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City of Muskegon
Pension Trust Funds
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
Year Ended December 31, 2003
General Employees Retirement System Policemen and Firemen Retirement System
Retiree Combined
Pension Healthcare Total Pension Healthcare Total Healthcare Total
Additions
Contributions
Member $ 334,624
$ - $ 334,624
$ 415,708
$ - $ 415,708
$ - $ 750,332
City 121,413
- 121,413
435,686
- 435,686
887,102
1,444,201
Total contributions 456,037
- 456,037
851,394
- 851,394
887,102
2,194,533
Net investment income
Interest and dividends 24,171
- 24,171
26,648
- 26,648
24,606
75,425
Net increase in fair
value of investments 5,042,626
363,833
5,406,459
7,179,989
220,631
7,400,620
531,471
13,338,550
Total additions 5,522,834
363,833
5,886,667
8,058,031
220,631
8,278,662
1,443,179 15,608,508
Deductions
Benefit payments 1,430,097
- 1,430,097
2,989,038
- 2,989,038
- 4,419,135
Refunds of contributions 109,143
- 109,143
215,025
- 215,025
- 324,168
Administrative expenses 112,506
- 112,506
150,049
- 150,049
1,690
264,245
Transfers out - 289,603
289,603
- 890,335
890,335
- 1,179,938
Total deductions 1,651,746
289,603
1,941,349
3,354,112
890,335
4,244,447
1,690
6,187,486
Intrafund transfers in (out) (228,699)
228,699
- (150,246)
150,246
- - -
Change in net assets 3,642,389
302,929
3,945,318
4,553,673
(519,458)
4,034,215
1,441,489
9,421,022
Net assets at beginning 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
Net assets at end of year $ 30,532,308 $ 3,592,065 $ 34,124,373 $ 42,978,314 $ 2,134,312 $ 45,112,626 $ 3,562,678 82,799,677
$