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2020 Comprehensive Annual Financial Report

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2020 Comprehensive Annual Financial Report COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2020 2020 Comprehensive Annual Financial Report For the fiscal year ended June 30, 2020 Maine Public Employees Retirement System A Component Unit of the State of Maine P.O. Box 349, Augusta, Maine 04332-0349 This report has been produced as required by 5 M.R.S.A. §17102 (10), which states that the Maine Public Employees Retirement System must publish an annual report showing “the fiscal transactions of the retirement system for the fiscal year and the assets and liabilities of each of the programs of the retirement system at the end of the fiscal year; and the actuary’s report on the actuarial valuation of the financial condition of each of the programs of the retirement system for the fiscal year.” This report was prepared by the Financial, Administrative and Investment staff of the Maine Public Employees Retirement System. Costs for producing this report were paid from the operating budget of the Maine Public Employees Retirement System. This CAFR is printed and also made available online. Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Maine Public Employees Retirement System For its Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2019 Executive Director/CEO Public Pension Coordinating Council Recognition Award for Funding 2020 Presented to Maine Public Employees Retirement System In recognition of meeting professional standards for plan funding as set forth in the Public Pension Standards. Presented by the Public Pension Coordinating Council, a confederation of National Association of State Retirement Administrators (NASRA) National Conference on Public Employee Retirement Systems (NCPERS) National Council on Teacher Retirement (NCTR) Alan H. Winkle Program Administrator MainePERS Comprehensive Annual Financial Report For the fiscal year ended June 30, 2020 Table of Contents Introductory Section Letter of Transmittal ................................................................................................................................................................................ 8 Board of Trustees, Management Staff, and Principal Professional Consultants .......................................................................15 Organization Chart by Function ...........................................................................................................................................................16 2020 Legislative Update .......................................................................................................................................................................17 Financial Section Independent Auditor’s Report .............................................................................................................................................................20 Management’s Discussion and Analysis ........................................................................................................................................... 22 Basic Financial Statements Statement of Fiduciary Net Position ............................................................................................................................................30 Statement of Changes in Fiduciary Net Position .......................................................................................................................32 Notes to Financial Statements ......................................................................................................................................................34 Required Supplementary Information Schedule of Changes in the Plan’s Net Pension Liability and Related Ratios State Employee and Teacher Plan ...........................................................................................................................................58 Judicial Plan .................................................................................................................................................................................60 Legislative Plan ............................................................................................................................................................................62 PLD Consolidated Plan ...............................................................................................................................................................64 Schedule of Employer Contributions State Employee and Teacher Plan ...........................................................................................................................................66 Judicial Plan .................................................................................................................................................................................66 Legislative Plan ............................................................................................................................................................................68 PLD Consolidated Plan ...............................................................................................................................................................68 Schedule of Investment Returns .................................................................................................................................................. 70 Schedule of Changes in the Plan’s Net OPEB Liability and Related Ratios State Employee and Teacher Plan ............................................................................................................................................71 PLD Consolidated Plan ............................................................................................................................................................... 72 Schedule of Employer Contributions State Employee and Teacher Plan ........................................................................................................................................... 73 PLD Consolidated Plan ............................................................................................................................................................... 73 Schedule of Investment Returns .................................................................................................................................................. 74 Notes to Historical Pension and OPEB Information .................................................................................................................. 75 Additional Supplementary Information Schedule of Investment Expenses ............................................................................................................................................... 78 Schedule of Administrative Expenses .........................................................................................................................................88 Schedule of Professional Fees .......................................................................................................................................................88 Investment Section Investment Consultant’s Report ......................................................................................................................................................... 92 Investment Activity ............................................................................................................................................................................... 93 Investment Portfolio ............................................................................................................................................................................. 93 MainePERS Comprehensive Annual Financial Report For the fiscal year ended June 30, 2020 Table of Contents Largest Holdings ....................................................................................................................................................................................99 Performance: Actual Returns vs. Benchmark Returns ................................................................................................................100 Investment Expenses ......................................................................................................................................................................... 102 Brokerage Commissions ..................................................................................................................................................................... 103 Group Life Insurance Program Investment Activity ..................................................................................................................... 106 Actuarial Section Actuary’s Certification ........................................................................................................................................................................108 Demographic Information Schedule of Active Member Valuation Data ...............................................................................................................................110 Schedule of Benefit Recipients Valuation Data ..........................................................................................................................111 Schedule of Retirees and Beneficiaries Added to and Removed from the Rolls ................................................................112
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