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Fiscal Year End Report as of June 30, 2009

Public Safety Personnel Retirement System Corrections Officer Retirement Plan Elected Officials’ Retirement Plan. Fiscal Year End Report as of June 30, 2009. Active Members 35,304 Terminated Vested Members 2,740 Drop 1,044 Retired 12,105 Normal 9,105 Beneficiaries 1,681

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Fiscal Year End Report as of June 30, 2009

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  1. Public Safety Personnel Retirement SystemCorrections Officer Retirement PlanElected Officials’ Retirement Plan Fiscal Year End Report as of June 30, 2009 Total fund

  2. Active Members35,304 Terminated Vested Members 2,740 Drop 1,044 Retired 12,105 Normal 9,105 Beneficiaries 1,681 Disability 1,319 Total Participants 51,193 Total Plan StatisticsDefined Benefit Plan Total fund

  3. Total RevenueJune 30, 2009 Total Net Loss ($595,929,593) Total fund

  4. Total ExpensesJune 30, 2009 Total Expenses $578,609,862 Total fund

  5. Net Cash FlowFYE June 30 (thousands) EE-ER Contributions – Benefits Payments and Expenses Footnote: Transfer of 2,200 probation, surveillance and juvenile detention officers into CORP on July 1, 2007 increased cash flow for FYE 2008. Additionally, there was a decrease in retirements from the DROP program. Total fund

  6. Asset AllocationJune 30, 2009 at Market Total fund

  7. Total Fund – Returns by Asset Class(Fiscal Year 2008-09) Total fund

  8. Total Fund Rates of Return (Estimated)

  9. Annual Index Returns(Fiscal Year 2008-09) *Return is based on 3 month smoothing of NCREIF’s quarterly data. Total fund

  10. Investment Portfolio ReturnsJune 30, 2009 *Returns shown are gross of fees; ** Benchmark 7/1/2008-3/31/2009: 46% Wilshire 5000, 21% MSCI World Ex-US, 20% Lehman Gov/Credit, 6% NCREIF NPI, 6% Wilshire 5000 + 300 bps, 1% 91-Day Treasury Bill; Benchmark 3/31/09-6/30/2009 30% Russell 3000, 20% MSCI World Ex-US, 20% BC Capital Aggregate, 8% NCREIF MPI, 8% Russell 3000+100 bps, 8% ML US High Yield BB-B Rated Constrained, 5% CPI+200 bps and 1% 91-day T-Bill. Total fund

  11. Total Fund Performance As of June 30, 2009 • The Total Fund returned -17.45% over the Fiscal Year ending June 30 • Performance was above the benchmark over the fiscal year and while falling shy of the median public fund return • The Total Fund Universe is comprised of Public Funds from the ICC Public Fund Universe and includes over 100 Public Funds over the five full years • Rank shows how the performance of the Total Fund and Benchmark compared relative to other Public Funds Total fund

  12. Index/Actual Total ReturnsFY 2008-09

  13. Total Fund vs. BenchmarkFYE June 30 *Total Fund returns are gross of fees ** Benchmark 7/1/2008-3/31/2009: 46% Wilshire 5000, 21% MSCI World Ex-US, 20% Lehman Gov/Credit, 6% NCREIF NPI, 6% Wilshire 5000 + 300 bps, 1% 91-Day Treasury Bill; Benchmark 3/31/09-6/30/2009 30% Russell 3000, 20% MSCI World Ex-US, 20% BC Capita Aggregate, 8% NCREIF MPI, 8% Russell 3000+100 bps, 8% ML US High Yield BB-B Rated Constrained, 5% CPI+200 bps and 1% 91-day T-Bill.

  14. Funding Levels Total fund

  15. PSPRS – Aggregate Employer Rates *The aggregate computed contribution rates before application of the statutory minimum Total fund

  16. CORP – Aggregate Employer Rates Total fund

  17. EORP – Employer Rates Total fund

  18. Total Fund Changing Financial Status (in 000s) *Market value does not include future benefit increase reserve Total fund

  19. PSPRS Changing Financial Status(in 000s) *Market value does not include future benefit increase reserve Total fund

  20. CORP Changing Financial Status (in 000s) *Market value does not include future benefit increase reserve Total fund

  21. EORP Changing Financial Status (in 000s) *Market value does not include future benefit increase reserve Total fund

  22. Implications for the Future • Employer Rates • Post Retirement Benefit Increase Reserves (after cost of July 1, 2009 post retirement adjustment) • PSPRS:$285,613,717 (July 1 adjustment = $125.7M) • CORP: $15,124,946 (July 1 adjustment = $18.1M) • EORP: $3,637,670 (July 1 adjustment = $11.3M) • 7-1-10 Future Increase Amount is contingent upon assets flowing into account. Total fund

  23. Post-Retirement Adjustment Reserve Balances Total fund

  24. Asset Allocation Total fund

  25. Employer Contribution Rates Total fund

  26. Impact of Assumption Changes Total fund

  27. Investment ExpenseFYE June 30 (% of Assets) *“Comparison of costs to the universe must be interpreted with extreme caution given the breadth of the universe which encompasses funds with widely varying size and asset mix. Your benchmark cost calculation, is a much more valuable indicator as to whether you are a low or high cost producer since it adjusts for differences in fund size and asset mix.” Cost Effectiveness Measurement Inc, 2006 pg 12 Total fund

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