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I Susie Dahl, Executive Director 1913 William Street, PO Box 1930

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I Susie Dahl, Executive Director 1913 William Street, PO Box 1930 Susie Dahl, Executive Director 1913 William Street, PO Box 1930 Jefferson City, MO 65102-1930 (800) 270-1271, (573) 298-6080 i Notes ii MoDOT and Patrol Employees’ Retirement System Mailing Address Street Address PO Box 1930 1913 William Street Jefferson City, Missouri 65102-1930 Jefferson City, Missouri 65109 Phone Numbers Fax Numbers Main Line Toll Free Office Directory Administrative Benefits (573) 298-6080 (800) 270-1271 (573) 298-6081 (573) 526-5895 (573) 522-6111 E-Mail Address WebSite [email protected] www.mpers.org iii Table of Contents Introductory Section Certificate of Achievement for Excellence in Financial Reporting ........................................................ viii Public Pension Coordinating Council (PPCC) Award ............................................................................. ix Letter of Transmittal ............................................................................................................................. x Board of Trustees ...............................................................................................................................xiv Administrative Organization ...............................................................................................................xv Professional Services .......................................................................................................................xviii Financial Section Independent Auditors’ Report ..............................................................................................................1 Management’s Discussion and Analysis ...............................................................................................2 Basic Financial Statements Statements of Plan Net Assets ...........................................................................................................6 Statements of Changes in Plan Net Assets ........................................................................................7 Notes to the Financial Statements .....................................................................................................8 Required Supplementary Information Schedule of Funding Progress .........................................................................................................22 Schedule of Employer Contributions ..............................................................................................22 Notes to the Schedules of Trend Information ...................................................................................22 Other Post-Employment Benefit (OPEB) Plan Schedule of Funding Progress for MoDOT and MSHP Medical and Life Insurance Plan .................................................................23 Notes to the Schedule of Trend Information - OPEB .........................................................................23 Supplementary Information Schedules of Administrative Expenses .............................................................................................24 Schedules of Investment Expenses ..................................................................................................25 Schedules of Consultant and Professional Expenses .........................................................................26 Investment Section Chief Investment Officer Report ........................................................................................................29 Investment Consultant Report ............................................................................................................30 Investment Activity Overview .............................................................................................................31 Summary of Investment Policy.........................................................................................................31 Market Value of Investments ...........................................................................................................31 Investment Performance .................................................................................................................31 Asset Allocation Overview ..............................................................................................................32 Investment Summary .........................................................................................................................34 Largest Investment Holdings ..............................................................................................................35 Schedule of Investment Expenses .......................................................................................................36 Schedule of Brokerage Commissions .................................................................................................37 iv Table of Contents Actuarial Section Actuary’s Certification Letter ..............................................................................................................39 Summary of Actuarial Methods and Assumptions ...............................................................................41 Summary of Member Data Included in Valuations ..............................................................................46 Active Members by Attained Age and Years of Service ........................................................................47 Schedule of Active Member Valuation Data ........................................................................................53 Solvency Test .....................................................................................................................................54 Derivation of Financial Experience .....................................................................................................55 Schedule of Retirees and Beneficiaries Added and Removed ...............................................................56 Summary of Plan Provisions ...............................................................................................................57 Legislative Changes ..........................................................................................................................59 Statistical Section Statistical Summary ...........................................................................................................................61 Changes in Net Assets .......................................................................................................................62 Benefit Payments by Type ...................................................................................................................63 Schedule of Retired Members by Type of Benefit .................................................................................64 Schedule of Average Monthly Benefit Payments ..................................................................................66 Active Member Data ..........................................................................................................................69 Terminated Vested Member Data .......................................................................................................72 Benefit Recipients ..............................................................................................................................74 Membership Distribution ...................................................................................................................74 Average Years of Service for New Retirees .........................................................................................75 Final Average Pay for New Retirees ....................................................................................................75 Location of MPERS Retirees ................................................................................................................76 v Notes vi Traditional defined benefit pensions are a “high five” for the U.S. economy: • Investing $5.35 trillion in assets for the future. • Keeping some 5 million retired Americans out of poverty. • Supporting 5.3 million American jobs. • Delivering retirement income at nearly 50% lower cost than individual defined contribution retirement accounts. When retirees have a stable and secure pension check, they don’t stick it under the mattress. They spend that income on goods and services in their local communities, leaving a substantial economic footprint from coast to coast. That regular spending is critically important today as the economy struggles to recover. In contrast, retirees without a pension may be fearful to spend, given the impact of the market crash on individual retirement accounts or because they worry about outliving their savings. Averages for a New MPERS Retiree Average Retirement Age 57.5 years Average Years of Service 23.3 years Average Final Average Pay $3,616 Average Monthly Benefit $1,985 Average Annual Benefit $23,820 Source of Information: National Institute on Retirement Security (NIRS) - Testimony before a US Senate Committee Hearing “The Power of Pensions: Building a Strong Middle Class and Strong Economy” July 12, 2011 vii Certificate of Achievement for Excellence in Financial Reporting viii Introductory Section Public Pension Coordinating Council Award P C P C Public Pension Coordinating Council Public Pension Standards Award For Funding and Administration 2010 Presented to Missouri Department of Transportation & Highway Patrol Employees' Retirement System In recognition of meeting professional
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