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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> Year Ended June 30, 1984 <br /> extent approved by subsequent Town Meeting action. <br /> I <br /> i <br /> Note 4. Pension Plans <br /> Teachers and certain administrative and professional employees of the <br /> Town's school department participate in a contributory retirement system <br /> administered by the Massachusetts Teachers ' Retirement Board. The Town does <br /> not contribute to this plan. <br /> Substantially, all other Town employees are members of the Barnstable <br /> County Retirement System. Under the provisions of this retirement plan, <br /> employees contribute certain percentages of their pay and are eligible for <br /> retirement benefits after meeting the required age in service criteria. In <br /> addition, the Town contributes to the system an annual amount as directed by <br /> the State Division of Public Employee Retirement Administration, primarily <br /> on the basis of projected annual benefit payments (pay-as-you-go) . This <br /> "pay-as-you-go" method does not provide for funding of, accrued pension <br /> liabilities. The Town contribution to the plan totaled $126,563 for the <br /> year ended June 30, 1984. <br /> I. <br /> Under generally accepted accounting principles, the annual minimum i <br /> provision for pension cost should include normal cost, interest on unfunded <br /> past service cost liability and amortization of unfunded vested benefits for <br /> Participants in the pension plan. The amount of unfunded pension liability <br /> Of the Barnstable County Retirement System is determined periodically. The <br /> last actuarial valuation was prepared by William M. Mercer, Inc. as of <br /> January 1 , 1983 and showed the Town's present value of accumulated plan t <br /> benefits at $2,281 ,107 including $2,094,535 vested. Net assets of the <br /> plan applicable to the Town were $472,968 leaving an unfunded value of <br /> accumulated plan benefits at that date of $1 ,808,139. <br /> Note 5. Long-Term Debt <br /> State law permits a town, under the provisions of Chapter 44, Section <br /> 10, to authorize indebtedness up to a limit of 5% of its equalized valua- `11 <br /> tion. Debt issued in accordance with this section of the law is designated <br /> as being "inside the debt limit". In addition, a town is authorized to <br /> incur debt outside of that limit for specific purposes. Such debt, when <br /> issued, is designated as being "outside the debt limit". The Town's <br /> SII°, i <br /> II '�iV <br />