Government Accounting Chp 7 Terms

Additions

fiduciary fund financial reporting (replacing revenues) on an accrual basis

Total Pension Liability

portion of the actuarial present value of projected benefit payments that is attributable to past period of employee service

Deductions

Fiduciary Financial Reporting (replacing expenses) on an accrual basis

Defined Benefit

retirement plan in which the benefit, normally as a % multiplied by a retiree’s salary and by the number of years worked

Defined Contribution Retirement Plans

retirement plans in which the amount to be paid at retirement is based on employee and employer contributions and investment income

Endowment

exist when donor contributes resources that are to be invested rather than expended

may or may not be restricted

Escheat Property

private property that reverts to government ownership upon the death of the owner if there are no legal claimants or heirs

Investment trust fund

fiduciary trust fund that accounts for the external portion of investment pools governed by a trust agreement in which the sponsoring government is the trustee

Public Employee Retirement Systems (PERS)

organizations that collect retirement and other employee benefit contributions from government employers and employees, manage assets, and make payments to qualified retirees, beneficiaries, and disabled employees

Private-purpose trust fund

Funds used to report fiduciary activities governed by trust arrangements under which principal and income benefit individuals, private organizations, or other governments