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CITY OF ORONO <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 10. DEFINED BENEFIT PENSION PLANS - STATEWIDE (continued) <br />present value of credited projected benefits, is intended to <br />help users assess PERA's funding status on a going-concern <br />basis, assess progress made in accumulating sufficient assets <br />to pay benefits when due, and make comparisons among Public <br />Employees’ Retirement Systems and among employers. PERA does <br />not make separate measurements of assets and pension benefit <br />obligation for individual employers. <br />The pension benefit obligations as of June 30,1989, are sh ,wn <br />—below:11 <br />• 'FERf PEPFF <br />(In Thousands) <br />Total pension <br />mm <br />benefit obligation $3,714,257 $582,299 <br />Net assets available <br />for benefits, at cost <br />(market values for <br />PERF » $3,801,129; <br />PEPFF - $694,227)2,934.977 637,868 <br />Unfunded (assets in <br />excess of) pension <br />benefit obligation $ 779,280 $(55,569) <br />The measurement of the pension benefit obligation is based on <br />an actuarial valuation as of June 30, 1989 Net assets <br />available to pay pension benefits were valued as of June 30, <br />1989. <br />2. Changes in Actuarial Methods and Benefit Provisions <br />A numbe.* of benefit improvements became effective during <br />fiscal year 1989. Some of the major Improvements affecting <br />each fund Include a reduction in the period required for <br />vesting from five years to three years; an option for members <br />hiied before July 1, 1989, to have their annuity calculated <br />under a level benefit accrual formula; the interest rate cre­ <br />dited on refunds of member contributions increased from 5Z to <br />6X; and the provision for an automatic bounce back feature fcr <br />all joint and survivor annuity options. In the PEPFF, age <br />and/or service requirements were reduced for eligibility for a <br />normal retirement annuity, an early retirement annuity, and <br />for certain disability and survivor benefits. <br />-47-