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2015-16 Comprehensive Annual Financial Report …

A Component Unit of the State of California 2015-16 Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2016 California Public Employees Retirement System Focused on the FutureThis page intentionally left Annual Financial Report Fiscal Year Ended June 30, 2016 Prepared through the joint efforts of calpers ' staff. Available online at California Public Employees' Retirement System A Component Unit of the State of CaliforniaThis page intentionally left Section 1 Professional Awards 2 Interim Chief Executive Officer s Letter of Transmittal 3 About calpers 7 Board of Administration 10 Organizational Chart Executive Staff 12 Consultant & Professional Services 13 Financial Section 15 Independent Auditor s Report 16 Management s Discussion & Analysis (MD&A) 19 Financial Section: Basic Financial Statements 35 Statement of Fiduciary Net Position Fi

COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2016 Prepared through the joint efforts of CalPERS' staff. Available online at www.calpers.ca.gov

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1 A Component Unit of the State of California 2015-16 Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2016 California Public Employees Retirement System Focused on the FutureThis page intentionally left Annual Financial Report Fiscal Year Ended June 30, 2016 Prepared through the joint efforts of calpers ' staff. Available online at California Public Employees' Retirement System A Component Unit of the State of CaliforniaThis page intentionally left Section 1 Professional Awards 2 Interim Chief Executive Officer s Letter of Transmittal 3 About calpers 7 Board of Administration 10 Organizational Chart Executive Staff 12 Consultant & Professional Services 13 Financial Section 15 Independent Auditor s Report 16 Management s Discussion & Analysis (MD&A) 19 Financial Section.

2 Basic Financial Statements 35 Statement of Fiduciary Net Position Fiduciary Funds 36 Statement of Changes in Fiduciary Net Position Fiduciary Funds 38 Statement of Net Position Proprietary Funds 40 Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds 41 Statement of Cash Flows Proprietary Funds 42 Notes to the Basic Financial Statements 43 Financial Section: Required Supplementary Information 71 Schedules of Changes in Net Pension Liability/(Asset) and Related Ratios 72 Schedules of Plan Contributions 77 Schedule of Investment Returns 79 Schedule of Claims Development Information 80 Financial Section.

3 Other Supplementary Information 81 Administrative Expense All Funds 82 Investment Expense Investment Management Fees 83 Investment Expense Performance Fees 85 Investment Expense Other Investment Expenses 86 Consultant and Professional Services Expenses All Funds 89 Statement of Changes in Assets & Liabilities Agency Fund 93 Investment Section 95 Chief Investment Officer s Letter 96 Investment Performance PERF 97 Portfolio Comparisons PERF 97 Asset Allocations PERF 98 Portfolio of California Investments at Fair Value PERF 98 Largest Stock & Bond Holdings at Fair Value PERF 99 Schedule of Commissions & Fees PERF 100 Private Equity Management Fees & Profit Sharing PERF 102 Investment Performance LRF 105 Investment Performance JRF II 105 Investment Performance CERBTF 106 Investment Performance HCF 107 Investment Performance LTCF 107 Actuarial Section 109 Actuarial Certifications 110 Actuarial Methods & Assumptions 112 Summary of Funding Progress 115 Exhibit A: Funding Progress Unfunded Liability & Funded Ratios 116 Exhibit B: Funding Progress Solvency Test 117 Exhibit C.

4 Sample Pay Increase Assumptions for Individual Members 119 Exhibit D: Sample Non-Economic Assumptions 120 Exhibit E: Single Life Retirement Values 129 Exhibit F: History of Member Salary Data 129 Exhibit G: Members in Valuation 130 Exhibit H: Schedule of Retirees & Beneficiaries Added to/and Removed from Rolls 133 Statistical Section 135 Introduction 136 Changes in Fiduciary Net Position Retirement Programs 136 Public Employees Retirement System Membership & Retirement Data 141 Public Employees Retirement Fund Program Data 143 Public Agency Employers 152 Legislators Retirement System Membership & Retirement Data 170 Legislators Retirement System Program Data 171 Judges Retirement System Membership & Retirement Data 174 Judges Retirement System Program Data 175 Judges Retirement System II Membership &

5 Retirement Data 178 Judges Retirement System II Program Data 179 Statistical Section: Other Programs 183 Health Care Fund/Contingency Reserve Fund 184 Long-Term Care Fund 185 Health Benefits Program Data 186 Defined Contribution Plans 194 Long-Term Care (LTC) Program Data 195 Compliance Section 197 Overview 198 FY 2015-16 Highlights 199 First Line of Defense 199 Health Administration 199 Pension Administration 200 Internal Operations 201 Second Line of Defense 203 Enterprise Compliance 203 Enterprise Risk Management 205 Third Line of Defense 206 Office of Audit Services 206 Index of Tables, Charts, & Lists 209 Glossary of Acronyms 216 Table of ContentsThis page intentionally left SECTION Invested in California based companies and projects $302 billion in investments million members 3.

6 021 contracted public agency employers 4th year of the 2012-2017 Strategic Plan SECTION HIGHLIGHTS 2 Professional Awards 3 Interim Chief Executive Officer's Letter of Transmittal 7 About calpers 10 Board of Administration 12 Organizational Chart Executive Staff 13 Consultant & Professional ServicesPROFESSIONAL AWARDS CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN Financial REPORTING The Government Finance Officers Association of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting to calpers for our Comprehensive Annual Financial Report for the fiscal year ended June 30, 2015.

7 This was the twentieth year that calpers has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized Comprehensive Annual Financial Report that satisfies both generally accepted accounting principles and applicable legal requirements. We believe our current Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program s requirements. PUBLIC PENSION STANDARDS AWARD The Public Pension Coordinating Council awarded a Public Pension Standards Award for Funding and Administration to calpers for the fiscal year ended June 30, 2016 .

8 This is the fourteenth consecutive year that calpers has achieved this prestigious award. In order to be awarded a Public Pension Standards Award, a public pension program must meet professional standards for plan design and administration as set forth in the Public Pension Standards. A Public Pension Standards Award is valid for a period of one year. STATE INFORMATION OFFICERS COUNCIL (SIOC) GOLD AWARD The State Information Officers Council (SIOC) awarded a Gold Award to calpers for our Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015. The awards recognize projects for their excellence in state government communications.

9 SIOC is a nonprofit organization and provides independent judging for the awards by prominent Sacramento-area public relations, media, and design professionals, who are neither members of SIOC, nor associated with the Council. Introductory Section 2 | Introductory Section | calpers Comprehensive Annual Financial Report , Fiscal Year Ended June 30, 2016 INTERIM CHIEF EXECUTIVE OFFICER'S LETTER OF TRANSMITTAL November 30, 2016 Members of the calpers Board of Administration: I am pleased to present the calpers Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2016 .

10 Over the past fiscal year, calpers continued to focus on making positive changes for our members and employers by reducing costs and risk to the System. While we faced another year of turbulent global markets, calpers plans and polices have been in place for quite some time to best position our System in these challenging economic times. Despite volatile Financial markets during this year, our investments stood at $302 billion at the end of the Fiscal Year 2015-16 with a percent net return on investments in the Public Employees Retirement Fund (PERF). Our positive net return was driven by positive performance in Fixed Income, which nearly matched its benchmark.


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