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Secretary of Labor Thomas E. Perez
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DOL Annual Report, Fiscal Year 2004
Performance and Accountability Report

Principal Financial Statements Included in This Report

NOTE 2 - FUNDS WITH U.S. TREASURY

 

Funds with U.S. Treasury at September 30, 2004 consisted of the following:

 

 

 

 

 

 

 

Entity Assets

(Dollars in thousands)

Unobligated Balance Available

Unobligated Balance Unavailable

Obligated Balance Not Yet Disbursed

Total Entity Assets

Non-entity Assets

Total

 

 

 

 

 

 

 

Revolving funds

$3,900

-

$24,280

$28,180

-

$28,180

Trust funds

149,034

53

52,908

201,995

2

201,997

Appropriated funds

2,566,402

655,579

6,179,624

9,401,605

-

9,401,605

Other

-

-

-

-

68,975

68,975

 

 

$2,719,336

$655,632

$6,256,812

$9,631,780

$68,977

$9,700,757

 

 

 

 

 

 

 

 

Funds with U.S. Treasury at September 30, 2003 consisted of the following:

 

 

Entity Assets

(Dollars in thousands)

Unobligated Balance Available

Unobligated Balance Unavailable

Obligated Balance Not Yet Disbursed

Total Entity Assets

Non-entity Assets

Total

 

Revolving funds

$3,900

-

$20,692

$24,592

-

$24,592

Trust funds

99,076

184

(127,486)

(28,226)

(206)

(28,432)

Appropriated funds

2,458,905

293,596

6,782,608

9,535,109

-

9,535,109

Other

-

-

-

-

84,244

84,244

 

 

$2,561,881

$293,780

$6,675,814

$9,531,475

$84,038

$9,615,513




NOTE 3 - INVESTMENTS

 

 

 

 

 

 

 

 

 

 

Investments at September 30, 2004 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Face

Premium

Net

Market

(Dollars in thousands)

Value

(Discount)

Value

Value

 

 

 

Unemployment Trust Fund

 

Non-marketable

 

U.S. Treasury Certificates of Indebtedness

 

4.375% maturing June 30, 2005

$10,238,570

-

$10,238,570

$10,238,570

 

Special issue U.S. Treasury Bonds

 

4.375% maturing June 30, 2005

4,210,119

-

4,210,119

4,210,119

 

6.250% maturing June 30, 2005

22,266,681

-

22,266,681

22,266,681

 

5.500% maturing June 30, 2006

8,524,011

-

8,524,011

8,524,011

 

 

 

45,239,381

-

45,239,381

45,239,381

 

 

 

Panama Canal Commission

Compensation Fund

 

Marketable

 

 

U.S. Treasury Notes

 

3.625% to 7.875% various maturities

27,685

450

28,135

28,607

 

U.S. Treasury Bonds

 

10.375% to 14.000% various maturities

49,428

6,494

55,922

58,767

 

 

 

77,113

6,944

84,057

87,374

 

 

 

Energy Employees Occupational Illness

Compensation Fund

 

Marketable

 

 

U.S. Treasury Bill

 

1.720% maturing October 1, 2004

46,833

-

46,833

46,833

 

 

 

Longshore and Harbor Workers' Trust Fund

 

Marketable

 

 

U.S. Treasury Bills

 

1.340% to 1.890% various maturities

69,863

(210)

69,653

69,653

 

 

 

District of Columbia Trust Fund

 

Marketable

 

 

U.S. Treasury Bills

 

1.320% to 1.790% various maturities

5,020

(13)

5,007

5,007

 

 

 

Backwage Restitution Fund

 

Marketable

 

 

U.S. Treasury Bill

 

1.543% to 1.553% various maturities

1,593

(14)

1,579

1,579

 

 

 

 

 

 

$45,439,803

$6,707

$45,446,510

$45,449,827

 

 

 

 

 

 

Entity investments

$45,353,104

$6,707

$45,359,811

$45,363,128

Non-entity investments

86,699

-

86,699

86,699

 

 

 

 

 

 

$45,439,803

$6,707

$45,446,510

$45,449,827

Unemployment Trust Fund

 

Non-marketable

 

U.S. Treasury Certificates of Indebtedness

 

4.625% maturing June 30, 2004

$1,367,501

-

$1,367,501

$1,367,501

 

Special issue U.S. Treasury Bonds

 

4.875% maturing June 30, 2004

522,089

-

522,089

522,089

 

6.500% maturing June 30, 2004

14,068,830

-

14,068,830

14,068,830

 

6.250% maturing June 30, 2005

23,705,952

-

23,705,952

23,705,952

 

5.500% maturing June 30, 2006

8,524,011

-

8,524,011

8,524,011

 

 

 

48,188,383

-

48,188,383

48,188,383

 

 

 

Panama Canal Commission

Compensation Fund

 

Marketable

 

 

U.S. Treasury Notes

 

5.875% to 7.875% various maturities

13,747

43

13,790

14,882

 

U.S. Treasury Bonds

 

8.750% to 14.000% various maturities

62,701

12,222

74,923

77,192

 

 

 

76,448

12,265

88,713

92,074

 

 

 

Energy Employees Occupational Illness

Compensation Fund

 

Marketable

 

 

U.S. Treasury Bill

 

0.950% maturing October 1, 2003

60,232

-

60,232

60,232

 

 

 

Longshore and Harbor Workers' Trust Fund

 

Marketable

 

 

U.S. Treasury Bills

 

0.900% to 0.990% various maturities

64,438

(90)

64,348

64,348

 

 

 

District of Columbia Trust Fund

 

Marketable

 

 

U.S. Treasury Bills

 

0.900% to 0.960% various maturities

4,903

(5)

4,898

4,898

 

 

 

Backwage Restitution Fund

 

Marketable

 

 

U.S. Treasury Bill

 

0.865% to 0.940% various maturities

1,592

(13)

1,579

1,579

 

 

 

 

 

 

$48,395,996

$12,157

$48,408,153

$48,411,514

 

 

 

 

 

 

Entity investments

$48,339,233

$12,157

$48,351,390

$48,354,751

Non-entity investments

56,763

-

56,763

56,763

 

 

 

 

 

 

$48,395,996

$12,157

$48,408,153

$48,411,514

                   

NOTE 4 - ACCOUNTS RECEIVABLE, NET OF ALLOWANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable at September 30, 2004 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

Gross
Receivables

 

Allowance

 

Net
Receivables

 

 

 

 

 

 

 

 

 

 

 

 

Entity intra-governmental assets

 

 

 

 

 

 

 

 

 

Due for UCFE and UCX benefits

 

 

 

$333,918

 

-

 

$333,918

 

Due for workers' compensation benefits

 

 

 

3,572,765

 

-

 

3,572,765

 

Other

 

 

 

 

 

9,991

 

-

 

9,991

 

 

 

 

 

 

 

3,916,674

 

-

 

3,916,674

 

 

 

 

 

 

 

 

 

 

 

 

Entity assets

 

 

 

 

 

 

 

 

 

 

 

State unemployment taxes

 

755,789

 

(556,917)

 

198,872

 

Due from reimbursable employers

 

 

 

659,820

 

(39,404)

 

620,416

 

Benefit overpayments

 

 

 

 

2,091,586

 

(1,862,710)

 

228,876

 

Other

 

 

 

 

 

6,991

 

(2,121)

 

4,870

 

 

 

 

 

 

 

3,514,186

 

(2,461,152)

 

1,053,034

 

 

 

 

 

 

 

 

 

 

 

 

Non-entity assets

 

 

 

 

 

 

 

 

 

 

Fines and penalties

 

 

 

 

115,869

 

(56,326)

 

59,543

 

Backwages

 

 

 

 

 

24,846

 

(10,389)

 

14,457

 

 

 

 

 

 

 

140,715

 

(66,715)

 

74,000

 

 

 

 

 

 

 

3,654,901

 

(2,527,867)

 

1,127,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$7,571,575

 

$(2,527,867)

 

$5,043,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in the allowance for doubtful accounts during 2004 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

Balance at
September
30, 2003

 

Write-offs

 

Revenue
Adjustment

 

Bad Debt

 

Balance at
September
30, 2004

 

 

 

 

 

 

 

 

 

 

 

 

Entity assets

 

 

 

 

 

 

 

 

 

 

State unemployment taxes

$(524,043)

 

$307,970

 

$(340,844)

 

-

 

$(556,917)

Due from reimbursable employers

(36,072)

 

18,974

 

(22,306)

 

-

 

(39,404)

Benefit overpayments

(1,881,135)

 

688,846

 

-

 

(670,421)

 

(1,862,710)

Other

 

(481)

 

1,061

 

-

 

(2,701)

 

(2,121)

 

 

 

(2,441,731)

 

1,016,851

 

(363,150)

 

(673,122)

 

(2,461,152)

 

 

 

 

 

 

 

 

 

 

 

 

Non-entity assets

 

 

 

 

 

 

 

 

 

Fines and penalties

(51,700)

 

8,504

 

(13,130)

 

-

 

(56,326)

Backwages

 

(921)

 

-

 

-

 

(9,468)

 

(10,389)

 

 

 

(52,621)

 

8,504

 

(13,130)

 

(9,468)

 

(66,715)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$(2,494,352)

 

$1,025,355

 

$(376,280)

 

$(682,590)

 

$(2,527,867)

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable at September 30, 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

Gross
Receivables

Allowance

Net
Receivables

 

 

 

 

 

 

 

Entity intra-governmental assets

 

 

 

 

Due for UCFE and UCX benefits

 

 

 

$254,464

-

$254,464

 

Due for workers' compensation benefits

 

 

 

3,520,021

-

3,520,021

 

Other

 

 

 

 

 

15,514

-

15,514

 

 

 

 

 

 

 

3,789,999

-

3,789,999

 

 

 

 

 

 

 

Entity assets

 

 

 

 

 

 

State unemployment taxes

 

665,961

(524,043)

141,918

 

Due from reimbursable employers

 

538,542

(36,072)

502,470

 

Benefit overpayments

 

2,090,664

(1,881,135)

209,529

 

Other

 

 

 

 

 

9,242

(481)

8,761

 

 

 

 

 

 

 

3,304,409

(2,441,731)

862,678

 

 

 

 

 

 

 

Non-entity assets

 

 

 

 

 

Fines and penalties

 

 

 

 

113,206

(51,700)

61,506

 

Backwages

 

 

 

 

 

16,425

(921)

15,504

 

 

 

 

 

 

 

129,631

(52,621)

77,010

 

 

 

 

 

 

 

3,434,040

(2,494,352)

939,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$7,224,039

$(2,494,352)

$4,729,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in the allowance for doubtful accounts during 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

Balance at
September
30, 2002

Write-offs

Revenue
Adjustment

Bad Debt

Balance at
September
30, 2003

 

 

 

Entity assets

 

State unemployment taxes

$(518,847)

$299,589

$(304,785)

-

$(524,043)

Due from reimbursable employers

(36,583)

17,273

(16,762)

-

(36,072)

Benefit overpayments

(1,731,612)

318,674

-

(468,197)

(1,881,135)

Other

 

(491)

2,115

-

(2,105)

(481)

 

 

 

(2,287,533)

637,651

(321,547)

(470,302)

(2,441,731)

 

 

 

Non-entity assets

Fines and penalties

(41,030)

6,966

(17,636)

-

(51,700)

Backwages

 

(3,825)

2,904

-

-

(921)

 

 

 

(44,855)

9,870

(17,636)

-

(52,621)

 

 

 

 

 

 

$(2,332,388)

$647,521

$(339,183)

$(470,302)

$(2,494,352)




NOTE 5 - ADVANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advances at September 30, 2004 and 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

2004

2003

 

 

 

 

 

 

 

 

Advances to states for UI benefit payments

 

$623,172

$471,592

Advances to grantees and contractors to finance future DOL program expenditures

 

146,463

8,798

Other

 

 

 

 

 

7,397

688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$777,032

$481,078

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

NOTE 6 - PROPERTY, PLANT AND EQUIPMENT, NET OF DEPRECIATION

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment at September 30, 2004 and 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004

2003

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

Cost or Basis

Accumulated
Depreciation/
Amortization

Net Book
Value

Net Book
Value

 

 

 

 

 

 

 

 

 

 

 

Structures, facilities and improvements

 

Structures and facilities

$801,869

$(337,815)

$464,054

$461,690

 

Improvements to leased facilities

356,904

(206,116)

150,788

115,492

 

 

 

 

1,158,773

(543,931)

614,842

577,182

Furniture and equipment

 

Equipment held by contractors

160,744

(154,718)

6,026

9,648

 

Furniture and equipment

62,648

(33,338)

29,310

31,128

 

 

 

 

223,392

(188,056)

35,336

40,776

 

 

 

 

ADP software

 

106,406

(54,059)

52,347

49,693

Construction-in-progress

106,668

-

106,668

96,831

Land

 

67,076

-

67,076

66,076

 

 

 

 

 

 

 

 

$1,662,315

$(786,046)

$876,269

$830,558

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

NOTE 7 - NON-ENTITY ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-entity assets consisted of the following at September 30, 2004 and 2003:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

2004

2003

 

 

 

 

 

 

 

 

 

 

 

Intra-governmental

 

 

 

 

 

Funds with U.S. Treasury

 

 

 

 

$68,977

$84,038

 

Investments

 

 

 

 

 

86,699

56,763

 

Interest receivable from investments

 

1,086

828

 

 

 

 

 

 

 

 

156,762

141,629

Accounts receivable, net of allowance

 

 

 

 

74,000

77,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$230,762

$218,639




NOTE 8 - ADVANCES FROM U.S. TREASURY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advances from U.S. Treasury to the Black Lung Disability Trust Fund during 2004 consisted of the following:

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

Balance at
September
30, 2003

Net
Borrowing

Balance at
September
30, 2004

 

 

 

 

 

Intra-governmental

 

 

 

Borrowing from the Treasury

 

$8,243,557

$497,000

$8,740,557

 

 

 

 

 

 

 

 

 

 

$8,243,557

$497,000

$8,740,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advances from U.S. Treasury to the Black Lung Disability Trust Fund during 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

Balance at
September
30, 2002

Net
Borrowing

Balance at
September
30, 2003

 

 

 

 

 

Intra-governmental

 

 

 

Borrowing from the Treasury

 

$7,718,557

$525,000

$8,243,557

 

 

 

 

 

 

 

 

 

 

$7,718,557

$525,000

$8,243,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assuming the continuation of current operating conditions, repayment of these and necessary future advances will require a change in the statutory operating structure of the fund. (See note 19.)

                   

 

 

 

 

 

 

 

 

 

 

NOTE 9 - ACCRUED BENEFITS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued benefits at September 30, 2004 and 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

2004

2003

 

 

 

 

 

 

 

 

 

 

 

State regular and extended unemployment benefits payable

 

 

$869,504

$983,337

 

Federal extended unemployment benefits payable

 

 

36,265

76,528

 

Federal temporary extended unemployment benefits

 

 

23,581

199,700

 

Federal emergency unemployment benefits payable

 

 

31,951

28,391

 

Federal employees' unemployment benefits payable

 

 

26,200

24,499

 

Federal employees' unemployment benefits for existing claims due in the subsequent year

 

141,022

152,614

 

Total unemployment benefits payable

 

 

 

1,128,523

1,465,069

 

Black lung disability benefits payable

 

 

 

55,542

25,654

 

Federal employees' disability and 10(h) benefits payable

 

 

155,716

144,747

 

Energy employees occupational illness compensation benefits payable

 

790

777

 

Longshore and harbor workers disability benefits payable

 

 

3,155

2,172

 

District of Columbia disability benefits payable

 

 

283

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$1,344,009

$1,638,594




NOTE 10 - FUTURE WORKERS' COMPENSATION BENEFITS

 

 

 

 

 

 

 

 

 

 

DOL's liability for future workers' compensation benefits at September 30, 2004 and 2003 consisted of the following:

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

2004

2003

 

 

 

 

 

 

 

 

 

Projected gross liability of the Federal government

 

 

for future FECA benefits

 

 

$25,570,723

$27,054,049

 

Less liabilities attributed to other agencies:

 

 

 

U.S. Postal Service

 

 

(8,379,832)

(8,729,029)

 

 

Department of Navy

 

 

(2,744,041)

(2,999,824)

 

 

Department of Army

 

 

(1,937,818)

(2,081,971)

 

 

Department of Veterans Affairs

 

 

(1,752,895)

(1,887,701)

 

 

Department of Air Force

 

 

(1,418,832)

(1,558,355)

 

 

Department of Transportation

 

 

(1,020,500)

(1,114,602)

 

 

Department of Homeland Security

 

 

(1,398,161)

(1,103,401)

 

 

Tennessee Valley Authority

 

 

(594,461)

(664,669)

 

 

Department of Treasury

 

 

(678,272)

(782,903)

 

 

Department of Agriculture

 

 

(836,341)

(939,818)

 

 

Department of Justice

 

 

(829,336)

(839,748)

 

 

Department of Interior

 

 

(664,856)

(711,565)

 

 

Department of Defense, Other

 

 

(858,146)

(955,952)

 

 

Department of Health and Human Services

 

(266,389)

(296,315)

 

 

Social Security Administration

 

 

(288,158)

(305,289)

 

 

General Services Administration

 

 

(176,351)

(195,552)

 

 

Department of Commerce

 

 

(179,186)

(200,056)

 

 

Department of Energy

 

 

(95,184)

(102,553)

 

 

Department of State

 

 

(59,984)

(61,628)

 

 

Department of Housing & Urban Development

 

(78,622)

(84,240)

 

 

Department of Education

 

 

(19,882)

(22,265)

 

 

National Aeronautics and Space Administration

 

(68,876)

(69,446)

 

 

Environmental Protection Agency

 

 

(40,281)

(44,096)

 

 

Small Business Administration

 

 

(28,436)

(31,822)

 

 

Office of Personnel Management

 

 

(13,077)

(14,397)

 

 

National Science Foundation

 

 

(1,465)

(1,649)

 

 

Nuclear Regulatory Commission

 

 

(8,114)

(9,073)

 

 

Agency for International Development

 

(24,523)

(27,400)

 

 

Other

 

 

(580,636)

(626,605)

 

 

 

 

 

(25,042,655)

(26,461,924)

 

 

 

 

 

 

 

 

 

 

$528,068

$592,125

 

 

 

 

 

 

Projected liability of the Department of Labor for future FECA benefits

 

 

FECA benefits not chargeable to other Federal agencies payable by

 

 

DOL's Federal Employees' Compensation Act Special Benefit Fund

$228,487

$241,639

 

 

FECA benefits due to eligible workers of DOL and Job Corp enrollees

236,560

280,398

 

 

FECA benefits due to eligible workers of the Panama Canal Commission

63,021

70,088

 

 

 

 

 

 

 

 

 

 

$528,068

$592,125




NOTE 11 - OTHER LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities at September 30, 2004 and 2003 consisted of the following current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

2004

2003

 

 

 

 

 

 

 

Intra-governmental

 

 

 

 

 

Accrued payroll and benefits

 

 

 

$8,281

$6,314

 

Unearned FECA assessments

 

 

 

39,261

44,577

 

Non-entity receipts due to U.S. Treasury

 

 

59,542

61,506

 

Amounts held for the Railroad Retirement Board

 

 

86,209

55,806

 

Advances from other Federal agencies

1,134

1,981

Total intra-governmental

 

 

 

 

194,427

170,184

 

 

 

 

 

 

 

Accrued payroll and benefits

 

 

 

40,833

34,539

Due to Backwage recipients

 

 

 

 

63,901

58,354

Unearned assessment revenue

 

 

 

48,117

44,653

Deposit and clearing accounts

 

 

 

20,738

38,561

Readjustment allowances and other Job Corps liabilities

 

58,244

86,518

Other advances

 

 

 

 

7,500

7,500

 

 

 

 

 

 

 

239,333

270,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$433,760

$440,309

 


 

NOTE 12 - LIABILITIES NOT COVERED BY BUDGETARY RESOURCES

 

 

 

 

 

 

 

 

 

 

Liabilities not covered by budgetary resources at September 30, 2004 and 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

2004

2003

 

 

 

 

 

 

 

 

 

 

Intra-governmental

 

 

 

 

 

Advances from U.S. Treasury

 

 

 

$8,740,557

$8,243,557

 

 

 

 

 

 

 

Future workers' compensation benefits

 

 

 

236,559

280,398

Accrued annual leave

 

 

 

 

94,846

93,324

Readjustment allowances and other Job Corps liabilities

 

58,244

86,518

 

 

 

 

 

 

 

389,649

460,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$9,130,206

$8,703,797




NOTE 13 - PENSION EXPENSE

         
                 

Pension expense in 2004 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

Employer
Contributions

Accumulated
Costs Imputed
by OPM

Total
Pension
Expense

 

 

 

 

 

 

 

 

 

Civil Service Retirement System

 

$31,473

$46,281

$77,754

Federal Employees' Retirement System

 

72,622

3,199

75,821

Thrift Savings Plan

 

 

28,712

-

28,712

 

 

 

 

 

 

 

 

$132,807

$49,480

$182,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension expense in 2003 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

Employer
Contributions

Accumulated
Costs Imputed
by OPM

Total
Pension
Expense

 

 

 

 

 

 

 

 

 

Civil Service Retirement System

 

$39,378

$48,827

$88,205

Federal Employees' Retirement System

 

65,834

2,954

68,788

Thrift Savings Plan

 

 

25,755

-

25,755

 

 

 

 

 

 

 

 

$130,967

$51,781

$182,748

 

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