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financial audit: public employees' retirement board_part6

Mua dịch vụ khác: cung cấp (phần 19-2-706, MCA) liên quan đến Đạo luật bảo vệ nhân viên cho phép các nhân viên nhà nước và trường đại học hệ thống, những người có đủ điều kiện cho một quỹ hưu trí dịch vụ và có vị trí đã được loại bỏ, có người sử dụng lao động trả một phần tổng chi phí mua lên đến ba năm "1-cho-5" dịch vụ bổ sung. | GWPORS Active Membership by Employer Employer_ June 30 2007 June 30 2006 Dept of Corrections 575 576 Dept FW P 106 94 Dept of Livestock 28 29 Dept of Trans. 80 69 Universities 32 25 Total 821 793 Additional Service Purchase . A provision section 19-2-706 MCA related to the Employee Protection Act allows state and university system employees who are eligible for a service retirement and whose positions have been eliminated to have their employer pay a portion of the total cost of purchasing up to three years of l-for-5 additional service. The employer has up to ten years to complete payment for the service purchases and is charged 8 interest on the unpaid balance. No employees have taken advantage of this provision to date. is sufficient to cover the Normal Cost Rate plus an amortization payment of the Unfunded Actuarial Liability if any over no more than 30 years. Based on the current Actuarial Value of Assets and all future experience emerging as assumed the Unfunded Actuarial Liability will be amortized over the next 11.3 years. This amortization period does not reflect the reduced guaranteed annual benefit adjustment under House Bill 131. As of June 30 2006 the amortization period for the Unfunded Actuarial Liability was 32.4 years. Actuarial Status The statutory funding rate is tested in the valuation to determine if it Municipal Police Officers Retirement System MPORS Plan Description-. The MPORS is a multiple employer cost-sharing defined benefit plan established in 1974 and is governed by Title 19 chapters 2 9 of the MCA. This plan covers all municipal police officers employed by first- and second-class cities and other cities that adopt the plan. Benefits are established by state law and can only be amended by the Legislature. The MPORS provides retirement disability and death benefits to plan members and their beneficiaries. Benefits are based on eligibility years of service and compensation. Member rights for death and disability are vested immedi .