Comprehensive Annual Financial Report - Minnesota State ...

Statement of Changes in Plan Net Assets
26
Additions
Public Employees
Retirement Association
of Minnesota
For the Fiscal Year Ended June 30, 2012 (in thousands)
Defined Benefit Funds
General Employees Public Employees Public Employees
Retirement Fund Police & Fire Fund Correctional Fund
Contributions
Employer $ 368,037 $ 121,891 $ 14,320
State Contribution
Member 321,412 76,264 9,581
Total contributions $ 689,449 $ 198,155 $ 23,901
Investments
Net Appreciation in Fair Value
of Investments $ 332,592 $ 162,096 $ 8,118
Less Investment Expense (18,479) (7,852) (414)
Net Investment Income $ 314,113 $ 154,244 $ 7,704
From securities lending activities:
Securities Lending Income $ 10,800 $ 4,595 $ 243
Securities Lending Expenses:
Borrower Rebates (305) (130) (7)
Management Fees (4,191) (1,783) (94)
Net Income from Securities Lending $ 6,304 $ 2,682 $ 142
Total Net Investment Income $ 320,417 $ 156,926 $ 7,846
Other Additions $ 564 $ 488,521 $ 0
Total Additions $1,010,430 $ 843,602 $ 31,747
Deductions
Benefits $1,000,644 $ 386,208 $ 4,809
Refunds of Contributions 39,105 1,524 1,332
Administrative Expenses 9,650 855 229
Total Deductions $1,049,399 $ 388,587 $ 6,370
Net Increase (Decrease)
Net assets held in Trust
for pension benefits
$ (38,969) $ 455,015 $ 25,377
Beginning of year $13,616,622 $5,317,032 $ 280,031
End of year $13,577,653 $5,772,047 $ 305,408
The accompanying notes are an integral part of the financial statements.