Michigan State Employees’ Retirement System

Michigan State Employees' Retirement System

A Pension and Other Employee Benefit Trust Fund of the State of Michigan

Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2013

MSERS

Prepared by: Financial Services

for Office of Retirement Services

P.O. Box 30171 Lansing, Michigan 48909-7671

517-322-5103 1-800-381-5111

MICHIGAN STATE EMPLOYEES' RETIREMENT SYSTEM 1

Table of Contents

Introductory Section Certificate of Achievement....................................................................................................................................... 4 Public Pension Standards Award.............................................................................................................................. 5 Letter of Transmittal................................................................................................................................................. 6 Retirement Board Members ................................................................................................................................... 11 Advisors and Consultants ...................................................................................................................................... 11 Organization Chart ................................................................................................................................................ 12

Financial Section Independent Auditor's Report ................................................................................................................................ 14 Management's Discussion and Analysis ................................................................................................................ 16 Basic Financial Statements Statement of Pension Plan and Other Postemployment Benefit Plan Net Position ............................................ 20 Statement of Changes in Pension Plan and Other Postemployment Benefit Plan Net Position ......................... 21 Notes to Basic Financial Statements .................................................................................................................. 22 Required Supplementary Information Schedules of Funding Progress........................................................................................................................... 43 Schedules of Employer and Other Contributions ............................................................................................... 44 Note to Required Supplementary Information ................................................................................................... 45 Supporting Schedules Summary Schedule of Administrative and other Expenses ............................................................................... 46 Schedule of Investment Expenses ..................................................................................................................... 47 Schedule of Payments for Professional Services ............................................................................................... 47 Detail of Changes in Plan Net Position (Pension and Other Postemployment Benefits) .................................. 48

Investment Section Report on Investment Activity ............................................................................................................................... 50 Asset Allocation ..................................................................................................................................................... 59 Investment Results ................................................................................................................................................. 60 List of Largest Stock Holdings............................................................................................................................... 62 List of Largest Bond Holdings ............................................................................................................................... 62 Schedule of Investment Fees .................................................................................................................................. 63 Schedule of Investment Commissions.................................................................................................................... 64 Investment Summary.............................................................................................................................................. 65

Actuarial Section Actuary's Certification ........................................................................................................................................... 68 Summary of Actuarial Assumptions and Methods ................................................................................................. 71 Schedule of Active Member Valuation Data.......................................................................................................... 73 Schedule of Changes in the Retirement Rolls ........................................................................................................ 74 Prioritized Solvency Test ....................................................................................................................................... 75 Analysis of System Experience .............................................................................................................................. 77 Summary of Plan Provisions ................................................................................................................................. 78

Statistical Section Schedules of Additions by Source.......................................................................................................................... 83 Schedules of Deductions by Type .......................................................................................................................... 84 Schedules of Changes in Net Position .................................................................................................................... 85 Schedules of Benefits and Refunds by Type .......................................................................................................... 86 Schedules of Retired Members by Type of Benefit................................................................................................ 87 Schedule of Other Postemployment Benefits ......................................................................................................... 89 Schedules of Average Benefit Payments ................................................................................................................ 90 Ten Year History of Membership........................................................................................................................... 94

Acknowledgements......................................................................................................................................................... 95

2 MICHIGAN STATE EMPLOYEES' RETIREMENT SYSTEM

INTRODUCTORY SECTION

Certificate of Achievement Public Pension Standards Award

Letter of Transmittal Retirement Board Members

Advisors and Consultants Organization Chart

MICHIGAN STATE EMPLOYEES' RETIREMENT SYSTEM 3

INTRODUCTORY SECTION

Certificate of Achievement

4 MICHIGAN STATE EMPLOYEES' RETIREMENT SYSTEM

INTRODUCTORY SECTION

Public Pension Standards Award

MICHIGAN STATE EMPLOYEES' RETIREMENT SYSTEM 5

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