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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