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