Annual Statement FOR THE YEAR ENDED 12/31/2016

Transcription

1 Annual Statement OF THE FINANCIAL CONDITION OF THE FALMOUTH RETIREMENT BOARD TO THE PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION FOR THE YEAR ENDED 12/31/2016

2 Annual Statement for the Year Ended December 31, 2016 of the conditions and Affairs of the Falmouth Retirement Board Organized Under the Laws of the Commonwealth of Massachusetts to the Public Employee Retirement Administration Commission Date of Certificate 02/14/1941 Effective Date 07/01/1941 ADMINISTRATION OFFICE 80 Davis Straits, Suite 102 Street & Number Falmouth, MA City/Town, State and Zip Code (508) Telephone Number We, the undersigned, members of the Falmouth Retirement Board certify under penalties of perjury, that that we are the official board members of said retirement system, and that on the thirty-first date of December last, all of the herein-described assets were the absolute property of said retirement system, free and clear from any liens or claims thereon, except as stated, and the following statements, with the schedules and explanations therein contained, annexed, or referred to, are a full and correct exhibit of all of the assets, liabilities, income and disbursements, changes in fund balances, and the conditions and affairs of said retirement system on the said thirty-first date of December last, and for the year ended on that date, according to the best of our information, knowledge, and belief respectively Board Of Retirement Ex-Officio Member Jennifer P Petit (Name) Appointed Member (Signature) Term Expires Gary W Anderson (Name) Elected Member (Signature) Term Expires 10/30/2019 Russell R Ferreira (Chairman) (Name) Elected Member (Signature) Term Expires Vacant (Name) Member Appointed by Other Members (Signature) Term Expires 06/30/2018 Ellen K Philbin (Name) (Signature) Investment Managers Managers Listed on Next Page Investment Consultant Custodian Wainwright Investment Counsel, LLC State Street Bank One Boston Place, 41st Floor, Boston MA Pennsylvania Ave, Kansas City MO Page 1

3 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 ANNUAL STATEMENT BALANCE TESTS 1 ASSET BALANCE Assets Previous Year 117,181,73738 Income Current Year 22,229,40503 Disbursements Current Year 12,360,72986 Assets Current Year 127,050, ASSET DIFFERENCE Assets Current Year 127,050,41255 Assets Previous Year 117,181,73738 Difference 9,868, INCOME DIFFERENCE Income Current Year 22,229,40503 Disbursements Current Year 12,360,72986 Difference 9,868, FUND CHANGE DIFFERENCE Total Fund Change Credits Current Year 26,464,12938 Total Fund Change Debits Current Year -16,595,45421 Difference 9,868,67517 Note: The difference as a result of tests 2, 3 and 4 should be the same Page 2

4 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 ASSETS & LIABILITIES Cash 1,692, ,052, ,738, Short Term Investments Fixed Income Securities Equities 26,535, ,496, ,056, Pooled Short Term Funds Pooled Domestic Equity Funds 25,220, ,932, ,148, Pooled International Equity Funds 19,227, ,119, ,643, Pooled Global Equity Funds Pooled Domestic Fixed Income Funds 20,648, ,877, ,373, Pooled International Fixed Income Funds 2,789, ,785, ,392, Pooled Global Fixed Income Funds Pooled Alternative Investments 4,532, ,069, ,286, Pooled Real Estate Funds 11,195, ,285, ,930, Pooled Domestic Balanced Funds Pooled International Balanced Funds Hedge Funds 11,668, ,185, ,184, PRIT Cash PRIT Fund Interest Due and Accrued Prepaid Expenses Accounts Receivable (A) Land 000 3,648, ,474, ,340, Buildings Accumulated Depreciation Buildings Accounts Payable (A) (-108,66883) (-96,53097) (-101,09895) TOTAL 127,050, ,181, ,995,23115 FUNDS Annuity Savings Fund 30,204, ,103, ,827, Annuity Reserve Fund 11,185, ,081, ,210, Military Service Fund 10, , , Pension Fund 8,965, ,637, ,646, Expense Fund Pension Reserve Fund 76,684, ,348, ,300,00882 TOTAL ASSETS AT MARKET VALUE 127,050, ,181, ,995,23115 (A) Specific details for Accounts Receivable and Accounts Payable are to be disclosed on Schedule A Page 3 000

5 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 Balance Dec 31 Prior year Receipts Interfund Transfers Disbursements Balance Dec31 Current Year Annuity Savings Fund 30,103, ,161, ,665, , ,204,78699 Annuity Reserve Fund 10,081, , ,665, ,881, ,185,78081 Pension Fund 8,637, ,905, ,568, ,146, ,965,34305 Military Service Fund 10, ,27322 Expense Fund , , Pension Reserve Fund 68,348, ,905, ,568, ,684,22848 Total All Funds 117,181, ,229, ,360, ,050,41255 List below all transfers: Xfer from Xfer from Xfer from Annuity Savings Fund Control Acct Annuity Savings Fund Control Acct Pension Reserve Fund Control Acct to Annuity Reserve Fund in the amt of to Pension Reserve Fund Control Acct to Pension Fund Control Account in the amt of in the amt of 2,665,88335 on acct of 2016 Retirements Xfer from to in the amt of on acct of Xfer from to in the amt of on acct of Xfer from to in the amt of on acct of 2399 on acct of Interest Not Owed 1,568,84100 on acct of Appropriation Transfer per PERAC Page 4

6 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 RECEIPTS 1 Annuity Savings Fund: (a) 4891 Members' Deductions 2,850, ,708, ,709,19226 (b) 4892 Transfers from Other Systems 227, , ,95801 (c) 4893 Member Make Up Payments and Redeposits 42, , ,02712 (d) 4900 Member Payments from Rollovers 9, , ,16221 (e) Investment Income Credited to Members' Accounts 31, , ,99999 Subtotal 3,161, ,945, ,060, Annuity Reserve Fund: (a) 4750 Recovery of Annuity from Reinstatement (b) Investment Income Credited to Annuity Reserve Fund 319, , ,97939 Subtotal 319, , , Pension Fund: (a) (8)(c) Reimbursements from Other Systems 494, , ,90666 (b) 4899 Received from Commonwealth for COLA & Survivor Bft 114, , ,23574 (c) 4894 Pension Fund Appropriation 7,296, ,948, ,617,94300 (d) 4840 Workers Compensation Settlement ,00000 (e) 4751 Recovery of Pension from Reinstatement (f) 4841 Recovery of 91A Overearnings Subtotal 7,905, ,156, ,926, Military Service Fund: (a) 4890 Contributions Received from Municipality (b) Investment Income Credited Subtotal Expense Fund: (a) 4896 Expense Fund Appropriation (b) Investment Income Credited to Expense Fund 938, , ,00593 Subtotal 938, , , Pension Reserve Fund: (a) 4897 Federal Grant Reimbursement 5, , ,66400 (b) 4895 Pension Reserve Appropriation (c) 4822 Interest Not Refunded , ,60798 (d) 4825 Miscellaneous Income (e) Excess Investment Income 9,898, , ,536,60771 Subtotal 9,905, , ,546,87969 TOTAL RECEIPTS 22,229, ,862, ,749,30024 Page 5

7 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 DISBURSEMENTS 1 Annuity Savings Fund: (a) 5757 Refunds to Members 143, , ,87283 (b) 5756 Transfers to Other Systems 251, , , Annuity Reserve Fund: Subtotal 394, , ,21945 (a) 5750 Annuities Paid 1,881, ,628, ,516,68103 (b) 5759 Option B Refunds Pension Fund: Subtotal 1,881, ,628, ,516,68103 (a) 5751 Pensions Paid 8,890, ,356, ,940,83303 Regular Pension Payments 7,040, ,475, ,059,33002 Survivorship Payments 309, , ,18867 Ordinary Disability Payments 67, , ,79032 Accidental Disability Payments 1,301, ,336, ,312,89430 Accidental Death Payments 123, , ,56638 Section 101 Benefits 48, , ,06334 (b) (8)(c) Reimbursements To Other Systems 255, , ,98743 (c) 5752 COLAs Paid (d) 5753 Chapter 389 Beneficiary Increase Paid Military Service Fund: Subtotal 9,146, ,629, ,164,82046 (a) 4890 Return to Municipality for Members who Withdrew Funds Subtotal Expense Fund: (a) 5118 Board Member Stipend 3, , ,25000 (b) 5119 Salaries 160, , ,17320 (c) 5304 Management Fees 479, , ,36355 (d) 5305 Custodial Fees 64, , ,66930 (e) 5307 Investment Consultant Fees 100, , ,00000 (f) 5308 Legal Expenses 15, , ,29077 (g) 5309 Medical Expenses (h) 5310 Fiduciary Insurance 6, , ,71400 (i) 5311 Service Contracts 35, , ,43165 (j) 5312 Rent Expense (k) 5315 Professional Services (l) 5316 Actuarial Services (k) 5317 Accounting Services (n) 5320 Education And Training 38, , , , , , , , ,27000 (o) 5589 Administrative Expenses 20, , ,43829 (p) 5599 Furniture and Equipment (q) 5719 Travel 1, , , , , (r) 5829 Depreciation Expense: Building Subtotal 938, , ,00593 TOTAL DISBURSEMENTS 12,360, ,675, ,099,72687 Page 6

8 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 INVESTMENT INCOME Investment Income received from: (a) Cash (from Schedule 1) 1, , ,59014 (b) Short Term Investments (from Schedule 2) (c) Fixed Income Securities (from Schedules 3A and 3C) (d) Equities (from Schedules 4A and 4C) 512, , ,45841 (e) Pooled Funds (from Schedule 5) 1,278, ,062, ,237,83937 (f) Commission Recapture TOTAL INVESTMENT INCOME 1,792, ,382, ,571,88792 Plus: 4884 Realized Gains (Profits) 1,203, ,868, ,903, Unrealized Gains (Increase in Market Value) 17,764, ,220, ,838, Interest Due & Accrued on Fixed Income Securities at End Of Current Year Less: 4823 Paid Accrued Interest on Fixed Income Securities Realized Losses 988, , ,120, Unrealized Losses (Decrease in Market Value) 8,584, ,056, ,394, Interest Due and Accrued on Fixed Income Securities Prior Year NET INVESTMENT INCOME 11,187, , ,798,60326 Income required: Annuity Savings Fund (from Supplementary Schedule) 31, , ,99999 Annuity Reserve Fund 319, , ,97939 Expense Fund 938, , ,00593 Military Service Fund TOTAL INCOME REQUIRED 1,289, ,294, ,261,99555 Net Investment Income 11,187, , ,798,60326 Less Income Required 1,289, ,294, ,261,99555 EXCESS INCOME TO PENSION RESERVE FUND 9,898, , ,536,60771 Page 7

9 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 MEMBERSHIP FOR CURRENT YEAR ACTIVE MEMBERS Group 1 Group 2 & 4 TOTAL Active Membership, Dec 31st, Previous Year Inactive Membership, Dec 31st, Previous Year Enrolled During Current Year Transfers Between Groups Reinstatements of Disabled Members SUBTOTAL Deduct: Death Withdrawals Retirements SUBTOTAL Active Membership, Dec 31st, Current Year Inactive Membership, Dec 31st, Current Year RETIRED MEMBERS, BENEFICIARIES & SURVIVORS Retired, Beneficiary and Survivor Membership, Dec 31st, Previous Year Retirements During the Year Superannuation Ordinary Disability Accidental Disability Termination Retirement Allowance Beneficiary of Deceased Retiree Survivor Benefits from Active Membership SUBTOTAL Deduct: Deaths of Retired Members Termination of Survivor Benefits Reinstatements of Disabled Pensions SUBTOTAL Retired Membership, Dec 31st, Current Year Superannuation Ordinary Disability Accidental Disability Termination Beneficiaries from Accidental Deaths Beneficiaries from Section Beneficiaries from Section Beneficiaries under Option C Option (D) Survivor Allowance Section 12B Survivor Allowance Total Retired, Beneficiary and Survivor Membership, Dec 31st, Current Year TOTAL MEMBERSHIP Active, Inactive, Retired, Beneficiary and Survivor, Dec 31st, Current Year ,095 Page 8

10 Annual Statement of the Falmouth Retirement Board for the Year Ended December 31, 2016 Schedule A: Detail of Accounts Receivable and Accounts Payable Accounts Receivable Amount Original Date 4751 Recovery of Pension from Reinstatement Workers Compensation Settlements Recovery of 91A Overearnings Members Deductions Transfers From Other Systems Member Make Up Payments and Redeposits Member Payments from Rollovers (8)(c) Reimbursements from Other Systems Received from Commonwealth for COLA and Survivor Benefits Realized Gain on Sale of Investments Pension Fund Appropriation (Current Fiscal Year) 3,648, /31/ Pension Fund Appropriation (Previous Fiscal Year) Contributions Received from Municipality on Account of Military Service Federal Grant Reimbursement Pension Reserve Appropriation 000 Investments Sold But Funds Not Received (list individually) Estate of Thomas Garland /31/ TOTAL RECEIVABLES 3,648,31642 Accounts Payable 5316 Actuarial Services Accounting Services -8, /31/ Education and Training Refunds to Members Transfers to Other Systems Annuities Paid Option B Refund Pensions Paid (8)(c) Reimbursements to Other Systems COLAs Paid Chapter 389 Beneficiary Increase Paid Realized Loss on Sale of Investments Return to Municipality for Members Who Withdrew Their Funds Board Members' Stipend Salaries Management Fees -60, /31/ Custodial Fees -10, /31/ Investment Consultant Fees -25, /31/ Legal Expenses /31/ Medical Expenses Fiduciary Insurance Service Contracts /31/ Rent Expense 5315 Professional Services Expense Administrative Expenses -1, /31/ Furniture and Equipment -1, /31/ Travel 000 Investments Purchased But Not Paid For (list individually) overpayment of member deductions /31/ TOTAL PAYABLES -108,66883 Page 9