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COPERS Retirement System: Statistics, Asset Allocation, and Increases

Get the latest information on COPERS Retirement System, including plan statistics, asset allocation changes, and post-retirement increases. Stay informed and plan for your future.

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COPERS Retirement System: Statistics, Asset Allocation, and Increases

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  1. COPERS City of Phoenix Employees’ Retirement System Scott Miller Retirement Program Administrator March 2017

  2. Agenda • Plan Statistics • Asset Allocation Changes • Post-Retirement Increases • Questions

  3. Plan Statistics as of June 30, 2016 • Membership: • Employees: 7,783 (+320) • Inactives: 885 (-16) • Retirees: 6,885 (+197) • Total: 15,553 (+501) • Assets As of June 30, 2016: $2.15 billion • Average annual pension, all retirees: $31,640 (+$559) • Average annual compensation for active members: $63,772 (-$1,196) • Average age of active members: 46.8 (+0.1) • Average years of service of actives: 12.2 (-0.7) • Number of retirees over age 90: 109 (+3)

  4. Funded Ratio

  5. Asset Allocation Changes • COPERS Board’s “Statement of Investment Beliefs” provides that “Our duty of prudence requires that we only invest in products we understand.” • COPERS Board has received in-depth education regarding investable asset classes • COPERS’ previous asset allocation was only projected to obtain a 6.6% return/20 years • New allocation – 7.26%/20 years

  6. Asset Allocation Changes

  7. Post-Retirement Increases • Pension Equalization Program (PEP) • 13th Check

  8. Pension Equalization Program“PEP” • Permanent increase • Eligible if retired 36 months by January 1st • Paid with March check retroactive to January • Lesser of prior year’s CPI (not less than zero) or percentage supported by excess returns reserve • Reserve Fund balance based on excess investment returns over 8% • Reserve Fund balance is nearly zero

  9. Dependent upon last Fiscal Year’s Results One time payment Eligible if retired by June 30th of payment year Paid with December pension payment Lesser of ½ of prior year’s CPI increase or 3%; minimum of 1%, if excess returns reserve balance sufficient 13th Check

  10. Thank You

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