Deloitte & Touche Audits FSMSSA

Auditing firm Deloitte & Touche recently wrapped up its work with the FSMSSA and it turned out to be the first audit in the history of the FSMSSA to come up unqualified with no findings. In other words, it was a perfect audit.
Overall, the year 2003 had been a modest year for the FSMSSA, with collections surpassing benefit payouts, no losses in the overall balance of the system, and moderate gains in investments compared to Calendar Year 2002.
Tax collections for Calendar Year 2003 clocked in at $11,398,884.00, 10.4% more than 2002 which was at 10.2 million.

Contributions as of December 31, 2003, are as follows:

• Government employment - $5,960,268
• Private employment - $5,284,263
• Penalties and interest - $154,353
• Total - $11,398,884

Likewise, benefit payments increased by 8.7%, from 2002’s $10 million to 2003’s $10,835,214.

Following is a breakdown of the benefit payments for the year 2003.

• Retirement pension - $6,279,893
• Survivor pension - $3,859,376
• Disability pension - $635,004
• Lump sum pension - $60,941
• Total - $10,835,214

Investments gained $3,982,671 to bring its total value to $33,318,406.00. The portfolio had seen a loss of $3.2 million during the Calendar Year 2002. This stark contrast displays how good the year 2003 was, as far as the market is concerned.

Investments as of December 21, 2003 were:

• Common stock - $19,688,918
• U.S. Government obligations - $308,760
• U.S Treasury obligations - $697,908
• Government agency obligations - $9,349,686
• Corporate bonds, preferred stock and mutual funds - $3,273,134
• Total - $33,318,406

These were the gains for the year.

• Interest and dividends-investments - $660,917
• Realized gains on sale - $1,299,038
• Unrealized gains - $4,377,976
• Realized losses on sale - ($715,493)
• Unrealized losses - ($1,421,567)
• Investment fees - ($218,200)
• Net investment gain - $3,982,671

• Board Holds
  Forum
• Prior Service
  Receives
  Funding
• Deloitte &
  Touche Audits
  FSMSSA
• FSMSS
  Administrator
  Presents at Epic
  Conference
• Actuarial
  Valuation as of
  January 1,
  2004
• CY 2004 3rd
  Quarter
  Summary
  Report