing plan. Benefits
are vested after 15 years of membership service, or after five years if involuntarily
terminated.






SRS MEMBERSHIP DATA








June 30, 1993


June 30, 1992


COUNTY EMPLOYERS &






ACTIVE MEMBERS








Beaverhead




9


8


Big Horn




13


16


Blaine




6


6


Broadwater




7


4


Carbon




5


6


Carter




2


2


Cascade




29


31


Choteau




9


9


Custer




5


4


Daniels




3


3


Dawson




6


6


Fallon




2


2


Fergus




9


9


Flathead




32


31


Gallatin




27


28


Garfield




2


2


Glacier




9


9


Golden Valley




2


2


Granite




5


4


Hill




9


9


Jefferson




9


8


Judith Basin




4


4


Take




10


12


Lewis & Clark




21


22 1


Liberty




4


4 1


Lincoln




17


20


Madison




8


7


McCone




3


3



66



STATE OF MONTANA

SHERIFFS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)





SRS MEMBERSHIP DATA






(continued)






June 30, 1993


June 30, 1992


COUNTY EMPLOYERS &






ACTIVE MEMBERS






Meagher


4


3


Mineral


8


5


Missoula


42


42


Musselshell


5


5


Park


16


15


Petroleum


1


1


Phillips


8


8


Pondera


8


7


Powder


4


4


Prairie


2


2


Ravalli


15


14


Richland


5


6


Roosevelt


16


15


Rosebud


16


15


Sanders


7


7


Sheridan


7


6


Silver Bow


1


1


Stillwater


7


7


Sweet Grass


3


4


Teton


6


6


Toole


10


12


Treasure


3


2


Valley


16


13


Wheatland


6


6


Wibaux


3


3


Yellowstone


39


41


56 EMPLOYERS






TOTAL EMPLOYEES


548


521


INACTIVE MEMBERS






Vested


18


16


Non-vested


75


66


TOTAL


93


82


BENEFIT RECIPIENTS






Service Retirements


62


60


Disability Retirements


29


28


Survivor Benefits


12


11


TOTAL


103


99



67



STATE OF MONTANA

SHERIFFS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)



2.



BENEHT PROVISIONS



A.



PENSION BENEFITS



A member initially elected or appointed before July 1, 1989 may retire with a
regular service retirement benefit after completing 24 years of membership
service. A member initially elected or appointed on or after July 1, 1989 may
retire after both serving at least 24 years and attaining the minimum service
retirement age of 50. The retirement benefit, payable monthly for life, is based
on the following formulas:



SRS BENEFIT FORMULA

2.0834 X Years of Service (through 24 years) X FAS +

1.35% X FAS X Years of Service over 24 years

(Maximum benefit is 60% of FAS)



B.



FAS is the average of the member's highest compensation during any 36
consecutive months of membership service.

A member may retire with an actuarially reduced early retirement benefit after
completing 15 years of membership service and attaining age 50.

DEFERRED BENEFITS



A vested member who involuntarily leaves covered employment before attaining
retirement eligibility becomes eligible for a deferred benefit at age 50, provided
the accumulated contributions are left on deposit.

DISABILITY BENEFITS

Any member who becomes totally and permanently disabled is eligible for a
disability benefit. The benefit is calculated as follows:

1) for members disabled in the line of duty, one-half of final average salary,
or

2) for members disabled not in the line of duty, the actuarial equivalent of
the service retirement benefit based on age and service credits at time of
disability.



68



STATE OF MONTANA

SHERIFFS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)

D. SURVIVOR BENEFITS

Upon the death of an actively employed member of the system, the
beneficiary(ies) is entitled to elect either:

1) a lump sum payment equal to the member's total accumulated
contributions, including interest, or

2) a monthly benefit calculated as follows:

2% X FAS X Years of Service (up to 25 years), actuarially reduced
from either age 65 or 25 years of service, whichever would produce the
higher benefit. If the member dies from duty related causes, the monthly
benefit is equal to 50% of FAS.

E. BENEFIT ENHANCEMENTS AFTER RETIREMENT

Post retirement adjustments provide annual permanent monthly benefit increases
funded from annual investment earnings exceeding the actuarially required 8%
yield. These increases are paid to eligible recipients based on years of service,
current age and the retirement option chosen. In January 1993, the average
eligible recipient received an increase equal to 2.90% of benefits.

The 1991 Montana Legislature enacted Senate Bill 226 which made all pension
benefits subject to state taxes and provided for an annual benefit adjustment
payment to be made to all benefit recipients who reside in Montana. During
fiscal year 1993, eligible recipients received a one-time payment equal to 2.63%
of their gross benefits for calendar year 1992.

F. REFUND OF CONTRIBUTIONS

If a member voluntarily leaves covered employment before accumulating 15 years
of membership service, employee contributions plus accrued interest earnings may
be refunded to the employee. If the member returns to service and repays the
withdrawn contributions plus the interest the contributions would have earned had
they remained on deposit, membership service is fully restored.

3. CONTRIBUTION RATES

A. MEMBER CONTRIBUTIONS

Member contribution rates for fiscal year 1993 were set by statute at 7% of total



69



STATE OF MONTANA

SHERIFFS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)

monthly compensation and are deducted from each member's salary and remitted
by their employers. An individual account is established for each member's
contributions and interest allocations until a retirement or refund request is
processed.

B. EMPLOYER CONTRIBUTIONS

During fiscal year 1993, each county contributed 7.67% of their total SRS-
covered payroll to the retirement system on a monthly basis.

FUNDING STATUS & PROGRESS

Refer to the Actuarial Section.



CONTRIBUTIONS REQUIRED & CONTRIBUTIONS MADE

The SRS funding policy provides for periodic employer and employee contributions at rates
established by state law; contribution requirements are not actuarially determined. An actuary
determined the actuarial implications of the funding requirement in a biennial actuarial valuation
at July 1, 1992 with a GASB update at June 30, 1993. The actuarial method used to determine
the implications of the statutory funding level is the entry age normal funding method, with both
normal cost and amortization of the unfunded accrued liability determined as a level percentage
of payroll. Contributions for the year totalled $2,204,440. Employer contributions (including
State contributions) totalled $1,139,922 (7.98% of payroll), employees contributed $1,064,518
(7.46% of payroll). These contributions consisted of (a) $2,094,542 normal cost (14.67% of
payroll) and (b) $109,898 amortization of the unfunded actuarial accrued liability (0.77% of
payroll).



SIGNIFICANT ACCOUNTING & FINANCIAL REPORTING POLICIES

1. METHOD OF ACCOUNTING

Refer to the Appendix for standard accounting policies.

2. VALUATION OF INVESTMENTS

See Appendix for investment policies as these policies are standard for all funds. The
following is the listing of investments at fiscal year end:

70



STATE OF MONTANA

SHERIFFS' RETIREMENT SYSTEM

NOTES TO THE FINANCIAL STATEMENTS

(continued)



1 SRS INVESTMENTS




Type


Cost


Market


Corporate Securities


$20,574,972


$21,832,332


US Government Securities


13,120,590


14,314,408


Canadian Securities


1,598,465


1,897,015


Short Term Investment Pool


2,498,300


2,498,300


Mont-Comp (Common Stock)


6,856,486,


10,448,719


Leveraged Buy-Outs


464,712


686,566


Deferred Gains/Losses


(29.271)


(29.271)


TOTAL EWESTMENTS


$45,084,254


$51,648,069



TEN- YEAR fflSTORICAL TREND INFORMATION

Ten-year historical trend information designed to provide information about the Sheriffs'
Retirement System progress made in accumulating sufficient assets to pay benefits when due is
presented on pages 72 through 77.



71



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM

MEMBERSHIP



Fiscal
Year



Active
Members



Inactive
Members



Total



06/30/84
06/30/85
06/30/86
06/30/87
06/30/88
06/30/89
06/30/90
06/30/91
06/30/92
06/30/93



537
539
541
530
509
523
522
525
521
525



14


551


13


552


22


563


58


588


50


559


44


567


44


566


63


588


82


603


93


618



g.

I
w
tr

LU

m

IS

UJ




1984 1985 1986 1987 1988 1989 1990 1991 1992 1993



FISCAL YEAR
I ACTIVE MEMBERS El INACTIVE MEMBERS



72



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM

RETIRED MEMBERS AND BENEFIT RECIPIENTS



Fiscal
Year



Retirement



Disability



Survivor



Total



06/30/84
06/30/85
06/30/86
06/30/87
06/30/88
06/30/89
06/30/90
06/30/91
06/30/92
06/30/93



33
34
37
46
47
46
51
54
60
62



12
12
13
17
17
21
23
28
28
29



7
9
9
9

10
11
11
11
11
12



52
55
59
72
74
78
85
93
99
103



CO



Q.

O

UJ

tr




1984 1985 1986 1987 1988 1989 1990 1991 1992 1993



FISCAL YEAR
I RETIREMENT □ DISABILITY ^ SURVIVOR



73



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM

COMPARATIVE SUMMARY OF REVENUES BY SOURCE



Fiscal




Contributions


Year


Member*


Employer


06/30/84


752,392


805,584


06/30/85


784,899


842,733


06/30/86


822,921


892,416


06/30/87


836,232


890,441


06/30/88


780,521


839,509


06/30/89


833,357


871,136


06/30/90


918,158


928,191


06/30/91


976,490


989,827


06/30/92


1,089,237


1,088,347


06/30/93


1,072,212


1.119,336



State



Investment
Income



Total











18,132
20,586



1,363,181
1,704,246
2,370,170
2,252,834
2,526,090
2,764,330
3,012,704
3.153,816
3,410.222
3.590.726



2.921,157
3.331,878
4.085,507
3.979,507
4,146,120
4,468,823
4,859,053
5.120,133
5,605,938
5,802,860



REVENUES FOR FISCAL YEAR 93



Invest. (61.9%)




Member (18.5%)



Employer (19.3%)



State (0.4%)



* Includes Interest Reserve Buyback.



74



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM

COMPARATIVE SUMMARY OF EXPENSES BY TYPE



Fiscal
Year



Benefits





Admin






Refunds


Expenses*


Other**


Total


278,658


16,119


(14,727)


502,868


219,951


14,992


11,372


488,369


308,047


17,824


34,358


666,653


577,233


19,675





980,890


415,918


18,977


22,955


897,992


561,415


15,318


28,529


1,071,220


456,243


15,725


47,075


1,083,700


534,151


16,859


10,456


1,290,578


271,057


14,789


(92)


1,066,844


274,166


22,012


80,751


1.259,498



06/30/84
06/30/85
06/30/86
06/30/87
06/30/88
06/30/89
06/30/90
06/30/91
06/30/92
06/30/93



222,818
242,054
306,424
383,982
440,142
465,958
564,657
729,112
781,090
882,569



EXPENSES FOR FISCAL YEAR 93



Admin. & Other (8.2%)



Refunds (21.8%)




Benefits (70.1%)



'Includes Investment Expense
''Includes Prior Year Adjustments



75





STATE OF MONTANA




ADDITIO


sm


SRIFFS' RKHREAfEN-j


r SYSTEM

ABLE FOR BENEFTTS




TT ASSETS AVAIL


NS TO


Nl


FISCAL




ANNUAL


NET ASSETS


YEAR


REVENUES EXPENSES


ADDITIONS


AVAILABLE


06/30/84


2,921,157 502,868


2,418,289


13,218,273


06/30/85


3,331,878 488,369


2,843.509


16,061,782


06/30/86


4,085,507 666,653


3,418,854


19,480,636


06/30/87


3,979,507 980,890


2.998.617


22,479,253


06/30/88


4,146,120 897,992


3,248.128


25,727,381


06/30/89


4,477,553 1,071,220


3,406,333


29,133,714


06/30/90


4,859.053 1,083,700


3,775,353


32,909,067


06/30/91


5,120,133 1,290,578


3.829.555


36,738,622


06/30/92


5,605,938 1,066,844


4,539,094


41,277,716


06/30/93


5,802.860 1.259.498


4.543.362


45,821.078







ZATFS




CONTRIBUTION J


FISCAL


EMPLOYEE


EMPLOYER


YEAR


PERCENT


PERCENT


1979-1981


7.00


7.55


1982-1985


7.00


7.62


1986-1993


7.00


7.67



76



STATE OF MONTANA
SHERIFFS' RETIREMENT SYSTEM

ANALYSIS OF FUNDING PROGRESS

(la millions of dollars)





Net Assets


Pension






Annual


Ut


{funded PBO


Fiscal


Available


Benefit


Percent


Unfunded


Covered


As


A Percent Of


Year


For Benefits'


Obligation


Funded


PBO


Payroll


Covered Payroll


1988


$25.7


$18.3


140.4%


($7.4)


$11.2




-66.1%


1989


29.1


20.5


142.0%


-8.6


11.3




-76.1%


1990


32.9


23.7


138.8%


-9.2


11.8




-78.0%


1991


36.7


26.8


137.2%


-10.0


11.6




-85.9%


1992


41.3


32.6


126.5%


-8.6


1.3.7




-63.2%


1993


45.8


35.7


128.2%


-10.1


14.3




-70.6%



Expressing the net assets available for benefits as a percentage
of the pension benefit obligation (PBO) provides one indication
of the system's funding status. Analysis of this percentage over
time indicates whether the system is becoming financially stronger
or weaker. Generally, the greater this percentage, the stronger
the system. Expressing the unfunded PBO as a percentage of annual
covered payroll approximately adjusts for the effects of inflation
and aids analysis of the system's progress made in accumulating


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