Comprehensive Annual Financial Report - Minnesota State ...

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Table of Contents 2 Page Introductory Section Achievement Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 President's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Administrative Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Board of Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Retirement System Plan Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Financial Section Legislative Auditor's Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Management Discussion and Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Basic Financial Statements: Statement of Plan Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Statement of Changes in Plan Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Required Supplementary Information: Schedule of Funding Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Schedule of Employer Contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Required Supplementary Information Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Supporting Schedules Schedule of Investment Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Schedule of Payments to Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Schedule of Administrative Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Investment Section Investment Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Investment Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Asset Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 List of Largest Assets Held. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Investment Summary at Fair Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Fair Value of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Schedule of Investment Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Actuarial Section Actuary's Certification Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Summary of Actuarial Assumptions and Methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Sample Annual Rates Per 10,000 Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Determination of Actuarial Value of Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Solvency Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Schedule of Active Member Valuation Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Schedule of Retirees and Beneficiaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Determination of Contribution Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Schedule of Changes in Unfunded Actuarial Accrued Liabilities . . . . . . . . . . . . . . . . . . . . . . . . 66 Statistical Section Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Schedule of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Benefits and Refunds by Type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Revenues and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Statewide Volunteer Firefighter Retirement Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 Summary of Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Active Members by Age and Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Schedule of New Retirees and Initial Benefit Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Schedule of Benefit Recipients by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 PERA Annuitant Residency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Principal Participating Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Participating Employers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Public Employees Retirement Association of Minnesota
Achievement Awards President's Report Letter of Transmittal Administrative Organization Board of Trustees Retirement System Plan Summary State Fish — Walleye (adopted in 1965) - Painting by Timothy Knepp, USFWS- Introductory Section
Page 1 and 2: Pink Lady Slipper, Minnesota State
Page 3: Board of Trustees Don Rambow — Bo
Page 7 and 8: Achievement Awards GFOA The Governm
Page 9 and 10: December 27, 2012 Board of Trustees
Page 11 and 12: Economic Conditions and Outlook Alt
Page 13 and 14: National Recognition PERA has an ou
Page 15 and 16: Ross E. Arneson General Membership
Page 17 and 18: The Public Employees Police and Fir
Page 19 and 20: Pre-Age 62 Increase — This pensio
Page 21 and 22: Legislative Auditor’s Report Mana
Page 23 and 24: Legislative Auditor’s Report O L
Page 25 and 26: Financial Highlights å PERA’s Ne
Page 27 and 28: made in 2010 and contribution rate
Page 29 and 30: This page left blank intentionally.
Page 31 and 32: Statewide Public Employees Agency F
Page 33 and 34: Financial Section Minneapolis Emplo
Page 35 and 36: facilities. Elected officials and a
Page 37 and 38: are recognized as revenues when due
Page 39 and 40: å The aggregate value of these obl
Page 41 and 42: of the value protected by the wrap
Page 43 and 44: age of pay, and are specified in st
Page 45 and 46: Employer pension contributions for
Page 47 and 48: Schedule of Employer Contributions
Page 49 and 50: Source of Expenses Schedule of Inve
Page 51 and 52: Investment Report Investment Result
Page 53 and 54: Investment Report MINNESOTA STATE B
Page 55 and 56:
25% 20% 15% 10% 5% 0% -5% -10% -15%
Page 57 and 58:
Investment Summary at Fair Value Fo
Page 59 and 60:
SBI & Consultants: State Board of I
Page 61 and 62:
Actuary’s Certification Letter Su
Page 63 and 64:
Actuary’s Certification Letter De
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General Employees Retirement Fund A
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Other Assumptions Separation GERF u
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Public Employees Correctional Fund
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Page 75 and 76:
Public Employees Correctional Fund
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Introduction Schedule of Changes in
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Introduction December 14, 2012 Publ
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Statistical Section 2007 2008 2009
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Page 85 and 86:
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Fire Department Statistical Section
Page 89 and 90:
Page 91 and 92:
Statistical Section Schedule of New
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General Employees Retirement Fund S
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Schedule of Benefit Recipients by T
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Top 10 States by PERA Annuitant Pop
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General Employees Retirement Fund P
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ISANTI ISLE IVANHOE JACKSON JANESVI
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DEER CREEK DEER PARK DEER RIVER DEE
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PIERZ PIKE PIKE BAY PIKE CREEK PILL
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BROOKLYN CENTER ISD-286 BROOTEN ISD
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VILLARD ISD-615 VIRGINIA ISD-706 WA
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CROW WING COUNTY SWCD CURRIE DUVRAY
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2012 Comprehensive Financial Report
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