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CAFR) of the State Retirement Systems Administered by the Department of Management Services, Division of Retirement (Division)

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CAFR) of the State Retirement Systems Administered by the Department of Management Services, Division of Retirement (Division) Florida Retirement System Pension Plan And Other State Administered Systems Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2020 This aerial view shows the Lower Florida Keys, near Big Pine Key, FL, known for their pristine environment and eco-friendly attractions. The Lower Keys are home to two national wildlife refuges, a portion of a national marine sanctuary and a state park, and are surrounded by a marine environment fi lled with abundant terrestial and marine life. This photograph is courtesy of Andy Newman with the Florida Keys News Bureau. Division of Retirement Toll Free: 844-377-1888 P.O. Box 9000 Local: 850-907-6500 Tallahassee, FL 32399-9000 TTY: 800-955-8771 www.frs.myfl orida.com Ron DeSantis, Governor Jonathan Satter, Secretary David DiSalvo, State Retirement Director This report has been prepared by the Department of Management Services Division of Retirement. The photographs used throughout this report highlight various islands around the State of Florida. On the cover is a photograph of Amelia Island, courtesy of Amelia Island Convention & Visitor Bureau. Intentionally Left Blank 2 TABLE OF CONTENTS INTRODUCTORY SECTION .................................................................................................................................................................... 7 Transmittal Letter .................................................................................................................................................................................. 8 Management Staff .............................................................................................................................................................................. 10 Administrative Organization Chart and List of Consulting Services .................................................................................................... 11 Terms and Abbreviations .................................................................................................................................................................... 12 Public Pension Standards Award for Funding and Administration 2020 ............................................................................................. 14 FINANCIAL SECTION ........................................................................................................................................................................... 15 INDEPENDENT AUDITOR’S REPORT .............................................................................................................................................. 17 Management’s Discussion and Analysis ............................................................................................................................................. 20 Financial Statements Statement of Fiduciary Net Position .................................................................................................................................................... 28 Statement of Changes in Fiduciary Net Position ................................................................................................................................. 30 Governmental Fund Balance Sheet/Statement of Net Position .......................................................................................................... 32 Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Fund/Statement of Activities ....................... 33 Notes to the Financial Statements Notes to the Financial Statements Table of Contents ......................................................................................................................... 34 Note 1 – Plan Description ................................................................................................................................................................... 35 Note 2 – Summary of Significant Accounting Policies ........................................................................................................................ 46 Note 3 – Plan Investments .................................................................................................................................................................. 50 Note 4 – Net Pension Liability ............................................................................................................................................................. 71 Note 5 – Interfund Balances and Transfers ........................................................................................................................................ 78 Note 6 – Changes in Long-Term Liabilities ......................................................................................................................................... 79 Note 7 – Related Parties ..................................................................................................................................................................... 80 Note 8 – Other Postemployment Benefits ........................................................................................................................................... 81 Required Supplementary Information Florida Retirement System Pension Plan ........................................................................................................................................... 88 Retiree Health Insurance Subsidy Program ........................................................................................................................................ 94 Florida National Guard Supplemental Retirement Benefit Plan .......................................................................................................... 98 Other Postemployment Benefits (OPEB) Plan .................................................................................................................................. 101 Budgetary Reporting ......................................................................................................................................................................... 102 Budgetary Comparison Schedules ................................................................................................................................................... 103 Budget to GAAP Reconciliation ........................................................................................................................................................ 103 Other Supplementary Information .................................................................................................................................................... 105 Schedule of Administrative Expenses ............................................................................................................................................... 106 INVESTMENT SECTION ..................................................................................................................................................................... 107 Statement from the State Board of Administration Executive Director .............................................................................................. 108 Overview and Investment Objective ................................................................................................................................................. 109 Performance ..................................................................................................................................................................................... 109 FRS Pension Plan – External Investment Management Fees for Fiscal Year 2019-20 .................................................................... 112 FRS Pension Plan – Net Brokerage Commissions for Fiscal Year 2019-20 ..................................................................................... 112 Asset Allocation ................................................................................................................................................................................ 113 Asset Classes ................................................................................................................................................................................... 113 Rebalancing ...................................................................................................................................................................................... 113 Passive vs Active Investing ............................................................................................................................................................... 115 FRS Defined Benefit Total Fund Asst Class Allocation for Fiscal Year 2019-20 ............................................................................... 115 FRS Pension Plan – Returns by Asset Class for Periods Ending June 30, 2020 ............................................................................. 116 FRS Pension Plan – Change in Market Value for Fiscal Year 2019-20 ............................................................................................ 117 FRS Pension Plan Net Securities Lending Revenue by Fiscal Year ................................................................................................. 118 FRS Pension Plan – Global Equity Change in Market Value for Fiscal Year 2019-20 ...................................................................... 119 3 TABLE OF CONTENTS (continued) FRS Pension Plan – Fixed Income Change in Market
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