Teachers’ Retirement System of Alabama

Teachers' Retirement System of Alabama

Schedule of Employer Allocations &

Pension Amounts by Employer As of and for the Fiscal Year Ended September 30, 2015

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

Schedule of Employer Allocations................................................................. 3

Schedule of Pension Amounts by Employer.......................................................... 7

Notes to the Schedule of Employer Allocations and Pension Amounts by Employer..... 11

Reconciliation of Employer Contributions Used in the Schedule of Employer Allocations for the Fiscal Year Ended September 30, 2015....................................................... 17

Schedule of Discount Rate Sensitivity, Amortization of Deferred Outflows/(Inflows), and Employer Contributions as of and for the Fiscal Year Ended September 30, 2015........ 23

INDEPENDENT AUDITORS' REPORT

Board of Control Teachers' Retirement System of Alabama

We have audited the accompanying schedule of employer allocations of the Teachers' Retirement System of Alabama (TRS) as of and for the year ended September 30, 2015, and the related notes. We have also audited the total for all entities of the columns titled 2015 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, 2015 and the related notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the schedule 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 schedule that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on the schedule 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 schedule 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 schedule 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 schedule 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 schedule 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 schedule of employer allocations and specified column totals included in the schedule of pension amounts by employer.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the schedule referred to above present fairly, in all material respects, the employer allocations as of and for the year ended September 30, 2015 and the 2015 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, 2015, 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 schedule 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 schedule of employer allocations for the fiscal year ended September 30, 2015 and the schedule of discount rate sensitivity, amortization of deferred outflows/(inflows), and employer contributions (collectively referred to as "the supplemental schedules") are the responsibility of management and are presented for purposes of additional analysis and are not a required part of the schedule 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 schedule 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 these schedules.

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, 2015, and our report thereon, dated January 15, 2016, 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.

October 17, 2016 Montgomery, Alabama

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Teachers' Retirement System of Alabama Schedule of Employer Allocations

For the Fiscal Year Ended September 30, 2015 (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 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

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 TBMH TMJC TBLT TBOZ TBWT TBLK TBLR TDEC TCAL TNCA TACC TCHB TCVS TCHK TCKW TCHT TCHW TCLK TCLY TCLB TCOF TCOL

2015 Actual Employer Contributions $ 5,296,334.12

120,136.90 762,529.73 278,475.70 121,484.99

26,605.80 1,068,943.45 4,038,060.82

49,465.33 468,331.57 833,603.61 105,993.31 5,689,859.43 535,264.24

5,152.40 3,529,259.54 2,542,597.30 1,728,465.46

907,597.72 1,398,942.16 1,496,837.91 2,188,916.56 1,803,769.30

983,852.60 4,662,397.78 44,022,506.05 4,770,432.97 17,232,636.99

586,606.39 2,350,397.37 1,883,623.75 1,914,247.38 15,181,596.37 1,673,057.06 4,262,740.59 1,282,031.20

672,013.25 942,933.02 1,865,388.00 2,474,621.19 5,221,016.96 1,293,767.72 913,436.97 2,145,661.65 632,137.02 2,341,276.70 470,545.47 3,883,566.35 928,275.39 1,747,062.54 1,118,099.23 1,536,940.05 1,072,597.29 1,858,261.46

2015 Employer Allocation Percentage

0.717743% 0.016281% 0.103336% 0.037738% 0.016463% 0.003606% 0.144860% 0.547225% 0.006703% 0.063467% 0.112967% 0.014364% 0.771072% 0.072537% 0.000698% 0.478274% 0.344565% 0.234236% 0.122995% 0.189580% 0.202847% 0.296635% 0.244441% 0.133329% 0.631834% 5.965792% 0.646474% 2.335313% 0.079495% 0.318518% 0.255263% 0.259413% 2.057362% 0.226727% 0.577673% 0.173737% 0.091069% 0.127783% 0.252792% 0.335353% 0.707536% 0.175327% 0.123786% 0.290773% 0.085665% 0.317282% 0.063767% 0.526289% 0.125797% 0.236756% 0.151521% 0.208281% 0.145355% 0.251826%

The accompanying notes are an integral part of the Schedule of Employer Allocations and Pension Amounts by Employer.

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Teachers' Retirement System of Alabama Schedule of Employer Allocations

For the Fiscal Year Ended September 30, 2015 (Dollar Amounts Not in Thousands)

Employer 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 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 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

Employer Code TCSP TCON TCSA TACA TCOV TCRW TCMN TCUL TDAL TDLV 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 THCS THNY THOM THOV THST THTS THVS TDRT TJKS TJCS TJST TJSP

2015 Actual Employer Contributions

583,481.20 1,105,845.78

647,250.81 62,950.06

1,775,370.73 1,239,139.59 1,788,496.26 5,528,626.30 1,629,407.18

655,209.18 2,180,426.34

471,870.88 5,616,339.08 4,887,441.95 1,228,508.69

60,580.92 5,354,863.00

435,873.18 5,709,748.66 3,627,153.70

888,344.35 2,672,443.57 4,817,936.20

16,117.60 1,577,491.91 1,068,602.73 1,293,609.43 1,372,115.73 2,851,290.50 1,624,681.09 1,991,036.71 3,189,957.52 2,607,693.18

49,210.27 719,289.75 1,455,994.20 959,875.55 781,341.84 1,172,849.59 940,056.77 1,560,879.84 981,320.03 1,844,398.49 1,385,141.17 3,074,197.73 9,769,430.57 3,286,211.30 13,611,289.74 576,554.24 884,782.04 3,482,196.83 863,976.46 5,434,293.22 1,742,058.14

2015 Employer Allocation Percentage

0.079072% 0.149861% 0.087713% 0.008531% 0.240593% 0.167924% 0.242371% 0.749222% 0.220812% 0.088792% 0.295485% 0.063946% 0.761109% 0.662331% 0.166484% 0.008210% 0.725674% 0.059068% 0.773767% 0.491541% 0.120386% 0.362161% 0.652912% 0.002184% 0.213777% 0.144814% 0.175306% 0.185945% 0.386398% 0.220172% 0.269819% 0.432293% 0.353386% 0.006669% 0.097476% 0.197312% 0.130079% 0.105885% 0.158941% 0.127394% 0.211526% 0.132985% 0.249947% 0.187710% 0.416606% 1.323923% 0.445337% 1.844559% 0.078133% 0.119903% 0.471896% 0.117083% 0.736438% 0.236078%

The accompanying notes are an integral part of the Schedule of Employer Allocations and Pension Amounts by Employer.

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Teachers' Retirement System of Alabama Schedule of Employer Allocations

For the Fiscal Year Ended September 30, 2015 (Dollar Amounts Not in Thousands)

Employer 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 Marengo County Board of Education Marion County Board of Education Marion Military Institute Marshall County Board of Education Midfield City Board of Education Mobile County Public School System Monroe County Board of Education Montgomery City and County Board of Education Morgan County Board of Education Mountain Brook City Board of Education Muscle Shoals City Schools Northeast Alabama Community College Northwest Shoals Community College Oneonta City Board of Education Opelika City Board of Education Opp City Board of Education Organized Community Action Program, Inc. Oxford City Schools Ozark City Board of Education Pelham City Board of Education Pell City School System Perry County Board of Education Phenix City Board of Education Pickens County Board of Education Piedmont City Schools Pike County Board of Education Pike Road City Schools Randolph County Board of Education Reid State Technical College Roanoke City Schools Russell County Board of Education Russellville City Board of Education Saraland Board of Education Satsuma City Schools

Employer Code TJFT TJEF TBRC TJJC TLAM TLNT TLAU TSWP TLET TLAW TLSC TLEE TLDS TLST TLND TLDN TLUR TMAC TMDC TMAD TMNG TMAR TMMI TMSH TMID TMOB TMON TMTG TMOR TMTB TMSC TNEC TNWC TONE TOPK TOPP TOCA TOXF TOZK TPLS TPEL TPRY TPHC TPKS TPMT TPIK TPRB TRAN TEVN TROK TRUS TRSV TSAR TSTM

2015 Actual Employer Contributions

25,033.98 21,509,100.99

539,512.55 2,404,051.52 1,272,286.24

534,475.91 4,600,300.80

12,348.88 12,402.75 2,869,443.08 1,536,323.99 5,756,632.36 1,031,465.91 5,185,762.36 310,153.05 1,331,847.67 901,292.37 1,465,440.11 5,535,470.16 11,164,624.87 700,067.41 1,893,723.67 578,220.90 3,295,687.17 676,027.29 32,563,651.29 2,040,225.00 17,322,326.24 4,595,629.81 3,724,921.13 1,728,944.92 951,733.88 1,467,169.18 741,022.66 2,746,678.70 744,357.31 433,616.06 2,469,911.09 1,310,507.96 1,812,969.16 2,240,716.59 977,885.64 3,795,037.92 1,546,843.11 684,828.78 1,360,739.56 359,985.12 1,267,745.89 448,778.63 787,505.47 1,941,362.54 1,509,915.47 1,346,743.30 635,943.45

2015 Employer Allocation Percentage

0.003393% 2.914846% 0.073113% 0.325790% 0.172416% 0.072431% 0.623418% 0.001673% 0.001681% 0.388858% 0.208198% 0.780121% 0.139781% 0.702758% 0.042031% 0.180488% 0.122140% 0.198592% 0.750150% 1.512995% 0.094871% 0.256631% 0.078359% 0.446621% 0.091613% 4.412924% 0.276485% 2.347467% 0.622785% 0.504790% 0.234301% 0.128976% 0.198826% 0.100421% 0.372221% 0.100873% 0.058762% 0.334715% 0.177596% 0.245688% 0.303655% 0.132520% 0.514292% 0.209623% 0.092806% 0.184403% 0.048784% 0.171801% 0.060817% 0.106720% 0.263087% 0.204619% 0.182506% 0.086181%

The accompanying notes are an integral part of the Schedule of Employer Allocations and Pension Amounts by Employer.

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Teachers' Retirement System of Alabama Schedule of Employer Allocations

For the Fiscal Year Ended September 30, 2015 (Dollar Amounts Not in Thousands)

Employer School Superintendents of Alabama Scottsboro Board of Education Selma Public Schools Sheffield City Board of Education Shelby County Board of Education Shelton State Community College Snead State Community College Southern Union State Community College Special Programming for Achievement Network St. Clair County Board of Education State of Alabama--Alabama Commission on Higher Education State of Alabama--Department of Postsecondary Education State of Alabama--Department of Rehabilitation Services State of Alabama--Department of Youth Services State of Alabama--High School of Math & Science State of Alabama--Public Education Employees' Health Insurance Plan State of Alabama--State Department of Education State of Alabama--Teachers' Retirement System Sumter County Board of Education Sylacauga City Board of Education Talladega City Board of Education Talladega County Board of Education Tallapoosa County Board of Education Tallassee City Board of Education Tarrant Board of Education Thomasville City Schools Troy City Board of Education Troy University Trussville City Board of Education Tuscaloosa City Schools Tuscaloosa County Schools Tuscumbia City Board of Education University Chancellor's Office University of Alabama University of Alabama--Birmingham University of Alabama--Huntsville University of Montevallo University of North Alabama University of South Alabama University of West Alabama Vestavia Hills Board of Education Walker County Board of Education Wallace Community College--Dothan Wallace State Community College--Hanceville Washington County Board of Education Wilcox County Board of Education Winfield City Board of Education Winston County Board of Education

Employer Code TSAL TSCO TSMA TSHF TSBY TTVS TSJC TSUC TBSC TSTC TCHE TPSE TDRS TDYS THMS TPHP TSBE TTRS TSUM TSYL TTAL TTDG TTPS TTAS TTAR TTOM TTRY TTST TTCB TTUS TTLS TTSC TUCO TUVA TUMC TUAH TALC TFST TUSA TLVC TVES TWLK TGWD TCUT TWSH TWIL TWFD TWIN

2015 Actual Employer Contributions

34,977.16 1,630,344.84 2,205,333.63

770,469.59 12,546,670.40

2,018,031.18 741,666.84

1,453,302.55 249,254.92

4,674,963.15 238,183.65 513,699.53

4,290,015.65 2,031,067.04

283,802.50 227,957.89 5,493,133.37 1,331,991.89 1,082,943.71 1,404,485.70 1,170,566.82 4,316,619.60 1,650,559.49 1,041,412.05 736,600.49 811,318.50 1,181,695.78 10,736,417.72 2,590,021.76 6,601,841.53 9,486,189.23 871,576.72 1,131,697.57 40,388,014.79 87,932,772.36 11,308,769.62 2,929,849.58 4,722,476.78 23,506,082.96 2,555,104.64 4,770,874.33 4,564,808.11 1,885,204.75 1,916,107.98 1,656,125.07 1,151,193.38 713,330.92 1,611,006.31

Total $ 737,915,531.77

2015 Employer Allocation Percentage

0.004740% 0.220939% 0.298860% 0.104412% 1.700285% 0.273477% 0.100508% 0.196947% 0.033778% 0.633536% 0.032278% 0.069615% 0.581369% 0.275244% 0.038460% 0.030894% 0.744412% 0.180507% 0.146757% 0.190331% 0.158632% 0.584975% 0.223679% 0.141129% 0.099822% 0.109947% 0.160140% 1.454966% 0.350992% 0.894661% 1.285539% 0.118113% 0.153364% 5.473257% 11.916374% 1.532529% 0.397044% 0.639975% 3.185471% 0.346260% 0.646534% 0.618608% 0.255477% 0.259665% 0.224433% 0.156006% 0.096668% 0.218319%

100.000000%

The accompanying notes are an integral part of the Schedule of Employer Allocations and Pension Amounts by Employer.

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