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City of Muskegon
Pension Trust Funds
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
Year Ended December 31, 2002
General Employees Retirement System Policemen and Firemen Retirement System
Retiree Combined
Pension Healthcare Total Pension Healthcare Total Healthcare Total
Additions
Contributions
Member $ 325,527
$ - $ 325,527
$ 410,413
$ - $ 410,413
$ - $ 735,940
City - - - 290,431
- 290,431
830,684
1,121,115
Total contributions 325,527
- 325,527
700,844
- 700,844
830,684
1,857,055
Net investment income
Interest and dividends 12,038
- 12,038
10,069
- 10,069
53,946
76,053
Net increase (decrease) in fair
value of investments (570,799)
(422,053)
(992,852)
(848,262)
(372,124)
(1,220,386)
(239,850)
(2,453,088)
Total additions (233,234)
(422,053)
(655,287)
(137,349)
(372,124)
(509,473)
644,780 (519,980)
Deductions
Benefit payments 1,402,697
- 1,402,697
2,841,440
- 2,841,440
- 4,244,137
Refunds of contributions 68,479
- 68,479
567,725
- 567,725
- 636,204
Administrative expenses 73,844
- 73,844
92,358
- 92,358
1,171
167,373
Operating transfers out - 312,664
312,664
- 894,058
894,058
- 1,206,722
Total deductions 1,545,020
312,664
1,857,684
3,501,523
894,058
4,395,581
1,171
6,254,436
Intrafund transfers in (out) (234,065)
234,065
- (205,204)
205,204
- - -
Net increase (decrease) (2,012,319)
(500,652)
(2,512,971)
(3,844,076)
(1,060,978)
(4,905,054)
643,609
(6,774,416)
Net assets at beginning of year 28,902,238
3,789,788
32,692,026
42,268,717
3,714,748
45,983,465
1,477,580
80,153,071
Net assets at end of year $ 26,889,919 $ 3,289,136 $ 30,179,055 $ 38,424,641 $ 2,653,770 $ 41,078,411 $ 2,121,189 73,378,655
$