HomeMy WebLinkAboutOklahoma Public Employees Retirement System - Public Financial Report2021TOGETHERA P A R T
Oklahoma Public Employees Retirement System
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 Oklahoma Public Employees Retirement System
(OPERS) 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 OPERS 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 Oklahoma Public Employees Retirement System (OPERS) 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.
Page 1
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About OPERS
The Oklahoma Legislature established OPERS in 1964. As of June 30, 2021, the Plan consisted
of 287 participating employers comprised of state, county, and local agencies. The membership
includes 31,711 active members, 6,133 inactive members, and 36,351 retirees and beneficiaries.
Active membership has steadily decreased since the creation the mandatory Pathfinder Defined
Contribution plan for new state employees after November 1, 2015.
Net Position
The net position restricted for pension and health insurance subsidy plan (HISP) totaled slightly
over $12.5 billion at June 30, 2021 comparable to the position at June 30, 2020, improving by
approximately $2.5 billion due to investment income and flows of funds, and $9.9 billion at
June 30, 2019. The net position is available for payment of monthly retirement benefits and
other qualified distributions to the System’s participants. US Equity and International Equity
performed significantly well during fiscal year 2021, resulting in an increase in net investment
income which led to an increase in net position restricted for pension/HISP benefits from June
30, 2020 to June 30, 2021 contrary to the prior year where Fixed Income made the most impact
from June 30, 2019 to June 30, 2020.
31,711
36,351
6,133
74,195
2016 2017 2018 2019 2020 2021450
500
550
600
650
700
33,115
6,082
36,179
34,536
35,869
6,106
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 511.7 $ 11.6 $ 523.3 $ 299.2 $ 9.4 $ 308.6 $ 127.3 $ 6.9 $ 134.2Receivables 543.5 20.8 564.3 258.8 9.9 268.7 322.1 11.9 334.0Investments 12,064.2 466.3 12,530.5 9,632.5 374.1 10,006.6 9,489.1 354.0 9 ,843.1Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2Other assets 0.8 0.1 0.9 1.0 0.1 1.1 1.0 - 1.0Total assets 13,700.6 521.2 14,221.8 10,602.7 409.5 11,012.2 10,402.4 390.1 10,792.5Liabili�es:Other liabili�es 1052.5 40.7 1093.2 469.0 18.2 487.2 346.4 12.9 359.3Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2Total liabili�es 1,632.9 63.1 1,696.0 880.2 34.2 914.4 809.3 30.2 839.5Ending fiduciary net posi�on $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0 RATE OF RETURNYear Ended June 30, Total
2021 28.0 %
2020 4.7
2019 6.1
2018 8.4
2017 12.8
2016 0.3
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedMember contribu�ons $ 66.2 $ - $ 66.2 $ 67.8 $ - $ 67.8 $ 66.6 $ - $ 66.6State and local agency contribu�ons 275.3 17.7 293.0 274.9 19.2 294.1 263.7 18.8 282.5Net investment income 2,681.3 83.0 2,764.3 435.3 14.5 449.8 544.2 18.8 563.0Total addi�ons 3,022.8 100.7 3,123.5 778.0 33.7 811.7 874.5 37.6 912.1Re�rement, death and survivor benefits 661.6 17.7 679.3 628.7 18.1 646.8 621.4 18.6 640.0Refunds and withdrawals 10.7 - 10.7 14.4 - 14.4 15.4 - 15.4Administra�ve expenses 5.3 0.2 5.5 5.5 0.2 5.7 5.6 0.2 5.8Total deduc�ons 677.6 17.9 695.5 648.6 18.3 666.9 642.4 18.8 661.2Net increase in fiduciary net posi�on 2,345.2 82.8 2,428.0 129.4 15.4 144.8 232.1 18.8 250.9Beginning of year 9,722.5 375.3 10,097.8 9,593.1 359.9 9,953.0 9,361.0 341.1 9,702.1End of year $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2019 2020 2021
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
$6
7
9
$5
6
5
$5
9
3
$6
1
2
$6
4
0
$6
4
7
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
65%
70%
75%
80%
85%
90%
95%
105%
100%
FUNDED RATIO
as of July 1
75,37676,511
2017 2019 20212016 2018 2020
93
.
3
%
93
.
2
%
97
.
7
%
99
.
5
%
94
.
5
%
98
.
6
%
31,711
36,351
6,133
74,195
2016 2017 2018 2019 2020 2021450
500
550
600
650
700
33,115
6,082
36,179
34,536
35,869
6,106
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Assets:
Cash and cash equivalents $ 511.7 $ 11.6 $ 523.3 $ 299.2 $ 9.4 $ 308.6 $ 127.3 $ 6.9 $ 134.2
Receivables 543.5 20.8 564.3 258.8 9.9 268.7 322.1 11.9 334.0
Investments 12,064.2 466.3 12,530.5 9,632.5 374.1 10,006.6 9,489.1 354.0 9 ,843.1
Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2
Other assets 0.8 0.1 0.9 1.0 0.1 1.1 1.0 - 1.0
Total assets 13,700.6 521.2 14,221.8 10,602.7 409.5 11,012.2 10,402.4 390.1 10,792.5
Liabili�es:
Other liabili�es 1052.5 40.7 1093.2 469.0 18.2 487.2 346.4 12.9 359.3
Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2
Total liabili�es 1,632.9 63.1 1,696.0 880.2 34.2 914.4 809.3 30.2 839.5
Ending fiduciary net posi�on $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
RATE OF RETURN
Year Ended June 30, Total
2021 28.0 %
2020 4.7
2019 6.1
2018 8.4
2017 12.8
2016 0.3
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Member contribu�ons $ 66.2 $ - $ 66.2 $ 67.8 $ - $ 67.8 $ 66.6 $ - $ 66.6
State and local agency contribu�ons 275.3 17.7 293.0 274.9 19.2 294.1 263.7 18.8 282.5
Net investment income 2,681.3 83.0 2,764.3 435.3 14.5 449.8 544.2 18.8 563.0
Total addi�ons 3,022.8 100.7 3,123.5 778.0 33.7 811.7 874.5 37.6 912.1
Re�rement, death and survivor benefits 661.6 17.7 679.3 628.7 18.1 646.8 621.4 18.6 640.0
Refunds and withdrawals 10.7 - 10.7 14.4 - 14.4 15.4 - 15.4
Administra�ve expenses 5.3 0.2 5.5 5.5 0.2 5.7 5.6 0.2 5.8
Total deduc�ons 677.6 17.9 695.5 648.6 18.3 666.9 642.4 18.8 661.2
Net increase in fiduciary net posi�on 2,345.2 82.8 2,428.0 129.4 15.4 144.8 232.1 18.8 250.9
Beginning of year 9,722.5 375.3 10,097.8 9,593.1 359.9 9,953.0 9,361.0 341.1 9,702.1
End of year $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2019 2020 2021
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
$6
7
9
$5
6
5
$5
9
3
$6
1
2
$6
4
0
$6
4
7
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
65%
70%
75%
80%
85%
90%
95%
105%
100%
FUNDED RATIO
as of July 1
75,37676,511
2017 2019 20212016 2018 2020
93
.
3
%
93
.
2
%
97
.
7
%
99
.
5
%
94
.
5
%
98
.
6
%
31,711
36,351
6,133
74,195
2016 2017 2018 2019 2020 2021450
500
550
600
650
700
33,115
6,082
36,179
34,536
35,869
6,106
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Assets:
Cash and cash equivalents $ 511.7 $ 11.6 $ 523.3 $ 299.2 $ 9.4 $ 308.6 $ 127.3 $ 6.9 $ 134.2
Receivables 543.5 20.8 564.3 258.8 9.9 268.7 322.1 11.9 334.0
Investments 12,064.2 466.3 12,530.5 9,632.5 374.1 10,006.6 9,489.1 354.0 9 ,843.1
Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2
Other assets 0.8 0.1 0.9 1.0 0.1 1.1 1.0 - 1.0
Total assets 13,700.6 521.2 14,221.8 10,602.7 409.5 11,012.2 10,402.4 390.1 10,792.5
Liabili�es:
Other liabili�es 1052.5 40.7 1093.2 469.0 18.2 487.2 346.4 12.9 359.3
Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2
Total liabili�es 1,632.9 63.1 1,696.0 880.2 34.2 914.4 809.3 30.2 839.5
Ending fiduciary net posi�on $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
RATE OF RETURN
Year Ended June 30, Total
2021 28.0 %
2020 4.7
2019 6.1
2018 8.4
2017 12.8
2016 0.3
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Member contribu�ons $ 66.2 $ - $ 66.2 $ 67.8 $ - $ 67.8 $ 66.6 $ - $ 66.6
State and local agency contribu�ons 275.3 17.7 293.0 274.9 19.2 294.1 263.7 18.8 282.5
Net investment income 2,681.3 83.0 2,764.3 435.3 14.5 449.8 544.2 18.8 563.0
Total addi�ons 3,022.8 100.7 3,123.5 778.0 33.7 811.7 874.5 37.6 912.1
Re�rement, death and survivor benefits 661.6 17.7 679.3 628.7 18.1 646.8 621.4 18.6 640.0
Refunds and withdrawals 10.7 - 10.7 14.4 - 14.4 15.4 - 15.4
Administra�ve expenses 5.3 0.2 5.5 5.5 0.2 5.7 5.6 0.2 5.8
Total deduc�ons 677.6 17.9 695.5 648.6 18.3 666.9 642.4 18.8 661.2
Net increase in fiduciary net posi�on 2,345.2 82.8 2,428.0 129.4 15.4 144.8 232.1 18.8 250.9
Beginning of year 9,722.5 375.3 10,097.8 9,593.1 359.9 9,953.0 9,361.0 341.1 9,702.1
End of year $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2019 2020 2021
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
$6
7
9
$5
6
5
$5
9
3
$6
1
2
$6
4
0
$6
4
7
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
65%
70%
75%
80%
85%
90%
95%
105%
100%
FUNDED RATIO
as of July 1
75,37676,511
2017 2019 20212016 2018 2020
93
.
3
%
93
.
2
%
97
.
7
%
99
.
5
%
94
.
5
%
98
.
6
%
Page 2
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Changes in Fiduciary Net Position
OPERS is funded through a combination of member contributions, employer contributions
and investment earnings. For the year ended June 30, 2021, fiduciary net position increased by
$2,428.0 million, or 24.0 percent, from June 30, 2020. Total assets increased $3,209.6 million, or
29.1 percent, due to a 25.2 percent increase in investments change in fair value and 41.1 percent
increase in Securities lending collateral. The System achieved a rate of return of 28.0 percent
which is considerably higher than the prior year of 4.7 percent. Total liabilities increased $781.6
million, or 85.5 percent, due to a 124.4 percent increase in pending purchases of securities.
Deductions to fiduciary net position are incurred primarily for the purpose for which OPERS
was created, namely the payment of benefits to retirees. For the year ended June 30, 2021, total
deductions increased $28.6 million, or 4.3 percent, from the prior year. Retirement, death, and
survivor benefits increased $32.5 million, or 5.0 percent, due to a 0.5 percent increase in the
number of retirees at year end and a 1.4 percent increase in the average benefit. Refunds and
withdrawals decreased $3.7 million, or 25.7 percent, from prior year followed by a 4.4 percent
decrease in administrative costs.
Benefits Paid to Members
Members qualify for full retirement benefits at their specified normal retirement age or, for any
person who became a member prior to July 1, 1992, when the sum of the member’s age and
years of credited service equals or exceeds 80 (Rule of 80), and for any person who became
a member on or after June 30, 1992, when the member’s age and years of credited service
equals or exceeds 90 (Rule of 90). Normal retirement age under the Plan is 62 or Rule of 80/90
if the participant became a member prior to November 1, 2011, or age 65 or Rule of 90 if the
participant became a member on or after November 1, 2011.
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. OPERS’ 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 reflective of the increase in
domestic and international income markets for the year. The System’s overall return for the year
ended June 30, 2021 was 28.0 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
OPERS has exposure. At fiscal year end, the investment portfolio of OPERS was actively managed
by three fixed income managers, six domestic equity managers and two international equity
managers. OPERS’ investment portfolio also consisted of passively managed index
funds, including one fixed income index fund, two domestic equity index fund and two
international equity index funds.
For fiscal year 2021, investments provided a 28 percent rate of return. The annualized rate
of return for OPERS was 12.5 percent over the last three years and 11.7 percent over the last
five years. The allocation of the investment portfolio, as of June 30, 2021, is shown in the
31,711
36,351
6,133
74,195
2016 2017 2018 2019 2020 2021450
500
550
600
650
700
33,115
6,082
36,179
34,536
35,869
6,106
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 511.7 $ 11.6 $ 523.3 $ 299.2 $ 9.4 $ 308.6 $ 127.3 $ 6.9 $ 134.2Receivables 543.5 20.8 564.3 258.8 9.9 268.7 322.1 11.9 334.0Investments 12,064.2 466.3 12,530.5 9,632.5 374.1 10,006.6 9,489.1 354.0 9 ,843.1Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2Other assets 0.8 0.1 0.9 1.0 0.1 1.1 1.0 - 1.0Total assets 13,700.6 521.2 14,221.8 10,602.7 409.5 11,012.2 10,402.4 390.1 10,792.5Liabili�es:Other liabili�es 1052.5 40.7 1093.2 469.0 18.2 487.2 346.4 12.9 359.3Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2Total liabili�es 1,632.9 63.1 1,696.0 880.2 34.2 914.4 809.3 30.2 839.5Ending fiduciary net posi�on $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0 RATE OF RETURNYear Ended June 30, Total 2021 28.0 %
2020 4.7
2019 6.1
2018 8.4
2017 12.8
2016 0.3
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedMember contribu�ons $ 66.2 $ - $ 66.2 $ 67.8 $ - $ 67.8 $ 66.6 $ - $ 66.6State and local agency contribu�ons 275.3 17.7 293.0 274.9 19.2 294.1 263.7 18.8 282.5Net investment income 2,681.3 83.0 2,764.3 435.3 14.5 449.8 544.2 18.8 563.0Total addi�ons 3,022.8 100.7 3,123.5 778.0 33.7 811.7 874.5 37.6 912.1Re�rement, death and survivor benefits 661.6 17.7 679.3 628.7 18.1 646.8 621.4 18.6 640.0Refunds and withdrawals 10.7 - 10.7 14.4 - 14.4 15.4 - 15.4Administra�ve expenses 5.3 0.2 5.5 5.5 0.2 5.7 5.6 0.2 5.8Total deduc�ons 677.6 17.9 695.5 648.6 18.3 666.9 642.4 18.8 661.2Net increase in fiduciary net posi�on 2,345.2 82.8 2,428.0 129.4 15.4 144.8 232.1 18.8 250.9Beginning of year 9,722.5 375.3 10,097.8 9,593.1 359.9 9,953.0 9,361.0 341.1 9,702.1End of year $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2019 2020 2021
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
$6
7
9
$5
6
5
$5
9
3
$6
1
2
$6
4
0
$6
4
7
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
65%
70%
75%
80%
85%
90%
95%
105%
100%
FUNDED RATIO
as of July 1
75,37676,511
2017 2019 20212016 2018 2020
93
.
3
%
93
.
2
%
97
.
7
%
99
.
5
%
94
.
5
%
98
.
6
%
31,711
36,351
6,133
74,195
2016 2017 2018 2019 2020 2021450
500
550
600
650
700
33,115
6,082
36,179
34,536
35,869
6,106
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 511.7 $ 11.6 $ 523.3 $ 299.2 $ 9.4 $ 308.6 $ 127.3 $ 6.9 $ 134.2Receivables 543.5 20.8 564.3 258.8 9.9 268.7 322.1 11.9 334.0Investments 12,064.2 466.3 12,530.5 9,632.5 374.1 10,006.6 9,489.1 354.0 9 ,843.1
Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2
Other assets 0.8 0.1 0.9 1.0 0.1 1.1 1.0 - 1.0
Total assets 13,700.6 521.2 14,221.8 10,602.7 409.5 11,012.2 10,402.4 390.1 10,792.5
Liabili�es:
Other liabili�es 1052.5 40.7 1093.2 469.0 18.2 487.2 346.4 12.9 359.3
Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2
Total liabili�es 1,632.9 63.1 1,696.0 880.2 34.2 914.4 809.3 30.2 839.5
Ending fiduciary net posi�on $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
RATE OF RETURN
Year Ended June 30, Total
2021 28.0 %
2020 4.7
2019 6.1
2018 8.4
2017 12.8
2016 0.3
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION
($ millions) 2021 2020 2019
Pension HISP Combined Pension HISP Combined Pension HISP Combined
Member contribu�ons $ 66.2 $ - $ 66.2 $ 67.8 $ - $ 67.8 $ 66.6 $ - $ 66.6
State and local agency contribu�ons 275.3 17.7 293.0 274.9 19.2 294.1 263.7 18.8 282.5
Net investment income 2,681.3 83.0 2,764.3 435.3 14.5 449.8 544.2 18.8 563.0
Total addi�ons 3,022.8 100.7 3,123.5 778.0 33.7 811.7 874.5 37.6 912.1
Re�rement, death and survivor benefits 661.6 17.7 679.3 628.7 18.1 646.8 621.4 18.6 640.0
Refunds and withdrawals 10.7 - 10.7 14.4 - 14.4 15.4 - 15.4
Administra�ve expenses 5.3 0.2 5.5 5.5 0.2 5.7 5.6 0.2 5.8
Total deduc�ons 677.6 17.9 695.5 648.6 18.3 666.9 642.4 18.8 661.2
Net increase in fiduciary net posi�on 2,345.2 82.8 2,428.0 129.4 15.4 144.8 232.1 18.8 250.9
Beginning of year 9,722.5 375.3 10,097.8 9,593.1 359.9 9,953.0 9,361.0 341.1 9,702.1
End of year $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2019 2020 2021
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
$6
7
9
$5
6
5
$5
9
3
$6
1
2
$6
4
0
$6
4
7
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
65%
70%
75%
80%
85%
90%
95%
105%
100%
FUNDED RATIO
as of July 1
75,37676,511
2017 2019 20212016 2018 2020
93
.
3
%
93
.
2
%
97
.
7
%
99
.
5
%
94
.
5
%
98
.
6
%
2021 ASSET MIX
Asset Mix chart.
U.S. Equities
41.3%
Fixed Income
29.9%
InternationalEquities
28.5%
Other0.3%
Page 3
TO
G
E
T
H
E
R
A
P
A
R
T
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 OPERS 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 of OPERS as of July 1, 2021
amounted to $11.0 billion and $11.0 billion respectively.
The OPERS funded status increased to 99.5 percent at July 1, 2021. In 2011, the funded ratio
significantly increased to 80.7 percent due to the removal of the cost-of-living-adjustment
(COLA) assumption. The Funded Ratio chart shows the change in funded status over the past
six fiscal years.31,711
36,351
6,133
74,195
2016 2017 2018 2019 2020 2021450
500
550
600
650
700
33,115
6,082
36,179
34,536
35,869
6,106
CONDENSED SCHEDULES OF FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedAssets:Cash and cash equivalents $ 511.7 $ 11.6 $ 523.3 $ 299.2 $ 9.4 $ 308.6 $ 127.3 $ 6.9 $ 134.2Receivables 543.5 20.8 564.3 258.8 9.9 268.7 322.1 11.9 334.0Investments 12,064.2 466.3 12,530.5 9,632.5 374.1 10,006.6 9,489.1 354.0 9 ,843.1Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2Other assets 0.8 0.1 0.9 1.0 0.1 1.1 1.0 - 1.0Total assets 13,700.6 521.2 14,221.8 10,602.7 409.5 11,012.2 10,402.4 390.1 10,792.5Liabili�es:Other liabili�es 1052.5 40.7 1093.2 469.0 18.2 487.2 346.4 12.9 359.3Securi�es lending collateral 580.4 22.4 602.8 411.2 16.0 427.2 462.9 17.3 480.2Total liabili�es 1,632.9 63.1 1,696.0 880.2 34.2 914.4 809.3 30.2 839.5Ending fiduciary net posi�on $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0 RATE OF RETURNYear Ended June 30, Total
2021 28.0 %
2020 4.7
2019 6.1
2018 8.4
2017 12.8
2016 0.3
CONDENSED SCHEDULES OF CHANGES IN FIDUCIARY NET POSITION($ millions) 2021 2020 2019 Pension HISP Combined Pension HISP Combined Pension HISP CombinedMember contribu�ons $ 66.2 $ - $ 66.2 $ 67.8 $ - $ 67.8 $ 66.6 $ - $ 66.6State and local agency contribu�ons 275.3 17.7 293.0 274.9 19.2 294.1 263.7 18.8 282.5Net investment income 2,681.3 83.0 2,764.3 435.3 14.5 449.8 544.2 18.8 563.0Total addi�ons 3,022.8 100.7 3,123.5 778.0 33.7 811.7 874.5 37.6 912.1Re�rement, death and survivor benefits 661.6 17.7 679.3 628.7 18.1 646.8 621.4 18.6 640.0Refunds and withdrawals 10.7 - 10.7 14.4 - 14.4 15.4 - 15.4Administra�ve expenses 5.3 0.2 5.5 5.5 0.2 5.7 5.6 0.2 5.8Total deduc�ons 677.6 17.9 695.5 648.6 18.3 666.9 642.4 18.8 661.2Net increase in fiduciary net posi�on 2,345.2 82.8 2,428.0 129.4 15.4 144.8 232.1 18.8 250.9Beginning of year 9,722.5 375.3 10,097.8 9,593.1 359.9 9,953.0 9,361.0 341.1 9,702.1End of year $ 12,067.7 $ 458.1 $ 12,525.8 $ 9,722.5 $ 375.3 $ 10,097.8 $ 9,593.1 $ 359.9 $ 9,953.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2019 2020 2021
Active Vested Re�rees
DEMOGRAPHICS
as of June 30
$6
7
9
$5
6
5
$5
9
3
$6
1
2
$6
4
0
$6
4
7
SCHEDULE OF BENEFIT
PAYMENTS ($ millions)
65%
70%
75%
80%
85%
90%
95%
105%
100%
FUNDED RATIO
as of July 1
75,37676,511
2017 2019 20212016 2018 2020
93
.
3
%
93
.
2
%
97
.
7
%
99
.
5
%
94
.
5
%
98
.
6
%
OPERS 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 Oklahoma
Public Employees Retirement System 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. OPERS has received the award for the last 14 consecutive years. We believe our current
report continues to conform to the award requirements, and we are submitting it to GFOA.
In addition, OPERS was awarded the Public
Pension Standards Award by the Public Pension
Coordinating Council, a confederation of
the National Association of State Retirement
Administrators, the National Conference on
Public Employee Retirement Systems, and the
National Council on Teacher Retirement. This is
the 11th consecutive award OPERS has received
in recognition of meeting professional standards
for plan funding and administration as set forth
in the Public Pension Standards.
Government Finance Officers Association
Award for
Outstanding
Achievement in
Popular Annual
Financial Reporting
Presented to
Oklahoma Public Employees Retirement System
For its Annual Financial Report
for the Fiscal Year Ended
June 30, 2020
Executive Director/CEO
Page 4