Comprehensive Annual Financial Report - Minnesota State ...

Introduction
December 14, 2012
Public Employees Retirement Association of Minnesota
60 Empire Drive, Suite 200
Saint Paul, Minnesota 55103-2088
Member Information Services: 651-296-7460 or 1-800-652-9026
Employer Response Lines: 651-296-3636 or 1-888-892-7372
PERA Fax Number: 651-297-2547
PERA Website: www.mnpera.org
GASB Statement No. 44, Economic Condition Reporting: The Statistical Section,
was issued in May 2004. The statement establishes requirements related to the
supplementary information presented in the Statistical Section of this report. The
objective of the information found in the Statistical Section is to provide financial
statement users with additional historical perspective, context and detail. We trust
that when used in conjunction with information found in previous sections of this
report, readers will gain a better understanding of PERA’s overall financial condition.
Financial Information
The Schedule of Changes in Net Assets is presented for the last 10 years, giving
the reader an opportunity to review trends in the revenues and expenses of our
defined benefit plans. Benefits and refunds are then broken down by type. The
Revenues and Expenses graph on page 74 shows that almost two-thirds of our revenue
has come from investment income over the past 20 years, despite two deep
recessions during that time period.
Plan Membership
Membership and financial information for the Statewide Volunteer Firefighter
Retirement Plan is provided on page 75.
Membership data for the three largest plans over the past ten years can be found
on page 76. Active membership rose until 2008, and has since fallen back to previous
levels, while the number of benefit recipients has increased 45 percent and the
number of terminated vested members has increased 43 percent since 2002. The
graphs on page 77 show the distribution of our active membership as of 6/30/12.
Information about PERA’s benefit recipients is provided on pages 78 through 86,
including monthly benefit amounts, types of benefits, benefit options, and location
of benefit recipients.
Employers
The rest of this section provides information about the employers who participate
in PERA.
All non-accounting data is derived from PERA’s internal sources.
Assistant Executive Director,
Finance and IS
S
tatistical
Section
Public Employees
Retirement Association
of Minnesota
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