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Teachers' Retirement System of Louisiana: Comprehensive Annual Financial Report--A Component Unit of the State of Louisiana for the Fiscal Year Ended June 30, 1996

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Teachers' Retirement System of Louisiana: Comprehensive Annual Financial Report--A Component Unit of the State of Louisiana for the Fiscal Year Ended June 30, 1996 DOCUMENT RESUME ED 405 307 SP 037 185 TITLE Teachers' Retirement System of Louisiana: Comprehensive Annual Financial Report--A Component Unit of the State of Louisiana for the Fiscal Year Ended June 30, 1996. INSTITUTION Teachers Retirement System of Louisiana, Baton Rouge. PUB DATE Oct 96 NOTE 138p. PUB TYPE Reports Descriptive (141) EDRS PRICE MF01/PC06 Plus Postage. DESCRIPTORS Elementary Secondary Education; Fringe Benefits; Higher Education; *Investment; Personnel Policy; *Retirement Benefits; *Teacher Employment Benefits; *Teacher Retirement IDENTIFIERS Financial Planning; Financial Reports; *Louisiana; *Retirement Planning ABSTRACT The annual Financial Report of the Teachers' Retirement System of Louisiana is divided into six main sections. The Introductory Section includes the letter of transmittal, names of the Board of Trustees, staff, and consultants; the organization chart; copy of certificate of achievement for excellence in financial reporting for 1995 financial report; summary of 1995-96 legislative acts; and a plan summary. The Financial Section includes the Independent Auditor's Report, General Purpose Finance Statements, Required Supplementary Information, and Supporting Schedules. The Investment Section includes reports on investment activity and policy, an Investment Summary, a list of investments, net earnings on investments and performance measures, annual rates of return, and Summary Schedule of Commissions Paid to Brokers. The Actuarial Section includes a summary of assumptions; Actuarial Valuation Balance Sheet; summary, reconciliation, and amortization of unfunded actuarial liabilities; and membership data. The Statistical Section provides data on vested and nonvested members, retirees, benefit recipients, benefit expenses, revenues, expenses, and participating employers. The final section outlines the Optional Retirement Plan, the Deferred Retirement Option Plan, and Option 5. (ND) *********************************************************************** Reproductions supplied by EDRS are the best that can be made from the original document. *********************************************************************** SF EACHERS' RETIREMENT SYSTEM OF LOUISIANA COMPREHENSIVE ANNUAL FINANCIAL REPORT- A COMPONENT UNIT OF THE STATE OF LOUISIANA BEST CdPY AVAILABLE FISCAL YEAR ENDED JUNE 30, 1996 PERMISSION TO REPRODUCE AND U.S. DEPARTMENT OF EDUCATION DISSEMINATE THIS MATERIAL Office ot Educational Research and Improvement EDUCATIONAL RESOURCES INFORMATION HAS BEEN GRANTED BY CENTER (ERIC) 0 This document has been reproduced as received from the person or organization originating It Minor changes have been made to improvo reproduction quality. Points of view or opinions stated in this doc u- TO THE EDUCATIONAL RESOURCES ment do not necessarily represent official INFORMATION CENTER (ERIC) OERI position or policy. TEACHERS' RETIREMENT SYSTEM OF LOUISIANA COMPREHENSIVE ANNUAL FINANCIAL. REPORT- A COMPONENT UNIT OF THE STATE OF LOUISIANA FOR THE FISCAL YEAR ENDED "JUNE 30, 1996 JAMES P. HADLEY, JR. DIRECTOR OFFICE LOCATION TEACHERS' RETIREMENT SYSTEM OF LOUISIANA THIRD FLOOR 8401 UNITED PLAZA BOULEVARD BATON ROUGE, LOUISIANA 70809 (504) 925-6446 MAILING ADDRESS TEACHERS RETIREMENT SYSTEM OF LOUISIANA P. 0. Box 94123 BATON ROUGE, LOUISIANA 70804-9123 PREPARED BY THE ACCOUNTING AND INVESTMENT DEPARTMENTS OF THE TEACHERS' RETIREMENT SYSTEM OF LOUISIANA TABLE OF CONTENTS INTRODUCTORY SECTION STATISTICAL SECTION (Continued) Letter of Transmittal 5 Average Monthly Benefit _126 Board of Trustees 12 Number of Refunds of Contributions 126 Adniinistrative Staff 13 Number of Staff Positions 126 Professional Consultants 14 RevenuesBy Source 127 Organizational Chart 16 Expenses By Type 127 Certificate of Achievement for Excellence in Financial Schedule of-Participating Employers 128 -Reporting 17 Map-State of Louisiana (Total Active Members) 130 Summary of 1995-1996 Legislative Acts 18 Map-Location of TRSL Retirees Worldwide 131 Plan Summary 22 ALTERNATIVE RETIREMENT PLANS - FINANCIAL SECTION Optional Retirement Plan 134 Independent Auditor's Report 26 Deferred Retirement Option Plan 135 General Purpose Financial Statements: Option 5 136 Statements of Plan Net Assets 28 Statements of Changes in Plan Net Assets 29 Notes to the Financial Statements 30 Required Supplementary Information: Schedule of Funding Progress 38 Schedule of Employer Contributions 39 Notes to the Schedules of Trend Information 40 Supporting Schedules: Schedules of Budgetary Expenses 42 Schedules of Administrative Expenses 43 Schedules of Investment Expenses 44 Schedules of Board Compensation 45 Schedules of Building Maintenance Expenses and Capital Outlays 46 Schedules of Payments to Consultants 47 Graph-1996 Revenue - Where it Came From 48 - Graph - 1996 Revenue - Where_ it Went 48 INVESTMENT SECTION Report on Investment Activity 50 Investment Policy 51 Investment Summary 56 List of Investments 57 Net Earnings on Investments 105 Investment Performance Measurements 106 Average Yield on Bonds Purchased 106 Annual Rates of Return 107 Summary Schedule of Commissions Paid To Brokers 108 ACTUARIAL SECTION Actuary's Certification Letter 110 Summary of Assumptions 112 Actuarial Valuation Balance Sheet 114 Summary of Unfunded Actuarial Liabilitiea/Salary Test ... 115 Summary of Actuarial and Unfunded Actuarial Liabilities 115 Reconciliation of Unfunded Actuarial Liabilities 116 Amortization of Unfunded Actuarial Accrued Liability 117 Membership Data 118 Historical Membership Data 119 STATISTICAL SECTION Number of Active, Terminated Vested and Nonvested Members 123 Number of Service Retirees, Disability Retirees, and Beneficiaries Receiving Benefits 123 Graph-Number of Active, Terminated Vested and Nonvested Members 123 Graph-Number of Service Retirees, Disability Retirees, and, Beneficiaries Receiving Benefits 123 Number of Benefit Recipients 124 Graph-Number of Benefit-Recipients 124 Benefit Expenses 125 Graph-Benefit Expenses 125 2 Teachers' Retirement System of Louisiana INTRODUCTORY SECTION Teachers' Retirement Systbm of Louisiana 3 It ' v + % 4 A''}r: , IA.', C '.'-. ...,,, "A ..-, ". %. I . - a.-,,i' A A p., p. Introductory Section "I°E CHERS' RETIREMENT SYSTEM OF LOUISIANA 8401 United Plaza. Boulevard 0 70809 Post Office Box 94123. "Baton Rouge; Louisiana 70804-9123 Telephone: 504-925-6446 Fax: 504-925-4258 JAMES P. HADLEY, JR. DIRECTOR LETTER OF TRANSMITTAL October 14, 1996 Board of Trustees Teachers' Retirement System of Louisiana Post Office Box 94123 Baton Rouge, LA 70804-9123 Dear Board MemberS: The Comprehensive Annual Financial Report of the Teachers' Retirement System of Louisiana (TRSL) for the fiscal year ended June 30, 1996, is submitted as mandated by Louisiana Revised Statutes 11:832(B). This law requires that a report be published annually, "showing the fiscal transactions of the retirement system for the preceding school year, the amount of the accumulated cash and securities of the system, and the last balance sheet showing the financial condition of the "systm by means of an actuarial valuation of the assets and liabilities of the retirement system". Responsibility for the accuracy of financial statements and all disclosures rests with management. To the best of our knowledge and belief, all information is accurate and has been prepared by the accounting staff in accordance with generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board. The Comprehensive Annual Financial Report is divided into six sections as listed below: The introductory section contains the' letter of transmittal, a listing of the Board of Trustees, a listing of the administrative staff and professional service providers, the System's organizational chart, a plan summary, the Certificate of Achievement for Excellence in Financial -Reporting, and a summary of 1995-1996 Legislative Acts. The financial section is composed of the Independent Auditors' Report, General Purpose Financial Statements, Notes to the Financial Statements, Required, Supplementary Information and Supporting Schedules. The investment section is comprised of a report on investment activity, the Investment Policy, a presentation of the portfolio by investment category, Summary of Investment Transactions, Listing of Investments, Investment Performance Measurements, Annual Rates of Return, a schedule of commissions paid to brokers, Net Earnings on Investments and Average Yield on Bonds Purchased. The actuarial section contains the actuary's certification. letter, a summary of assumptions, actuarial valuation balance sheet and other pertinent 'actuarial data. The statistical section displays trend information on selected data, various graphs and a list of employing agencies who remit contributions to the System. Teachers' Retirement System of Louisiana 5 Introductory Section The last section of the report contains information on TRSL's three additional retirement alternatives; the Optional Retirement Plan (ORP), Deferred Retirement Option Plan (DROP) and the Option 5 program. DEFINITION AND PURPOSE OF THE ENTITY The Teachers' Retirement System of Louisiana, a defined benefit pension plan, was established by legislation on August 1, 1936, to provide retirement allowances and other benefits for Louisiana teachers. TRSL is governed by a Board of Trustees, and all invested funds, cash and property are held in the name of TRSL for the sole benefit of the membership and retirees. ECONOMIC CONDITIONS AND OUTLOOK All eight metropolitan areas in the state showed positive
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