1 Utah State Retirement Systems Overview September 9, 2009 Prepared by the Office of Legislative Research and General Counsel
2 Utah State Retirement Systems Six Participant Systems Judges Public Employees Noncontributory Public Employees Contributory Public Safety Firefighters Governors & Legislators
3 Utah State Retirement Systems Six Participant Systems - With Divisions P Public Employees Noncontributory P Public Employees Contributory P Public Safety Noncontributory - Division A (with Social Security) Noncontributory - Division B (without Social Security) Contributory - Division A (with Social Security) Contributory - Division B (without Social Security) P Firefighters Contributory Division A (with Social Security) Division B (without Social Security) P Judges Noncontributory Contributory P Governors and Legislators
4 Utah State Retirement Systems The big system Noncontributory 155,667 Total System Membership 181,994 As of December 31, % 5.1% 7.3% 0.1% Judges % Governors & Legislators 396 Firefighters 3, % Contributory 9,356 Public Safety 13,314 Source: Utah Retirement Systems Comprehensive Annual Financial Report; For the Year Ending Dec. 31, 2008
5 Utah State Retirement Systems Active Membership 106,285 As of March 31, 2009 Public and Higher Education 55, % 2.1% Other 2, % 19.0% State of Utah 20,202 Counties, Municipalities, and Local Districts 28,710 Source: Utah Retirement Systems, July 17, 2009
6 Utah State Retirement Systems Total Participating Employers 444 Retirement System Offered Judges Public Safety Governors & Legislators Contributory Firefighters Noncontributory Source: Utah Retirement Systems Comprehensive Annual Financial Report; For the Year Ending Dec. 31, 2008
7 Utah State Retirement Systems Defined Benefit Retirement Allowance Components P Years of Service (years of service credit) P Multiplier (e.g. 2% per year of service) P Final Average Salary (average of highest three years)
8 Utah State Retirement Systems Noncontributory Annual Retirement Benefit Formula: Years of Service X 2% X Final Average Salary (FAS = Average of highest 3 years) 30 years X 2% = 60% Example: Highest Years: Yr. 1 $40,240+ Yr. 2 $45, = $44,681 Yr. 3 $48,803 $44,681 is the final average salary of 2008 retirees, Comprehensive Annual Financial Report, Dec. 31, % X $44,681 = $26,808 Plus up to 4% annual Cost of Living Adjustment
9 Utah State Retirement Systems Eligibility for Retirement Noncontributory and Contributory 4 Age Age 62 With Actuarial Reduction Age 60 With Actuarial Reduction 20 (with purchase or with Any Age* *Full Actuarial Reduction) 25 Any Age Years of Service 30 *Option not available in Contributory System
10 Utah State Retirement Systems Revenue Sources All Six Systems Average Annual Total = $1,638.4 Million (In Millions) Ten-Year Average Investment Income $2, % 0.2% Transfers from Systems $6 0.4% Court Fees and Premium Tax $ % Member Contributions $45 1.5% Employer Contributions $523 Prepared by the Office of Legislative Research and General Counsel August 2007 Source: Utah Retirement Systems Comprehensive Annual Financial Reports 2000 to 2006 For the Year Ending Dec. 31.
11 Utah State Retirement Systems Revenue Sources All Six Systems Average Annual Total = $1,095.7 Million (In Millions) Ten-Year Average Investment Income $ % Court Fees and Premium Tax $ % 41.6% 3.3% Transfers from Systems $22.1 Member Contributions $ % Employer Contributions $455.8 Source: Utah Retirement Systems Comprehensive Annual Financial Reports 2000 to 2008 For the Year Ending Dec. 31.
12 (Millions) Utah State Retirement Systems Noncontributory ) Revenue Sources* *Not included Transfers from Systems and Member Contributions averaging $18.5 and $12.9 million respectively. Prepared by the Office of Legislative Research and General Counsel August 2007 Source: Utah Retirement Systems Comprehensive Annual Financial Reports For the Year Ending Dec. 31.
13 3,000 2,500 2,000 1,500 1,000 Utah State Retirement Systems Noncontributory ) Revenue Sources* Investment Income Employer Contributions Average Investment Income Average Employer Contributions 500 (500) 0 (1,000) (1,500) (2,000) (2,500) (3,000) (3,500) (4,000) *Not included Transfers from Systems and Member Contributions averaging $11.4 and $14.7 million respectively Source: Utah Retirement Systems Comprehensive Annual Financial Reports For the Year Ending Dec. 31.
14 Utah State Retirement Systems FY 2010 Contribution Rates Percent of Salary * State employees with 4% COLA # State Employees with Social Security (Division A) only State/School Local Gov. State/School Local Gov. Public Safety*# Public Safety* Firefighters# Judges Court Fees Employer Fire Insurance Premium Tax Member February 2009
15 Utah State Retirement Systems FY 2011 Contribution Rates Percent of Salary * State employees with 4% COLA # State Employees with Social Security (Division A) only State/School Local Gov. State/School Local Gov. Public Safety*# Public Safety* Firefighters# Judges Court Fees Employer Fire Insurance Premium Tax Member August 2009
16 Source: Utah Retirement Systems
17 Public Employees Noncontributory Contribution Rate History 25 Year Average = 12.88% State & School - Percent of Salary 13.51% 13% 12.97% 13.99% 14.16%14.16%14.16% 13.68% 13.38%13.38% 14.22%14.22%14.22%14.22% 16.32% 11.68% 11.35% 11.89% 12.2%12.24% 11.7% 10.32%10.32% 10.4%10.4% Source: Utah Retirement Systems August 2009 August 2009 Fiscal Year
18 Average Annual Retirement Contribution Per Employee Calendar Year Ending December 31, 2008 $37,817 12,370 13,416 5,103 5,224 5,741 5,817 6,190 6,831 Higher Education Total State/School Local Government Public Education State Source: Utah State Retirement Systems July 15, 2009 Other Entities Firefighters Public Safety Judges
19 Role of the Utah State Legislature With Retirement Systems Two Hats P Policymaker for All Six Retirement Systems P Employer: State employees School employees August 2009
20 Evaluating Retirement Systems Potential Success Criteria Affordable retirement benefit Predictable employer costs Attract and retain quality workforce Competitive total compensation package Financially sound retirement plans Reasonable administrative costs Safe and secure investments Inflation protections through fixed income years August 2009 Adequate and stable retirement income throughout retirement years
21 Objectives of Retirement System Pension System Principles - Adopted 1995* P A Utah public employees retirement plan must: Be within the employer s ability to pay Be acceptable to the public Be satisfactory to the employees Fit within a competitive compensation system *Last amended and adopted by the Retirement Interim Committee November 28, 1995, originally created in 1978 August 2009
22 Purpose of Retirement System Pension System Principles - Adopted 1995* P Utah public pension plans provide: Deferred compensation as part of the total compensation package Enhanced economic security and income replacement in old age Reward for longevity related to years of service An income base below which retired public employees will not fall *Last amended and adopted by the Retirement Interim Committee November 28, 1995, originally created in 1978 August 2009
23 Utah State Retirement Systems History The current benefits for public employees as well as the differences among the various retirement systems are best understood with a recognition of the history of public retirement in Utah.
24 Utah State Retirement Systems Historical Overview P The struggles of employee associations, local governments, and the Legislature to provide employee retirement benefits at the local and state levels; P The establishment and expansion of the early pension plans; P The consolidation of retirement programs under one board and office in 1963; P The Legislature s structural changes and benefit enhancements to each of the systems administered by the board; P The stability of major retirement benefits since 1991; P The Legislature s issues of oversight and funding the contribution rate and rising health care costs.
25 Definitions of Key Retirement Terms Qualified Plan P A qualified plan is established by an employer to provide retirement benefits for employees and their beneficiaries. P Qualified plans include defined benefit plans and defined contribution plans. P Employees do not pay taxes on plan assets until the assets are distributed and earnings on qualified plans are taxdeferred. P A qualified plan must operate in accordance with certain laws, including the Internal Revenue Code, in order to maintain its qualified status. August 2009
26 Definitions of Key Retirement Terms Defined Benefit Plan [DB]: P A defined benefit plan provides an employee a specific monthly benefit at retirement based upon years of service, compensation, and eligibility. P Funded through employer contributions that, based on actuarial assumptions including projected growth of investments, are required to provide the predetermined retirement benefit. If the investment performance falls below the projected amount, the employer s contribution rate is increased to cover the projected shortfall.
27 Definitions of Key Retirement Terms Defined Contribution Plans [DC]: P A defined contribution plan provides an individual account for each employee, but does not promise a specific amount of benefit at retirement. P Employees, employers, or both make pretax contributions to the employee s account, subject to contribution caps. P Benefits are based on the amount contributed and are also affected by investment choices, income, expenses, gains, and losses. P Employers are not required to make up for any loss on investments.
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