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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1987 <br /> General Special Capital <br /> Fund Revenue Projects <br /> Fund Balance as previously <br /> reported $2,012,118 $382,548 $30,213 <br /> Reclassification from liability <br /> to equity 11,225 <br /> Reclassification of reserve for <br /> encumbrances ( 313,278) 313*278 <br /> Reclassification from liability <br /> to equity 15,000 <br /> Restated beginning Fund Balance $1,980,840 $425,051 $45,213 <br /> 10. Pension Plan <br /> Substantially all full time employees participate in contributory retirement <br /> systems. Teachers participate in a state administered retirement system, the town <br /> does not contribute to this plan. The majority of municipal employees participate <br /> . in a county administered retirement system. Certain employees exercise <br /> alternative rights and retire under non-contributory provisions of law. The plans <br /> provide pension benefits based on salary and length of service. In the event of <br /> disability during employment, participants may receive retirement allowances based <br /> on satisfaction of certain service requirements and other plan provisions. <br /> In accordance with the general laws, the town makes contributions to the <br /> retirement systems based on a "Pay As You Go" basis (estimated retirement benefits <br /> to be paid in excess of employees' contributions and investment income) . Employ- <br /> ees contribute 5% to 8% of their salary depending on their dates of service. In <br /> addition, the town has established a Pension Reserve Trust Fund under the custody <br /> 29 <br />