|Financial Audit Division Report 05-09||Released February 10, 2005|
The Public Employees Retirement Association (PERA) administers four separate funds: the Public Employees Retirement Fund (PERF); the Public Employees Police and Fire Fund (PEPFF); the Public Employees Correctional Fund (PECF); and the Public Employees Defined Contribution Plan (PEDCP). The PERF covers employees of counties, cities, and townships and employees of schools in noncertified positions. The PEPFF covers police officers and fire fighters. The PECF covers employees in county correctional institutions who have direct contact with inmates. The PEDCP covers elected local government officials (except elected county sheriffs), emergency medical service personnel employed by or providing service to any of the participating ambulance services, and physicians employed at public facilities.
PERA served approximately 2,000 units of government and had 358,421 members in its four funds as of June 30, 2004. Its net assets totaled $14.2 billion at June 30, 2004. For the year ended June 30, 2004, PERA received contributions of about $550 million and paid benefits and refunds of about $950 million.