Board of Education Retirement System of ... - New York City

Board of Education Retirement System of the City of New York

A Fiduciary Fund of the City of New York

Comprehensive Annual Financial Report

of the Qualified Pension Plan and the Tax Deferred Annuity Program

For the Years Ended June 30, 2020 and June 30, 2019

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Board of Education Retirement System of the City of New York

A Fiduciary Fund of the City of New York

Comprehensive Annual Financial Report of the Qualified Pension Plan and the Tax Deferred Annuity Program

For the Fiscal Years Ended June 30, 2020 and June 30, 2019

Prepared by Sanford R. Rich, Executive Director Chithra Subramaniam, Acting Director of Fiscal Operations

State of New York

Comprehensive Annual Financial Report

TABLE OF CONTENTS

INTRODUCTORY SECTION ? Letter of Transmittal ? Board of Trustees ? Organization Chart ? Consulting and Professional Services ? Certificate of Achievement for Excellence in Financial Reporting

PAGE 1 3 9

10 11 12

FINANCIAL SECTION

13

? INDEPENDENT AUDITORS' REPORT

15

? MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)

18

? COMBINING FINANCIAL STATEMENTS

? Combining Statements of Fiduciary Net Position

25

? Combining Statements of Changes in Fiduciary Net Position

27

? Notes to Combining Financial Statements

29

? REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)

? Schedule 1 - Changes in Employers' Net Pension Liability & Related Ratios 57

? Schedule 2 - Employers' Contributions

58

? Schedule 3 - Investment Returns

61

? ADDITIONAL SUPPLEMENTARY INFORMATION

? Schedule 4 - Schedule of Investment Expenses

62

? Schedule 5 - Schedule of Administrative Expenses

66

? Schedule 6 - Schedule of Direct Payments to Consultants

67

INVESTMENT SECTION

69

? Report on Investment Activity

72

? Schedule of Investment Returns (Fixed)

77

? Asset Allocation (Fixed)

78

? Largest Equity Holdings (Fixed)

80

? Largest Bond Holdings (Fixed)

81

? Schedule of Investment Management Fees (Fixed)

82

? Schedule of Payments of Commissions to Brokers (Fixed)

85

? Investment Summary (Fixed and Variable)

89

ACTUARIAL SECTION

91

? Actuary's Certification Letter

93

? Summary of Actuarial Assumptions and Methods

97

? Schedule of Active Member Valuation Data

108

? Summary of Plan Membership

109

? Schedule of Retirees and Beneficiaries

110

? Schedule of Statutory vs. Actuarial Contributions

111

? Funded Status based on Entry Age Normal Cost Method

112

? Comparative Summary of Accrued Liabilities

Funded by Actuarial Value of Assets

113

? Summary of Plan Provisions - Contributions

115

STATISTICAL SECTION

117

? Introduction

119

? Schedule of Revenue by Source

120

? Schedule of Expenses by Type

122

? Schedule of Refunds by Type

124

? Schedule of Changes in Net Position

126

? Schedule of Benefit Expenses by Type

130

? Schedule of Retired Members by Type of Benefit

131

? Schedule of Active Members by Age and Service

134

? Schedule of Annual Average Benefit Payment Amounts

137

? Schedule of Participating Employers

138

New York City Board of Education Retirement System

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NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM

A FIDUCIARY FUND OF THE CITY OF NEW YORK

COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE QUALIFIED PENSION PLAN AND THE

TAX DEFERRED ANNUITY PROGRAM

INTRODUCTORY SECTION PART I

FOR THE YEARS ENDED JUNE 30, 2020 AND JUNE 30, 2019

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