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h cllAlloAep CAALE CON4IS SION <br />DIErer sTATENENTc (GONT INUEDI <br />pF�tA ER 'l 1. 1987 <br />1�ore a — Def iced Beraf�E6.Sion P1 n <br />St^r °-de — (Contiu ed ni <br />A. Plan Description (Continued) <br />A member who terminates public service with five or more years of credited <br />allowable service may leave his or her amount in the fund to qualify for an <br />annuity at retirement age. The annuity as determined under the formula will be <br />increased from the first of the month following date of termination at <br />prescribed interest rates. 'he former member may accept a refund at any time <br />prior to the date retirement annuity begins. <br />The funds also provide various death and disability benefits, whereby the <br />disabled employee or surviving spouse is entitled to receive amounts determined <br />as defined by the funds. <br />B. Contributions Required and Made <br />Covered employees are required by State statute to contribute fixed percentages <br />of their gross earrings tc tha pension ulan. The Commission makes annual <br />contributions to the pension .)]an equal to the amount required by state <br />statutes. Current contribution rates for the plar is as follows: <br />Additional <br />. nlovee Emnlever _M 1� <br />Public Employees Retirement Fund B% 8% 2-1/2% <br />Basic Fund 41 4% 1/4S <br />Coordinated Fund <br />Total contributions made during fiscal year 1967 amounted to $2023, of which <br />$1,403 was made by the Commission and $1,320 was made by the employee. Thee <br />con,;ributions represented 4.25 percenL (Commission) and 4 percent (employees) <br />of the covered payroll. <br />C. Funding Status aad Progress <br />The "Pension benefit obligation" is a standardized discicaurz messure of the <br />present value of pension benefits, adjusted for the effects of projected salary <br />increases and step —rate benefits, estimated to be payable, in the future as a <br />result of employee service to date. The measure, which is the actuarial <br />present value of credited projected benefits, is intended to help user:. assess <br />the PERA's funding status on a going -concern basis, assess progress made in <br />accumulating sufficient assets to pay benefits when due, and make comparisons <br />among Public Employees Retirement Systems and emplcyers. The PERA does not <br />make separate measurements of assets and pension benefit obligation for <br />individual employers. <br />7 <br />