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Comprehensive Annual Financial Report for Fiscal Year Ended March 31, 2007

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Comprehensive Annual Financial Report for Fiscal Year Ended March 31, 2007 New York State and Local Retirement System Comprehensive Annual Financial Report For Fiscal Year Ended March 31, 2007 New York State and Local Retirement System Employees’ Retirement System Police and Fire Retirement System Offi ce of the New York State Comptroller Thomas P. DiNapoli NEW YORK STATE AND2007 LOCAL RETIREMENT SYSTEM EMPLOYEES’ RETIREMENT SYSTEM POLICE AND FIRE RETIREMENT SYSTEM Comprehensive Annual Financial Report Fiscal Year Ended March 31, 2007 Prepared by the staff of the New York State and Local Retirement System 110 State Street • Albany, NY 12244 TABLE2007 OF CONTENTS Introduction Letter of Transmittal ................................................................................................................................... 11 Administrative Organization Advisory Committees ........................................................................................................................... 13 Organizational Chart ........................................................................................................................... 16 Overview of Retirement Operations .......................................................................................................... 17 By the Numbers ......................................................................................................................................... 21 Members and Retirees ......................................................................................................................... 21 Retirees in New York State .................................................................................................................. 22 Annual Benefit Payments Within New York State .............................................................................. 23 Annual Benefit Payments Within and Outside the United States ...................................................... 24 Financial Section Independent Auditors’ Report ................................................................................................................... 29 Management’s Discussion and Analysis ..................................................................................................... 30 Basic Financial Statements Statement of Plan Net Assets – March 31, 2007 ............................................................................... 33 Statement of Changes in Plan Net Assets ............................................................................................ 34 Notes to Financial Statements ............................................................................................................. 35 Required Supplementary Information ....................................................................................................... 45 Schedule of Funding Progress .............................................................................................................. 45 Schedule of Employer Contributions .................................................................................................. 46 Additional Supplementary Information ..................................................................................................... 47 Schedule of Administrative Expenses................................................................................................... 47 Schedule of Investment Expenses and Consulting Fees ...................................................................... 48 Independent Auditors’ Report on Internal Control .................................................................................. 49 Investment Section Overview of Investments ............................................................................................................................ 55 Investment Results ..................................................................................................................................... 60 Investment Summary ................................................................................................................................. 61 Asset Allocation – March 31, 2007 ........................................................................................................... 62 Domestic Stock Performance ...................................................................................................................... 63 International Stock Performance ................................................................................................................ 64 Domestic Equity Portfolio – Ten Largest Holdings ................................................................................... 65 Fixed Income Portfolio and Comparison .................................................................................................... 65 Fixed Income Performance .......................................................................................................................... 66 Fixed Income Portfolio – Ten Largest Holdings ......................................................................................... 66 Real Estate Portfolio ................................................................................................................................... 67 Alternative Investments Summary ............................................................................................................. 68 Corporate Governance ................................................................................................................................ 69 Domestic Equity Manager Fees.................................................................................................................. 71 Domestic Equity Commissions .................................................................................................................. 72 International Equity Manager Fees ............................................................................................................ 73 International Equity Commissions ............................................................................................................ 74 Domestic Bond Transactions ...................................................................................................................... 75 Real Estate Management Fees .................................................................................................................... 75 Private Equity Management Fees ............................................................................................................... 76 Absolute Return Strategy Management Fees ............................................................................................. 77 Consultant & Advisor Fees ......................................................................................................................... 77 Actuarial Section Statement of the Actuary ............................................................................................................................ 83 Actuarial Funding and Valuation ............................................................................................................... 85 Elements of the Actuarial Valuation .......................................................................................................... 86 Actuarial Valuation Balance Sheets ............................................................................................................ 89 Local Government Employers Final Contribution Rates........................................................................... 91 Contribution Rate Trend for Local Governments ...................................................................................... 92 Employer Contributions ............................................................................................................................ 93 Historical Trends ........................................................................................................................................ 94 Changes In Contributions .......................................................................................................................... 95 Schedule of Active Member Data............................................................................................................... 96 Schedule of Retired Members and Beneficiaries Added to and Removed from Benefit Payroll ...................................................................................... 97 Statistical Section Schedule of Additions to Plan Net Assets ................................................................................................ 103 Schedule of Investment Income ............................................................................................................... 104 Schedule of Deductions from Plan Net Assets ......................................................................................... 105 Schedule of Total Changes in Plan Net Assets ......................................................................................... 106 Service Retirees: ERS ................................................................................................................................ 108 Service Retirees: PFRS .............................................................................................................................. 109 Disability Retirees: ERS ........................................................................................................................... 110 Disability
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