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Financial Report
FR
Financial Statements:
Executive Summaries
1-3
Financial Statements
4-5
6
7
PENSION FUND
FINANCIAL REPORT
June 30, 2016 and the Six Months Then Ended
Dollars in Thousands
1.
Net assets were $15,626,115 at June 30, 2016, compared to $16,126,208 at December 31 ,
2015, a decrease of $500,093 compared to a decrease of $532,184 for the same period last
year.
The $32,091 difference is due to $198,545 more net investment income offset by $166,454
more net operating loss.
2.
3.
Retirees
As of:
May 2016
December 201 5
59 ,234
59 ,551
204,115
205,202
Five-month average :
May 2016
May 2015
% decrease
58 ,623
59 ,621
(1 .67)%
204 ,698
207,284
(1 .25)%
For the six months ended June 2016, the Fund's net asset decrease from operations (before
investment income) was $1 ,042,997 compared to a decrease of $876,543 for the same period
in 2015, or a $166,454 unfavorable change:
4.
During the six months ended June 2016 and 2015, the Fund withdrew $1 ,029,063 and
$1 ,012,615 respectively, from investment assets to fund the cash operating deficit.
5.
Cash
1%
Fixed
Income
35%
Equity
60%
FR
June 30,
2016
Investments:
Cash equivalents
Fixed income
Equity
Other
Total investments
NET ASSETS
December 31,
2015
558,757
4,643,664
9,525,411
742,416
15,470,248
620,846
4,689,031
10,054,750
687,073
16,051,700
(62,089)
(45,367)
(529,339)
55,343
(581,452)
(0.4)
(0.3)
(3.3)
0.3
(3.7)
2,357,710
2,300,151
57,559
0.4
68,020
72,206
(4,186)
8,853
9,602
{749}
17,904,831
18,433,659
(528,828)
(3.3)
2,212,068
2,244,189
32,121
0.2
66,648
63,262
2,278,716
2,307,451
28,735
0.2
15,626,115
16,126,208
(500,093)
(3.1)
{3,386}
Benefits
General and administrative
expenses
Change in net assets
before net investment income(loss)
OPERATING STATISTICS
Benefits to contributions
General and administrative
expenses to:
Contributions
Benefits
Five-month average FTEs
Contributions per average FTE
Benefits per average FTE
(169,949) (1)
(30.6)
1,406,943
1,967
0.1
25,576
1,528
6.0
(876,543)
(166,454)
N/A
542,904
344,359
198,545
N/A
(500,093)
(532,184)
32,091
N/A
386,027
555,976
1,404,976
24,048
(1 ,042,997)
2015
364.0 %
253.1 %
6.2 %
1.7 %
4.6 %
1.8 %
58,623
6,585
23,966
59,621
9,325
23,598
203,950
206,338
1,142
1,134
Note<sl:
(1) Primarily recognition of withdrawal liability previously classified as potentially refundable ($184,000).
FOR INTERNAL USE ONLY
Actual through
June 2016
Contributions (includes W/L)
Benefits
General and administrative expenses
Change in net assets
before net investment income(loss)
July
Projection
Remainder of
2016
2016
Year Ending
December 2016
386,027
76,500
291,473
754,000
1,404,976
233,800
1,168,124
2,806,900
24,048
4,300
21,252
49,600
{1,042,997)
{161,600)
{897,903)
{2, 102,500)
December 31,
2015
2014
558,757
4,643,664
9,525,411
742,416
15,470,248
620,846
4,689,031
10,054,750
687,073
16,051,700
652,095
5,292,888
11,179,145
808,375
17,932,503
68,020
59,111
353,250
480,381
72,206
57,278
360,790
490,274
84,074
62,986
354,774
501,834
Cash
Assets held in securities lending program
Other, primarily furniture and equipment - net
Total assets
903
1,945,349
7,950
17,904,831
1,518
1,882,083
8,084
18,433,659
1,295
2,142,191
6,480
20,584,303
LIABILITIES
Liability to return collateral held under
securities lending agreements
Payable for securities purchased
Accounts payable and accrued expenses (2)
Deferred withdrawal liability receipts
Total liabilities
1,945,349
257,359
71,897
4,111
2,278,716
1,882,083
350,687
69,044
5,637
2,307,451
2,142,191
357,263
67,532
154,211
2,721,197
Receivables:
Employer contributions, less allowance for
uncollectible contributions ( 1)
Interest and dividends
Other, primarily for securities sold
Total receivables
NET ASSETS
15,626,115
16,126,208
17,863,106
Note(s):
( 1) Allowance for uncollectible contributions:
Reserve for YRC included in above allowance:
(2) Includes a liability for 401(h) plan assets:
$
$
$
67,738
55,673
50,354
71,779
59,862
48,347
73,876
60,060
48,058
NET ASSETS:
Beginning of period
End of period
50,745
18,549
69,294
2015
47,749
214,932 (1)
262,681
234,207
4,138
238,345
234,765
4,561
239,326
1,404,976
24,048
1,429,024
(169,051)
23,355
(1,042,997)
30,923
47,636
290,988
264,988 (1)
555,976
1,406,943
25,576
1,432,519
(876,543)
180,373
197,617
23,820
{3,319)
51,424
(333,000)
{3,450)
{288,814)
382,870
{20,339)
542,904
169,204
{22,462}
344,359
(117,627)
(265,459)
(500,093)
(532,184)
15,743,742
17,596,381
16,126,208
17,863,106
15,626,115
17,330,922
15,626,115
17,330,922
Note(s):
(1) Recognition of withdrawal liability previously classified as potentially refundable- $184 million.
FOR INTERNAL USE ONLY
5a
2015
Revenue:
Contributions
Withdrawal liability
Total revenue
End of period
2014
2013
2012
586,686
687,827
1,274,513
582,359
232,836
815,195
571,104
153,928
725,032
568,878
188,828
757,706
2,814,338
52,562
2,866,900
2,822,248
38,078
2,860,326
2,822,508
36,799
2,859,307
2,823,581
34,498
2,858,079
(1,592,387)
(2,045,131)
(2,134,275)
(2, 100,373)
368,132
370,170
348,708
379,051
(470,066)
{42,577}
(144,511}
843,954
{46,646}
1,167,478
2,807,635
{46,568}
3,109,775
1,881,196
{44,490}
2,215,757
(1,736,898)
(877,653)
975,500
115,384
17,863,106
18,740,759
17,765,259
17,649,875
16,126,208
17,863,106
18,740,759
17,765,259
Payroll
Employee benefits
Fees, services and software
Rent
Office
Withdrawal liability receipts
Other
Net from operations
Investments:
Net sales( purchases)
Interest and dividends
Management fees
Investments, net
Change in cash
Note(s):
( 1) Includes change in overdraft:
2015
43,465
(233,821)
(190,356)
55,384
(234,711)
(179,327)
299,751
( 1.404,262)
(1,104,511)
289,674
(1.406,124)
(1,116,450)
(1,146)
(590)
(944)
(116)
(314)
12,612
(706)
8,796
(181,560)
(1,304)
(764)
(697)
(153)
(684)
34,798
(1,601)
29,595
(149,732)
(7,673)
(3,753)
(4,006)
(700)
(2,538)
86,927
(978)
67,279
(1,037,232)
(8,395)
(3,837)
(3,535)
(880)
(3,190)
125,979
(2,350)
103,792
(1,012,658)
155,939
30,434
(4,735)
181,638
129,973
31,680
(11,044)
150,609
880,547
178,472
(22,402)
1,036,617
853,921
184,878
(25,894)
1,012,905
78
877
825
665
1,518
1,295
903
1,542
903
1,542
385
54
714
818
Cash:
Beginning of period
End of period
2016
(615)
247
Payroll
Employee benefits
Fees, services and software
Rent
Office
Withdrawal liability receipts
Other
Net from operations
Investments:
Net sales(purchases)
Interest and dividends
Management fees
Investments, net
Change in cash
End of period
Note(s):
(1} Includes change in overdraft:
2012
597,999
(2,814, 127)
(2,216, 128)
580,516
(2,822,084)
(2,241 ,568)
572,902
(2,822,571)
(2,249,669)
568,834
(2,823,666)
(2,254,832)
(17,741}
(7,816}
(7,687}
(1 ,730}
(15,380)
548,619
(980)
497,285
(1 ,718,843}
(16, 145}
(7,456}
(4, 102}
(1 ,663)
(8,358)
255,800
(5,523)
212,553
(2,029,015}
(15,941}
(7,532}
(2,726}
(1,717)
(8,850}
234,417
(1 ,084)
196,567
(2,053, 102}
(15,364}
(7,113}
(2,341}
(1 ,658)
(7,659)
217,745
1,394
185,004
(2,069,828}
1,398,513
364,575
(44,022)
1,719,066
1,707,729
367,079
(45,818)
2,028,990
1,760,498
337,794
(46,282)
2,052,010
1,731,937
380,470
(44,704)
2,067,703
(25}
(1 ,092)
(2, 125}
223
Cash:
Beginning of period
2013
2014
1,295
1,320
2,412
4,537
1,518
1,295
1,320
2,412
210
163
(62)
(84)
-..----oooo----------------------------"'--------------
--
175,000
--
--
----
----
--
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---
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--
--
t:
100,000
---
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---
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-=-.
.
.
.
.
,
__
---=-----.
.
_-------------=---------------------=---------------------=--------------------=-----.
.
--------------..
--------75,000
-----_ -------------------------50,000 .
----
--25,000 .
----
---
_....................
-~-
--
---
0
Jun
Dec
2010
---~-
---
Jun
-Dec
2011
Jun
Dec
2012
Jun
Dec
2013
nr FTEs
Jun
Dec
2014
Jun
Dec
2015
May
2016
=RETIREES
FOR INTERNAL USE ONLY