Defined Contribution & Retirement Study Committee
FINAL REPORT – December 21, 2012
The health and sustainability of our pension systems is of critical importance to everyone in Arizona. These benefits are funded from tax dollars and from the employees themselves. The State of Arizona sponsors four retirement systems that currently cover more than 581,000 employees, retirees, or former employees who have yet to retire. These are the individuals who police our streets, respond to medical emergencies, teach our children, and keep the basic functions of government running.
Laws 2011, Chapter 357, Sec. 56 created the Defined Contribution and Retirement Study Committee consisting of the five members of the State Board of Investment, six members of the Arizona Legislature appointed by the President of the Senate and the Speaker of the House, and a member from each of the boards of the Arizona State Retirement System (ASRS) and the Public Safety Retirement System (PSPRS).
Arizona’s retirement systems are professionally and competently managed. We are fortunate that our pensions are in far better shape than many other states. That said, there are issues that require attention. Several reform options were explored by the Study Committee for policy makers to consider so Arizona can continue to strengthen and enhance those plans in order to protect the benefits to current retirees and employees that have earned them, as well taxpayers now and in the future.
MEETING AGENDAS & MINUTES
| December 20, 2012 Agenda Minutes December 13, 2011 Agenda Minutes October 25, 2011 Agenda Minutes |
November 27, 2012 Agenda Minutes November 22, 2011 Agenda Minutes September 27, 2011 Agenda Minutes |
MEETING MATERIALS
December 20, 2012
Articles or Reports:
November 27, 2012
- Articles or Reports:
- AZ Pension Challenges Report
- GASB Won’t Let Me
- Moody’s Pension Calculation Could Hit IL Hard
- New GASB Pension Statements to Bring About Major Improvements
- Pew Center Pension Update
- Rhode Island Pension Plan Enact New Approach
- State Cash Balance, Defined Contribution and Hybrid Retirement Plans
- Tower Watson Annual Survey of Fortune 100 Companies
- Presentations:
- ASRS Actuarial Update for June 30, 2012
- ASRS Cash Flows
- ASRS Liability Memo
- ASRS Liability Reduction Presentation
- FY’12 PSPRS, CORP & EORP Funded Status at 5%
- PSPRS & CORP Final Employer Rates and Group Funding Ratios based on FY’13 Valuation Results
- Study Committee FY’12 Data and Projection Refinements Presentation-PSPRS
- FY’12 PSPRS Stochastic Projections Old Law vs. New Law pg 1
- FY’12 PSPRS Stochastic Projections Old Law vs. New Law pg 2
- FY’12 PSPRS Stochastic Projections Old Law vs. New Law pg 3
- FY’12 PSPRS Stochastic Projections Old Law vs. New Law pg 4
- FY’12 EORP Stochastic Projections Old Law vs. New Law pg 1
- FY’12 EORP Stochastic Projections Old Law vs. New Law pg 2
- FY’12 EORP Stochastic Projections Old Law vs. New Law pg 3
- FY’12 EORP Stochastic Projections Old Law vs. New Law pg 4
- FY’12 CORP Stochastic Projections Old Law vs. New Law pg 1
- FY’12 CORP Stochastic Projections Old Law vs. New Law pg 2
- FY’12 CORP Stochastic Projections Old Law vs. New Law pg 3
- FY’12 CORP Stochastic Projections Old Law vs. New Law pg 4
- Josh McGee Arizona Pension Challenges Presentation
December 21, 2011
- Articles or Reports:
December 13, 2011
- Articles or Reports:
- Presentations:
November 22, 2011
- Articles or Reports:
- Rhode Island Legislators OK Hybrid Retirement Plan
- NASRA Issue Brief: State Hybrid Retirement Plans
- GFOA Governance Guidelines
- Committee on Fund Governance Best Practice Principals
- Canadian Association of Pension Supervisory Authorities
- ASRS Board Governance Handbook
- Myths and Misperceptions of Defined Benefit and Defined Contribution Plans
- Defusing the Pension Bomb: Making Retirement Plans Solvent for all Public Workers
- $50 Billion Tidal Wave: How Unfunded Pensions Could Overwhelm Arizona Taxpayers
- The Crisis in Local Government Pensions in the United States
- A Comparative Analysis of Defined Benefit and Defined Contribution Retirement Plans
- A Better Bang for the Buck, the Economic Efficiencies of Defined Benefit Pension Plans
- OECD Guidelines for Pension Fund Governance
- A Comparison of Arizona’s Public Pension Plans
- Presentations:
- Side by Side Comparison of Spiking by ASRS, PSPRS, CORP and EORP
- PSPRS Spiking Analysis Police vs. Fire and Metro vs. Rural
- PSPRS Spiking Analysis using the ASRS Methodology
- ASRS Salary Spiking Analysis using the PSPRS Methodology
- ASRS Actuarial Update for June 30, 2011
- FY’11 PSPRS Actuarial Valuation Summary
- FY’13 PSPRS and CORP Final Employer Rates
- FY’11 PSPRS Financial Report
- ASRS Board Structure and Governance
- ASRS Long Term Disability Approval Process
- PSPRS Board Structure and Governance
- PSPRS Multi-Employer vs. Pooled Plans and Disability Stat
October 25, 2011
- Articles or Reports:
- Decisions, Decisions: Retirement Plan Choices for Public Employees and Employers
- Defined Benefit vs. Defined Contribution Plans
- Issue Brief; A Role for Defined Contribution Plans in the Public Sector
- Key Elements of State Hybrid Retirement Plans
- State Defined Contribution and Hybrid Pension Plans
- Public Fund Survey – Summary of Findings for FY 2009
- Presentations:
September 27, 2011
- Articles or Reports:
- Presentations: