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Military Retirement Fund Audited Financial Report

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Military Retirement Fund Audited Financial Report Fiscal Year 2020 Military Retirement Fund Audited Financial Report November 9, 2020 Table of Contents Management’s Discussion and Analysis ..............................................................................................................1 REPORTING ENTITY ....................................................................................................................................... 1 THE FUND ......................................................................................................................................................... 2 General Benefit Information ........................................................................................................................... 2 Non-Disability Retirement from Active Service ............................................................................................ 3 Disability Retirement ...................................................................................................................................... 5 Reserve Retirement ......................................................................................................................................... 6 Survivor Benefits ............................................................................................................................................ 7 Temporary Early Retirement Authority (TERA) ............................................................................................ 9 Cost-of-Living Increase .................................................................................................................................. 9 FUND RELATIONSHIPS ................................................................................................................................ 10 Department of Veterans Affairs Benefits ..................................................................................................... 10 Interrelationships with Other Federal Service .............................................................................................. 11 Retired Pay to Military Compensation ......................................................................................................... 11 Social Security Benefits ................................................................................................................................ 11 SIGNIFICANT CHANGES.............................................................................................................................. 12 From FY 2019 to FY 2020............................................................................................................................ 12 For FY 2021 and Beyond .............................................................................................................................. 12 PERFORMANCE MEASURES ....................................................................................................................... 13 PROJECTED LONG-TERM HEALTH OF THE FUND ................................................................................ 13 Unified Budget of the Federal Government .................................................................................................. 14 20-Year Projection ........................................................................................................................................ 15 Expected Problems........................................................................................................................................ 16 Investments ................................................................................................................................................... 17 Management Oversight ................................................................................................................................. 17 Anticipated Changes between the Expected and Actual Investment Rate of Return ................................... 17 FINANCIAL PERFORMANCE OVERVIEW ................................................................................................ 19 Financial Data ............................................................................................................................................... 19 Assets ............................................................................................................................................................ 21 Liabilities ...................................................................................................................................................... 22 Analysis of Systems, Controls, and Legal Compliance .................................................................................... 23 LIMITATIONS OF THE FINANCIAL STATEMENTS ................................................................................ 24 DoD Transmittal of Auditor’s Opinion .............................................................................................................25 Independent Auditor’s Report............................................................................................................................28 FY 2020 Military Retirement Fund Principal Financial Statements ..............................................................36 Balance Sheets .................................................................................................................................................. 37 Statements of Net Cost...................................................................................................................................... 38 Statements of Changes in Net Position ............................................................................................................. 39 Statements of Budgetary Resources.................................................................................................................. 40 FY 2020 Military Retirement Fund Footnotes to the Principal Financial Statements ..................................41 Note 1. Significant Accounting Policies ........................................................................................................... 42 Note 2. Nonentity Assets .................................................................................................................................. 46 Note 3. Fund Balance with Treasury ................................................................................................................ 46 Note 4. Cash and Other Monetary Assets ......................................................................................................... 47 Note 5. Investments and Related Interest ......................................................................................................... 47 Note 6. Accounts Receivable, Net .................................................................................................................... 49 i Note 7. Direct Loan and Loan Guarantees, Non-Federal Borrowers ............................................................... 49 Note 8. Inventory and Related Property, Net .................................................................................................... 50 Note 9. General PP&E, Net .............................................................................................................................. 50 Note 10. Other Assets ....................................................................................................................................... 50 Note 11. Liabilities Not Covered by Budgetary Resources .............................................................................. 50 Note 12. Debt .................................................................................................................................................... 50 Note 13. Military Retirement and Other Federal Employment Benefits .......................................................... 51 Note 14. Environmental and Disposal Liabilities ............................................................................................. 56 Note 15. Other Liabilities ................................................................................................................................. 56 Note 16. Leases ................................................................................................................................................. 57 Note 17. Commitments and Contingencies ...................................................................................................... 57 Note 18. Funds from Dedicated Collections ..................................................................................................... 57 Note 19. Disclosures Related to the Statements of Net Cost ............................................................................ 57 Note 20. Disclosures Related to the Statements of Changes in Net Position ................................................... 58 Note 21. Disclosures Related to the Statement of Budgetary Resources ......................................................... 59 Note 22. Disclosures Related to Incidental Custodial Collections ................................................................... 59 Note 23. Fiduciary Activities ............................................................................................................................ 59 Note 24. Reconciliation of Net Cost to Net Outlays ........................................................................................
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