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

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i TOWN OF MASHPEE, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS JUNE 30, i990 Total unfunded pension benefit Obligation Of the SCRS was $76, 118,000 at January 1, 1987 as follows: Pension Benefit Obligations Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits 53,065,000 xt ?,r Current Employees: "•, Employee Contributions 24, 118,000 Employer - Financed Vested 13,011,000 Employer, - Financed Norivested 23. 489 000 Total Pensi Ors Benefit Obligation 119, 683,000 Net Assets available for benefits, at market value 43,565,000 Unfunded Pension Benefit Obligation $ 76 118. 000 ------------ C. Contribution Requirements and Contributions Made The system' s funding policy for the Town is not actuarially deter- rnir,ed. The Town is required to contribute, each fiscal year, an amount approximating the pension benefits (less certain interest credits) expected to be paid during the year ("pay-as-you-go" method) . This amount is determined in advance by the Public Employees Retire- raerst Administratior, (PERA) and is based in part or, the previous year• s benefit payout. The Commonwealth of Massachusetts currently reim- burses the system or, a quarterly basis for the portion of benefit pay- ments owing to cost-of-living increases granted after the implementa- tiors of Proposition 2 1}'2. The T'own' s contribution to SCRS for the year ended December 31, 1989 of $280,097 was made in accordance with the funding policy described above which represents approximately 3. 613% of the system-wide employer E corstrl blit i ons. D. Trend Information Ter, year historical trend information showing the system' s progress in accuraulatir►g sufficient assets to pay benefits when due is required by SAPP to be included in the BCRS annual report. It is not known whether this report will contain the required historical trend infor- ' mat i on. 25