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i <br /> ments. The disabled employee is entitled to receive disability payments <br /> for life, while the surveying spouse may receive death benefits for life or <br /> as long as he or she does not remarry. Benefits are determined by state <br /> statue. <br /> The Town's current-year covered payroll was $ 4,514,145 and its <br /> total current-year payroll for all employees, excluding teachers, was <br /> $ 5,240,676. <br /> B. Contributions Required and Made <br /> Employees of the Town are required to pay between 5 and 8% of their <br /> gross earnings to the pension plan. The Town makes annual contribu- <br /> tions to the pension plan equal to the amount required by State statutes. <br /> During 1996, the Town was required to contribute 6.7% of its gross pay- <br /> roll to the plan. <br /> i <br /> Total contributions made during fiscal year 1996 amounted to $ 872,556, <br /> of which $ 520,773 was made by the Town and $ 351,783 was made by <br /> employees. These contributions represented 59.7% (Town) and 40.3% <br /> (employees) of covered payroll. <br /> I <br /> C. Funding Status and Pro rp ess <br /> The amount of the total pension benefit obligation is based on a standard- <br /> ized measurement established by GASB-5 that, with some exceptions, <br /> must be used by a PERS. The standardized measurement is the actuarial <br /> present value of credited projected benefits. This pension valuation <br /> method reflects the present value of estimated pension benefits that will <br /> be paid in future years as a result of employee services performed to <br /> date, and is adjusted for the effects of projected salary increases. A <br /> standardized measure of the pension benefit obligation was adopted by <br /> the GASB to enable readers of PERS financial statements to (a) assess <br /> the PERS funding status on a going-concern basis, (b) assess progress <br /> made in accumulating sufficient assets to pay benefits when due, and <br /> i I <br /> (c) make comparisons among other PERS and among other employers. <br /> Total unfunded pension benefit obligation of the Barnstable County PERS <br /> as of December 31 1995 was as follows: <br /> Total pension benefit obligations $ 217,422,000 <br /> Net assets available for pension <br /> benefits, at market 97,195,000 <br /> Unfunded pension benefit obligation $ 120.227.000 <br /> 23 <br />