2014 OPERS Comprehensive Annual Financial Report

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2014 OPERS Comprehensive Annual Financial Report 2014OPERS OKLAHOMA PUBLIC EMPLOYEES RETIREMENT SYSTEM 50th Anniversary 1964 –2014 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014 A Component Unit of the State of Oklahoma In the 1963 session of the Oklahoma Legislature, Senate Bill 62 was signed into law by Governor Henry Bellmon and established the Oklahoma Public Employees Retirement System. Later in his life, Governor Bellmon said one of his proudest accomplishments was the creation of OPERS, which he saw as a way to encourage longevity and bolster Oklahoma’s Merit System of employment. This edition of the Comprehensive Annual Financial Report commemorates 50 years of service by OPERS to tens of thousands of dedicated public servants who have served the people of our great state. Over the last 50 years, OPERS has delivered on the promise of its creators to invest and safeguard the assets entrusted to us to provide financial security to those public employees when they leave service. In 1964, OPERS served roughly 15,000 active members, paid $213 in total benefits, and managed in excess of $1 million in total assets. Today, OPERS serves nearly 44,000 active members, pays more than $520 million in total benefits to 32,000 benefit recipients across the state and around the world, and prudently manages more than $8.5 billion in total assets. While the plan has grown and changed significantly over the past half century, our fundamental responsibility to provide financially sound retirement services to our members has not. We continue to strive to exceed the expectations of our members and participating employers to provide the tools to make sound financial decisions and enter retirement with confidence. Many people over the decades can take credit for this success. The OPERS Board and staff wish to thank the outstanding efforts of a series of OPERS boards and hundreds of past and present OPERS employees in their continued commitment to provide financial security to public employees of Oklahoma. OPERS Board of Trustees Bob Anthony, Ed Apple, L.E. Bailey, Hamp Baker, Carl Barclay, Jr., Denise Bode, Verne Bradley, Truman Branscum, Chester Brooks, James Bullard, Clifford Burns, J.I.M. Caldwell, Marilyn Capps, Joseph Carter, Dawn Cash, Michael Clingman, Jeff Cloud, M.C. Connors, Howard Conyers, Buck Cook, Jim Cook, Jean Walpole Coulter, John Crawford, Tom Daxon, Norma Eagleton, Ellis Edwards, Alexandra Edwards, Marvin Emerson, Michael Evans, C. Randolph Everest, Charles Ferrell, Carroll Fisher, Jonathan Barry Forman, Robert Fulton, Martin Garber, Jill Geiger, C. Hubert Gragg, Cody Graves, Gerald Grimes, James (Rusty) Hale, Linda Hampton, Richard Haugland, Beverly Henry, Kim Holland, Alexander Holmes, Bob Hopkins, Winston Howard, W.T. (Bill) Hughes, Tony Hutchison, Mike Jackson, Oscar Jackson, Jr., Jerry Johnson, Bob Keasler, Donald Keenan, Thomas Kemp, Don Kilpatrick, Burton Logan, Brian Maddy, DeWayne McAnally, Neal McCaleb, Charles McDermott, Paul McElvany, James McGoodwin, Scott Meacham, Lucinda Meltabarger, J.L. Merrill, George Miller, Michael Moradi, Dana Murphy, Charles Nesbitt, Steve Paris, Cleve Pierce, Rex Privett, L.E. Rader, Emma Lou Ragsdale, Rollo Redburn, John Rogers, Arthur Rubin, Val Schott, Jerry Scribner, J.O. Spiller, Frank Stone, W.R. Stubbs, J. Harper Thomas, James Thomas, Victor Thompson, James Townsend, Faye Waits, Richard Ward, Phil Watson, J.C. Watts, Jr., David (Woody) Way, Cathy Weatherford, Jack White, John Willbanks, Cowboy Pink Williams, Carl Williams, L.P. Williams, Leo Winters, and Wilbur Wright OPERS Executive Secretaries / Directors Max Strange (1964-1977), J.O. Spiller (1977-1982), Rex Privett (1982-1994), Stephen Edmonds (1995-2003), Tom Spencer (2003-2014), and Joseph Fox (2014-present) OKLAHOMA PUBLIC EMPLOYEES RETIREMENT PLAN Administered by the Oklahoma Public Employees Retirement System 2014OPERS OKLAHOMA PUBLIC EMPLOYEES RETIREMENT SYSTEM 50th Anniversary 1964 –2014 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014 A Component Unit of the State of Oklahoma This report was prepared by the staff of the Oklahoma Public Employees Retirement System. This publication is issued by the Oklahoma Public Employees Retirement System as authorized by its Executive Director. Copies have not been printed but are available through the agency website. An electronic version of this publication has been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. OKLAHOMAOKLAHOMA PUBLIC PUBLIC EMPLOYEES EMPLOYEES RETIREMENT RETIREMENT PLAN PLAN DRAFT AdministeredAdministered by by the Oklahoma the Oklahoma Public Employees Public Retirement Employees System Retirement System These page numbers will change after final pagination 2014 Comprehensive Annual Financial Report Table of Contents Introductory Section Actuarial Section 1 Letter of Transmittal 58 2014 Certification of Actuarial Valuation 5 Chairman’s Letter 60 Summary of Results 6 Board of Trustees 61 Analysis of Financial Experience 7 Organizational Structure 62 Solvency Test 7 Advisors and Consultants 63 Schedule of Active Member Data Valuation 8 2014 Legislation 63 Schedule of Retirants, Disabled Retirants and 9 Certificate of Achievement for Excellence in Beneficiaries Added to and Removed from Rolls Financial Reporting 64 Summary of System Provisions 10 Public Pension Standards Award 66 Summary of Actuarial Assumptions and Methods For Funding and Administration Statistical Section Financial Section 70 Statistical Section Narrative Explanation 11 Independent Auditors’ Report 71 Schedule of Changes Fiduciary in Net Position 13 Management’s Discussion and Analysis 72 Schedule of Revenue by Source Financial Statements: 72 Schedule of Expenses by Type 19 Statements of Fiduciary Net Position 73 Schedule of Benefit Payments and Refunds by Type 20 Statements of Changes Fiduciary in Net Position 73 Funded Ratio Chart 21 Notes to Financial Statements 74 Rate of Return by Type of Investment Required Supplementary Information: 75 Schedule of Retired by Members Type of Benefit 39 Schedule of Changes in the Net Pension Liability -­‐ 76 Schedule of Average Benefit Payments Schedule 1 77 Principal Participating Employer 39 Schedule of the Net Pension Liability -­‐ Schedule 1 77 Demographics Chart 40 Schedule of Employer Contributions -­‐ Schedule 2 78 Participating Employers 41 Schedule of -­‐ Money Weighted Rate of Return on 80 Member Statistics Pension Plan Investments -­‐ Schedule 3 81 Distribution of Retirees and Beneficiaries Supplementary Information: 82 Summary of Active Members 42 Schedule of Investment Expenses -­‐ Schedule 4 43 Schedule of Administrative Expenses -­‐ Schedule 5 44 Schedule of Professional/Consultant -­‐ Fees Schedule 6 Investment Section 45 Investment Consultant’s Report 48 Chief Investment Officer’s Report 54 Largest Holdings 55 Investment Portfolio by Type and Manager 56 Asset Comparison 57 Schedule of Stock Brokerage Commissions Paid Introductory 1 Letter of Transmittal 5 Chairman’s Letter 6 Board of Trustees 7 Organizational Structure 7 Advisors and Consultants 8 2014 Legislation 9 Certificate of Achievement for Excellence in Financial Reporting 10 Public Pension Standards Award for Funding and Administration OKLAHOMAOKLAHOMA PUBLIC PUBLIC EMPLOYEES EMPLOYEES RETIREMENT RETIREMENT PLAN PLAN AdministeredAdministered by by the Oklahoma the Oklahoma Public Employees Public Retirement Employees System Retirement System Letter of Transmittal Oklahoma Public Employees Retirement System P.O. Box 53007 Oklahoma City, Oklahoma 73152-­‐3077 800.733.9008 toll-­‐free 405.848.5946 fax November 30, 1 20 4 To the Board of Trustees and Members of the Oklahoma Public Employees Retirement System: State law requires that, after July 1 and before December 1 of each year, the Oklahoma Public Employees Retirement System (OPERS) publish an annual report that covers the operation of OPERS including during the past fiscal year, income, disbursements and the financial condition at the end of the fiscal year. This report is published, in part, to fulfill that requirement for the fiscal year ended June 30, 2014. Management assumes full responsibility for the and completeness reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Cole & Reed, P.C., Certified Public Accountants, has issued an unqualified opinion on the Oklahoma Public Employees Retirement Plan’s statements of fiduciary net position as of June 30, 2014 and 2013, and the related statements of changes in fiduciary net position for the years then ended. The independent auditor’s report F is located at the front of inancial Section of report. this Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Plan OPERS is a multiple-­‐employer, cost-­‐sharing public employee retirement plan, which is a defined benefit pension plan. It covers substantially all employees of the State of Oklahoma (the State) except those covered by six other plans sponsored by the State and also covers employees of participating counties
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