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FINANCIAL SECTION Required Supplementary Schedule 2 Schedules of Employer Contributions (Unaudited – See Accompanying Auditor’s Report) (Dollar Amounts in Thousands) Year ended June 30 Pension Annual Required Contributions Actual Employer Contributions* Percentage Contributed 2012 $ 2,629,244 $ 1,001,140 38% 2011 2,436,602 646,560 27% 2010 1,928,278 527,212 27% 2009 1,761,295 503,227 29% 2008 1,852,238 753,532 41% 2007 1,708,821 659,545 39% Year ended June 30 Premium Assistance Annual Required Contributions Actual Employer Contributions Percentage Contributed 2012 $ 102,104 $ 80,936 79% 2011 119,320 88,796 74% 2010 117,187 102,703 88% The Board adopted all contribution rates as recommended by the Board’s actuary pursuant to the prevailing provisions of the Retirement Code for each year, with the exception of the year ended June 30, 2011. Act 46 required the Board to recertify the employer contribution rate from 8.22% to 5.64%, allocating 5% to the pension component and .64% to the premium assistance component. * Includes purchase of service contributions in FY 2007 and FY 2008. PAGE 61
FINANCIAL SECTION Supplementary Schedule 1 Schedule of Operating Expenses Year Ended June 30, 2012 (Dollar Amounts in Thousands) Administrative Expenses (1) Investment Expenses (2) Total Personnel costs: Salaries and wages $ 15,268 $ 3,681 $ 18,949 Social security contributions 1,144 229 1,373 Retirement contributions 1,104 259 1,363 Employees’ insurance contributions 4,713 545 5,258 Other employee benefits 50 130 180 Total personnel costs 22,279 4,844 27,123 Operating costs: Investment managers’ fees - 467,195 467,195 Custodian fees - 604 604 Specialized services 17,553 2,856 20,409 Rental of real estate, electricity 2,028 179 2,207 Consultant and legal fees 2,941 3,447 6,388 Treasury and other commonwealth services 1,509 182 1,691 Postage 989 - 989 Contracted maintenance and repair services 963 14 977 Office supplies 247 14 261 Rental of equipment and software 1,619 187 1,806 Printing 304 - 304 Travel and training 165 13 178 Telecommunications 730 1 731 Equipment (non-capital assets) 2,565 4 2,569 Miscellaneous expenses 792 1,746 2,538 Total operating costs 32,405 476,442 508,847 Other charges: Depreciation 1,836 - 1,836 Total other charges 1,836 - 1,836 Total operating expenses $ 56,520 $ 481,286 $ 537,806 (1) Includes administrative expenses of $2,065 related to Postemployment Healthcare Premium Assistance and $20,213 related to Postemployment Healthcare Health Options Program for the fiscal year ended June 30, 2012. (2) Includes investment expenses of $52 related to Postemployment Healthcare Premium Assistance for fiscal year ended June 30, 2012 and does not include $8,006 in capitalized broker commissions for the fiscal year ended June 30, 2012. PAGE 62
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PENNSYLVANIA PUBLIC SCHOOL EMPLOYEE
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INTRODUCTORY SECTION Table of Conte
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INTRODUCTORY SECTION Letter of Tran
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INTRODUCTORY SECTION PSERS has annu
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A__________________ Abington Abingt
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Schedule of Employers (Continued) O
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Schedule of Employers (Continued) A
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