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STATE OF ILLINOIS REGIONAL OFFICE OF EDUCATION #40 FINANCIAL AUDIT_part6

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CAM KẾT QUỸ nghỉ hưu (Tiếp theo) hệ thống hưu trí của giáo viên A. Nhà nước Illinois (Tiếp theo) Theo ERO đường ống, người sử dụng lao động đóng góp tối đa là 100% của tiền lương cao nhất của thành viên được sử dụng trong việc tính toán tiền lương trung bình cuối cùng. Theo ERO thay đổi, người sử dụng lao động đóng góp tối đa là 117,5%. Cả hai phần trăm trong 100 và 117,5% mức tối đa áp dụng khi các thành viên là 55 tuổi khi nghỉ hưu....

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Nội dung Text: STATE OF ILLINOIS REGIONAL OFFICE OF EDUCATION #40 FINANCIAL AUDIT_part6

  1. C ALHOUN, G REENE, J ERSEY AND MACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 N OTES T O F INANCIAL STATEMENTS 8. R ETIREMENT F UND C OMMITMENTS (Continued) A. Teachers' R etirement System o f t he S tate o f Illinois (Continued) Under the Pipeline ERO, the maximum employer contribution was 100 percent o f the member's highest salary used in the final average salary calculation. Under the Modified ERO, the maximum employer contribution is 117.5 percent. Both the 100 percent and 117.5 percent maximums apply when the member is age 55 at retirement. For the three years ended June 30, 2009, the Regional Office o f Education #40 paid no employer contributions under the Early Retirement Option. Salary increases over 6 percent and excess sick leave - Public Act 94-0004 added two additional employer contributions to TRS. I f an employer grants salary increases over 6 percent and those salaries are used to calculate a retiree's final average salary, the employer makes a contribution to TRS. The contribution will cover the difference in actuarial cost o f the benefit based on actual salary increases and the benefit based on salary increases o f up to 6 percent. For the three years ended June 30, 2009, the Regional Office o f Education #40 made no payments to TRS for employer contributions due on salary increases in excess o f 6 percent. I f an employer grants sick leave days in excess o f the nonnal annual allotment and those days are used as TRS service credit, the employer makes a contribution to TRS. The contribution is based on the number o f excess sick leave days used as service credit, the highest salary used to calculate final average salary, and the TRS total nonnal cost rate (18.67 percent o f salary during the year ended June 30, 2009). For the three years ended June 30, 2009, the Regional Office o f Education #40 made no payments to TRS for sick leave days granted in the excess o f the nonnal annual allotment. TRS financial infonnation, an explanation o f TRS benefits, and descriptions o f member, employer and state funding requirements can be found in the TRS Comprehensive Annual Financial Report for the year ended June 30, 2008. The report for the year ended June 30, 2009, is expected to be available in late 2009. The reports may be obtained by writing to the Teachers' Retirement System o f the State o f Illinois, P .O. Box 19253,2815 West Washington Street, Springfield, IL 62794-9253. The most current report is also available on the TRS Web site at trs.illinois.gov. This is trial version 46 www.adultpdf.com
  2. C ALHOUN, GREENE, J ERSEY AND MACOUPIN COUNTIES R EGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 8. R ETIREMENT FUND C OMMITMENTS (Continued) B. Illinois Municipal Retirement F und Plan Description - The Regional Office o f Education #40's defined benefit pension plan for regular employees provides retirement and disability benefits, post retirement increases, and death benefits to plan members and beneficiaries. The Regional Office o f Education #40's plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employer plan. Benefit provisions are established by statute and may only be changed by the General Assembly o f the State o f Illinois. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained on-line at www.imrf.org. Funding Policy - As set by statute, the Regional Office o f Education #40 regular plan members are required to contribute 4.50 percent o f their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage o f its own employees. The employer contribution rate for calendar year 2008 was 14.33 percent o f annual covered payroll. The Regional Office o f Education #40 also contributes for disability benefits, death benefits and supplemental retirement benefits, all o f which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board o f Trustees, while the supplemental retirement benefits rate is set by statute. A nnual Pension Cost - For 2008, the Regional Office o f Education #40's annual pension cost o f $32,175 for the regular plan was equal to the Regional Office o f Education #40's required and actual contributions. T hree-Year T rend I nformation for the Regular P lan P ercentage Fiscal Y ear A nnual Pension Net Pension o fAPC Ending Cost (APC) Contributed Obligation 12/31/2008 $ 32,175 100% $ 100% 12/31/2007 25,552 12/31/2006 100% 25,759 This is trial version 47 www.adultpdf.com
  3. C ALHOUN, G REENE, J ERSEY AND MACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 8. R ETIREMENT FUND C OMMITMENTS (Continued) B. Illinois Municipal R etirement F und (Continued) The required contribution for 2008 was detennined as part o f the December 31, 2006, actuarial valuation using the entry age nonnal actuarial cost method. The actuarial assumptions at December 31, 2006, included (a) 7.5 percent investment rate o f return (net o f administrative and direct investment expenses), (b) projected salary increases o f 4.0 percent a year, attributable to inflation, (c) additional projected salary increases ranging from 0.4 percent to 11.6 percent per year depending on age and service, attributable to seniority/merit, and (d) post retirement benefit increases o f 3.0 percent annually. The actuarial value o f the Regional Office o f Education #40's regular plan assets was detennined using techniques that spread the effects o f short-tenn volatility in the market value o f investments over a five-year period with a 20 percent corridor between the actuarial and market value o f assets. The Regional Office o f Education #40's regular plan's unfunded actuarial accrued liability is being amortized as a level percentage o f projected payroll on a closed basis. The remaining amortization period at the December 31, 2006 valuation, was 5 years. Funded Status and Funding Progress - As o f December 31, 2008, the most recent actuarial valuation date, the regular plan was 93.83 percent funded. The actuarial accrued liability for benefits was $531,226 and the actuarial value o f assets was $498,437, resulting in an underfunded actuarial accrued liability (VAAL) o f $32,789. The covered payroll (annual payroll o f active employees covered by the plan) was $224,531 and the ratio o f the VAAL to the covered payroll was I 5 percent. The schedule o f funding progress, presented as required supplementary infonnation (RSI) following the notes to the financial statements, presents multiyear trend infonnation about whether the actuarial value o f plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. C. S ocial S ecurity Employees not qualifYing for coverage under the Illinois Teachers' Retirement System or the Illinois Municipal Retirement Fund are considered "nonparticipating employees". These employees and those qualifYing for coverage under the Illinois Municipal Retirement Fund are covered under Social Security. This is trial version 48 www.adultpdf.com
  4. C ALHOUN, G REENE, J ERSEY AND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 N OTES T O F INANCIAL S TATEMENTS 9. INTERFUND R ECEIVABLES AND P AYABLES A t J une 3 0, 2 009, i nterfund receivables a nd p ayables w ere as follows: B alance a t J une 30, 2009 D ue F rom ( Payable) D ue T o ( Receivable) Education Fund: General Fund: 12,752 $ Preschool Monitoring Testing Center 4,739 Illinois N ew Principal Mentoring Testing Center 4,683 Regional System o f Support Provider Testing Center 2,908 Regional System o f Support Provider Regional Initiative Fund 1,625 Direct Services Regional System o f Support Provider 1,200 Regional Safe Schools Macoupin County Monies Regional Safe Schools 1,300 Regional Initiative Fund Truants Alt/Optional Ed 31,078 Regional Initiative Fund 43,118 Regional Safe Schools Direct Services 2, I I 0 Adult Education-Performance Macoupin County Monies 105,513 General Fund: Nonmajor Governmental Fund: 10,330 Macoupin County Monies Teen Parent Services Nonmajor Proprietary Fund: General Fund: Administrators' Academy 173 Testing Center 1,869 Macoupin County Monies Administrators' Academy 2,042 Education Fund: Nonmajor Governmental Fund: 6,416 Bus Driver Regional System o f Support Provider General Education Development 4,300 Regional Safe Schools Alternative Schools Adult Education-Federal Basic 34 Adult Education-Performance 1,926 Olympiad Olympiad Adult Education-Public Assistance 9,201 Olympiad Adult Education-State Basic 2,140 Alternative Schools Adult Education-State Basic 3,183 27,200 Education Fund: General Fund: Regional Safe Schools ROE/ISC Operations 37,553 $ 182,638 A ll o f t he i nterfund balances c onsist o f l oans b etween i ndividual funds w ithin t he s ame p ooled c ash a ccount. T he l oans w ere u sed t o c over c ash s hortages in these individual funds. This is trial version 49 www.adultpdf.com
  5. C ALHOUN, G REENE, J ERSEY AND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 N OTES T O F INANCIAL STATEMENTS 10. DUE T OIFROM O THER G OVERNMENTS T he Regional Office o f E ducation # 40's A gency Funds and various grant programs have funds due to and due from various other governmental units which consist o f the following: Due From Other Governments: General Fund: Various Local School Districts $ 1,127 Illinois State Board o f Education 22,533 23,660 Education Fund: Illinois Community College Board 25,090 Illinois State Board o f E ducation 55,581 Illinois Principals Association 4,500 Regional Office o f Education #27 11,497 Regional Office o f Education #50 6,911 103,579 Nonmajor Governmental Fund: Regional Office o f Education #10 133 Regional Office o f E ducation # 13 146 Regional Office o f Education #41 609 Regional Office o f Education #45 88 Regional Office o f E ducation #50 350 Illinois Department o f Human Services 14,073 15,399 Nonmajor Proprietary Fund: Regional Office o f Education # 1 3,051 Total $ 145,689 Due T o O ther Governments: Fiduciary Fund: Central Illinois Rural Regional Career & T echnical Education System $ 55 This is trial version 50 www.adultpdf.com
  6. C ALHOUN, GREENE, JERSEY A ND M ACOUPIN COUNTIES REGIONAL OFFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 11. SHORT-TERM DEBT The Regional Office o f Education #40 received a short-term interest-free loan from Macoupin County to fund its operations prior to receipt o f State monies as follows: Balance Balance June 30, 2008 Additions Deletions June 30, 2009 Governmental activities: Interest Free Loan from Macoupin C ounty $ $ 1 00,000 $ 100,000 $ 12. LONG-TERM LIABILITIES Note payable T he Regional Office o f Education #40 has issued the following note: Amount Interest Rate Governmental activities: Bank note, serviced by the General Fund, proceeds used to 7,975 purchase a copier 6.25% $ N otes payable debt service requirements to maturity are as follows: Governmental Activities Year Ending June 30, Principal Interest 446 1,899 2010 2011 2,022 323 2012 2,152 193 2013 1,902 54 Total 7,975 1,016 $ $ This is trial version 51 www.adultpdf.com
  7. C ALHOUN, G REENE, J ERSEY AND M ACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCA nON #40 N OTES T O F INANCIAL S TATEMENTS 12. L ONG-TERM L IABILITIES (Continued) C hanges i n L ong-Term L iabilities T otallong-tenn liability activity for the year ended June 30, 2009 was as follows: Balance at Due Within Balance at July 1,2008 Additions Reductions June 30, 2009 One Year 1,899 Note payable for copier 1,749 7,975 $ $ $ $ = $==== 9,724 = =::::::::::::= 13. BOND T he Illinois School Code ( l05 ILCS 5/3-2) directs the Regional Office o f Education #40 to execute a bond o f not less than $100,000 on the Regional Superintendent. The Regional Office o f Education #40 has secured and maintained such a bond with coverage o f $100,000 on the Regional Superintendent. 14. O N-BEHALF P AYMENTS T he Regional Office o f Education #40 has received on-behalf payments for salaries and benefits from the State o f Illinois as follows: Regional Superintendent - salary $ 96,435 Regional Superintendent - benefits 20,453 (includes State paid insurance) 86,791 Assistant Regional Superintendent - salary 15,998 Assistant Regional Superintendent - benefits (includes State paid insurance) TRS pension contributions 58,144 State o f Illinois total $ 277,821 Salary and benefit data for the Regional Superintendent and Assistant Regional Superintendent was calculated based on data provided by the Illinois State Board o f Education. The on-behalf payments are reflected as revenues and expenditures o f the General Fund. This is trial version 52 www.adultpdf.com
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  9. C ALHOUN, G REENE, J ERSEY AND MACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 17. O PERATING L EASES (Continued) During the fiscal year ended June 30, 2008, the Regional Office o f Education entered into another lease agreement for the building located at 301 South Jefferson Street, Jerseyville, Illinois. This lease calls for monthly payments of$2,800 through September 30, 2010. For financial accounting purposes, this lease is considered an operating lease. Future minimum payments are as follows: Year ending June 30, Amount 2010 $ 33,600 2011 8,400 42,000 $ 18. SCHEDULE O F T RANSFERS T ransfers F rom O ther F unds Transfers To O ther F unds (Transfers In) (Transfers O ut) Education Fund: General Fund: Mathematics and Science Partnerships 196 Regional Initiative Fund 196 $ $ General Fund: Workshops Fund 4,797 Regional Initiative Fund 4,797 Nonmajor Governmental Fund: General Fund: Student Social Services 2,719 Regional Initiative Fund 2,719 Regional Initiative Fund 13 Truancy 13 7,725 7,725 $ $ Transfers from the General Fund to the Workshops Fund and the Nonmajor Governmental Fund­ Student Social Services were to clear out negative balances in those funds. The remaining transfers from the General Fund to the Education Fund-Mathematics and Science Partnerships and the Nonmajor Governmental Fund-Truancy were to close out these two funds. This is trial version 54 www.adultpdf.com
  10. C ALHOUN, GREENE, J ERSEY AND MACOUPIN C OUNTIES R EGIONAL O FFICE O F E DUCATION #40 NOTES T O F INANCIAL STATEMENTS 19. D EFICIT FUND BALANCES T he f ollowing individual funds carried the following deficit balances as o f June 30, 2009: Adult Education - Public Assistance 2,153 $ Adult Education - Federal Basic 1,653 $ 8,721 $ Regional System o f Support Provider Preschool Monitoring 1,255 $ Illinois N ew Principal Mentoring 2,489 $ Federal Stimulus State Aid for Adult Education 3,667 $ T een Parent Services 1,167 $ T he R egional Office o f E ducation # 40 i ntends to reduce these deficits b y r educing expenditures in future periods. This is trial version 55 www.adultpdf.com
  11. R EQUIRED SUPPLEMENTARY INFORMATION ( OTHER T HAN MANAGEMENT'S DISCUSSION AND ANALYSIS) This is trial version www.adultpdf.com
  12. CALHOUN, GREENE, JERSEY AND MACOUPIN COUNTIES REGIONAL OFFICE OF EDUCATION #40 ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF FUNDING PROGRESS UNAUDITED Actuarial UAAL as a Accrued Actuarial Percentage Liability Unfunded (AAL) AAL Funded Covered o f Covered Actuarial Value o f Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll Date (a) (b) (b-a) (c) ((b-a)/c) (alb) 12/31/2008 $ 498,437 531,226 $ 32,789 93.83% $224,531 14.60% $ 20.00% 12/31/2007 430,419 480,041 49,622 89.66% 248,075 12/31/2006 26.32% 360,980 435,068 74,088 82.97% 281,519 On a market value basis, the actuarial value o f assets as o f December 31, 2008 is $350,220. On a market basis, the funded ratio would be 65.93%. Digest o f Changes: The actuarial assumptions used to determine the actuarial accrued liability for 2008 are based on the 2005-2007 Experience Study. This is trial version 56 www.adultpdf.com
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