a complete copy of the 2012 CAFR Report! - PSERs

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INTRODUCTORY SECTION Pennsylvania Public School Employees’ Retirement System (A Component Unit of the Commonwealth of Pennsylvania) 5 North 5th Street Harrisburg, Pennsylvania 17101-1905 Telephone: Toll-Free 1-888-773-7748 1-888-PSERS4U Local 717-787-8540 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2012 Melva S. Vogler Chairman Board of Trustees Sally J. Turley Vice Chairman Board of Trustees Jeffrey B. Clay Executive Director Report prepared by the Public School Employees’ Retirement System staff PAGE 1
INTRODUCTORY SECTION Table of Contents Section One – Introductory.............................................................................................................................................. 5 Letter of Transmittal ........................................................................................................................................................... 6 GFOA Certificate of Achievement for Excellence in Financial Reporting ...................................................................... 12 Public Pension Coordinating Council Public Pension Standards Award ......................................................................... 13 Mission Statement ............................................................................................................................................................ 14 Administrative Organization PSERS Board of Trustees ......................................................................................................................................... 15 Board Committees .................................................................................................................................................... 17 Organizational Chart ................................................................................................................................................. 18 Administrative Staff ................................................................................................................................................. 19 PSERS Regional Offices .................................................................................................................................................. 20 PSERS Headquarters Building ......................................................................................................................................... 21 Section Two – Financial ................................................................................................................................................. 23 Independent Auditor’s Report .......................................................................................................................................... 25 Management’s Discussion and Analysis .......................................................................................................................... 26 Financial Statements Statements of Plan Net Assets as of June 30, 2012 and 2011 .................................................................................. 36 Statements of Changes in Plan Net Assets Years ended June 30, 2012 and 2011 .................................................... 38 Notes to Financial Statements .................................................................................................................................. 40 Required Supplementary Schedule 1 – Schedules of Funding Progress .......................................................................... 60 Required Supplementary Schedule 2 – Schedules of Employer Contributions ............................................................... 61 Supplementary Schedule 1 – Schedule of Operating Expenses ....................................................................................... 62 Supplementary Schedule 2 – Summary of Investment Expenses .................................................................................... 63 Supplementary Schedule 3 – Schedule of Payments to Non-Investment Consultants ..................................................... 64 Section Three – Investment ........................................................................................................................................... 65 Chief Investment Officer Letter ........................................................................................................................................ 66 Portfolio Summary Statistics Asset Allocation as of June 30, 2012 ................................................................................. 73 Comparison of Actual Portfolio Distribution to Asset Allocation Plan as of June 30, 2012 ................................................................................................................................................... 74 Graph – Comparison of Actual Portfolio Distribution to Asset Allocation Plan .............................................................. 74 Graph – Portfolio Distribution 10 Year Trend .................................................................................................................. 75 Common and Preferred Stock – Non - U.S. Equity........................................................................................................ 75 Common and Preferred Stock – U.S. Equity................................................................................................................... 76 Fixed Income .................................................................................................................................................................... 76 Absolute Return................................................................................................................................................................. 77 Postemployment Healthcare Investments ......................................................................................................................... 77 Comparison of Investment Activity Income Fiscal Years Ended June 30, 2012 and 2011 ............................................................................................................. 78 Summary Schedule of Brokers’ Fees ................................................................................................................................ 78 Professional Consultants .................................................................................................................................................. 79 PAGE 2
Page 1: PENNSYLVANIA PUBLIC SCHOOL EMPLOYEE
Page 5 and 6: INTRODUCTORY SECTION This page inte
Page 7 and 8: INTRODUCTORY SECTION Letter of Tran
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Page 11 and 12: INTRODUCTORY SECTION Statement No.
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Page 15 and 16: INTRODUCTORY SECTION Mission Statem
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Page 25 and 26: FINANCIAL SECTION This page intenti
Page 27 and 28: Management’s Discussion and Analy
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Page 37 and 38: FINANCIAL SECTION Statements of Pla
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Page 41 and 42: FINANCIAL SECTION Notes to Financia
Page 43 and 44: Notes to Financial Statements (cont
Page 45 and 46: FINANCIAL SECTION Notes to Financia
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Notes to Financial Statements (cont
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FINANCIAL SECTION Notes to Financia
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Valuation as of June 30 FINANCIAL S
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FINANCIAL SECTION Supplementary Sch
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FINANCIAL SECTION Supplementary Sch
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Dear Members of The PSERS Board of
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INVESTMENT SECTION (11.2%). Within
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INVESTMENT SECTION To benchmark rea
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INVESTMENT SECTION The System also
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INVESTMENT SECTION Comparison of Ac
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Description INVESTMENT SECTION Comm
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INVESTMENT SECTION Comparison of In
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INVESTMENT SECTION Professional Con
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INVESTMENT SECTION This page intent
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  ACTUARIAL SECTION January 31, 2
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ACTUARIAL SECTION In our opinion, t
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ACTUARIAL SECTION HISTORY AND PROJE
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ACTUARIAL SECTION DESCRIPTION OF AC
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ACTUARIAL SECTION SCHEDULE OF ACTIV
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ACTUARIAL SECTION ANALYSIS OF PAST
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ACTUARIAL SECTION SCHEDULE OF EMPLO
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ACTUARIAL SECTION This page intenti
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STATISTICAL SECTION Statistical Sec
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STATISTICAL SECTION Schedule of Tot
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STATISTICAL SECTION Schedule of Tot
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STATISTICAL SECTION Deductions from
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STATISTICAL SECTION Schedule of Pre
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STATISTICAL SECTION Schedule of Pen
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STATISTICAL SECTION Schedule of Ave
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STATISTICAL SECTION Schedule of Ave
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A__________________ Abington Abingt
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Schedule of Employers (Continued) O
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Schedule of Employers (Continued) A
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STATISTICAL SECTION This page inten
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