17045 SNH-Retirement AR 2005

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17045 SNH-Retirement AR 2005 NEW HAMPSHIRE RETIREMENT SYSTEM A Component Unit Of The State Of New Hampshire* Comprehensive Annual Financial Report For The Fiscal Year Ended June 30, 2004 *Please refer to footnote on the title page. NEW HAMPSHIRE RETIREMENT SYSTEM INTRODUCTORY SECTION Cover: A municipal official enjoys the view from Bondcliff in the Pemigewasset Wilderness confident that the NHRS is working hard to secure her retirement. Design and Layout: Debbie K Graphics, Loudon, NH • 603-783-9812 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE NEW HAMPSHIRE RETIREMENT SYSTEM A Component Unit of the State of New Hampshire* For The Fiscal Year Ended June 30, 2004 Merelise O’Connor Interim Executive Director J.P.Singh Director of Finance * In accordance with Governmental Accounting Standards Board (GASB) 14, the New Hampshire Retirement System is a component unit of the State of New Hampshire for financial reporting purposes because the State has budget oversight over admin- istrative expenses. Prepared by New Hampshire Retirement System 4 Chenell Drive Concord, New Hampshire 03301-8509 www.nh.gov/retirement/ THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK NEW HAMPSHIRE RETIREMENT SYSTEM TABLE OF CONTENTS Introductory Section Certificate of Achievement .............................................................................................................6 Letter From the Chairman..............................................................................................................7 Board of Trustees ...........................................................................................................................9 Administrative Organization .........................................................................................................10 Professional Managers, Advisors and Service Providers ............................................................11 Letter of Transmittal......................................................................................................................12 Summary of Plan Provisions........................................................................................................16 Financial Section Independent Auditors’ Report ......................................................................................................24 Management’s Discussion and Analysis — Required Supplementary Information .....................25 Basic Financial Statements: Statements of Plan Net Assets—Pension and Postretirement Medical Plans .....................................................................................................................30 Statements of Changes in Plan Net Assets—Pension and Postretirement Medical Plans.............................................................................................31 Notes to the Financial Statements ..........................................................................................32 Required Supplementary Information: Contributions From Employers—Pension Plan .......................................................................46 Contributions From Employers—Postretirement Medical Plan................................................46 Notes to Required Supplementary Information (Trend Data)..................................................47 Supporting Schedules: Commercial Real Estate Investments by Type and by Location..............................................48 Alternative Investments ...........................................................................................................49 Contributions ...........................................................................................................................50 Net Appreciation/(Depreciation) in Fair Value of Investments .................................................51 Interest Income .......................................................................................................................52 Dividend Income .....................................................................................................................52 Alternative Investment Income (Loss) .....................................................................................52 Commercial Real Estate Investments—Operating Income and Expenses .............................53 Investment Activity Fees and Other Investment Related Expenses........................................53 Benefits ...................................................................................................................................54 Refunds of Contributions.........................................................................................................54 Administrative Expenses .........................................................................................................55 Professional Fees....................................................................................................................55 Membership Composition .......................................................................................................56 Payments From the State General Fund.................................................................................56 Investment Section Investment Consultant’s Report ...................................................................................................58 Annualized Investment Returns—Actual Versus Indices .............................................................60 Ten Year History of Time Weighted Annual Returns.....................................................................60 Actual Asset Allocation Versus Target Asset Allocation ...............................................................61 Ten Largest Stock Holdings by Fair Value....................................................................................62 Ten Largest Fixed Income Holdings by Fair Value .......................................................................62 Schedule of Investment Management and Service Fees.............................................................63 Schedule of Brokerage Commissions Paid..................................................................................64 Summary of Investments .............................................................................................................65 Net Assets Held in Trust for Benefits............................................................................................65 Actuarial Section Actuarial Certification...................................................................................................................68 Plan Funding Status and Progress ..............................................................................................70 Plan Funding—Pension Plan .......................................................................................................72 Plan Funding—Postretirement Medical Plan ...............................................................................74 Funding Progress Based on NHRS Board of Trustees Objectives...............................................74 Summary of Actuarial Assumptions and Methods .......................................................................77 Historical Membership Data—Active and Retired........................................................................85 Solvency Test ...............................................................................................................................87 Analysis of Past Financial Experience .........................................................................................89 Summary of Principal Plan Provisions as Interpreted for Valuation Purposes.............................91 Statistical Section Schedule of Additions and Deductions—Combined Plans ..........................................................98 Schedule of Benefit Payments by Type—Combined Plans..........................................................99 Schedule of Retired Members by Type of Benefit......................................................................100 Schedules of Average Benefit Payment Amounts......................................................................102 Listing of Participating Employers ..............................................................................................106 CLICK HERE TO RETURN TO CONTENTS NEW HAMPSHIRE RETIREMENT SYSTEM CERTIFICATE OF ACHIEVEMENT 6 NEW HAMPSHIRE RETIREMENT SYSTEM LETTER FROM THE CHAIRMAN November 8, 2004 To:The Members of the New Hampshire Retirement System As Chairman of the Board of Trustees of the New Hampshire Retirement System (System), I am pleased to present the audited Comprehensive Annual Financial Report for the fiscal year ended June 30, 2004. The report presents the combined assessment of investment results and financial condition of the Pension Plan and the Postretirement Medical Plan. The data contained in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial condition and results of operations of the NHRS. Each participant of our System deserves the security of well-funded benefit plans. The current funded status of the System, the actuarial procedures adopted by the Board on a continual review basis, and the prudent investment strategies of the Board are all designed to meet this very important objective. The System’s diversified investment policy, on balance, continues to be sound. The capital market performance has improved over the last fiscal year as evidenced by the overall domestic
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