Chapter+8+HW+Solutions+to+Cases

Chapter+8+HW+Solutions+to+Cases - Solutions to Cases 8-1 a...

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Solutions to Cases 8-1. a . CalPers was established by state law in 1932. b. Almost all types of state and local government employers contribute to CalPERS, including state agencies, cities, special purpose governments, and schools. c . Over 1.5 million California public employees, retirees and their families are served by CalPERS. d. CalPERS administers 17 funds: 9 pension trust funds—5 of which are for defined benefit plans and 4 of which are for defined contribution plans. 1 OPEB fund. 3 agency funds—an old age survivors fund, a special deposits fund for earmarked funds, and a contingency reserve fund for health care payments and remittances. 4 proprietary funds—one long-term care fund, one deferred compensation fund and two health care funds. e . The total value of fiduciary assets will vary with the most recent financial report. The information can be obtained from the statement of fiduciary net assets. f. The change in pension fund net assets will vary with the most recent financial report. The information can be obtained from the statement of changes in pension net assets. (Recall that agency and proprietary fund information would not be reported on a statement of changes in fiduciary net assets.) g. Refer to the most recent financial report’s required supplementary information – schedule of funding progress. For some of the time periods reported, you will find a funded ratio less than 100%. A ratio less than 100% indicates that the actuarial value
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