The WRS Unique Design What It Means To You. David Stella, Secretary Wisconsin Department of Employee Trust Funds April 15, 2008
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1 The WRS Unique Design What It Means To You David Stella, Secretary Wisconsin Department of Employee Trust Funds April 15, 2008
2 The WRS is a Hybrid Benefit Plan Formula Benefit Defined Benefit based on: Final average earnings (3 highest years) Formula multiplier Years of creditable service Your age at retirement Option for Variable Fund participation Maximum benefit limit Option for additional contributions Money Purchase Benefit Defined Contribution Benefit based on: The value of two times the member contribution account + interest Annuity factor based on actuarial tables No maximum benefit Option for additional contributions
3 Post Retirement Dividend Feature Risk Even though the original annuity is guaranteed, retirees share in the investment risk because retirement benefits are adjusted based on investment gains and losses Reward Positive annual dividends help retain the purchasing power of annuities, but are not guaranteed
4 Comparative Statement Core $ Millions Valuation Annual Fund Actuarial Change in Date Number Annuities Balance Reserve Ratio Annuities CPI ,128 1, , , % 1.7 % ,112 1, , , % 1.6 % ,817 1, , , % 2.7 % ,425 1, , , % 3.4 % ,142 2, , , % 1.6 % ,289 2, , , % 2.4 % ,582 2, , , % 1.9 % ,211 2, , , % 3.3 % ,674 2, , , % 3.4 % ,117 2, , , % 2.6 % ,906 3, , , % 4.1 % 25 Year Average 5.4 % 3.1 % 10 Year Average 4.7 % 2.7 % (Report 20)
5 Comparative Statement Variable $ Millions Valuation Annual Fund Actuarial Change in Date Number Annuities Balance Reserve Ratio Annuities CPI , , , % 1.7 % , , , % 1.6 % , , , % 2.7 % , , , (11.0)% 3.4 % , , , (14.0)% 1.6 % , , , (27.0)% 2.4 % , , , % 1.9 % , , , % 3.3 % , , , % 3.4 % , , , % 2.6 % , , , % 4.1 % 25 Year Average 5.9 % 3.1 % 10 Year Average 1.4 % 2.7 % (Report 21)
6 Variable Fund Issues In a recent audit, the Legislative Audit Bureau raised concerns about Variable Fund investment performance SWIB analyzed the Variable Fund structure and concluded asset allocation changes were needed; the review also revealed structural questions about the fundamental design of the Variable Fund
7 Variable Fund Issues If the Variable Fund were fully diversified in a way that improves its risk adjusted return, it would look similar to the Core Fund. Under the current structure of 100% allocation to stocks, the Variable Fund has more risk for each unit of return it earns than the Core Fund. This recent analysis raises the question of whether the Variable Fund has outlived its original design and purpose. SWIB and ETF are discussing policy options that could be considered by the ETF Board.
8 Core Fund Dividend Projections (Not predictions)
9 Assumptions Based on 2007 Core Trust Fund investment returns and dividend Includes investment gains and losses carried forward Dividends will be paid if annuity reserve surplus provides at least a 0.5% dividend Annuities will be reduced if annuity reserve shortfall would require at least a 0.5% adjustment
10 Assumptions (cont.) Negative dividends can only be used to reduce dividends granted in prior years. A Core annuity cannot be reduced below the original value. 1% per year is reserved for mortality improvement and other actuarial adjustments and is not available for dividends
11 If 7.8% Return in Wisconsin Retirement System Core Effective Rate / Dividend Projections SWIB Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Dividend % 7.8% 7.8% 7.8% 7.8% 7.8% 13.1% 10.7% 9.9% 9.7% 8.3% 8.1% 6.6% 4.4% 3.6% 3.5% 2.3% 2.0%
12 If 0% Return in Wisconsin Retirement System Core Effective Rate / Dividend Projections SWIB Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Dividend % 0.0% 7.8% 7.8% 7.8% 7.8% 13.1% 9.0% 8.2% 8.0% 6.7% 6.4% 6.6% 2.8% 2.1% 1.9% 0.7% 0.5%
13 If 12% Return in Wisconsin Retirement System Core Effective Rate / Dividend Projections SWIB Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Dividend % 12.0% 7.8% 7.8% 7.8% 7.8% 13.1% 11.6% 10.8% 10.5% 9.2% 8.9% 6.6% 5.2% 4.5% 4.3% 3.0% 2.8%
14 A 16.0% Return or Lower in 2008 will Result in a Negative Dividend Wisconsin Retirement System Core Effective Rate / Dividend Projections SWIB Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Dividend % 16.0% 7.8% 7.8% 7.8% 7.8% 13.1% 5.5% 4.6% 4.3% 2.7% 2.2% 6.6% 0.5% 1.3% 1.6% 3.0% 3.5%
15 At least a 11.5% return will be needed in 2008 to pay a dividend Wisconsin Retirement System Core Effective Rate / Dividend Projections SWIB Net Investment Return Core Trust Fund Effective Rate Core Trust Fund Dividend % 11.5% 7.8% 7.8% 7.8% 107.8% 13.1% 6.5% 5.6% 5.4% 3.9% 3.5% 6.6% 0.5% 0.0% 0.8% 1.9% 2.2%
16 There will be no dividend for 2008 if the investment return is between 11.5% and 16.0%
17 What Does the Future Hold? Demographic Changes Expected Over the Ensuing 50 Year Period
18 WRS Population Changes Current retirees 142,906 (actual) Retirees in ,189 (estimate) Retirees in ,659 (estimate) Retirees in ,483 (estimate)
19 Retiree Population Present and Future Projected Retiree Population Population Current Retirees Future Retirees From Deferreds Future Retirees From Actives
20 WRS Annuities and Contributions 30% 25% 20% % of Pay 15% 10% 5% 0% Annuitie s Contributions (Ge neral) Annuities are expected to continue to increase as a percent of payroll for several more decades. Increases will be paid from income from retirement system assets. I 2
21 Projected Net External Cash Flow* Valuation Assumptions $Billions Benefit % of Year Contributions Payments Cash Flow Assets 2007 $ 1.3 $ 3.1 $ (1.8) (2.6)% (4.4) (3.8)% (6.9) (4.2)% (9.1) (3.9)% (12.1) (3.5)% (18.3) (3.5)% *Contribution income minus benefit payout
22 Observations 2007 Expected benefit payments have increased due to longevity improvements. If current trends continue, life expectancies at retirement will increase by about three years over the projection period, putting upward pressure on contribution rates (roughly 2% of payroll) and downward pressure on dividends. We review mortality rates every three years and make adjustments as needed.
23 Department of Employee Trust Funds Future Goals and Objectives Continue to protect the financial integrity of the Trust Funds Obtain sufficient administrative funding authority and flexibility to substantially improve services to a growing population of members. Acquire a new facility to meet ETF s longterm needs for effective future operations.
24 Future Goals and Objectives Design and develop a customer service plan that enhances the use of technology and makes ETF services more accessible statewide. The expected time frame to obtain this flexibility and authority is two biennial budget cycles. The need will be documented in two studies currently underway and other studies conducted in the next two years.
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