HOUSTON MUNICIPAL EMPLOYEES PENSION SYSTEM

HOUSTON MUNICIPAL EMPLOYEES PENSION SYSTEM

A COMPONENT UNIT OF THE CITY OF HOUSTON, TEXAS

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2010

PREPARED BY THE PENSION ADMINISTRATION STAFF RHONDA SMITH, EXECUTIVE DIRECTOR

HOUSTON MUNICIPAL EMPLOYEES PENSION SYSTEM 1111 BAGBY, SUITE 2450, HOUSTON, TEXAS 77002-2555

713-595-0100 WWW.

Willie Scott, Convention and Entertainment Facilities Department.

Table of Contents

SECTION 1: Introduction

2 Letter of Transmittal 8 GFOA Certificate of Achievement 9 Professional Consultants and Investment

Managers

SECTION 2: Financial Information

13 Independent Auditors' Report 14 Management's Discussion and Analysis 20 Financial Statements

20 Statements of Plan Net Assets 21 Statements of Changes in Plan Net Assets 22 Notes to Basic Financial Statements

39 Required Supplemental Information 39 Schedule of Funding Progress (Unaudited) ($000) 40 Schedule of Employer Contributions (Unaudited) 40 Notes to Required Supplemental Schedules 1 and 2 (Unaudited) 41 Schedule of Funding Progress for OPEB (Unaudited)

42 Other Supplemental Information 42 Investment Summary 43 Investment Services, Professional Services, and Administration Expenses 44 Summary of Costs of Investment and Professional Services

SECTION 3: Investment Information

48 Discussion of Investment Policies and Activities 51 Schedule of Asset Allocation 52 Schedule of Top Investments ($000) 52 Performance by Fiscal Year Last Ten Years 53 Comparison of Investment Returns ?

Years Ended June 30

54 Schedule of Fees and Commissions Paid

SECTION 4: Actuarial Information

58 Actuary's Letter to the Board of Trustees 60 Actuarial Certification 68 Contribution Information 72 Participant Information 79 Summary of Actuarial Methods and Assumptions 83 Summary of Plan Provisions 86 Changes in Plan Provisions Since Prior Year

SECTION 5: Statistical Information

90 Schedule of Changes In Plan Net Assets ($000) 91 Schedule of Average Benefit Payments for the

Ten Years Ended June 30, 2009

91 Schedule of Benefits by Type ($000) for the Ten Years Ended June 30, 2009

91 Schedule of Annuitants by Type 92 Historical Active Participant Data 92 Average Benefit Payments By Years of Credited

Service

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