decline to participate in the Plan will be deemed as an irrevocable election to participate and
contribute at the highest rate (currently 10%). All current elected officials who had not elected to
participate in the Plan must either elect, including selecting a contribution rate, or decline to
participate in the Plan on or before December 1, 1999. The rate at which an elected official
contributes to the Plan cannot be changed after December 1, 1999.
For 2000, eligible officers contributed 8% and their employer agency contributed 10% on all salary.
For 1999, eligible officers contributed 8% and their employer agency contributed 12.5% on all
At June 30, the number of participating employers was as follows:
Local Government Towns and Cities
Other Local Governmental Units
3. CASH AND INVESTMENTS:
At June 30, cash and short-term investments were composed of the following:
Cash on deposit with the State
Short-term bills and notes
Short-term investment fund, variable rate
Foreign currency deposits
Total cash and short-term investments
$ 561,459 $ 336,875
$384.629.299 $ 65,184,438
Short-term bills and notes consist of U.S. Government Agency and corporate securities with short
maturities. The Plan's short-term investment funds consist of temporary investments in commingled
trust funds of the Plan's custodial agent. The funds are composed of high-grade money market
instruments with short maturities. Each participant in the funds shares the risk of loss on the funds in
proportion to their respective investment in the funds.
Deposits with financial institutions are classified depending on whether they are insured or
collateralized. Bank balances are classified in the following categories of credit risk: Category 1
includes deposits that are insured or collateralized with securities held by the Plan or by the agent in the
Plan's name. Category 2 includes deposits which are collateralized with securities held by the pledging
financial institution's trust department or agent in the Plan's name. Category 3 includes deposits which
are uncollateralized or deposits which are collateralized and the related securities are held by the
pledging financial institution or by its trust department or agent not in the Plan's name. At June 30, 2000
and 1999, cash on deposit with the State and the short-term bills and notes are considered Category 1,
and the short-term investment fund and foreign currency deposits are considered Category 3.
At June 30, 2000, as a result of outstanding checks, the carrying amount of the Plan's cash deposits
totaled $561,459 and the bank balances totaled $8,062,173. At June 30, 1999, as a result of
outstanding checks, the carrying amount of the Plan's cash deposits totaled $336,875 and the bank
balances totaled $8,157,511. The bank balances of deposits are fully insured or collateralized by the
Office of the State Treasurer as required by the Oklahoma Statutes covering deposits of public funds.
The carrying amounts of the short-term bills and notes, short-term investment fund and foreign
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