HomeMy WebLinkAboutWest Virginia Consolidated Public Retirement Board - Public Financial ReportWest Virginia Consolidated
Public Retirement Board
Pension Trust Funds of the State of West Virginia
(A Component Unit of the State of West Virginia)
2021
Popular Annual
Financial Report
Serving Those Who Serve West Virginia
Fiscal Year Ended June 30, 2021
OUR MISSION, VISION, AND CORE VALUES
Our Mission
To serve those who serve West Virginia by administering nine
governmental pension plans to ensure members receive accurate and
timely benefits earned for their public service.
Our Vision
To be a trusted leader in pension administration and provide public
employees with the security and information they need to empower
them for a productive tomorrow
Our Core Values
Responsibility - To professionally serve and be accountable to the
people of West Virginia while fulfilling our fiduciary duties to the
plans, their members, and retirees.
Education - To ensure that all members, retirees, employers, and
legislators have the understanding they need to make informed
decisions.
Transparency - To be open, honest, and trustworthy in all matters
and actions through good internal and external communication.
Integrity - To hold one another to the highest standard of character
and ethics.
Resourcefulness - To continually improve our expertise and work
together to find the best solutions in all situations.
Excellence - To provide outstanding customer service through
accuracy, timeliness, responsiveness, reliability, and compassion.
TRUSTEES OF THE WEST VIRGNIA CONSOLIDATED PUBLIC RETIREMENT BOARD
As of June 30, 2021
Chair – Joseph G. Bunn, Esquire
Governor James C. Justice, III
State Auditor John B. McCuskey
State Treasurer Riley Moore
Administration Cabinet Secretary Mark D. Scott
William A. Barker, Jr.
Rhonda Bolyard
Larry W. Cole
Daniel Cart
Michael McKown
Beth Morgan
D. Todd Murray
David Nelson
Reggie Patterson
C. Jeffrey Vallet
West Virginia Consolidated Public Retirement Board 1 2021 Popular Annual Financial Report
MESSAGE FROM EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER
Dear Member:
It is our pleasure to present our Popular Annual Financial Report (PAFR) for the West Virginia Consolidated Public
Retirement Board (WVCPRB), summarizing what is found in the lengthier and more technical Annual
Comprehensive Financial Report (ACFR) that we publish each year. The PAFR, instead, presents the operating
results achieved for the fiscal year that ended June 30, 2021 in an easier to digest format for anyone who wants to
review the health of the retirement systems administered by the WVCPRB, including:
Public Employees Retirement System
(PERS)
Teachers Retirement System (TRS)
Teachers Defined Contribution
Retirement System (TDCRS)
State Police Death, Disability
Retirement System (SPDDRS)
State Police Retirement System (SPRS)
Deputy Sheriffs Retirement System
(DSRS)
Judges Retirement System (JRS)
Emergency Medical Service Retirement
System (EMSRS)
Municipal Police Officers & Firefighters
System (MPFRS).
Natural Resources Police Officers
Retirement System (NRPORS)
Additionally, each system experienced an increase in the Net Assets Restricted for Pensions during the fiscal year.
Three of the eight defined benefit retirement systems experienced an increase in their funding status while the
other five retirement systems saw a decrease in their funded status during the fiscal year. The decrease in MPFRS
is due to the relatively young age of the system (established January 1, 2010) and represented a decrease from the
June 30, 2020 funding status of 177.49% to 166.45%. The other four decreases in funding status related to the two
state police retirement systems, the EMS system, and the Municipal Police system; and represent normal
fluctuations in the funding status from year to year. See brief summary below:
WVCPRB is responsible for properly administering retirement, disability, and survivor benefits for state employees,
teachers, law enforcement officers, judges, emergency medical service providers, as well as local government
employees whose employers have elected to participate in one of the retirement systems. The retirements currently
provide monthly benefits to more than 69,000 retirees and beneficiaries, and is an essential element of the future
financial security for nearly 82,000 participating members.
We hope you will find this publication helpful and informative. If you would like additional information, the
WVCPRB’s Comprehensive Annual Financial Report is available at http://www.wvretirement.com/Forms/2021-
ACFR.pdf
Jeffrey E. Fleck John D. Galloway
Executive Director Chief Financial Officer
Increase in
Net Assets
Investment Restricted Increase in
Returns for Pensions Funding Status
PERS 32.02% 1,902,631$ 11.13%
TRS 31.93% 2,070,459 1.64%
SPDDRS 31.99% 175,929 -2.53%
SPRS 32.13% 80,593 -3.43%
DSRS 32.07% 75,465 -0.42%
JRS 32.09% 64,972 25.82%
EMSRS 32.05% 30,216 -4.75%
MPFRS 31.86% 9,209 -11.04%
NRPORS 13.91% 25,013 n/a
TDCRS 37.10% 33,146 n/a
West Virginia Consolidated Public Retirement Board 2 2021 Popular Annual Financial Report
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM (PERS)
System Overview
The WV PERS was established in 1961 to provide retirement benefits to employees of the State of West Virginia
and other political subdivision. The PERS has approximately 61,000 active members and approximately 28,500
retirees receiving annuity benefits. PERS is funded by employee and employer contributions. An active member
hired for the first time prior to July 1, 2015 contributes 4.5% of his or her gross monthly salary to the plan. Effective
July 1, 2018, the employer will contribute 10.0% of the member's gross monthly salary for a total combined
contribution equal to 14.5%. All employee contributions currently remitted are tax deferred. Contributions for
members, as a percentage of payroll, are established by statute, and are subject to legislative limitations. The
employee and employer contributions are annually reviewed to assure that they result in actuarially sound funding
for the plan.
The PERS had a very positive year during fiscal year 2021. As a mature retirement system, the PERS experienced
relatively limited changes in system’s membership and contributions and expected growth in benefit payments.
However, the PERS experienced an approximately 32% return on investments during the fiscal year which greatly
exceeded the actuarial assumed rate of return, during the fiscal year, of 7.5%.
System Snapshot
Total MembershipActive 35,781 Terminated vested 4,918 Retired 28,450
2021 New RetireesAverage years of service 22.2
All Retirees
Average annual benefit 16,316$
Valuation Date:7/1/2020 95.0%7/1/2019 93.9%
7/1/2018 92.9%7/1/2017 91.5%7/1/2016 89.0%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 3 2021 Popular Annual Financial Report
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM (PERS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 744$ 451$ 61$ 415$ 479$
Investments, at fair value 8,807,095 6,899,129 6,895,386 6,718,698 6,311,881
Receivables 4,226 9,708 30,207 50,581 73,164
Total assets 8,812,065 6,909,288 6,925,654 6,769,694 6,385,524
Liabilities:
Accrued expenses 6,181 6,035 200 140 427
Net Position 8,805,884$ 6,903,253$ 6,925,454$ 6,769,554$ 6,385,097$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 78,762$ 75,857$ 70,357$ 65,150$ 63,578$
Employer 159,259 155,230 147,031 152,541 165,676
Net investment income (loss) 2,170,293 215,355 393,179 606,303 875,090
Other income 1,325 866 763 1,497 1,031
Total additions 2,409,639 447,308 611,330 825,491 1,105,375
Deductions:
Benefit payments 469,160 453,001 436,966 421,936 402,213
Service transfers 21,603 (227) (232) - (110)
Refunds 9,934 10,549 11,781 12,248 10,566
Administrative 6,311 6,186 6,915 6,850 4,989
Total deductions 507,008 469,509 455,430 441,034 417,658
Change in plan net position 1,902,631 (22,201) 155,900 384,457 687,717
Net position, beginning of fiscal year 6,903,253 6,925,454 6,769,554 6,385,097 5,697,380
Net position, end of fiscal year 8,805,884$ 6,903,253$ 6,925,454$ 6,769,554$ 6,385,097$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 35,781 35,508 34,765 36,094 36,150
Terminated vested 4,918 4,747 4,626 4,301 4,214
Retired 28,450 28,033 27,568 27,053 26,293
Total 69,149 68,288 66,959 67,448 66,657
West Virginia Consolidated Public Retirement Board 4 2021 Popular Annual Financial Report
TEACHERS’ RETIREMENT SYSTEM (TRS)
System Overview
The State Teachers' Retirement System (TRS) was established in 1941 for the purpose of providing retirement
benefits for teachers and school service personnel. TRS is a defined benefit plan that currently has approximately
43,000 members and 36,800 retirees receiving annuity benefits. An active member contributes 6% of their gross
monthly salary into TRS. If they were a member prior to July 1, 1991, the employer contributes an additional 15%
of the member's gross monthly salary into TRS. For members hired for the first time on or after July 1, 2005 or for
member's who transferred from the Teachers' Defined Contribution (TDC) System, the employer contributes an
additional 7.5% of the member's gross monthly salary into TRS.
Fiscal year 2021, the TRS is also a mature system and experienced relatively slow and steady growth in system
membership, contributions, and benefit distributions. As with the other systems, the TRS experienced and
significant return on its invested assets of approximately 32%. This investment return was significantly higher
than the actuarial assumed rate of investment return, during the fiscal year, of 7.5%.
System Snapshot
Total MembershipActive 34,753 Terminated vested 3,038 Retired 36,797
2021 New Retirees
Average years of service 30.6
All RetireesAverage annual benefit 23,356$
Valuation Date:
7/1/2020 72.8%
7/1/2019 71.1%7/1/2018 69.6%
7/1/2017 67.1%7/1/2016 65.4%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 5 2021 Popular Annual Financial Report
TEACHERS’ RETIREMENT SYSTEM (TRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 2,457$ 1,690$ 10$ 851$ 77$
Investments, at fair value 9,886,657 7,820,075 7,836,784 7,691,788 7,259,593
Receivables 25,708 22,819 62,053 28,093 31,171
Total assets 9,914,822 7,844,584 7,898,847 7,720,732 7,290,841
Liabilities:
Accrued expenses 35 256 108 123 379
Net Position 9,914,787$ 7,844,328$ 7,898,739$ 7,720,609$ 7,290,462$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 97,258$ 96,511$ 92,759$ 89,128$ 91,503$
Employer 417,334 463,840 481,986 471,837 451,447
Net investment income (loss) 2,429,811 241,591 444,661 688,273 995,095
Other income 2,964 3,371 3,446 3,046 2,822
Total additions 2,947,367 805,313 1,022,852 1,252,284 1,540,867
Deductions:
Benefit payments 863,132 844,272 827,539 806,511 780,030
Service transfers 171 232 174 - (149)
Refunds 8,384 9,695 10,770 9,621 9,028
Administrative 5,221 5,525 6,239 6,035 4,582
Total deductions 876,908 859,724 844,722 822,167 793,491
Change in plan net position 2,070,459 (54,411) 178,130 430,117 747,376
Net position, beginning of fiscal year 7,844,328 7,898,739 7,720,609 7,290,492 6,543,116
Net position, end of fiscal year 9,914,787$ 7,844,328$ 7,898,739$ 7,720,609$ 7,290,492$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 34,753 34,108 33,174 34,318 35,811
Terminated vested 3,038 2,983 3,169 2,767 1,867
Retired 36,797 36,652 36,394 36,964 35,440
Total - TRS 74,588 73,743 72,737 74,049 73,118
West Virginia Consolidated Public Retirement Board 6 2021 Popular Annual Financial Report
STATE POLICE DEATH, DISABILITY, AND RETIREMENT SYSTEM (SPDDRS)
System Overview
The West Virginia State Police Death, Disability and Retirement Fund (SPDDRS) was established to provide
retirement, death and disability benefits for all state troopers on July 1, 1935 by the West Virginia Legislature.
During the 1994 Legislative Session, the West Virginia Legislature established a new retirement plan for all
state troopers hired on or after March 12, 1994. That plan was entitled the West Virginia State Police
Retirement System (SPRS). State troopers hired on or after March 12, 1994 are not eligible for membership
in SPDDRS. Civilian employees of the West Virginia State Police are members of the Public Employees
Retirement System (PERS). Members of SPDDRS are not covered by Social Security or Workers’
Compensation.
The SPDDRS is a closed plan, as such continues to see a decline in the number of active members. At the
beginning of fiscal year 2021, the SPDDRS only had 7 remaining members that were not receiving, while
having 759 members receiving retirement benefits. As of July 1, the system was funded at 87.39%. The State
will continue to appropriate additional contributions under the established amortization plan to ensure that
all benefits are funded. Along with the other systems, the SPDDRS saw investment returns (approximately
32%) that greatly exceeded the assumed actuarial rate of return during the year (7.5%).
System Snapshot
Total MembershipActive 4 Terminated vested 3 Retired 759
2021 New RetireesAverage years of service 26.6
All RetireesAverage annual benefit 66,380$
Valuation Date:
7/1/2020 87.4%
7/1/2019 89.9%
7/1/2018 90.4%7/1/2017 86.7%
7/1/2016 79.4%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 7 2021 Popular Annual Financial Report
STATE POLICE DEATH, DISABILITY, AND RETIREMENT SYSTEM (SPDDRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 12$ -$ 1$ 4$ -$
Investments, at fair value 851,521 675,607 689,819 682,799 641,748
Receivables 3 - - - -
Total assets 851,536 675,607 689,820 682,803 641,748
Liabilities:
Accrued expenses 3 3 - - -
Net Position 851,533$ 675,604$ 689,820$ 682,803$ 641,748$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 34$ 35$ 110$ 186$ 362$
Employer 16,699 13,246 15,595 24,829 17,319
Net investment income (loss)208,656 21,252 38,174 60,939 87,793
Other income 822 530 752 691 847
Total additions 226,211 35,063 54,631 86,645 106,321
Deductions:
Benefit payments 50,228 49,225 47,551 45,529 43,325
Service transfers - - - - -
Refunds - - - - -
Administrative 54 54 63 61 46
Total deductions 50,282 49,279 47,614 45,590 43,371
Change in plan net position 175,929 (14,216) 7,017 41,055 62,950
Net position, beginning of fiscal year 675,604 689,820 682,803 641,748 578,798
Net position, end of fiscal year 851,533$ 675,604$ 689,820$ 682,803$ 641,748$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 4 6 20 39 42
Terminated vested 3 4 4 3 3
Retired 759 765 759 744 747
Total 766 775 783 786 792
West Virginia Consolidated Public Retirement Board 8 2021 Popular Annual Financial Report
STATE POLICE RETIREMENT SYSTEM (SPRS)
System Overview
The West Virginia State Police Retirement System (SPRS) was established by the West Virginia Legislature
in 1994 to provide retirement, death, and disability benefits for all state troopers hired on or after March 12,
1994. Civilian employees of the West Virginia State Police are members of the Public Employees Retirement
System (PERS). Active members of SPRS contribute 12% of their base salary, which was unchanged from the
prior year, into the retirement plan. The employer contributes 23% of base salary into the plan, which is an
increase from the 14% of base pay contributed during FY 2020. Members of this retirement system are not
covered by Social Security or Workers' Compensation.
The SPRS is a maturing plan, with stable membership. Along with the other systems, the SPRS saw
investment returns (approximately 32%) that greatly exceeded the assumed actuarial rate of return during
the year (7.5%).
System Snapshot
Total MembershipActive 626 Terminated vested 17 Retired 59
2021 New RetireesAverage years of service 28
All RetireesAverage annual benefit 47,511$
Valuation Date:
7/1/2020 88.4%7/1/2019 91.8%
7/1/2018 101.8%7/1/2017 98.1%
7/1/2016 95.4%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 9 2021 Popular Annual Financial Report
STATE POLICE RETIREMENT SYSTEM (SPRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 11$ -$ -$ 3$ -$
Investments, at fair value 301,155 220,922 207,102 188,912 166,483
Receivables - - - - 208
Total assets 301,166 220,922 207,102 188,915 166,691
Liabilities:
Accrued expenses 8 357 - - 3
Net Position 301,158$ 220,565$ 207,102$ 188,915$ 166,688$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 4,185$ 4,168$ 3,905$ 3,621$ 3,634$
Employer 7,928 4,850 4,556 4,205 3,657
Net investment income (loss)72,138 7,010 11,730 16,303 22,346
Other income - - - - -
Total additions 84,251 16,028 20,191 24,129 29,637
Deductions:
Benefit payments 3,302 2,140 1,473 1,186 957
Service transfers - - - - -
Refunds 297 358 471 656 497
Administrative 59 67 60 60 64
Total deductions 3,658 2,565 2,004 1,902 1,518
Change in plan net position 80,593 13,463 18,187 22,227 28,119
Net position, beginning of fiscal year 220,565 207,102 188,915 166,688 138,569
Net position, end of fiscal year 301,158$ 220,565$ 207,102$ 188,915$ 166,688$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 626 613 570 595 611
Terminated vested 17 19 17 11 11
Retired 59 40 33 27 24
Total 702 672 620 633 646
West Virginia Consolidated Public Retirement Board 10 2021 Popular Annual Financial Report
DEPUTY SHERIFF’S RETIREMENT SYSTEM (DSRS)
System Overview
The Deputy Sheriff Retirement System (DSRS) was established by the West Virginia Legislature to
provide retirement, death, and disability benefits for all deputy sheriffs hired on or after July 1, 1998. At
the start of fiscal year 2021, the DSRS had approximately 1,250 active members and 456 members
receiving benefits. Active members contribute 8.5% of their gross monthly salary pre-tax and the Sheriff's
Office contributes an additional 12% of the member's gross monthly salary. In addition, the county
contributes certain fees charged for reports and other services provided by Sheriff's Offices.
As a maturing plan, the DSRS experience expected increases in contributions and benefits. However, like
the other systems the DSRS experienced investment returns of approximately 32%, which greatly
exceeded the assumed actuarial investment return of 7.5%, for the fiscal year.
System Snapshot
Total MembershipActive 1,086 Terminated vested 119 Retired 456
2021 New RetireesAverage years of service 25.7
All RetireesAverage annual benefit 28,395$
Valuation Date:
7/1/2020 89.2%7/1/2019 89.6%
7/1/2018 92.1%7/1/2017 98.8%
7/1/2016 88.2%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 11 2021 Popular Annual Financial Report
DEPUTY SHERIFF’S RETIREMENT SYSTEM (DSRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 56$ 38$ -$ 78$ 46$
Investments, at fair value 314,634 239,120 232,576 219,368 199,467
Receivables 978 1,048 1,083 1,070 1,315
Total assets 315,668 240,206 233,659 220,516 200,828
Liabilities:
Accrued expenses - 3 - 2 8
Net Position 315,668$ 240,203$ 233,659$ 220,514$ 200,820$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 5,177$ 4,860$ 4,846$ 4,416$ 4,166$
Employer 7,213 6,861 6,705 6,194 5,917
Net investment income (loss) 76,547 7,528 13,200 19,361 27,282
Other income 558 404 479 471 433
Total additions 89,495 19,653 25,230 30,442 37,798
Deductions:
Benefit payments 13,364 12,260 11,338 9,614 8,957
Service transfers - - - - -
Refunds 530 716 602 997 1,186
Administrative 136 133 145 137 102
Total deductions 14,030 13,109 12,085 10,748 10,245
Change in plan net position 75,465 6,544 13,145 19,694 27,553
Net position, beginning of fiscal year 240,203 233,659 220,514 200,820 173,267
Net position, end of fiscal year 315,668$ 240,203$ 233,659$ 220,514$ 200,820$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 1,086 1,081 1,050 1,018 1,042
Terminated vested 119 119 114 116 102
Retired 456 432 403 383 343
Total 1,661 1,632 1,567 1,517 1,487
West Virginia Consolidated Public Retirement Board 12 2021 Popular Annual Financial Report
JUDGES RETIREMENT SYSTEM (JRS)
System Overview
The Judges' Retirement System (JRS) was established in 1949 for judges and justices of the State of West
Virginia who elect to participate in the retirement system. JRS is a single employer defined benefit retirement
system providing retirement, death and disability benefits. At the start of fiscal year 2021, the JRS had
approximately 78 active members and 59 members receiving benefits. Active members contributed 7% of their
gross salary into JRS. The employer (the Judiciary) contributes annually the amount necessary to actuarially
fund JRS based on annual actuarial valuations completed by the CPRB.
The JRS is a mature plan with a small and stable member population and as such, has experienced relatively
stable contributions and distributions. Like the other systems the JRS had investment returns of
approximately 32%, which greatly exceeded the assumed actuarial investment return of 7.5%, for the fiscal
year.
System Snapshot
Total MembershipActive 77 Terminated vested 2 Retired 59
2021 New RetireesAverage years of service 32.3
All RetireesAverage annual benefit 81,943$
Valuation Date:7/1/2020 218.3%
7/1/2019 192.5%7/1/2018 185.5%
7/1/2017 174.4%7/1/2016 155.1%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 13 2021 Popular Annual Financial Report
JUDGES RETIREMENT SYSTEM (JRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 3$ -$ -$ 4$ -$
Investments, at fair value 280,669 215,699 212,653 204,484 189,986
Receivables - - - - -
Total assets 280,672 215,699 212,653 204,488 189,986
Liabilities:
Accrued expenses 12 11 - - -
Net Position 280,660$ 215,688$ 212,653$ 204,488$ 189,986$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 295$ 301$ 331$ 364$ 372$
Employer 886 791 779 735 747
Net investment income (loss) 68,611 6,850 12,085 18,373 26,270
Other income - - - - -
Total additions 69,792 7,942 13,195 19,472 27,389
Deductions:
Benefit payments 4,810 4,897 4,846 4,765 4,510
Service transfers - - 86 - 12
Refunds - - 87 167 99
Administrative 10 10 11 8 6
Total deductions 4,820 4,907 5,030 4,940 4,627
Change in plan net position 64,972 3,035 8,165 14,532 22,762
Net position, beginning of fiscal year 215,688 212,653 204,488 189,956 167,194
Net position, end of fiscal year 280,660$ 215,688$ 212,653$ 204,488$ 189,956$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 77 77 74 75 72
Terminated vested 2 2 - 2 1
Retired 59 59 58 57 54
Total 138 138 132 134 127
West Virginia Consolidated Public Retirement Board 14 2021 Popular Annual Financial Report
EMERGENCY MEDICAL SERVICES RETIREMENT SYSTEM (EMSRS)
System Overview
The Emergency Medical Services Retirement System (EMSRS) was established in 2008 for the purpose of
providing retirement benefits for emergency medical services officers employed by participating public
employers who voluntarily elected to participate as of December 31, 2007, and to all emergency medical
services officers hired into covered employment by participating public employers of EMSRS on or after
January 1, 2008. At the start of fiscal year 2021, the EMSRS had approximately 681 active members and 130
members receiving benefits.
As the EMSRS continues to mature, the plan has experienced the expected level of growth in membership,
contributions revenue, and retirement benefits paid. Investment returns of approximately 32% obtained
during the fiscal year, which significantly exceeded the assumed actuarial investment return of 7.5%, for the
fiscal year.
System Snapshot
Total MembershipActive 611 Terminated vested 70 Retired 130
2021 New Retirees
Average years of service 15.0
All RetireesAverage annual benefit 26,636$
Valuation Date:
7/1/2020 101.9%
7/1/2019 102.9%7/1/2018 104.9%
7/1/2017 99.4%7/1/2016 87.8%
Histocical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 15 2021 Popular Annual Financial Report
EMERGENCY MEDICAL SERVICES RETIREMENT SYSTEM (EMSRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 10$ 1$ -$ 37$ -$
Investments, at fair value 118,768 88,627 84,650 78,921 70,455
Receivables 443 402 323 344 710
Total assets 119,221 89,030 84,973 79,302 71,165
Liabilities:
Accrued expenses - 25 4 - -
Net Position 119,221$ 89,005$ 84,969$ 79,302$ 71,165$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 2,842$ 2,531$ 2,302$ 2,231$ 2,314$
Employer 3,523 3,078 2,844 2,765 2,859
Net investment income (loss) 28,643 2,817 4,774 6,867 9,506
Other income - - - - -
Total additions 35,008 8,426 9,920 11,863 14,679
Deductions:
Benefit payments 3,752 3,348 2,989 2,582 2,201
Service transfers - - - - -
Refunds 962 969 1,187 1,071 575
Administrative 78 73 77 73 53
Total deductions 4,792 4,390 4,253 3,726 2,829
Change in plan net position 30,216 4,036 5,667 8,137 11,850
Net position, beginning of fiscal year 89,005 84,969 79,302 71,165 59,315
Net position, end of fiscal year 119,221$ 89,005$ 84,969$ 79,302$ 71,165$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 611 587 577 608 586
Terminated vested 70 67 61 67 63
Retired 130 120 102 89 81
Total 811 774 740 764 730
West Virginia Consolidated Public Retirement Board 16 2021 Popular Annual Financial Report
MUNICIPAL POLICE OFFICERS AND FIREFIGHTERS RETIREMENT SYSTEM (MPFRS)
System Overview
The Municipal Police Officers and Firefighters Retirement System (MPFRS) was established in 2010 to
provide. All paid police officers and firefighters first employed in covered employment by a participating
municipality or municipal subdivision after the date the municipality or municipal subdivision elected to join
MPFRS are required to be members of MPFRS as a condition of employment. As of the start of the fiscal year,
MPFRS had 440 active members and 1 member receiving benefits. During the fiscal year, MPFRS has 37
participating employers as compared to 20 participating employers during the prior fiscal year.
The MPFRS plan is a relatively young plan minimal out flows for benefits. Accordingly, the plan continues to
see steady growth in membership and contributions. Like the other systems the MPFRS had investment
returns of approximately 32%, which greatly exceeded the assumed actuarial investment return of 7.5%, for
the fiscal year.
System Snapshot
Total MembershipActive 436 Terminated vested 6 Retired 1
2021 New RetireesAverage years of service n/a
All RetireesAverage annual benefit 38,734$
Valuation Date:
7/1/2020 166.5%7/1/2019 177.5%
7/1/2018 168.3%7/1/2017 186.7%
7/1/2016 153.0%
Historical Actuarial Funding Status
West Virginia Consolidated Public Retirement Board 17 2021 Popular Annual Financial Report
MUNICIPAL POLICE OFFICERS AND FIREFIGHTERS RETIREMENT SYSTEM (MPFRS)
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 8$ 2$ 4$ 7$ -$
Investments, at fair value 23,817 14,667 11,090 7,842 5,375
Receivables 273 220 203 228 147
Total assets 24,098 14,889 11,297 8,077 5,522
Liabilities:
Accrued expenses - - - - -
Net Position 24,098$ 14,889$ 11,297$ 8,077$ 5,522$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 2,158$ 1,717$ 1,438$ 1,087$ 846$
Employer 2,136 1,721 1,438 1,089 846
Net investment income (loss) 5,202 437 611 547 606
Other income 68 1 38 - -
Total additions 9,564 3,876 3,525 2,723 2,298
Deductions:
Benefit payments 41 39 36 20 -
Service transfers - - (28) - -
Refunds 273 209 262 125 79
Administrative 41 36 35 23 14
Total deductions 355 284 305 168 93
Change in plan net position 9,209 3,592 3,220 2,555 2,205
Net position, beginning of fiscal year 14,889 11,297 8,077 5,522 3,317
Net position, end of fiscal year 24,098$ 14,889$ 11,297$ 8,077$ 5,522$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 436 370 332 217 191
Terminated vested 6 7 2 - -
Retired 1 1 1 - -
Total 443 378 335 217 191
West Virginia Consolidated Public Retirement Board 18 2021 Popular Annual Financial Report
NATURAL RESOURCES POLICE OFFICERS RETIREMENT SYSTEM (NRPORS)
System Overview
The West Virginia Municipal Police Officers and Firefighters Retirement System (MPFRS) was established
by the West Virginia Legislature in November 2009 and became effective January 1, 2010. The legislation
provided for any municipality or municipal subdivision employing municipal police officers or firefighters to
elect to become a participating employer. The MPFRS had 595 participating members as of June 30, 2021. All
police officers and firefighters first employed in covered employment after the date the municipality or
municipal subdivision elected to join MPFRS are required to be members of MPFRS. There were 37 employers
participating in MPFRS as of June 30, 2021.
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021
Assets:
Cash 4$
Investments, at fair value 25,063
Receivables -
Total assets 25,067
Liabilities:
Accrued expenses 54
Net Position 25,013$
Additions and Deductions
Fiscal Year Ended June 30,
2021
Additions:
Contributions:
Member 263$
Employer 332
Net investment income (loss) 2,996
Other income 21,432
Total additions 25,023
Deductions:
Benefit payments -
Service transfers -
Refunds 10
Administrative -
Total deductions 10
Change in plan net position 25,013
Net position, beginning of fiscal year -
Net position, end of fiscal year 25,013$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021Active 115
Terminate -
Retired -
Total 115
West Virginia Consolidated Public Retirement Board 19 2021 Popular Annual Financial Report
TEACHERS’ DEFINED CONTRIBUTION RETIREMENT SYSTEM (TDCRS)
System Overview
The Teachers' Defined Contribution Retirement System (TDCRS) is a multiple employer governmental defined
contribution money purchase pension plan, qualified under section 401(a) and made tax-deferred under section
414(h) of the Internal Revenue Code. The TDCRS covers full time employees of the State's 55 county public
school systems, the State Department of Education, certain Higher Education employees and the Schools for
the Deaf and Blind who were hired between July 1, 1991 and June 30, 2005 when the Plan closed for new
membership. TDCRS members may also include former TRS members, including Higher Education
employees, who elected to transfer membership to the TDCRS.
The TDCRS has been closed to new members since 2005 however, the fund value continues to grow due to the
high level of member retention once the member retires and begins receiving plan distributions. During the
fiscal year the TDCRS, experiences an investment return of approximately 37% for the fiscal year.
CONDENSED HISTORICAL FINANCIAL INFORMATION
Net Position
June 30,
2021 2020 2019 2018 2017
Assets:
Cash 15,698$ 3,047$ 4,117$ 4,765$ 4,713$
Investments, at fair value 703,293 582,988 549,650 515,304 470,828
Receivables 1,490 1,390 1,552 1,584 1,973
Total assets 720,481 587,425 555,319 521,653 477,514
Liabilities:
Accrued expenses 15,395 17,059 18,099 18,744 20,598
Net Position 705,086$ 570,366$ 537,220$ 502,909$ 456,916$
Additions and Deductions
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Additions:
Contributions:
Member 5,980$ 6,219$ 6,126$ 6,075$ 6,971$
Employer 10,307 9,965 10,204 11,664 10,510
Net investment income (loss) 141,739 35,185 34,920 41,447 49,571
Other income 12 32 95 34 980
Total additions 158,038 51,401 51,345 59,220 68,032
Deductions:
Benefit payments - - - - -
Service transfers 15 (5) - - 247
Refunds 22,838 17,476 16,282 12,173 18,432
Administrative 465 784 752 1,054 1,288
Total deductions 23,318 18,255 17,034 13,227 19,967
Change in plan net position 134,720 33,146 34,311 45,993 48,065
Net position, beginning of fiscal year 570,366 537,220 502,909 456,916 408,851
Net position, end of fiscal year 705,086$ 570,366$ 537,220$ 502,909$ 456,916$
MEMBERSHIP HISTORICAL TRENDS
Fiscal Year Ended June 30,
2021 2020 2019 2018 2017
Active 2,369 3,207 3,314 3,476 3,535
Terminated vested 1,589 834 829 826 828
Total 3,958 4,041 4,143 4,302 4,363
West Virginia Consolidated Public Retirement Board 20 2021 Popular Annual Financial Report
INVESTMENT ALLOCATIONS
As of June 30, 2021
INVESTMENT PERFORMANCE
Fiscal year ended June 30, 2021
West Viginia InvestmentManagement Board Pool: Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual Target Actual
Equity 50.0% 50.2% 50.0% 49.9% 50.0% 49.1% 50.0% 49.9% 50.0% 50.0% 50.0% 50.2% 50.0% 50.1% 50.0% 48.7% 50.0% 49.5%
Fixed Income 15.0% 14.1% 15.0% 14.5% 15.0% 15.5% 15.0% 14.7% 15.0% 14.4% 15.0% 14.2% 15.0% 14.3% 15.0% 16.8% 15.0% 15.2%Private Markets 25.0% 26.6% 25.0% 26.5% 25.0% 26.4% 25.0% 26.4% 25.0% 26.5% 25.0% 26.5% 25.0% 26.5% 25.0% 25.9% 25.0% 26.3%
Hedge Fund 10.0% 9.1% 10.0% 9.1% 10.0% 9.0% 10.0% 9.0% 10.0% 9.1% 10.0% 9.1% 10.0% 9.1% 10.0% 8.6% 10.0% 9.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
NRPORSPERSMPFRSEMSRSJRSDSRSSPRSSPDDRSTRS
1-Year 3-Year 5-Year 10-Year
Portable Alpha 43.0% n/a n/a n/a
Benchmark: S&P 500 Index 40.8% n/a n/a n/a
Non-Large Cap Domestic Equity 54.0% 12.9% 16.3% 12.3%
Benchmark: Russell 2500 Index 57.8% 15.2% 16.4% 12.9%
International Qualified 34.5% 6.0% 9.6% 7.9%
Benchmark: MSCI EAFE 32.9% 8.8% 10.8% 6.4%
International Equity 46.3% 12.3% 13.8% 6.7%
Benchmark: MSCI ACWI ex U.S. (IMI)37.7% 9.9% 11.7% 6.1%
Short-Term Fixed Income 0.0% 1.2% 1.1% 0.6%
Benchmark: FTSE 3 Month US T-Bill 0.1% 1.3% 1.1% 0.6%
Total Return Fixed Income 5.9% 6.4% 5.3% 4.4%
Benchmark: Bloomberg Barclays U.S. Universal Bond 1.1% 5.6% 3.5% 3.7%
Core Fixed Income 1.4% 6.1% 3.6% 4.0%
Benchmark: Bloomberg Barclays U.S. Aggregate Bond -0.3% 5.4% 3.0% 3.4%
Private Credit & Income 12.3% 7.1% 6.2% n/a
Benchmark: Credit Suisse Leveraged Loan plus 200 basis points 13.7% 6.4% 7.1% n/a
Private Equity 58.9% 31.1% 26.7% 19.7%
Benchmark: Russell 3000 plus 300 basis points 47.2% 21.7% 20.9% 18.2%
Real Estate 11.3% 6.2% 7.3% 8.7%
Benchmark: NCREIF Property Index Plus 100 basis points 3.6% 5.9% 6.8% 9.8%
Hedge Fund 18.6% 6.7% 6.5% 5.2%
Benchmark: HFRI FoF plus 100 basis points 19.3% 7.3% 7.1% 4.9%
Retirement System:1-Year 3-Year 5-Year 10-Year
Public Employees' Retirement System (PERS)32.0% 13.1% 12.9% 9.9%
Teachers' Retirement System (TRS)31.9% 13.0% 12.9% 9.9%
State Police Disability, Death and Retirement System (SPDDRS)32.0% 13.0% 12.9% 9.9%
State Police Retirement System (SPRS)32.1% 13.1% 12.9% 9.9%
Deputy Sheriff's Retirement System (DSRS)32.1% 13.1% 12.9% 9.9%
Judges' Retirement System (JRS)32.1% 13.1% 13.0% 9.9%
Emergency Medical Services Retirement System (EMSRS)32.1% 13.1% 12.9% 9.9%
Municipal Police Officers' & Firefighters' Retirement System (MPFRS) 31.9% 13.0% 12.8% 9.9%
Natural Resources Police Officers Retirement System (NRPORS)13.9% n/a n/a n/a
Investment Pool:
West Virginia Consolidated Public Retirement Board 21 2021 Popular Annual Financial Report
CONTACT US
This Popular Annual Financial Report is derived from information contained in the WVCPRB’s Annual
Comprehensive Financial Report (ACFR) for the year ended June 30, 2021, but does not contain detailed
financial information for the retirement systems, nor is it presented in a manner to conform to Generally
Accepted Accounting Principles (GAAP). For a complete set of financial information included in this summary
report, please refer to the WVCPRB ACFR, which is prepared in conformity with GAAP and may be obtained
by visiting our website, wvretirement.com, or by contacting the WVCPRB to request a copy.
Serving Those Who Serve West Virginia
(304) 558-3570 or (800) 654-4406
Fax: (304) 957-7522
Website: http://www.wvretirement.com/
Retiree Self-Service Portal: https://mywvretirement.wv.gov/
Consolidated Public Retirement Board
(Pension Trust Funds of the State of West Virginia)
4101 MacCorkle Ave. S.E., Charleston, WV 25304
Hours of Operation:
8:00 AM – 5:00 PM (EST) Monday-Friday
West Virginia Consolidated Public Retirement Board 22 2021 Popular Annual Financial Report