The Retirement Systems of Alabama
Teachers' Retirement System of Alabama
Schedules of Employer Allocations &
Pension Amounts by Employer As of and for the Fiscal Year Ended September 30, 2014
David G. Bronner, Ph.D., J.D., Chief Executive Officer 201 South Union Street P. O. Box 302150 Montgomery, Alabama 36130-2150
(334) 517-7000 or 1-877-517-0020
Teachers' Retirement of System of Alabama Table of Contents
Independent Auditors' Report.......................................................................1 Schedules of Employer Allocations................................................................3 Schedule of Pension Amounts by Employer........................................................ 10 Notes to the Schedules of Employer Allocations and Pension Amounts by Employer....14 Reconciliation of Employer Contributions Used in the Schedules of Employer Allocations for the Fiscal Year Ended September 30, 2013....................................20 Reconciliation of Employer Contributions Used in the Schedules of Employer Allocations for the Fiscal Year Ended September 30, 2014....................................26 Schedule of Discount Rate Sensitivity, Amortization of Deferred Outflows/(Inflows), and Employer Contributions as of and for the Fiscal Year Ended September 30, 2014........32
INDEPENDENT AUDITORS' REPORT
Board of Control Teachers' Retirement System of Alabama
Report on the Combined Financial Statements
We have audited the accompanying schedules of employer allocations of the Teachers' Retirement System of Alabama (TRS) as of and for the years ended September 30, 2014 and 2013, and the related notes. We have also audited the total for all entities of the columns titled 2013 net pension liability, 2014 net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense (specified column totals) included in the accompanying schedule of pension amounts by employer of the Teachers' Retirement System of Alabama as of and for the year ended September 30, 2014 and the related notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these schedules in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express opinions on the schedules of employer allocations and the specified column totals included in the schedule of pension amounts by employer based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedules of employer allocations and specified column totals included in the schedule of pension amounts by employer are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedules of employer allocations and specified column totals included in the schedule of pension amounts by employer. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the schedules of employer allocations and specified column totals included in the schedule of pension amounts by employer, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the schedules of employer allocations and specified column totals included in the schedule of pension amounts by employer in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the schedules of employer allocations and specified column totals included in the schedule of pension amounts by employer.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
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Opinions In our opinion, the schedules referred to above present fairly, in all material respects, the employer allocations as of and for the years ended September 30, 2014 and 2013 and the 2013 net pension liability, 2014 net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total pension expense for the total of all participating entities for the Teachers' Retirement System of Alabama as of and for the year ended September 30, 2014, in accordance with accounting principles generally accepted in the United States of America. Disclaimer of Opinion on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the schedules of employer allocations and specified column totals included in the accompanying schedule of pension amounts by employer of the Teachers' Retirement System of Alabama. The reconciliation of employer contributions used in the schedules of employer allocations for the fiscal years ended September 30, 2013 and 2014 and the schedule of discount rate sensitivity, amortization of deferred outflows/(inflows), and employer contributions (collectively referred to as "the supplemental schedules") is the responsibility of management and is presented for purposes of additional analysis and is not a required part of the schedules of employer allocations and specified column totals included in the accompanying schedule of pension amounts by employer. The supplemental schedules have not been subjected to the auditing procedures applied in the audit of the schedules of employer allocations and specified column totals included in the accompanying schedule of pension amounts by employer and, accordingly, we do not express an opinion or provide any assurance on this schedule. Other Matter We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the Retirement Systems of Alabama as of and for the year ended September 30, 2014, and our report thereon, dated January 28, 2015, expressed an unmodified opinion on those financial statements. Restriction on Use Our report is intended solely for the information and use of TRS management, members of the board of control, TRS plan employers and their auditors and is not intended to be and should not be used by anyone other than these specified parties.
May 1, 2015 Montgomery, Alabama
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Teachers' Retirement System of Alabama Schedules of Employer Allocations
For the Fiscal Years Ended September 30, 2013 and September 30, 2014 (Dollar Amounts Not in Thousands)
Employer Alabama A&M University Alabama Association of School Boards Alabama Education Association Alabama Fire College Alabama High School Athletic Association Alabama Higher Education Partnership Alabama Industrial Development Training Alabama Institute for Deaf and Blind Alabama Retired State Employees Association Alabama School of Fine Arts Alabama Southern Community College Alabama State Employees Association Alabama State University Alabama Technology Network Alabama Vocational Association Alabaster City School System Albertville City Board of Education Alexander City Board of Education Andalusia City Board of Education Anniston Board of Education Arab City Board of Education Athens City Board of Education Athens State University Attalla City Schools Auburn City Board of Education Auburn University Autauga County Board of Education Baldwin County Board of Education Barbour County Schools Bessemer Board of Education Bevill State Community College Bibb County Board of Education
Employer Code TAMI TAAB TAEA TAFC TAAA TAHP TIDT TAID TREA THFA TMOC TASE TMST TATN TAVA TALR TALB TALX TADL TANN TARB TATH TATC TATT TAUB TAPI TATG TBLD TBAR TBSM TWCT TBIB
2013 Actual Employer Contributions $ 4,400,917
86,955 628,038 243,239
89,157 22,754 843,811 3,250,276 37,268 371,033 684,260 86,433 4,758,277 488,279
4,568 3,245,871 1,898,798 1,416,744
753,410 1,130,488 1,137,025 1,728,542 1,576,586
774,429 3,570,798 34,532,262 3,942,030 13,046,784
532,972 1,995,749 1,631,519 1,572,703
2013 Employer Allocation Percentage
0.723436% 0.014294% 0.103239% 0.039984% 0.014656% 0.003740% 0.138708% 0.534290% 0.006126% 0.060992% 0.112481% 0.014208% 0.782180% 0.080265% 0.000751% 0.533566% 0.312130% 0.232889% 0.123848% 0.185833% 0.186908% 0.284143% 0.259164% 0.127303% 0.586978% 5.676515% 0.648003% 2.144669% 0.087611% 0.328067% 0.268194% 0.258526%
2014 Actual Employer Contributions $ 5,178,938
105,115 777,058 274,141 112,669
25,073 1,026,491 3,904,354
43,173 437,773 801,216 102,540 5,819,937 547,086
4,993 3,224,446 2,352,890 1,683,079
898,334 1,348,022 1,402,757 2,089,335 1,779,273
944,807 4,402,356 41,361,120 4,657,727 16,094,995
611,516 2,324,963 1,878,242 1,816,352
2014 Employer Allocation Percentage
0.720962% 0.014633% 0.108175% 0.038163% 0.015685% 0.003490% 0.142898% 0.543527% 0.006010% 0.060943% 0.111538% 0.014275% 0.810196% 0.076160% 0.000695% 0.448876% 0.327547% 0.234302% 0.125057% 0.187659% 0.195278% 0.290857% 0.247693% 0.131527% 0.612854% 5.757899% 0.648404% 2.240591% 0.085129% 0.323659% 0.261471% 0.252855%
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The accompanying notes are an integral part of the Schedules of Employer Allocations and Pension Amounts by Employer.
Teachers' Retirement System of Alabama Schedules of Employer Allocations
For the Fiscal Years Ended September 30, 2013 and September 30, 2014 (Dollar Amounts Not in Thousands)
Employer Birmingham City Schools Bishop State Community College Blount County Board of Education Boaz City Board of Education Brewton City Board of Education Bullock County Board of Education Butler County Board of Education Calhoun Community College Calhoun County Board of Education CAPNA, Inc. Central Alabama Community College Chambers County Board of Education Chattahoochee Valley Community College Cherokee County Board of Education Chickasaw City School System Chilton County Board of Education Choctaw County Board of Education Clarke County Board of Education Clay County Board of Education Cleburne County Board of Education Coffee County Board of Education Colbert County Board of Education Community Service Programs of West Alabama Conecuh County Board of Education Coosa County Board of Education Council for Leaders in Alabama Schools Covington County Board of Education Crenshaw County Board of Education Cullman City Board of Education Cullman County Commission on Education Dale County Board of Education Daleville City Board of Education
Employer Code TBMH TMJC TBLT TBOZ TBWT TBLK TBLR TDEC TCAL TNCA TACC TCHB TCVS TCHK TCKW TCHT TCHW TCLK TCLY TCLB TCOF TCOL TCSP TCON TCSA TACA TCOV TCRW TCMN TCUL TDAL TDLV
2013 Actual Employer Contributions 12,866,112
1,469,892 3,505,246 1,046,521
571,461 789,684 1,547,005 1,995,684 4,254,121 674,882 793,317 1,754,271 524,801 1,936,671 333,137 3,188,348 801,109 1,521,451 909,959 1,202,397 846,576 1,582,120 520,585 942,571 595,148
50,940 1,449,318 1,029,456 1,435,542 4,435,449 1,310,173
550,583
2013 Employer Allocation Percentage
2.114969% 0.241625% 0.576203% 0.172030% 0.093938% 0.129811% 0.254301% 0.328056% 0.699305% 0.110939% 0.130408% 0.288372% 0.086268% 0.318356% 0.054762% 0.524110% 0.131689% 0.250101% 0.149582% 0.197654% 0.139163% 0.260074% 0.085575% 0.154943% 0.097832% 0.008374% 0.238243% 0.169225% 0.235979% 0.729112% 0.215370% 0.090506%
2014 Actual Employer Contributions 14,744,182
1,692,855 4,154,892 1,246,136
665,169 924,118 1,763,115 2,325,201 4,994,511 1,110,861 864,876 2,112,689 612,898 2,290,593 453,515 3,765,067 918,150 1,784,316 1,087,611 1,482,513 1,012,016 1,843,456 576,563 1,099,940 655,459
60,025 1,709,620 1,211,882 1,715,223 5,322,055 1,575,151
656,010
2014 Employer Allocation Percentage
2.052544% 0.235663% 0.578404% 0.173475% 0.092598% 0.128647% 0.245444% 0.323692% 0.695288% 0.154643% 0.120400% 0.294108% 0.085322% 0.318874% 0.063134% 0.524137% 0.127816% 0.248395% 0.151407% 0.206381% 0.140883% 0.256628% 0.080264% 0.153123% 0.091247% 0.008356% 0.237997% 0.168707% 0.238777% 0.740886% 0.219277% 0.091323%
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The accompanying notes are an integral part of the Schedules of Employer Allocations and Pension Amounts by Employer.
Teachers' Retirement System of Alabama Schedules of Employer Allocations
For the Fiscal Years Ended September 30, 2013 and September 30, 2014 (Dollar Amounts Not in Thousands)
Employer Dallas County Board of Education Dauphin Island Sea Lab Decatur Board of Education DeKalb County Board of Education Demopolis City Schools Developing Alabama Youth Foundation Dothan Board of Education Elba City Board of Education Elmore County Board of Education Enterprise Board of Education Enterprise State Community College Escambia County Board of Education Etowah County Board of Education Etowah County Community Service Program, Inc. Eufaula City Board of Education Fairfield Board of Education Faulkner State Community College Fayette County Board of Education Florence City Board of Education Fort Payne City Board of Education Franklin County Board of Education Gadsden City Board of Education Gadsden State Community College Gardendale Board of Education Geneva City Board of Education Geneva County Board of Education George Corley Wallace State Community College Greene County Board of Education Guntersville City Board of Education H. Councill Trenholm State Technical College Hale County Board of Education Haleyville City Board of Education
Employer Code TDLS TMES TDTR TDKB TDPL TDAY TDTN TELB TELM TENP TEPC TESC TETH TECA TEFL TFRF TBMC TFAY TFLO TFTP TFRK TGDS TGDC TGBE TGCB TGEN TGWS TGRN TGUN TMGT THAL THAV
2013 Actual Employer Contributions
1,864,338 399,534
4,826,353 3,932,771
995,885 37,370
4,239,405 383,051
4,707,418 2,894,450
965,286 2,219,461 3,998,570
20,518 1,299,502
860,620 1,063,572 1,160,627 2,385,093 1,300,966 1,586,115 2,566,004 2,352,492
581,359 1,130,107 823,003 689,585 935,831 858,245 1,294,608 811,712
2013 Employer Allocation Percentage
0.306465% 0.065677% 0.793370% 0.646481% 0.163707% 0.006143% 0.696886% 0.062967% 0.773819% 0.475798% 0.158677% 0.364842% 0.657297% 0.003373% 0.213616% 0.141471% 0.174833% 0.190787% 0.392069% 0.213857% 0.260730% 0.421807% 0.386710% 0.000000% 0.095565% 0.185770% 0.135288% 0.113356% 0.153835% 0.141081% 0.212811% 0.133432%
2014 Actual Employer Contributions
2,165,656 481,812
5,643,870 4,702,261 1,194,024
56,857 5,099,385
430,729 5,592,092 3,505,003 1,027,712 2,617,640 4,725,531
23,647 1,552,685 1,007,475 1,266,602 1,380,472 2,745,847 1,560,064 1,908,066 3,086,243 2,662,278
47,794 699,502 1,382,410 993,590 794,516 1,115,036 961,058 1,530,200 953,601
2014 Employer Allocation Percentage
0.301482% 0.067073% 0.785686% 0.654604% 0.166221% 0.007915% 0.709888% 0.059962% 0.778477% 0.487933% 0.143068% 0.364403% 0.657843% 0.003292% 0.216150% 0.140251% 0.176324% 0.192176% 0.382251% 0.217177% 0.265623% 0.429637% 0.370617% 0.006653% 0.097378% 0.192446% 0.138318% 0.110605% 0.155225% 0.133789% 0.213020% 0.132751%
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The accompanying notes are an integral part of the Schedules of Employer Allocations and Pension Amounts by Employer.
Teachers' Retirement System of Alabama Schedules of Employer Allocations
For the Fiscal Years Ended September 30, 2013 and September 30, 2014 (Dollar Amounts Not in Thousands)
Employer Hartselle City Board of Education Henry County Board of Education Homewood City Board of Education Hoover City Board of Education Houston County Board of Education Huntsville City Schools J. F. Drake State Technical College J. F. Ingram State Technical College Jackson County Board of Education Jacksonville City Board of Education Jacksonville State University Jasper City Board of Education Jefferson County American Federation of Teachers Jefferson County Board of Education Jefferson Davis Community College Jefferson State Community College Lamar County Schools Lanett City Schools Lauderdale County Board of Education Law Enforcement Academy--Baldwin County Law Enforcement Academy--Tuscaloosa Lawrence County Board of Education Lawson State Community College Lee County Board of Education Leeds Board of Education, City of Limestone County Board of Education Linden City Board of Education Lowndes County Board of Education Lurleen B. Wallace Community College Macon County Board of Education Madison City Board of Education Madison County Board of Education
Employer Code THCS THNY THOM THOV THST THTS THVS TDRT TJKS TJCS TJST TJSP TJFT TJEF TBRC TJJC TLAM TLNT TLAU TSWP TLET TLAW TLSC TLEE TLDS TLST TLND TLDN TLUR TMAC TMDC TMAD
2013 Actual Employer Contributions
1,472,537 1,147,205 2,565,092 7,978,495 2,661,551 11,380,465
453,714 745,067 2,878,694 701,280 4,458,689 1,438,112
16,660 17,671,151
509,450 2,018,128 1,035,358
410,320 3,762,279
4,291 22,717 2,438,444 1,354,894 4,499,961 779,265 3,979,303 257,358 1,202,496 746,317 1,255,609 4,360,907 9,173,463
2013 Employer Allocation Percentage
0.242060% 0.188581% 0.421657% 1.311529% 0.437514% 1.870754% 0.074583% 0.122476% 0.473208% 0.115278% 0.732932% 0.236401% 0.002739% 2.904836% 0.083745% 0.331746% 0.170195% 0.067450% 0.618455% 0.000705% 0.003734% 0.400839% 0.222721% 0.739717% 0.128098% 0.654130% 0.042305% 0.197670% 0.122682% 0.206401% 0.716859% 1.507961%
2014 Actual Employer Contributions
1,789,780 1,357,732 3,079,539 9,546,149 3,173,981 13,392,950
550,382 928,213 3,407,795 837,042 5,262,096 1,684,405
24,501 20,870,809
537,176 2,339,277 1,229,380
504,983 4,461,979
13,674 15,361 2,895,189 1,496,632 5,454,302 980,244 4,801,743 307,913 1,298,946 860,485 1,442,983 5,221,424 10,835,483
2014 Employer Allocation Percentage
0.249156% 0.189010% 0.428704% 1.328923% 0.441851% 1.864438% 0.076619% 0.129217% 0.474401% 0.116525% 0.732539% 0.234487% 0.003411% 2.905434% 0.074780% 0.325652% 0.171143% 0.070299% 0.621154% 0.001904% 0.002138% 0.403040% 0.208347% 0.759296% 0.136460% 0.668453% 0.042865% 0.180827% 0.119788% 0.200878% 0.726877% 1.508412%
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The accompanying notes are an integral part of the Schedules of Employer Allocations and Pension Amounts by Employer.
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