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MAKING PROGRESS - kpers.org

MAKING PROGRESS . 2018 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018. 2018 COMPREHENSIVE kansas public Employees retirement system ANNUAL. A component unit of the State of kansas Fiscal year ended June 30, 2018. FINANCIAL. Prepared by KPERS staff 611 S. kansas Ave., Ste 100 | Topeka, KS 66603-3869. REPORT Alan D. Conroy, Executive Director Judy McNeal, Chief Fiscal Officer O U R M I S S I O N. KPERS, in its fiduciary capacity, exists to deliver retirement , disability and survivor benefits to its members and their beneficiaries.. 4 INTRODUCTORY. TABLE OF. CONTENTS. INTRODUCTORY SECTION Notes to Required Transmittal Letter .. 8 Supplementary Information.. 48. Board of Trustees.. 12. Other Supplementary Information Our Organization.

ANNUAL FINANCIAL REPORT Kansas Public Employees Retirement System A component unit of the State of Kansas Fiscal year ended June 30, 2018 Prepared by KPERS staff

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Transcription of MAKING PROGRESS - kpers.org

1 MAKING PROGRESS . 2018 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018. 2018 COMPREHENSIVE kansas public Employees retirement system ANNUAL. A component unit of the State of kansas Fiscal year ended June 30, 2018. FINANCIAL. Prepared by KPERS staff 611 S. kansas Ave., Ste 100 | Topeka, KS 66603-3869. REPORT Alan D. Conroy, Executive Director Judy McNeal, Chief Fiscal Officer O U R M I S S I O N. KPERS, in its fiduciary capacity, exists to deliver retirement , disability and survivor benefits to its members and their beneficiaries.. 4 INTRODUCTORY. TABLE OF. CONTENTS. INTRODUCTORY SECTION Notes to Required Transmittal Letter .. 8 Supplementary Information.. 48. Board of Trustees.. 12. Other Supplementary Information Our Organization.

2 12. Schedule of Contributions .. 49. KPERS Staff .. 13. Schedule of Administrative Expenses .. 50. Consultants and Advisors .. 14. Schedule of Investment Income by Asset Class .. 51. GFOA Certificate of Achievement.. 15. Schedule of Investment Management PPCC public Pension Standards Award .. 16 Fees and Expenses .. 52. Combining Statement of Changes in Assets and FINANCIAL SECTION Liabilities Agency Fund .. 53. Independent Auditor's Report .. 20. Management's Discussion & Analysis .. 22 INVESTMENTS SECTION. Chief Investment Officer's Review .. 56. Basic Financial Statements public Equity Investments .. 59. Statement of Fiduciary Net Position .. 26. Fixed Income Investments .. 60. Statement of Changes in Fiduciary Net Position .. 27 Yield Driven Investments.

3 60. Note 1: Organization and Plan Description .. 28 Real Return Investments .. 61. Note 2: Summary of Significant Real Estate Investments .. 62. Accounting Policies .. 29. Alternative Investments .. 63. Note 3: Cash and Investments.. 32. Alternative Investments Initiated On or Note 4: Investment Derivatives .. 35. After July 1, 1991 .. 65. Note 5: Fair Value Measurement .. 39. Largest Equity Holdings .. 67. Note 6: Reserves .. 42. Changes in Fair Value of Investments .. 67. Note 7: Net Pension Liability of Particapating Employers .. 43 Equity Commissions.. 68. Note 8: Pension Obligation Bonds .. 44. ACTUARIAL SECTION. Note 9: Contingencies.. 45. retirement system Note 10: Subsequent Events .. 45. Actuarial Certification Letter .. 72. Actuarial Overview .. 74.

4 Required Supplementary Information retirement Plan Experience All Systems Combined .. 75. Schedule of Changes in the Projected Employer Contribution Rates .. 81. Employers' Net Pension Liability .. 46. Employer Contribution Rates .. 81. Schedule of the Employers' Net Pension Liability .. 46. Summary of Change in Unfunded Actuarial Schedule of Employers' Contributions .. 47 Liability by system .. 87. Schedule of Investment Returns.. 47. MAKING PROGRESS 2018 A N N UA L R E P O R T. INTRODUCTORY 5 . Summary of Changes in Employer Actuarial Benefit and Refund Deductions from Contribution Rate by system .. 87 Net Position by Type .. 121. Summary of Historical Changes in Highlight of Operations Total system UAL .. 88 10-Year Summary .. 122. Summary of Principal Results Number of Retired Members and Survivors by Type of Benefit.

5 123. - KPERS State .. 89. Number of Retired Members and Survivors - KPERS School .. 90. by Monthly Benefit Amount .. 123. - KPERS State/School .. 91. Number of Retired Members and Survivors - KPERS Local .. 92 by Type of Payment Option .. 124. - KPERS Total .. 93 Average Benefit by Years of Service - kansas Police & Firemen's retirement system .. 94 Five-Year Summary of New Retirees .. 125. - retirement system for Judges .. 95 Principal Participating Employers .. 126 128. - All Systems Combined .. 96. Summary of Provisions KPERS. (State, School and Local) .. 97. Summary of Provisions KP&F .. 100. Summary of Provisions Judges .. 102. Actuarial Assumptions KPERS .. 103. Actuarial Assumptions KP&F .. 107. Actuarial Assumptions Judges .. 108. Technical Valuation Procedures.

6 109. Schedule of Funding PROGRESS .. 111. Short Term Solvency Test .. 111. Schedule of Active Member Valuation Data .. 112. Membership Profile .. 112. Retirants, Beneficiaries Changes in Rolls All Systems .. 113. Summary of Membership Data .. 114. Employer Contribution Rates .. 115. STATISTICAL SECTION. Revenues by Source .. 118. Benefits by Type .. 119. Expenses by Type .. 119. Changes in Net Position .. 120. MAKING PROGRESS 2018 A N N UA L R E P O R T. INTRODUC TORY SEC TION.. 8 INTRODUCTORY. TRANSMITTAL LETTER. K ANSA S public EMPLOY EE S R E T IR EMEN T SYS T EM. October 31, 2018. We are pleased to present the kansas public Employees rather than absolute, assurance that the financial statements retirement system 's (KPERS) Comprehensive Annual Financial are free of any material misstatements, since the cost of internal Report (CAFR) for Fiscal Year 2018.

7 In addition to informing the control should not exceed the benefits obtained. In addition to Board of Trustees, members and employers, our annual report internal controls, the independent certified public accounting fulfills KPERS' reporting responsibilities as defined in kansas firm CliftonLarsenAllen conducted an independent audit of the statute. Printed copies are readily available to the public and a retirement system 's financial statements for Fiscal Year 2018. full version is posted on our website, OUR PROFILE. As the first item in the CAFR, this transmittal letter provides The kansas Legislature created the kansas public Employees a high-level overview of the retirement system . The retirement system in 1962 to secure a financial foundation Management's Discussion and Analysis section provides a for those spending their careers in kansas public service.

8 The narrative introduction and analysis of our financial activities retirement system provides disability and death benefits while over the past fiscal year. This letter is intended to complement employees are still working, and a dependable pension benefit the Management's Discussion and Analysis, and they should be when they retire. read together. We are a statewide, cost-sharing multiple employer defined ENSURING ACCURACY benefit retirement plan containing three different groups: Responsibility for the preparation, accuracy and complete- ness of this report, including all disclosures, rests firmly with public Employees KPERS' management. Information is presented in accordance kansas Police and Firefighters with generally accepted accounting principles. To the Judges best of our knowledge, the included data is accurate in all material respects and fairly presents our financial position and retirement system benefits are offered by slightly over 1,500.

9 Operating results. state and local employers. KPERS has about 311,000 members, including active, inactive and retired members. The retirement The retirement system maintains a framework of internal controls system paid about $ billion in retirement benefit payments to establish reasonable assurance that assets are safeguarded, for Fiscal Year 2018. Over 85 percent of those benefits remained transactions are completed accurately and financial statements in kansas . retirement system assets totaled $ billion on are fair and reliable. We also have an internal audit program that June 30, 2018. reports to the Board of Trustees. There are inherent limitations to internal controls, and risk cannot always be foreseen or Along with the defined benefit plan, KPERS also oversees completely eliminated.

10 KPERS' objective is to provide reasonable, KPERS 457, a voluntary 457(b) deferred compensation plan MAKING PROGRESS 2018 A N N UA L R E P O R T. INTRODUCTORY 9 . for State of kansas employees. In addition, 351 local public information about KPERS diversified and disciplined approach employers also participate. The plan has over 24,500 total and to executing our investment strategy, please refer to the about 13,300 actively contributing participants. Total KPERS 457 investment section in this report, beginning on page 56. This plan assets equaled about $ billion at the end of Fiscal Year section also provides details about our asset allocation and a 2018. The KPERS 457 plan's financial information is not included general overview of each asset class and its performance.


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