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FAC Agenda Item 6A, Attachment 3 Calpers Agenda Item 6a, Attachment 3 Page 1 of 213 DRAFT 2017-18 Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2018 Sound Decisions. Sustainable Growth. California Public Employees' Retirement System A Component Unit of the State of California Agenda Item 6a, Attachment 3 Page 2 of 213 This page intentionally left blank. Agenda Item 6a, Attachment 3 Page 3 of 213 COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2018 Prepared through the joint efforts of CalPERS' team members. Available online at www.calpers.ca.gov California Public Employees' Retirement System A Component Unit of the State of California Agenda Item 6a, Attachment 3 Page 4 of 213 This page intentionally left blank. Agenda Item 6a, Attachment 3 Page 5 of 213 Table of Contents Introductory Section 11 Summary of Funding Progress 111717 Professional AAwardswards 22 ExhibitExhibit A: Funding Progress – Unfunded Liability & Funded Ratios 111818 Chief Executive Officerficer’’s Letter ofs of TTransmittal 33 Exhibit B: Funding Progress – Solvency TTestest 111919 About CalPERS 77 Exhibit C: Sample Pay Increase Assumptions for Individual Members 121121 Board ofBoardAdministration of 1010 Exhibit D: Sample Non-Economic Assumptions 122122 Organizational Chart – Executive Stafff 1212 Exhibit E: Single Life Retirement Valuesalues 131131 Consultant & Professional Services 1313 Exhibit F: Schedule of Active Member Valuation Data 131131 Exhibit G: Members in Valuation 132132 1515 Exhibit H: Schedule of Retirees & Beneficiaries Added to andAdded and Financial Section Removed from Rolls 135135 Independent AuditorAuditor’’s Reports Report 1616 Exhibit I: Analysis of Financial Experience 136136 Management’Management’s Discussion & Analysis (MD&A) 1919 Financial Section:Section: Basic Financial Statements 3737 Statistical Section 141141 Statement of Fiduciary Net Position – Fiduciary Funds 3838 Introduction 142142 Statement of Changes in Fiduciary Net Position – Fiduciary Funds 4040 Changes in Fiduciary Net Position – Retirement Programs 142142 Statement of Net Position – Proprietary Funds 4242 Changes in Fiduciary Net Position – OPEB Plan 145145 Statement of Revenues, Expenses, and Changes in Net Position – Changes in Fiduciary Net Position –– Custodial Fund 146146 Proprietary Funds 4343 Public Employees’ Retirement System Membership & Retirement 147147 Statement of Cash Flows – Proprietary Funds 4444 Data Data Notes to the Basic Financial Statements 4545 Public Employees’ Retirement Fund Program Data 149149 PublicPublic Agency Employers 158158 Financial Section:Section: Required Supplementary Information 7373 Legislators’Legislators’ Retirement System Membership & Retirement Data 176176 Schedules of Changes in Net Pension Liability/(Asset) and Related Legislators’Legislators’ Retirement System Program Data 177177 RatiosRatios 7474 Judges’Judges’ Retirement System Membership & Retirement Data 180180 Schedules of Plan Contributions 7979 Judges’Judges’ Retirement System Program Data 181181 Schedule of Investment Returns 8181 Judges’Judges’ Retirement System II Membership & Retirement Data 184184 Schedule of Claims Development Information 8282 Judges’Judges’ Retirement System II Program Data 185185 Financial Section:Section: Other Supplementary Information 8383 Statistical Section:Section: Other Programs 189189 Administrative Expense – All FundsAll Funds 8484 Health Care Fund 190190 Investment Expense – Investment Management Fees 8585 Contingency Reserve Fund 191191 Investment Expense – Performance Fees 8888 Long-TLong-Term Care Fund 192192 Investment Expense – Other Investment Expenses 8989 Health Benefits Program Data 193193 Consultant and Professional Services Expenses – All FundsAll Funds 9292 Defined Contribution Plans 201201 Long-TLong-Term Care Program Data 202202 Investment Section 9595 Chief Investment Officerficer’’s Letters Letter 9696 Compliance Section 203203 Summary of Investments – PERF 9797 Portfolio Comparisons – PERF 9797 Chief Compliance Officer's Letter 204204 AssetAsset Allocation – PERF 9898 Culture of Compliance 205205 Portfolio of California Investments at Fair Value – PERF alue – PERF 9898 Largest Stock & Bond Holdings at Fair Value – PERF alue – PERF 9999 Integrated Assurance Model:Model: Three Lines of Defense 206206 Schedule of Commissions & Fees 100100 FiscalFiscal YYear 2017-18 Ethics and Compliance Program Initiatives Private Equity Management Fees & Profit Sharing – PERF 102102 Highlights 207207 Investment Performance – LRF 107107 Enterprise Compliance Branch 207207 Investment Performance – JRF II 107107 Embedded Compliance Program 208208 Investment Performance – CERBTF 108108 Investment Performance – HCF 109109 Summary 210210 Investment Performance – LTCF 109109 Index of TIndexables, ofCharts T & Lists 212111 Actuarial Section 111111 Glossary of AcronymsGlossary of 218218 Actuarial Certifications 111212 Actuarial Methods & Assumptions 111414 Agenda Item 6a, Attachment 3 Page 6 of 213 This page intentionally left blank. Agenda Item 6a, Attachment 3 Page 7 of 213 Introductory Section 2 Professional Awards 3 Chief Executive Officer's Letter of Transmittal 7 About CalPERS 10 Board of Administration 12 Organizational Chart – Executive Staff 13 Consultant & Professional Services Agenda Item 6a, Attachment 3 Page 8 of 213 Introductory Section PROFESSIONAL AWARDS CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING The Government Finance Officers Association of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting to CalPERS for our Comprehensive Annual Financial Report for the fiscal year ended June 30, 2017. This was the 22nd year that CalPERS has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report that satisfies both generally accepted accounting principles and applicable legal requirements. We believe our current Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program’s requirements. PUBLIC PENSION STANDARDS AWARD The Public Pension Coordinating Council awarded a Public Pension Standards Award for Funding and Administration to CalPERS for the fiscal year ended June 30, 2018. This is the 16th consecutive year that CalPERS has achieved this prestigious award. In order to be awarded a Public Pension Standards Award, a public pension program must meet professional standards for plan design and administration as set forth in the Public Pension Standards. A Public Pension Standards Award is valid for a period of one year. 2 | Introductory Section | CalPERS Comprehensive Annual Financial Report, Fiscal Year Ended June 30, 2018 Agenda Item 6a, Attachment 3 Page 9 of 213 Introductory Section (Continued) CHIEF EXECUTIVE OFFICER'S LETTER OF TRANSMITTAL DRAFT Marcie Frost Chief Executive Officer November 30, 2018 Members of the CalPERS Board of Administration: I am pleased to present the California Public Employees' Based on that work, the CalPERS Board in December 2017 Retirement System (CalPERS or the System) Comprehensive approved a new asset allocation mix for our investments. Annual Financial Report (CAFR) for the fiscal year ended While a key decision of the ALM was lowering the discount June 30, 2018. rate in 2016, in Fiscal Year 2017-18 we also shortened the This past fiscal year marks multiple accomplishments amortization period and adopted new actuarial assumptions. achieved under the first year of the new five-year As a result, our cash flow has improved significantly. These 2017-22 Strategic Plan, which lays the foundation for meeting decisions were necessary and prudent, and are consistent our investment, retirement, and health benefit needs for the with our fiduciary obligations. years ahead. In the financial markets, we continued to see strong market Beginning with our investment returns, I am pleased to growth that boosted our assets and strengthened the net report our earnings are above our 7 percent goal with an position of the Public Employees’ Retirement Fund (PERF). 8.6 percent net return on investments. Solid returns came from Our net position increased by nearly $28 billion and stood at the private equity program, which generated a 16.1 percent nearly $354 billion as of June 30, 2018, compared with net return, followed by public equity with a net return of $326 billion as of June 30, 2017. 11.5 percent. Real assets returned 8.0 percent. As our assets increased, our objective to operate more To continue our work in strengthening our investment efficiently was still a critical driver, since the amount we pay in performance, in May we unveiled a proposed private equity retirement benefits continued to increase over the previous investment model, CalPERS Direct. Since private equity is our fiscal year. As of June 30, 2018, CalPERS paid out highest returning asset class, averaging 10.5 percent over the $22.9 billion in benefits to more than 694,000 retirees and past 20 years, we need a program that helps us achieve our beneficiaries, a $1.5 billion increase from the previous fiscal 7 percent return target and hit our goal of investing 8 percent year. This increase was primarily due to the rise in the number of our fund into private equity. We believe this proposed new of retirees and beneficiaries. model will help drive higher returns and allow us to take Our core mission is to pay benefits for generations and advantage of new investment opportunities. The CalPERS investing in California
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