Retirement Systems Of Alabama

The Retirement Systems Of Alabama

1998 Annual Repor t

In Memory Of

Dr. William C. Walsh

Deputy Director Retirement Systems of Alabama

Dr. William C. Walsh was Deputy-Secretary Treasurer of the Retirement Systems of Alabama from June 5, 1974 through his death, August 7, 1998. He was an integral part of the one-two punch that saw the Retirement Systems grow from a 25% funded, $500 million organization to a fully funded, $22.6 billion organization. He was the only assistant director of a state pension program to serve as president of the National Council of Teachers' Retirement Systems. The members of the Retirement Systems of Alabama have lost a strong advocate in the passing of Dr. Walsh. He is survived by his wife, Jackie, daughter, Catherine and son, Will.

THE BRONNER/WALSH RSA YEARS

1973

1998

No. of Retirees

14,956 68,560

Monthly Retiree Payroll $3.4 mm $68.6 mm

Assets

$500 mm $22.4 b

Unfunded Liabilities

$1.5 b

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The Retirement Systems of Alabama

TEACHERS' RETIREMENT

SYSTEM

New Members Withdrawn Members Service Retirements Disability Retirements Surviving Spouses New Beneficiaries

Active Retired Total

EMPLOYEES' RETIREMENT

SYSTEM

JUDICIAL RETIREMENT

FUND

135 SOUTH UNION STREET P. O. BOX 302150

MONTGOMERY, ALABAMA 36130-2150

(334) 832-4140 / 1-800-214-2158

MEMBERSHIP ACTIVITY FOR 1998

Teachers'

15,427 7,040 4,120 331 5 186

Employees'

9,450 6,991 2,949

210 13

176

TOTAL MEMBERSHIP

(Totals as of September 30, 1998)

Teachers'

Employees'

124,586 43,058

167,644

71,039 25,259 96,298

Judicial

8 4 7 0 1 5

Judicial

315 243 558

FUNDS UNDER MANAGEMENT (At Market Related Value)

Teachers' Retirement System (TRS) Employees' Retirement System (ERS) Judicial Retirement Fund (JRF) Alabama Cultural Resources Preservation Trust Fund Alabama Education Foundation for K-12 Alabama Game & Fish Endowment Fund Alabama Heritage Trust Fund Alabama Nongame Wildlife Endowment Trust Alabama Underground and Aboveground Storage Tank Trust Fund Clerks' & Registers' Supernumerary Fund District Attorneys Spouses' Fund PEIRAF - Deferred Compensation Plan (RSA-1) Public Education Employees' Health Insurance Plan Fund (PEEHIP) Public Employees' Individual Retirement Account Fund (PEIRAF) State Docks Pension Plans

TOTAL ASSETS UNDER MANAGEMENT

Assets

(In Thousands)

$ 14,412,729 6,609,231 209,365 9,661 141 9,492 540,468 10 18,695 5,059 1,892 472,344 39,204 68,354 3,922

$ 22,400,567

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Table Of Contents

Administrative

Letter from the CEO ............................................................................................................................4 Five Year Highlights..............................................................................................................................5 Teachers' Retirement System Board of Control ....................................................................................6 Employees' Retirement System Board of Control .................................................................................7 Staff, Advisors and Medical Board .......................................................................................................8

Services

Legal Developments...........................................................................................................................10 Legislation..........................................................................................................................................10 Communications ...............................................................................................................................11 Office of Field Services.......................................................................................................................12 Counseling and Correspondence.......................................................................................................13 Public Employees' Individual Retirement Account Fund (PEIRAF)........................................................14 Benefits..............................................................................................................................................15 Public Education Employees' Health Insurance Plan (PEEHIP) .............................................................16 Revenue Sources................................................................................................................................18

Investments

Asset Allocation.................................................................................................................................20 Portfolio Growth................................................................................................................................21 Average Yield ....................................................................................................................................21 Interest & Dividend Income................................................................................................................22 Fixed Income Activity .........................................................................................................................22 Coupon Distribution ..........................................................................................................................23 Maturity Structure..............................................................................................................................23 Quality Evaluation..............................................................................................................................24 Equity Activity ....................................................................................................................................24

Financial Statements

Teachers' Retirement System Statement of Plan Net Assets......................................................................................................26 Statement of Changes in Plan Net Assets ...................................................................................27

Employees' Retirement System Statement of Plan Net Assets......................................................................................................28 Statement of Changes in Plan Net Assets ...................................................................................29

Judicial Retirement Fund Statement of Plan Net Assets......................................................................................................30 Statement of Changes in Plan Net Assets ...................................................................................31

Commissions Paid Report ..............................................................................................................32

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Administrative

Hampton Cove Huntsville

A L A B A M A' S

54

I-65

HHOOLLEESS

ROBERT TRENT JONES

I-59

GOLF TRAIL

Silver Lakes Anniston/Gadsden

36 HOLES

Oxmoor Valley

54 HOLES

Birmingham

I-20

431

280

I-65

I-20

I-59

54 Capitol Hill

Prattville HOLES

Grand

54 National

Auburn/ HOLES Opelika

I-85

Cambrian Ridge

36 HOLES

Greenville

431 231

Magnolia Grove Mobile

54 HOLES

I-10

I-65

Highland Oaks

36 HOLES

Dothan

231

The Robert Trent Jones Golf Trail features 18 challenging courses at seven facilities throughout Alabama with the eighth site to open in Prattville in the spring of 1999. "The Trail" meanders from the beautiful foothills of the Appalachians in north Alabama to the sparkling Gulf of Mexico in the south. (Map courtesy of SunBelt Golf Corporation.)

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