HomeMy WebLinkAboutUniform Retirement System for Justices and Judges - Public Financial Report2021TOGETHERA P A R T
Uniform Retirement System for Judges and Justices
POPULAR ANNUAL FINANCIAL REPORT
for the Fiscal Year Ended June 30, 2021
Dear Esteemed Member:
I am pleased to bring you the Popular Annual Financial Report for the Uniform Retirement System for Justices and Judges
(URSJJ) for the fiscal year ended June 30, 2021. This report is a reader-friendly summary of financial information provided in
the 2021 Comprehensive Annual Financial Report.
This report represents a financial summary of a year that despite being APART, we continued to remain focused on what
brings us TOGETHER: providing a secure retirement benefit for a lifetime. Our dedication to providing continuous, sound
retirement services during unprecedented times reflects our staff’s commitment to our members.
This report represents what is best about the URSJJ and its members. My gratitude goes to those who have worked
purposefully and intentionally to prepare this report for our members and employers.
Sincerely,
Joseph A. Fox
Executive Director
Comprehensive Annual Financial Report Online
The 2021 Popular Annual Financial Report for the Uniform Retirement System for Justices and Judges (URSJJ) contains summary
financial information from the 2021 Comprehensive Annual Financial Report. The full report may be viewed, in its entirety
online, at www.opers.ok.gov/publications.
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About URSJJ
The URSJJ is a single-employer public employee retirement plan established in 1968 by the
Oklahoma Legislature. The Plan covers Justices and Judges who sit on the Supreme Court of
Oklahoma, the Oklahoma Court of Criminal Appeals, the Oklahoma Courts of Civil Appeals,
the Oklahoma District Courts and the Oklahoma Workers’ Compensation Court, as well as the
Administrative Director of the Courts. As of June 30, 2021, the Plan’s membership includes 264
active members, 17 inactive members, and 306 retirees and beneficiaries.
Net Position
The net position restricted for pension and health insurance subsidy plan (HISP) totaled $433.5
million at June 30, 2021, compared to $350.9 million at June 30, 2020 and $347.5 million at
June 30, 2019. The net position restricted for pension/HISP benefits is available for payment
of monthly retirement benefits and other qualified distributions to the System’s participants.
The increase of $82.6 million and increase of $3.4 million of the respective years have resulted
primarily from the changes in the fair value of the System’s investments.
263
15
304
582
269
300
587
18
264
306
587
17
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 17.7 $ 0.1 $ 17.8 $ 9.7 $ 0.1 $ 9.8 $ 4.3 $ - $ 4.3Receivables 18.8 0.2 19.0 8.9 0.1 9.0 10.3 0.1 10.4Investments 430.6 4.4 435.0 344.8 3.4 348.2 342.2 3.3 345.5Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5Total assets 482.8 4.9 487.7 380.9 3.8 384.7 369.2 3.5 372.7Liabili�es:Other liabili�es 37.9 0.4 38.3 15.9 0.2 16.1 12.6 0.1 12.7Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5Total liabili�es 53.6 0.6 54.2 33.4 0.4 33.8 25.0 0.2 25.2Ending fiduciary net posi�on $ 492.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5RATE OF RETURNYear Ended June 30, Total
2021 27.7 %
2020 4.6
2019 6.2
2018 8.4
2017 12.7
2016 0.6
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedMember contribu�ons $ 2.9 $ - $ 2.9 $ 2.8 $ - $ 2.8 $ 2.7 $ - $ 2.7State and local agency contribu�ons 7.6 0.3 7.9 7.4 0.2 7.6 7.1 0.2 7.3Net investment income 94.5 0.8 95.3 15.5 0.1 15.6 20.1 0.2 20.3Total addi�ons 105.0 1.1 106.1 25.7 0.3 26.0 29.9 0.4 30.3Re�rement, death and survivor benefits 23.0 0.2 23.2 22.0 0.2 22.2 20.4 0.2 20.6Refunds and withdrawals 0.1 - 0.1 0.2 - 0.2 - - -Administra�ve expenses 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2Total deduc�ons 23.3 0.2 23.5 22.4 0.2 22.6 20.6 0.2 20.8Net increase in fiduciary net posi�on 81.7 0.9 82.6 3.3 0.1 3.4 9.3 0.2 9.5Beginning of year 347.5 3.4 350.9 344.2 3.3 347.5 334.9 3.1 338.0End of year $ 429.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
0 20212019 2020
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
70%
80%
60%
90%
100%
110%
120%
FUNDED RATIO
as of July 1
2016 2018 2020 20212017 2019
100
200
300
400
500
600
$2
3
$1
7$1
8$1
9
$2
1
$2
2
2016 2017 2018 2019 2020 2021
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
0
5
10
15
20
25
10
6
.
4
%
11
0
.
8
%
11
4
.
8
%
11
1
.
3
%
11
2
.
6
%
11
1
.
9
%
263
15
304
582
269
300
587
18
264
306
587
17
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Assets:
Cash and cash equivalents $ 17.7 $ 0.1 $ 17.8 $ 9.7 $ 0.1 $ 9.8 $ 4.3 $ - $ 4.3
Receivables 18.8 0.2 19.0 8.9 0.1 9.0 10.3 0.1 10.4
Investments 430.6 4.4 435.0 344.8 3.4 348.2 342.2 3.3 345.5
Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5
Total assets 482.8 4.9 487.7 380.9 3.8 384.7 369.2 3.5 372.7
Liabili�es:
Other liabili�es 37.9 0.4 38.3 15.9 0.2 16.1 12.6 0.1 12.7
Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5
Total liabili�es 53.6 0.6 54.2 33.4 0.4 33.8 25.0 0.2 25.2
Ending fiduciary net posi�on $ 492.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
RATE OF RETURN
Year Ended June 30, Total
2021 27.7 %
2020 4.6
2019 6.2
2018 8.4
2017 12.7
2016 0.6
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Member contribu�ons $ 2.9 $ - $ 2.9 $ 2.8 $ - $ 2.8 $ 2.7 $ - $ 2.7
State and local agency contribu�ons 7.6 0.3 7.9 7.4 0.2 7.6 7.1 0.2 7.3
Net investment income 94.5 0.8 95.3 15.5 0.1 15.6 20.1 0.2 20.3
Total addi�ons 105.0 1.1 106.1 25.7 0.3 26.0 29.9 0.4 30.3
Re�rement, death and survivor benefits 23.0 0.2 23.2 22.0 0.2 22.2 20.4 0.2 20.6
Refunds and withdrawals 0.1 - 0.1 0.2 - 0.2 - - -
Administra�ve expenses 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2
Total deduc�ons 23.3 0.2 23.5 22.4 0.2 22.6 20.6 0.2 20.8
Net increase in fiduciary net posi�on 81.7 0.9 82.6 3.3 0.1 3.4 9.3 0.2 9.5
Beginning of year 347.5 3.4 350.9 344.2 3.3 347.5 334.9 3.1 338.0
End of year $ 429.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
0 20212019 2020
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
70%
80%
60%
90%
100%
110%
120%
FUNDED RATIO
as of July 1
2016 2018 2020 20212017 2019
100
200
300
400
500
600
$2
3
$1
7 $1
8 $1
9
$2
1
$2
2
2016 2017 2018 2019 2020 2021
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
0
5
10
15
20
25
10
6
.
4
%
11
0
.
8
%
11
4
.
8
%
11
1
.
3
%
11
2
.
6
%
11
1
.
9
%
263
15
304
582
269
300
587
18
264
306
587
17
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Member contribu�ons $ 2.9 $ - $ 2.9 $ 2.8 $ - $ 2.8 $ 2.7 $ - $ 2.7
State and local agency contribu�ons 7.6 0.3 7.9 7.4 0.2 7.6 7.1 0.2 7.3
Net investment income 94.5 0.8 95.3 15.5 0.1 15.6 20.1 0.2 20.3
Total addi�ons 105.0 1.1 106.1 25.7 0.3 26.0 29.9 0.4 30.3
Re�rement, death and survivor benefits 23.0 0.2 23.2 22.0 0.2 22.2 20.4 0.2 20.6
Refunds and withdrawals 0.1 - 0.1 0.2 - 0.2 - - -
Administra�ve expenses 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2
Total deduc�ons 23.3 0.2 23.5 22.4 0.2 22.6 20.6 0.2 20.8
Net increase in fiduciary net posi�on 81.7 0.9 82.6 3.3 0.1 3.4 9.3 0.2 9.5
Beginning of year 347.5 3.4 350.9 344.2 3.3 347.5 334.9 3.1 338.0
End of year $ 429.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Assets:
Cash and cash equivalents $ 17.7 $ 0.1 $ 17.8 $ 9.7 $ 0.1 $ 9.8 $ 4.3 $ - $ 4.3
Receivables 18.8 0.2 19.0 8.9 0.1 9.0 10.3 0.1 10.4
Investments 430.6 4.4 435.0 344.8 3.4 348.2 342.2 3.3 345.5
Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5
Total assets 482.8 4.9 487.7 380.9 3.8 384.7 369.2 3.5 372.7
Liabili�es:
Other liabili�es 37.9 0.4 38.3 15.9 0.2 16.1 12.6 0.1 12.7
Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5
Total liabili�es 53.6 0.6 54.2 33.4 0.4 33.8 25.0 0.2 25.2
Ending fiduciary net posi�on $ 492.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
RATE OF RETURN
Year Ended June 30, Total
2021 27.7 %
2020 4.6
2019 6.2
2018 8.4
2017 12.7
2016 0.6
0 20212019 2020
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
70%
80%
60%
90%
100%
110%
120%
FUNDED RATIO
as of July 1
2016 2018 2020 20212017 2019
100
200
300
400
500
600
$2
3
$1
7 $1
8 $1
9
$2
1
$2
2
2016 2017 2018 2019 2020 2021
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
0
5
10
15
20
25
10
6
.
4
%
11
0
.
8
%
11
4
.
8
%
11
1
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3
%
11
2
.
6
%
11
1
.
9
%
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Changes in Fiduciary Net Position
For the year ended June 30, 2021, fiduciary net position increased $82.6 million, or 23.5 percent.
Total assets increased by $103.0 million, or 26.8 percent, due to an increase of 24.9 percent
in investments, an increase of 111.1 percent in receivables and an increase of 81.6 percent in
cash and cash equivalents. The System achieved a rate of return of 27.7 percent compared
to the prior year of 4.6 percent resulting in most of the increase in fiduciary net position.
Total liabilities increased 60.4 percent primarily due to an 137.9 percent increase in pending
purchases of securities. For fiscal year 2021, we saw a slight decrease in securities lending
collateral by 10 percent.
Deductions to fiduciary net position are incurred primarily for the purpose for which the URSJJ
was created, namely the payment of benefits to retirees. For the year ended June 30, 2021,
total deductions increased $0.9 million, or 4.1 percent, from the prior year. Retirement, death,
and survivor benefits increased $1.0 million, or 4.7 percent, and the average benefit increased
0.5 percent compared to the prior year due to a 0.7 percent increase in the number of retirees.
Refunds and withdrawals decreased 54.1 percent from the prior year because the total amount
withdrawn is dependent on contribution amounts of the specific members electing to withdraw
contributions each year. Administrative costs decreased 0.6 percent when compared to the
prior year.
Benefits Paid to Members
Participants who became members prior to January 1, 2012, qualify for full retirement benefits
at the earliest of the following: age 65 with eight years of judicial service; age 60 with 10 years
of judicial service; or, when the sum of at least eight years of credited service and age equals or
exceeds 80. Participants who became members on or after January 1, 2012, qualify at age 67
with eight years of judicial service, or at age 62 with 10 years of judicial service.
The Schedule of Benefit Payments provides information on the total benefit expenses incurred
by the Plan consisting of age and service, disability, and beneficiary death benefits.
Investments
The Board of Trustees adheres to the highest standard in making investment decisions for
the Plan – the Prudent Investor Rule. URSJJ’s funds are invested solely in the best interest of
the members and their beneficiaries with a goal of keeping administrative expenses as low as
possible. The 2021 increase in the System’s managed investments is due mainly in the increase
in fixed income investments, U.S. equities and international equities. The System’s overall return
for the year ended June 30, 2021 was 27.7 percent. The Rate of Return table reflects overall
investment returns over the past six fiscal years.
The Board has established an investment policy and guidelines that identify asset allocation as
the key determinant of return and diversification, both by and within asset classes, as the primary
risk control element. Passive fund portfolios are considered suitable investment strategies,
especially in highly efficient markets.
The Board engages outside investment managers to manage the various asset classes where
URSJJ has exposure. At fiscal year end, the investment portfolio of URSJJ was actively
managed by three fixed income managers and passively managed by another investment
manager with holdings in one fixed income index fund, two domestic equity index funds and
one international equity index fund.
For fiscal year 2021, investments provided a 27.7 percent rate of return. The annualized rate of
return for URSJJ was 12.4 percent over the last three years and 11.6 percent over the last five
years. At June 30, 2021, the allocation of the investment portfolio is shown in the Asset Mix chart.
263
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CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 17.7 $ 0.1 $ 17.8 $ 9.7 $ 0.1 $ 9.8 $ 4.3 $ - $ 4.3Receivables 18.8 0.2 19.0 8.9 0.1 9.0 10.3 0.1 10.4Investments 430.6 4.4 435.0 344.8 3.4 348.2 342.2 3.3 345.5Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5Total assets 482.8 4.9 487.7 380.9 3.8 384.7 369.2 3.5 372.7Liabili�es:Other liabili�es 37.9 0.4 38.3 15.9 0.2 16.1 12.6 0.1 12.7Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5Total liabili�es 53.6 0.6 54.2 33.4 0.4 33.8 25.0 0.2 25.2Ending fiduciary net posi�on $ 492.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5RATE OF RETURNYear Ended June 30, Total
2021 27.7 %
2020 4.6
2019 6.2
2018 8.4
2017 12.7
2016 0.6
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedMember contribu�ons $ 2.9 $ - $ 2.9 $ 2.8 $ - $ 2.8 $ 2.7 $ - $ 2.7State and local agency contribu�ons 7.6 0.3 7.9 7.4 0.2 7.6 7.1 0.2 7.3Net investment income 94.5 0.8 95.3 15.5 0.1 15.6 20.1 0.2 20.3Total addi�ons 105.0 1.1 106.1 25.7 0.3 26.0 29.9 0.4 30.3Re�rement, death and survivor benefits 23.0 0.2 23.2 22.0 0.2 22.2 20.4 0.2 20.6Refunds and withdrawals 0.1 - 0.1 0.2 - 0.2 - - -Administra�ve expenses 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2Total deduc�ons 23.3 0.2 23.5 22.4 0.2 22.6 20.6 0.2 20.8Net increase in fiduciary net posi�on 81.7 0.9 82.6 3.3 0.1 3.4 9.3 0.2 9.5Beginning of year 347.5 3.4 350.9 344.2 3.3 347.5 334.9 3.1 338.0End of year $ 429.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
0 20212019 2020
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
70%
80%
60%
90%
100%
110%
120%
FUNDED RATIO
as of July 1
2016 2018 2020 20212017 2019
100
200
300
400
500
600
$2
3
$1
7 $1
8 $1
9
$2
1
$2
2
2016 2017 2018 2019 2020 2021
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
0
5
10
15
20
25
10
6
.
4
%
11
0
.
8
%
11
4
.
8
%
11
1
.
3
%
11
2
.
6
%
11
1
.
9
%
263
15
304
582
269
300
587
18
264
306
587
17
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 17.7 $ 0.1 $ 17.8 $ 9.7 $ 0.1 $ 9.8 $ 4.3 $ - $ 4.3Receivables 18.8 0.2 19.0 8.9 0.1 9.0 10.3 0.1 10.4Investments 430.6 4.4 435.0 344.8 3.4 348.2 342.2 3.3 345.5Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5
Total assets 482.8 4.9 487.7 380.9 3.8 384.7 369.2 3.5 372.7
Liabili�es:
Other liabili�es 37.9 0.4 38.3 15.9 0.2 16.1 12.6 0.1 12.7
Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5
Total liabili�es 53.6 0.6 54.2 33.4 0.4 33.8 25.0 0.2 25.2
Ending fiduciary net posi�on $ 492.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
RATE OF RETURN
Year Ended June 30, Total
2021 27.7 %
2020 4.6
2019 6.2
2018 8.4
2017 12.7
2016 0.6
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Member contribu�ons $ 2.9 $ - $ 2.9 $ 2.8 $ - $ 2.8 $ 2.7 $ - $ 2.7
State and local agency contribu�ons 7.6 0.3 7.9 7.4 0.2 7.6 7.1 0.2 7.3
Net investment income 94.5 0.8 95.3 15.5 0.1 15.6 20.1 0.2 20.3
Total addi�ons 105.0 1.1 106.1 25.7 0.3 26.0 29.9 0.4 30.3
Re�rement, death and survivor benefits 23.0 0.2 23.2 22.0 0.2 22.2 20.4 0.2 20.6
Refunds and withdrawals 0.1 - 0.1 0.2 - 0.2 - - -
Administra�ve expenses 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2
Total deduc�ons 23.3 0.2 23.5 22.4 0.2 22.6 20.6 0.2 20.8
Net increase in fiduciary net posi�on 81.7 0.9 82.6 3.3 0.1 3.4 9.3 0.2 9.5
Beginning of year 347.5 3.4 350.9 344.2 3.3 347.5 334.9 3.1 338.0
End of year $ 429.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
0 20212019 2020
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
70%
80%
60%
90%
100%
110%
120%
FUNDED RATIO
as of July 1
2016 2018 2020 20212017 2019
100
200
300
400
500
600
$2
3
$1
7 $1
8 $1
9
$2
1
$2
2
2016 2017 2018 2019 2020 2021
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
0
5
10
15
20
25
10
6
.
4
%
11
0
.
8
%
11
4
.
8
%
11
1
.
3
%
11
2
.
6
%
11
1
.
9
%
2021 ASSET MIX
U.S. Equities
41.4%
Fixed Income
29.8%
InternationalEquities
28.4%
Other0.4%
Page 3
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Funding
A pension fund is well-funded when it has enough money in reserve to meet all expected future
obligations to participants. It must also have a revenue source sufficient to keep up with future
obligations. The funding objective for URSJJ is to meet long-term benefit promises through
contributions that remain approximately level as a percent of member payroll. The greater the
level of funding, the larger the ratio of assets accumulated to the actuarial accrued liability and
the greater the level of investment potential. The advantage of a well-funded plan is that the
participants can look at assets that are committed to the payment of benefits. The actuarial
accrued liability and actuarial value of assets as of July 1, 2021 amounted to $341.9 million and
$380.4 million, respectively.
The URSJJ funded status increased to 111.3 percent at July 1, 2021. This is a significant rebound
from the 81.3 percent at July 1, 2010. Historically, the URSJJ has been well-funded with the
funded status reaching as high as 148.2 percent at June 30, 2002. The Funded Ratio chart shows
the change in funded status over the past six fiscal years.
263
15
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587
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17
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 17.7 $ 0.1 $ 17.8 $ 9.7 $ 0.1 $ 9.8 $ 4.3 $ - $ 4.3Receivables 18.8 0.2 19.0 8.9 0.1 9.0 10.3 0.1 10.4Investments 430.6 4.4 435.0 344.8 3.4 348.2 342.2 3.3 345.5Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5Total assets 482.8 4.9 487.7 380.9 3.8 384.7 369.2 3.5 372.7Liabili�es:Other liabili�es 37.9 0.4 38.3 15.9 0.2 16.1 12.6 0.1 12.7Securi�es lending collateral 15.7 0.2 15.9 17.5 0.2 17.7 12.4 0.1 12.5Total liabili�es 53.6 0.6 54.2 33.4 0.4 33.8 25.0 0.2 25.2Ending fiduciary net posi�on $ 492.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5RATE OF RETURNYear Ended June 30, Total
2021 27.7 %
2020 4.6
2019 6.2
2018 8.4
2017 12.7
2016 0.6
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedMember contribu�ons $ 2.9 $ - $ 2.9 $ 2.8 $ - $ 2.8 $ 2.7 $ - $ 2.7State and local agency contribu�ons 7.6 0.3 7.9 7.4 0.2 7.6 7.1 0.2 7.3Net investment income 94.5 0.8 95.3 15.5 0.1 15.6 20.1 0.2 20.3Total addi�ons 105.0 1.1 106.1 25.7 0.3 26.0 29.9 0.4 30.3Re�rement, death and survivor benefits 23.0 0.2 23.2 22.0 0.2 22.2 20.4 0.2 20.6Refunds and withdrawals 0.1 - 0.1 0.2 - 0.2 - - -Administra�ve expenses 0.2 - 0.2 0.2 - 0.2 0.2 - 0.2Total deduc�ons 23.3 0.2 23.5 22.4 0.2 22.6 20.6 0.2 20.8Net increase in fiduciary net posi�on 81.7 0.9 82.6 3.3 0.1 3.4 9.3 0.2 9.5Beginning of year 347.5 3.4 350.9 344.2 3.3 347.5 334.9 3.1 338.0End of year $ 429.2 $ 4.3 $ 433.5 $ 347.5 $ 3.4 $ 350.9 $ 344.2 $ 3.3 $ 347.5
0 20212019 2020
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
70%
80%
60%
90%
100%
110%
120%
FUNDED RATIO
as of July 1
2016 2018 2020 20212017 2019
100
200
300
400
500
600
$2
3
$1
7$1
8 $1
9
$2
1
$2
2
2016 2017 2018 2019 2020 2021
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
0
5
10
15
20
25
10
6
.
4
%
11
0
.
8
%
11
4
.
8
%
11
1
.
3
%
11
2
.
6
%
11
1
.
9
%
URSJJ Awarded for
Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) has given
an Award for Outstanding Achievement in Popular Annual Financial Reporting to the Uniform
Retirement System for Justices and Judges for its Popular Annual Financial Report for the fiscal
year ended June 30, 2020. The Award for Outstanding Achievement is a prestigious national
award recognizing conformance with the highest standards for preparation of state and local
government popular reports.
To receive an Award for Outstanding
Achievement in Popular Annual Financial
Reporting, a government unit must publish
a Popular Annual Financial Report, whose
contents conform to program standards of
creativity, presentation, understandability
and reader appeal. An Award for Outstanding
Achievement in Popular Annual Financial
Reporting is valid for a period of one year only.
We believe our current report continues to
conform to the award requirements, and we
are submitting it to GFOA. This is the eighth
year the URSJJ has received this award.
The GFOA is a nonprofit professional
association serving approximately 17,500
government finance professionals with
offices in Chicago, IL, and Washington, D.C.
Government Finance Officers Association
Award for
Outstanding
Achievement in
Popular Annual
Financial Reporting
Presented to the
Uniform Retirement System
for
Justices and Judges
For its Annual Financial Report
for the Fiscal Year Ended 2020
Executive Director/CEO
Page 4