The 46Th Comprehensive Annual Financial Report of the Arizona State Retirement System

The 46Th Comprehensive Annual Financial Report of the Arizona State Retirement System

ARIZONA STATE RETIREMENT SYSTEM 3300 North Central Avenue, Suite 1300 Phoenix, Arizona 85012 The 46th Comprehensive Annual Financial Report of the Arizona State Retirement System A Component Unit of the State of Arizona For the Year Ended June 30, 1999 Karl L. Polen, Jr. James A. Jenkins Chairman Vice Chairman Arizona State Retirement System Board Arizona State Retirement System Board Report prepared by the Arizona State Retirement System Staff LeRoy Gilbertson Director ARIZONA STATE RETIREMENT SYSTEM TABLE OF CONTENTS Page INTRODUCTORY SECTION......................................................................1 Chairman’s Report............................................................................................................................ 1 Letter of Transmittal......................................................................................................................... 2 Certificate of Achievement .............................................................................................................. 8 Administrative Organization ............................................................................................................ 9 Retirement Board Members .......................................................................................................... 9 Senior Staff.................................................................................................................................... 9 Professional Consultants .................................................................................................................. 9 Actuary.......................................................................................................................................... 9 Benefits ......................................................................................................................................... 9 Custodial Bank.............................................................................................................................. 9 Independent Auditors .................................................................................................................... 9 Investment Advisor ....................................................................................................................... 9 Investment Managers ................................................................................................................... 10 Organizational Chart ....................................................................................................................... 11 Summary of 1999 Retirement Legislation....................................................................................... 12 FINANCIAL SECTION ...............................................................................15 INDEPENDENT AUDITORS’ REPORT....................................................................................... 16 COMBINED FINANCIAL STATEMENTS FOR THE YEAR ENDED: JUNE 30, 1999 WITH SUPPLEMENTAL INFORMATION Combined Statements of Plan Net Assets................................................................................. 18 Combined Statements of Changes in Plan Net Assets.............................................................. 19 Notes to Financial Statements................................................................................................... 20 REQUIRED SUPPLEMENTAL INFORMATION: Schedule of Year 2000 Status (Unaudited).................................................................................. 31 Schedule of Funding Progress ..................................................................................................... 33 Schedule of Employer Contributions........................................................................................... 33 Notes to Required Supplemental Information.............................................................................. 34 ARIZONA STATE RETIREMENT SYSTEM Page ADDITIONAL SUPPLEMENTAL SCHEDULES: Schedule of Additions and Deductions........................................................................................ 39 Schedule of Administrative Expenses.......................................................................................... 40 Schedule of Long-Term Disability Expenses............................................................................... 41 Schedule of Cash Receipts and Cash Disbursements .................................................................. 42 Schedule of Professional Consultant Fees ................................................................................... 43 Schedule of Net Investment Income Experience by Manager ..................................................... 44 Schedule of Investment Expenses by Manager............................................................................ 45 INVESTMENT PORTFOLIO SECTION..................................................46 Investment Report............................................................................................................................ 47 Schedule of Investments.................................................................................................................. 50 Graph – Investment Portfolio Components..................................................................................... 50 Chart – Investment Allocation......................................................................................................... 51 Rates of Return................................................................................................................................ 51 Graph – Net Income from Investments ........................................................................................... 52 Ten-Year Review of Investment Income......................................................................................... 52 Net Investment Income Experience by Manager............................................................................. 53 Schedule of Commissions Paid to Brokers ..................................................................................... 54 List of Investments .......................................................................................................................... 60 Temporary Investments................................................................................................................ 60 United States Treasury & Government Agency Securities.......................................................... 61 Corporate Obligations .................................................................................................................. 73 Private Placements ....................................................................................................................... 76 Preferred and Common Stock – Domestic................................................................................... 77 Foreign Securities......................................................................................................................... 92 Mortgages..................................................................................................................................... 98 Real Estate.................................................................................................................................... 99 ARIZONA STATE RETIREMENT SYSTEM Page ACTUARIAL SECTION.............................................................................100 Actuarial Certification Statement................................................................................................ 101 Actuarial Valuation..................................................................................................................... 104 General Actuarial Information .................................................................................................... 106 Financing Objective .................................................................................................................... 108 Summary of the Benefit Provisions ............................................................................................ 110 Table A – Schedule of Active Member Valuation Data – Last 10 Years................................... 119 Table B – Schedule of Retirees Added to and Removed from Rolls – Last 10 Years................ 119 Table C – Schedule of Unfunded (over) Accrued Liabilities – Plan – Last 10 Years................ 120 Table D – Relationship between Accrued Liabilities and Assets – Last 10 Years..................... 120 Table E – Schedule of Recommended vs. Actual Plan Contributions – Last 10 Years.............. 121 STATISTICAL SECTION ..........................................................................122 List of Employers ........................................................................................................................... 123 Graph – Contributions Received .................................................................................................... 127 Graph – Total Benefit Payments .................................................................................................... 128 Graph – Total Reserves for Benefits .............................................................................................. 129 Graph – Nonretired & Retired Members........................................................................................ 130 Schedule of Revenues by Source ..................................................................................................

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