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Inprs Cafr Fy20 Working Version COMPREHENSIVE ANNUAL FINANCIAL REPORREPORTT 2020 For the FiscalFiscal YearYear EndedEnded JuneJune 30,30, 20202019 INPRS is a component unit and a pension trust fund of the State of Indiana. The Indiana Public Retirement System is a component Prepared through the joint efforts of INPRS’s team members. unit and a pension trust fund of the State of Indiana. Available online at www.in.gov/inprs COMPREHENSIVE ANNUAL FINANCIAL REPORT 2020 For the Fiscal Year Ended June 30, 2020 INPRS is a component unit and a pension trust fund of the State of Indiana. INPRS is a trust and an independent body corporate and politic. The system is not a department or agency of the state, but is an independent instrumentality exercising essential governmental functions (IC 5-10.5-2-3). FUNDS MANAGED BY INPRS ABBREVIATIONS USED Defined Benefit DB Fund 1. Public Employees’ Defined Benefit Account PERF DB 2. Teachers’ Pre-1996 Defined Benefit Account TRF Pre-’96 DB 3. Teachers’ 1996 Defined Benefit Account TRF ’96 DB 4. 1977 Police Officers’ and Firefighters’ Retirement Fund ’77 Fund 5. Judges’ Retirement System JRS 6. Excise, Gaming and Conservation Officers’ Retirement Fund EG&C 7. Prosecuting Attorneys’ Retirement Fund PARF 8. Legislators’ Defined Benefit Fund LE DB Defined Contribution DC Fund 9. Public Employees’ Defined Contribution Account PERF DC 10. My Choice: Retirement Savings Plan for Public Employees PERF MC DC 11. Teachers’ Defined Contribution Account TRF DC 12. My Choice: Retirement Savings Plan for Teachers TRF MC DC 13. Legislators’ Defined Contribution Fund LE DC Other Postemployement Benefit OPEB Fund 14. Special Death Benefit Fund SDBF 15. Retirement Medical Benefits Account Plan RMBA Custodial Custodial Fund 16. Local Public Safety Pension Relief Fund LPSPR Contact Information INPRS | One North Capitol, Suite 001 | Indianapolis, IN, 46204 Toll-free (844) GO - INPRS | www.inprs.in.gov | [email protected] Prepared through the joint efforts of INPRS’s team members. Available online at www.in.gov/inprs Table of Contents INTRODUCTORY SECTION 108 Asset Class Summaries 8 About INPRS 111 Outline of Investment Policies 9 INPRS Believes 112 Notes to the Investment Schedules 11 Letter of Transmittal Investment Results – Consolidated Defined Benefit Assets 14 Professional Awards Asset Allocation Summary: June 30, 2020 Actual 113 vs. June 30, 2019 Actual 15 Governance and Administrative Organization Time-Weighted Rate of Return by Asset Class vs. 114 Benchmark Returns FINANCIAL SECTION 114 Historical Time-Weighted Investment Rates of Return 18 Independent Auditor’s Report Time-Weighted Rates of Return by Asset Class vs 115 Benchmark Returns 20 Management’s Discussion and Analysis (Unaudited) 116 Statistical Performance Financial Statements Investment Results – Consolidated Defined 24 Statement of Fiduciary Net Position Contribution Assets 117 Assets by Investment Option 26 Statement of Changes in Fiduciary Net Position Time-Weighted Rate of Return by Investment Option 118 28 Notes to the Financial Statements vs. Benchmark Returns 119 Historical Annual Interest Crediting Rates Required Supplementary Information (Unaudited) Introduction to Required Supplementary 69 Investment Information Information (Unaudited) Schedules of Changes in Net Pension Liability and 120 Top 10 Holdings 70 Net Pension Liability 121 Investment Fees 86 Schedule of Contributions 122 Investment Professionals 88 Schedule of Investment Returns Schedule of Notes to Required Supplementary 89 ACTUARIAL SECTION Information Introduction to Actuarial Information Other Supplementary Schedules 126 Purpose of the Actuarial Section 90 Schedule of Administrative Expenses 127 Actuary’s Certification Letter 91 Schedule of Administrative Expenses - Vendors 92 Schedule of Direct Investment Expenses Combined Defined Benefit Funds 130 Summary of Funded Status INVESTMENT SECTION 131 Reconciliation of the Change in the Unfunded Liability 94 Report on Investment Activities 99 Report from the Chief Investment Officer INPRS Comprehensive Annual Financial Report, Fiscal Year June 30, 2020 | Table of Contents | 3 Table of Contents, continued ACTUARIAL SECTION, continued Judges’ Retirement System 132 10-Year Schedule of Employer Counts 165 Historical Summary of Actuarial Valuation Results Summary of Actuarial Assumptions, Actuarial 166 Public Employees’ Defined Benefit Account Methods, and Plan Provisions 133 Historical Summary of Actuarial Valuation Results 169 Analysis of Financial Experience, and Solvency Test Summary of Actuarial Assumptions, Actuarial 134 170 Schedule of Active Members Valuation Data Methods, and Plan Provisions 139 Analysis of Financial Experience, and Solvency Test 171 Schedule of Retirants and Beneficiaries 140 Schedule of Active Members Valuation Data Excise, Gaming and Conservation Officers’ Retirement Fund 141 Schedule of Retirants and Beneficiaries 172 Historical Summary of Actuarial Valuation Results Summary of Actuarial Assumptions, Actuarial Teachers’ Pre-1996 Defined Benefit Account 173 Methods, and Plan Provisions 142 Historical Summary of Actuarial Valuation Results 177 Analysis of Financial Experience, and Solvency Test Summary of Actuarial Assumptions, Actuarial 143 Methods, and Plan Provisions 178 Schedule of Active Members Valuation Data 147 Analysis of Financial Experience, and Solvency Test 179 Schedule of Retirants and Beneficiaries 148 Schedule of Active Members Valuation Data Prosecuting Attorneys’ Retirement Fund 149 Schedule of Retirants and Beneficiaries 180 Historical Summary of Actuarial Valuation Results Summary of Actuarial Assumptions, Actuarial Teachers’ 1996 Defined Benefit Account 181 Methods, and Plan Provisions 150 Historical Summary of Actuarial Valuation Results 184 Analysis of Financial Experience, and Solvency Test Summary of Actuarial Assumptions, Actuarial 151 Methods, and Plan Provisions 185 Schedule of Active Members Valuation Data 155 Analysis of Financial Experience, and Solvency Test 186 Schedule of Retirants and Beneficiaries 156 Schedule of Active Members Valuation Data Legislators' Defined Benefit Fund 157 Schedule of Retirants and Beneficiaries 187 Historical Summary of Actuarial Valuation Results 1977 Police Officers’ and Firefighters’ Retirement Summary of Actuarial Assumptions, Actuarial 188 Fund Methods, and Plan Provisions 158 Historical Summary of Actuarial Valuation Results 191 Analysis of Financial Experience, and Solvency Test Summary of Actuarial Assumptions, Actuarial 159 192 Schedule of Active Members Valuation Data Methods, and Plan Provisions 162 Analysis of Financial Experience, and Solvency Test 193 Schedule of Retirants and Beneficiaries 163 Schedule of Active Members Valuation Data 164 Schedule of Retirants and Beneficiaries 4 | Table of Contents | INPRS Comprehensive Annual Financial Report, Fiscal Year June 30, 2020 Table of Contents, continued Schedule of Changes and Growth in Fiduciary Net 224 STATISTICAL SECTION Position Introduction to Statistical Information 226 Schedule of Historical Contribution Rates 197 Purpose of the Statistical Section 227 Ratio of Active Members to Annuitants Schedule of Benefit Recipients by Type of Benefit 228 Combined Funds Option Schedule of Changes and Growth in Fiduciary Net 198 229 Schedule of Average Benefit Payments Position Summary of Income and Expense Sources for a 10- 201 231 Schedule of Participating Employers: Top 10 Year Period 202 Summary of Participating Employers 1977 Police Officers' and Firefighters' Retirement Fund Schedule of Changes and Growth in Fiduciary Net 203 Membership Data Summary by Fund 232 Position 204 Ratio of Active Members to Annuitants 234 Schedule of Historical Contribution Rates 205 Pension Benefits by Indiana County 235 Ratio of Active Members to Annuitants Schedule of Benefit Recipients by Type of Benefit 206 Retirees by Geographical Location 236 Option 207 Summary of Defined Benefit Retirement Benefits 237 Schedule of Average Benefit Payments Public Employees' Defined Benefit Account 238 Schedule of Participating Employers: Top 10 Schedule of Changes and Growth in Fiduciary Net 208 Position Judges' Retirement System Schedule of Changes and Growth in Fiduciary Net 210 Schedule of Historical Contribution Rates 240 Position 211 Ratio of Active Members to Annuitants 242 Ratio of Active Members to Annuitants Schedule of Benefit Recipients by Type of Benefit Schedule of Benefit Recipients by Type of Benefit 212 243 Option Option 213 Schedule of Average Benefit Payments 244 Schedule of Average Benefit Payments 215 Schedule of Participating Employers: Top 10 Excise, Gaming and Conservation Officers' Retirement Fund Schedule of Changes and Growth in Fiduciary Net Teachers' Pre-1996 Defined Benefit Account 246 Position Schedule of Changes and Growth in Fiduciary Net 216 Position 248 Schedule of Historical Contribution Rates 218 Ratio of Active Members to Annuitants 249 Ratio of Active Members to Annuitants Schedule of Benefit Recipients by Type of Benefit 219 Schedule of Benefit Recipients by Type of Benefit Option 250 Option 220 Schedule of Average Benefit Payments 251 Schedule of Average Benefit Payments 222 Schedule of Participating Employers: Top 10 Prosecuting Attorneys' Retirement Fund Schedule of Changes and Growth in Fiduciary Net Teachers' 1996 Defined Benefit Account 252 Position INPRS Comprehensive Annual Financial Report, Fiscal Year June 30, 2020 | Table of Contents | 5 Table of Contents, continued STATISTICAL SECTION, continued 275 Schedule of Reimbursements 254 Ratio of Active Members to Annuitants Schedule of Benefit Recipients
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