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Sac 005112.Pdf Sacramento County Employees’ Retirement System, Sacramento, California A Pension Trust Fund for the County of Sacramento and Member Special Districts Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2000 This page intentionally left blank. Sacramento County Employees’ Retirement System, Sacramento, California (A Pension Trust Fund for the County of Sacramento and Member Special Districts) Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2000 Mission Statement We are dedicated to providing quality services and managing system assets in a prudent manner. Issued by: John R. Descamp Chief Executive Officer Steven A. Grimshaw Chief Operations Officer This page intentionally left blank. 2000 SCERS Comprehensive Annual Financial Report 2 Table of Contents Introductory Section Letter of Transmittal from the Chief Executive Officer........................................................... 6 Certificate of Achievement.................................................................................................. 10 Board of Retirement Members............................................................................................ 11 Organization Chart ............................................................................................................. 12 Participating Employers...................................................................................................... 13 Professional Consultants.................................................................................................... 14 Financial Section Independent Auditors' Report ............................................................................................. 16 Financial Statements Statements of Plan Net Assets ........................................................................................... 18 Statements of Changes in Plan Net Assets ........................................................................ 19 Notes to Financial Statements............................................................................................ 20 Required Supplementary Information Schedule of Funding Progress............................................................................................ 36 Schedule of Employer Contributions................................................................................... 36 Significant Actuarial Assumptions....................................................................................... 37 Other Supplemental Information Schedule of Administrative Expenses................................................................................. 40 Schedule of Investment Fees and Expenses...................................................................... 40 Schedule of Payments to Consultants ................................................................................ 40 Investment Section Chief Investment Officer’s Report ....................................................................................... 42 Asset Allocation.................................................................................................................. 46 Investment Professionals at June 30, 2000 ........................................................................ 46 Investment Summary.......................................................................................................... 47 Investment Results............................................................................................................. 48 Schedule of Manager Fees................................................................................................. 49 Ten Largest Stock Holdings (by Fair Value)........................................................................ 50 Ten Largest Bond Holdings (by Fair Value) ........................................................................ 50 Schedule of Equity Brokerage Fees ................................................................................... 51 Actuarial Section Actuary’s Transmittal Letter ................................................................................................ 58 Actuary’s Certification Letter............................................................................................... 60 Summary of Actuarial Assumptions and Methods............................................................... 62 Funding Method and Amortization of Actuarial Gains or Losses......................................... 63 Summary of Plan Provisions............................................................................................... 63 Schedule of Active Member Valuation Data........................................................................ 65 Retirees and Beneficiaries Added to and Removed from Retiree Payroll............................ 66 Schedule of Funding Progress............................................................................................ 66 2000 SCERS Comprehensive Annual Financial Report 3 Table of Contents – continued Solvency Tests ................................................................................................................... 67 Actuarial Analysis of Financial Experience......................................................................... 67 New Probabilities of Separation Prior to Retirement: General Tier 1 Male Members ......................................................................................... 68 General Tier 1 Female Members ..................................................................................... 69 General Tier 2 & 3 Male Members................................................................................... 70 General Tier 2 & 3 Female Members............................................................................... 71 Safety Members .............................................................................................................. 72 Statistical Section Schedule of Participating Employers and Active Members June 30, 1995 to 2000 ............. 74 Schedule of Revenue by Source ........................................................................................ 75 Schedule of Expenses by Type .......................................................................................... 75 Schedule of Retiree Members by Type of Benefit at June 30, 2000.................................... 76 Schedule of Average Benefit Payments for Retirees and Beneficiaries .............................. 77 Growth of System Membership........................................................................................... 77 Growth of the Fund............................................................................................................. 78 Schedule of Employer Contribution Rates .......................................................................... 79 Schedule of Administrative Expenses................................................................................. 79 2000 SCERS Comprehensive Annual Financial Report 4 Introductory Section 2000 SCERS Comprehensive Annual Financial Report 5 Sacramento County Employees’ Retirement System Letter of Transmittal December 15, 2000 Board of Retirement Sacramento County Employees’ Retirement System 980 9th Street, Suite 750 Sacramento, CA 95814 John R. Descamp Chief Executive Officer Dear Board Members, As Chief Executive Officer of the Sacramento County Employees’ Retirement System (“SCERS” or the “System”), I am pleased to present this Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2000. The System SCERS is a public employees’ retirement system enacted, managed and administered in accordance with provisions of the County Employees’ Retirement Law of 1937 (California Government Code Section 31450, et seq). The purpose of which is to provide retirement, disability and survivors’ benefits to participants of the System. In accordance with Section 31500 of that law, SCERS was created by ordinance adopted by the Sacramento County Board of Supervisors on April 30, 1941 and was effective July 1, 1941. Article XVI, Section 17 of the constitution of the State of California establishes that the Board of Retirement shall have plenary authority and fiduciary responsibility for investment of monies and administration of the System. At June 30, 2000, participating local government employers consisted of the County of Sacramento and 11 special districts. The Comprehensive Annual Financial Report Responsibility for both the accuracy of the data and the completeness and fairness of the presentation rests with the management of the System. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the System. The CAFR is divided into five sections. ! The Introductory Section contains a letter of transmittal, a list of Board of Retirement members, an organization chart for SCERS, a list of participating employers, and a list of professional consultants used by the System. ! The Financial Section presents the Independent Auditor’s Report, the financial statements, notes and required supplemental information. ! The Investment Section contains the Chief Investment Officer’s Report, summarizing the investment policy and asset allocation, and includes a listing of investment professionals currently under contract with SCERS. In addition, this section contains current and historical investment
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