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SPRS Summary Annual Report FY19

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SPRS Summary Annual Report FY19 Summary Annual Report for the State Police Retirement System, a Pension and Other Post-Employment Benefits Trust Fund of the State of Michigan Fiscal Year Ended Sept. 30, 2019 Prepared by Michigan Office of Retirement Services Department of Technology, Management and Budget A Message From The Director The Department of Technology, Management and Budget’s (DTMB) Office of Retirement Services (ORS) is pleased to present the Summary Annual Report for the State Police Retirement System (SPRS), henceforth referred to as the System, for the fiscal year (FY) ended Sept. 30, 2019. ORS provides retirement and related retiree healthcare plans to help attract, retain, and reward a highly qualified workforce. ORS is able to cost-effectively provide these benefits to retirees. In 2018, the total defined benefit (DB) pension administration cost was $65 per active member and retiree. This was $32 below the peer average of $97 per active member and retiree (CEM Benchmarking). Accomplishments Paperless Options use realistic scenarios in simulated A new feature was implemented in environments so staff members can miAccount that lets customers opt out of practice completing various transactions receiving paper direct deposit statements and processes. The training helps as well as paper Form 1099-R annual ensure Customer Service staff members statements. Both direct deposit and are completing tasks accurately Form 1099-R statements are available and efficiently, improving customer electronically to view and print in miAccount experiences through consistent for current and past years. If customers account handling. Upon completion choose the paperless option, their Form of each module, staff members take 1099-R statements are available online a a quiz to evaluate their learning. week or two before the printed one is mailed. They can also view their pension payment Mailing Security Process Improvement history on a monthly basis versus receiving An information security change was a paper statement four to five times a made that will improve end-to-end year. In addition to providing the member processing of the daily mailings and with more personalized information faster, ensure that ORS customers are getting going paperless helps the environment their mail and only their mail. The and reduces print and mailing costs. solution uses 2-D bar codes which are tracked by the automated print and mail New E-Learning Modules equipment to ensure that each printed Customer Service now has online page is accounted for as it passes modules available to help train staff through various machines, reducing the members. The training modules risk of mail going to the wrong customer. 2 State Police Retirement System Honors Government Finance Officers Public Pension Standards Award Association Award ORS was awarded the 2019 Standards The Government Finance Officers Award from the Public Pension Coordinating Association (GFOA) of the United States Council’s Standards Program (PPCC) for and Canada awarded the System with the both funding and administration. ORS has Certificate of Achievement for Excellence received this award every year since 2004. in Financial Reporting for our FY 2018 The PPCC Standards reflect expectations for comprehensive annual financial report public retirement system management and (CAFR). This marks the 28th consecutive year administration and serve as a benchmark ORS has received this prestigious award. for all DB public plans to be measured. Summary Annual Report 2019 3 About The State Police Retirement System This report is issued in compliance with the Public Employee Retirement System Investment Act, 1965 Public Act (PA) 314, as amended. The contents come from the complete SPRS 2019 CAFR, available on our website at Michigan.gov/ORSMSP, the annual actuarial valuations as of Sept. 30, 2019, and additional analysis performed after Sept. 30, 2019. State police pensions are protected by Michigan’s Constitution. The System’s net assets are held in trust to meet future benefit payments. The State of Michigan Investment Board is the investment fiduciary and custodian of all investments of the System pursuant to state law. 4 State Police Retirement System Executive Summary The present value of the assets as of Sept. 30, 2019, was Statement Of Assets And Liabilities $1.8 billion for pension and FY 2019 Pension1 OPEB2 other post-employment benefits (OPEB), and the total actuarial AAL $2,320,701,604 $759,597,388 accrued liability (AAL) was Present Value of Assets $1,519,978,363 $235,042,435 $3.1 billion resulting in a total unfunded actuarial accrued UAAL $800,723,241 $524,554,953 liability (UAAL) of $1.3 billion. Funding Ratio 65.5% 30.9% The System’s assets increased FY 2018 Pension3 OPEB4 by $64.5 million in FY 2019. Asset increases were primarily AAL $2,271,136,638 $777,265,847 due to investment income and Present Value of Assets $1,499,321,222 $191,219,457 contributions from the state and employees. The overall AAL for UAAL $771,815,416 $586,046,390 pension and OPEB increased Funding Ratio 66.0% 24.6% by $31.9 million primarily due to differences between expected 1. 2019 SPRS Pension Actuarial Valuation, Page B–1. and actuarial results. 2. 2019 SPRS OPEB Actuarial Valuation, Page A–2. 3. 2018 SPRS Pension Actuarial Valuation, Page B–1. The pension funding ratio 4. 2018 SPRS OPEB Actuarial Valuation, Page A–2. declined slightly by 0.5 percentage points primarily as The OPEB funding ratio improved by 6.3 percentage a result of investment and points due to demographic gains and continued demographic losses. positive experience in the retiree health plan. Summary Annual Report 2019 5 Membership Members of the DB plan Plan Membership And Retirement Allowances As Of are enlisted Michigan State Sept. 30, 2019 Police officers. Membership in the plan is automatic when Membership1 officers complete recruit Retirees and Beneficiaries Currently Receiving Benefits school and subscribe to the Regular Benefits 2,460 constitutional oath of office. Survivor Benefits 510 Members also include troopers Disability Benefits 204 participating in the Deferred Total 3,1 74 Retirement Option Plan (DROP) Current Employees and receiving employee wages. Vested 800 Non-Vested 1,044 Employees who work for the Total 1,844 Michigan State Police, but Inactive Employees are not enlisted officers, are Entitled to benefits and not yet receiving them 40 not members of this plan. DROP Participants 203 Total All Members 5,261 1. CAFR for the FY ended Sept. 30, 2019, Page 20. Retirement Allowances2 Average Annual Retirement Allowance $40,872 Total Annual Retirement Allowances Being Paid $129,727,747 2. Pension Actuarial Valuation for the FY ended Sept. 30, 2019, Page D–2. Assets And Liabilities The System’s total assets on a 1 market basis as of Sept. 30, 2019, Assets And Liabilities (Dollars In Thousands) were $1.8 billion, mostly composed (Combined Pension And OPEB) of cash and investments. Assets FY 2018 FY 2019 Total liabilities as of Sept. 30, 2019, Cash $ 6,345 $ 12,302 were $70.5 million and include Receivables 12,306 10,406 accounts payable and obligations Investments 1,667,956 1,716,238 under securities lending. Securities Lending Collateral 75,674 68,038 Total net assets held in trust for Total Assets $ 1,762,280 $ 1,806,985 pension and OPEB increased Liabilities FY 2018 FY 2019 $53.1 million from the previous year. Accounts Payable and Other Liabilities 3,177 2,428 Obligations Under Securities Lending 75,694 68,030 Total Liabilities 78,871 70,458 Net Assets $ 1,683,409 $ 1,736,527 1. CAFR for the FY ended Sept. 30, 2019, Page 15. Liabilities in this context are exclusive of AAL for pension and OPEB. The sum total of all the line items may not equal the total due to rounding. 6 State Police Retirement System Revenue And Expenditures, Change In Net Assets The reserves needed to finance pension and OPEB are accumulated through the collection of employer and employee contributions including earnings on investments. Contributions and net investment income for FY 2019 totaled $233.4 million. The primary expenses of the System include the payment of pension benefits to members and beneficiaries, payment for health, dental and vision benefits, refunds of contributions to former members, and the cost of administering the System. Additions And Deductions1 (Dollars In Thousands) Additions FY 2018 FY 2019 Member Contributions $ 3,489 $ 3,693 Employer Contributions 1 41 ,709 138,905 Other Governmental Contributions 3,546 5,2 1 8 Net Investment Income (Loss) 168,750 85,507 Miscellaneous Income 13 39 Total Additions $ 317,507 $ 233,361 Deductions FY 2018 FY 2019 Pension Benefits $ 137,367 $ 144,171 Healthcare Benefits 35,804 33,803 Refunds and Transfers to Other Systems – 23 Administrative and Other Expenses 2,162 2,247 Total Deductions $ 175,332 $ 180,243 Net Position FY 2018 FY 2019 Net Increase (Decrease) in Net Position $ 142,175 $ 53,118 Beginning of Year 1,541,234 1,683,409 End Of Year $ 1,683,409 $ 1,736,527 1. CAFR for the FY ended Sept. 30, 2019, Page 16. Revenue Expenditures Member Employer Net Investment Pension Healthcare Refunds & Transfers Admin. & Other Contributions Contributions Income Benefits Benefits to Other Systems Expenses 2019 2019 2018 2018 0 50 100 150 200 250 300 350 0 50 100 150 200 $ Millions $ Millions Summary Annual Report 2019 7 2019 Plan Expenditures Plan Expenses For Fiscal Year Ended Sept. 30, 20191 Pension Plan Administrative And Other Expenses Dollars These expenditures are the administrative costs of running the System and are paid by DTMB’s Office
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