Judges of the Probate Courts Retirement Fund of Georgia, a component unit of the state of georgia, fiscal year ended June 30, 2002

JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA -TABLE OF CONTENTS-

LETTER OF TRANSMITTAL EXHIBITS

SELECTED FINANCIAL INFORMATION

A SCHEDULE OF PLAN NET ASSETS

ARISING FROM CASH TRANSACTIONS

2

B SCHEDULE OF CHANGES IN PLAN NET ASSETS

ARISING FROM CASH TRANSACTIONS

3

C SELECTED FINANCIAL NOTES

4

SUPPLEMENTARY INFORMATION

SCHEUDLES

1 SCHEDULE OF ADMINISTRATIVE EXPENSES PAID BY OBJECT

14

2 RECONCILIATION OF TRAVEL

15

3 SCHEDULE OF FUNDING PROGRESS

16

4 SCHEDULE OF EMPLOYER CONTRIBUTIONS

17

DEPARTMENT OF AUDITS AND ACCOUNTS

254 Waslungton Street. S W Sune 214

Russ, LL W. H,-,o,
STATE AUDITOR (404) bS6-2l74

Atlanta, Georgia 30334-8400

March 17, 2003
Honorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the Board of Comm1ss1oners of the Judges of the Probate Courts Retirement Fund of Georgia
and Honorable Robert W Carter, Secretary-Treasurer
Ladies and Gentlemen
As part of our audit of the basic financial statements of the State of Georgia presented in the State of Georgia Comprehens1Ve Annual Fmanc,al Report and the issuance of a Statewide Single Audit Report pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2002, we have perfonned certain audit procedures at the Judges of the Probate Courts Retirement Fund of Georgia Accordingly, the financial statements and compliance activ1bes of the Judges of the Probate Courts Retirement Fund of Georgia were examined to the extent necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal controls as required by the Single Audit Act Amendments of 1996
This Management Report contains infonnat1on pertinent to the financial and compliance act1v1t1es of the Judges of the Probate Courts Retirement Fund of Georgia as of and for the year ended June 30, 2002 The particular infonnallon provided 1s enumerated in the Table of Contents
This report 1s intended solely for the infonnabon and use of management of the State of Georgia and members of the Board and 1s not intended to be and should not be used by anyone other than these specified parties
Respectfully submitted,

RWH mrr

SELECTED FINANCIAL INFORMATIOM - 1-

JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "A" SCHEDULE OF PLAN NET ASSETS ARISING FROM CASH TRANSACTIONS
JUNE 30, 2002

~ Cash and Cash Equivalents
Investments U S Government SecuntJes at Cost (Market Value $13,288,777 40) Stocks, at Cost (Market Value S20 747,485 90) Bonds end Debentures at Cost (Market Value $8,050 138 21) Investment Account at Cost (Market Value $7, 175,697 55)
TOTAL ASSETS
LIABILITIES
None Reported
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS
(A schedule of funding progress 1s presented on p~ 16)

$

8 798 76

$ 13,058.848 06 17 808.331 52 7 755.734 13 7 175 697 55
$

45 798 611 26 45,807.410 02

0 00
s 45 807 410 02

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "B" SCHEDULE OF CHANGES IN PLAN NET ASSETS ARISING FROM CASH TRANSACTIONS
YEAR ENDED JUNE 30. 2002

ADPIIIONS
Member ContnbutJons
Fnea and Bond Forfeitures
Mama119 LIClae Feea
lnveatment Income
Interest Recerved DMdends Recerved
Galll or (LOS.S) on Sale of Investments (Net)
Other Sources MIICl!lleneous lnc:cme
. .. PEPUCIIONS ,,.. OCUllbirty Bl!!lnefitl R~rement Benefits SUl"VNOrarup Benlmtl
Adrrml&tnltnle Expenses Personal SeNices Operating Expenae
NET INCREASE
NET ASSETS HELP IN TRUST FOR PENSION AfNEFlTS JUI Y 1 2001

$

163 412 53

466 6G9 42

13-4 977 73

$

1 530 732 64

2i6 536 24

895 936 77

2 723 205 65

]785-472 S 3 506 120 05

$

18 408 40

1626482 09

240 OCM 45 $ 1 882,BIM 94

1611523 276 209 10

291 32-4 33

2 174 219 27

$

1,33190078

4,4 475 509 24

NET ASSETS HELD IN TRUST FOB PENSION BENEFITS JUNE 30 2002

$ 45807-41002

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30. 2002

A PLAN DESCRIPTION

ORGANIZATION AND PURPOSE The Judges of the Probate Courts Retirement Fund of Georgia 1s a cost-shanng multipleemployer defined benefrt pension plan established 1n 1958 by the General Assembly of Georgia for the purpose of paying retirement benefits to the Judges of the Probate Courts of the State of Georgia The Board of Comm1ss1oners of the Retirement Benefit Fund 1s comprised of seven (7) members and consists of the Governor or his des1gnee, an appointee of the Governor other than the Attorney General, four Judges of the probate courts who are members of the Retirement Fund, and one appointee of the Governor who 1s a member of the Retirement Fund and a retired Judge of a probate court The Judges of the Probate Courts Retirement Fund of Georgia 1s considered a component unrt of the State of Georgia and 1s included w1th1n the State of Georgia reporting entity for financial reporting purposes because of the significance of its legal. operalional, and financial relalionsh1ps with the State of Georgia

All duly qualified and comm1ss1oned Judges of the counties of the State of Georgia and any person serving as Secretary-Treasurer of the Board of Comm1ss1oners of the Judges of the Probate Courts Retirement Fund of Georgia are eligible to apply for membership The Retirement fund 1s funded through a combination of member contnbut1ons paid by the affected Judges of the probate courts, designated portions of fines and forfeitures for cnm1nal and quas1-cnm1nal cases involving the v1olat1on of State of Georgia traffic laws, and designated portion of fees collected for the processing of marnage licenses

CURRENT MEMBERSHIP The following analysis compares the membership of the Probate Courts Retirement Fund of Georgia at June 30, 2002, to that of the pnor year

June 30. 2002 June 30. 2001

Retirees and Beneficianes Currently Receiving Benefits and Terrmnated Members Entrtled to but not yet receiving Benefrts For D1sab11ity For Retirement For Surv1vorsh1p

2

2

92

94

...11

38

~

1M

Number of Active Members Vested Nonvested

28

36

126

129

~

.3M

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT c
SELECTED FINANCIAL NOTES JUNE 30. 2002
A PLAN DESCRIPTION
PLAN BENEFITS The Judges of the Probate Courts Retirement Fund of Georgia provides retirement as well as death and d1sab11ity benefits Benefit provIs1ons and vesting requirements are established by statute and may be amended only by the General Assembly of Georgia A description of plan benefits and vesting requirements 1s as follows
(A) RETIREMENT CONDITIONS A member shall be eligible for retirement at s1>cty (60) years of age and must have served at least four years as a regularly qualified and comm1ss1oned probate Judge or Secretary-Treasurer of the Retirement Fund
(B) RETIREMENT BENEFITS Any member approved for retirement benefits shall be paid a monthly benefit equal to five percent (5%) of his/her average monthly net earnings up to, but not exceeding, a total of twenty years to detem,ine their monthly benefits with the following exception
Any member who has served for a total of twenty years as a Judge of the probate court or employee of the Retirement Fund, or a combination of such service, and who has contnbuted all dues owed to the Retirement Fund as provided but who Is not eligible upon retirement to receive the maximum retirement benefits provided, shall be entitled to continue dues to the Retirement Fund and to continue to receive credit dunng such a penod of time as he/she shall continue to serve as a Judge of the probate court or employee of the Retirement Fund beyond twenty years of service The average monthly net earnings of any such member shall be added to the monthly net earnings of the 1nd1v1dual dunng the twenty-year period of service The sum of these amounts shall then be d1v1ded by 240, and the result of such d1v1s1on shall then be used as the average monthly net earnings upon which retirement benefits shall be calculated Benefits calculated and paid pursuant to this prov1s1on shall not exceed the lim1tat1ons specified
(C) OPTIONAL BENEFITS The monthly benefits referred to above are payable for the lifetime of the member Members may elect to receive an actuanally reduced benefit in the fom, of a Joint and Survivor Annuity
(D) DISABILITY BENEFITS Any member who becomes totally and pemianently disabled after completing four years of creditable service 1s entitled to receive retirement benefits in the amount that the member would receive If their retirement were effective at the time the member became disabled
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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30. 2002

A PLAN DESCRIPTION

PLAN BENEFITS (E) DEATH BENEFITS

(1) Death before Retirement In the event of the death of the member. the surviving spouse may elect to withdraw the dues paid into the Retirement Fund by the deceased member plus interest. in which case the spouse shall be deemed to have waived any nghts to any benefits. or an optional payment plan may be chosen for which benefits will be paid according to the terms of the Plan

(2) Death after Retirement The surviving spouse. upon reaching sixty (60) years of age. may elect to receive a benefit equal to fifty percent (50%) of the monthly retirement benefit being paid to the decease spouse at the time of death These benefits will be paid for the remainder of the surviving spouse"s life

(F) TERMINATION In the event of termination. member 1s entitled to any retirement benefits that may have been earned However. the member may waive the right to these benefits and receive all dues paid plus interest

FUNDING REQUIREMENTS Contnbullon prov1s1ons are established by statute and may be amended only by the General Assembly of Georgia A descnpllon of contnbut1on requirements 1s as follows

(A) MEMBERS CONTIBUTIONS Members must contnbute five percent (5%) of their net monthly earnings up to the ceilings for total net earnings specified in the Plan

(8) PROBATE COURT CONTRIBUTIONS For each cnminal and quas1-cnm1nal case involving the violation of State of Georgia traffic laws. a sum based upon the scale set forth below 1s collected by the presiding Judge and remitted to the SecretaryTreasurer of the Retirement Fund

For fines or bonds forfeitures 1n excess of $4 00. but not more than $25 00

$1 00

For fines or bond forfeitures in excess of $25 00. but not more than $50 00

$1 50

For fines or bond forfeitures in excess of $50 00. but not more than $100 00

$ 2 00

For fines or bond forfeitures in excess of $100 00

$ 2 50

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c JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT
SELECTED FINANCIAL NOTES JUNE 30, 2002
A PLAN DESCRIPTON
FUNDING REQUIREMENTS (C) PROCESSING OF MARRIAGE LICENSES Each probate court within the State of
Georgia remits twenty percent (20%) of all fees collected for processing marriage licenses, $2 00 of each civil filing, and $1 00 of the fee paid for each application for a license to carry a pistol or revolver, to the Secretary-Treasurer of the Retirement Fund
B CASH AND INVESTMENTS
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of demand deposits wrth banks
INVESTMENTS The Official Code of Georgia Annotated (0 CG A) Section 47-17-23 states that the Board of Comm1ss1oners of the Judges of the Probate Courts Retirement Fund of Georgia shall have full power to invest and reinvest funds, subJect to all terms, condrt1ons, lim1tat1ons, and restnct1ons imposed by the "Public Retirement Systems Investment Authority Law" of Georgia In add11lon, the Board of CommIssIoners Is restncted to invest no more than 55%
of the assets of the Retirement Fund in equItIes Statutory provIsIons governing eligible
investments are enumerated in the O C G A Section 47-20-83 as follows
(1) Corporations or obliga!Jons of corporations organized under the laws of Georgia or any other state or under the laws of Canada, but only 1f the corporation has a market cap1talizatIon equivalent to $100 million, provided, however, that except as provided in O CG A Section 47-20-84, no fund shall invest In corporations or in obligations of corporations organized In a country other than the United States or Canada, provided, further, that such obligatlon shall be listed as investment grade by a nationally recognized rating agency,
(2) Repurchase and reverse repurchase agreements for direct obliga!Jons of the Unrted States government and for obligations uncond1t1onally guaranteed by agencies of the United States government and for investments eligible under paragraph (1) of this Code section,
(3) Cash assets or deposrts In checking or savings accounts under certificates of deposit or in other form in banks and trust companies and in savings accounts, certificates of deposit, or similar certificates or evidences of deposrts in savings and loan assocIatIons and bu1ld1ng and loan assocIatIons which have qualified for the insurance protection afforded by the Federal Deposrt Insurance Corporation,
(4) Bonds, notes warrants, and other evidence of indebtedness which are direct obligations of the government of the Unrted States of Amenca or for which the full faith and credit of the government of the United States of America Is pledged for the payment of principal and interest,
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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30, 2002
B CASH AND INVESTMENTS
INVESTMENTS (5) Loans guaranteed as to pnnc1ple and interest by the government of the United States of Amenca, or by any agency or instrumentality of the government of the United States of Amenca, to the extent of such guaranty,
(6) Taxable bonds, notes, warrants and other secuntIes not In default which are the direct obligations of any state of the United States or of the D1stnct of Columbia, or of the government of Canada or any province of Canada, or for which the full faith and credit of such state, d1stnct, government, or province has been pledged for the payment of pnncIpal and interest,
(7) Bonds, notes, warrants, and other secuntIes not in default which are the direct obligations of the government of any foreign country which the International Monetary Fund lists as an industnahzed country and for which the full faith and credrt of such government has been pledged for the payment of pnnc1pal and interest, provided such secuntIes are listed as investment grade by a nationally recognized rating agency,
(8) Bonds, debentures, or other secuntIes issued or insured or guaranteed by any agency, authonty, unrt, or corporate body created by the government of the United States of Amenca whether or not such obligations are guaranteed by the United States,
(9) Collateralized mortgage obligations that are listed as investment grade by a nationally recognized rating agency,
(1O) Obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development or the International F1nancIal Corporation,
(11) In add1t1on to those investments eligible under paragraph (1) of this Code section, bonds, debentures, notes, and other evidences of indebtedness issued, assumed, or guaranteed by any solvent instItutIon exIstIng under the laws of the United States of Amenca or of Canada, or any state or province thereof, which are not in default as to principal or interest and which are secured by collateral worth at least 50 percent more than the par value of the entire issue of such obligations, but only 1f not more than one-third of the total value of the required collateral consists of common stocks,
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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30. 2002
B CASH AND INVESTMENTS
INVESTMENTS (12) In add1t1on to those investments eligible under paragraph (1) of this Code section. secured and unsecured obligations of issuers descnbed m paragraph (11) of this Code section other than the obligations described m paragraph (11) of this Code section. bearing interest at a fixed rate. with mandatory principal and interest due at specified times. 1f the net earnings of the issuing. assuming. or guaranteeing InstItutIon available for its fixed charges for a penod of five fiscal years next preceding date of acquIsrtIon by the fund have averaged per year not less than one and one-half times its average annual fixed charges applicable to such penod and If during either of the last two years of the period of such net earnings have been not less than one and one-half times rts fixed charges for the year. provided. however. that any such obligation shall be listed as investment grade by a nationally recognized rating agency.
(13) In add1t1on to those investments eligible under paragraph (1) of this Code section. equipment trust obligations or certificates adequately secured and evidencing an interest m transportation equipment. wholly or In part wrthm the United States of America. and the nght to receive determined portions of rental. purchase. or other fixed obligatory payments for the use or purchase of the transportation equipment.
(14) Loans that are secured by pledge or secuntIes eligible for investment under this article,
(15) Purchase money mortgages or like securities received upon the sale or exchange of real property acquired,
(16) In addition to those investments eligible under paragraph (1) of this Code section. a mortgage or a mortgage partIcIpatIon. pass-through. conventional pass-through. trust certificate. or other s1m1lar security which represents an und1v1ded. beneficial interest m a pool of loans secured by first mortgages, deeds of trust. or deeds to secure debt upon fee simple, unencumbered. improved. or income-producing real property located m the United States or Canada. which Is improved with a res1dent1al building or condominium unit or bu1ld1ngs designed for occupancy by not more than four families. including leasehold estates m such real estate 1f such first mortgages, deeds of trust, or deeds to secure debt are fully guaranteed or insured by the Federal Housing AdmInistratIon. the United States Department of Veterans Affairs. the Farmers Home AdmInistratIon, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Assoc1at1on, the Federal National Mortgage AssocIat1on, or any similar governmental entity or instrumentality,
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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30. 2002
B CASH AND INVESTMENTS
INVESTMENTS (17) Land and buildings on such land used or acquired for use as a fund s0 office for the convenient transaction of rts own business. provided, however. that portions of such buildings not used for rts own business may be rented by the fund to others, provided, further, that the amount investment by a fund In office property shall not exceed 10 percent of the retirement system assets,
(18) Real property acquired In sat1sfact1on in whole or in part of loans, mortgages, hens, Judgments, decrees, or debts previously owing to the fund in the course of rts business,
(19) Real property acquired In part payment of the cons1derat1on on the sale of other real property owned by the fund If such transactJon effects a net reduction in the fund's investment in real estate,
(20) Real property acquired by gift or devise. or through merger or consolidation with another fund, and
(21) Add1t1onal real property and equipment incident to real property 1f necessary or convenient for the enhancement of the marketability or sale value of real property previously acquired or held by the fund under paragraph (18), (19). and (20) of this Code section
Investments are defined as those financial instruments wrth terms in excess of three months from the date of purchase and certain other secuntIes held for the production of revenue In addrt1on. funds on deposit with the Retirement Fund's investment custodian for purposes of continual investment are reflected as investments regardless of the term of the instruments Investments in U S government secuntIes, stocks. bonds and debentures, and investment accounts are recorded at cost Accrued interest purchased, premiums or discounts on U S government secuntIes are reflected as a part of cost and are not amortized over the remaining lrfe of the security The market values reflected on the Statement of Plan Net Assets were based on valuations appeanng in the Retirement Fund's Investment Custodian Trust Report at June 30, 2002
Interest income and d1v1dend income are recognized when received In cash Gains and/or losses are recognized using the completed transaction method Accrued interest purchased Is recorded as a reduction of interest income at the time of purchase
Approximately 29% of the net assets available for benefits are invested In U S government secuntIes
.) 0-

JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30. 2002

C CONTRIBUTIONS REQUIRED AND MADE

FUNDING POLICY The minimum annual employer contnbut1on requirements are set forth in the Official Code of
Georgia Annotated Section 47-20-10 and are not actuanally determined This statute further proh1b1ts any action to grant a benefit increase until such lime as the minimum annual contribution requirements meet or exceed leg1slallve requirements The actuanal valuation as of July 1. 2001. which reflected the proceeds of designated portions of fines and forfeitures for v1olat1on of traffic laws and a designated portion of fees collected for processing mamage licenses as the employer contnbut1on. 1nd1cated that the minimum employer contnbut1on level was met Member contnbut1on requirements are set forth in O C G A Section 47-11-40 and are not actuanally determined

FUND REQUIREMENTS
Actual contnbutIons for the year ended June 30. 2002. were as follows

Member Contnbut1ons Fines and Bond Forfeitures Mamage Licenses Fees

$ 163.412 53 466.669 42 134.977 73

$ 765 05968

D RELATED PARTY TRANSACTIONS

The Secretary-Treasurer of the Judges of the Probate Courts Retirement Fund of Georgia Is also Secretary-Treasurer of the Peace Officers' Annuity and Benefit Fund of Georgia from which the Retirement Fund contracted out administrative functions For the year ended June 30. 2002, the Retirement Fund paid $13.267 50 in fees for adm1nistrat1ve functions performed

E CHANGES IN FIXED ASSETS

Fixed assets used In plan operations are not included In the accompanying financial information The following Is a summary of changes in fixed assets dunng the fiscal year

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA EXHIBIT "C" SELECTED FINANCIAL NOTES JUNE 30. 2002

E CHANGES IN FIXED ASSETS

Egmpment

Balance July I, 200 I

$ 606 00

Add1t10ns

0 00

Deletions Balance June 30, 2002

606 00
$ o.oo

F CONTINGENCIES
At June 30. 2002. the Judges of the Probate Courts Retirement Fund of Georgia had 1nact1ve members" dues on hand m the amount of $82.735 08 One-hundred percent (100%) of such dues are refundable upon request of the inactive members

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SUPPLEMENTARY INFORMATION - 13 -

JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA SCHEDULE "1" SCHEDULE OF ADMINISTRATIVE EXPENSES PAID BY OBJECT
YEAR ENDED JUNE 30. 2002

PERSONAL SERVICES
Salanes and Wages Employer's ContnbutJons for
FIG.A Retrrement
OPERATING EXPENSES
Regular OperaMg Expenses Supplies and Matenals Rents (Other than Real Estate) Insurance and Bonding Pubhcabons and Pnnbng Other Operabng Expenses
Travel
Per Diem and Fees
Contracts Peace Officers' Annurty and Benefit Fund of Georgoa

$ 13,700 04

$ 115519 1 260 00

2 41519 $

16,11523

$

366 10

605 00

417 00

1 250 00

76522 $ 3,403 32

11,681 06

246,857 22

1326750

275,209 10

$ 291,324 33

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA SCHEDULE "2"
RECONCILIATION OF TRAVEL
YEAR ENDED JUNE 30. 2002

Total per Annual Supplement AdJustmcnt
Greene
Total per Report

s

11 JR4 36

296 70

s

11,681 06

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA SCHEDULE "3" SCHEDULE OF FUNDING PROGRESS YEAR ENDED JUNE 30. 2002

ACTUARIAL VALUATION
DATE
0710111997 $

ACTUARIAL
VALUE OF
ASSETS


ACTUARIAL ACCRUED LIABILITY (AAL) ENTRY AGE NORMAL
b

35,171,18500 $ 25 277 876 00 s

UNFUNDED AAL
(UAAL)
!b-a}
-9 89'3 '309 00

s 07/01/1999 s 43 929 354 00 s 36,768 843 00

-7, 160,511 00

07/0112001

s 53 036 654 00 s

s 42 720 679 00

-10 315,975 00

FUNDED RATIO
!a!bi
,39 ",o/o
119 5%
124 1%

COVERED PAYROLL
(c)
nla
n/a
n/e

UAAL ASA
PERCENTAGE
OF COVERED PAYROLL (!b-a}/c)
nlo
n/e
nlo

lnformabon pnor to July 1 1997 1s not available
The actuarial accrued llab1lrty waa calculated based on II change m Iha actuanal cost method Pro:iected
unit Credit cost method was u.sad an 1997, Entry 1VJe Normal cost method was used., 1 999 and 2001
The mformabon presented in this achedule 15 based on the actuenal study prepared as of July 1 2001 The ectuenal value of assets 1s equal to 1 02% of market value of aaaeta

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JUDGES OF THE PROBATE COURTS RETIREMENT FUND OF GEORGIA SCHEDULE 4 SCHEDULE OF EMPLOYER CONTRIBUTIONS YEAR ENDED JUNE 30. 2002

FISCAL
YEAR
1998 1999 2000 2001

ANNUAL REQUIRED CONTRIBUTION

$

53-4,700 00

$

570,791 00

$

415 539 00

s

236,627 00

PERCENTAGE CONTRIBUTED
107% 105% 145% 252%

lnf0/T110tlon prior to July 1, 1997, Is not available
The lnfonnabon presented In thts schedule Is based on the actuanal study prepared as of JU)' 1, 2001 Addlbonal Information of this latmt actuarial valuation foUa.ws

Valuation Date
Actuarial Cost Method
Amorl2ation Method
Remalmng Amortization Penoo
A.uet Valuatlon Method
Actuarlal Assumpllons lnvestmErlt Rate of Retwn ProJBcted Salary Increases lndude& lnftallon at Cost-of-Uvng AdJUStmenta

Jlly 1, 2001 Entry Age Normal
Lewl dollar open
40 years 5-year smoothed market
7% Not Applicable None 2%

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