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