Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them (i.e. interest earning), (2) provide cash flow to other funds to temporary finance expenditures that are on a reimbursable basis (i.e. grants), (3) when no bank account exists for a fund, and (4) utilizing surplus or fund balance from one fund as budgeted revenue in another.
The following is a summary of changes in the General Fixed Assets Account Group for the year ended December 31, 2018.
| Balance December 31, 2017 | Additions | Deletions | Balance December 31, 2018 | |
|---|---|---|---|---|
| Land | $ 56,970,100.00 | $ - | $ (650,000.00) | $ 56,320,100.00 |
| Buildings and Improvements | 49,798,905.00 | - | - | 49,798,905.00 |
| Machinery & Equipment | 15,316,240.00 | 1,058,336.00 | (2,078,541.00) | 14,296,035.00 |
| $ 122,085,245.00 | $ 1,058,336.00 | $ (2,728,541.00) | $ 120,415,040.00 |
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-sharing multiple-employer defined benefit pension plan administered by the State of New Jersey, Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to Division's Comprehensive Annual Financial Report (CAFR) which can be found at http://www.nj.gov/treasury/pensions/financial-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after 25 years of service or under the disability provisions of PERS.
The following represents the membership tiers for PERS:
| Tier | Definition |
|---|---|
| 1 | Members who were enrolled prior to July 1, 2007 |
| 2 | Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008 |
| 3 | Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010 |
| 4 | Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011 |
| 5 | Members who were eligible to enroll on or after June 28, 2011 |
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