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Comprehensive Annual Financial Report (CAFR) 2019

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Comprehensive Annual Financial Report (CAFR) 2019 2019 COMPREHENSIVE ANNUAL F I N A N C I A L REPORT A MULTIPLE-EMPLOYER PENSION TRUST FUND | SAN BERNARDINO, CA FOR THE YEARS ENDED JUNE 30, 2019 AND 2018 INVESTED IN YOUR FUTURE. 2 SBCERA Comprehensive Annual Financial Report 2019 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT A Multiple-Employer Pension Trust Fund San Bernardino, California For the Years Ended June 30, 2019 and 2018 Debby Cherney Chief Executive Officer Amy McInerny, CPA Chief Financial Officer 348 West Hospitality Lane | San Bernardino, CA 92408 P. 909.885.7980 | f. 909.885.7446 | www.SBCERA.org 3 TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal 8 2018-19 in Numbers 12 Certificate of Achievement for Excellence in Financial Reporting 14 Public Pension Standards Award 15 Members of the Board of Retirement 16 Key Members of the Administrative Staff 17 Outside Consultants 17 Report from the Board Chair 18 FINANCIAL SECTION Independent Auditor’s Report 20 Management’s Discussion and Analysis (Unaudited) 24 Basic Financial Statements Statements of Fiduciary Net Position 32 Statements of Changes in Fiduciary Net Position 33 Notes to the Basic Financial Statements 34 Required Supplementary Information (Unaudited) Schedule of Employer Contributions 75 Schedule of Investment Returns 75 Schedule of Changes in Net Pension Liability of 76 Participating Employers and Related Ratios Notes to the Required Supplementary Information 78 Other Supplementary Information Schedule of Investment Expenses 81 Schedule of Administrative and Other Expenses 82 Schedule of Payments to Consultants 83 INVESTMENTS SECTION Report on Investment Activity 86 Outline of Investment Policies 88 Investment Professionals 90 Investment Results 91 Asset Allocation Target vs. Actual Asset Allocation Percentages 92 Fair Value Growth of Plan Assets Held for Investments 93 History of Investment Performance 93 List of Largest Assets Held 94 Schedule of Fees and Commissions 95 Investment Summary 96 4 SBCERA Comprehensive Annual Financial Report 2019 TABLE OF CONTENTS ACTUARIAL SECTION Actuary’s Certification Letter 98 Schedule of Funding Progress 101 Latest Actuarial Valuation Methods and Assumptions 102 Development of Actuarial Value of Assets 103 Schedule of Active Member Valuation Data 104 Schedule of Retirees and Beneficiaries 105 Summary of Major Plan Provisions 106 Analysis of Financial Experience 108 Schedule of Funded Liabilities by Type 109 Ratio of Current Compensation to Compensation Anticipated at Retirement 110 Probabilities of Separation from Active Service 111 Expectation of Life 113 History of Total Employer Contribution Rates 114 Retirees and Beneficiaries Added to and Removed from Rolls 117 STATISTICAL SECTION Statistical Changes in Fiduciary Net Position 120 Additions by Source 121 Deductions by Type 122 Benefit Expenses by Type 123 Retired Members by Type of Benefit 124 Average Benefit Payments 125 History of Membership by Participating Employer 126 Statistical Membership Information Active Membership Classification 128 Membership History (Active and Deferred) 128 Membership History (Retired) 128 Average Monthly Retirement Benefits 129 Benefits and Refunds Paid 129 5 MISSION STATEMENT It is the mission of the San Bernardino County Employees' Retirement Association (SBCERA) to provide the members and their beneficiaries with those retirement and related benefits and services which they have earned and which are commensurate with their years of service and compensation. It is the responsibility of those charged with administration of SBCERA to: Effectively collect contributions to fund liabilities incurred; Diversify the investments of the system so as to minimize the risk of loss and to maximize the rate of return; Administer the benefits impartially, fairly, and in accordance with the applicable law; Deliver service to the membership in an accurate, courteous, prompt, professional, and cost-efficient manner; Appropriately set employer and member contributions in accordance with respon- sible funding practices; and Strategically plan for the future. 6 SBCERA Comprehensive Annual Financial Report 2019 INTRODUCTORY SECTION INTRODUCTORY 7 LETTER OF TRANSMITTAL November 14, 2019 Board of Retirement San Bernardino County Employees’ Retirement Association 348 West Hospitality Lane San Bernardino, CA 92408 We are pleased to present the San Bernardino County Employees’ Retirement Association (SBCERA) Comprehensive Annual Financial Report (CAFR) for the fiscal years ended June 30, 2019 and 2018. This report is created annually to provide a detailed overview of the SBCERA Plan (the Plan) and the Fund’s financial, actuarial, and investment-related activities for the year. Established in 1945, SBCERA celebrates its 74th year in operation by reaching another all-time high in assets under management. Formed by the will of San Bernardino County voters on May 16, 1944, SBCERA now administers service retirement, disability, and death and survivor benefits for over 40,000 members, serves 18 active participating employers, and manages approximately $10.6 billion in assets. A listing of participating employers, as of June 30, 2019, can be found on page 34. The information contained in this CAFR is designed to provide a complete and accurate review of the year’s operations. SBCERA’s management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. We encourage you to review Management’s Discussion and Analysis beginning on page 24, which provides a narrative introduction, overview, and analysis of our financial operations for the years ended June 30, 2019 and June 30, 2018. As you read the 2019 CAFR, we trust you – the members and participating employers of SBCERA – will appreciate the detailed work of staff in developing the report and find the content helpful in understanding SBCERA’s defined benefit plan. MAJOR INITIATIVES During the fiscal year (FY) 2018-19, SBCERA adopted a Triennial Strategic Plan for Fiscal Years 2020 through 2022, the purpose of which was to gain a common understanding for the direction of SBCERA, with informed direction from the Board to the staff. The Triennial Strategic Plan established an agreed-upon set of foundational values, and updated SBCERA’s mission statement. Integrity We will be honest, ethical, respectful, and trustworthy in all aspects in serving our members, employees, and our community. Accountability & Transparency We will ensure that the decisions we make and how we conduct business is clearly communicated and understood. We will be accountable for our conduct in all aspects of our service. Commitment We will approach our work enthusiastically. Effectiveness We will be results-oriented in a cost-effective manner, capitalizing on our strengths and capabilities. Professional Excellence We will be skilled, confident, and capable. Collaboration We will work together as a team and with key stakeholders. 8 SBCERA Comprehensive Annual Financial Report 2019 LETTER OF TRANSMITTAL (Continued) MAJOR INITIATIVES (Continued) FIVE CO-EQUAL STRATEGIC PILLARS: Operational Excellence and Efficiency Superior Service Experience Quality Employer and Workplace Prudent Fiscal Management Effective Communications Under each pillar, SBCERA established strategic priorities: projects, programs and/or initiatives, with specific, actionable goals, timing, and lead personnel. These priorities informed the development and approval of the FY 2019-20 Budget. The Triennial Strategic Plan and Strategic Priorities are available at www.sbcera.org; every six months, an accountability update will be provided to the Board. FINANCIAL INFORMATION Management of SBCERA is responsible for establishing and maintaining an internal control structure designed to ensure SBCERA’s assets are protected from loss, theft, or misuse. Responsibility for the accuracy, completeness, fair presentation of information, and all disclosures rests with SBCERA’s management. Brown Armstrong, a firm of licensed certified public accountants, provides financial statement independent audit services to SBCERA. The financial statement audit provides reasonable assurance that SBCERA’s Basic Financial Statements are presented in conformity with accounting principles generally accepted in the United States (GAAP) and are free from material misstatements. The independent auditor’s report is presented as the first component of the financial section of this report. Included are all disclosures management believes necessary to enhance your understanding of the financial condition of the Plan. SBCERA recognizes even sound internal controls have inherent limitations. SBCERA’s internal controls are designed to provide reasonable, but not absolute, assurance that SBCERA’s operating policies and procedures are sufficient to safeguard SBCERA’s assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and that the valuation of costs and benefits requires estimates and judgments by management. This report has been prepared in accordance with GAAP as promulgated by the Government Accounting Standards Board (GASB). ACTUARIAL FUNDING STATUS SBCERA contracts with an independent actuarial firm, Segal Consulting (Segal), to conduct annual actuarial valuations, which are presented to the Board each year. On a triennial basis, the actuarial firm also conducts an experience study and makes recommendations to
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