Image provided by: SEIU Local 503; Salem, OR
About The Oregon state employee. (Salem, Oregon.) 1944-195? | View Entire Issue (Oct. 1, 1948)
22 I vl maliXe^we are quite late with this*state ment for'reasons beyond my Control. I hope and expect to be able to publish gW^ S ttement for the 1947-48 fiscal gjjllar shortly after January 1st. “ Our accounting sVstemUl^gyou .can appreciate'/ is | quite complicated, there being nothing quite like it in the state, and we have been feeling our way and rather walkingBa tight rope between the state auditors and the actuaries for the system, who do not as yet see*gyb'ro 'eye as to what should be included in a sit-afemenf of this kind. “The law actually requires two types of report; one, an audit of the fund (as H w o s e ^ and the other, ¿'an actuaWgi' valuation. This latter is required only once in four years and we •'have not yet compiled one, since the Retirement Board correctly takes the position that the more of our experience which can be included in the actuarial report, the more accurate it will be. By the way, S t a t e of our accounts have actually been audited by the State Division of Audits up to and including AprirB6, 1948. “We have granted 1 6 / 0 retirement allowances for old age..Of these 59 have died since going on our pension*..rolls, leaving 1616 active cases. The maxi mum monthly retirement allowance in this group is $ 13 2.64, the minimum is $0.16. In explanation of the iSjmalh pension of $0.16 per month, I wish to say that this annuitant wasSemployed for only two months before being re- tired. Moreover, the employee elected to contribute at the rate of only 5^9 which reduced his pension by nearly one-half. “We have granted 3 5 disability re tirement allowances of whom three E ve since died. The maximum monthly allowance in this group is $60.76, the minimum $27.31. “Total ledger assets of the retirement fund at this writing are approximately twelve million dollars. O regon PUBLIC EMPLOYES RETIREM ENT SYSTEM Portland, Oregon Accounting Balance Sheet As O f June 30, 1947 ASSETS Cash on Deposit— State Treasury ---------------- $ 349,405.94 Investments—U.S. Treasury Bonds— Par Value $4,200,000.00 Amortized Cost. -------- 4,3 ^ , 9 ^ ^ ^ Registered W arrants 10,790.4 0 Accounts Receivable— W arrants Returned fqr C orrection ------- 82.82 Accounts Receivable;—Current Contributions in T ra n s it------------ 1 710,231.90 Accounts Receivable— On account’of reserves for Prior Service Pensions granted —I------I 27,868.i f Accrued Interest ——————___________ I____ -------------15,464.00' O therJy^ t s: Equipment, supplies and deferred organizational expense ---------------------------------------------------- , 47,572.40 Total Assets: $5,509,380.13 LIABILITIES Reservesrfor Employer’s Accumulated Contribution Credits 1 1 I $2/237,365.82 Reserves for Employe’s Accumulated.Contribution Credits . ■3,242,546.35 Reserves for .Pensions and Annuities — . — — " 3 3,651.08 Suspense Fund— Held Pending Final Disposition 1 I___ I — 4,183.1-2 Total Liabilities _\__ I ___ . _____I ______ $ 5,5 09,3 8 0.-13
