Office of Public Instruction Financial-Compliance Audit for the Two Fiscal Years Ended June 30 ... / Office of the Legislative Auditor, State of Montana 1994

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OPI pays employees for 100 percent of unused annual and 25 percent of unused sick leave credits upon termination. Accumulated unpaid liabilities for annual and sick leave are not reflected in the accompanying financial schedules. In the Proprietary Fund, the increase in annual leave and 25 percent of the increase in sick leave is recognized as nonbudgeted expenses when the related liability is recorded at year end. OPI absorbs expenditures for termination pay in its annual operating costs. At J...une 30, 1994, the office had a liability of 5617,870 for annual and sick leave.
Pension Plan Retirement benefits are provided through the Montana Public Employees' Retirement System (PERS) and the Montana Teachers' Retirement System (TRS). Both plans are cost-sharing multiple employer retirement plans administered by the State of Montana.
PERS - OPI is required to contribute for full-time employees at the rate of 6.70 percent of annual compensation under state statute. Employees are required to contribute 6.70 percent of annual compensation.


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