2001 Annual Report Supplement

New York State and Local Retirement Systems 2001 Annual Report Supplement H. Carl McCall State Comptroller Table of Contents Financial Section................... 1 Statistical Section (continued) New Option Selections ................................................. 33 Independent Auditors’ Report ........................................ 1 Option Selections: Total Payments............................... 34 Statements of Plan Net Assets ...................................... 2 Local Government Salaries and Billings—ERS.......... 35 Statements of Changes in Plan Net Assets .................. 3 Local Government Salaries and Billings—PFRS ........ 36 Notes to Financial Statements ...................................... 4 Contributions Recorded 1992–2001 .......................... 37 Schedule of Funding Progress ..................................... 11 Participating Employers ............................................... 38 Schedule of Employer Contributions ........................... 12 Actuarial Section ................ 61 Statistical Section ............... 13 Statement of the Actuary ............................................ 61 Combined Systems Participants ................................... 13 Actuarial Funding and Valuation ................................. 62 Membership by Age and Years of Service................... 14 Actuarial Valuation Balance Sheets.............................. 65 Membership By Tier..................................................... 15 Employer Contribution Rates....................................... 67 Membership By Status ................................................. 15 Employer Contributions................................................ 70 Membership By Employer Type ................................... 16 Changes In Contributions............................................. 72 Average Salary By Employer Type .............................. 16 Historical Trends........................................................... 73 Members and Salaries by Plan—ERS ........................ 17 Members and Salaries by Plan—PFRS ...................... 18 Investment Section ............. 75 Pensioners and Beneficiaries by Age........................... 19 Investment Results ....................................................... 75 Pension Benefits by State of Residence...................... 19 Domestic Stock Performance ....................................... 76 Pension Benefits by County of Residence in International Stock Performance ................................. 77 New York State...................................................... 20 Global Equity and Tactical Asset Performance........... 77 Benefit Recipients Outside the United States and Territories .............................................................. 20 Domestic Bond ............................................................. 78 Service Retirees—ERS................................................. 21 Private Equity Investments Summary ......................... 79 Service Retirees—PFRS............................................... 22 Real Estate Portfolio.................................................... 79 Disability Retirees—ERS ............................................. 23 Domestic and International Stocks ............................. 80 Disability Retirees—PFRS ........................................... 24 Bonds 2000-2001 ...................................................... 105 Pensioners and Beneficiaries—ERS ............................ 25 Mortgage Holdings ..................................................... 115 Pensioners and Beneficiaries—PFRS .......................... 26 Real Estate Investments............................................. 120 Total Benefit Payments 1992–2001........................... 27 Private Equity Investments........................................ 122 Average Pension Benefits Paid During Year Shown.... 28 Short-Term Investments.............................................. 126 New Benefits—ERS ..................................................... 29 Domestic Equity Commissions ................................... 127 New Benefits—PFRS ................................................... 30 International Equity Commissions ............................. 130 New Benefits—Retirements by Age and Service ...... 31 Domestic Bond Transactions ...................................... 132 New Benefits—Ordinary and Accidental Death ........ 32 Fees ............................................................................. 133 Investor Responsibility ............................................... 135 Financial Section 515 Broadway Albany, NY 12207 Independent Auditors’ Report Trustee New York State and Local Retirement Systems We have audited the accompanying statements of plan net assets of the New York State and Local Retirement Systems (the Systems) as of March 31, 2001, and the related statements of changes in plan net assets for the year then ended. These financial statements are the responsibility of the Systems’ management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the plan net assets of the Systems, as of March 31, 2001, and the changes in plan net assets for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated June 15, 2001 on our consideration of the Systems’ internal control over financial reporting and our tests of its compliance with certain laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. The required supplementary information on Schedules 1 and 2 is not a required part of the financial statements, but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consist principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit this information and express no opinion on it. June 15, 2001 NYS and Local Retirement Systems n 2001 ANNUAL REPORT SUPPLEMENT 1 financial Statements of Plan Net Assets March 31, 2001 (in thousands) Employees’ Police and Fire Retirement Retirement Assets __System__ __System__ __Total__ Investments: Short-term investments $837,965 154,077 992,042 Government bonds 21,031,973 3,867,151 24,899,124 Corporate bonds 8,790,279 1,616,270 10,406,549 Domestic stocks 43,599,378 8,016,622 51,616,000 International stocks 10,174,884 1,870,856 12,045,740 Alternative investments 5,018,813 922,809 5,941,622 Real property 3,966,667 729,351 4,696,018 Mortgage loans __1,550,692 _ _285,126 __1,835,818 Total investments 94,970,651 17,462,262 112,432,913 Securities lending collateral, invested 8,833,052 1,624,134 10,457,186 Forward foreign exchange contracts 324,734 59,709 384,443 Receivables: Employers’ contributions 288,384 37,663 326,047 Employees’ contributions 21,363 75 21,438 Member loans 868,623 989 869,612 Investment interest and dividends 509,622 93,704 603,326 Investment sales 315,625 58,034 373,659 Other __ __47,504 __ _21,760 __ __69,264 Total receivables 2,051,121 212,225 2,263,346 Other assets __ ___5,719 __ __1,052 __ ___6,771 Total assets 106,185,277 19,359,382 125,544,659 Liabilities Securities lending collateral, due to borrowers 8,833,052 1,624,134 10,457,186 Forward foreign exchange contracts 315,252 57,965 373,217 Investment purchases 150,788 27,725 178,513 Benefits payable 152,550 28,444 180,994 Other liabilities __ _270,430 __ _40,808 __ _311,238 Total liabilities __9,722,072 _1,779,076 _11,501,148 Net assets held in trust for pension benefits __$ 96,463,205 ________ _________17,580,306 __________114,043,511 See accompanying notes to financial statements. 2 2001 ANNUAL REPORT SUPPLEMENT n NYS and Local Retirement Systems financial Statements of Changes in Plan Net Assets Year Ended March 31, 2001 (in thousands) Employees’ Police and Fire Retirement Retirement Additions: ___System___ ___System___ ___Total___ Investment activities: Interest income $1,593,252 292,351 1,885,603 Dividend income 593,630 108,927 702,557 Securities lending income 639,700 117,380 757,080 Other income 217,089 39,833 256,922 3,043,671 558,491 3,602,162 Less net depreciation in fair value of investments 11,727,869 2,169,073 13,896,942 Less securities lending expenses 609,696 111,875 721,571 Less investment expenses 130,521 23,950 154,471

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