2009 Comprehensive Annual Financial Report - Apex Park and ...

IX.
Post Employment Benefits (continued)
liability for losses under the plan, but does have the duty of due care that would be required of
an ordinary prudent investor.
For the year-ended December 31, 2009, the District had total payroll of $5,861 ,577. Total
payroll for full-time employees was $3,281 ,244. Total employer's contributions to the two
combined 40lA plans were $396,180. Employees were required to contribute $131,251 to the
401 plans. Employees made additional voluntary contributions to the 457 plan of $161,210.
At December 31, 2009, the two combined 401 plans, and health savings plan assets totaled
$6,156,415, $2,873,795, and $21,484 respectively.
All full-time salaried employees are covered by the plans. As of December 31 , 2009, 71 fulltime
active employees were participating in the 401 plan, 36 in the 457 plan, and 3 in the
health savings plan. In addition, 59 vested terminated employees and retirees and
beneficiaries were participating in the 40 I plan at year-end, while 37 were participating in the
457 plan and no vested terminated employees were participating in the health savings plan.
Additionally the District carries disability, group life, and survivor income benefit insurance
policies on all plan participants. Plan participants are charged 1 % of compensation for these
benefits and the District contributes the remaining costs.
B. Health Insurance (post Employment)
District employees who are eligible for health and dental insurance while employed with the
District (full-time employees) may continue their health insurance coverage under COBRA
when their employment is terminated with the District. The Former employee may elect to
purchase the COBRA health insurance for up to 18 months after hislher employment has been
terminated, or 36 months for covered dependents due to the death of a former employee.
Employees or their dependents are responsible for the total cost of the health andlor dental
benefits during their COBRA health insurance eligibility period.
X. Lottery Revenues
The District has received lottery revenues in the amount of $540,937 from the Colorado State
Lottery. The funds can be used for capital improvements or maintenance fOT recreational
purposes. The lottery funds are allocated among Colorado's governmental units by population.
In 2009, the District received $4.62 per person based on a District distribution popUlation of
116,946. The District has established a Special Revenue Fund, the Conservation Trust Fund, to
account for these funds.
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