1988-1990-FISCAL AUDITS AND REPORT OF EXAMINATION - MASHPEE INDIAN MUSEUM

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TOWN OF MASNPEE, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS JUNE 30, 13303 Total unfunded pension benefit obligation of the BCRS was $76, 118,000 at January 1, 1987 as follows: Pension Benefit Obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits 53,o65,OCst3 Current Employees: Employee Contributions 24, 118,000 Employer - Financed ',tested 1g,011,000 Employer - Financed Nonvested 23, 489,000 Total Pension Benefit Obligation i i g'683,0001 Net Assets available for benefits, at market value 43,565,000 Unfunded Pension Benefit Ob 1 i gat i on j 76, 118,000 ------------ C, Contribution Requirements and Contributions Made The system' s funding policy for the Town is not actuarially deter- mined, The Town is required to contribute, each fiscal year, an amount approximating the pension benefits (less certain interest credits3 expected to be paid during the year ("pay-as-you-go" method). This amount is determined in advance by the Public Employees Retire- ment Administration (PERA) and is based in part on the previous years benefit payout. The Commonwealth of Massachusetts currently reim- burses the system on a quarterly basis for the portion of benefit pay- ments owing to cost-of-living increases granted after the implementa- tion of Proposition 2 1f2. The Town' s contribution to BCRS for the year ended December 31, 1989 Of $280,097 was made in accordance with the funding policy described above which represents approximately 3. 68% of the system-wide employer Contributions. D• Trend Information ' ,r Ten year historical trend information showing the system' s progress in accumulating sufficient assets to pay benefits when due is required by 8AAP to be included in the BCRS annual report. it is not known whether this report will contain the required historical trend infor- mation. 25