DRAFT. State Teachers Retirement System. The West Virginia Consolidated Public Retirement Board

Transcription

1 Audited Schedules of Allocations and Pension Amounts By State Teachers Retirement System Administered by The West Virginia Consolidated Public Retirement Board As of and for the Year Ended June 30, 2015

2 State Teachers Retirement System Audited Schedules of Allocations and Pension Amounts By As of and for the Year Ended June 30, 2015 TABLE OF CONTENTS Page Independent Auditor's Report Schedule of Allocations as of and for the Year Ended June 30, 2015 Schedule of Pension Amounts By as of and for the Year Ended June 30, 2015 Notes to Schedules of Allocations and Pension Amounts By

3 3 SCHEULE OF EMPLOYER ALLOCATIONS As of and for the Year Ended June 30, 2015 State Payment Made "On Behalf" of Total Allocation s Percentage 72,951 5,762 78, % Berkeley County Board of Education 1,783, , ,694 52,110 1,924, , % % % Boone County Board of Education Braxton County Board of Education Brooke County Board of Education Cabell County Board of Education Calhoun County Board of Education Clay County Board of Education oddridge County Board of Education Fayette County Board of Education Gilmer County Board of Education Grant County Board of Education Greenbrier County Board of Education Hampshire County Board of Education Hancock County Board of Education Hardy County Board of Education Harrison County Board of Education Barbour County Board of Education 70,962 5,606 76, ,159 27, , % 1,022,376 80,759 1,103, % 75,551 5,968 81, % 129,973 10, , % 243,417 19, , % 634,696 50, , % 80,874 6,388 87, % 66, ,447 5,257 71, % 31, , % 196,048 15, , % 458,098 36, , % 41,192 3,254 44, % 106,834 1,459, % 1,352, ,546 39, , % 1,024,564 80,932 1,105, % 1,837, ,163 1,982, % 167,516 13, , % Lincoln County Board of Education 247,929 19, , % Logan County Board of Education 456,258 36, , % Marion County Board of Education 639,563 50, , % % % Jackson County Board of Education Jefferson County Board of Education Kanawha County Board of Education Lewis County Board of Education Marshall County Board of Education 690,182 54, ,700 Mason County Board of Education 299,203 23, , (Continued}

4 4 SCHEULE OF EMPLOYER ALLOCATIONS As of and for the Year Ended June 30, 2015 State Payment Made "On Behalf" of Total Allocation s Percentage 461,646 36, ,112 Mercer County Board of Education 764,534 60, , % 395,816 31, , % Mineral County Board of Education Mingo County Board of Education Mcowell County Board of Education Monongalia County Board of Education Monroe County Board of Education Morgan County Board of Education Nicholas County Board of Education Ohio County Board of Education Pendleton County Board of Education Pleasants County Board of Education Pocahontas County Board of Education Preston County Board of Education Putnam County Board of Education Raleigh County Board of Education Randolph County Board of Education Ritchie County Board of Education Roane County Board of Education Summers County Board of Education Taylor County Board of Education Tucker County Board of Education Tyler County Board of Education % 285,140 22, , % 1,308, ,368 1,411, % 125,414 9, , % 128,245 10, , % 279,542 22, , % 580,235 45,833 45,161 3, ,068 48, % 191,654 15, , % 49,077 52, % 58,950 3,877 4,657 63, % 877,560 69, , % 957,315 75,620 1,032, % 222,314 17, , % 143,796 11, , % 99,342 7, , % 132,010 10, , % 72,581 5,733 2,004 78,314 27, % 15, , % 269, % 336, % 25, % % Upshur County Board of Education 196, ,146 Wayne County Board of Education 312,201 19,759 24,661 64,865 5,124 69, % 364,870 28, , % Webster County Board of Education Wetzel County Board of Education (Continued)

5 5 SCHEULE OF EMPLOYER ALLOCATIONS As of and for the Year Ended June 30, 2015 State Payment Made Wood County Board of Education Wyoming County Board of Education Bluefield State College River Valley Child evelopment Services Concord University Fairmont State University Glenville State College Marshall University Research Corp Marshall University Shepherd University West Liberty University West Virginia School for the eaf and Blind West Virginia State University West Virginia University Southern West Virginia Community & Technical College West Virginia Northern Community College West Virginia Network "On Behalf" of Total Allocation s Percentage 51,549 1,285, ,159 74,936 21, , , ,785 17, ,861 42,953 86, ,221 4, ,571 31,451 5,919 1,707 11,872 11,738 15,465 1,393 39,169 3,393 6,795 50,177 10, ,584 7,757 3,070 1, ,137 3,110 1, ,221 4,777 Wirt County Board of Education Blue Ridge Community and Technical College Pierpont Community & Technical College Mountwest Community and Technical College New River Community and Technical College West Virginia University at Parkersburg West Virginia Council for Community & Technical College Education West Virginia epartment of Education Bridge Valley Community & Technical College 135,463 1,361,972 98,203 38,870 19,599 10,429 7,477 27,053 39,374 18,838 10,699 2,446,102 60,479 Sum of orange highlights (non-lea employer contributions) = 6,196, Sum of blue highlights (non-lea employer allocation percentage) = % 40 55,621 1,387, ,610 80,855 23, , , ,250 19, ,030 46,346 92, , ,163 1,469, ,960 41,940 21,147 11,253 8,068 29,190 42,484 20,326 11,544 2,639,323 65, % % % % % % % % % % % % % % % % % % % % % % % % % % (Continued)

6 6 SCHEULE OF EMPLOYER ALLOCATIONS As of and for the Year Ended June 30, 2015 West Virginia Higher Education Policy Commission West Virginia - SAF West Virginia - ARC 52, , 729, ,159, ,721,000 State Payment Made "On Behalf" of s 4,159 8,588,694 24,973,874 35,919,000 Total 56, ,318, ,133, ,640,000 Allocation Percentage % % % % 42 The accompanying notes are in integral part of this schedule.

7 SCHEULE OF PENSION AMOUNTS BY EMPLOYER STATE T EACHERS RETIREMENT SYSTEM As of and for the Year Ended June 30, Pension Expense Excluding That Attributable to Em ployer -Paid eferred Inflows of eferred Outflows of Member Net Amortization of Net ifference Net ifference Between Barbour County Board of Education Berkeley County Board of Education Boone County Board of Education Braxton County Board of Education Brooke County Board of Education Cabell County Board of Education Calhoun County Board of Education Clay County Board of Education oddridge County Board of Education Fayette County Board of Education Gilmer County Board of Education Grant County Board of Education Greenbrier County Soard of Education Hampshire County Board of Education Hancock County Board of Education Hardy County Board of Education Harrison County Board of Education Jackson County Board of Education Jefferson County Board of Education Kanawha County Board of Education Lewis County Board of Education Lincoln County Board of Education Logan County Board of Education Marion County Board of Education Marshall County Board of Education Mason County Board of Education Mcowell County Board of Education Mercer County Board of Education Mineral County Board of Education Mingo County Board of Education Monongalia County Board of Education Monroe County Board of Education Morgan County Board of Education Nicholas County Board of Education Ohio County Board of Education Pendleton County Board of Education Pleasants County Board of Education Pocahontas County Board of Education Preston County Board of Education Putnam County Board of Education Raleigh County Board of Education Randolph County Board of Education Ritchie County Board of Education Roane County Board of Education Summers County Board of Education Between Projected and Proportion and Projected and Actual ifferences Between Actual Investment Earnings on and Net Pension Pension Plan Liability Investments of 555,931 13,590,865 5,027, ,788 2,683,666 Total eferred Outflows of 31, , ,019 30, ,905 1,890,653 84, ,313 2,658, ,847 30, , , , , ,255 34,818 28, ,404 84, ,419 1,498, , , , , , , ,931 1,020, ,034 1,938, , , ,660 1,087, , , ,335 1,105, ,226 17, , , , ,187 72, , , , , , , , , , ,394 53, , , , ,323 eferred Amounts Changes in ifferences Proportion and ifferences Between Investment Between Earnings on b:pected and Pension Plan and Actual Investments Experience o f 54,871 1,341, , , , ,998 56,828 97, ,090 4, ,677 43,529 4,682 23,237 67,460 4,985 8, ,061 41,879 5,336 4,391 26,423 12,936 30,227 2,718 89,241 7,791, , ,474 1,854,985 4,836, , ,140 3,051,641 1,494,010 3,491, ,917 10,306, ,837,318 7,807,806 14,004,443 1,276,565 1,889,36 0 3,476,967 4,873,880 5,259,5 97 2,280,102 3,518,030 5,826,236 3,016,365 2,172,957 9,9 72, , ,306 2,130,265 4,421, ,169 1,460, , ,236 6,687,559 7,295,330 1,694,163 1,095, ,054 1,005,998 55, , ,808 19,444 82,514 21,130 25, , ,153 95,712 61,909 42,770 56, ,289 3,376,717 17, ,807 1,382, , , , , ,401 90, , , ,853 99, , , ,255 1,272, , , ,914 1,015, ,114 3,157,394 4,167,904 89, ,5 47 1,579,267 1,369, , ,239 1,103, , , ,762 1,275, ,692 55, , , , , ,560 25, ,071 1,685,062 95,712 61,909 42, , ,397 60, , , , , ,984 1,017, , ,643 1,382, , , , , , , , , , , ,290 94,331 96, , ,432 33, ,157 36,915 44, , , , ,159 74,722 99, ,226 67, ,258 11,053 16,359 30,105 42,201 45,540 19,742 30,461 50,447 26,117 18,815 86,346 8,275 8,462 18,445 38,286 2,980 12,646 3,238 3,890 57,904 63,167 14,669 9,488 6,555 8,710 from Changes in Proportion and ifferences Between Empk>yer Total efeffed Inflows of 68,649 Contri butions and of Allocable Pension Expense of Contribut ions 36, , ,910 35, , ,186 37,554 64, , ,483 40,199 33, ,047 97, ,704 20, , , , ,455 1,304,969 1,182, ,319 1,412, , , , ,569 1,487,703 3,068, , , ,734 2,953,395 1,067, ,792 1,682,665 1,808, ,156 1,645,343 1,438, , , ,613 80, , ,324 91, , , , , , ,255 1,061,791 1,145, , ,485 1,779,768 1,929,185 1,166, , , , , , , , , , , , ,334 1,459,117 1,392, , , ,458 61, , ,151 1,079,010 66,166 54,447 1,107, , ,308 33,702 1,615,938 Changes in 509,412 9, ,456 1,564, ,103 17, ,446 2,430, , , , , , , , , , , , , , , ,459 62,338 63, , ,412 22,449 95,265 24,395 29, , , ,504 71,476 49,380 65,617 7 Total Pension Expense Excluding That Attributable to -Paid Member 28, ,514 (201,104) (130, 128) (8,319) 305,085 74,099 (99,517) 139,000 64,450 1,352, ,806 (94,855) 166, , ,653 (34,912) 259,993 19, ,436 26,043 (80,228) 150,393 75,324 58,947 (43,588) 335, ,635 59, , , ,028 79, , , ,429 1,188,561 64, , ,106 (15,681) 44, ,082 (402,774) (59,769) 56,745 {152,768) (222,55 9) (108,006) 8 67, , ,871 (84,870) 283, ,467 76, ,464 88,740 (336,14 1) 48,273 42,638 (78,644) (194,408) 698, ,976 (14,898) (19,931) (18,895) (39,423) 6,798 17,665 (174,417) (159,108) (38,502) {244,394) (31,743) (29,164) (8,684) 119, ,517 (16,974) 10 2,063 42,060 (145,115) 277, ,344 (133,890) 39,733 20,216 56,933 (Continued)

8 SCHEULE OF PENSION AMOUNTS BY EMPLOYER As of a nd for the Ye ar Ended June 30, 2015 eferred Inflows of efe rred Outflows of Net ifference Wirt County Board of Education Wood County Boa rd of Education Wyoming County Board of Educa tio n Bluefi e ld State College River Valley Child eve lopment Services Concord University Falrmont State University Glenville State College Marshall University Research Corp Marshall University Shepherd University West liberty University West Virginia School for the eaf and Blind West Virginia Sta te Unive rsity West Virginia University Southern West Virginia Community & Technica l College West Virginia Northern Community College West Virginia Network Blue Ridge Community and Technical College Pierpont Community & Technical College Mountwest Community and Technical College New River Community and Technical College West Virginia University at Parkersburg West Virginia Council for Community & Technical Colle ge Educat io West Virginia epartment of Education Bridge Valley Community & Technical College West Virginia Hig he r Education Policy Commission State of WV Special Fu nding - SAF State of WV Special Funding - ARC Contribution The accompanying notes a re an integral part of this schedule. 553, ,292 1,494,599 1,906,271 2,379, ,318 2,780, ,821 9,798,976 3,034, , ,669 1,145,301 1, ,492, ,348 3,778,756 31,249 10,920 84, , ,412 27, ,087 22, , ,419 32,261 9,303 64,704 63,978 84,291 7, , , ,522 4,840,787 1,032,299 10,379, , , ,352 79,493 56, , , ,565 81,537 18,640, , , ,586, ,409,332, ,465,254, ,493 37, ,482 58, ,369 42,279 16,735 8,438 4,491 3,218 Changes in Proportion and ifferences Between Empk>yer a nd Pro portionate Sha re of Projected and Actua l Investment Eamings on Pension Plan Investments Total eferred Outflows of Changes in ifferences Betwee n Expected and Actua l Experience 31,249 89, , ,322 27,927 1,301,177 42,895 2,661, ,049 77,865 21,835 64,704 63,978 84,291 7, ,533 54,594 19, , , ,828 48, ,442 38, , ,482 56,362 16, , , ,263 13, ,969 4,789 1,674 12,941 16,506 20,600 4,280 24,075 3,401 84,845 26,272 4,944 1,426 9,917 9,805 12,919 1,163 32, ,493 85, ,862 58, ,369 42,279 16,735 8,438 11,651 7,449 32,308 64, , ,890 1,024,430 73,864 29,236 14, 741 7,846 5,623 2,834 5, ,938 89,867 6,480 2,565 1, Proportion and ifferences Between and of Total eferred Inflows of 531,043 Taylor County Board of Education Tucker County Board of Education Tyler County Board of Education Upshur County Board of Education Wayne County Board of Education Webster County Board of Education Wetzel County Board of Education Net Pension Liability Between Projected and Actual Investme nt Earnings on Pension Plan Investments Net ifference Between Pension Expense Excluding That Attributable to -Paid 11,646 16,952 8,111 4,606 1,053,121 26,038 22,668 46,811, ,116, , 771,000 78, , , ,910 1,144,090 20,702 2,107, ,630 45,604 12,532 20,051 48, ,380 7,160 4,231 16,991 28,637 16, ,606 1,117,934 2,171,055 42,967 69, , ,189 27,048, ,859,765 93,233, ,349, , 202, ,973,746 14, ,347 1,785 29,616 2,598 14,170 1,243 8, ,839, ,402 45,489 3,991 3,474 39,603 81,782, ,174, ,804, ,861, , 026, ,004, ,602 69, , ,115 75,620 1,631,618 1,022, ,084 34, , , , ,321 99, , ,035 1,902, , ,548 11, ,626 56,377 55,510 6,166 60,159 2,492,042 58, ,733, ,139, ,202, ,426 20, , , , , , ,793 2,683,638 1,348, ,391 52, , , ,718 50, , , , , ,863 3,017, , ,349 27,733 13,95 1 8,742 78,509 87,724 21,579 68, , ,792 43, ,690, ,805, , 232, 746 of Allocable Pension Expense Net Amortization of eferred Amounts from Changes in Proportion and ifferences Between and of 36,078 12,608 97, , ,184 32, ,362 25, , ,910 37,247 10,741 74,704 73,865 97,317 8, ,473 21, , ,746 67, ,986 48,812 19,321 9,742 5,185 3,716 13,446 19,572 9,364 5,318 1,215,868 30,061 26,171 54,045, ,151, ,025, Total Emplo yer Pe nsion Expense Excluding That Attributable to -Paid Mem bf!r (130,972) (94,894) 32,567 79, ,472 81,639 (81,190) 420,617 10,422 19,959 (18,165) 24,133 (73,545) (113,432) 239,255 (15,200) 4,274 (182,997) (29,009) (6,418) (38,408) (67,484) (64,619) (7,574) (107,110) 643,423 14,913 8,238 4,323 36,296 6,381 (59,386) (15,571) (67,100) (46,053) (471,343) (65,583) {50,003) (2,798) (11,020) (12,522) 1,301 (13,710) (413,764) (6,320) 31,355 (11,913,477) 16 13,816, ,698 1, ,363 (38,036) 27, ,646 21, ,643 (16,771) (30,682) 6,944 5,231 3,891 2,426 7,050 10,665 (8,392) 802,104 23, ,526 42,132, ,968, ,025,000

9 9 NOTES TO SCHEULES OF EMPLOYER ALLOCATIONS AN PENSION AMOUNTS BY EMPLOYER 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Introduction The Government Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, establishes financial reporting requirements for governments that provide employees with pension benefits. GASB 68 requires governmental employers to recognize a net pension liability and/or a net pension asset as employees earn pension benefits. Governments participating in the State Teachers Retirement System (the TRS) will recognize their proportionate share of the collective pension amounts for all benefits provided through the plan. Basis of Accounting The schedule of pension amounts by employer of the Plan has been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The GASB is the accepted standard setting body for establishing governmental accounting and financial reporting principles for governmental units. Basis of Allocation Pension amounts have been allocated to each participating employer and non-employer contributing entity based on their proportionate share of employer and non-employer contributions to the Plan for the fiscal year ended June 30, contributions are recognized when due. Retroactive service, military service, out of state service, and back pay employer contributions have been excluded from the allocation. contributions made by the non-employer contributing entity on behalf of participating employers have been allocated to the non-employer contributing entity in accordance with the special funding situation requirements of GASB 68. See Note 4, special funding situation, for additional discussion, and Note 5 for discussion of contributions that are not in a special funding situation. Accounting Estimates The preparation of the schedules of employer allocations and pension amounts by employer in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net pension liability, deferred inflows of resources, deferred outflows of resources, and pension expense as of the measurement date. Actual amounts could differ from those estimates. Measurement ate Net pension liability, deferred inflows of resources, deferred outflows of resources, and pension expense were determined by actuarial valuations as of June 30, 2014 rolled forward to June 30, 2015, which is the measurement date.

10 10 NOTES TO SCHEULES OF EMPLOYER ALLOCATIO NS AN PENSION AMOUNTS (Continued) 2 - AMORTIZATION The net difference between projected and actual investment earnings on pension plan investments is amortized over a five year period. All other deferred outflows of resources and deferred inflows of resources relating to pension amounts reported in these schedules are amortized and included in pension expense over the rounded average remaining service life of 6 years. The amortization of the deferred outflows and deferred inflows related to changes in the proportionate share of contributions from year to year for each entity is available from the West Virginia Public Retirement Board. Information regarding the amortization of deferred outflows and deferred inflows of resources related to pension amounts follows : Net ifference Between Projected and Actual Investment Ea rn ings on Pension Plan Investments (in thousands) : Measurement ate 6/30 Amount Recognition period (years) June 30, , (114,008) (456,035) (342,026) (228,017) (114,008) Amount recognized in fiscal year June 30, 2014 (570,044) 5.00 Balance as of June eferred Outflows of eferred Inflows of (114,008) (65,066) (65,066) A (65,066) B (65,065) C 48,942 (456,035) (342,026) (228,017) (114,008) (456,035) (146,255) (81,189) (16,123) 48,942 48,942 48,943 48, , ,828 97,885 48, , ,828 97,885 48,942 Total

11 11 NOTES TO SCHEULES OF EMPLOYER ALLOCATIONS AN PENSION AMOUNTS (Continued) Sum of A = (71,067,000) AMORTIZATION (Continued) ifferences Between Expected and Actual Experience (in thousands): Measurement ate 6/30 Amount Recognition period (years) 2015 (36,005) Total 44 (6,001) (6,000) A B (6,001) C (6,001) (6,000) E (6,000) (30,004) (24,003) (18,002) (12,001) (6,000) Balance as of June (71,067,000) (71,066,000) 42,941,000 (6,000,000) eferred Inflows of Amount recognized in fiscal year eferred Outflows of Sum of B = Sum of C = Sum of = Sum of E = (30,004) (24,003) (18,002) (12,001) (6,000) (30,004) (24,003) (18,002) (12,001) (6,000) 3 - ACTUARIAL REVISIONS Subsequent to the issuance of the West Virginia Consolidated Public Retirement Board 's June 30, 2015 Comprehensive Annual Financial Report, certain actuarial amounts from the actuarial valuation as of June 30, 2014 rolled forward to June 30, 2015 were revised relating to the TRS. The amounts revised as of June 30, 2015 were used to prepare these schedules and are described below: Total pension liability Plan fiduciary net position 10,268,596,000 (6,803,342,000) Net pension liability Plan fiduciary net position as a percentage of the total pension liability 1% ecrease (6.5%) Sensitivity of iscount Rate Total net pension liability 66.25% 4,492,414, Current iscount Rate (7.5%) 43 3,465,254,000 1% Increase (8.5%) 2,583,276,000 46

12 12 NOTES TO SCHEULES OF EMPLOYER ALLOCATIONS AN PENSION AMOUNTS (Continued) 4 - SPECIAL FUNING SITUATION The State of West Virginia (State) is a non-employer contributing entity that provides funding through the School Aid Formula (SAF) to subsidize employer contributions of county boards of education and to fund the unfunded liability of TRS for all participating employers. These amounts qualify as a special funding situation in accordance with GASS 68. The State assumes a share of the net pension liability on behalf of the various county boards of education for contributions related to the SAF. The State assumes a share of the net pension liability on behalf of all participating employers for contributions related to funding of the unfunded liability. 5 - CONTRIBUTIONS BY NON-EMPLOYER CONTRIBUTING ENTITY NOT IN A SPECIAL FUNING SITUTATION For the year ended June 30, 2015, the West Virginia Legislature appropriated and contributed funds to the TRS in excess of the Annual Required Contribution (ARC) in the amount of 35,919,000. This contribution is not considered a special funding situation and the amounts of this contribution associated with each participating employer are reported in the "on-behalf payments" column reported in the accompanying schedule of employer allocations.