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Pennsylvania State Employees’ Retirement System • 2002 Comprehensive Annual Financial Report State Employees’ Retirement System A Component Unit of the Commonwealth of Pennsylvania COMPREHENSIVE ANNUAL FINANCIAL REPORT for the year ended December 31, 2002 State Employees’ Retirement System P.O. Box 1147 Harrisburg, PA 17108-1147 Including the Independent Auditors’ Report of Financial Statements for the years ended December 31, 2002 and 2001 State Employees’ Retirement System A Component Unit of the Commonwealth of Pennsylvania COMPREHENSIVE ANNUAL FINANCIAL REPORT for the year ended December 31, 2002 John R. Brosius Francis J. Donlevy Executive Director Director, Office of Financial Management State Employees’ Retirement System 30 North Third Street • P.O. Box 1147 Harrisburg, PA 17108-1147 Including the Independent Auditors’ Report of Financial Statements for the years ended December 31, 2002 and 2001 COMMONWEALTH OF PENNSYLVANIA STATE EMPLOYEES’ RETIREMENT SYSTEM 30 NORTH THIRD STREET P. O. BOX 1147 HARRISBURG, PENNSYLVANIA 17108-1147 PHONE HARRISBURG: (717) 787-6293 NICHOLAS J. MAIALE CHAIRMAN June 2003 Honorable Edward G. Rendell, Governor Commonwealth of Pennsylvania Members, Pennsylvania General Assembly Members, Pennsylvania State Employees’ Retirement System Dear Governor Rendell, Legislators and Members: The Board of Trustees of the Pennsylvania State Employees’ Retirement System (SERS) is pleased to present our Comprehensive Annual Financial Report (CAFR) on the SERS Fund for calendar year 2002. Within the CAFR, you will find relevant financial, investment, and actuarial reports with introductions from SERS management and the funds’ consulting actuary. Given the state of global investment markets and overall financial environment, SERS continues to encounter many challenges. However, as a result of long-term investment portfolio planning and the prudent management of Fund assets, the System is well prepared to meet its obligations and again this year maintains the fully funded status it has enjoyed since 1992. SERS Board of Trustees has adopted several proactive corporate governance initiatives, such as Investment Protection Principles, which are designed to eliminate conflicts of interest among investment managers and broker dealers. In addition, Peter M. Gilbert, SERS Chief Investment Officer, had the honor of serving on The Conference Board’s Blue Ribbon Commission on Public Trust and Private Enterprise, which was convened to address the circumstances which led to the recent corporate scandals and the subsequent decline of confidence in American capital markets. SERS’ Board formally endorsed the Commission’s Findings and Recommendations on Executive Compensation, Corporate Governance, and Auditing and Accounting, which recommend corporate best practices to rebuild confidence in the integrity, reliability and transparency of the capital markets. SERS 11-member Board represents the interest of public employees, public employers, and the taxpayer, in careful balance. SERS Board, staff, and I will continue to pursue prudent long-term investment strategies to assure the solvency of the Fund and the quality of pension-related services to all SERS members. Sincerely, Nicholas J. Maiale SERS Board Chairman Table of Contents Introductory Section Board of Trustees ii Mission Statement iii Organizational Chart iv Administrative Support; Investment Consultants; General Service Providers v GFOA Award Certificate vi Letter of Transmittal vii Financial Section Independent Auditors’ Report 1 Management’s Discussion and Analysis 2 Financial Statements Statements of Plan Net Assets 7 Statements of Changes in Plan Net Assets 8 Notes to Financial Statements 9 Required Supplementary Information Schedule 1 – Schedule of Funding Progress 22 Schedule 2 – Schedule of Employer Contributions 22 Notes to Required Supplemental Schedules 23 Additional Financial Information Supplemental Schedule 1 Administrative Expenses 25 Supplemental Schedule 2 Investment Expenses and Consultant Fees 26 Investment Section Report on Investment Activity 27 Investment Policies 29 Investment Objectives 30 Investment Results 31 Asset Allocation 32 Largest Assets Held 40 Schedule of Broker Commissions 41 Investment Summary 43 Actuarial Section Actuary’s Certification 63 Summary of Actuarial Assumptions and Methods 65 Schedule of Active Member Valuation Data 66 Schedule of Retirants and Beneficiaries Added to and Removed from Rolls 68 Solvency Test 69 Analysis of Financial Experience 70 Summary of Plan Provisions 71 Statistical Section Schedule of Trend Data 73 Schedule of Additions to Plan Net Assets 74 Schedule of Deductions from Plan Net Assets 75 Schedule of Benefit Expenses by Type 76 Schedule of Retired Members by Type of Benefit 77 Schedule of Retired Members by Option 78 Schedule of Average Annual Benefit Payment Amounts 79 Schedule of Participating Employers 80 Prepared by the staff of the Pennsylvania State Employees’ Retirement System COMMONWEALTH OF PENNSYLVANIA State Employees’ Retirement System i Board of Trustees Honorable Nicholas J. Maiale Chairman Michael J. Acker David R. Fillman Senior Vice President Triad Strategies Executive Director, AFSCME Council 13 Honorable Gibson E. Armstrong Honorable Robert W. Godshall State Senator State Representative Honorable Robert A. Bittenbender Honorable Barbara Hafer Former State Secretary of the Budget State Treasurer ii COMMONWEALTH OF PENNSYLVANIA State Employees’ Retirement System Honorable Raphael J. Musto Honorable M. Joseph Rocks State Senator Retired Member and Former State Senator Honorable Thomas G. Paese Honorable Michael R. Veon Former State Secretary of Administration State Representative Mission Statement Plan Administration: To administer the retirement benefits plan for state employees and elected officials in accordance with Pennsylvania statutes; Member Services: To provide effective services to all active and retired members; Management of Retirement Fund Assets: To accumulate, manage and disburse the retirement Fund assets in accordance with fiduciary standards and at a reasonable cost to Commonwealth taxpayers; Investment Policy: To maximize investment returns while exercising a prudent person investment policy. COMMONWEALTH OF PENNSYLVANIA State Employees’ Retirement System iii Administrative Support John Brosius Executive Director Francis J. Donlevy Peter M. Gilbert Director, Office of Financial Management Chief Investment Officer Michael A. Budin Thomas F. Brier Chief Counsel Andrew Deitch Bruce Feldman Leonard M. Knepp David J. Kalman Director, Audits, Reporting and Compliance Mark McGrath Karen N. Nicely Thomas Wanich Adam Tosh Director, Office of Member Services John C. Winchester Investment Office Directors Sean Sanderson Director of Communications Investment Consultants Rocaton Investment Advisors, LLC The Townsend Group General Consultant Real Estate Consultant Cambridge Associates, LLC Alternative Investments Consultant General Service Providers Hay Group, Inc. Mellon Bank Actuary Agent Bank and Trust Accounting Services KPMG, LLP Independent Auditor COMMONWEALTH OF PENNSYLVANIA State Employees’ Retirement System v COMMONWEALTH OF PENNSYLVANIA STATE EMPLOYEES’ RETIREMENT SYSTEM 30 NORTH THIRD STREET - P.O. BOX 1147 HARRISBURG, PENNSYLVANIA 17108-1147 TOLLFREE: 1-800-633-5461 www.sers.state.pa.us The Board of Trustees Pennsylvania State Employees’ Retirement System Harrisburg, PA 17108-1147 June 10, 2003 Dear Mr. Chairman and Members of the Board: We are pleased to present to you the Comprehensive Annual Financial Report (CAFR) of the Pennsylvania State Employees’ Retirement System (the System or SERS) for the calendar year ended December 31, 2002. Financial Information The System’s management is responsible for the preparation, accuracy and objectivity of the financial information included in this report. The basic financial statements are prepared in accordance with generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board. Users of the financial statements are encouraged to review the Management’s Discussion and Analysis (MD&A) which accompanies the basic financial statements and discusses the cause and effects of market conditions, legislation and changes in operations that affected the financial results of the System. SERS maintains an effective system of internal controls designed to provide reasonable assurance that assets are properly safeguarded, transactions are properly executed and that the financial statements conform to generally accepted accounting principles. The System’s Internal Audits, Reporting and Compliance department provides a continuing review of the adequacy and effectiveness of the System’s internal control structure. Also, our independent external auditors, KPMG, conduct an annual audit of the financial statements in accordance with generally accepted auditing standards. Their audit includes tests and procedures designed to provide reasonable assurance that the financial statements are fairly presented. The external auditors have full and unrestricted access to the SERS Board of Trustees to discuss their audit and related findings regarding the integrity of financial reporting and adequacy of the internal control structure. The System also receives independent financial audits on all of its private equity, venture capital, pooled real estate, and absolute return fund-of-funds limited partnerships, as well as audits for its directly held real estate portfolios. Additionally, the System receives audited
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