Public Employees' Retirement Division, Department of Administration Financial-Compliance Audit for the Two Fiscal Years Ended .. 1996
The book Public Employees' Retirement Division, Department of Administration Financial-Compliance Audit for the Two Fiscal Years Ended .. 1996 was written by author Montana. Legislature. Office of the Legislative Auditor Here you can read free online of Public Employees' Retirement Division, Department of Administration Financial-Compliance Audit for the Two Fiscal Years Ended .. 1996 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Public Employees' Retirement Division, Department of Administration Financial-Compliance Audit for the Two Fiscal Years Ended .. 1996 a good or bad book?
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Summary of Significant Accounting Policies 1. Basis of Accounting The HPORS is part of the primary government of the State of Montana. The accounting records and financial statements are prepared by the Public Employees' Retirement Division (PERD) using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions are recognized when due and the employer has made a formal commitment to provide the contributions.... Benefits and refunds are recognized in the accounting period in which they are earned and become measurable. Administrative expenses are financed through investment earnings. 2. Method Used to Value Investments Investments of the fund are invested and managed on the fund's behalf by the Montana Board of Investments, Department of Commerce. Investments are purchased in accordance with the statutorily mandated "prudent expert principle." Investments are reported at market value. There are three major diversified pools: Montana Short Term Investment Pool (STIP), Montana Common Stock Pool (Montcomp) and the Retirement Funds Bond Pool (RFBP).
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