Annual Statement FOR THE YEAR ENDED 12/31/2010

Transcription

1 Annual Statement OF THE FINANCIAL CONDITION OF THE DUKES COUNTY RETIREMENT SYSTEM TO THE PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION FOR THE YEAR ENDED 12/31/2010

2 Annual Statement for the Year Ended December 31, 2010 of the conditions and Affairs of the Dukes County Retirement System Organized Under the Laws of the Commonwealth of Massachusetts to the Public Employee Retirement Administration Commission Date of Certificate 03/01/1939 Effective Date 01/01/1940 ADMINISTRATION OFFICE 9 Airport Road, Suite 1 Street & Number Vineyard Haven, MA City/Town, State and Zip Code (508) Telephone Number We, the undersigned, members of the Dukes County Retirement System 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 Noreen Mavro Flanders (Chairperson) (Name) Appointed Member (Signature) Term Expires 12/31/2011 Sharon Willoughby (Name) Elected Member (Signature) Term Expires 12/31/2013 Jeffrey S Manter (Name) Elected Member (Signature) Term Expires 12/31/2013 David Rossi (Name) Member Appointed by Other Members (Signature) Term Expires 12/31/2011 Roger Wey (Name) (Signature) Investment Managers Investors list on next page Investment Consultant Custodian Dahab & Associates State Street Bank 423 So Country Rd, Bay Shore, NY PO Box 1992, Boston, MA 02105

3 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 ANNUAL STATEMENT BALANCE TESTS 1 ASSET BALANCE Assets Previous Year 61,551,88145 Income Current Year 16,166,62558 Disbursements Current Year 7,149,25786 Assets Current Year 70,569, ASSET DIFFERENCE Assets Current Year 70,569,24917 Assets Previous Year 61,551,88145 Difference 9,017, INCOME DIFFERENCE Income Current Year 16,166,62558 Disbursements Current Year 7,149,25786 Difference 9,017, FUND CHANGE DIFFERENCE Total Fund Change Credits Current Year 17,250,53629 Total Fund Change Debits Current Year -8,233,16857 Difference 9,017,36772 Note: The difference as a result of tests 2, 3 and 4 should be the same

4 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 ASSETS & LIABILITIES Cash 1,778, ,517, ,122, Short Term Investments Fixed Income Securities , Equities Pooled Short Term Funds Pooled Domestic Equity Funds 13,640, ,386, Pooled International Equity Funds 1,253, ,117, ,571, Pooled Global Equity Funds Pooled Domestic Fixed Income Funds 9,694, ,298, ,071, Pooled International Fixed Income Funds Pooled Global Fixed Income Funds Pooled Alternative Investments Pooled Real Estate Funds 2,668, ,363, ,078, Pooled Domestic Balanced Funds Pooled International Balanced Funds PRIT Absolute PRIT Cash 2,497, PRIT Fund 33,111, ,247, ,894, Interest Due and Accrued Prepaid Expenses Accounts Receivable (A) Land 1,313, , ,035, Buildings Accumulated Depreciation Buildings Accounts Payable (A) (-14,64963) (-27,49998) (-155,52108) TOTAL 63,447, ,707, ,119,55881 FUNDS Annuity Savings Fund 23,314, ,702, ,636, Annuity Reserve Fund 5,500, ,003, ,862, Military Service Fund 3, , Pension Fund 394, , , Expense Fund Pension Reserve Fund 41,317, ,078, ,046,80085 TOTAL ASSETS AT MARKET VALUE 70,530, ,512, ,974,57429 (A) Specific details for Accounts Receivable and Accounts Payable are to be disclosed on Schedule A

5 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 Balance Dec 31 Prior year Receipts Interfund Transfers Disbursements Balance Dec31 Current Year Annuity Savings Fund 23,702, ,875, ,083, ,178, ,314,45101 Annuity Reserve Fund 5,003, , , , ,500,10075 Pension Fund 729, ,526, ,861, ,50962 Military Service Fund 3, ,38916 Expense Fund 468, ,73073 Pension Reserve Fund 32,078, ,141, , ,317,72898 Total All Funds 61,512, ,166, ,149, ,530,17952 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 Annuity Savings Fund Control Acct in the amt of in the amt of 985,84270 on acct of 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 98,45954 on acct of 10 yr inactive to PRF 1,17192 on acct of Reversal of Carla Hoyt - 10 yr inactive

6 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 RECEIPTS 1 Annuity Savings Fund: (a) 4891 Members' Deductions 2,784, ,920,46665 (b) 4892 Transfers from Other Systems ,01202 (c) 4893 Member Make Up Payments and Redeposits 17, ,22268 (d) 4900 Member Payments from Rollovers (e) Investment Income Credited to Members' Accounts 73, , ,93318 Subtotal 2,875, ,414, , Annuity Reserve Fund: (a) Investment Income Credited to Annuity Reserve Fund 151, , ,00138 Subtotal 151, , , Pension Fund: (a) (8)(c) Reimbursements from Other Systems 72, ,11265 (b) 4899 Received from Commonwealth for COLA & Survivor Bft 47, ,79547 (c) 4894 Pension Fund Appropriation 3,400, ,027,17910 (e) 4840 Workers Compensation Settlement 5, ,50 Subtotal 3,526, ,193, Military Service Fund: (a) 4890 Contributions Received from Municipality 3,38916 (b) Investment Income Credited Subtotal 3, Expense Fund: (a) 4896 Expense Fund Appropriation (b) Investment Income Credited to Expense Fund 468, , ,95871 Subtotal 468, , , Pension Reserve Fund: (a) 4897 Federal Grant Reimbursement (b) 4895 Pension Reserve Appropriation 1,250, ,53540 (c) 4822 Interest Not Refunded 2, ,50385 (d) 4825 Miscellaneous Income 2, ,30081 (f) Excess Investment Income 7,886, ,145,34674 Subtotal 9,141, ,876,68680 TOTAL RECEIPTS 16,166, ,136, ,89327

7 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 DISBURSEMENTS 1 Annuity Savings Fund: (a) 5757 Refunds to Members 404, , ,34833 (b) 5756 Transfers to Other Systems 1,774, , , Annuity Reserve Fund: Subtotal 2,178, , ,38540 (a) 5750 Annuities Paid 640, , ,02953 (b) 5759 Option B Refunds 15, , Pension Fund: Subtotal 640, , ,30861 (a) 5751 Pensions Paid 3,534, ,336, ,215,22419 Regular Pension Payments 2,740, ,518,52743 Survivorship Payments 90, ,05326 Ordinary Disability Payments 85, ,01964 Accidental Disability Payments 540, ,08006 Accidental Death Payments 207, ,54952 Section 101 Benefits 17, ,21832 (b) (8)(c) Reimbursements To Other Systems 179, , ,38067 (c) 5752 COLAs Paid 147, , ,96046 (d) 5753 Chapter 389 Beneficiary Increase Paid 4 Military Service Fund: Subtotal 3,861, ,581, ,410,56532 (a) 4890 Return to Municipality for Members who Withdrew Funds Subtotal 5 Expense Fund: (a) 5118 Board Member Stipend 7,50 15,00 15,00 (b) 5119 Salaries 97, , ,38052 (c) 5304 Management Fees 203, , ,64687 (d) 5305 Custodial Fees 12, , ,90443 (e) 5307 Investment Consultant Fees 25,00 25,00 20,00 (f) 5308 Legal Expenses 18, , ,70626 (g) 5309 Medical Expenses (h) 5310 Fiduciary Insurance 4, , ,33700 (i) 5311 Service Contracts 23, ,00 9,25300 (j) 5312 Rent Expense (k) 5315 Professional Services (l) 5320 Education And Training , ,06500 (m) 5589 Administrative Expenses 72, , ,01020 (n) 5599 Furniture and Equipment (o) 5719 Travel 1, , ,42145 (p) 5829 Depreciation Expense: Building Subtotal 468, , ,95871 TOTAL DISBURSEMENTS 7,149, ,108, ,230,21804

8 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 INVESTMENT INCOME Investment Income received from: (a) Cash (from Schedule 1) 12, , ,45359 (b) Short Term Investments (from Schedule 2) ,02946 (c) Fixed Income Securities (from Schedules 3A and 3C) ,90515 (d) Equities (from Schedules 4A and 4C) 54, , ,99357 (e) Pooled Funds (from Schedule 5) 1,579, ,441, ,227,72737 (f) Commission Recapture 4821 TOTAL INVESTMENT INCOME 1,646, ,550, ,023,10914 Plus: 4884 Realized Gains (Profits) 1,192, , Unrealized Gains (Increase in Market Value) 12,521, ,181, Interest Due & Accrued on Fixed Income Securities at End Of Current Year Less: 4823 Paid Accrued Interest on Fixed Income Securities 4885 Realized Losses 580, ,956, Unrealized Losses (Decrease in Market Value) 6,200, ,712, Interest Due and Accrued on Fixed Income Securities Prior Year ,03796 NET INVESTMENT INCOME 8,579, ,903, ,023,10914 Income required: Annuity Savings Fund (from Supplementary Schedule) 73, ,65150 Annuity Reserve Fund 151, ,26249 Expense Fund 468, ,14216 Military Service Fund TOTAL INCOME REQUIRED 692, ,05615 Net Investment Income 8,579, ,903, ,023,10914 Less Income Required 692, ,05615 EXCESS INCOME TO PENSION RESERVE FUND 7,886, ,147, ,023,10914

9 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 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

10 Annual Statement of the Dukes County Retirement System for the Year Ended December 31, 2010 Schedule A: Detail of Accounts Receivable and Accounts Payable Accounts Receivable Amount Original Date 4891 Members Deductions 302, /31/ Transfers From Other Systems 4893 Member Make Up Payments and Redeposits 48, /31/ Member Payments from Rollovers (8)(c) Reimbursements from Other Systems 4899 Received from Commonwealth for COLA and Survivor Benefits 4884 Realized Gain on Sale of Investments 4894 Pension Fund Appropriation (Current Fiscal Year) 696,14 12/31/ Pension Fund Appropriation (Previous Fiscal Year) 4890 Contributions Received from Municipality on Account of Military Service 4897 Federal Grant Reimbursement 4895 Pension Reserve Appropriation 266, /31/2010 Investments Sold But Funds Not Received (list individually) TOTAL RECEIVABLES 1,313,86851 Accounts Payable 5757 Refunds to Members 5756 Transfers to Other Systems 5750 Annuities Paid 5759 Option B Refund 5751 Pensions Paid (8)(c) Reimbursements to Other Systems 5752 COLAs Paid 5753 Chapter 389 Beneficiary Increase Paid 4885 Realized Loss on Sale of Investments 4890 Return to Municipality for Members Who Withdrew Their Funds 5118 Board Members' Stipend 5119 Salaries 5304 Management Fees 5305 Custodial Fees -4, /31/ Investment Consultant Fees -6,25 12/31/ Legal Expenses /31/ Medical Expenses 5310 Fiduciary Insurance 5311 Service Contracts -2, /31/ Rent Expense 5315 Professional Services Expense 5589 Administrative Expenses -1, /31/ Furniture and Equipment 5719 Travel /31/2010 Investments Purchased But Not Paid For (list individually) TOTAL PAYABLES -14,64963