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Alberta Teachers Retirement


Fund Board
financial statements

2012-2013 Education Annual Report

225

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Alberta Teachers Retirement Fund Board


Alberta Teachers Retirement Fund Board
Teachers Pension Plan and
Teachers
Pension
Plan and
Private
School
Teachers
Pension Plan
Private School Teachers Pension Plan
Financial
Financial Statements
Statements
August
31,
August 31, 2012
2012

Managements Responsibility for Financial Reporting


Independent Auditors Report
Actuarys Opinion
Statements of Financial Position
Statements of Changes in Net Assets Available for Benefits
Statements of Changes in Pension Obligations
Notes to the Financial Statements

226

2012-2013 Education Annual Report

Management's Responsibility for


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FINANCIAL
REPORTING

[Original signed by Emelian V.Groch]

2012-2013 Education Annual Report

[Original Signed by Myles Norton]

227
2012 ANNUAL REPORT

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Independent Auditors

REPORT

Report on the Financial Statements

Managements Responsibility for the Financial Statements

Auditors Responsibility

Opinion

228

2012 ANNUAL REPORT

2012-2013 Education Annual Report

Actuarys

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OPINION

Teachers Pension PlanPrivate School Teachers Pension Plan

[Original signed by Robert J. Thiessen]

[Original signed by Donald L. Ireland]

2012-2013 Education Annual Report

229
2012 ANNUAL REPORT

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Financial

STATEMENTS

$ Thousands

2012

Assets



2011

[Original signed by Greg Meeker]

[Original signed by Lowell Epp]

230

2012 ANNUAL REPORT FINANCIAL STATEMENTS

2012-2013 Education Annual Report

$ Thousands

2012

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2011

$ Thousands

2012

Increase (decrease)





2012-2013 Education Annual Report

2011

8,294,365

7,467,688

8,294,365

9,108,721

231
FINANCIAL STATEMENTS 2012 ANNUAL REPORT

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Notes to the Financial

STATEMENTS
NOTE 1
DESCRIPTION OF PLANS



a) General

Teachers Pension Plans Act

Income Tax Act

before September 1992











232

2012 ANNUAL REPORT

c) Funding



















2012-2013 Education Annual Report

h) Other provisions

i) Cost-of-living adjustments

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NOTE 2
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Financial instrumentsFair value


measurement

2012-2013 Education Annual Report

233
2012 ANNUAL REPORT

b) Investments

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CATEGORY

BASIS OF VALUATION

Bonds and debentures

Public equity

Real estate

Infrastructure

Private companies

234

2012 ANNUAL REPORT

2012-2013 Education Annual Report

BASIS OF RECOGNITION

Interest income

Dividend income

from real estate and


private companies

Realised gains and


losses on investments

Unrealised gains and


losses on investments

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CATEGORY

c) Fair value disclosures

Level 1

Level 2

Level 3

2012-2013 Education Annual Report

235
2012 ANNUAL REPORT

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h) Capital assets

Income Tax Act

236

2012 ANNUAL REPORT

2012-2013 Education Annual Report

NOTE 3
INVESTMENTS

$ Thousands

Private companies
Infrastructure
Real estate
Investment related assets



Fair Value

Cost

Fair Value

Cost

INVESTMENT ASSETS

NET INVESTMENTS

$ 7,190,833

2012-2013 Education Annual Report

2011

7,958,540

6,722,920

7,976,617

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Fixed income



2012

6,218,761

$ 6,657,858

6,343,251

6,101,991

237
2012 ANNUAL REPORT

a) Fair value hierarchy

2012

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2012

2011

238

2011

2012 ANNUAL REPORT

2012-2013 Education Annual Report

NOTE 4
ACCOUNTS PAYABLE
$ Thousands

2012

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2011

NOTE 5
ACCRUED PENSION OBLIGATIONS

2012

2011


Teachers Pension Plan


Private School Teachers Pension Plan

2012-2013 Education Annual Report

239
2012 ANNUAL REPORT

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$ Thousands

2012

2011

NOTE 6
INVESTMENT EARNINGS

$ Thousands

2012

2011

240

2012 ANNUAL REPORT

2012-2013 Education Annual Report

NOTE 7
ADMINISTRATIVE EXPENSES

2012

2011

2012-2013 Education Annual Report

$ 23,316

5,094

$ 28,410

32,646

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Total

241
2012 ANNUAL REPORT

NOTE 8
CONTRIBUTIONS

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$ Thousands

2012

2011

NOTE 9
BENEFITS PAID
$ Thousands

2012

2011

242

2012 ANNUAL REPORT

2012-2013 Education Annual Report

NOTE 10
RISK MANAGEMENT

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a) Market risk

Currency risk

$ Thousands

2012

2011

Interest-rate risk

2012-2013 Education Annual Report

243
2012 ANNUAL REPORT

2012

$ Thousands

2011

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Equity-price risk

b) Credit risk

2012

244

2012 ANNUAL REPORT

2011

2012-2013 Education Annual Report

b) Liquidity risk

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NOTE 11
CAPITAL
Teachers Pension Plans Act

Teachers Pension Plans Act

NOTE 12
COMMITMENTS

NOTE 13
COMPARATIVE FIGURES

NOTE 14
INVESTMENT RETURNS AND RELATED BENCHMARK RETURNS

2012

2012-2013 Education Annual Report

2011

245
2012 ANNUAL REPORT