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About The Oregon state employee. (Salem, Oregon.) 1944-195? | View Entire Issue (July 1, 1950)
13 Retirement Board Financial Statement STATE OF OREGON PUBLIC EMPLOYES RETIREMENT SYSTEM Portland, Oregon Accounting Balance Sheet as of June 30, 1949 ASSETS Cash and Investm ents....$18,785,040.68 A ccounts Receivable: C u rren t C ontributions in T ran sit .. ....... 576,770.93 A m ortized A m ounts Due from Em ployers lo r pensions g ranted 3,671,287.42 A ccrued In terest a ^ ^ S v a .fe J M ||K t....... 54,810.16 O ther Assets: I Equipm ent, supplies M « |||ie fe r^ p ÎT O ||g H ganization expense 52,257.15 LIABILITIES Reserves for Em ployers’ A ccum ulated C ontri- bution C redits 6,850,803.32 ^ egves for Empl ^ ^ ^ ^ Accumulated Contri bution C redits ............ 9,629,238.02 R eserves fo r D isability 11 B e W m ffi^ ra n te d ........ 229,350.07 R eserves for Service R e tirem en t B enefits G ranted .......... ..... ... . 6,425,841.98 Suspense F und—Held P ending F in al D is p o s iW M K ........... 4,932.95 .823 d 40.166.34 T otal L iabilities ..........$23,140,166,34 By JERRY S. SAYLER Executive Secretary In subm itting the Account B alance S heet as of Ju n e 30, 1949, certain com m ents w ould seem to be p ertinent. Quite a few m em bers w onder why these statem en ts ap p ear to be ap p ro x im ately one y ear la te . Em ployers deduct re tire m en t contributions from salaries of em ployes throughout th e fiscal y ear and rem it the am ount so deducted to the R etirem ent B oard each m onth, together w ith the.- em - p lo y er’s m atching contributions B id the con tri b utions f r on i the emj defflrs in I prMM^E@^i!^feli3%j bilities. H ow ever, only once each y ear is th e em ployer req u ired to sub m it a detailed rep o rt covering these rem ittances. These re p o rts are due in the retire m en t o 'ffi^B o n ¿July 15th BJOW^wing th e e n d ^ f th e preceding fiscal year. Not alw ays are these a n nua is this tru e in case of some of the TO’geM em pW ^pBBS^Brhdm BfeM an - n u al rep o rt is a project of some con sider able m agnitude. T here are a l m ost 1,200 rep o rting em ployers and these d etailed a n n u a l reportsy^ ’p're- H i w ^ S B f smalHitehas totaling upw ards of ten m illion dollars for O rdinarily, it req u res about six m onths for; the re tire m e n t system staff to audit, adj ust, bring into b al ance, and post all of these m u ltitu - dinous item s to the individual credit of some 35,000 accounts. .After this has been done, in terest earnings and ex- pense deductions for the fiscal ygar in question mu'^t be p ro rated ¿and again posted to these' thousands of in dividual accounts. This process re - quires from 30 to 40 days in th e re - tirem en t office, w ith all of the staff and all of equipment"' w orking at top speed. A fter this spe cific task is com pleted, th en the. en- tire operation m ust be reconciled I and j® 3 ^ h t- intoga^ipeet balance to the last cent. If we arriv e at t h i ^ H h t ’ an the y e a r’s operation anyvtim e d u r- ing the m onth of M arch, we are w ell satisfied. At this point the’, kitate audi- tors from th e S ecretary of S ta te ’s of- fice m ove in and tak e over. A t the best they can do, it takes fro m tw o to th ree months; to conduct the./-audit S d - M r i f y the w ork done b y th e r e tirem en t, staff. The sta te au d itin g de- Jp»artmeM^:then makes' uglaall re p o rt to
