FIRE amp POLICE PENSION ASSOCIATION of COLORADO

Fire Amp Police Pension Association Of Colorado-Free PDF

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This report was created,under the direction of the. FPPA Board of Directors,Jack Blumenthal Chair,Pamela M Feely Vice Chair. David L Bomberger,Todd Bower,Manuel A Esquibel,Sue Morgan. Nick Nuanes,Clifford W Stanton,Tyson Worrell,and prepared by the. FPPA Operations Division,Kim Collins Chief Operations Officer.
Ahni Smith Accounting Director,Fire Police Pension Association. of Colorado,5290 DTC Parkway Suite 100,Greenwood Village CO 80111. 303 770 3772,toll free 800 332 3772,www FPPAco org. FIRE POLICE PENSION ASSOCIATION of COLORADO,M I S S I O N S TAT E M E N T. The Fire Police Pension,Association of Colorado,is committed to our members.
We will prudently invest their,retirement funds,administer benefits impartially. and efficiently provide,high quality service,Table of Contents. Introductory,FPPA Administered Plans 1,Section Letter of Transmittal 2. Board of Directors 11, Professional Consultants and Investment Managers 13. Financial General Information 17,Section Independent Auditors Report 18.
Management s Discussion and Analysis 21,Basic Financial Statements. Statement of Fiduciary Net Position 26,Statement of Changes in Fiduciary Net Position 27. Statement of Fiduciary Net Position By Plan 28, Statement of Changes in Fiduciary Net Position By Plan 30. Notes to the Financial Statements 32,Required Supplementary Information. Schedule of Annual Money Weighted Rate of Return on Pension Plan Investments 63. Cost Sharing and Single Employer Plans, Schedule of Changes in the Employer s Net Pension Liability 64.
Schedule of Employer s Contributions 66, Notes to the Required Supplementary Information 68. Other Post Employment Benefits Plans,Schedule of Employer s Contributions Unaudited 69. Schedule of Funding Progress Unaudited 70, Notes to the Required Supplementary Information 72. Other Supplementary Schedules for Financial Section. Fiduciary Net Position by Participating Employer 74. Payments to Consultants 90, Fire Police Members Benefit Investment Fund Schedule of Administrative and Investment Expenses 92. Investment Letter from the Chief Investment Officer 98. Section Fire Police Members Benefit Investment Fund. General Information 100,Asset Allocation 101, Investment Summary Net Performance vs Inflation and Actuarial Requirements 102.
Asset Allocation by Category and Investment Manager 103. Top 20 Holdings 108,Performance Summary 109,Schedule of Brokerage Commissions 110. Fire Police Members Self Directed Investment Fund,General Information 111. Asset Allocation 111,Actuarial Actuary s Certification Letter 114. Section General Information and Summary of Actuarial Assumptions 118. Summary of Plan Provisions,Statewide Defined Benefit Plan 127. Statewide Hybrid Plan 135,Colorado Springs New Hire Pension Plan 145.
Statewide Death Disability Plan 153,Affiliated Local Plans 158. Statistical General Information 173,Section Financial Trend Information. Revenues Source Allocation 174,Expenses by Type All Plans 175. Changes in Fiduciary Net Position 176,Operating Information. Schedule of Average Benefit Payments for New Benefit Recipients 188. Principal Participating Employers 194,Employers 213.
Benefit and Refund Deductions from Fiduciary Net Position by Type 220. Demographic and Economic Information,Member Data 226. Growth of Total Pension Fund Assets 231, Schedule of Retired Members by Type of Benefit 232. Introductory Section,FPPA Administered Plans,FPPA Administered Plans. FPPA Defined Benefit System, Defined Benefit Tier Hybrid Tier Defined Local Affiliated Plans. Contribution FPPA Invests Administers Only,SWDB CSNHP SWH.
Statewide Colorado Springs Statewide, Defined Benefit New Hire Pension Hybrid Plan SWMP Old Hire Volunteer. Plan Statewide Plans Firefighter,Defined Benefit Money Plans. Includes Re Entry and Fire and Police Money Purchase Purchase. Supplemental Social hired PRIOR to and Plan,Security Employers Oct 1 2006 Money Purchase Only. SWD D Statewide Death Disability Plan, Plans above this bar are covered by the Statewide Death Disability Plan. 457 Deferred Compensation Plan, Plans above this bar may participate in the 457 Deferred Compensation Plan.
Introductory Section,Letter of Transmittal,FPPA Fire Police Pension. Association of Colorado June 30 2016, Dear Fire Police Pension Association Members Benefit Recipients Employers and Members of the Board of Directors. We are pleased to present the Fire Police Pension Association s FPPA Comprehensive Annual Financial Report CAFR for the. calendar year ended December 31 2015 This CAFR was prepared to aid interested parties in assessing FPPA s financial status. as of December 31 2015 and its results for the year then ended The compilation of this CAFR reflects the combined efforts of. FPPA staff and is the responsibility of FPPA management. Overview of FPPA, The Fire Police Pension Association was established in 1980 pursuant to the Colorado Revised Statutes of 1973 as amended. FPPA administers retirement and disability benefits for police officers and firefighters throughout the State of Colorado FPPA. has defined benefit defined contribution hybrid and 457 deferred compensation plans for the benefit of its members FPPA s. defined benefit programs include cost sharing multiple employer pension plans as well as agent multiple employer pension. plans and single employer pension plans FPPA administers two funds the Fire Police Members Benefit Investment Fund and. the Fire Police Members Self Directed Investment Fund the Funds. The Fire Police Members Benefit Investment Fund includes the assets of those plans that fall under the complete investment. authority of the FPPA Board of Directors This fund includes the assets of the Defined Benefit System the Statewide Death Dis. ability Plan and Affiliated Local Plans The Defined Benefit System comprises the Statewide Defined Benefit Plan the Statewide. Hybrid Plan and the Colorado Springs New Hire Pension Plan Affiliated Local Plans comprises numerous separate Local Old. Hire police and fire plans and Volunteer Fire pension plans. The Fire Police Members Self Directed Investment Fund consists of the assets in plans where members control their account. by choosing from various mutual fund options selected by the Self Directed Plans Committee pursuant to the fund structure. approved by the Board of Directors The Fire Police Members Self Directed Investment Fund includes the assets in the Fire. Police Members Statewide Money Purchase Plan and the Fire Police Members Deferred Compensation Plan In addition the. Fire Police Members Self Directed Investment Fund includes assets of certain Deferred Retirement Option Plans within the. Defined Benefit System and affiliated Local Old Hire pension plans This fund also includes the Money Purchase Component of. the Defined Benefit System Statewide Hybrid Plan and the Separate Retirement Account assets from eligible Defined Benefit. System retired members,Financial Highlights,General Economic Conditions. The Fire Police Members Benefit Investment Fund experienced positive performance for the year ended December 31 2015. Real gross domestic product GDP a broad measure of the output of goods and services in the United States increased at an. estimated annual rate of 2 40 in 2015 compared to an increase of 2 40 in 2014 The labor markets improved in 2015 with. non farm payroll employment increasing by 2 7 million jobs during the year The unemployment rate decreased to 5 0 from. 5 6 during 2015 The Federal Reserve increased the targeted federal funds to 0 50 at the end of 2015 The consumer price. index increased 0 7 in 2015 compared to an increase of 0 8 in 2014. On the heels of strong performance in 2014 the U S markets struggled in 2015 Large company stocks as measured by the Rus. sell 1000 Index increased 0 92 in 2015 compared to an increase of 13 24 in 2014 Smaller company stocks as measured by. the Russell 2000 Index decreased 4 41 in 2015 compared to a decrease of 4 89 in 2014 The Barclays Capital U S Aggregate. Bond Index produced a return of 0 55 in 2015 compared to a return of 5 97 in 2014. Introductory Section,Letter of Transmittal continued.
Developed international equity markets underperformed the U S equity markets in 2015 The MSCI EAFE Index decreased by. 0 39 in 2015 compared to a decrease of 4 48 in 2014 The MSCI Emerging Markets Index decreased 14 60 in 2015 after. decreasing 1 82 in 2014, In the currency markets the U S dollar largely appreciated against other major currencies in 2015 The Euro depreciated 10 22. against the Dollar closing at 1 0862 Dollars per Euro from 1 2098 at the end of 2014 The British Pound depreciated 5 40. against the Dollar closing at 1 4736 Dollars per GRB from 1 5577 at the end of 2014 The Dollar appreciated 19 09 against the. Canadian Dollar resulting in a rate of 1 3839 Canadian Dollars per U S Dollar from 1 1621 at the end of 2014 The Dollar appreci. ated 0 37 relative to the Japanese Yen to 120 22 Yen per Dollar from 119 78 at the end of 2014. Additional information regarding the investments of the Funds can be found in the Investment section of this report. Investments, Net investible assets totaled 4 662 billion in market value as of December 31 2015 which was comprised of the Fire Police. Members Benefit Investment Fund 4 202 billion and the Fire Police Members Self Directed Investment Fund 358 mil. lion The Members Benefit Investment Fund generated a total time weighted return of 1 85 net of fees for the one year. period ending December 31 2015 This return was 2 62 above the Policy Benchmark of 0 77 The Members Benefit Invest. ment Fund has achieved a 9 45 annualized return since inception in January 1980. The Board establishes and continually updates interim investment allocation targets At year end the following interim invest. ment allocation targets were in effect Global Equity 37 0 Equity Long Short 10 0 Illiquid Alternatives 20 0 Fixed Income. 16 0 Absolute Return 11 0 Managed Futures 4 0 and Cash Short Term Investments 2 0 At year end the Fire Police. Members Benefit Investment Fund was allocated as follows Global Equity 35 8 Equity Long Short 10 5 Illiquid Alterna. tives 22 7 Fixed Income 15 6 Absolute Return 9 6 Managed Futures 4 0 and Cash Short Term Investments 1 8 The. Board has established investment policies and objectives to define acceptable levels of risk asset allocation targets asset class. guidelines investment performance objectives and other guidelines governing the management of the Fire Police Members. Benefit Investment Fund The Board has adopted a separate statement of policies and objectives for the Fire Police Members. Self Directed Investment Fund which includes investment objectives criteria for the selection of investment options and mu. tual fund guidelines, Explanations of FPPA s investment policies and asset allocation strategy as well as the portfolio s composition are included in the. Investment Section of this report Additionally a review of investment activity and performance for 2015 is included in that section. Funding Status, Each pension plan administered by FPPA must be separately funded Assets from one plan cannot be used to pay the benefit. obligations of any other plan Therefore the funding status of each individual plan must be judged separately. FPPA s funding objective for the Fire Police Members Benefit Investment Fund is to meet long term benefit promises through. contributions and investment income The funding ratios listed below give an indication of how well this objective has been. met to date The higher the funding ratio the better funded the plan. The funding ratio actuarial value of assets divided by actuarial accrued liability for each of the plans in the Defined Benefit. System and the Statewide Death Disability Plan as of January 1 2015 is as follows. Introductory Section,Letter of Transmittal continued.
Funding Actuarial Value Actuarial, Plan information as of January 1 2015 Ratio of Assets Accrued Liability. Statewide Death Disability Plan 115 7 345 009 408 298 128 930. Defined Benefit System, Statewide Defined Benefit Plan 103 8 1 714 971 185 1 652 901 084. Statewide Hybrid Plan Defined Benefit Component 136 3 39 772 760 29 177 530. Colorado Springs New Hire Pension Plan Police Component 85 3 253 937 185 297 810 707. Colorado Springs New Hire Pension Plan Fire Component 82 5 120 350 555 145 875 351. Affiliated Local Plans are not listed because the data necessary to calculate a gain loss analysis on all Local Plans was not avail. able as of the January 1 2015 actuarial valuations. Investment income is a significant driver in a defined benefit plan Market performance was lower than the actuarial return. assumption in 2015 and this factor viewed in isolation will likely decrease the funded status of the plans Additionally at its. July 2015 meeting the Board of Directors reviewed the results of the actuarial experience study and approved recommended. changes to the actuarial assumptions effective with the January 1 2016 valuations The actuarial assumptions implemented in. January 1 2016 are a more conservative position for the Fire Police Pension Association and will likely decrease the funded. status of the plans The assumption changes are discussed in more detail in the Actuarial Section. fire amp police pension association of colorado comprehensive annual financial report for the fiscal year ended december 31 2015

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