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PERA
Financial Information for Funds Administered by PERA
For the Year Ended December 31, 2008
(Includes all funds - Division Trust Funds, Colorado PERA 401(k)/DC Plans, Health Care Trust Fund, and Life Insurance Reserve)
(In Thousands of Dollars)
|
Net Assets Available for
Benefits
December 31, 2007 |
$43,172,026 |
|
Additions |
|
Employer Contributions |
$863,541 |
Member Contributions |
$716,982 |
|
Purchased Service |
$32,547 |
Retiree health care and life premiums |
$104,416 |
Medicare retiree drug subsidy |
$13,743 |
Investment Income |
($11,007,526) |
|
Other |
$17,302 |
|
Total Additions |
($9,258,995) |
Deductions |
|
Benefits Payments |
$2,792,007 |
|
Refunds |
$228,380 |
|
Disability Premiums and Life Insurance Claims |
$8,086 |
|
Administrative Expenses |
$40,874 |
|
Other |
$11,577 |
|
Total Deductions |
$3,080,924 |
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Net Assets Available for Benefits
December
31, 2008 |
$30,832,107 |
PERA Trust Fund Results
(compared
to respective benchmarks)
(Does not include the Colorado PERA 401(k)/DC Plans)
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|
2008 |
3-Year Annualized |
5-Year Annualized |
10-Year Annualized |
|
PERA Total Portfolio |
(26.0%) |
(2.0%) |
3.3% |
3.4% |
| |
Total Fund Policy Benchmark |
(27.7%) |
(3.4%) |
— |
— |
|
|
Median Plan (BNY Mellon Performance and Risk Analytics' Median Public Fund Universe) |
(26.8%) |
(3.0%) |
2.1% |
3.4% |
|
Domestic Stocks |
(36.4%) |
(8.0%) |
(1.4%) |
(0.1%) |
|
|
DJ Wilshire 5000 Index1 |
(37.2%) |
(8.4%) |
(1.8%) |
(0.7%) |
|
International Stocks |
(45.1%) |
(6.6%) |
3.0% |
2.9% |
|
|
MSCI ACWI Ex-U.S.1 |
(45.5%) |
(7.0%) |
2.4% |
1.3% |
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Fixed Income |
4.2% |
5.2% |
4.6% |
5.3% |
|
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Barlcays Capital Universal1 |
2.4% |
4.6% |
4.3% |
5.5% |
|
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Barclays Capital Aggregate |
5.2% |
5.5% |
4.7% |
5.6% |
|
Alternative Investments |
(26.3%) |
3.0% |
10.0% |
9.4% |
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Custom
Alternative Benchmark2
|
(34.2%) |
(5.4%) |
1.3% |
2.4% |
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Real Estate |
(18.3%) |
6.2% |
13.1% |
11.9% |
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Custom Real Estate Benchmark3 |
(9.7%) |
6.7% |
10.4% |
10.2% |
|
Opportunity Fund |
0.8% |
— |
— |
— |
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Public Markets Benchmark4 |
(28.5%) |
— |
— |
— |
1
The Colorado PERA Board of Trustees adopted new benchmarks for
domestic stock, international stock, and fixed income as of
April 1, 2004. Accordingly, the benchmark returns presented
represent a blend as follows:
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The Total Fund benchmark is a combination of 43 percent
of the DJ Wilshire 5000 Stock Index; 15 percent of the
Morgan Stanley Capital International All Country World
Ex-U.S. Index; 25 percent of the Barclays Capital
Universal Bond Index; 7 percent of the Colorado PERA
Real Estate Index; 7 percent of the Colorado PERA
Alternatives Index; and 3 percent of the Public Markets Benchmark. Prior to January 1, 2008, the weight for the DJ Wilshire 5000 was 45 percent and the NCREIF Timber Index (which was replaced by the Public Markets Benchmark in 2008) was 1 percent. Prior to January 1, 2006, the weight for the MSCI ACWI Ex-U.S. Index was 14 percent and the Custom
Alternative Benchmark was 8 percent.
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Domestic Stocks–DJ Wilshire 5000 Index beginning April 1, 2004; S&P 1500 prior to April 1, 2004.
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MSCI ACWI excluding U.S.
beginning April 1, 2004. |
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International Stocks–EAFE Custom Index (75 percent MSCI
EAFE Index and 25 percent MSCI EAFE excluding Japan)
prior to April 1, 2004. |
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Fixed Income–Barclays Capital Universal (formerly Lehman Universal) beginning April 1, 2004; Barclays Capital Aggregate (formerly Lehman Aggregate) prior to April 1, 2004.
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2
DJ Wilshire 5000 plus 300 basis points annually.
3
Beginning January 1, 2006: NFI (NCREIF Open Core Fund Index) plus
100 basis points annually; prior to January 1, 2006:
15 percent NAREIT, 45 percent NCREIF Property, 20 percent CITI
Mortgage, and 20 percent Global Property Research.
4
Beginning January 1, 2008: 51.8 percent DJ Wilshire 5000, 18.1 percent MSCI ACWI excluding U.S., and 30.1 percent barclays Capital Universal. Note: Performance calculations
were prepared using net-of-fee time-weighted rates of return.
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