Table of Contents
Introductory Section
Certificate of Achievement.......................................................................................................................................4Public Pension Standards Award..............................................................................................................................5Letter of Transmittal.................................................................................................................................................6Retirement Board Members .................................................................................................................................12Advisors and Consultants ......................................................................................................................................12Organization Chart ...............................................................................................................................................13
Financial Section
Independent Auditor’s Report................................................................................................................................16Management’s Discussion and Analysis................................................................................................................18Basic Financial Statements
Statements of Pension Plan and Other Postemployment Benefit Plan Net Assets.............................................
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Statements of Changes in Pension Plan and Other Postemployment Benefit Plan Net Assets..........................
25
Notes to Basic Financial Statements
.................................................................................................................26Required Supplementary InformationSchedules of Funding Progress..........................................................................................................................46Schedules of Employer and Other Contributions..............................................................................................47Notes to Required Supplementary Information......................................................................................................48Supporting Schedules.............................................................................................................................................49
Investment Section
Report on Investment Activity...............................................................................................................................58Asset Allocation.....................................................................................................................................................76Investment Results.................................................................................................................................................77List of Largest Stock Holdings...............................................................................................................................78List of Largest Bond Holdings ..............................................................................................................................78Schedule of Investment Fees .................................................................................................................................79Schedule of Investment Commissions....................................................................................................................80Investment Summary..............................................................................................................................................81
Actuarial Section
Actuary’s Certification...........................................................................................................................................84Summary of Actuarial Assumptions and Methods.................................................................................................86Schedule of Active Member Valuation Data..........................................................................................................88Schedule of Changes in the Retirement Rolls........................................................................................................88Prioritized Solvency Test.......................................................................................................................................89Analysis of System Experience..............................................................................................................................90Summary of Plan Provisions .................................................................................................................................91
Statistical Section
Schedules of Revenues by Source..........................................................................................................................97Schedules of Expenses by Type.............................................................................................................................98Schedules of Changes in Net Assets.......................................................................................................................99Schedules of Benefits and Refunds by Type........................................................................................................100Schedules of Retired Members by Type of Benefit..............................................................................................101Schedule of Other Postemployment Benefits.......................................................................................................103Schedules of Average Benefit Payments..............................................................................................................104Schedule of Principal Participating Employers....................................................................................................106Ten Year History of Membership.........................................................................................................................107Schedule of Participating Employers...................................................................................................................108Acknowledgments........................................................................................................................................................116
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MICHIGAN PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM
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