Comprehensive Annual Financial Report - Utah.gov

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Utah Retirement Systems A Component Unit of the State of Utah

2014 Comprehensive Annual Financial Report for the Year Ended December 31, 2014

Noncontributory Retirement System

Utah Governors and Legislators Retirement Plan

Contributory Retirement System

Tier 2 Public Employees Contributory Retirement System

Public Safety Retirement System

Tier 2 Public Safety and Firefighter Contributory Retirement System

Firefighters Retirement System

401(k) and 457 Plans • Roth and Traditional IRAs

Judges Retirement System

Health Reimbursement Arrangement (HRA)

PPCC

Public Pension Coordinating Council Public Pension Standards Award For Funding and Administration 2014 Presented to

Utah Retirement Systems

In recognition of meeting professional standards for plan funding and administration as set forth in the Public Pension Standards. Presented by the Public Pension Coordinating Council, a confederation of National Association of State Retirement Administrators (NASRA) National Conference on Public Employee Retirement Systems (NCPERS) National Council on Teacher Retirement (NCTR) Alan H. Winkle Program Administrator

Utah Retirement Systems A Component Unit of the State of Utah

2014 Comprehensive Annual Financial Report for the Year Ended December 31, 2014

Noncontributory Retirement System • Contributory Retirement System Public Safety Retirement System • Firefighters Retirement System Judges Retirement System • Utah Governors and Legislators Retirement Plan Tier 2 Public Employees Contributory Retirement System Tier 2 Public Safety and Firefighter Contributory Retirement System 401(k) and 457 Plans • Roth and Traditional IRAs Health Reimbursement Arrangement (HRA) Prepared by: Finance Department • Utah Retirement Systems 560 East 200 South • Salt Lake City, Utah 84102-2044 • www.urs.org Daniel D. Andersen, Executive Director • Robert K. Kellersberger, Finance Director

Utah Retirement Systems 2014 Annual Report

Table of Contents Introductory Section 6 Letter of Transmittal 10 Board President’s Letter 11 Utah State Retirement Board, Membership Council, and Executive Director 12 Organization Chart and Administrative Staff 12 Professional Consultants

Systems’ Highlights: 14 16 18 20 22 24 26 28

Noncontributory Retirement System Contributory Retirement System Public Safety Retirement System Firefighters Retirement System Judges Retirement System Utah Governors and Legislators Retirement Plan Tier 2 Public Employees Contributory Retirement System Tier 2 Public Safety and Firefighter Contributory Retirement System 30 Defined Contribution Savings Plans

Financial Section 32 Independent Auditors’ Report 34 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters 36 Management’s Discussion and Analysis

Basic Financial Statements: 52 Combined Statements of Fiduciary Net Position — Pension (and Other Employee Benefit) Trust Funds 54 Combined Statements of Changes in Fiduciary Net Position —Pension (and Other Employee Benefit) Trust Funds 56 Notes to the Basic Financial Statements

Required Supplementary Information: 82 Schedule of Changes in the Employers’ Net Pension Liability 84 Schedules of Employers’ Net Pension Liability 85 Schedules of Employer Contributions 86 Schedule of Investment Returns 87 Notes to Required Supplementary Information

2

2014 Comprehensive Annual Financial Report

Supplementary Financial Supporting Schedules: Individual Retirement Systems’ Schedules by Division

Noncontributory Retirement System: 88 Schedules of Fiduciary Net Position — Pension Trust Fund by Division 89 Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division 90 Schedules of Changes in the Employers’ Net Pension Liability by Division 91 Schedules of Net Pension Liability by Division 91 Schedules of Employer Contributions by Division Contributory Retirement System: 92 Schedules of Fiduciary Net Position — Pension Trust Fund by Division 93 Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division 94 Schedules of Changes in the Employers’ Net Pension Liability by Division 95 Schedules of Net Pension Liability by Division 95 Schedules of Employer Contributions by Division Public Safety Retirement System: 96 Schedules of Fiduciary Net Position — Pension Trust Fund by Division 98 Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division 100 Schedules of Changes in the Employers’ Net Pension Liability by Division 102 Schedules of Net Pension Liability by Division 103 Schedules of Employer Contributions by Division Firefighters Retirement System: 104 Schedules of Fiduciary Net Position — Pension Trust Fund by Division 105 Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division 106 Schedules of Changes in the Employers’ Net Pension Liability by Division 107 Schedules of Net Pension Liability by Division 107 Schedules of Employer Contributions by Division 108 Schedules of Administrative and Investment Expenses

Utah Retirement Systems

Table of Contents

(Concluded)

Investment Section Defined Benefits Investments: 111 114 114 115 116 117 118 118 119

Report on Investment Activity Outline of Investment Policies 2014 Investment Summary Asset Allocation 10-Year Total Pension Investment Rates of Return Comparative Investment Results List of Largest Assets Held Schedules of Fees and Commissions Investment Professionals

Defined Contribution Plans Investments: 120 122 123 123 124

Investment Highlights Plans Comparative Annualized Rates of Return List of Largest Assets Held Schedules of Fees and Commissions Investment Professionals

Actuarial Section 127 130 136 136 136 137 140 142 144 146

Actuary’s Certification Letter Summary of Actuarial Assumptions and Methods Calculation of Actuarial Value of Assets Actuarial Value of Assets by System Analysis of Financial Experience Member and Employer Contribution Rates Schedules of Funding Progress Solvency Tests Schedules of Active Member Valuation Data Schedules of Retirants and Beneficiaries

Summaries of Plan Provisions: 148 149 150 151 152 153 154

Noncontributory Retirement System Contributory Retirement System Public Safety Retirement System Firefighters Retirement System Judges Retirement System Utah Governors and Legislators Retirement Plan Tier 2 Public Employees Contributory Retirement System 155 Tier 2 Public Safety and Firefighter Contributory Retirement System 157 Changes in Plan Provisions 158 Defined Contribution Savings Plans

Statistical Section 164 Schedules of Changes in Fund Balance Defined Benefit Systems 168 Schedules of Changes in Fund Balance Defined Contribution Plans 170 Schedules of Benefit Deductions by Type

172 174 178 179 180 184 185 190

Schedules of Retired Members by Type of Benefit Option Schedules of Average Benefit Payments Schedules of Active Members by Age and Gender Schedules of Retirees by Age and Gender Schedules of Principal Participating Employers Schedule of Utah Retirement Office Employees Schedule of Participating Employers Utah Retirement Systems — A Highlight History

GASB 68 Schedules of Employer Allocations and Pension Reporting Section 194 Independent Auditors’ Report for Agent Pans 196 Public Safety Retirement System Schedules of Changes in Fiduciary Net Position by Employer — Pension Trust Fund by Division 198 Independent Auditors’ Report for Cost Sharing Plans

Noncontributory Retirement System: 200 Local Government Division 212 State and School Division Contributory Retirement System: 216 Local Government Division 220 State and School Division Public Safety Retirement System: 222 Other Division A with Social Security 226 State of Utah 226 Salt Lake City 226 Ogden City 226 Provo City 228 Logan City 228 Bountiful City 228 Other Division B without Social Security Firefighters Retirement System: 230 Other Division A with Social Security 232 Other Division B without Social Security 232 Judges Retirement System 232 Utah Governors and Legislators Retirement Plan 234 Tier 2 Public Employees Contributory Retirement System 248 Tier 2 Public Safety and Firefighter Contributory Retirement System 252 Utah Retirement Systems Schedule of Employer Allocations and Pension Amounts 255 Notes to the Schedule of Employer Allocations and Pension Amounts 256 Aggregation of Funds with a Net Pension Asset 272 Aggregation of Funds with a Net Pension Liability 288 Systems

and Plans Statistical Highlights 2014 Comprehensive Annual Financial Report

3

Utah Retirement Systems

Additions by Source (in millions) $4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

-500

-1,000

-1,500

-2,000

-2,500

-3,000

-3,500

-4,000

-4,500

-5,000 ( i n m i l l i o n s ) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

w Net investment income (loss) $ 1,491 2,518 1,304 (4,862) 2,088 2,328 502 2,513 3,261 1,786 w Employee contributions 42 45 41 36 36 60 39 40 40 39 w Employer contributions 479 523 581 629 647 682 739 796 889 974 w Court fees and fire insurance tax 11 11 16 12 18 13 15 18 13 16 Transfers from systems 25 6 12 15 44 7 37 55 42 38 w Totals

4

$

2,048

2014 Comprehensive Annual Financial Report

3,103

1,954 (4,170) 2,833

3,090

1,332

3,422

4,245

2,853

Utah Retirement Systems 2014 Comprehensive Annual Financial Report

6 Letter of Transmittal

Introductory Section

10 Board President’s Letter

11 Utah State Retirement Board, Membership Council, and Executive Director

12 Organization Chart and Administrative Staff

12

Professional Consultants

14

Systems’ Highlights

Utah Retirement Systems

Letter of Transmittal

UTAH STATE RETIREMENT BOARD

UTAH RETIREMENT SYSTEMS 560 East 200 South Salt Lake City, Utah 84102-2044 801-366-7700 800-365-8772 801-366-7734 FAX DANIEL D. ANDERSEN EXECUTIVE DIRECTOR

April 30, 2015 Utah State Retirement Board 560 East 200 South Salt Lake City, UT 84102-2044 Dear Board Members: We are pleased to present the 2014 Comprehensive Annual Financial Report of the Utah Retirement Systems (Systems), including the 401(k), 457, Roth and traditional IRAs, and the Health Reimbursement Arrangement (Plans). Together, the Systems and Plans constitute a component unit of the State of Utah, administered by the Utah State Retirement Board (Board) for calendar year 2014. The financial reporting entity of the Systems and Plans include the Public Employees Noncontributory and Contributory Retirement Systems, for both government and public education employees, the Public Safety, Firefighters, and Judges Retirement Systems, the Utah Governors and Legislators Retirement Plan, the Tier 2 Public Employees Contributory, and Tier 2 Public Safety and Firefighter Contributory Retirement Systems, and the 401(k), 457, Roth and traditional IRAs, and Health Reimbursement Arrangement (HRA). Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the Systems and Plans. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the fiduciary funds. For financial reporting purposes, the Systems and Plans utilize Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments, GASB Statement No. 37, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments: Omnibus, GASB Statement No. 38, Certain Financial Statement Note Disclosures, GASB Statement No. 40, Deposit and Investment Risk Disclosures, GASB Statement No. 44, Economic Condition Reporting: The Statistical Section, GASB Statement No. 45, Accounting and Financial Reporting for Employers for Postemployment Benefits Plans Other Than Pensions, GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets, GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, and GASB Statement No. 67, Financial Reporting for Pension Plans. Investments of the Systems and Plans are presented at fair value.

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2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Letter of Transmittal

(Continued)

The Utah Retirement Systems and 401(k), 457, Roth and traditional IRAs, and HRA were established by legislation and authorized as indicated in the notes to the basic financial statements on page 56. The Summaries of Plan Provisions are presented on pages 148 through 161. The number of active and retired members and beneficiaries for each system is presented in the Systems’ Highlights on pages 14 through 30. The purpose of the Systems and Plans is to provide benefits for all eligible State, local government, and most public education employees whose employers have elected to participate. Services provided by the staff are performed to meet that objective.

Management’s Discussion and Analysis The Management’s Discussion and Analysis (MD&A) beginning on page 36 provides an overview and analysis of the Systems and Plans Basic Financial Statements. This letter of transmittal is intended to complement the MD&A and should be read in conjunction with it.

Financial Information Management is responsible for maintaining a system of adequate internal accounting controls designed to provide reasonable assurance transactions are executed in accordance with management’s general or specific authorization, and are recorded as necessary to maintain accountability for assets and to permit preparation of financial statements in accordance with generally accepted accounting principles. The concept of reasonable assurance recognizes the cost of a control should not exceed the benefits likely to be derived. This system includes written policies and procedures and an internal audit department that reports to the Board. Discussion and analysis of net position and related additions and deductions are presented in the MD&A beginning on page 36.

Actuarial The actuarial assumptions and contribution rates were based on the recommendations of our actuary. See the Actuarial Section of this report and the notes to the basic financial statements for explanations of these rates. Rate changes resulted from actuarial assumption modifications, economic conditions, actuarial experience gains and losses, and benefit enhancements in the Systems. The Utah Retirement Systems are maintained on an actuarially sound basis as certified in this report by our actuary, thus protecting participants’ future benefits. We anticipate investment earnings on a long-term basis will continue to meet or exceed the actuarially assumed earning rate. We expect all systems to continue towards fully funded positions in accordance with actuarial assumptions. An actuarial valuation of the Systems is performed annually. An assumption experience study is performed at least every third year. The actuarial firm Gabriel, Roeder, Smith & Company completed the actuarial reviews and valuations and served as technical advisor to the Systems. Actuarial certification and supporting statistics are included in the Actuarial and Statistical Sections of this report.

Investments The economic condition of the Systems is based primarily upon investment earnings. For 2014 the Systems experienced a 7.52% rate of return. The Systems’ investments were evaluated at year end by Callan

2014 Comprehensive Annual Financial Report

7

Utah Retirement Systems

Letter of Transmittal

(Continued)

Associates Inc., Investment Measurement Service. A comparative analysis of rates of return is presented on page 117 of this report. The investment portfolio mix at fair value as of the end of 2014 was 15% debt securities, 36% equities, 12% private equity, 14% real assets, 6% short-term, and 17% absolute return. See MD&A and Investment Section for more detailed analysis and information. The Systems’ investment outlook is long term, allowing the portfolio to take advantage of the favorable risk-return characteristics of equities by placing more emphasis on this category. The Board utilizes internal and external portfolio managers employing both passive (indexed) and active strategies. The portfolio is broadly diversified among equities, debt securities, real assets, absolute return, and private equity with additional diversification achieved through domestic and international investing. The investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits are either insured by federal depository insurance or collateralized. All collateral on deposits is held in the counterparties’ joint custody accounts at the Federal Reserve Bank. On occasion, deposits may be significantly greater than collateral due to investment purchase “fails,” receipt of interest earnings on the 15th of each month, and proceeds from investment sales and maturities. Of approximately $31.4 billion in both the Defined Benefit and Defined Contribution investments at fair value as of December 31, 2014, none of the investments were in the category of highest custodial credit risk as defined by GASB.

Funding In setting contribution rates, the Board’s principal objectives are to set rates so the unfunded actuarial accrued liability (UAAL) will be amortized over a reasonable period of time from the most recent valuation date and the set rates so they remain relatively level over time. The Board’s funding policy requires the employer contribution rate be at least equal to the sum of the employer normal cost rate (which pays the current year’s cost) and an amortization rate that results in the amortization of the UAAL. Under this policy, the objective of maintaining a relatively level contribution rate over time is achieved in normal conditions such as consistent financial markets. In determining the contribution rates, the actuary uses an actuarial value of assets that is based on a 5-year smoothed expected rate of return, wherein the excess or shortfall of investment income over or under the actuarial assumed income rate (currently 7.5%) is recognized over a 5-year period. Funds are derived from the excess of additions, which include contributions and investment earnings, over deductions that are comprised of benefits and administrative expenses. Funds are accumulated to meet future benefit obligations to retirees and beneficiaries. This accumulated balance is referred to as the “net position restricted for pensions” in the Combined Statements of Fiduciary Net Position in the Financial Section of the report. The total pension liability is not reported in the basic financial statements, but is disclosed in Note 5 to the basic financial statements and in the required supplementary information. The total pension liability is determined by the actuary and is a measure of the present value of actuarial accrued liabilities estimated to be payable in the future to current retirees, beneficiaries, and employees for service earned to date. The net pension liability is measured as the total pension liability less the amount of the pension plan’s fiduciary net position. The net pension liability is an accounting measurement for financial statement purposes.

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2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Letter of Transmittal

(Concluded)

Independent Audit An annual audit of the Systems and Plans was conducted by the independent accounting firm of Deloitte & Touche LLP. The auditors’ report on the basic financial statements is included in the Financial Section of this report.

Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Utah Retirement Systems for its Comprehensive Annual Financial Report for the fiscal year ended December 31, 2013. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such financial reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Utah Retirement Systems has received a Certificate of Achievement for the last 30 years. We believe our current report continues to conform to the Certificate of Achievement Program requirements, and we are submitting it to the GFOA. In addition, the Utah Retirement Systems was awarded the Public Pension Coordinating Council Public Pension Standards 2014 Award. This award is in recognition of meeting professional standards for plan design and administration as set forth in the Public Pension Standards.

Acknowledgments The compilation of this report reflects the combined efforts of the staff under the leadership of the Utah State Retirement Board. The report is intended to provide extensive and reliable information for making management decisions, determining compliance with legal provisions, and determining responsible stewardship for the assets contributed by the Systems’ members and their employers. We would like to take this opportunity to express our gratitude to the Board, the staff, the advisors, and the many people who have worked so diligently to assure the successful operation and financial soundness of the Utah Retirement Systems. Sincerely yours,

Robert K. Kellersberger, CGFM Finance Director

Daniel D. Andersen Executive Director

2014 Comprehensive Annual Financial Report

9

Utah Retirement Systems

Board President’s Letter UTAH STATE RETIREMENT BOARD

UTAH RETIREMENT SYSTEMS 560 East 200 South Salt Lake City, Utah 84102-2044 801-366-7700 800-365-8772 801-366-7734 FAX DANIEL D. ANDERSEN EXECUTIVE DIRECTOR

April 30, 2015 Utah State Retirement Board 560 East 200 South Salt Lake City, UT 84102-2044 Dear Members of the Retirement Systems: Public pension plans continue at the forefront of political discussions across the country. In Utah, we are fortunate prudent funding principles established over several decades by governors, legislatures, and boards, have led to a positive outlook for our retirement systems. As board members and trustees of the Utah Retirement Systems (URS) we have the responsibility to provide retirement benefits to eligible members for the valuable services they have rendered to the public. We serve to insure members’ interests are properly safeguarded. Using a diversified investment portfolio strategy, URS returned a solid investment return of 7.52%. This translated into net investment income of $1.8 billion. Assets of the URS Defined Benefit systems increased by $1.5 billion, ending 2014 with total assets of $26.6 billion. These figures reflect the Systems’ diversified investment strategy that seeks to maximize long-term total returns consistent with prudent levels of risk. As of December 31, 2014, the Plans Fiduciary Net Position, as a percentage of the Total Pension Liability, was 88.5% and remains among the most well-funded statewide plans in the country. I encourage every member to participate in the URS Defined Contribution Retirement Savings Plans. These savings plans are a complement to your defined benefit plan. You can ensure your retirement lifestyle by beginning to save early in your career. The compounding of savings over an entire career makes a huge difference. And remember, it’s never too late to begin saving. Net position again reached an all-time high ending the year at $4.5 billion. Effective January 1, 2015, URS began offering new Target Date funds that provide a professionally managed, diversified portfolio for members of every age to consider. Educate yourself about the advantages of these new plans. The URS website provides great information about all of your investment options. I also thank those who serve on the Membership Advisory Council, a valued body that keeps the Board and the Legislature abreast of the interests and concerns of the members. You are well served by your representatives. Finally, I express my appreciation for the breadth and depth of experience possessed by members of the Board, each of whom makes a valuable contribution to the success of URS. The Board meets numerous times during the year and board members spend considerable time preparing for those meetings. Their contributions to URS and its members are crucial to meeting the fiduciary duty of the Board. As we look to the future, I want to emphasize the Systems remain sound. Our retirees will continue to receive their monthly pension payments. Our working members will, upon retirement, receive their promised pension payments. Sincerely,

Richard Ellis President, Utah State Retirement Board 10

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Retirement Board

Pi c tured Lef t to Right

Laura O. Houston Appointed July 2, 2014 Term Expires July 1, 2018 Represents Investment Community Roger G. Donohoe Appointed Dec. 17, 2014 Term Expires July 1, 2020 Represents Education Employees Kathryn D. Jones-Price Appointed March 5, 2004 Term Expires July 1, 2015 Represents Investment Community

Executive Director

President

Richard K. Ellis State Treasurer Member Since Jan. 5, 2009 Ex-officio Member Vice President

Sheri K. Nelson Appointed Sept. 15, 2010 Term Expires July 1, 2015 Represents Public Employees

Edward T. Alter Appointed Feb. 2, 2012 Term Expires July 1, 2015 Represents Investment Community William W. Wallace Appointed Sept. 18, 2013 Term Expires July 1, 2019 Represents Investment Community

Membership Council Executive Committee Members:

Chairperson

Mr. Michael McDonough........... Represents Utah Education Association Vice Chairperson

Mr. Marty Peterson....................... Represents Professional Firefighters of Utah Ms. Amy Ehresman....................... Represents Utah School Employees’ Association Mr. Tom Hardy................................ Represents Utah League of Cities and Towns Senior Trooper Arlow Hancock.......................Represents Utah Peace Officers’ Association Council Members:

Daniel D. Andersen

Mr. Fred Ash.................................... Represents Utah Retired School Employees’ Association Mr. Vaun Christensen.................. Represents Utah Public Employees’ Association Honorable James Z. Davis......... Represents Utah Judicial Council Representative Brad Dee........... Represents Utah Association of Counties Ms. Debra McBride....................... Represents Utah Association of Retired Public Employees Mr. Tom Nedreberg...................... Represents Utah Education Association Mr. Richard Petersen................... Represents Utah School Employees’ Association Mr. Anthony Romanello............. Represents Utah Education Association 2014 Comprehensive Annual Financial Report

11

Utah Retirement Systems

Organization Chart Membership Council

As of December 31, 2014

Administrative Staff Daniel D. Andersen Executive Director Todd W Rupp, CPA Deputy Executive Director

Chief Investment Officer

Shared Services Director

Bruce H. Cundick, CFA Chief Investment Officer

Bruce H. Cundick

Jeff J. Allen

Jeff J. Allen Shared Services Director

Equity Investments

IT Functions

Jayne R. Knecht Director, Human Resources

Debt Securities

Steven M. West, CPA, CFE Director, Internal Audit

Internal Audit General Services

Real Assets

W. Kendall Rima Chief Information Officer

Purchasing

Private Equity Absolute Return

Robert K. Kellersberger, CGFM Director, Finance Matthew K. Judd Director, Records Management Craige D. Stone Director, Defined Contribution Savings Plans Judy C. Lund Director, Retirement Ed K. Archer, CIA, CISA Chief Compliance Officer — Investments

Professional Consultants Actuary Gabriel, Roeder, Smith & Company 5605 N. MacArthur Blvd., Suite 870 Irving, TX 75038-2631

Other Consultants Aon Global Risk Consulting 1901 Main Street, Suite 300 Irvine, CA 92614

Auditor Deloitte & Touche LLP Certified Public Accountants 299 South Main, Suite 1900 Salt Lake City, UT 84111

Groom Law Group 1701 Pennsylvania Ave. NW Washington, DC 20006

Legal Counsel Howard, Larsen, Hansen & Eves, LLC 560 East 200 South, Suite 230 Salt Lake City, UT 84102

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2014 Comprehensive Annual Financial Report

Ice Miller, LLP One American Square Suite 2900 Indianapolis, IN 46282

Director Human Resources

Chief Information Officer

Jayne R. Knecht

W. Kendall Rima

Human Resources

Server Hardware and Software

Safety/Security

Applications Development Helpdesk/ Workstation Support Process Automation Workflow Networking and Telecommunications Web Service Information Security

Utah State Retirement Board

Professional Services Director Internal Audit

Actuary • Auditor

Executive Director

Legal Consultants Investment Advisors Proxy Voting

Daniel D. Andersen

Deputy Executive Director

Detail for professional service providers is shown to the left. Investment professionals are presented on pages 119 and 124.

Todd W Rupp

Director Finance

Robert K. Kellersberger

Financial Reporting and Accounting Budgets Tax Reporting Cash Management and Disbursements Accounts Payable Payroll Risk Management

Steven M. West

Director Records Management

Director Defined Contribution Savings Plans

Director Retirement

Chief Compliance Officer Investments

Matthew K. Judd

Craige D. Stone

Judy C. Lund

Ed K. Archer

Records Management

401(k) Plan

Retirement Benefits

Investment Compliance

Death Benefits

Proxy Voting

Employer Contributions Reporting Member Account Management Defined Contribution Daily Trade Reconciliation

457 Plan Traditional IRA Roth IRA Health Reimbursement Arrangement (HRA)

Redeposits and Purchases Refunds Branch Office

Employer Compliance and Auditing

2014 Comprehensive Annual Financial Report

13

Utah Retirement Systems

Noncontributory Retirement System Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age............................48.7

Average Age...................................... 64.9

Average Annual Salary......$47,994

Final Average Annual Salary........ $47,684

156,402

71,827

Terminated Vested..............38,654

Average Years of Service..........13.9

Active..................................71,827 Retired................................45,921

3,032

Average Years of Service.................... 20.8

Average Annual Benefit.............. $20,682 Average Annual Benefit — All Retirees............................ $21,170

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2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Noncontributory Retirement System Highlights

$3,600 3,200

(Concluded)

2,800 2,400 2,000 1,600 1,200

The Public Employees Noncontributory Retirement System includes eligible public employees of the State of Utah and its political subdivisions and public education employees of those entities covered by the System.

800

Additions by Source

400

(in millions)

0

2009 2010 2011 2012 2013 2014



w Investment income w Member contributions w Employer contributions w Transfers from systems

$ 1,667.5 1,861.0 401.1 2,001.0 2,589.0 1,419.1 14.1 33.5 12.9 15.0 14.2 13.6 535.3 564.2 610.3 644.9 710.9 772.4 — — — — — 30.5

Totals

$ 2,216.9 2,458.7 1,024.3 2,660.9 3,314.1 2,235.6 $1,100 1,000 900

Service Retirement

800

Allowance Reduction

700

Any age......30.................................................. None Any age......25.......Full actuarial before age 60 60-61...........20..... 3% each year before age 65 62-64...........10......3% each year before age 65 65..................4.................................................... None

600

Age

Years of Service

Service Benefit Formula Number of years of service x 2.00% x FAS.* *FAS (Final Average Salary) = highest three years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

500 400 300

Deductions by Type (in millions)

100 0

2009 2010 2011 2012 2013 2014



$ 723.1 793.8 843.7 900.1 974.7 1,043.8 w Benefit payments w Administrative expense 8.3 8.4 7.3 8.4 8.3 8.8 2.9 3.6 2.5 2.9 2.5 2.2 w Refunds 44.4 3.2 37.5 55.6 42.3 — w Transfers to systems Totals

Cost-of-Living Allowance

$ 778.7

809.0

891.0

967.0 1,027.8 1,054.8

$24,000

Up to 4% annually on original retirement benefit.

22,000 20,000 18,800

Contribution Rates (as of 12-31-2014)

1,600

Employer rate for the State and School Division (Level A) is 22.19% of covered salary and 18.47% for the Local Government Division (Level B). For more detail see Summary of Plan Provisions on page 148.

200

14,000 12,000 10,000 8,000

Schedule of Employers’ Net Pension Liability* (in millions)

6,000 4,000 2,000 0

2013 2014

w Total pension liability $ 23,344.3 24,043.3 w Statement of plan net position 19,915.8 21,096.5 Pictured: Nancy Duffin, Third Grade Teacher, North Summit Elementary School, Coalville City

Net pension liability $ 3,428.5 2,946.8 *Additional years will be added as they become available. 2014 Comprehensive Annual Financial Report

15

Utah Retirement Systems

Contributory

Retirement System Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age............................54.4

Average Age...................................... 62.2

Average Annual Salary......$54,003

Final Average Annual Salary........ $48,024

6,889

1,503

Terminated Vested................ 1,071

Average Years of Service..........23.0

Active.................................... 1,503 Retired.................................. 4,315

184

Average Years of Service.................... 28.9

Average Annual Benefit.............. $26,288 Average Annual Benefit — All Retirees............................ $16,341

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2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Contributory Retirement System Highlights

$220 200

(Concluded)

180 160 140 120 100 80 60

The Public Employees Contributory Retirement System includes eligible public employees of the State of Utah and its political subdivisions and public education employees of those entities covered by the System.

Additions by Source (in millions)

40 20 0

2009 2010 2011 2012 2013 2014



w Investment income w Member contributions w Employer contributions w Transfers from systems

$ 112.6 121.2 26.0 131.2 169.5 87.6 8.7 10.3 7.3 7.0 6.4 5.4 10.9 11.9 11.1 11.7 12.9 13.0 37.6 — 32.1 47.1 33.1 —

Totals

$169.8 143.4 76.5 197.0 221.9 106.0 $120

100

Service Retirement Age

Years of Service

80

Allowance Reduction

Any age......30.................................................. None 60-61..........20..... 3% each year before age 65 62-64..........10..... 3% each year before age 65 65..................4................................................. None

Service Benefit Formula 1. Number of years of service before 7-1-75 x 1.25% x FAS.* 2. Number of years of service after 6-30-75 x 2.00% x FAS.* 3. Plan 1 allowance = total of 1 and 2. *FAS (Final Average Salary) = highest five years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

60

40

Deductions by Type (in millions)

2009 2010 2011 2012 2013 2014

w Benefit payments w Administrative expense w Refunds w Transfers to systems

$ 64.8 67.6 68.4 70.9 74.2 77.0 0.6 0.5 0.4 0.5 0.5 0.5 2.2 1.6 1.9 2.0 1.9 2.4 — 3.9 — — — 38.0

Totals

73.6

70.7

73.4

76.6

117.9

1,300 1,200 1,100 1000 900 800 700

Contribution Rates (as of 12-31-2014)

Pictured: Brent Thomas, Superintendent of Operations, Bountiful City Light and Power, Bountiful City

$ 67.6 $1,400

Up to 4% annually on original retirement benefit.

For more detail see Summary of Plan Provisions on page 149.

0



Cost-of-Living Allowance

Member rate is 6.00% of covered salary. Employer rate for State and School Division (Level A) is 17.70% of covered salary and 14.46% for the Local Government Division (Level B).

20

600 500 400

Schedule of Employers’ Net Pension Liability* (in millions)

300 200 100 0

2013 2014

w Total pension liability $ 1,312.9 1,309.8 w Statement of plan net position 1,281.9 1,270.0 Net pension liability $

31.0

39.8

*Additional years will be added as they become available. 2014 Comprehensive Annual Financial Report

17

Utah Retirement Systems

Public Safety

Retirement System Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age............................41.9

Average Age...................................... 52.0

Average Annual Salary......$51,603

Final Average Annual Salary........ $57,406

14,708

6,672

Terminated Vested................ 3,128

Average Years of Service..........10.9

Active.................................... 6,672 Retired.................................. 4,908

247

Average Years of Service.................... 21.0

Average Annual Benefit.............. $30,874 Average Annual Benefit — All Retirees............................ $27,226

18

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Public Safety Retirement System Highlights

$500 450

(Concluded)

400 350 300 250 200 150

The Public Safety Retirement System includes eligible state and local government employees directly involved in law enforcement. The Public Safety System consists of the Noncontributory and Contributory divisions.

Additions by Source (in millions)

Years of Service

50 0

2009 2010 2011 2012 2013 2014



w Investment income w Member contributions w Employer contributions w Transfers from systems

$ 213.6 241.2 52.7 266.8 350.6 194.2 1.6 1.7 1.1 1.2 1.3 0.8 98.7 103.6 110.8 118.0 128.7 135.6 4.6 4.2 3.3 6.4 4.7 2.7

Totals

$ 318.5 350.7 167.9 392.4 485.3 333.3 $150

125

Service Retirement Age

100

Allowance Reduction

100

Any age..............20.......................................... None 60........................ 10........................................ None 65..........................4......................................... None

75

50

Service Benefit Formula 1. 2.5% x FAS* x years of service up to 20 years. 2. 2.0% x FAS* x years of service over 20 years. 3. Monthly benefit = total of 1 and 2. * FAS (Final Average Salary) = highest three years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

Deductions by Type (in millions)

25

0

2009 2010 2011 2012 2013 2014



w Benefit payments w Administrative expense w Refunds

$ 106.3 115.8 120.6 128.5 137.5 144.8 1.1 1.1 1.0 1.2 1.2 1.2 0.4 0.5 0.5 0.3 0.5 0.2

Totals

Cost-of-Living Allowance

$ 107.8 117.4 122.1 130.0 139.2 146.2 $3,500

Up to 2.5% or 4% (depending on employer) annually on original retirement benefit.

3,000

Contribution Rates (as of 12-31-2014)

2,500

Noncontributory — Employer rates range from 32.20% to 48.68% of covered salary.

2,000

Contributory — Member rates range from 10.50% to 12.29% of covered salary. Employer rates range from 22.29% to 31.80% of covered salary. For more detail see Summary of Plan Provisions on page 150. Pictured: Jared Rigby, Chief Deputy (left), and Detective Ray Baeza (right), Wasatch County Sherriff’s Office, Heber City

1,500

1,000

Schedule of Employers’ Net Pension Liability* (in millions)

500

0

2013 2014

w Total pension liability $ 3,269.1 3,360.0 w Statement of plan net position 2,712.2 2,899.4 Net pension liability $ 556.9

460.6

*Additional years will be added as they become available. 2014 Comprehensive Annual Financial Report

19

Utah Retirement Systems

Firefighters

Retirement System Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age............................42.0

Average Age...................................... 54.0

Average Annual Salary......$60,081

Final Average Annual Salary........ $70,816

3,286

1,787

Terminated Vested....................201

Average Years of Service..........12.6

Active.................................... 1,787 Retired.................................. 1,298

51

Average Years of Service.................... 24.1

Average Annual Benefit.............. $45,123 Average Annual Benefit — All Retirees............................ $32,763

20

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Firefighters Retirement System Highlights

$160 140

(Concluded) 120 100 80 60 40

The Firefighters Retirement System includes eligible state and local government employees directly involved in fire fighting and whose duties are classified as hazardous.

Additions by Source (in millions)

Years of Service

2009 2010 2011 2012 2013 2014

w Investment income w Member contributions w Employer contributions w Fire insurance tax w Transfers from systems

$ 79.8 89.1 19.2 96.3 125.7 69.1 11.3 14.1 17.3 17.5 18.3 18.3 — 0.2 0.3 1.3 3.5 5.5 16.2 10.7 12.7 16.1 11.3 14.2 1.2 1.8 1.7 1.3 1.3 3.7

Totals

Any age..............20.......................................... None 60........................ 10........................................ None 65..........................4......................................... None

45 40 35 30

Service Benefit Formula

25

1. 2.5% x FAS* x years of service up to 20 years.

3. Monthly benefit = total of 1 and 2. * FAS (Final Average Salary) = highest three years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

$ 108.5 115.9 51.2 132.5 160.1 110.8 $50

Allowance Reduction

2. 2.0% x FAS* x years of service over 20 years.

0



Service Retirement Age

20

20 15

Deductions by Type (in millions)

10 5 0



2009 2010 2011 2012 2013 2014

w Benefit payments w Administrative expense w Refunds

$ 38.3 41.1 41.4 43.7 44.7 47.7 0.4 0.4 0.3 0.4 0.4 0.4 0.2 0.4 0.3 0.1 0.1 0.2

Totals

Cost-of-Living Allowance Up to 4% (depending on employer) on original retirement benefit.

$ 38.9 41.9 42.0 44.2 45.2 48.3 $1,100 1,000

Contribution Rates (as of 12-31-2014)

900

Member rate for Division A (with Social Security) is 15.05% of covered salary and 16.71% for Division B (without Social Security). Employer rate for Division A is 3.82% of covered salary and 6.59% for Division B.

800

For more detail see Summary of Plan Provisions on page 151.

700 600 500 400

Schedule of Employers’ Net Pension Liability* (in millions)

300 200 100 0

2013 2014

w Total pension liability $ 999.0 1,014.3 w Statement of plan net position 968.7 1,031.0 Pictured: Jeff Thomas, Battalion Chief, SLC Fire Department, Salt Lake City

Net pension liability (asset) $ 30.3

(16.7)

*Additional years will be added as they become available. 2014 Comprehensive Annual Financial Report

21

Utah Retirement Systems

Judges

Retirement System Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age............................56.8

Average Age...................................... 66.0

Average Annual Salary....$136,234

Final Average Annual Salary......$134,280

250

114

Terminated Vested........................ 4

Average Years of Service............9.5

Active........................................114 Retired......................................132

7

Average Years of Service.................... 25.1

Average Annual Benefit............$111,560 Average Annual Benefit — All Retirees............................ $79,202

22

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Judges Retirement System Highlights

$30,000 27,000

(Concluded)

24,000 21,000 18,000 15,000 12,000 9,000

The Judges Retirement System includes justices and judges of the courts of record as authorized in state statutes. Service Retirement Age

Years of Service

Allowance Reduction

Additions by Source (in thousands)

6,000 3,000 0

2009 2010 2011 2012 2013 2014



w Investment income w Member contributions w Employer contributions w Court fees w Transfers from systems

$ 13,214 14,597 3,114 15,485 20,130 11,068 67 — — — — 317 2,083 2,771 3,588 4,232 4,990 5,627 2,101 1,944 1,815 1,666 1,498 1,486 1,027 1,078 390 710 3,186 1,092

Totals

Any age............ 25............................................ None 55.......................20......Full actuarial reduction 62.......................10......................................... None 70........................ 6.......................................... None

$ 18,492 20,390 8,907 22,093 29,804 19,590 $12,000 11,000 10,000

Service Benefit Formula

9,000 8,000

1. 5.00% x FAS* x years of service up to 10 years.

7,000 6,000

2. 2.25% x FAS* x years of service between 10 and 20 years.

4,000

3. 1.00% x FAS* x years of service over 20 years.

2,000

4. Monthly benefit = total of 1, 2, and 3. * FAS (Final Average Salary) = highest two years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

5,000

3,000

Deductions by Type (in thousands)

1,000 0

2009 2010 2011 2012 2013 2014



w Benefit payments w Administrative expense

$ 7,595 9,010 8,649 9,135 10,189 11,361 66 69 60 66 66 71

Totals $ 7,661 9,079 8,709 9,201 10,255 11,432

Cost-of-Living Allowance Up to 4% compounded annually.

$200,000

Contribution Rates (as of 12-31-2014)

175,000

Employer rate is 40.01% of covered salary.

150,000 125,000

For more detail see Summary of Plan Provisions on page 152.

100,000 75,000

Schedule of Employers’ Net Pension Liability* (in thousands)

50,000 25,000 0

2013 2014

w Total pension liability $ 182,638 192,285 w Statement of plan net position 155,676 163,834 Pictured: Judge Vernice S. Trease, Third District Court, Salt Lake City

Net pension liability $ 26,962 28,451 *Additional years will be added as they become available. 2014 Comprehensive Annual Financial Report

23

Utah Retirement Systems

Utah Governors and Legislators Retirement Plan Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age............................53.6

Average Age...................................... 66.7

Average Annual Salary........$9,526

Final Average Annual Salary................N/A

420

105

Terminated Vested......................79

Average Years of Service............6.3

Active........................................105 Retired......................................236

7

Average Years of Service.................... 12.1 Average Annual Benefit................ $4,376 Average Annual Benefit — All Retirees.............................. $3,287

24

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Utah Governors and Legislators Retirement Plan Highlights

$1,600 1,400

(Concluded) 1,200 1,000 800 600 400

The Utah Governors and Legislators Retirement Plan includes governors and legislators of the State of Utah.

Additions by Source (in thousands)

0

2009 2010 2011 2012 2013 2014



w Investment income w Employer contributions w Transfers from systems

$ 1,098 1,142 231 1,100 1,346 717 — — 153 214 252 411 9 2 17 19 19 —

Totals

Service Retirement Age Years of Service

200

$ 1,107 1,144 401 1,333 1,617 1,128

Allowance Reduction

65............... 4................................................... None 62..............10...... 3% each year before age 65

$1,000 900

Service Benefit Formula

800 700

Governors — $500*per month per term.

600

* Increased semi annually up to 2% based on the CPI. The amount as of 12-31-14 is $1,320. Legislators — $10**per month each year of service as a legislator. **Increased semi annually up to 2% based on the CPI. The amount as of 12-31-14 is $28.80.

Cost-of-Living Allowance Up to 4% annually on original retirement benefit.

500 400 300 200

Deductions by Type

100

(in thousands)

0



2009 2010 2011 2012 2013 2014

w Benefit payments w Administrative expense w Refunds w Transfers to systems

$ 784 790 801 815 892 909 5 5 4 5 4 5 — 5 — 1 — — — — — — — 14

Totals

Contribution Rates (as of 12-31-2014) There was a 2014-15 appropriation payable by June 30, 2015, to the Utah Governors and Legislators Retirement Plan of $421,009.

$ 789 800 805 821 896 928 $13,000 12,000 11,000 10,000 9,000

For more detail see Summary of Plan Provisions on page 153.

8,000 7,000 6,000 5,000 4,000

Schedule of Employers’ Net Pension Liability* (in thousands)

3,000 2,000 1,000 0

2013 2014

w Total pension liability $ 11,879 12,267 w Statement of plan net position 10,166 10,366 Pictured: Margaret Dayton, State Senate, 15th District, Utah County

Net pension liability $ 1,713

1,901

*Additional years will be added as they become available. 2014 Comprehensive Annual Financial Report

25

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System Highlights Composite Picture Total Membership

2014 Active Members

2014 Retirees Number

Average Age.................................... 35.3

Average Age......................................... —

Average Annual Salary....... $32,388

Final Average Annual Salary.................. —

17,225

17,225

Terminated Vested.....................

Average Years of Service............... 1.4

Active..................................17,225

— Retired....................................... —



Average Years of Service....................... — Average Annual Benefit........................ — Average Annual Benefit — All Retirees...................................... —

26

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System Highlights

$42,000

36,000

(Concluded)

30,000

24,000

18,000

12,000

The Tier 2 Public Employees Contributory Retirement System includes eligible employees of the State of Utah and its political subdivisions and public education employees of those entities covered by the System.

Additions by Source (in thousands)

Years of Service

0

2011 2012 2013 2014



w Investment income w Employer contributions w Transfers from systems

$

Totals

9 922 4,017 4,320 2,790 14,208 25,743 37,299 — 5 3 —

$ 2,799 15,135 29,763 41,619

$18 16 14

Service Retirement Age

6,000

12

Allowance Reduction 10

Any age......35.................................................. None 60-61...........20......Full actuarial before age 65 62-64...........10......Full actuarial before age 65 65..................4.................................................... None

Service Benefit Formula Number of years of service x 1.50% x FAS.* *FAS (Final Average Salary) = highest five years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

8 6 4

Deductions by Type*

(in thousands)

2011 2012 2013 2014

w Administrative expense w Transfers to systems

— 1 6 16 — — — 2

Totals

$ — 1 6 18

$90,000

Up to 2.5% annually on original retirement benefit.

80,000 70,000

Contribution Rates (as of 12-31-2014)

60,000

Employer rates range from 14.94% to 18.27% of covered salary.

50,000 40,000

(Includes active member death benefit and Tier 1 amortization rate.)

30,000

Schedule of Employers’ Net Pension Liability* (in thousands)

Pictured: Jess Pearce, Apprentice Lineman, Bountiful City Light and Power, Bountiful City

0



Cost-of-Living Allowance

For more detail see Summary of Plan Provisions on page 154.

2

20,000 10,000 0

2013 2014

w Total pension liability w Statement of plan net position

$ 48,292 47,690

86,261 89,291

Net pension liability / (asset)

$ 602

(3,030)

*There are no retirees in the Tier 2 Retirement Systems. Additional years will be added as they become available.

2014 Comprehensive Annual Financial Report

27

Utah Retirement Systems

Tier 2 Public Safety and Firefighter Contributory Retirement System Highlights Composite Picture Total Membership

2014 Active Members

1,331

1,331

Terminated Vested.....................

Average Years of Service............... 1.3

Active.................................... 1,331

— Retired....................................... —

Average Age.................................... 29.9 Average Annual Salary....... $35,871

2014 Retirees Number



Average Age......................................... — Average Years of Service....................... — Final Average Annual Salary.................. — Average Annual Benefit........................ — Average Annual Benefit — All Retirees...................................... —

28

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Tier 2 Public Safety and Firefighter Contributory Retirement System Highlights

$4,800 4,200 3,600

(Concluded)

3,000 2,400 1,800 1,200

The Tier 2 Public Safety and Firefighter Contributory Retirement System includes eligible state and local government employees directly involved in law enforcement or directly involved in fire fighting and whose duties are classified as hazardous.

Additions by Source (in thousands)

Years of Service

2011 2012 2013 2014

w Investment income w Employer contributions w Transfers from systems

$ — 56 316 404 89 1,031 2,451 4,365 — — — 2

Totals

$ 89 1,087 2,767 4,771

$5

4

3

2

Allowance Reduction

Any age..... 25...................................................None 60-61.......... 20....... Full actuarial before age 65 62-64.......... 10....... Full actuarial before age 65 65................. 4....................................................None

0



Service Retirement Age

600

Deductions by Type*

(in thousands)

1

0

2011 2012 2013 2014



Service Benefit Formula Number of years of service x 1.50% x FAS.*

w Administrative expense w Transfers to systems

— — — 1 — 5 3 —

Totals

*FAS (Final Average Salary) = highest five years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

$ — 5 3 1

$9,000 8,000

Cost-of-Living Allowance

7,000

Up to 2.5% annually on original retirement benefit.

6,000 5,000

Contribution Rates (as of 12-31-2014) Employer rates range from 10.80% to 37.07% of covered salary. (Includes active member death benefit and Tier 1 amortization rate.) For more detail see Summary of Plan Provisions on page 155. Pictured: Brandon Ratcliffe, Officer, Price City Police Department Inset: Cameron Willden, Firefighter/EMT, Murray Fire Department, Murray City

4,000 3,000

Schedule of Employers’ Net Pension Liability* (in thousands)

2,000 1,000 0

2013 2014

w Total pension liability w Statement of plan net position

$ 3,345 3,935

7,226 8,705

Net pension liability / (asset)

$ (590)

(1,479)

*There are no retirees in the Tier 2 Retirement Systems. Additional years will be added as they become available.

2014 Comprehensive Annual Financial Report

29

Utah Retirement Systems

Defined Contribution Savings Plans Highlights

The purpose of the Defined Contribution Savings Plans (401(k), 457, Roth and traditional IRAs) is to allow public employees throughout Utah to adequately prepare themselves for retirement by investing a portion of their income in one or more of these retirement plans. It has long been recognized that for employees to experience the comfortable and rewarding retirement they desire, they cannot rely entirely upon Social Security and their employer-provided retirement. Employees should take the initiative to personally put aside a portion of their salary into some type of long-term savings plan.

Mem b e rshi p I nf orma ti on

at December 31, 2014

Number of active employees eligible to participate

Roth IRA

Traditional IRA

97,632 203,661 203,661

HRA

2,383

8,218

4,495

345

NA

40.0%

8.4%

2.2%

0.2%

NA

5.5%

6.0%

3.7%

2.7%

NA

155,909 Total participants

16,741

6,075

1,349

2,383

Average participant account balance

$25,379 $26,938

$9,686 $44,345 $8,342

$4,800 4,500 4,200 3,900 3,600 3,300 3,000 2,700 2,400 2,100

The Plans provided the following benefits:

1,800

l

2014 Comprehensive Annual Financial Report

457

41,336

Annualized rates of returns for the Investment Funds are shown on page 122.

30

103,253

Employee contributions (excluding employer contributions): Number of employees contributing Percent of eligible employees contributing Average % of salary deferred by employees

Each year the number of employees participating in these plans increases. Individuals may participate in more than one plan. As of December 31, 2014, the number of participants by investment plan was as shown to the upper right.

Convenient, automatic payroll deduction l 11 investment options l Brokerage window option l Tax-deferred and/or tax-free savings l Increase or decrease contributions as often as every pay period l Flexible payout options when eligible l Upon death, funds transfer to beneficiaries (except HRA) l No sales commissions l Low investment and administrative fees l Plan loans (401(k) and 457) l Hardship and emergency withdrawals l Local customer service and counseling.

401(k)

1,500 1,200

Defined Contributions Member Balances at December 31, 2014 (in millions)

w HRA w Roth IRA w Traditional IRA w 457

w 401(k)

Totals

900 600 300 0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ — — 1 2 3 6 9 11 16 20 1 4 6 7 12 21 24 34 48 59 7 12 18 19 22 26 30 39 50 60 230 259 277 229 284 317 321 360 425 451 2,104 2,389 2,604 2,132 2,608 2,887 2­,881 3,213 3,746 3,956 $ 2,342 2,664 2,906 2,389 2,929 3,257 3,265 3,657 4,285 4,546

Utah Retirement Systems 2014 Comprehensive Annual Financial Report

32 Independent Auditors’ Report

34

Financial Section

Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters

36 Management’s Discussion and Analysis

52 Basic Financial Statements

82 Required Supplementary Information

88 Individual Retirement Systems’ Schedules by Division

108 Schedules of Administrative and Investment Expenses

Utah Retirement Systems

Independent Auditors’ Report Deloitte & Touche LLP 299 South Main Street Suite 1900 Salt Lake City, UT 84111 United States of America Tel 801-328-4706 Fax: 801-366-7900 www.deloitte.com

INDEPENDENT AUDITORS’ REPORT

Utah State Retirement Board: Report on the Financial Statements

We have audited the accompanying combined financial statements of the Total Defined Benefit Pension Plans and of the Total Defined Contribution Plans of Utah Retirement Systems, a component unit of the State of Utah, administered by the Utah State Retirement Board, which comprise the combined statements of fiduciary net position of the pension (and other employee benefit) trust funds as of December 31, 2014, and the related combined statements of changes in fiduciary net position of the pension (and other employee benefit) trust funds for the year then ended, and the related notes to the combined financial statements, which collectively comprise Utah Retirement Systems’ basic financial statements as listed in the foregoing table of contents. Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of combined financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility

Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement.

32

2014 Comprehensive Annual Financial Report

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to Utah Retirement Systems’ preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Utah Retirement Systems’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinions

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the fiduciary net position of the pension (and other employee benefit) trust funds of the Total Defined Benefit Pension Plans and of the Total Defined Contribution Plans of Utah Retirement Systems, a component unit of the State of Utah, administered by the Utah State Retirement Board, at December 31, 2014, and the changes in fiduciary net position of the pension (and other employee benefit) trust funds for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter

As discussed in Note 3 to the combined financial statements, the combined financial statements include investments that are not listed on national exchanges or for which quoted market prices are not available. These investments include

Utah Retirement Systems

Independent Auditors’ Report

(Continued)

private equities, absolute returns, and investments in real assets. Such investments totaled $11.6 billion (32.9% of total assets) at December 31, 2014. Where a publicly listed price is not available, the management of Utah Retirement Systems uses alternative sources of information including audited financial statements, unaudited interim reports, independent appraisals, and similar evidence to determine the fair value of the investments. Our opinion is not modified with respect to this matter. Report on Summarized Comparative Information

We have previously audited Utah Retirement Systems’ 2013 basic financial statements, and we expressed an unmodified audit opinion on those audited combined financial statements in our report dated April 21, 2014, which included an emphasis-of-matter paragraph regarding the fair value of investments where a publicly listed price is not available and regarding the adoption of Governmental Accounting Standards Board Statement No. 67, Financial Reporting for Pension Plans. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2013 is consistent, in all material respects, with the audited combined financial statements from which it has been derived.

certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information

Other Matters Required Supplementary Information

Our audit was conducted for the purpose of forming an opinion on the combined financial statements that collectively comprise Utah Retirement Systems’ basic financial statements. The additional combining information is presented for purposes of additional analysis of the combined financial statements rather than to present the fiduciary net position and the changes in fiduciary net position of the individual Systems or Plans, and is not a required part of the combined financial statements. The supplementary financial supporting schedules listed in the foregoing table of contents are presented for purposes of additional analysis and are not a required part of the basic combined financial statements.

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and the Schedules of Changes in the Employers’ Net Pension Liability, of Employers’ Net Pension Liability, of Employer Contributions, and of Investment Returns, listed in the foregoing table of contents, be presented to supplement the basic financial statements. Such information, although not part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of the financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied

The additional combining information and the supplementary financial supporting schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance

2014 Comprehensive Annual Financial Report

33

Utah Retirement Systems

Independent Auditors’ Report

(Continued)

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

with auditing standards generally accepted in the United States of America. In our opinion, the additional combining information and the supplementary financial supporting schedules are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. The Introductory Section, Investment Section, Actuarial Section, and Statistical Section listed in the foregoing table of contents have not been subjected to the auditing procedures applied in the audit of the basic combined financial statements, and accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated April 30, 2015 on our consideration of Utah Retirement Systems’ internal control over financial reporting and on our tests of their compliance with certain provisions of laws, regulations, contracts, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Utah Retirement Systems’ internal control over financial reporting and compliance.

April 30, 2015

34

2014 Comprehensive Annual Financial Report

Utah State Retirement Board: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the combined financial statements of the Total Defined Benefit Pension Plans and of the Total Defined Contribution Plans of Utah Retirement Systems, a component unit of the State of Utah, administered by the Utah State Retirement Board, which comprise the combined statements of fiduciary net position of the pension (and other employee benefit) trust funds as of December 31, 2014, and the related combined statements of changes in fiduciary net position of the pension (and other employee benefit) trust funds for the year then ended, and the related notes to the combined financial statements, which collectively comprise Utah Retirement Systems’ basic financial statements, and have issued our report thereon dated April 30, 2015, which included an emphasis-of-matter paragraph regarding the fair value of investments where a publicly listed price is not available.

Utah Retirement Systems

Deloitte & Touche LLP 299 South Main Street Suite 1900 Salt Lake City, UT 84111 United States of America Tel 801-328-4706 Fax: 801-366-7900 www.deloitte.com

Internal Control Over Financial Reporting

Compliance and Other Matters

In planning and performing our audit of the combined financial statements, we considered Utah Retirement Systems’ internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the combined financial statements, but not for the purpose of expressing an opinion on the effectiveness of Utah Retirement Systems’ internal control. Accordingly, we do not express an opinion on the effectiveness of Utah Retirement Systems’ internal control.

As part of obtaining reasonable assurance about whether Utah Retirement Systems’ combined financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and the Utah Retirement Systems’ policies regarding purchasing, personnel, budgeting, and investments, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of Utah Retirement Systems’ combined financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of Utah Retirement Systems’ internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Utah Retirement Systems’ internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

April 30, 2015

2014 Comprehensive Annual Financial Report

35

U tah

R et i re me nt

Syste m s

Utah Retirement Systems

Management’s Discussion and Analysis Introduction This section presents management’s discussion and analysis of the Utah Retirement Systems’ (URS) financial position and performance for the year ended December 31, 2014. It is presented as a narrative overview and analysis. Please read it in conjunction with the Letter of Transmittal included in the Introductory Section, the financial statements and other information that are presented in the Financial Section of this Comprehensive Annual Financial Report. URS is responsible for administering retirement and defined contribution benefits for state, local government, and public education employees in the state of Utah. URS is composed of eight defined benefit pension systems (Systems) and five defined contribution plans (Plans). The eight defined benefit pension systems are the Public Employees Noncontributory Retirement System (Noncontributory System), the Public Employees Contributory Retirement System (Contributory System), the Public Safety Retirement System (Public Safety System), the Firefighters Retirement System (Firefighters System), the Judges Retirement System (Judges System), the Utah Governors and Legislators Retirement Plan (Governors and Legislators Plan), Tier 2 Public Employees Contributory Retirement System (Tier 2 Public Employees System), and the Tier 2 Public Safety and Firefighter Contributory Retirement System (Tier 2 Public Safety and Firefighter System). The five defined contribution plans (Plans) are the 401(k), 457, Roth and traditional IRAs, and Health Reimbursement Arrangement. All of these Systems and Plans are defined as pension (and other employee benefit) trust funds, which are fiduciary funds. Throughout this discussion and analysis units of measure (i.e., billions, millions, thousands) are approximate, being rounded up or down to the nearest tenth of the respective unit value.

36

2014 Comprehensive Annual Financial Report

Financial Highlights l The URS Defined Benefit Pension Systems’ combined

total net position increased by $1.5 billion, or 5.9% during calendar year 2014. The increase was primarily due to the increase in the markets.

l The URS Defined Benefit Pension Systems’ rate of return

on investments during calendar year 2014 was 7.52% compared with the calendar year 2013 rate of return of 14.89%. The decrease in rate of return was due primarily to the decrease in market performance in 2014.

l The URS Defined Benefit Pension Systems had a Net

Pension Liability of $3.5 billion and the Net Pension Liability as a percentage of covered payroll was 73.9% as of December 31, 2014.

l The Defined Contribution Plans’ net position increased

$262 million during calendar year 2014 primarily due to investment gains.

l The Defined Contribution Plans’ rates of return for

investment options ranged from a high of 13.0% to a low of negative 3.9% compared to prior year investment option returns of a high of 41.9% and a low of 0.5%.

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Overview of the Financial Statements The URS 2014 financial statements, notes to the financial statements, and required supplementary information were prepared in conformity with GASB Statement No. 67, Financial Reporting for Pension Plans. This discussion and analysis is intended to serve as an introduction to the URS financial reporting, which is comprised of the following components: 1) basic financial statements, 2) notes to the basic financial statements, 3) required supplementary information, and 4) other supplementary schedules. Collectively, this information presents the combined net position held in trust for pension benefits for each of the funds administered by URS as of December 31, 2014. This financial information also summarizes the combined changes in net position held in trust for pension benefits for the year then ended. The information in each of these components is briefly summarized as follows:

1) Basic Financial Statements For the calendar year ended December 31, 2014, basic financial statements are presented for the fiduciary funds administered by URS. Fiduciary funds are used to account for resources held for the benefit of the participants outside of URS. The fiduciary funds are comprised of 13 pension (and other employee benefit) trust funds that consist of eight defined benefit systems and five defined contribution plans. l The Combined Statements of Fiduciary Net Position are

presented for the pension trust funds at December 31, 2014, with combined total comparative information at

December 31, 2013. These financial statements reflect the resources available to pay benefits to members, including retirees and beneficiaries, at the end of the years reported. l The Combined Statements of Changes in Fiduciary Net

Position are presented for the pension trust funds for the year ended December 31, 2014, with combined total comparative information for the year ended December 31, 2013. These financial statements reflect the changes in the resources available to pay benefits to members, including retirees and beneficiaries, for calendar years 2014 and 2013.

2) Notes to the Basic Financial Statements The Notes to the Basic Financial Statements provide additional information that is essential to a full understanding of the data provided in the basic financial statements. Information in the Notes to the Basic Financial Statements is described as follows: l Note 1 provides a general description of URS, as well as a

description of each of the Systems and Plans administered by URS and a summary of benefits. Information regarding employer and member participation in the Systems and Plans administered by URS is also provided.

l Note 2 provides a summary of significant accounting

policies including the basis of accounting, investment

2014 Comprehensive Annual Financial Report

37

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

D e f in e d Be n e f it S ys te m s I n v e s tm e n ts a t F a ir V a lue

2

accounting policies, management’s use of estimates, information regarding the implementation of new accounting pronouncements, and other significant accounting policies.

1

3

l Note 3 describes deposits, investment risk disclosures, and

additional information about cash, securities lending, and derivatives.

6

l Note 4 explains property and equipment of URS including

l Note 5 provides information about net pension liability of

employers.

l Note 6 provides information about contributions to the

4

5

depreciation and net carrying amounts.

1 Equity Securities (35.5%) 2 Absolute Return (17.2%) 3 Debt Securities (15.7%)

4 Real Assets (14.0%) 5 Private Equity (11.8%) 6 Short Term (5.8%)

defined benefit systems administered by URS.

l Note 7 explains transfers to or from affiliated systems. l Note 8 describes supplemental benefits.

D e f in e d Be n e f it S ys te m s I n v e s tm e n t Ra te s o f Re turn by I n v e s tm e n t T y pe f o r 2 0 1 4

l Note 9 provides information about litigation.

l Note 11 provides information about pension plan

18.90%

l Note 10 describes commitments for investment funding.

(in percents)

l Note 12 provides information about URS post-employment

benefits.

13.99%

participation.

l Note 13 describes compensated absences and insurance

reserves.

3) Required Supplementary Information The required supplementary information consists of four schedules of changes of employers’ net pension liability, employers’ net pension liability, employer contributions, and the money-weighted rate of investment returns of the defined benefit pension systems administered by URS.

4) Other Supplementary Schedules Other schedules include more detailed information pertaining to the Systems and Plans as well as schedules of administrative expenses.

38

2014 Comprehensive Annual Financial Report

3.93%

l Note 16 provides information about real estate liabilities.

0.09%

l Note 15 provides information about risk management of URS.

6.94% 5.45%

l Note 14 describes required supplementary information.

1 2 3 4 5 6

1 Private Equity 2 Real Assets 3 Debt Securities 4 Absolute Return 5 Equity Securities 6 Short Term

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Financial Analysis of the Systems — Defined Benefit Plans Investments Investments of the URS Defined Benefit Systems are combined in a commingled investment pool as authorized by state statute. Each system owns an equity position in the pool and receives proportionate investment income from the pool in accordance with each respective ownership percentage. Each system’s allocated share of each type of investment in the pool is shown in the Combined Statements of Net Position. Investment gains or losses are reported in the Combined Statements of Changes in Fiduciary Net Position. The rate of return on investments is therefore approximately the same for each of the systems.

Systems’ Total Investments —

As of December 31, 2014, URS Defined Benefit Systems had total net position of $26.6 billion, an increase of $1.5 billion from calendar year 2013 investment totals. The combined investment portfolio experienced a return of 7.52% compared with the URS investment benchmark return of 6.01%. Investment results over time compared with URS benchmarks are presented on page 117 in the Investment Section. Because the investment gain in all of the retirement systems was about 7.52% of net position, further investment performance will not be evaluated in each respective system.

Equity Securities — As of December 31, 2014, URS Defined Benefit Systems held $9.6 billion in U.S. and international equity securities, a decrease of $97.8 million from year 2013. Equity securities had a return of 3.93% for calendar year 2014 compared with the URS benchmark return of 3.94%. Debt Securities — As of December 31, 2014, URS Defined Benefit Systems held $4.2 billion in U.S. debt and international debt securities, an increase of $118.6 million from year 2013. Debt securities returned 6.94% in calendar year 2014 compared with the URS benchmark return of 7.07%. Real Assets — As of December 31, 2014, URS Defined

Benefit Systems held $3.8 billion in real assets investments, an increase of $633.3 million from year 2013. Real assets

investments returned 13.99% in calendar year 2014 compared with the URS benchmark return of 5.33%.

Private Equity — As of December 31, 2014, URS

Defined Benefit Systems held $3.2 billion in private equity investments, an increase of $330.4 million from year 2013. Private equity investments returned 18.90% in calendar year 2014. The URS benchmark for private equity investments was 15.90%.

Short Term — As of December 31, 2014, URS Defined Benefit Systems held $1.6 billion in short-term investments, a decrease of $139.1 million from year 2013. Short-term investments returned 0.09% in calendar year 2014 which compared with the URS benchmark return of 0.03%. Absolute Return — As of December 31, 2014, URS Defined Benefit Systems held $4.6 billion in absolute return investments, an increase of $345.2 million from year 2013. Absolute return investments returned 5.45% in calendar year 2014 compared with the URS benchmark return of 5.03%. Securities Lending — The Systems earn additional

investment income by lending investment securities to brokers. This is done on a pooled basis by URS’ custodial bank, The Northern Trust Company (TNT). The brokers provide collateral to TNT and generally use the borrowed securities to cover short sales and failed trades. TNT invests the cash collateral received from the brokers in order to earn interest. As of December 31, 2014, the Systems had $2.2 billion on loan secured by collateral of $2.3 billion. For calendar year 2014, net securities lending income to the Systems amounted to $8.8 million, an increase of $117 thousand over calendar year 2013. The increase in security lending revenue for year 2014 represents mainly an increase in demand by brokers to borrow available securities.

2014 Comprehensive Annual Financial Report

39

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Analysis of the Defined Benefit Systems Noncontributory System The Noncontributory System provides retirement benefits to covered State of Utah, local government, and public education employees. Benefits of the system are funded by employer contributions and by earnings on investments. The system net position as of December 31, 2014, totaled $21.1 billion, an increase of $1.2 billion (5.9%) from $19.9 billion as of December 31, 2013. Additions to the Noncontributory System net position include employer contributions, investment income, and transfers. For the calendar year 2014, member and employer contributions increased from $725.1 million for calendar year 2013 to $786.0 million, an increase of $60.9 million (8.4%). Contributions increased because salaries and contribution rates increased. The system recognized a net investment gain of $1.4 billion for calendar year 2014 compared with net investment gain of $2.6 billion for calendar year 2013. The decrease in investment gain for 2014 compared to 2013 was due to the lower rate of return realized in 2014. Deductions from the Noncontributory System net position include retirement benefits, administrative expenses, and transfers. For the calendar year 2014, benefits amounted to $1.0 billion, an increase of $68.9 million (7.0%) over calendar year 2013. The increase in benefit payments was due to an increased number of benefit recipients and benefit increases. For the calendar year 2014, the costs of administering the system totaled $8.8 million, an increase of $499 thousand (6.0%) from calendar year 2013. At December 31, 2014, the Noncontributory Retirement System total pension liability was $24.0 billion. The Plan’s fiduciary net position was $21.1 billion leaving a net pension liability of $2.9 billion. The Plan fiduciary net position as a percentage of the total pension liability was 87.7%.

40

2014 Comprehensive Annual Financial Report

Contributory System The Contributory System provides retirement benefits to covered State of Utah, local government, and public education employees. Benefits of the system are funded by member and employer contributions and by earnings on investments. The system net position as of December 31, 2014, totaled $1.27 billion, a decrease of $12.0 million (0.9%) from $1.28 billion as of December 31, 2013. Additions to the Contributory System net position include employer and member contributions, investment income, and transfers. For calendar year 2014, member and employer contributions decreased from $19.3 million for calendar year 2013 to $18.4 million, a decrease of $835 thousand (4.3%). Contributions decreased because of the number of active members. For the most part, the Contributory System is a closed system. For this reason both the numbers of active members and retired individuals are declining. The system recognized a net investment gain of $87.6 million for calendar year 2014 compared with net investment gain of $169.5 million for the calendar year 2013. The decrease in investment gain for 2014 compared to 2013 was due to the lower rate of return realized in 2014. Deductions from the Contributory System net position include retirement benefits, administrative expenses, and transfers. For calendar year 2014, benefits amounted to $79.4

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

million, an increase of $3.4 million (4.4%) from calendar year 2013. The increase in benefit payments was due to the increase in the number of retired members in the system. For calendar year 2014, the costs of administering the system totaled $494 thousand, an increase of $14 thousand (2.9%) from calendar year 2013. At December 31, 2014, the Contributory Retirement System total pension liability was $1.31 billion. The Plan’s fiduciary net position was $1.27 billion leaving a net pension liability of $40 million. The Plan fiduciary net position as a percentage of the total pension liability was 97.0%.

Public Safety System The Public Safety System provides retirement benefits to eligible public safety employees of the State of Utah, local governments, and higher education. Benefits of the system are funded by member and employer contributions and by earnings on investments. The system net position as of December 31, 2014, amounted to $2.9 billion, an increase of $187.2 million (6.9%) from $2.7 billion as of December 31, 2013. Additions to the Public Safety System net position include employer contributions, investment income, and transfers. For calendar year 2014, member and employer contributions increased from $130.0 million for calendar year 2013 to $136.4 million, an increase of $6.4 million (4.9%). Contributions increased because salaries and contribution rates increased. The system recognized a net investment gain of $194.2 million for calendar year 2014 compared with net investment gain of $350.6 million for calendar year 2013. The decrease in the investment gain for 2014 compared to 2013 was due to the lower rate of return realized in 2014.

Deductions from the Public Safety System net position include retirement benefits and administrative expenses. For calendar year 2014, benefits amounted to $145.0 million, an increase of $7.0 million (5.1%) over calendar year 2013. The increase in benefit payments was due to an increased number of benefit recipients and benefit increases. For calendar year 2014, the costs of administering the system totaled $1.2 million, an increase of $66 thousand (5.7%) from calendar year 2013. At December 31, 2014, the Public Safety Retirement System total pension liability was $3.4 billion. The Plan’s fiduciary net position was $2.9 billion leaving a net pension liability of $461 million. The Plan fiduciary net position as a percentage of the total pension liability was 86.3%.

Firefighters System The Firefighters System provides retirement benefits to covered firefighters of the State of Utah and local governments. Benefits of the system are funded by member and employer contributions and by earnings on investments. The system net position as of December 31, 2014, amounted to $1.0 billion, an increase of $62.4 million (6.4%) from $968.7 million as of December 31, 2013. Additions to the Firefighters System net position consist of employer contributions, including insurance premium taxes, investment income, and transfers. For calendar year 2014, member and employer contributions increased from $33.1 million for calendar year 2013 to $38.0 million, an increase of $4.9 million (14.7%). Contributions increased because insurance premium taxes increased. The system recognized a net investment gain of $69.1 million for calendar year 2014 compared with net investment gain of $125.7 million for calendar year 2013. The decrease in investment gain for 2014 compared to 2013 was due to the lower rate of return realized in 2014.

2014 Comprehensive Annual Financial Report

41

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Co m b in e d St a t ements of F iduc iary Net P osi ti on — De f i ne d Be ne f i t P e nsi on P l a ns December 31

(dollars in thousands) Noncontributory System



Assets:

Cash and receivables Investments at fair value Invested securities lending collateral Property and equipment

Contributory System

2014 2013 2012

$

Public Safety System

2014 2013 2012

2014 2013 2012

347,450 21,401,055

245,005 20,445,304

315,579 18,201,227

18,980 1,289,979

13,558 1,317,984

18,569 1,175,190

44,454 2,943,857

31,195 2,785,821

41,038 2,443,770

1,812,356 2,954

1,591,294 4,533

1,265,465 5,072

109,243 178

102,581 293

81,706 327

249,302 408

216,825 617

169,906 680

23,563,815

22,286,136

19,787,343

1,418,380

1,434,416

1,275,792

3,238,021

3,034,458

2,655,394

Securities lending liability Investment accounts and other payables

1,812,356

1,591,294

1,265,465

109,243

102,581

81,706

249,302

216,825

169,906

654,947

779,027

892,441

39,146

49,890

57,435

89,333

105,449

119,431

Total liabilities

2,467,303

2,370,321

2,157,906

148,389

152,471

139,141

338,635

322,274

289,337

$ 21,096,512

19,915,815

17,629,437

1,269,991

1,281,945

1,136,651

2,899,386

2,712,184

2,366,057

Total assets Liabilities:

Net position restricted for pensions

(dollars in thousands)

Assets:

Cash and receivables Investments at fair value Invested securities lending collateral Property and equipment Total assets Liabilities:

Securities lending liability Investment accounts and other payables Total liabilities Net position restricted for pensions

42

Tier 2 Public Employees System

Tier 2 Public Safety and Firefighter System Total Defined Benefit Pension Plans

2014 2013 2012 2014 2013 2012

$ 3,375 2,549 1,704 88,592 46,906 17,058

2014

2013

2014 2013 Percent Percent 2012 Change Change

–­­

233 8,737

155 3,928

81 1,145

433,607 26,955,610

305,614 25,765,142

393,948 22,870,937

1,186 5

740 1

306 1

79 —

2,282,747 3,722

2,005,347 5,711

1,590,130 6,372

13.8 (34.8)

26.1 (10.4)

99,481 53,116 19,953

9,711

4,390

1,305

29,675,686

28,081,814

24,861,387

5.7

13.0

7,502 12

3,651 10

41.9 % (22.4)% 4.6 12.7

7,502

3,651

1,186

740

306

79

2,282,747

2,005,347

1,590,130

13.8

26.1

2,688

1,775

834

266

149

55

823,815

980,395

1,120,658

(16.0)

(12.5)

10,190

5,426

2,020

1,006

455

134

3,106,562

2,985,742

2,710,788

4.0

10.1

$ 89,291 47,690 17,933

8,705

3,935

1,171

26,569,124

25,096,072

22,150,599

5.9 %

13.3 %

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Management’s Discussion and Analysis



(Continued)

Firefighters System Judges System

Utah Governors and Legislators Retirement Plan

2014 2013 2012 2014 2013 2012 2014 2013 2012

16,416 1,046,228

10,987 995,121

14,400 882,249

2,542 166,317

1,877 159,815

2,429 140,528

157 10,845

288 10,263

148 9,770

88,601 145

77,452 220

61,339 246

14,085 23

12,439 35

9,770 39

918 1

799 2

679 3

1,151,390

1,083,780

958,234

182,967

174,166

152,766

11,921

11,352

10,600

88,601

77,452

61,339

14,085

12,439

9,770

918

799

679

31,750

37,667

43,117

5,048

6,051

6,869

637

387

476

120,351

115,119

104,456

19,133

18,490

16,639

1,555

1,186

1,155

1,031,039

968,661

853,778

163,834

155,676

136,127

10,366

10,166

9,445

Deductions from the Firefighters System net position include retirement benefits and administrative expenses. For calendar year 2014, benefits amounted to $48.0 million, an increase of $3.2 million (7.0%) over calendar year 2013. The increase in benefit payments was due to an increased number of benefit recipients and benefit increases. For calendar year 2014, the costs of administering the system totaled $370 thousand, an increase of $15 thousand (4.2%) from calendar year 2013. At December 31, 2014, the Firefighters Retirement System total pension liability was $1.0 billion. The Plan’s fiduciary net position was $1.0 billion leaving a net pension asset of $16.7 million. The Plan fiduciary net position as a percentage of the total pension liability was 101.6%.

Judges System The Judges System provides retirement benefits to judges in the State of Utah who are eligible to participate in the system. Benefits of the system are funded by employer contributions and by earnings on investments. The system net position as of December 31, 2014, amounted to $163.8 million, an increase of $8.2 million (5.2%) from $155.7 million as of December 31, 2013.

Additions to the Judges System net position consist of employer contributions, including court fees, investment income, and transfers. For calendar year 2014, employer contributions increased from $6.5 million for calendar year 2013 to $7.4 million, an increase of $942 thousand (14.5%). Contributions increased because the contribution rate and court fees increased. The system recognized a net investment gain of $11.1 million for the calendar year 2014 compared with net investment gain of $20.1 million for calendar year 2013. The decrease in investment gain for 2014 compared to 2013 was due to the lower rate of return realized in 2014. Deductions from the Judges System net position held in trust for benefits include retirement benefits and administrative expenses. For calendar year 2014, benefits amounted to $11.4 million, an increase of $1.2 million (11.5%) over calendar year 2013. The increase in benefit payments was due to an increase in the benefit of current year retirees. For calendar year 2014, the costs of administering the system totaled $71 thousand, a slight increase over the preceding year.

2014 Comprehensive Annual Financial Report

43

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Co m b in e d St a t ements of Changes in F id u ci a ry N e t P osi ti on — D e f i n ed Ben efit P ens ion P lans Year Ended December 31

(dollars in thousands) Noncontributory System



Contributory System

2014 2013 2012

Additions:

Contributions $ 786,007

Public Safety System

2014 2013 2012

2014 2013 2012

725,141

659,921

18,415

19,250

18,667

136,423

130,002

119,130

Investment income

1,419,053

2,588,981

2,000,995

87,577

169,510

131,169

194,222

350,563

266,753

Transfers from affiliated systems

30,467







33,094

47,098

2,746

4,676

6,411

2,235,527

3,314,122

2,660,916

105,992

221,854

196,934

333,391

485,241

392,294

Pension benefits 1,043,798 Refunds 2,204 Administrative expenses 8,828 Transfers to affiliated systems —

974,684 2,454 8,329 42,277

900,133 2,858 8,397 55,563

77,015 2,433 494 38,004

74,158 1,922 480 —

70,855 1,975 503 —

144,763 199 1,227 —

137,486 467 1,161 —

128,532 292 1,164 —

1,054,830

1,027,744

966,951

117,946

76,560

73,333

146,189

139,114

129,988

$ 1,180,697

2,286,378

1,693,965

(11,954)

145,294

123,601

187,202

346,127

262,306

Total additions Deductions:

Total deductions Increase (decrease) in net position restricted for pensions

(dollars in thousands)

Additions:

Contributions

Tier 2 Public Employees System

Tier 2 Public Safety and Firefighter System T otal Defined Benefit Pension Plans

2014 2013 2012 2014 2013 2012

$

Investment income Transfers from affiliated systems Total additions Deductions:

37,299 25,743 14,208

2014

2013

2014 2013 Percent Percent 2012 Change Change

4,365

2,451

1,031

1,028,318

942,431

853,893

9.1 %

10.4 %

4,320

4,017

922

404

316

56

1,786,431

3,260,548

2,512,735

(45.2)

29.8



3

5

2





38,020

42,280

55,568

(10.1)

(23.9)

41,619 29,763 15,135

4,771

2,767

1,087

2,852,769

4,245,259

3,422,196

(32.8)

24.1

Retirement benefits Refunds Administrative expenses Transfers to affiliated systems

— — 16 2

— — 6 —

— — 1 —

— — 1 —

— — — 3

— — — 5

1,325,556 5,129 11,012 38,020

1,242,156 4,949 10,401 42,280

1,153,130 5,259 10,493 55,568

6.7 3.6 5.9 (10.1)

7.7 (5.9) (0.9) (23.9)

Total deductions

18

6

1

1

3

5

1,379,717

1,299,786

1,224,450

6.1

6.2

41,601 29,757 15,134

4,770

2,764

1,082

1,473,052

2,945,473

2,197,746

(50.0)%

34.0 %

Increase in net position restricted for pensions

44

$

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Management’s Discussion and Analysis



(Continued)

Firefighters System Judges System

Utah Governors and Legislators Retirement Plan

2014 2013 2012 2014 2013 2012 2014 2013 2012

37,968

33,104

34,824

7,430

6,488

5,898

411

252

214

69,070

125,685

96,255

11,068

20,130

15,485

717

1,346

1,100

3,713

1,302

1,325

1,092

3,186

710



19

19

110,751

160,091

132,404

19,590

29,804

22,093

1,128

1,617

1,333

47,710 293 370 —

44,747 106 355 —

43,660 133 357 —

11,361 — 71 —

10,189 — 66 —

9,135 — 66 —

909 — 5 14

892 — 4 —

815 1 5 —

48,373

45,208

44,150

11,432

10,255

9,201

928

896

821

62,378

114,883

88,254

8,158

19,549

12,892

200

721

512

At December 31, 2014, the Judges System total pension liability was $192.3 million. The Plan’s fiduciary net position was 163.8 million leaving a net pension liability of $28.5 million. The Plan fiduciary net position as a percentage of the total pension liability was 85.2%.

Utah Governors and Legislators Retirement Plan The Governors and Legislators Retirement Plan provides retirement benefits to governors and legislators of the State of Utah. Benefits of the system are funded by employer contributions and by earnings on investments. The system net position as of December 31, 2014, amounted to $10.4 million, an increase of $200 thousand (2.0%) from $10.2 million as of December 31, 2013.

Deductions from the Governors and Legislators Retirement Plan net position include retirement benefits and administrative expenses. For calendar year 2014, retirement benefits amounted to $909 thousand, an increase of $17 thousand (1.9%) from calendar year 2013. The increase in benefit payments was due to an increase in the number of benefit recipients. For calendar year 2014, the costs of administering the system totaled $5 thousand, a slight decrease over the preceding year. At December 31, 2014, the Governors and Legislators Retirement Plan total pension liability was $12.3 million. The Plan’s fiduciary net position was $10.4 million leaving a net pension liability of $1.9 million. The Plan fiduciary net position as a percentage of the total pension liability was 84.5%.

Additions to the Governors and Legislators Retirement Plan net position include investment income and transfers. For calendar year 2014 employer contributions amounted to $411 thousand. The Plan recognized a net investment gain of $717 thousand for calendar year 2014 compared with net investment gain of $1.3 million for calendar year 2013. The decrease in investment gain for 2014 compared to 2013 was due to the lower rate of return realized in 2014.

2014 Comprehensive Annual Financial Report

45

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Tier 2 Public Employees System The Tier 2 Public Employees System provides retirement benefits to eligible State of Utah, local governments, and public education employees who started employment July 1, 2011, or after. Benefits of the system are funded by member and employer contributions and by earnings on investments. The system net position as of December 31, 2014, amounted to $89.3 million, an increase of $41.6 million (87.2%) from $47.7 million as of December 31, 2013. Additions to the Tier 2 Public Employees System net position consist of employer contributions, investment income, and transfers. For calendar year 2014, member and employer contributions increased from $25.7 million for calendar year 2013, to $37.3 million, an increase of $11.6 million (45.1%). Contributions increased because membership increased. The system recognized a net investment gain of $4.3 million for calendar year 2014 compared with an investment gain of $4.0 million for calendar year 2013. The increase in the investment gain for 2014 compared to 2013 was due to the increase in the systems net position. Deductions from the Tier 2 Public Employees System net position for benefits include retirement benefits and administrative expenses. For calendar year 2014 and 2013, there were no benefits paid from the system. The costs of administering the system totaled $16 thousand, an increase of $10 thousand (167%) from calendar year 2013. At December 31, 2014, the Tier 2 Public Employees Retirement System total pension liability was $86.3 million. The Plan’s fiduciary net position was $89.3 million leaving a net pension asset of $3.0 million. The Plan’s fiduciary net position as a percentage of the total pension liability was 103.5%.

46

2014 Comprehensive Annual Financial Report

Tier 2 Public Safety and Firefighter System The Tier 2 Public Safety and Firefighter System provides retirement benefits to eligible state and local government employees directly involved in law enforcement or fire fighting and are in a position of hazardous duty who started employment July 1, 2011, or after. Benefits of the system are funded by member and employer contributions and by earnings on investments. The system net position as of December 31, 2014, amounted to $8.7 million, an increase of $4.8 million (121.2%) from $3.9 million as of December 31, 2013. Additions to the Tier 2 Public Safety and Firefighter System net position consist of employer contributions, investment income, and transfers. For calendar year 2014, member and employer contributions increased from $2.5 million for calendar year 2013, to $4.4 million in 2014, an increase of $1.9 million (78.1%). Contributions increased because membership increased. The system recognized a net investment gain of $404 thousand for calendar year 2014 compared with net investment gain of $316 thousand for calendar year 2013. The increase in the investment gain for 2014 compared to 2013 was due to the increase in the systems net position. Deductions from the Tier 2 Public Safety and Firefighter System net position include retirement benefits and administrative expenses. For calendar years 2014, and 2013, there were no benefits paid from the system. The costs of administering the system totaled $1 thousand. At December 31, 2014, the Tier 2 Public Safety and Firefighter Retirement System total pension liability was $7.2 million. The Plan’s fiduciary net position was $8.7 million leaving a net pension asset of $1.5 million. The Plan’s fiduciary net position as a percentage of the total pension liability was 120.5%.

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Actuarial Valuations and Funding Progress Actuarial valuation of each defined benefit system is performed annually. As of January 1, 2014, the date of the most recent actuarial valuation, the average funded ratio of the Systems was 81.6%. This was an increase from the Systems’ January 1, 2013, valuation average funded ratio of 77.1%, an increase in funded status of 4.5%. The funded ratio increase for all systems was the result of higher than expected investment returns over the previous five years. In determining contribution rates an actuarial value of assets is used rather than a market value of assets. The actuarial value of assets is based on a smoothed expected income investment rate. Investment income in excess or shortfall of the expected rate on fair value is smoothed over a 5-year period with 20% of a year’s excess or shortfall being recognized each year beginning with the current year. As of January 1, 2014, the Systems’ underfunded actuarial accrued liability was $5.3 billion. This was a net decrease in the unfunded position of $1.1 billion compared to January 1, 2013. As of January 1, 2014, the difference between the actuarial value of assets and market value of assets was $1.7 billion in actuarially deferred gains. These actuarially deferred gains will be recognized by the actuary over the next four years.

Every three years in conjunction with the actuarial valuation the actuary performs an experience study. Based upon the 2014 experience study, the actuary recommended some changes in the actuarial assumptions that were adopted by the Board. Some of the changes were to decrease the wage inflation assumption from 3.75% to 3.50%, decrease the payroll growth assumption from 3.5% to 3.25%, and new mortality assumptions.

2014 Comprehensive Annual Financial Report

47

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Analysis of the Defined Contribution Savings Plans 401(k) Defined Contribution Plan The 401(k) Plan was established under section 401(k) of the Internal Revenue Code. This plan provides supplemental and primary retirement benefits for plan participants. The plan is funded by contributions and by investment earnings. The plan net position as of December 31, 2014, amounted to $4.0 billion, an increase of $210.5 million (5.6%) over net position as of December 31, 2013. Additions to the 401(k) Plan net position include contributions and investment income. For calendar year 2014, contributions increased from those of calendar year 2013 from $230.1 million to $255.0 million or an increase of $24.9 million (10.8%). Contributions increased because of increased participation. The plan recognized a net investment gain of $213.2 million for calendar year 2014 compared with a net investment gain of $532.2 million for the calendar year 2013.

457 Defined Contribution Plan

Deductions from the 401(k) Plan net position include participant and beneficiary refunds (including rollovers) and administrative expenses. For calendar year 2014, refunds amounted to $251.5 million, an increase of $28.0 million (12.5%) over calendar year 2013. The increase in refunds was due to an increase in withdrawals for calendar year 2014. For calendar year 2014, the costs of administering the plan amounted to $6.3 million, an increase of $936 thousand over calendar year 2013.

Additions to the 457 Plan net position include contributions and investment income. For calendar year 2014, contributions increased from those of calendar year 2013 from $25.7 million to $26.7 million or an increase of $1.0 million (4.0%). Contributions increased because of increased participation. The plan recognized a net investment gain of $23.3 million for calendar year 2014 compared with a net investment gain of $60.4 million for the calendar year 2013.

Benefit obligations of the 401(k) Defined Contribution Plan are equal to the member account balances, which are equal to net position of the plan.

The 457 Plan was established under Section 457(b) of the Internal Revenue Code. This plan provides supplemental retirement benefits for plan participants. The plan is funded by contributions and by investment earnings. The plan net position as of December 31, 2014, amounted to $451.0 million, an increase of $26.4 million (6.2%) over net position as of December 31, 2013.

Deductions from the 457 Plan net position include participant and beneficiary refunds (including rollovers) and administrative expenses. For calendar year 2014, refunds amounted to $22.9 million, an increase of $1.6 million (7.5%) over calendar year 2013. The increase in refunds was due to an increase in withdrawals for calendar year 2014. For calendar year 2014, the costs of administering the plan amounted to $727 thousand, an increase of $111 thousand over calendar year 2013. Benefit obligations of the 457 Defined Contribution Plan are equal to the member account balances, which are equal to net position of the plan.

48

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

D e f in e d C o n tributio n S a v in gs P la n s I n v e s tm e n t O ptio n Ra te s o f R e t u rn for 2014

Deductions from the Roth IRA Plan net position include participant and beneficiary refunds, transfers and rollovers, and administrative expenses. For calendar year 2014, refunds amounted to $3.3 million, an increase of $1.4 million (73.5%) over calendar year 2013. For calendar year 2014, the costs of administering the plan amounted to $91 thousand, an increase of $29 thousand over calendar year 2013.

Traditional IRA Plan The traditional IRA is a “deemed IRA” authorized by section 408(q) of the Internal Revenue Code, and governed by section 408 of the code. This plan allows participants to make after-tax contributions and possibly deduct all or a portion of the contributions from their current taxable income. This plan also allows participants to consolidate many other eligible plan assets when they become eligible for roll over (such as 401(k), 457, and other IRAs). Participants may also convert traditional IRA funds into a Roth IRA. The plan net position as of December 31, 2014, amounted to $59.8 million, an increase of $9.9 million (20.0%) over net position as of December 31, 2013.

1.6% 1 2 3 4 5 6 7 8 9 10 11 12 13

1 Large Cap Stock index Fund 2 Large Cap Stock Growth Fund 3 Large Cap Stock Value Fund 4 Balanced Fund 5 Bond Fund 6 Medium Horizon Fund 7 Tier 2 DC Nonvested 8 Small Cap Stock Fund 11 Income Fund 9 Short Horizon Fund 12 HRA Fund 10 Long Horizon Fund 13 International Fund

-3.9%

Additions to the Roth IRA Plan include contributions, transfers from other Roth IRAs, conversions from traditional IRAs, rollovers from other retirement plans, and investment earnings. For calendar year 2014, contributions increased from those of calendar year 2013 from $9.1 million to $11.7 million (28.0%). Contributions increased because of increased participation. The plan recognized a net investment gain of $2.8 million for calendar year 2014 compared with a net investment gain of $6.9 million for calendar year 2013.

0.0%

The Roth IRA is a “deemed IRA” authorized by section 408(q) of the Internal Revenue Code, and governed by section 408A of the code. This plan allows participants to make after-tax contributions, while the earnings may be withdrawn tax free (for qualified distributions). The plan net position as of December 31, 2014, amounted to $58.8 million, an increase of $11.0 million (6.2%) over net position as of December 31, 2013.

4.7% 4.7% 4.3% 4.2% 3.7%

Roth IRA Plan

5.9%

9.0%

10.3%

13.0% 11.8%

(in percents)

D e f in e d C o n tributio n C o m pa r a tiv e A n n ua liz e d Ra te s o f Re turn December 31, 2014 Investment Option

2014

2013

Income Fund Bond Fund Balanced Fund Large Cap Stock Value Fund Large Cap Stock Index Fund Large Cap Stock Growth Fund International Fund Small Cap Stock Fund Short Horizon Fund Medium Horizon Fund Long Horizon Fund Tier 2 DC Nonvested HRA Fund

1.6% 5.9 9.0 10.3 13.0 11.8 (3.9) 4.3 4.2 4.7 3.7 4.7 0.0

1.8% 0.5 23.2 40.4 32.6 36.2 15.8 41.9 7.6 12.5 18.0 12.5 0.0

2014 Comprehensive Annual Financial Report

49

Utah Retirement Systems

Management’s Discussion and Analysis

(Continued)

Co m b in e d St a t ements of F iduc iary Net P osi ti on — De f i ne d C ontri b u ti on S a v i ngs P l a n s December 31

(dollars in thousands)



Assets:

2014

401(k) Plan

2013

2012

2014

2013

457 Plan 2012

Roth IRA Plan 2014

2013

2012

96,894 3,873,336

89,559 3,666,358

82,446 3,137,614

10,244 441,353

10,044 415,510

8,197 352,704

170 58,835

51 47,735

93 33,729

3,970,230

3,755,917

3,220,060

451,597

425,554

360,901

59,005

47,786

33,822

Investment accounts and other payables

13,479

9,636

7,186

623

986

520

163

23

72

Total liabilities

13,479

9,636

7,186

623

986

520

163

23

72

$ 3,956,751

3,746,281

3,212,874

450,974

424,568

360,381

58,842

47,763

33,750

Cash and receivables Investments at fair value Total assets

$

Liabilities:

Net position restricted for pensions

Co m b in e d St a t ements of Changes in F id u ci a ry N e t P osi ti on — D e f i n ed Co n t ribution S avings P lans Year Ended December 31

(dollars in thousands)



Additions:

2014

401(k) Plan

2013

2012

2014

2013

457 Plan 2012

Roth IRA Plan 2014

2013

2012

$ 255,044

230,086

218,888

26,711

25,696

24,501

11,664

9,113

7,685

Investment income

213,230

532,216

313,374

23,342

60,421

35,065

2,816

6,870

3,256

Total additions

468,274

762,302

532,262

50,053

86,117

59,566

14,480

15,983

10,941

Refunds Administrative expenses

251,496 6,308

223,523 5,372

194,538 5,857

22,920 727

21,314 616

19,877 664

3,310 91

1,908 62

1,538 53

Total deductions

257,804

228,895

200,395

23,647

21,930

20,541

3,401

1,970

1,591

$ 210,470

533,407

331,867

26,406

64,187

39,025

11,079

14,013

9,350

Contributions

Deductions:

Increase (decrease) in net position restricted for pensions

Additions to the traditional IRA Plan include contributions, rollovers, and investment earnings. For calendar year 2014, contributions increased from those of calendar year 2013 from $11.2 million to $14.9 million (33.1%). Contributions increased because of increased participation. The plan recognized a net investment gain of $2.6 million for calendar year 2014 compared with a net investment gain of $5.0 million for calendar year 2013. Deductions from the traditional IRA Plan net position include participant and beneficiary refunds, rollovers and transfers, and administrative expenses. For calendar year 2014, refunds amounted to $7.5 million, an increase of $2.6 million (52.1%) over calendar year 2013. For calendar year 2014, the costs

50

2014 Comprehensive Annual Financial Report

of administering the plan amounted to $91 thousand, an increase of $25 thousand over calendar year 2013.

Health Reimbursement Arrangement The Health Reimbursement Arrangement (HRA) is a tax-advantaged health savings plan for State employees funded by employer contributions to pay for qualified healthcare expenses incurred after retirement. No employee contributions are permitted. The plan net position as of December 31, 2014, amounted to $19.9 million, an increase of $3.7 million (22.8%) over the net position as of December 31, 2013.

Utah Retirement Systems

Management’s Discussion and Analysis

(Concluded)

Health Reimbursement Traditional IRA Plan Arrangement (HRA) Total Defined Contribution Plans 2014 2013 2012 2014 2013 2012

2014 2013 Percent Percent 2014 2013 2012 Change Change

6 59,873

15 49,874

250 38,421

1,948 18,082

1,586 14,662

1,320 10,212

109,262 4,451,479

101,255 4,194,139

92,306 3,572,680

7.9 % 6.1

9.7 % 17.4

59,879

49,889

38,671

20,030

16,248

11,532

4,560,741

4,295,394

3,664,986

6.2

17.2

57

37

76

150

64

63

14,472

10,746

7,917

34.7

35.7

57

37

76

150

64

63

14,472

10,746

7,917

34.7

35.7

59,822

49,852

38,595

19,880

16,184

11,469

4,546,269

4,284,648

3,657,069

6.1 %

17.2 %

Health Reimbursement Traditional IRA Plan Arrangement (HRA) Total Defined Contribution Plans 2014 2013 2012 2014 2013 2012

2014 2013 Percent Percent 2014 2013 2012 Change Change

14,930

11,213

9,799

6,393

6,750

4,092

314,742

282,858

264,965

11.3%

2,645

5,050

2,811

24

30

22

242,057

604,587

354,528

(60.0)

70.5

17,575

16,263

12,610

6,417

6,780

4,114

556,799

887,445

619,493

(37.3)

43.3

7,514 91

4,940 66

3,967 61

2,690 31

2,041 24

1,736 22

287,930 7,248

253,726 6,140

221,656 6,657

13.5 18.0

14.5 (7.8)

7,605

5,006

4,028

2,721

2,065

1,758

295,178

259,866

228,313

13.6

13.8

9,970

11,257

8,582

3,696

4,715

2,356

261,621

627,579

391,180

(58.3)%

60.4 %

Additions to the HRA include contributions and investment earnings. For calendar year 2014, contributions decreased from those of calendar year 2013 from $6.8 million to $6.4 million (5.3%). Deductions from the HRA net position include participant, spouse, and dependent refunds and administrative expense. For calendar year 2014 refunds amounted to $2.7 million, an increase of $649 thousand (31.8%) over calendar year 2013. The increase in refunds was due to an increase in withdrawals for calendar year 2014. The costs of administering the plan was $31 thousand for calendar year 2014 compared to $24 thousand for year 2013.

6.8 %

Benefit obligations of the HRA are equal to the member account balance, which are equal to net position of the plan.

GASB 68 Employer Allocations and Pension Reporting URS has included information regarding employer’s proportion share of the net pension liability, deferred outflows of resources, deferred inflows of resources, and pension expense. This section is where employers and auditors are able to get information regarding their pension disclosures for financial statement purposes.

2014 Comprehensive Annual Financial Report

51

Utah Retirement Systems

Basic Financial Statements Combined Statements of Fiduciary Net Position — Pension (and Other Employee Benefit) Trust Funds December 31, 2014 With Comparative Totals for December 31, 2013

(in thousands)



Additional Combining

Utah Governors Tier 2 Public Noncontributory Contributory Public Safety Firefighters Judges and Legislators Employees System System System System System Retirement Plan System

Assets: Cash

5,480

2

20

2

1

1

2

Receivables: Member contributions Employer contributions Court fees and fire insurance tax Investments

— 35,272 — 306,698

129 362 — 18,487

11 2,234 — 42,189

372 — 1,048 14,994

— — 158 2,383

— 1 — 155

— 2,103 — 1,270

Total receivables

341,970

18,978

44,434

16,414

2,541

156

3,373

75,233 171,688 201,601 460,072 458,304 1,045,895 222,214 507,113 151,716 346,230 180,911 412,859

61,017 163,507 371,704 180,225 123,048 146,727

9,700 25,992 59,089 28,650 19,561 23,325

633 1,695 3,853 1,868 1,275 1,521

5,167 13,846 31,475 15,261 10,419 12,424

21,401,055 1,289,979 2,943,857 1,046,228

166,317

10,845

88,592

Investments at fair value: Short-term securities Debt securities Equity investments Absolute return Private equity Real assets Total investments

Invested securities lending collateral Property and equipment at cost, net of accumulated depreciation

Total assets Liabilities: Securities lending liability Disbursements in excess of cash balance Compensated absences, post-employment benefits and insurance reserve Investment accounts payable Real estate liabilities Total liabilities Net position restricted for pensions

$

1,248,116 3,344,609 7,603,385 3,686,581 2,516,999 3,001,365

1,812,356

109,243

249,302

88,601

14,085

918

7,502

2,954

178

408

145

23

1

12

23,563,815 1,418,380 3,238,021 1,151,390

182,967

11,921

99,481

1,812,356

109,243

249,302

88,601

14,085

918

7,502

33,159

1,998

4,562

1,621

258

17

137

15,882 303,129 302,777

957 17,940 18,251

2,185 40,938 41,648

777 14,550 14,802

123 2,313 2,354

8 460 152

66 1,232 1,253

2,467,303

148,389

338,635

120,351

19,133

1,555

10,190

$ 21,096,512 1,269,991 2,899,386 1,031,039

163,834

10,366

89,291

The accompanying notes are an integral part of the financial statements.

52

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Defined Benefit Pension Plans

Tier 2 Public Safety and Firefighter System

Defined Contribution Plans

A dditional Combining Information

Information

Total Health Total Defined Defined Benefit Roth Traditional Reimbursement Contribution Pension Plans 401(k) Plan 457 Plan IRA Plan IRA Plan Arrangement Plans

Total Pension Trust Funds 2014

2013

2

5,510

11,425

445

170

6

1,948

13,994

19,504

14,571

— 106 — 125

512 40,078 1,206 386,301

— — — 85,469

— — — 9,799

— — — —

— — — —

— — — —

— — — 95,268

512 40,078 1,206 481,569

823 51,386 1,030 339,059

231

428,097

85,469

9,799







95,268

523,365

392,298

510 1,365 3,104 1,505 1,028 1,225

1,572,064 4,212,687 9,576,809 4,643,417 3,170,276 3,780,357

— 1,490,876 2,338,599 — — 43,861

— 163,885 272,397 — — 5,071

— 18,805 39,037 — — 993

— 31,356 27,812 — — 705

18,082 — — — — —

18,082 1,704,922 2,677,845 — — 50,630

1,590,146 5,917,609 12,254,654 4,643,417 3,170,276 3,830,987

1,725,856 5,696,339 12,194,610 4,298,264 2,839,908 3,204,304

8,737

26,955,610

3,873,336

441,353

58,835

59,873

18,082

4,451,479

31,407,089

29,959,281

740

2,282,747













2,282,747

2,005,347

1

3,722













3,722

5,711

9,711

29,675,686

3,970,230

451,597

59,005

59,879

20,030

4,560,741

34,236,427

32,377,208

740

2,282,747













2,282,747

2,005,347

14

41,766













41,766

35,192

6 122 124

20,004 380,684 381,361

— 13,479 —

— 623 —

— 163 —

— 57 —

— 150 —

— 14,472 —

20,004 395,156 381,361

19,437 438,838 497,674

1,006

3,106,562

13,479

623

163

57

150

14,472

3,121,034

2,996,488

8,705

26,569,124

3,956,751

450,974

58,842

59,822

19,880

4,546,269

31,115,393

29,380,720

2014 Comprehensive Annual Financial Report

53

Utah Retirement Systems

Utah Retirement Systems

Basic Financial Statements

(Continued)

Combined Statements of Changes in Fiduciary Net Position — Pension (and Other Employee Benefit) Trust Funds Year Ended December 31, 2014 With Comparative Totals for Year Ended December 31, 2013

(in thousands)



Additional Combining

Utah Governors Tier 2 Public Noncontributory Contributory Public Safety Firefighters Judges and Legislators Employees System System System System System Retirement Plan System

Additions: Contributions: Member Employer Court fees and fire insurance tax

13,587 772,420 —

5,461 12,954 —

835 135,588 —

18,300 5,514 14,154

317 5,627 1,486

— 411 —

— 37,299 —

786,007

18,415

136,423

37,968

7,430

411

37,299

1,051,239

64,878

143,881

51,167

8,199

531

3,144

396,557

24,474

54,276

19,302

3,093

200

1,268

1,447,796

89,352

198,157

70,469

11,292

731

4,412

Less investment expenses

35,752

2,207

4,896

1,740

279

18

114

Net income from investment activity

1,412,044

87,145

193,261

68,729

11,013

713

4,298

7,917

488

1,085

385

62

4

25

908

56

124

44

7



3

7,009

432

961

341

55

4

22

1,419,053

87,577

194,222

69,070

11,068

717

4,320

30,467



2,746

3,713

1,092





Total additions Deductions: Retirement benefits Cost-of-living benefits Supplemental retirement benefits Refunds Administrative expenses Transfers to affiliated systems

2,235,527

105,992

333,391

110,751

19,590

1,128

41,619

871,999 171,799 — 2,204 8,828 —

62,560 14,328 127 2,433 494 38,004

118,030 26,407 326 199 1,227 —

37,597 9,844 269 293 370 —

9,305 2,056 — — 71 —

734 175 — — 5 14

— — — — 16 2

Total deductions

1,054,830

117,946

146,189

48,373

11,432

928

18

Increase (decrease) from operations

1,180,697

(11,954)

187,202

62,378

8,158

200

41,601

19,915,815 1,281,945 2,712,184

968,661

155,676

10,166

47,690

$ 21,096,512 1,269,991 2,899,386 1,031,039

163,834

10,366

89,291

Total contributions Investment income: Net appreciation in fair value of investments Interest, dividends and other investment income Total income from investment activity



Income from security lending activity



Security lending expense



Net income from security lending activity

Net investment income

Transfers from affiliated systems

Net position restricted for pensions benefits beginning of year Net position restricted for pensions benefits end of year

$

The accompanying notes are an integral part of the financial statements. 54

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Defined Benefit Pension Plans

Tier 2 Public Safety and Firefighter System



Defined Contribution Plans

A dditional Combining Information

Information

Total Health Total Defined Defined Benefit Roth Traditional Reimbursement Contribution Pension Plans 401(k) Plan 457 Plan IRA Plan IRA Plan Arrangement Plans

Total Pension Trust Funds 2014

2013

— 4,365 —

38,500 974,178 15,640

255,044 — —

26,711 — —

11,664 — —

14,930 — —

— 6,393 —

308,349 6,393 —

346,849 980,571 15,640

316,275 896,231 12,783

4,365

1,028,318

255,044

26,711

11,664

14,930

6,393

314,742

1,343,060

1,225,289

296

1,323,335

213,299

23,339

2,866

2,701

24

242,229

1,565,564

3,421,294

117

499,287

3,413

389







3,802

503,089

495,432

413

1,822,622

216,712

23,728

2,866

2,701

24

246,031

2,068,653

3,916,726

11

45,017

3,482

386

50

56



3,974

48,991

60,300

402

1,777,605

213,230

23,342

2,816

2,645

24

242,057

2,019,662

3,856,426

2

9,968













9,968

9,883



1,142













1,142

1,174

2

8,826













8,826

8,709

404

1,786,431

213,230

23,342

2,816

2,645

24

242,057

2,028,488

3,865,135

2

38,020













38,020

42,280

4,771

2,852,769

468,274

50,053

14,480

17,575

6,417

556,799

3,409,568

5,132,704

— — — — 1 —

1,100,225 224,609 722 5,129 11,012 38,020

— — — 251,496 6,308 —

— — — 22,920 727 —

— — — 3,310 91 —

— — — 7,514 91 —

— — — 2,690 31 —

— — — 287,930 7,248 —

1,100,225 224,609 722 293,059 18,260 38,020

1,028,140 213,174 842 258,675 16,541 42,280

1

1,379,717

257,804

23,647

3,401

7,605

2,721

295,178

1,674,895

1,559,652

4,770

1,473,052

210,470

26,406

11,079

9,970

3,696

261,621

1,734,673

3,573,052

3,935

25,096,072

3,746,281

424,568

47,763

49,852

16,184

4,284,648

29,380,720

25,807,668

8,705

26,569,124

3,956,751

450,974

58,842

59,822

19,880

4,546,269

31,115,393

29,380,720

2014 Comprehensive Annual Financial Report

55

U tah

R et i re me nt

Syste m s

Utah Retirement Systems

Notes to Basic Financial Statements December 31, 2014

Note 1

Description of Systems and Plans A brief description of the Utah Retirement Systems (Systems), 401(k), 457, Roth and traditional IRAs (Plans), and Health Reimbursement Arrangement (HRA) follows. For a more complete description of plan provisions, membership and benefit statistics, see the Systems Highlights on pages 14 through 30 and Summaries of Plan Provisions on pages 148 through 161.

A) General Information and Reporting Entity

These Systems and Plans cover employees of the State of Utah and participating local government and public education entities.

General — The Utah Retirement Systems are comprised of the following pension trust funds:

Reporting Entity — These basic financial statements cover all of the foregoing retirement systems and defined contribution plans administered by the Utah State Retirement Board (Board), the sole governing body for these Systems and Plans.

i) the Public Employees Noncontributory Retirement System (Noncontributory System); the Public Employees Contributory Retirement System (Contributory System); and the Firefighters Retirement System are multiple-employer, cost-sharing, public employee retirement systems; ii) the Public Safety Retirement System is a mixed agent and cost-sharing, multiple-employer retirement system; iii) the Judges Retirement System and the Utah Governors and Legislators Retirement Plan are single-employer service-employee retirement systems; iv) the Tier 2 Public Employees Contributory Retirement System and the Tier 2 Public Safety and Firefighter Contributory Retirement System are multiple-employer, cost-sharing public employee retirement systems; and v) five defined contribution plans comprised of the 401(k) Plan, 457 Plan, Roth and traditional IRAs, and HRA.

56

2014 Comprehensive Annual Financial Report

The Systems are established and governed by the respective sections of Title 49 of the Utah Code Annotated 1953, as amended. The Systems’ defined benefit plans are amended statutorily by the State Legislature. The Utah State Retirement Office Act in Title 49 provides for the administration of the Systems and Plans under the direction of the Board, whose members are appointed by the Governor. The Plans are established under the authority of the same sections of the Utah Code Annotated 1953, as amended, as well as under Sections 401(k), 457, 408, and 408A of the Internal Revenue Code. The Plans may be amended by the Board within the parameters of the Internal Revenue Code. The Systems and Plans are fiduciary funds defined as pension (and other employee benefit) trust funds. Utah Retirement Systems is a component unit of the State of Utah.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Summa ry of Benefits by S ys tem Noncontributory Contributory System System

Public Safety System

Final average salary is

Highest 3 years

Highest 3 years

Years of service 30.years any age required and/ 25.years any age* or age eligible 20.years age 60* for benefit 10.years age 62* 4.years age 65 Benefit percent 2.0% per year per year of all years service**

Highest 5 years

Fire- fighters Judges System System

30.years any age 20.years any age 20.years age 60* 10.years age 60 10.years age 62* 4.years age 65 4.years age 65 1.25% per year to June 1975 2.0% per year July 1975 to present

2.5% per year up to 20 years 2.0% per year over 20 years

Tier 2 Public Employees System

Tier 2 Public Safety and Firefighter System

Highest 2 years

Highest 5 years

Highest 5 years

25.years any age 20.years age 55* 10.years age 62 6.years age 70

35.years any age 25.years any age 20.years age 60* 20.years age 60* 10.years age 62* 10.years age 62* 4.years age 65 4.years age 65

5.0% first 10 years 2.25% second 10 years 1.0% over 20 years

1.5% per year all years

1.5% per year all years

Note: The Utah Governors and Legislators Retirement Plan benefits are explained in the second paragraph of section B) below. *With actuarial reductions. **For members and retirees in the systems, prior to January 1, 1990, there may be a 3% benefit enhancement.

B) Retirement and Death Benefits Retirement Systems’ benefits are specified by the statute listed in note 1(A). The Retirement Systems are defined benefit plans wherein benefits are based on age and/or years of service and highest average salary. Various plan options within the Systems may be selected by retiring members. Some options require actuarial reductions based on attained age, age of spouse, and similar actuarial factors. A brief summary of eligibility and benefits of the various Systems is shown in the table above.

The Utah Governors and Legislators Retirement Plan provides the following benefits. Former governors at age 65 receive $1,320 per month per term. Legislators receive a benefit at age 65 with four or more years of service at the rate of $28.80 per month per year of service. Retirement at age 62 with 10 or more years of service will receive an actuarial reduction. Both the governors’ and legislators’ benefits are adjusted based on the CPI limited to 4% of the base benefit per year.

2014 Comprehensive Annual Financial Report

57

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

D e f i n ed Con t ribution P lans

Number of participating employers Total participants

401(k)

380 155,909

457

Roth IRA Traditional IRA

161 16,741

NA 6,075

Death benefits for active and retired employees are in accordance with retirement statutes. Upon termination of employment, members of the Systems may leave their retirement account intact for future benefits based on vesting qualification or withdraw the accumulated funds in their individual member account and forfeit service credits and rights to future benefits upon which the contributions were based.

C) Defined Contribution Plans The 401(k), 457, Roth and traditional IRAs, and HRA administered by the Board are defined contribution plans. These Plans are available as supplemental plans to the basic retirement benefits of the Retirement Systems and as a primary retirement plan for some Tier 2 participants. Contributions may be made into the Plans subject to plan and Internal Revenue Code limitations by employees of employers sponsoring the Plans. Employer contributions may be made into the 401(k) and 457 Plans at rates determined by the employers and according to Utah Title 49. There are 380 employers participating in the 401(k) Plan and 161 employers participating in the 457 Plan. There are 155,909 plan participants in the 401(k) Plan, 16,741 participants in the 457 Plan, 6,075 participants in the Roth IRA, 1,349 participants in the traditional IRA, and 2,383 participants in the HRA. After termination of employment, benefits are paid out to individuals in lump sum, or as periodic benefit payments, at the option of the participant based on individual account balances and plan provisions. The Defined Contribution Plans account balances are fully vested to the participants at the time of deposit except for Tier 2 required employer contributions and associated earnings during the first four years of employment.

58

2014 Comprehensive Annual Financial Report

NA 1,349

HRA

NA 2,383

Investments in the vested portion of the Defined Contribution Plans are individually directed and controlled by plan participants who direct the investment of their funds among several investment options of varying degrees of risk and earnings potential. Participants may transfer their funds between these options no more frequently than every seven days. There is also a 2% trading fee for investment transfers between core fund options more frequently than every 30 days. Investments of the Plans are reported at fair value.

D) Contributions As a condition of participation in the Defined Benefit Systems, employers and/or employees are required to contribute certain percentages of salaries and wages as authorized by statute and specified by the Board. Employee contributions may be paid in part or in whole by the employer. Contributions in some Systems are also augmented by fees or insurance premium taxes. Contribution rates are listed in note 6. Employee (member) contributions are placed into member accounts, and in Systems where it is authorized, interest is credited to member accounts. Upon termination of employment, a member may withdraw his or her account balance including interest that has been credited. Upon withdrawal a member forfeits the service credit that corresponds to the member contributions withdrawn. The noncontributory retirement systems have no member contributions flowing into them. However, where members had a balance transferred in or purchased service credit in the system, these balances and on-going interest, where authorized, are credited to individual member accounts that may be withdrawn upon the termination of employment. In the 401(k) and 457 Defined Contribution Plans, voluntary deferral of compensation within the limits of plan provisions may be made by employees. In addition to employee

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Pa rt icipating Members hip by S yste m Utah Governors and Legislators Tier 2 Public Tier 2 Noncontributory Contributory Public Safety Firefighters Judges Retirement Employees Public Safety and System System System System System Plan System Firefighter System

Number of participating: Employers Members: Active Terminated vested Retirees and beneficiaries: Service benefits Disability benefits

437 159 131 59 1

1 463

71,827 1,503 6,672 1,787 114 105 17,225 38,654 1,071 3,128 201 4 79 —

149 1,331 —

45,921 4,315 4,902 1,248 132 236 — — — 6 50 — — —

voluntary deferrals, employer contributions may be made into the Plans on behalf of employees. The recognition of deferred compensation, employer contributions, and earnings on the accounts are deferred for income tax purposes until actually paid to the participant or beneficiary. The employee may also contribute to the Roth and traditional deemed IRAs where earnings may grow tax deferred and possibly tax free.

E) Covered Employees The Public Employees Noncontributory Retirement System (Noncontributory System) was established on July 1, 1986, and is comprised of two divisions, the State and School division and the Local Government division. These divisions are not separate plans. All eligible employees of the State and School entities hired subsequent to that date are automatically members of the Noncontributory System until July 1, 2011, when Tier 2 came into effect. Local government entities had the option of adopting the new System or remaining with the Contributory System. All Contributory System members whose employers adopted the Noncontributory System were given the opportunity to transfer to the new System during limited window periods. All eligible new hires subsequent to adoption of the noncontributory plans are automatically members of that plan. The Public Employees Contributory Retirement System (Contributory System) includes eligible public employees of the State of Utah and its political subdivisions including public education employees of those entities covered by the System. The System is comprised of two divisions, the State and School division and the Local Government division. These divisions are not separate plans. Members of this System are those who did not elect to transfer to the Public Employees Noncontributory Retirement System during the period when they were eligible to transfer or whose employers are not participants in the Noncontributory System.

— —

The Public Safety Retirement System includes eligible State and local government employees directly involved in law enforcement (e.g., game wardens, prison guards, police officers, and highway patrol officers) and is comprised of eight divisions, the State of Utah, Division A with Social Security, Salt Lake City, Ogden, Provo, Logan, Bountiful, and Division B without Social Security. These divisions are not separate plans. The Public Safety System consists of both contributory and noncontributory divisions. The noncontributory divisions were authorized by the Legislature effective July 1, 1989. The Firefighters Retirement System includes eligible State and local government employees directly involved in fire fighting and is comprised of two divisions, Division A with Social Security and Division B without Social Security. These divisions are not separate plans. The Judges Retirement System includes justices and judges of the court as authorized by state statutes. The Utah Governors and Legislators Retirement Plan includes only governors and legislators of the State. The Tier 2 Public Employees Contributory Retirement System includes eligible public employees entering into the Utah Retirement Systems on or after July 1, 2011, when Tier 2 came into effect. The Tier 2 Public Safety and Firefighter Contributory Retirement System includes eligible public safety and firefighters entering into the Utah Retirement Systems on or after July 1, 2011, when Tier 2 came into effect. The Defined Contribution Plans may be utilized by employers adopting the Plans and by their employees. As of December 31, 2014, participating members by System are included in the table above.

2014 Comprehensive Annual Financial Report

59

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Note 2

Summary of Significant Accounting Policies The following are the significant accounting policies followed by the Systems and Plans:

A) Method of Accounting The Systems and Plans maintain records and accounts, and prepare financial statements using fund accounting principles and the accrual basis of accounting, under which benefits and expenses are recognized when due and payable and revenues are recorded in the accounting period in which they are earned and become measurable in accordance with the terms of each System and Plan. Utah Retirement Systems adheres to Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments, GASB Statement No. 37, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments: Omnibus, GASB Statement No. 38, Certain Financial Statement Note Disclosures, GASB Statement No. 40, Deposit and Investment Risk Disclosures, GASB Statement No. 44, Economic Condition Reporting: The Statistical Section, GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets, GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments and GASB Statement No. 67, Financial Reporting for Pension Plans. GASB Statement No. 67 which was adopted during the year ended December 31, 2013, addresses accounting and financial reporting requirements for pension plans. Significant requirements include an actuarial calculation of total and net pension liability. It also includes comprehensive footnote disclosure regarding the pension liability, the sensitivity of the net pension liability to the discount rate, and increased investment activity disclosures. The total pension liability, determined in accordance with GASB No. 67, is presented in Note 5 and in the Required Supplementary Information on page 82. 60

2014 Comprehensive Annual Financial Report

The financial statements include certain prior year summarized comparative information in total, but not by system or plan. Such information does not include sufficient detail to constitute a presentation in conformity with Generally Accepted Accounting Principles (GAAP). Accordingly, such information should be read in conjunction with the Systems’ financial statements for the year ended December 31, 2013, from which the summarized information was derived.

B) Investments By state statute all of the investment assets of the various Systems are pooled and invested in the common Utah State Retirement Investment Fund (Investment Fund). Each of the Systems has equity in the Investment Fund based on funds contributed and earnings allocated. Earnings of the Investment Fund are allocated based on the average month-end balances of each of the respective Systems. Individual investments in the Investment Fund are not specifically identified to the respective Systems (see note 3). For financial statement presentation, the Investment Fund assets, liabilities, revenues, and expenses have been allocated to and presented in each respective system in the basic financial statements as required for investment pools. Investments are presented at fair value. The defined contribution investments are classified by investment manager classification. The fair value of investments is based on published market prices and quotations from major investment brokers at current exchange rates, as available. Many factors are considered in arriving at that value. Corporate debt securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

The fair value of real estate investments has been estimated based on independent appraisals and/or property cash flow. Short-term securities are reported at market value when published market prices and quotations are available, or at cost plus accrued interest, which approximates market or fair value. For alternative investments (private equity, absolute return, and real assets) where no readily ascertainable market value exists, management, in consultation with their investment advisors, value these investments in good faith based upon audited financials, cash-flow analysis, purchase and sales of similar investments, other practices used within the industry, or other information provided by the underlying investment advisors. The estimated fair value of these investments may differ significantly from values that would have been used had a ready market existed. Approximately 7.4% of the investments held in trust for pension benefits are invested in debt securities of the U.S. Government and its instrumentalities. Of the 7.4%, approximately 2.9% are U.S. Government debt securities and approximately 4.5% are debt securities of the U.S. Government instrumentalities. The Systems and Plans have no investments of any commercial or industrial organization whose market value equals 5% or more of the Systems’ or Plans’ fiduciary net positions for pension benefits. Investment policy. The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the URS Board. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a fully funded status for the benefits provided through the pension plan. The following was the URS Board’s adopted asset allocation policy as of December 31, 2014: Asset Class

Target Allocation

Debt securities............................................................20% Equities..........................................................................40 Real assets....................................................................13 Private equity................................................................ 9 Absolute return..........................................................18 Cash and cash equivalents.....................................— Total............................................................................. 100%

C) Property and Equipment Property and equipment are recorded at cost (see note 4), are depreciated utilizing the straight-line method, and are included in the assets of the Investment Fund. The schedule below summarizes the estimated useful life by class. The Systems’ policy is to capitalize all acquisitions of furniture and equipment with a unit cost of $5,000 and computer software of $1,000,000 or more. Buildings.........................................................40 years Building improvements............................10 years Furniture and equipment.........................3-10 years Computer software.....................................5 years

D) Administrative Expenses Expenses for the administration of the Systems and Plans are budgeted and approved by the Board. Systems’ expenses are paid from investment earnings. Plan expenses are paid from Plan assets.

E) Federal Tax Status The Systems and Plans are exempt from Federal income taxes under the Internal Revenue Code.

F) Use of Estimates Management of the Systems and Plans have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from these estimates.

G) Subsequent Events The Systems and Plans have performed an evaluation of subsequent events through April 30, 2015, the date the basic financial statements were available to be issued. No material events were identified by the Systems and Plans.

Rate of return. For the year ended December 31, 2014, the annual money-weighted rate of return on pension plan investment, net of pension plan investment expense, was 7.94%. The money weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.

2014 Comprehensive Annual Financial Report

61

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Note 3

Deposits and Investment Risk Disclosures A) Deposits Custodial Credit Risk for Deposits is the risk that in the event of a bank failure, the Systems’ and Plans’ deposits may not be returned to them. The deposits are held in one financial institution with an insured balance of $250,000. Deposits in the bank in excess of $250,000 are uninsured and uncollateralized, because they are not required to be by state statute. The Systems and Plans do not have a deposit policy for custodial credit risk. Deposits are presented in the basic financial statements at cost plus accrued interest that is also the market or fair value. As of December 31, 2014, the carrying amount of deposits totaled approximately $(22,262,000) and the corresponding bank balance was $3,575,076 of which $3,325,076 was exposed to custodial credit risk.

C a s h Depo sit s

(in thousands)

Cash Disbursements in excess of cash balances

$19,504 (41,766)

Total $(22,262)

B) Investments The table to the right shows the Systems’ and Plans’ investments by type. The investments listed below are not listed on national exchanges, over-the-counter markets, nor do they have quoted market prices available. ( i n t h o u s a n d s ) 12/31/2014 12/31/2013

Private equity Absolute return Real assets

62

$ 3,170,276 4,643,417 3,830,987 $ 11,644,680

2014 Comprehensive Annual Financial Report

$ 2,839,908 4,298,264 3,204,304 $10,342,476

The Systems and Plans value these investments in good faith at the Systems’ and Plans’ pro-rata interest in the net assets of these investments based upon audited financial statements or other information provided to the Systems and Plans by the underlying investment managers. The estimated fair value of these investments may differ significantly from values that would have been used had a ready market existed.

I nv e stme nts

(in thousands) Fair Value Total Defined Defined All Systems Benefit Contribution and Plans

at December 31, 2014

Short-term securities pools $ 1,572,064 18,082 Debt securities 3,369,029 1,704,922 Equity securities 8,961,524 2,677,845 Absolute return 4,643,417 — Alternative investments (venture capital) 3,170,276 — Real assets 3,780,357 50,630 Investments held by broker-dealers under securities lending program: Debt 843,658 — Equities 615,285 —

1,590,146 5,073,951 11,639,369 4,643,417

Total investments

3,170,276 3,830,987 843,658 615,285

$ 26,955,610

4,451,479

31,407,089

Securities lending collateral pool (not categorized) $ 2,282,747



2,282,747

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Credit Ris k Debt S e cu ri ti e s a t F a i r V a l u e at December 31, 2014

(in thousands)



Quality Rating



C) Credit Risk Debt Securities: The Systems and Plans expect their domestic debt securities investment managers to maintain diversified portfolios by sector and by issuer by using the following guidelines: l U.S.

Government and Agency Securities — no restriction.

l Total

portfolio quality will maintain a minimum overall rating of “A” (S&P) or equivalent rating.

l Securities with a quality rating of below BBB- are considered

below investment grade. No more than 5% of an investment manager’s assets at market with a single issuer of 1% of the total portfolio can be below investment grade.

Plans

All Systems

98,007 482,188 3,681 5,085 17,414 139,873 242,018 53,817 70,596 36,277 28,159 25,350 5,522 5,995 634 9,604 ­— ­— 773 ­— ­— 216,768

601,718 921,357 47,032 66,220 123,641 334,557 412,735 172,363 326,960 157,205 57,797 39,577 20,285 26,819 8,130 23,357 756 4,881 7,920 2,410 4,881 333,823

2,252,663

1,441,761

3,694,424

Not Rated 183,112 Not Rated 410,213 Not Rated 175,194 Not Rated 1,162,653 28,852 Not Rated

97,893 98,523 60,478 6,267

281,005 508,736 175,194 1,223,131 35,119

1,960,024

263,161

2,223,185

$ 4,212,687

1,704,922

5,917,609

Total rated government and agencies Total debt securities investments

Defined Contribution Total

AAA $ 503,711 AA+ 439,169 AA 43,351 AA- 61,135 A+ 106,227 A 194,684 A- 170,717 BBB+ 118,546 BBB 256,364 BBB- 120,928 BB+ 29,638 BB 14,227 BB- 14,763 B+ 20,824 B 7,496 B- 13,753 CCC+ 756 CCC 4,881 CCC- 7,147 CC 2,410 D 4,881 NR 117,055

Total credit risk debt securities U.S. Government and Agencies Federal National Mortgage Association Federal Home Loan Mortgage Corp Government National Mortgage Association United States Treasury Other Government and Agencies

Defined Benefit Plans

l Upon

approval, a domestic debt securities investment manager may invest up to 10% of the portfolio in non-U.S. dollar denominated bonds.

l Upon

approval, the international debt securities investment managers may hold up to 25% of the market value of their portfolios in securities rated below investment grade (S&P index below BBB- or Moody’s index below Baa3). The remaining assets will have on average an investment grade rating.

The Systems’ weighted quality rating average of the domestic debt securities, excluding pooled investments, as of December 31, 2014, was AAA, and the fair value of below grade investments was $237,831,000 or 5.65%.

2014 Comprehensive Annual Financial Report

63

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

D e bt Securit ies I nves tments

D) Custodial Credit Risk

at December 31, 2014

Custodial credit risk for investments is the risk that, in the event of a failure of the counterparty, the Systems and Plans will not be able to recover the value of the investment or collateral securities that are in the possession of an outside party. The Systems and Plans do not have an investment policy regarding custodial credit risk. As of December 31, 2014, the GASB table below represents the investments that have custodial credit risk. The $33,265,200 frictional cash and cash equivalents subject to custodial credit risk are in foreign banks in the Systems’ and Plans’ name. Because it is in foreign banks, it is subject to custodial credit risk. URS does not have an investment policy regarding custodial credit risk for frictional cash in foreign banks.

(dollars in thousands)

Defined Defined Benefit Plans Contribution Plans Effective Effective Weighted Weighted Investment Fair Value Duration Fair Value Duration

Total All Systems and Plans

1.2 $ 100,913 2.1 $ 389,165 Asset-backed securities $ 288,252 167,175 3.3 128,656 5.0 295,831 Commercial mortgage‐backed 762,945 6.0 479,652 10.0 1,242,597 Corporate bonds 2,620 — — — 2,620 Cash collateral held elsewhere 5,825 — — — 5,825 Corporate convertible bonds (2,357) — — — (2,357) Exchange cleared swap liabilities 1,314 — — — 1,314 Exchange cleared swap other assets 74 — 4 — 78 Fixed income derivatives – options 65,787 5.7 47,732 3.3 113,519 Government agencies 1,004,956 7.0 187,742 8.8 1,192,698 Government bonds Government mortgage 743,861 3.9 295,710 4.5 1,039,571 backed securities Gov’t‐issued commercial 33,113 6.5 — — 33,113 mortgage‐backed 1,038,927 10.3 46,289 5.1 1,085,216 Index linked government bonds 29,060 10.1 28,367 9.4 57,427 Municipal/provincial bonds 75,562 2.0 2,129 0.5 77,691 Non‐government backed C.M.O.s 428 — 387,356 — 387,784 Other fixed income Obligation to return (3,350) — — — (3,350) cash collateral held (1,756) — — — (1,756) Other options (1,011) — — — (1,011) Swap liabilities 1,262 — 372 — 1,634 Swaps Total

64

$ 4,212,687

2014 Comprehensive Annual Financial Report

6.5

$ 1,704,922

13.03 $ 5,917,609

Cu stod i a l Cre d i t R i sk Exposed to Custodial Credit Risk Type of Investment

Cash and cash equivalents Exposure to Custodial Credit Risk Not Determined Investment

Other assets

(in thousands) Fair Value

$ 33,265

(in thousands) Fair Value

$ 34,932

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

E) Concentrations of Credit Risk The Systems and Plans expect investment managers to maintain diversified portfolios by sector and by issuer using the following guidelines: l AAA/Aaa

Debt Securities — no more than 5% of an investment manager’s assets at market with a single issuer.

l AA-/Aa3

Debt Securities or higher — no more than 4% of an investment manager’s assets at market with a single issuer.

l A-/A3

Debt Securities or higher — no more than 3% of an investment manager’s assets at market with a single issuer.

l BBB-/Baa3

Debt Securities or higher — no more than 2% of an investment manager’s assets at market with a single issuer.

l For

Debt Securities — no individual holding will constitute more than 10% of the market value of outstanding debt of a single issuer with the exception of the U.S. Government or its agencies, or collateralized mortgage obligations.

l For

Domestic Equity Securities — no individual holdings will constitute more than 4% of the securities of any single issuer. Also, no more than 8% of an investment manager’s assets will be invested in the equity or Real Estate Investment Trust (REIT) securities of any single issuer at market; or if specifically authorized in the manager’s contract, the exposure of the portfolio to any single issuer will not exceed the greater of 5% of the portfolio value or 2% of the portfolio value plus the benchmark weight measured at the time of purchase.

l For

International Equity Securities — no more than 8% of an investment manager’s assets will be invested in the equity or REIT securities of any single issuer at market; or if specifically authorized in the manager’s contract, the exposure of the portfolio to any single issuer will not

exceed the greater of 5% of the portfolio value or 2% of the portfolio value plus the benchmark weight measured at the time of purchase. As of December 31, 2014, there were no single issuer investments that exceeded the above guidelines.

F) Interest Rate Risk The Systems and Plans manage their exposure to fair value loss arising from increasing interest rates by complying with the following policy: l For

domestic debt securities managers, an individual debt securities investment manager’s portfolio will have an effective duration between 75 – 125% of the effective duration of the appropriate index.

l The

international debt securities investment managers will maintain an effective duration of their portfolio between 80 – 120% of the appropriate index.

l The

global debt securities investment managers will maintain an effective duration of their portfolio between 75 – 125% of the appropriate index.

l The

global debt inflation-linked debt securities invest managers will maintain an effective duration of their portfolio between 80 – 120% of the appropriate index.

Duration is a measure of a debt investment’s exposure to fair value changes arising from changes in interest rates. It uses the present value of cash flows, weighted for those cash flows as a percentage of the investment’s full price. The Systems compare an investment’s effective duration against the Barclays Capital US Aggregate Index for domestic debt securities, the Barclays Capital Global Aggregate Index (USD hedged) for global debt securities and the Barclays Capital World Government Inflation-Linked Investment Grade Custom Index (USD hedged) for inflation-linked debt securities. The index range as of December 31, 2014, was 4.16-6.94 for domestic debt securities, 4.88-8.13 for global

2014 Comprehensive Annual Financial Report

65

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

F o r e i gn C ur r en cy Risk International Investment Securities at Fair Value at December 31, 2014

( i n t h o u s a n d s ) Total Defined Benefit Plans Defined Contribution Plans All Systems Currency Debt Equity Short-Term Total Debt Equity Total and Plans

ADR United State dollar Argentine peso Australian dollar

$

8,263 5,148 83,545

453,741 1,388 153,219

— — 3,102

462,004 6,536 239,866

142,967 — (1,829)

9,627 — 22,239

152,594 — 20,410

614,598 6,536 260,276

Bermudian dollar Brazilian real British pound sterling

1,395 12,895 320,325

1,015 72,372 770,343

— 582 3,626

2,410 85,849 1,094,294

— (119) 303

— 7,508 63,041

— 7,389 63,344

2,410 93,238 1,157,638

Cambodian riel Canadian dollar Cayman islands dollar

— 75,898 608

75 261,745 204

— 2,184 —

75 339,827 812

— — —

— 32,424 —

— 32,424 —

75 372,251 812

Chilean peso Chinese yuan renminbi Columbian peso

— 4,784 1,415

9,416 259,891 6,721

88 — 52

9,504 264,675 8,188

— — —

1,274 — 669

1,274 — 669

10,778 264,675 8,857

Czech koruna Danish krone Egyptian pound

— 2,163 —

1,280 65,479 —

18 714 8,436

1,298 68,356 8,436

— 6 —

187 4,600 321

187 4,606 321

1,485 72,962 8,757

Euro Hong Kong dollar Hungarian forint

418,069 515 1,658

910,296 87,333 5,204

3,931 1,077 6

1,332,296 88,925 6,868

(708) — —

87,973 28,904 163

87,265 28,904 163

1,419,561 117,829 7,031

Icelandic krona Indian rupee Indonesian rupiah

11,820 3,524 —

— 98,127 17,585

— 617 194

11,820 102,268 17,779

— 960 —

— 6,744 2,661

— 7,704 2,661

11,820 109,972 20,440

Isreali new skekel Japanese yen Korean won

1,111 46,046 —

25,347 647,298 115,473

41 1,506 168

26,499 694,850 115,641

— (1,045) —

1,893 65,681 —

1,893 64,636 —

28,392 759,486 115,641

Lithuanian litas Malaysian ringgit Mexican peso

10,141 — 36,968

— 36,131 50,771

— 237 1,017

10,141 36,368 88,756

— — (29)

— 3,385 4,252

— 3,385 4,223

10,141 39,753 92,979

Moroccan dirham New Zealand dollar New Taiwan dollar

10,365 39,324 —

1,490 5,059 —

25 680 —

11,880 45,063 —

— 47 —

— 838 12,302

— 885 12,302

11,880 45,948 12,302

Norwegian krone Panamanian balboa Papua New Guinean kina

13,067 899 —

16,027 — 241

527 — —

29,621 899 241

3 — —

2,413 — —

2,416 — —

32,037 899 241

Peruvian nuevo sol Philippines peso Polish zloty

— — 15,252

2,970 13,008 8,934

22 7 159

2,992 13,015 24,345

— — —

11 1,217 1,423

11 1,217 1,423

3,003 14,232 25,768

Qatari riyal Russian Federation ruble Singaporean dollar

— — 18,422

— 23,538 40,812

— — 132

— 23,538 59,366

— — —

786 1 4,906

786 1 4,906

786 23,539 64,272

South African rand South Korean won Swedish krona

1,527 — 14,530

50,616 — 76,660

14 — 1,174

52,157 — 92,364

(912) (922) 10

7,261 13,531 9,436

6,349 12,609 9,446

58,506 12,609 101,810

Swiss franc Taiwanese new dollar Thai baht

17,767 — —

309,434 91,062 18,227

571 67 71

327,772 91,129 18,298

— — —

25,928 — 2,431

25,928 — 2,431

353,700 91,129 20,729

530 — 670

15,439 7,599 —

24 24 —

15,993 7,623 670

— — —

1,641 558 —

1,641 558 —

17,634 8,181 670

$ 1,178,644 4,731,570

31,093

5,941,307

138,732

428,229

566,961

6,508,268

Turkish lira United Arab Emirates dirham Uruguayan peso Total securities subject to foreign currency risk

*American Depository Receipts 66

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

debt securities, and 9.42-14.12 for inflation-linked debt securities. The Plans compare an investment’s effective duration against the Barclays Capital US Aggregate Index for domestic debt securities, the Barclays Capital Global Aggregate Index ex-U.S. (unhedged) for international debt securities and the Barclays Capital Global Inflation Linked Bond Index 1-10 Year (USD Hedged) for inflation-linked debt securities. The index range as of December 31, 2014, was 4.16-6.94 for domestic debt securities, 5.81-8.71 for international debt securities and 3.60-5.40 for inflation-linked debt securities. As of December 31, 2014, no individual debt security investment manager’s portfolio was outside of the policy guidelines. As of December 31, 2014, the tables on page 64 show the investments by investment type, amount, and the effective weighted duration.

G) Foreign Currency Risk The Systems and Plans expect the International Securities Investment Managers to maintain diversified portfolios by sector and by issuer using the following guidelines: l International

investment managers invest in fixed income instruments and equity instruments of corporations headquartered outside of the United States unless specifically authorized within the investment managers’ contract.

l Domestic

investment managers are allowed to invest in international corporations traded in American Depository Receipts (ADR).

l Portfolios

should be adequately diversified to limit foreign currency and security risk.

Risk of loss arises from changes in currency exchange rates. The Systems’ and Plans’ exposure to foreign currency risk is shown on page 66.

H) Securities Lending The Systems and Plans participate in a securities lending program as authorized by Board policy, whereby securities are transferred to an independent broker or dealer in exchange for collateral in the form of cash, government securities, and irrevocable bank letters of credit, equal to approximately 102% of the market value of the domestic securities on loan and 106% of the market value of the international securities on loan, with a simultaneous agreement to return the collateral for the same securities in the future. The custodial bank is the agent for the securities lending program. Securities under loan are maintained in the financial records, and corresponding liabilities are recorded for the market value of the collateral received. At December 31, 2014, there was no credit risk exposure to borrowers because the collateral exceeded the amount borrowed. The securities on loan at year end were $2,197,253,921 and the collateral received for those securities on loan was $2,282,746,135. Under the terms of the lending agreement, the Systems and Plans are indemnified against loss should the lending agent be unable to recover borrowed securities and distributions due to borrower insolvency or failure of the lending agent to properly evaluate the credit worthiness of the borrower. In addition, the Systems and Plans are indemnified against loss should the lending agent fail to demand adequate and appropriate collateral on a timely basis. All securities loaned can be terminated on demand by either the Systems and Plans or the borrower. Cash collateral is invested in the lending agent’s short-term investment pool. The short-term investment pool guidelines specify that a minimum of 20% of the invested cash collateral is to be available each business day and the dollar weighted average maturity of holdings should not exceed 60 days. The relationship between the maturities of the short-term investment pool and the Systems’ and Plans’ loans is affected by the maturities of the securities loans made by other entities that use the agent’s pool, which the Systems and Plans cannot determine. Because the securities lending

2014 Comprehensive Annual Financial Report

67

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

O p ti ons

F u tures



Defined Benefit Plans



Total Futures $ (430,539,541)

62,357,472

2014

— (95,933)

31,920,520 —

— —

33,572,494 (50,700,729)

— (2,121,883)

14,792,285

(2,217,816)

Total Options

I) Derivative Financial Instruments The Systems and Plans invest in derivative financial investments as authorized by Board policy. Derivatives are financial arrangements between two parties whose payments are based on, or “derived” from, the performance of some agreed-upon benchmark. All derivatives are considered investments. The fair value of all derivative financial instruments are reported in the Combined Statements of Fiduciary Net Position. Within the investment asset class, swaptions are recorded in debt securities. By policy, portfolio liabilities associated with investments will be backed by cash equivalents or deliverable securities. URS does not have a policy regarding master netting arrangements. As of December 31, 2014, the Systems and Plans had five types of derivative financial instruments: futures, currency forwards, options, swaps, and Synthetic Guaranteed Investment Contracts (SGIC).

Futures Futures represent commitments to purchase (asset) or sell (liability) securities at a future date and at a specified price. Futures contracts are traded on organized exchanges (exchange traded) thereby minimizing the Systems’ and Plans’ credit risk. The net change in the futures contracts value is settled daily in cash with the exchanges. Net gains or losses resulting from the daily settlements are included with trading account securities gains in the Combined Statements of Changes in Fiduciary Net Position. As of December 31,

Defined Contribution Plans

2013

— —

Defined Contribution Plans

collateral is in a pool maintained by the custodial bank, the Systems and Plans do not have the ability to pledge or sell the securities, and it is not necessary to report the total income and expenses of securities lending.

2014 Comprehensive Annual Financial Report

Notional Market Value

Cash & Equivalents Call $ 499,757 (87,550) Put 148,249 (275,891) Equity Call (259) — Put (301) (78,045) Debt Securities Call (201,800) 28 Put 269,581 234,310 Swaptions Call (2,525,984) 1,061,951 Put 770,423 4,111,926

Notional Market Value

2014 2013 2014 2013

Cash & Cash Equivalents Long $ 218,339,249 202,857,151 Short (790,190,570) (200,839,125) Equity Long 235,071,847 27,777,830 Short (1,043,196) (85,035,344) Debt Securities Long 280,211,389 273,120,531 Short (372,928,260) (155,523,571)

68

Defined Benefit Plans

$ (1,040,334) 4,966,729

2014

2013

57,593 515

(7,238) 6,341

— —

— —

(11,141) 14,713

796 10,500

(35,518) 6,437

12,643 29,386

32,599

52,428

2014, the Systems’ and Plans’ investments had the notional future balances as shown above.

Currency Forwards Currency forwards represent forward foreign exchange contracts that are entered into in order to hedge the exposure to changes in foreign currency exchange rate on the foreign currency denominated portfolio holdings. A forward foreign exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in the net realized gains or losses on foreign currency related transactions in the Combined Statements of Changes in Fiduciary Net Position. As of December 31, 2014, the Systems’ and Plans’ investments included the currency forwards balances on page 69.

Options Options represent or give buyers the right, but not the obligation, to buy (call) or sell (put) an asset at a preset price over a specified period. The option’s price is usually a small percentage of the underlying asset’s value. As a writer of financial options, the Systems and Plans receive a premium at the outset of the agreement and bear the risk of an unfavorable change in the price of the financial instrument underlying the option. As a purchaser of financial options, the Systems and Plans pay a premium at the outset of the agreement and the counter-party bears the risk of an unfavorable change in the price of the financial instrument underlying the option. As of December 31, 2014, the Systems’ and Plans’ investments had the option balances shown above.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Currenc y F orwards

Defined Benefit

Pending Foreign Pending Foreign Notional Exchange Exchange Fair Value Fair Value Currency Cost Purchases Sales 2014 2013

Australian dollar  Brazilian real British pound sterling  Canadian dollar Chilean peso Columbian peso Danish krone Egyptian pound Euro Hong Kong Dollar Indian rupee Japanese yen  Mexican peso  New Taiwan dollar New Zealand dollar  Norwegian krone  Polish zloty  South African rand South Korean won  Swedish krona  Swiss franc  Thai baht  United States dollar 

$ (86,470,693) — (264,060,767) (32,558,770) — — (2,824,272) (10,475) (428,693,942) 920,906 6,248,557 (98,877,407) (20,937,277) — (39,421,549) (5,676,279) (15,281,809) (6,327,525) (12,337,678) (10,982,246) (1,806,976) (165,755) 1,019,263,957

Total forwards subject to foreign currency risk $



8,956,115 — 77,273,957 9,892,577 — — — — 81,362,435 1,526,467 18,197,714 17,565,017 6,128,918 — 6,483,217 713,671 — 13,048 12,033,951 7,274,850 — — 1,255,506,025

(92,847,021) — (338,270,860) (41,433,912) — — (2,727,798) (10,465) (496,961,365) (606,048) (12,092,488) (114,842,769) (25,531,645) — (45,525,351) (6,290,353) (14,457,528) (6,445,603) (24,615,037) (17,149,614) (1,768,014) (165,561) (236,242,069)

(83,890,906) — (260,996,903) (31,541,335) — — (2,727,798) (10,465) (415,598,930) 920,419 6,105,226 (97,277,752) (19,402,727) — (39,042,134) (5,576,682) (14,457,528) (6,432,555) (12,581,086) (9,874,764) (1,768,014) (165,561) 1,019,263,956

(25,793,309) (18,275,316) (252,342,494) (35,324,824) (645,889) (1,746,902) (8,938,011) — (493,467,793) 861,838 — (87,820,124) (8,769,709) (12,730) (749,052) 1,556,393 9,866,601 (274,826) (7,161,074) (17,622,210) (9,980,083) (659,591) 946,250,211

1,502,927,962

(1,477,983,501)

24,944,461

(11,048,894)

Defined Contribution Pending Foreign Pending Foreign Notional Exchange Exchange Fair Value Fair Value Currency Cost Purchases Sales 2014 2013

Australian dollar  Brazilian real British pound sterling  Canadian dollar  Chilean peso Danish krone  Euro  Hong Kong dollar  Hungarian forint Indian rupee  Japanese yen  Malaysian ringgit  Mexican peso  New Taiwan dollar New Zealand dollar  Norwegian krone Philippine peso  Polish zloty  Singapore dollar  South African rand South Korean won  Swedish krona  Swiss franc  United States dollar 

$ (15,050,910) (107,292) (12,681,578) (4,458,466) — (195,704) (53,455,695) (3,729,845) — 981,496 (6,392,894) 2,892 (3,651,642) — (3,709,751) 63,167 (40) (2,151,194) (1,852,046) (894,750) (890,891) (3,018,782) 2,031 111,191,894

Total forwards subject to foreign currency risk $



1,661,997 — 15,461,848 2,811,964 — 464,079 6,634,497 — — 2,696,448 14,696,025 230,707 961,069 — 1,005,211 824,287 360,474 — 211,147 430,712 1,834,484 1,309,726 286,952 163,902,292

(16,251,039) (102,615) (27,986,433) (7,207,953) — (656,891) (58,625,749) (3,732,522) — (1,736,826) (21,250,073) (230,707) (4,348,854) — (4,671,322) (824,287) (360,474) (2,034,233) (2,062,864) (1,342,909) (2,756,421) (4,153,341) (286,952) (52,710,397)

(14,589,042) (102,615) (12,524,585) (4,395,989) — (192,812) (51,991,252) (3,732,522) — 959,622 (6,554,048) — (3,387,785) — (3,666,111) — — (2,034,233) (1,851,717) (912,197) (921,937) (2,843,615) — 111,191,895

(2,809,867) (1,334,270) (5,993,407) (4,552,311) (701,889) (1,059,499) (19,128,587) — 1,543,248 — 11,568,233 246,730 303,927 1,687,314 (1,300,234) 439,134 — 3,602,593 221,763 428,881 — 167,071 711,665 15,183,842

215,783,919

(213,332,862)

2,451,057

(775,663)

2014 Comprehensive Annual Financial Report

69

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Fix ed In co me P ortfolio Interes t R a te S w a p s

Defined Benefit

Counterparty Notional Amount Utah Rate

Goldman Sachs Bank Barclays Goldman Sachs Bank Goldman Sachs Bank Barclays Bank of America JP Morgan Chase JP Morgan Chase Goldman Sachs Bank Goldman Sachs Bank Barclays Barclays Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Barclays Barclays Barclays Barclays Bank of America Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Barclays Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank Goldman Sachs Bank JP Morgan Chase Barclays Barclays Goldman Sachs Bank Goldman Sachs Bank Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays Barclays

$

80,100,000 69,700,000 35,300,000 36,900,000 19,240,000 51,380,000 20,200,000 344,500,000 92,500,000 92,500,000 635,300,000 19,240,000 41,500,000 2,200,000 8,000,000 200,000 3,500,000 26,100,000 3,000,000 42,400,000 15,600,000 18,400,000 35,900,000 13,300,000 10,000,000 19,800,000 9,900,000 13,000,000 6,800,000 9,900,000 19,100,000 39,900,000 39,900,000 43,500,000 43,500,000 4,500,000 9,500,000 133,900,000 9,500,000 229,100,000 3,600,000 3,800,000 2,900,000 2,700,000 6,000,000 6,000,000 5,000,000 2,600,000 1,755,000.00 1,755,000.00 1,760,000.00 4,105,000.00 2,360,000.00

Total Interest Rate Swaps

$ 2,393,095,000

*Banco de Mexico Interbank Rate (1 Month) **Three Month London Interbank Offered Rate (LIBOR) 70

2014 Comprehensive Annual Financial Report

0.480% 0.484% 0.590% 0.610% US CPI*** 0.660% BRL**** 4.740% 2.320% LIBOR** 4.420% 2.066% 1.563% LIBOR** LIBOR** 1.540% 1.543% LIBOR** LIBOR** 1.830% 1.690% 1.670% 1.824% LIBOR** LIBOR** 2.090% 2.130% LIBOR** LIBOR** LIBOR** 2.222% 2.510% LIBOR** LIBOR** 4.560% 2.860% 2.860% TIIE* 2.620% TIIE* 3.060% 3.050% 3.050% 3.060% 3.820% LIBOR** 3.689% 3.743% LIBOR***** LIBOR***** LIBOR***** LIBOR***** LIBOR*****

Counterparty Rate

Maturity Date

LIBOR** LIBOR** LIBOR** LIBOR** 1.852% LIBOR** 11.980% TIIE* LIBOR** 2.320% TIIE* US CPI*** LIBOR** 1.563% 1.563% LIBOR** LIBOR** 1.690% 1.690% LIBOR** LIBOR** LIBOR** LIBOR** 1.824% 1.824% LIBOR** LIBOR** 2.090% 2.090% 2.130% LIBOR** LIBOR** 2.510% 4.560% LIBOR** LIBOR** LIBOR** 6.735% LIBOR** 6.165% LIBOR** LIBOR** LIBOR** LIBOR** LIBOR** 3.820% LIBOR** LIBOR** 2.500% 2.500% 2.490% 2.420% 2.370%

8/5/2015 8/8/2015 9/6/2015 9/13/2015 3/10/2016 7/21/2016 1/2/2017 1/10/2017 8/27/2017 8/27/2017 11/9/2017 3/10/2018 7/5/2018 7/5/2018 7/5/2018 8/1/2018 8/1/2018 8/31/2018 8/31/2018 1/10/2019 2/28/2019 2/28/2019 6/20/2020 6/20/2020 6/20/2020 7/22/2020 7/22/2020 7/22/2020 7/22/2020 7/22/2020 8/9/2020 9/5/2020 9/5/2020 8/28/2023 8/28/2023 11/15/2023 11/15/2023 2/1/2024 7/2/2024 10/31/2024 2/15/2040 2/15/2040 2/15/2040 2/15/2040 9/5/2043 9/5/2043 11/22/2043 11/26/2043 12/4/2044 12/5/2044 12/8/2044 12/9/2044 12/11/2044

***United States Consumer Price Index ****Brazilian Interbank Offered Rate (Daily)

Credit Rating

Fair Value 2014

Fair Value 2013

A A A A A AA+ A+ A A A A A A A A A A A AA A A A A A A A A A A A A A A A A A+ A A A A A A A A A A A A A A A

— — — — 474,937 (110,775) (109,373) (262,820) — — 208,092 (639,193) — — — (1,911) — 357,742 41,456 (786,338) (56,115) (49,673) — — — — — — — — — — — — — — — 511,027 (422,476) 67,643 (264,398) (265,102) (202,314) (198,298) — — — — 172,764 174,816 164,483 282,655 120,429

(228,389) (199,767) (160,407) (182,135) — — — — (891,016) 891,016 — — (287,334) 15,232 55,390 — (12,020) — — — — — 1,073,525 (397,713) (299,032) 130,985 42,112 (86,000) (44,985) (42,112) 10,541 (625,436) 625,436 23,942 (23,942) 69,619 146,974 — — — — — — — 54,218 (54,218) 213,576 85,916 — — — — —

$ (792,742)

(96,024)

*****Six Month London Interbank Offered Rate (LIBOR)

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Fix ed Inc ome P ortfolio Inte re st R a te S w a p s

Defined Contribution

Counterparty Notional Amount Utah Rate

Deutsche Bank Credit Suisse First Boston Barclays JP Morgan Chase Citibank JP Morgan Chase Bank of America Goldman Sachs Bank JP Morgan Chase Citibank Goldman Sachs Bank JP Morgan Chase Barclays Credit Suisse First Boston Credit Suisse First Boston Deutsche Bank Bank of America Credit Suisse First Boston JP Morgan Chase JP Morgan Chase JP Morgan Chase Credit Suisse First Boston Goldman Sachs Bank Credit Suisse First Boston Credit Suisse First Boston JP Morgan Chase JP Morgan Chase Citigroup Global Markets Citigroup Global Markets Credit Suisse First Boston Credit Suisse First Boston Total Interest Rate and Credit Default Swaps

$

7,720,000 3,300,000 1,020,000 2,100,000 5,500,000 2,100,000 9,350,000 3,100,000 49,400,000 4,700,000 90,200,000 475,000 1,020,000 200,000 400,000 1,725,000 5,100,000 900,000 5,450,000 7,100,000 19,500,000 500,000 32,500,000 100,000 100,000 90,000,000 90,000,000 1,200,000 1,200,000 200,000 100,000

Counterparty Rate

Maturity Date

3.55% LIBOR** 1.85% 1.907 (EUR) 0.65% 1.91% LIBOR** LIBOR** TIIE* LIBOR** TIIE* N/A US CPI*** LIBOR** 1.69% N/A LIBOR** LIBOR** LIBOR** LIBOR** 6.74% LIBOR** 6.16% LIBOR** LIBOR** 1.68% 1.675 (EUR) LIBOR** LIBOR** LIBOR** LIBOR**

7/16/2015 8/8/2015 3/10/2016 4/11/2016 6/7/2016 11/4/2016 7/21/2016 1/2/2017 1/10/2017 11/8/2017 11/9/2017 2/20/2018 3/10/2018 8/1/2018 8/31/2018 12/20/2018 1/10/2019 8/9/2020 11/8/2022 11/8/2022 1/2/2024 7/2/2024 10/31/2024 2/15/2040 2/15/2040 4/11/2043 4/11/2043 4/14/2043 4/17/2043 11/22/2043 11/26/2043

BBR 0.48% US CPI*** EURIBOR**** LIBOR** EURIBOR**** 0.66% BRL^^ 4.74% 0.84% 4.42% N/A 2.07% 1.54% LIBOR** N/A 1.83% 2.22% 1.76% 1.76%

TIIE*

2.62% TIIE* 3.06% 3.05% JPYLIBOR^ EURIBOR**** 2.84% 2.84% 3.69% 3.74%

$ 436,260,000

*Banco de Mexico Interbank Rate (1 Month) **Three Month London Interbank Offered Rate (LIBOR) ***United States Consumer Price Index

****Brazilian Interbank Offered Rate (Daily) *****Six Month London Interbank Offered Rate (LIBOR)

Swaps The Systems and Plans have entered into various inflation, credit default and interest rate swap agreements in an attempt to manage their exposure to inflation, credit and interest rate risk. Interest rate and inflation risk represents the exposure to fair value losses arising from inflation and the future changes in prevailing market interest rates. Credit risk is an investor’s risk of loss arising from a borrower who does not make payments as promised. Swaps represent an agreement between two or more parties to exchange sequences of cash flows over a period in the future. In the most common type of interest rate swap arrangement, one party agrees to pay fixed interest payments on designated dates to a counterparty, who in turn agrees to make return interest payments that float with some reference rate. The real estate interest rate

Credit Rating

A A A A+ A A+ AA A+ A A A+ A A A A AA A+ A+ A+ A A A A A+ A+ A A A A

Fair Value 2014

$

Fair Value 2013

— — 25,179 — — 66,744 3,054 (44,011) (486,788) 52,327 526,407 — (33,887) — 3,316 — (52,865) — 146,420 — 1,017,958 (16,016) 188,500 (7,344) (6,976) 8,346,759 — — (36,267) — —

(9,903) (4,276) — 98,891 3,093 — — — — 78,326 — (445) — 518 — (1,678) — 8,067 — 658,238 — — — — — — (46,480) 241,958

$ 9,692,510

1,039,245

9,291 3,645

^Six Month Japanese London Interbank Offered Rate ^^Brazilian Interbank Offered Rate (Daily)

swaps allowed the Systems to effectively convert most of their long-term variable interest rate credit facility loans into fixed interest rate loans, thereby mitigating some of their interest rate risk. All swap instruments contain collateral clauses. As of December 31, 2014, Barclays Bank PLC swaps had collateral held for $2,852,000. Deutsche Bank securities swaps had collateral held for $600,000, and JP Morgan Chase had collateral held for $51,000. Gains and losses on swaps are determined based on market values and are recorded in the Combined Statements of Changes in Fiduciary Net Position. Swap market values are determined by an independent third party. As of December 31, 2014, the Systems’ and Plans’ investments had the swap market value balances as shown in the tables on pages 60 through 72.

2014 Comprehensive Annual Financial Report

71

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Rea l Est a t e P ortfolio Interes t R ate S w a p s Counterparty Notional Amount Utah Rate

Merrill Lynch National Australia Bank Morgan Stanley Morgan Stanley Morgan Stanley Merrill Lynch Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Merrill Lynch Morgan Stanley National Australia Bank National Australia Bank National Australia Bank Morgan Stanley Morgan Stanley Morgan Stanley Total Real Estate Interest Rate Swaps

$

928,028 2,443,700 8,703,500 13,596,699 31,397,826 35,309,122 32,600,000 32,900,000 133,704,000 17,250,000 7,640,000 44,276,861 11,801,225 985,352 5,080,000 4,485,385 71,700,000 43,660,000

4.950% 4.955% 4.694% 4.447% 4.406% 5.273% 5.046% 4.868% 5.292% 5.464% 5.430% 5.342% 5.125% 5.110% 4.970% 4.690% 4.722% 5.294%

Counterparty Rate

Maturity Date

LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR* LIBOR*

5/1/14 6/2/14 10/1/14 10/20/14 11/1/14 2/1/15 9/1/15 1/4/16 5/2/16 7/1/16 7/1/16 9/1/16 12/1/16 12/1/16 1/3/17 3/1/18 10/1/20 11/1/21

$ 498,461,698

Credit Rating

Fair Value 2014

Fair Value 2013

A- $ — AA— A— A— A— A(160,154) A(1,060,176) A(1,522,907) A(8,702,339) A(1,286,463) A(565,838) A(3,529,259) AA(1,007,520) AA(83,840) AA(434,353) A(500,108) A(12,174,576) A(9,939,108)

(14,793) (48,999) (296,393) (467,568) (1,112,336) (1,960,302) (2,601,754) (2,999,238) (15,181,393) (2,143,649) (942,858) (5,644,830) (1,530,074) (127,323) (648,530) (632,885) (11,491,691) (8,994,698)

$ (40,966,641)

(56,839,314)

*One Month London Interbank Offered Rate (LIBOR)

Cred it Risk Derivatives at F air Val u e

Quality Rating

Forwards

Options

Total

AA$ 291,860 (91,655) A+ 15,997,298 (26,737) A 6,212,492 346,766 A(124,295) (380,009) BBB+ 5,016,535 — BBB- 1,627 — — (856,099) N/A

(1,525,713) 9,229,927 616,764 (40,387,852) — — —

(1,325,508) 25,200,488 7,176,022 (40,892,156) 5,016,535 1,627 (856,099)



(32,066,874)

(5,679,091)

Total subject to credit risk

$ 27,395,517

(1,007,734)

Derivative Credit Risk Derivatives that are exchange traded are not subject to credit risk. No derivatives held are subject to custodial credit risk. The maximum loss that would be recognized as of December 31, 2014, if all counterparties fail to perform as contracted was $926,310,994. This maximum exposure is reduced by $1,372,357,801 of liabilities, resulting in no net exposure to credit risk. Credit ratings for the wrap contracts associated with the SGICs are noted on page 73. As of December 31, 2014, the counterparties’ credit ratings for currency forwards, options, and swaps are subject to credit risk.

Synthetic Guaranteed Investment Contracts In the Utah Retirement Systems Defined Contribution Plans, members are able to participate in Synthetic Guaranteed

72

Swaps

2014 Comprehensive Annual Financial Report

Investment Contracts (SGICs). The SGICs are fully benefit responsive, which means that Utah Retirement Systems is prohibited from assigning and selling the contract or its proceeds to a third party without the consent of the issuer. Prospective interest crediting rate adjustments are provided to plan participants. The SGICs provide assurance that the probability of future rate adjustments resulting in an interest crediting rate less than zero is remote. The underlying investments are high credit quality averaging A+ and therefore credit loss is remote. The terms of the SGICs require all plan participants to initiate transactions within the fund at contract value. The contract value is the fair value (cost plus accrued interest). The fair value of these contracts as of December 31, 2014, was $841,450,000 and the market value was $861,047,000.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Sy n t h et ic Guaranteed Inves tmen t Contra cts U nd e rl yi ng I nv e stme nts (in thousands) 1-5 Yr. Government/Credit Underlying Investments

Fair Value Market Value

Intermediate Government/Credit

Met Life Separate Account

Total Underlying Investments

Fair Value Market Value

Fair Value Market Value

Fair Value Market Value

$ 51,035 23,867 120,249 69,929 47,734 79,118 5,847

50,518 23,625 119,029 69,220 47,250 78,316 5,788

17,604 17,430 87,722 31,189 49,941 43,249 2,572

17,668 17,493 88,040 31,302 50,122 43,406 2,581

16,583 11,580 64,513 32,314 48,413 17,787 2,774

19,171 13,386 74,577 37,356 55,967 20,561 3,207

85,222 52,877 272,484 133,432 146,088 140,154 11,193

87,357 54,504 281,646 137,878 153,339 142,283 11,576

Total $ 397,779

393,746

249,707

250,612

193,964

224,225

841,450

868,583

Asset-backed securities Agencies Corporates Mortgage-backed securities Treasuries Commercial mortgage-backed securities Cash

J) Investment Payables The investment accounts payable are comprised of investment advisor fees payable of $9,514,000, administrative expenses payable of $19,441,000, investment purchases payable of $366,067,000, and various real estate payables of $134,000.

K) Investment Compliance Officer The Systems and Plans have an investment compliance officer on staff who reports his/her findings directly to the Board. The investment compliance officer monitors all of the investments made by the investment managers to determine the investments were made in accordance with the investment policies that were approved by the Board.

Note 4

W ra p C ontra cts (in thousands) Market Quality Contract Issuer Fair Value Value Rate Duration Rating

American General $ Lincoln National Life MetLife Monumental Life Monumental Life Pacific Life Royal Bank of Canada

53,471 62,990 211,112 82,166 127,539 191,070 113,102

54,261 63,831 216,689 82,959 133,089 192,695 117,523



841,450

861,047

27,100

27,100

Total $ 868,550

888,147

Subtotal wrap contracts

Merrill Lynch repurchase

2.3 2.3 1.6 2.3 3.5 2.3 3.5

A+ AAAAAAAAA+ AA-

P rop e rty a nd Eq u i p m e nt

(in thousands)



2014

Property and Equipment

Land Buildings and building improvements Furniture and equipment Computer software

Property and equipment consist of the amounts shown in

Total property and equipment

the following table as of December 31, 2014 and 2013. There were no significant leases as of December 31, 2014 or 2013.

2.0% 1.9 1.3 1.7 2.9 1.7 2.8

$ 1,780 17,724 3,222 2,388

2013

1,780 17,607 3,457 2,388

25,114

25,232

Less accumulated depreciation: Buildings and building improvements Furniture and equipment Computer software

8,813 2,667 716

8,571 3,080 239

Total accumulated depreciation

12,196

11,890

9,196

7,631

$ 3,722

5,711

Less operating reserves Net property and equipment

2014 Comprehensive Annual Financial Report

73

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Note 5

Net Pension Liability of Employers The net pension liability (i.e., the retirement system’s liability determined in accordance with GASB No. 67 less the fiduciary net position) as of December 31, 2014, is as shown below.

(6) (4) Net Pension Plan Fiduciary Liability/(Asset) (2) (3) Net Position (5) as a % of (1) Plan Employers’ as a % of the Projected Covered (dollars in thousands) Total Fiduciary Net Pension Total Pension Covered Employee Pension Net Liability/(Asset) Liability Employee Payroll System Liability Position (1) - (2) (2) / (1) Payroll (3) / (5)

Ne t Pen sion Lia b ility of E mployers

Noncontributory Retirement System Contributory Retirement System Public Safety Retirement System Firefighters Retirement System Judges Retirement System Utah Governors and Legislators Retirement Plan Tier 2 Public Employees System Tier 2 Public Safety and Firefighter System

$ 24,043,264 1,309,800 3,360,027 1,014,328 192,285 12,267 86,261 7,226

21,096,512 1,269,991 2,899,386 1,031,039 163,834 10,366 89,291 8,705

2,946,752 39,809 460,641 (16,711) 28,451 1,901 (3,030) (1,479)

87.7% 97.0 86.3 101.6 85.2 84.5 103.5 120.5

$ 3,570,912 90,623 360,750 111,305 16,072 928 492,882 35,019

82.5% 43.9 127.7 (15.0) 177.0 204.8 (0.6) (4.2)

Total

$ 30,025,458

26,569,124

3,456,334

88.5%

$ 4,678,491

73.9%

Actuarial valuation of the ongoing Systems involve estimates of the reported amounts and assumptions about probability of occurrence of events far into the future. Examples include assumptions about future employment mortality and future salary increases. Amounts determined regarding the net pension liability are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The last experience study was performed in 2014 and the next experience study is scheduled to be conducted in 2017. The Schedule of Employers’ Net Pension Liability presents multi-year trend information about whether the plan fiduciary net positions are increasing or decreasing over time relative to the total pension liability. These schedules are presented in the Required Supplementary Information section. The Total Pension Liability as of December 31, 2014, is based on the results of an actuarial 74

2014 Comprehensive Annual Financial Report

valuation date of January 1, 2014, and rolled-forward using generally accepted actuarial procedures. A summary of the actuarial assumptions as of the latest actuarial valuation is shown on page 75. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimates ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the Systems target asset allocation as of December 31, 2014, are summarized in the table on page 75.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Summa ry of Ac tuarial As s umptions Noncontributory Contributory Public Safety Firefighters Judges

Valuation date

Governors and Legislators

Tier 2 Public Tier 2 Public Safety Employees and Firefighter

1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 1/1/14

Actuarial cost method

Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Actuarial assumptions: Investment rate of return 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% Projected salary increases 3.50-10.75% 3.50-10.75% 3.50-9.25% 3.50-9.75% 3.50% None 3.50-10.75% Inflation rate 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% Post-retirement 2.50% or cost-of-living 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.50% adjustment Depending on employer

Entry Age 7.50% 3.50-9.25% 2.75% 2.50%

Note: All post-retirement cost-of-living adjustments are noncompounding and are based on the original benefit except for Judges, which is a compounding benefit. The cost-of-living adjustments are also limited to the actual CPI increase for the year, although unused CPI increases not met may be carried forward to subsequent years.

Ta rg et A lloc ations

Cha nge s i n Di scou nt R a te

Expected Return Arithmetic Basis Long-term Real Expected Return Portfolio Target Asset Arithmetic Real Rate Asset Class Allocation Basis of Return*

Equity securities Debt securities Real assets Private equity Absolute return Cash and cash equivalents Totals

40% 20 13 9 18 0

7.06% 0.80 5.10 11.30 3.15 0.00

2.82% 0.16 0.66 1.02 0.57 0.00

100% 5.23%

Inflation

2.75

Expected arithmetic nominal return

7.98%

(dollars in thousands) Net Pension Net Pension Liability/(Asset) Net Pension Liability/(Asset) Current Liability/(Asset) 1% Decrease Discount Rate 1% Increase System (6.50%) (7.50%) (8.50%)

Noncontributory Retirement System $ 6,047,671 Contributory Retirement System 173,985 Public Safety Retirement System 930,005 Firefighters Retirement System 121,945 Judges Retirement System 48,555 Utah Governors and Legislators Retirement Plan 3,101 Tier 2 Public Employees System 22,287 Tier 2 Public Safety and Firefighter System 632

2,946,757 39,810 460,643 (16,711) 28,454 1,899 (3,032) (1,478)

352,336 (73,300) 76,263 (130,851) 11,192 884 (22,121) (3,095)

Total

3,456,342

211,308

$ 7,348,181

*The total URS Defined Benefit long-term expected rate of return is 7.50%, It is comprised of a 2.75% inflation rate, 0.35% for administrative and investment expenses, and a real long-term expected rate of return of 5.10%.

2014 Comprehensive Annual Financial Report

75

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

The discount rate used to measure the total pension liability was 7.50%. The projection of cash flows used to determine the discount rate assumed contributions from participating employers will be made based on the actuarially determined rates based on the Board’s funding policy, which establishes the contractually required rates under Utah State Code. Based on those assumptions, the Systems’ fiduciary net position was projected to be available to make all the projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension

plan investments was applied to all periods of projected benefit payments to determine the total pension liability. In accordance with GASB 67 regarding the disclosure of the sensitivity of the net pension liability to changes in the discount rate, the table on page 75 presents the net pension liability of the participating employers calculated using the discount rate of 7.50%, as well as what the employers’ net pension liability would be if it were calculated using a discount rate that is 1.00% lower (6.50%) or 1.00% higher (8.50%) than the current rate.

Note 6

Employer Contribution Requirements Employer contribution rates consist of (1) an amount for normal cost, the estimated amount necessary to finance benefits earned by the members during the current year, and (2) an amount for amortization of the unfunded or excess funded actuarial accrued liability over a closed 20-year amortization period. The rates are determined using the entry age actuarial cost method. The schedule below summarizes contribution rates in effect as of December 31, 2014. Contributions made by employers and members were in accordance with actuarially computed funding requirements. Fire insurance premium taxes and court fees are considered as part of employer contributions in the schedule shown below for the Firefighters and Judges Systems, respectively. These contribution rates also include rates for a 3% benefit enhancement that is funded by the State. For contribution rate purposes the actuary evaluates the assets of the Systems based on a 5-year smoothed expected return wherein 20% of a year’s excess or shortfall of expected return is recognized each year for five years.

C o ntribut io n Ra tes December 31, 3014 System

Contribution Rates as a Percent of Covered Payroll Member

Noncontributory — Contributory 6.00 % Public Safety: Noncontributory — Contributory 10.50 - 12.29 Firefighters: Division A 15.05 Division B 16.71 Judges: Noncontributory — Governors and Legislators — Tier 2 Public Employees — Tier 2 Public Safety and Firefighter —

76

2014 Comprehensive Annual Financial Report

Employer

Other

18.47 - 22.19 % 14.46 - 17.70

— —

32.20 - 48.68 22.19 - 31.80

— —

3.82 6.59 40.01 $ 411,489 14.94 - 18.27 10.80 - 37.07

11.71% 11.71 11.90 — — —

Information with regard to contributions to the Systems, for the year ended December 31, 2014, is indicated in the schedule on page 85. Member contributions in the 401(k), 457, Roth and traditional IRAs, total $308,349,000, that in combination with the member contributions made in the Retirement Systems total $346,849,000.

R e q u i re d C ontri b u ti ons (dollars in thousands)

Normal Cost

System Amount

Percent of Covered Payroll

Noncontributory Retirement System $ 506,283 Contributory Retirement System 10,575 Public Safety Retirement System 85,130 Firefighters Retirement System 30,554 Judges Retirement System 4,638 Utah Governors and Legislators Retirement Plan 411 Tier 2 Public Employees System 37,299 Tier 2 Public Safety and Firefighter System 4,365

14.18% 11.67 23.60 27.45 30.52 N/A 10.56 21.59

Total $ 679,255

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Note 7

Note 9

Transfers To or From Affiliated Systems

Litigation The Systems are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of

Asset transfers to or from affiliated systems are for the

management and legal counsel, the ultimate disposition of

purpose of spreading employer contribution costs across

these matters will not have a material adverse effect on the

same employer and same class of employee group and

Systems’ financial position as a whole.

to record transfers of benefits and corresponding assets where employees transfer from one system to another.

Note 10

Benefit transfers usually are between contributory and noncontributory systems as allowed during authorized transfer windows established by statute or as otherwise authorized.

Commitments As of December 31, 2014, the Systems had committed to fund certain private equity partnerships, absolute return, and real

Note 8

estate projects for an amount of $7,608,382,119. Funding of

Supplemental Benefits

$4,438,349,550 had been provided by December 31, 2014,

In the past, the Utah State legislature appropriated funds as supplemental retirement benefits to be paid to qualified

leaving an unfunded commitment of $3,170,032,569 as of December 31, 2014.

participants who have previously retired under the Contributory System. These benefits, already granted, are now and will continue to be funded through contribution rates unless otherwise provided by the legislature.

Contribution Requirements

Contributions Made U nfunded Cost (Assets in Excess) Member Employer

Percent of Total Total Percent of Percent of Covered Required Actual Covered Covered Amount Payroll Contributions Contributions Amount Payroll Amount Payroll

$ 279,724 7,840 51,293 7,414 2,792 — —

7.83% $ 786,007 8.65 18,415 14.22 136,423 6.66 37,968 17.37 7,430 0.00 411 0.00 37,299 0.00 4,365

$ 786,007 18,415 136,423 37,968 7,430 411 37,299 4,365

$ 13,587 5,461 835 18,300 317 — — —

$ 349,063

$1,028,318

$1,028,318

$ 38,500

0.38% 6.03 0.23 16.44 2.09 0.00 0.00 0.00

Projected Covered Percent Payroll Contributed

$ 772,420 12,954 135,588 19,668 7,113 411 37,299 4,365

21.63% $ 3,570,912 14.29 90,623 37.59 360,750 17.67 111,305 44.26 16,072 44.29 928 7.57 492,882 12.46 35,019

$ 989,818

$ 4,678,491

100% 100% 100% 100% 100% 100% 100% 100%

2014 Comprehensive Annual Financial Report

77

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Note 11

Pension Plan Participation Defined Benefit Plans Utah Retirement Systems (URS) contributes to the State and School Noncontributory Retirement System, a cost-sharing multiple-employer defined benefit pension plan administered by Utah Retirement Systems (Systems). The Systems provide refunds, retirement benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries in accordance with retirement statutes. The Systems are established and governed by the respective sections of Chapter 49 of the Utah Code Annotated 1953 as amended. The Utah State Retirement Act in Chapter 49 provides for the administration of the Utah Retirement Systems and Plans under the direction of the Utah State Retirement Board (Board) whose members are appointed by the governor. The Systems issue a publicly available financial report that includes financial statements and required supplementary information for the State and School Noncontributory Retirement System. A copy of the report may be obtained by writing to the Utah Retirement Systems, 560 East 200 South, Salt Lake City, UT 84102-2044 or by calling 1-800-365-8772. Funding Policy: In the State and School Noncontributory Retirement System, the Utah Retirement Systems is required to contribute 22.19% of its annual covered salary. The contribution rates are the actuarial determined rates. The contributions were equal to the requirements of the Systems, are authorized by statute, and specified by the Board. The Utah Retirement Systems’ contributions to the State and School Noncontributory Retirement System for the years ended December 31, 2014, 2013, and 2012, were $2,510,743, $2,094,707, and $2,020,116, respectively. The contributions were equal to the required contributions for each year. Employees hired beginning July 1, 2011, are automatically enrolled in the Tier 2 Public Employees Retirement System. The Utah Retirement Systems’ contributions to the Tier 2 Public Employees Retirement Systems for years ended December 31, 2014, 2013, and 2012, were $251,304, $113,945, and $64,164, respectively. The contributions were

78

2014 Comprehensive Annual Financial Report

equal to the required contributions for each year.

Defined Contribution Plans Utah Retirement Systems also participates in four defined contribution plans, the 401(k), 457, Roth and traditional IRAs.

401(k) Plan The Utah Retirement Systems offers its employees a 401(k) Plan to supplement retirement benefits accrued by participants in the Systems and may also be used as a primary retirement benefit. Employees covered by the State and School Noncontributory Retirement System have a contribution of 1.5% of covered salaries automatically made by Utah Retirement Systems. In addition, URS will match up to $26 of employee contributions each pay period. Employees participating in the Systems can make additional contributions through payroll deduction to the 401(k) Plan up to specified limits. Contributions and earnings may be withdrawn by the employee upon termination or may be used as supplemental income during retirement. The employer 401(k) contributions for the years ended December 31, 2014, 2013, 2012, were $631,803, $473,082, and $415,285, respectively; the employee contributions for the years ended December 31, 2014, 2013, 2012, were $557,139, $434,250, and $453,406, respectively. The 401(k) Plan funds are fully vested to the participants at the time of deposit except for employer required contributions and earnings for Tier 2. Plan assets are administered and held by Utah Retirement Systems.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

457 Plan

Roth and Traditional IRAs

The Utah Retirement Systems also offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all employees, permits them to defer a portion of their salary until future years. Employees are eligible to voluntarily participate from the date of employment and are vested immediately upon participating. Employee contributions to the Section 457 Plan for the years ended December 31, 2014, 2013, 2012, were $386,146, $323,326, and $311,080, respectively.

Utah Retirement Systems offers its employees two payroll deducted IRAs authorized by section 408 of the Internal Revenue Code. Employees are eligible to participate from the date of employment and are vested immediately upon participating. For the years ended December 31, 2014, 2013, and 2012, the Roth IRA employee contributions were $122,138, $95,806, and $96,366, respectively. For the years ended December 31, 2014, 2013, and 2012, the traditional IRA employee contributions were $690, $3,300, and $4,150, respectively.

Note 12

Post-Employment Healthcare Plan Plan Description The Utah Retirement Office contributes to a noncontributory defined benefit post-employment healthcare plan to provide post-employment insurance benefits for retired employees of the Utah Retirement Office. This plan was established in 2005. The Utah Retirement Employees Post-Employment Healthcare Plan, (UREPEHP), is an agent multiple-employer post-employment healthcare plan administered by the Utah Retirement Office. Assets and liabilities of the plan are identified separately for each employer. Plan assets may be used only for the payment of benefits to the members of that system, in accordance with the terms of the plan. UREPEHP issues a publicly available financial report that includes financial statements and required supplementary information for UREPEHP. A copy of the report may be obtained by writing the Utah Retirement Office, 560 East 200 South, Salt Lake City, UT 84102-2044 or by calling 1-800-365-8772.

Funding Policy The contribution requirements of Utah Retirement Employees Post-Employment Healthcare Plan are determined by the Plan and approved by the Board. Utah Retirement Office is required to contribute the annual required contribution (ARC), an actuarially determined rate in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial liabilities (or funding excess) over an open 20-year period using the level dollar amount. The current dollar amount is $285,000.

Annual Costs For the year ended December 31, 2014, the annual cost (expense) of $285,000 for UREPEHP was equal to the ARC. The net Other Post-Employment Benefits (OPEB) obligation for 2014 was as follows: Year Ended

Annual Required Contributions

Percentage Contributed

12/31/05 $220,000 12/31/06 294,000 12/31/07 387,000 12/31/08 219,000 12/31/09 220,000 12/31/10 313,000 12/31/11 285,000 12/31/12 285,000 12/31/13 285,000 12/31/14 285,000

Net OPEB Obligation

100% $— 100 — 100 — 100 — 100 — 100 — 100 — 100 — 100 — 100 —

2014 Comprehensive Annual Financial Report

79

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

S c he d ule o f Fun ding P rogres s (dollars in thousands) Based on fair value of assets (6) (2) (3) (4) UAAL as (1) Accrued Unfunded Funding (5) a % of Actuarial Liability AAL Ratios Annual Covered Value of (AAL) (UAAL) Ratios Covered Payroll Division Date Assets Entry Age (2) - (1) (1) / (2) Payroll (3)/(5)

URS Employees

12/31/05 $3,506 5,289 1,783 66.3% $8,709 20.5% 12/31/06 4,085 5,495 1,410 74.3 8,463 16.7 12/31/07 4,559 5,990 1,431 76.1 9,131 15.7 12/31/08 4,206 7,008 2,802 60.0 8,673 32.3 12/31/09 4,654 7,539 2,885 61.7 8,678 33.2 12/31/10 4,811 7,382 2,571 65.2 8,366 30.7 12/31/11 4,838 7,615 2,777 63.5 7,835 35.4 12/31/12 4,886 7,838 2,952 62.3 7,538 39.2 12/31/13 5,325 5,660 335 94.1 7,189 4.7 12/31/14 5,794 5,750 (44) 100.8 6,955 (0.6)

Funded Status and Funding Progress The funded status of the plan as of January 1, 2013, the date of the most recent actuarial valuation, was as follows: Actuarial accrued liability (AAL) Actuarial value of plan assets Unfunded actuarial accrued liability (UAAL)

$5,590,918 4,886,000 $704,918

Funded ratio (actuarial value of plan assets/AAL) 87% Covered salaries and wages (active) (plan members) $7,189,181 UAAL as a percentage of covered salaries and wages 10% Actuarial valuations of the ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status and the annual required contributions are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress shown above, presented as required supplementary information, shows the actuarial value of plan assets compared to the actuarial accrued liabilities for benefits.

Actuarial Methods and Assumptions Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation. The actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued

80

2014 Comprehensive Annual Financial Report

S che d u l e of R e q u i re d Contri b u ti ons January 1, 2013 (dollars in thousands) Year Ended*

Annual Required Contributions

12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14

Percentage Net OPEB Contributed Obligation

$294 387 219 220 313 285 285 285 285

100 $— 100 — 100 — 100 — 100 — 100 — 100 — 100 — 100 —

liabilities consistent with the long-term perspective of the calculations. In the January 1, 2013, actuarial valuation, the entry age actuarial cost method was used. The actuarial assumptions included a 7.5% investment rate of return (net of administrative expenses) and an annual healthcare cost trend rate of 8.0%, reduced by decrements to an ultimate rate of 5.0% after 10 years. Both rates include a 2.75% inflation assumption. The actuarial value of UREPEHP assets is based on smoothed expected income investment rate. Investment income in excess or shortfall of the expected rate on fair value is smoothed over a 5-year period with 20% of a year’s excess or shortfall being recognized each year beginning with the current year. The actuarial accrued liability was computed using likely health benefits to be paid to retirees and to be paid active employees after their service that was discounted using the investment return, health cost increase, and various mortality assumptions.

Note 13

Compensated Absences, Post-Employment Benefits, and Insurance Reserve The compensated absences liability for Utah Retirement Office employees as of December 31, 2014, was $5,137,786. This represents the amount of unused leave to be paid to employees upon termination. As of December 31, 2014, the insurance reserve was $5,000,000. The insurance reserve coverage is explained in Note 15, Risk Management.

Utah Retirement Systems

Notes to the Basic Financial Statements

(Continued)

December 31, 2014

Note 14

Note 16

Required Supplementary Information

Real Estate Liabilities

Required supplementary information is included immediately following the notes to the financial statements on pages 82 through 87. Other supplementary information presented in succeeding sections of this report is for the benefit of statement users and is not a required part of the basic financial statements.

The real estate liabilities consist of two credit facility (lines of credit) loans and two private placement notes. These loans and notes bear various interest rates and are scheduled to be repaid over the next three years. The rest of the liabilities are unsecured. As mentioned in Note 3, page 71, the Systems and Plans entered into various interest rate swap agreements that effectively changed credit facility liabilities from variable interest rates to fixed interest rates. As of December 31, 2014,

Note 15

there are $375 million in credit facility debt and $6.4 million

Risk Management

December 31, 2014, principal and interest requirements of

Most risks of loss to which the Systems, Plans, and Investment Fund are exposed, other than routine investment losses, are covered under commercial insurance policies.

in private placement notes. Using interest rates as of the debt and net swap payments for the terms of the debt and swaps are shown below.

R e a l Esta te L i a b i l i ti e s

Risks in excess of coverage limits or large deductible, and otherwise uninsured losses, are retained by the Systems, Plans or Investment Fund through the insurance reserve. There have been no reductions of insurance coverage from coverages of the previous year in any of the categories of risk. Coverages are increased or decreased commensurate with real estate acquisitions or dispositions. During the past three calendar years, no loss settlements exceeded insurance coverages beyond immaterial deductible amounts. The insurance reserve was established by the Board from investment earnings as authorized by statute.

(in thousands)

Initial/Affected Balance

BNP Paribas Credit Facility* The Northern Trust Private Placement Notes: State Farm Life Insurance Co. State Farm Life & Accident Assurance Co.

$ 255,000 120,000

Total

$ 381,361

Year Ending December 31,

2015 2016 2017 2018 2019 Thereafter

Maturity Date

Annual Payment

Monthly $ 85,000 8/1/2015 Interest Only

6,202

7/1/2016

4,296

159

7/1/2016

110

Total Total Principal Interest Payments Payments**

Total Swap Payments***

$ 208,832 1,167 19,798 87,529 581 11,055 85,000 87 5,700 — — 5,531 — — 5,498 — — 5,596

*Term loan with three remaining annual principal payments. **Interest calculated using December 31, 2014, One Month LIBOR rate. ***Interest rate swaps listed on page 72. Swap payments calculated using the December 31, 2014, One Month LIBOR.

2014 Comprehensive Annual Financial Report

81

Utah Retirement Systems

Required Supplementary Information Schedule of Changes in the Employers’ Net Pension Liability Year Ended December 31 (in thousands) Noncontributory System 2014 2013

Total pension liability Service cost Interest Benefit changes Difference between actual and expected experience Assumption changes Benefit payments Refunds

Public Safety System

2014

2014

2013

441,320 1,646,213 23,123

9,580 93,819 —

10,997 93,750 721

76,681 236,803 —

(204,823) (157,921) (1,043,798) (2,204)

(208,501) — (974,684) (2,454)

(22,839) (4,233) (77,015) (2,433)

(20,520) — (74,158) (1,922)

(25,225) (29,228) (52,410) — (144,763) (137,486) (199) (467)

Net change in total pension liability

698,939

925,017

(3,121)

8,868

Total pension liability — beginning

23,344,325

22,419,308

1,312,921 1,304,053

3,269,140 3,124,620

Total pension liability — ending (a)

24,043,264

23,344,325

1,309,800 1,312,921

3,360,027 3,269,140

Plan fiduciary net position Contributions — member Contributions — employer Court fees and fire insurance tax Net investment income Benefit payments Refunds Administrative expense Net transfers with affiliated systems

13,587 772,420 — 1,419,053 (1,043,798) (2,204) (8,828) 30,467

14,208 710,933 — 2,588,981 (974,684) (2,454) (8,329) (42,277)

5,461 12,954 — 87,577 (77,015) (2,433) (494) (38,004)

6,376 12,874 — 169,510 (74,158) (1,922) (480) 33,094

835 1,258 135,588 128,744 — — 194,222 350,563 (144,763) (137,486) (199) (467) (1,227) (1,161) 2,746 4,676

Net change in plan fiduciary net position

1,180,697

2,286,378

(11,954)

145,294

187,202

Plan fiduciary net position — beginning

19,915,815

17,629,437

1,281,945 1,136,651

2,712,184 2,366,057

Plan fiduciary net position — ending (b)

21,096,512

19,915,815

1,269,991 1,281,945

2,899,386 2,712,184

Net pension liability / (asset) — ending (a-b) $ 2,946,752

3,428,510

39,809

30,976

460,641

556,956

87.7%

85.3%

97.0%

97.6%

86.3%

83.0%

Projected covered employee payroll

$ 3,570,912

3,705,771

90,623

98,023

360,750

365,998

Net pension liability as a percentage of covered employee payroll

82.5%

92.5%

43.9%

31.6%

127.7%

152.2%

90,887

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

82

2013

407,992 1,699,693 —

Plan fiduciary net position as a percentage of the total pension liability

$

Contributory System

2014 Comprehensive Annual Financial Report

81,736 229,965 —

144,520

346,127

Utah Retirement Systems

Utah Tier 2 Tier 2 Governors and Public Employees Public Safety and Firefighters System Judges System Legislators Plan Employees System Firefighter System 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013

27,266 71,490 —

29,577 70,259 —

(15,077) (13,083) (20,372) — (47,710) (44,747) (293) (106) 15,304

41,900

4,895 13,641 —

Total 2014

4,537 12,924 —

106 884 —

100 860 —

39,283 4,648 —

29,318 2,351 (119)

3,579 379 —

2,151 159 (7)

2,602 (569) (130) — (11,361) (10,189) — —

307 — (909) —

(233) — (892) —

(4,577) (1,385) — —

(4,459) — — —

50 (127) — —

106 — — —

388

(165)

37,969

27,091

3,881

2,409

853,894

1,156,343

9,647

6,703

569,382 2,121,357 —

2013

599,736 2,056,481 23,718

(269,582) (276,487) (236,578) — (1,325,556) (1,242,156) (5,129) (4,949)

999,024 957,124

182,638 175,935

11,879 12,044

48,292

21,201

3,345

936

29,171,564

28,015,221

1,014,328 999,024

192,285 182,638

12,267 11,879

86,261

48,292

7,226

3,345

30,025,458

29,171,564

18,300 18,325 5,514 3,494 14,154 11,285 69,070 125,685 (47,710) (44,747) (293) (106) (370) (355) 3,713 1,302

317 — 5,627 4,990 1,486 1,498 11,068 20,130 (11,361) (10,189) — — (71) (66) 1,092 3,186

— — 37,299 25,743 — — 4,320 4,017 — — — — (16) (6) (2) 3

— 4,365 — 404 — — (1) 2

— 2,451 — 316 — — — (3)

38,500 40,167 974,178 889,481 15,640 12,783 1,786,431 3,260,548 (1,325,556) (1,242,156) (5,129) (4,949) (11,012) (10,401) — —

— 411 — 717 (909) — (5) (14)

— 252 — 1,346 (892) — (4) 19

19,549

200

721

41,601

29,757

4,770

2,764

1,473,052

2,945,473

968,661 853,778

155,676 136,127

10,166

9,445

47,690

17,933

3,935

1,171

25,096,072

22,150,599

1,031,039 968,661

163,834 155,676

10,366 10,166

89,291

47,690

8,705

3,935

26,569,124

25,096,072

(1,479)

(590)

3,456,334

4,075,492

62,378 114,883

8,158

(16,711)

30,363

28,451

26,962

1,901

1,713

(3,030)

602

101.6%

97.0%

85.2%

85.2%

84.5%

85.6%

103.5%

98.8%

120.5% 117.6%

88.5%

86.0%

111,305 110,741

16,072

15,195

928

390

492,882 353,227

35,019 20,215

4,678,491

4,669,560

(15.0)%

177.0%

177.4%

73.9%

87.3%

27.4%

204.8 439.2%

(0.6)%

0.2%

(4.2)%

(2.9)%

2014 Comprehensive Annual Financial Report

83

Utah Retirement Systems

Utah Retirement Systems

Required Supplementary Information

(Continued)

Schedules of Employers’ Net Pension Liability (dollars in thousands) (4) (6) Plan Net Position (3) Fiduciary Net (5) Liability as a (1) (2) Employers Position as a Projected Percentage Total Plan Net Pension Percentage Covered of Covered Pension Fiduciary Liability/ of the Total Employee Employee System Date Liability Net Position (Asset) Plan Liability Payroll Payroll

Noncontributory Retirement System

12/31/13 12/31/14

$ 23,344,325 24,043,264

19,915,815 21,096,512

3,428,510 2,946,752

Contributory Retirement System

12/31/13 12/31/14

$ 1,312,921 1,309,800

1,281,945 1,269,991

30,976 39,809

Public Safety Retirement System

12/31/13 12/31/14

$ 3,269,140 3,360,027

2,712,184 2,899,386

556,956 460,641

Firefighters Retirement System

12/31/13 12/31/14

$

999,024 1,014,328

968,661 1,031,039

Judges Retirement System

12/31/13 12/31/14

$

182,638 192,285

Utah Governors and Legislative Retirement Plan

12/31/13 12/31/14

$

Tier 2 Public Employees Retirement System

12/31/13 12/31/14

$

Tier 2 Public Safety and Firefighter Retirement System All Retirement Systems

85.3% $ 3,705,771 87.7 3,570,912

92.5% 82.5

97.6% 97.0

98,023 90,623

31.6% 43.9

83.0% $ 365,998 86.3 360,750

152.2% 127.7

30,363 (16,711)

97.0% 101.6

155,676 163,834

26,962 28,451

11,879 12,267

10,166 10,366

48,292 86,261

12/31/13 12/31/14 12/31/13 12/31/14

$

$ 110,741 111,305

27.4% (15.0)

85.2% 85.2

$

15,195 16,072

177.4% 177.0

1,713 1,901

85.6% 84.5

$

390 928

439.2% 204.8

47,690 89,291

602 (3,030)

98.8% 103.5

$ 353,227 492,882

0.2% (0.6)

$ 3,345 7,226

3,935 8,705

(590) (1,479)

117.6% 120.5

$

20,215 35,019

(2.9)% (4.2)

$ 29,171,564 30,025,458

25,096,072 26,569,124

4,075,492 3,456,334

86.0% 88.5

$ 4,669,560 4,679,491

87.3% 73.9

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

84

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Utah Retirement Systems

Required Supplementary Information

(Continued)

Schedules of Employer Contributions (dollars in thousands) Actuarial Year Ended Determined System December 31 Contribution

Contributions in Relation to the Actuarial Contribution Determined Deficiency Contribution (Excess)

Projected Covered Employee Payroll



Contributions as a Percentage of Covered Payroll

Noncontributory Retirement System

2005 $ 2006 2007 2008 2009 2010 2011 2012 2013 2014

Contributory Retirement System

2005 $ 2006 2007 2008 2009 2010 2011 2012 2013 2014

10,357 10,357 10,737 10,737 11,208 11,208 11,037 11,037 10,865 10,865 11,851 11,851 11,125 11,125 11,705 11,705 12,874 12,874 12,954 12,954

— 137,730 7.52% — 133,812 8.02 — 132,899 8.43 — 133,110 8.29 — 127,804 8.50 — 116,395 10.18 — 110,103 10.10 — 103,074 11.36 — 98,023 13.13 — 90,623 14.29

Public Safety Retirement System

2005 $ 61,326 61,326 2006 70,466 70,466 2007 81,166 81,166 2008 93,899 93,899 2009 98,729 98,729 2010 103,586 103,586 2011 110,829 110,829 2012 117,975 117,975 2013 128,744 128,744 2014 135,588 135,588

— 298,756 20.53% — 316,662 22.25 — 339,187 23.93 — 365,043 25.72 — 373,959 26.40 — 363,037 28.53 — 374,293 29.61 — 366,471 32.19 — 365,998 35.18 — 360,750 37.59

Firefighters Retirement System

2005 $ 2006 2007 2008 2009 2010 2011 2012 2013 2014

— 84,061 11.42% — 88,682 10.73 — 95,767 14.41 — 102,252 9.99 — 107,625 15.01 — 105,275 10.37 — 110,751 11.74 — 110,608 15.66 — 110,741 13.35 — 111,305 17.67

Judges Retirement System

2005 $ 2006 2007 2008 2009 2010 2011 2012 2013 2014

406,795 406,795 440,421 440,421 487,803 487,803 522,733 522,733 535,298 535,298 564,154 564,154 610,270 610,270 644,907 644,907 710,933 710,933 772,420 772,420

9,601 9,601 9,518 9,518 13,797 13,797 10,219 10,219 16,159 16,159 10,915 10,915 13,005 13,005 17,321 17,321 14,779 14,779 19,668 19,668 2,397 2,397 2,718 2,718 3,210 3,210 3,802 3,802 4,184 4,184 4,715 4,715 5,403 5,403 5,898 5,898 6,488 6,488 7,113 7,113

— 3,165,504 — 3,326,392 — 3,582,495 — 3,871,636 — 3,955,040 — 3,888,179 — 3,900,106 — 3,794,929 — 3,705,771 — 3,570,912

— — — — — — — — — —

12.85% 13.24 13.62 13.50 13.53 14.51 15.65 16.99 19.18 21.63

11,594 20.67% 12,195 22.20 13,322 24.10 14,404 26.40 14,434 28.99 14,234 33.12 14,981 36.07 14,885 39.62 15,195 42.70 16,072 44.26 Continued on page 86

2014 Comprehensive Annual Financial Report

85

Utah Retirement Systems

Utah Retirement Systems

Required Supplementary Information

(Concluded)

Schedules of Employer Contributions

(Concluded)

(dollars in thousands) Actuarial Year Ended Determined System December 31 Contribution

Contributions in Relation to the Actuarial Contribution Determined Deficiency Contribution (Excess)

Utah Governors 2005 $ — and Legislative 2006 — Retirement Plan 2007 — 2008 — 2009 — 2010 — 2011 153 2012 214 2013 252 2014 411

— — — — — — 153 214 252 411

Projected Covered Employee Payroll

— — — — — — — — — —



Contributions as a Percentage of Covered Payroll

887 0.00% 860 0.00 947 0.00 910 0.00 910 0.00 910 0.00 910 16.81 910 23.52 390 64.62 928 44.29

Tier 2 Public Employees Retirement System*

2011 $ 2012 2013 2014

Tier 2 Public Safety and Firefighter Retirement System*

2011 $ 89 89 — 855 10.41% 2012 1,031 1,031 — 10,237 10.07 2013 2,451 2,451 — 20,215 12.12 2014 4,365 4,365 — 35,019 12.46

All Retirement Systems

2005 $490,728 490,728 2006 533,860 533,860 2007 600,127 600,127 2008 656,112 656,112 2009 691,230 691,230 2010 695,221 695,221 2011 753,664 753,664 2012 813,259 813,259 2013 902,264 902,264 2014 989,818 989,818

2,790 2,790 14,208 14,208 25,743 25,743 37,299 37,299

— 36,821 — 203,779 — 353,227 — 492,882

— 3,699,832 — 3,879,513 — 4,202,348 — 4,692,044 — 4,933,389 — 4,488,030 — 4,548,820 — 4,604,893 — 4,669,560 — 4,678,491

7.58% 6.97 7.29 7.57

13.26% 13.76 14.28 13.98 14.01 15.49 16.57 17.66 19.32 21.16

*Additional years will be displayed as they become available.

Schedule of Investment Returns Year Ended December 31

Annual money weighted rate of return, net of investment expense

2014

2013

7.94%

14.55%

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

86

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Notes to Required Supplementary Information December 31, 2014

Note 1

Note 2

Note 3

Schedules of Changes in the Employer Net Pension Liability

Schedules of Employer Contributions

Actuarial Assumptions

The total pension liability contained in this schedule was provided by the Systems actuary, Gabriel, Roeder, Smith & Company. The net pension liability is measured as the total pension liability less the amount of the fiduciary net position of the Retirement Systems.

The required employer contributions and percent of those contributions actually made are presented in the schedule.

The information presented in the required supplementary schedules was used in the actuarial valuation for purposes of determining the actuarially determined contribution rate. The assumptions and methods used for this actuarial valuation were recommended by the actuary and adopted by the Board. Additional information as of the latest actuarial valuation follows.

A d d it io n al Ac tuarial Information Noncontributory Contributory Public Safety Firefighters Judges

Valuation date Actuarial cost method

Governors and Legislators

Tier 2 Public Employees

Tier 2 Public Safety and Firefighter

1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 1/1/14 Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Entry Age

Amortization method

Level Percent Level Percent Level Percent Level Percent Level Percent Level Dollar of Payroll of Payroll of Payroll of Payroll of Payroll Amount

Amortization period

Open Group Open Group Open Group Open Group Open Group Open Group Open Group Open Group 20-Year 20-Year 20-Year 20-Year 20-Year 20-Year 20-Year 20-Year Open Period Open Period Open Period Open Period Open Period Closed Period Open Period Open Period

Actuarial asset valuation method (All Systems under same method)

Level Percent Level Percent of Payroll of Payroll

Based on the total fair value income of investments with the excess or shortfall of actual investment income over or under the expected investment return smoothed over five years. One-fifth of the excess or shortfall is recognized each year for five years.

Actuarial assumptions: Investment rate of return 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% Projected salary increases 3.50-10.75% 3.50-10.75% 3.50-9.25% 3.50-9.75% 3.50% None 3.50-10.75% 3.50-9.25% Inflation rate 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% Post-retirement 2.50% or cost-of-living 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.50% 2.50% adjustment Depending on employer Note: All post-retirement cost-of-living adjustments are noncompounding and are based on the original benefit except for Judges, which is a compounding benefit. The cost-of-living adjustments are also limited to the actual CPI increase for the year, although unused CPI increases not met may be carried forward to subsequent years.

2014 Comprehensive Annual Financial Report

87

Utah Retirement Systems

Noncontributory Retirement System

Schedules of Fiduciary Net Position — Pension Trust Fund by Division December 31, 2014 With Comparative Totals for December 31, 2013

(in thousands)



Assets: Cash

Total All Divisions 2013

5,479

5,480

5,082

Receivables: Employer contributions Investments

4,317 57,955

30,955 248,743

35,272 306,698

43,714 196,209

Total receivables

62,272

279,698

341,970

239,923

Investments at fair value: Short-term securities Debt securities Equity investments Absolute return Private equity Real assets

235,849 632,011 1,436,767 696,631 475,622 567,150

1,012,267 2,712,598 6,166,618 2,989,950 2,041,377 2,434,215

1,248,116 3,344,609 7,603,385 3,686,581 2,516,999 3,001,365

1,357,878 3,248,790 7,677,060 3,410,782 2,253,541 2,497,253

Total investments

4,044,030

17,357,025

21,401,055

20,445,304

342,470

1,469,886

1,812,356

1,591,294

558

2,396

2,954

4,533

4,449,331

19,114,484

23,563,815

22,286,136

342,470 6,266 3,001

1,469,886 26,893 12,881

1,812,356 33,159 15,882

1,591,294 26,643 15,424

56,239 57,214

246,890 245,563

303,129 302,777

342,041 394,919

465,190

2,002,113

2,467,303

2,370,321

$ 3,984,141

17,112,371

21,096,512

19,915,815

Invested securities lending collateral Property and equipment at cost, net of accumulated depreciation

Total assets Liabilities: Securities lending liability Disbursements in excess of cash balance Compensated absences, post-employment benefits and insurance reserve Investment accounts payable Real estate liabilities Total liabilities Net position restricted for pensions

2014 Comprehensive Annual Financial Report

$

State and School 2014

1



88

Local Government

Utah Retirement Systems

Noncontributory Retirement System

Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division Year Ended December 31, 2014 With Comparative Totals for Year Ended December 31, 2013

(in thousands)



Additions: Contributions: Member Employer

Local Government

3,859 157,930

9,728 614,490

13,587 772,420

14,208 710,933

Total contributions

161,789

624,218

786,007

725,141

Investment income: Net appreciation in fair value of investments Interest, dividends, and other investment income

197,209 74,393

854,030 322,164

1,051,239 396,557

2,236,726 390,556



271,602

1,176,194

1,447,796

2,627,282

6,707

29,045

35,752

45,217

264,895

1,147,149

1,412,044

2,582,065

1,485

6,432

7,917

7,847

170

738

908

931

1,315

5,694

7,009

6,916

266,210

1,152,843

1,419,053

2,588,981

14,058

16,409

30,467



Total additions

442,057

1,793,470

2,235,527

3,314,122

Deductions: Retirement benefits Cost-of-living benefits Refunds Administrative expenses Transfers to affiliated systems

135,667 24,300 235 1,604 —

736,332 147,499 1,969 7,224 —

871,999 171,799 2,204 8,828 —

812,550 162,134 2,454 8,329 42,277

Total deductions

161,806

893,024

1,054,830

1,027,744

Increase from operations

280,251

900,446

1,180,697

2,286,378

3,703,890

16,211,925

19,915,815

17,629,437

$ 3,984,141

17,112,371

21,096,512

19,915,815



Less investment expenses



Total income from investment activity

Net income from investment activity

Income from security lending activity



Security lending expense



Net income from security lending activity

Net investment income

Transfers from affiliated systems

Net position restricted for pensions beginning of year Net position restricted for pensions end of year

$

Total All Divisions State and School 2014 2013

2014 Comprehensive Annual Financial Report

89

Utah Retirement Systems

Noncontributory Retirement System

Schedules of Changes in the Employers’ Net Pension Liability by Division Year Ended December 31

(in thousands) Local Government State and School Total All Divisions 2014 2013 2014 2013 2014 2013

Total pension liability $ 93,436 100,789 314,556 407,992 Service cost 340,531 310,587 1,389,106 1,348,596 1,699,693 Interest 297,617 — — — Benefit changes 6,063 17,060 Difference between actual (16,109) (188,714) (204,823) and expected experience (39,370) (169,131) (52,889) (105,032) (157,921) Assumption changes — — (159,967) (883,831) (1,043,798) Benefit payments (149,891) (824,793) (235) (1,969) (2,204) Refunds (620) (1,834) 174,823 Net change in total pension liability

524,116 214,588

441,320 1,646,213 23,123 (208,501) — (974,684) (2,454)

710,429

698,939

925,017

4,243,542 Total pension liability — beginning

19,100,783 18,390,354 4,028,954

23,344,325

22,419,308

4,418,365 Total pension liability — ending (a)

19,624,899 19,100,783 4,243,542

24,043,264

23,344,325

Plan fiduciary net position 3,859 9,728 13,587 14,208 Contributions — member 2,637 11,571 157,930 614,490 772,420 710,933 Contributions — employer 147,105 563,828 266,210 1,152,843 1,419,053 2,588,981 Net investment income 478,461 2,110,520 (159,967) (883,831) (1,043,798) (974,684) Benefit payments (149,891) (824,793) (235) (1,969) (2,204) (2,454) Refunds (620) (1,834) (1,604) (7,224) (8,828) (8,329) Administrative expense (1,497) (6,832) 14,058 16,409 30,467 (42,277) Net transfers with affiliated systems (5,302) (36,975) 280,251 Net change in plan fiduciary net position

1,815,485

1,180,697

2,286,378

3,703,890 Plan fiduciary net position — beginning

16,211,925 14,396,440 3,232,997

19,915,815

17,629,437

3,984,141 Plan fiduciary net position — ending (b)

17,112,371 16,211,925 3,703,890

21,096,512

19,915,815

Net pension liability / (asset) — ending (a-b)

$ 434,224

Plan fiduciary net position as a percentage 90.2% of the total pension liability Projected covered employee payroll

$ 845,364

Net pension liability as a percentage 51.4% of covered employee payroll

900,446 470,893

2,512,528 539,652

2,888,858

2,946,752

3,428,510

87.2% 87.3%

84.9%

87.7%

85.3%

2,725,548 864,838

2,840,933

3,570,912

3,705,771

92.2% 62.4%

101.7%

82.5%

92.5%

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

90

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Noncontributory Retirement System

Schedules of Net Pension Liability by Division (dollars in thousands) (4) (6) Plan Net Position (3) Fiduciary Net (5) Liability as a (1) (2) Employers Position as a Projected Percentage Total Plan Net Pension Percentage Covered of Covered Pension Fiduciary Liability/ of the Total Employee Employee System Date Liability Net Position (Asset) Plan Liability Payroll Payroll

Noncontributory 12/31/13 $ 4,243,542 3,703,890 539,652 87.3% $ 864,838 62.4% Local Government 12/31/14 4,418,365 3,984,141 434,224 90.2 845,364 51.4 Noncontributory State and School

12/31/13 12/31/14

$ 19,100,783 19,624,899

16,211,925 17,112,371

2,888,858 2,512,528

Total Noncontributory 12/31/13 $ 23,344,325 19,915,815 3,428,510 Retirement System 12/31/14 24,043,264 21,096,512 2,946,752

84.9% 87.2

$ 2,840,933 2,725,548

101.7% 92.2

85.3% $ 3,705,771 87.7 3,570,912

92.5% 82.5

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

Noncontributory Retirement System

Schedules of Employer Contributions by Division (dollars in thousands) Actuarial Determined System Year Ended Contribution

Contributions in Relation to the Actuarial Contribution Determined Deficiency Contribution (Excess)

Projected Covered Employee Payroll



Contributions as a Percentage of Covered Payroll

Noncontributory 2013 $ 147,105 147,105 Local Government 2014 157,930 157,930

— 864,838 17.01% — 845,364 18.68

Noncontributory State and School

— 2,840,933 19.85% — 2,725,548 22.55

2013 $ 563,828 563,828 2014 614,490 614,490

Total Noncontributory 2013 $ 710,933 710,933 Retirement System 2014 772,420 772,420

— 3,705,771 19.18% — 3,570,912 21.63

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

2014 Comprehensive Annual Financial Report

91

Utah Retirement Systems

Contributory Retirement System

Schedules of Fiduciary Net Position — Pension Trust Fund by Division December 31, 2014 With Comparative Totals for December 31, 2013

(in thousands)



Assets: Cash

Total All Divisions 2013

1

2

2

Receivables: Member contributions Employer contributions Investments

60 157 6,590

69 205 11,897

129 362 18,487

257 651 12,648

Total receivables

6,807

12,171

18,978

13,556

Investments at fair value: Short-term securities Debt securities Equity investments Absolute return Private equity Real assets

26,818 71,863 163,368 79,211 54,081 64,488

48,415 129,738 294,936 143,003 97,635 116,423

75,233 201,601 458,304 222,214 151,716 180,911

87,535 209,429 494,893 219,873 145,272 160,982

Total investments

459,829

830,150

1,289,979

1,317,984

38,941

70,302

109,243

102,581

63

115

178

293

505,641

912,739

1,418,380

1,434,416

38,941 712

70,302 1,286

109,243 1,998

102,581 1,718

341 6,395 6,506

616 11,545 11,745

957 17,940 18,251

994 21,720 25,458

52,895

95,494

148,389

152,471

$ 452,746

817,245

1,269,991

1,281,945

Invested securities lending collateral Property and equipment at cost, net of accumulated depreciation

Total assets Liabilities: Securities lending collateral liability Disbursements in excess of cash balance Compensated absences, post-employment benefits and insurance reserve Investment accounts payable Real estate liabilities Total liabilities Net position restricted for pensions

2014 Comprehensive Annual Financial Report

$

State and School 2014

1



92

Local Government

Utah Retirement Systems

Contributory Retirement System

Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division Year Ended December 31, 2014 With Comparative Totals for Year Ended December 31, 2013

(in thousands)



Additions: Contributions: Member Employer

Local Government

3,103 7,410

2,358 5,544

5,461 12,954

6,376 12,874

Total contributions

10,513

7,902

18,415

19,250

Investment income: Net appreciation in fair value of investments Interest, dividends, and other investment income

22,870 8,627

42,008 15,847

64,878 24,474

146,447 25,571



31,497

57,855

89,352

172,018

778

1,429

2,207

2,960

30,719

56,426

87,145

169,058

172

316

488

513

20

36

56

61

152

280

432

452

30,871

56,706

87,577

169,510







33,094

Total additions

41,384

64,608

105,992

221,854

Deductions: Retirement benefits Cost-of-living benefits Supplemental retirement benefits Refunds Administrative expenses Transfers to affiliated systems

19,493 3,664 20 1,294 179 10,140

43,067 10,664 107 1,139 315 27,864

62,560 14,328 127 2,433 494 38,004

59,203 14,778 177 1,922 480 —

Total deductions

34,790

83,156

117,946

76,560

6,594

(18,548)

(11,954)

145,294

446,152

835,793

1,281,945

1,136,651

$ 452,746

817,245

1,269,991

1,281,945



Total income from investment activity

Less investment expenses



Net income from investment activity



Income from securities lending activity



Less security lending expense



Net income from security lending activity

Net investment income

Transfers from affiliated systems

Increase (decrease) from operations Net position restricted for pensions beginning of year Net position restricted for pensions end of year

$

Total All Divisions State and School 2014 2013

2014 Comprehensive Annual Financial Report

93

Utah Retirement Systems

Contributory Retirement System

Schedules of Changes in the Employers’ Net Pension Liability by Division Year Ended December 31

(in thousands) Local Government State and School Total All Divisions 2014 2013 2014 2013 2014 2013

Total pension liability $ 5,679 3,901 9,580 Service cost 6,352 4,645 10,997 34,255 59,564 93,819 Interest 33,840 59,910 93,750 — — — Benefit changes 415 306 721 Difference between actual (8,465) (14,374) (22,839) and expected experience (8,020) (12,500) (20,520) (2,914) (1,319) (4,233) Assumption changes — — — (23,177) (53,838) (77,015) Benefit payments (21,607) (52,551) (74,158) (1,294) (1,139) (2,433) Refunds (855) (1,067) (1,922) 4,084 Net change in total pension liability

(7,205) 10,125

(3,121) (1,257)

8,868

477,506 Total pension liability — beginning

835,415 467,381

1,312,921 836,672

1,304,053

481,590 Total pension liability — ending (a)

828,210 477,506

1,309,800 835,415

1,312,921

Plan fiduciary net position 3,103 2,358 5,461 Contributions — member 3,418 2,958 6,376 7,410 5,544 12,954 Contributions — employer 6,963 5,911 12,874 30,871 56,706 87,577 Net investment income 58,533 110,977 169,510 (23,177) (53,838) (77,015) Benefit payments (21,607) (52,551) (74,158) (1,294) (1,139) (2,433) Refunds (855) (1,067) (1,922) (179) (315) (494) Administrative expense (172) (308) (480) (10,140) (27,864) (38,004) Net transfers with affiliated systems 5,790 27,304 33,094 6,594 Net change in plan fiduciary net position

(18,548) 52,070

(11,954) 93,224

145,294

446,152 Plan fiduciary net position — beginning

835,793 394,082

1,281,945 742,569

1,136,651

452,746 Plan fiduciary net position — ending (b)

817,245 446,152

1,269,991 835,793

1,281,945

10,965 31,354

39,809 (378)

30,976

Plan fiduciary net position as a percentage 94.0% of the total pension liability

98.7% 93.4%

97.0% 100.0%

97.6%

$ 51,420 Projected covered employee payroll

39,203 54,445

90,623 43,578

98,023

Net pension liability as a percentage 56.1% of covered employee payroll

28.0% 57.6%

43.9% (0.9)%

31.6%

Net pension liability / (asset) — ending (a-b)

$

28,844

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

94

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Contributory Retirement System

Schedules of Net Pension Liability by Division (dollars in thousands) (4) (6) Plan Net Position (3) Fiduciary Net (5) Liability as a (1) (2) Employers Position as a Projected Percentage Total Plan Net Pension Percentage Covered of Covered Pension Fiduciary Liability/ of the Total Employee Employee System Date Liability Net Position (Asset) Plan Liability Payroll Payroll

Contributory 12/31/13 $ 477,506 446,152 31,354 93.4% $ 54,445 57.6% Local Government 12/31/14 481,590 452,746 28,844 94.0 51,420 56.1 Contributory State and School

12/31/13 12/31/14

$ 835,415 828,210

835,793 817,245

(378) 10,965

100.0% 98.7

$ 43,578 39,203

(0.9)% 28.0

Total Contributory Retirement System

12/31/13 12/31/14

$ 1,312,921 1,309,800

1,281,945 1,269,991

30,976 39,809

97.6% 97.0

$ 98,023 90,623

31.6% 43.9

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

Contributory Retirement System

Schedules of Employer Contributions by Division (dollars in thousands) Actuarial Determined System Year Ended Contribution

Contributions in Relation to the Actuarial Contribution Determined Deficiency Contribution (Excess)

Projected Covered Employee Payroll



Contributions as a Percentage of Covered Payroll

Contributory Local Government

2013 2014

$ 6,963 7,410

6,963 7,410

— —

54,445 51,420

12.79% 14.41

Contributory State and School

2013 2014

$ 5,911 5,544

5,911 5,544

— —

43,578 39,203

13.56% 14.14

Total Contributory 2013 $ 12,874 12,874 Retirement System 2014 12,954 12,954

— 98,023 13.13% — 90,623 14.29

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

2014 Comprehensive Annual Financial Report

95

Utah Retirement Systems

Public Safety Retirement System

Schedules of Fiduciary Net Position — Pension Trust Fund by Division December 31, 2014 With Comparative Totals for December 31, 2013

(in thousands) State of Utah Public Safety

Assets: Cash

4

2

Receivables: Member contributions Employer contributions Investments

— 54 14,501

11 1,373 17,464

— — 3,490

Total receivables

14,555

18,848

3,490

Investments at fair value: Short-term securities Debt securities Equity investments Absolute return Private equity Real assets

59,011 158,132 359,486 174,301 119,003 141,904

71,071 190,451 432,957 209,924 143,325 170,906

14,202 38,057 86,517 41,949 28,640 34,152

Total investments

1,011,837

1,218,634

243,517

85,688

103,201

20,622

141

168

34

1,112,223

1,340,855

267,665

85,688 1,568 751

103,201 1,888 904

20,622 377 181

14,071 14,315

16,947 17,241

3,387 3,445

116,393

140,181

28,012

995,830

1,200,674

239,653

Invested securities lending collateral Property and equipment at cost, net of accumulated depreciation

Total assets Liabilities: Securities lending liability Disbursements in excess of cash balance Compensated absences, post-employment benefits and insurance reserve Investment accounts payable Real estate liabilities Total liabilities Net position restricted for pensions

96

Salt Lake City

2



$

Other Division A (with Social Security)

2014 Comprehensive Annual Financial Report

$

Utah Retirement Systems

Other Division B Total All Divisions (without 0gden Provo Logan Bountiful Social Security) 2014 2013

2

2

2

2

4

20

20

— 111 819

— — 625

— — 362

— 33 261

— 663 4,667

11 2,234 42,189

26 4,413 26,736

930

625

362

294

5,330

44,434

31,175

3,331 8,927 20,293 9,839 6,718 8,011

2,543 6,814 15,489 7,510 5,127 6,114

1,473 3,946 8,972 4,350 2,970 3,542

1,063 2,847 6,473 3,138 2,143 2,555

18,994 50,898 115,708 56,102 38,304 45,675

171,688 460,072 1,045,895 507,113 346,230 412,859

185,019 442,670 1,046,056 464,745 307,061 340,270

57,119

43,597

25,253

18,219

325,681

2,943,857

2,785,821

4,837

3,692

2,139

1,543

27,580

249,302

216,825

8

6

3

3

45

408

617

62,896

47,922

27,759

20,061

358,640

3,238,021

3,034,458

4,837 89 42

3,692 68 32

2,139 39 19

1,543 28 14

27,580 505 242

249,302 4,562 2,185

216,825 3,630 2,101

794 808

606 617

351 357

253 258

4,529 4,607

40,938 41,648

45,909 53,809

6,570

5,015

2,905

2,096

37,463

338,635

322,274

56,326

42,907

24,854

17,965

321,177

2,899,386

2,712,184

2014 Comprehensive Annual Financial Report

97

Utah Retirement Systems

Public Safety Retirement System

Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division Year Ended December 31, 2014 With Comparative Totals for Year Ended December 31, 2013

(in thousands) State of Utah Public Safety

Additions: Contributions: Member Employer

597 49,156

4 13,519

Total contributions

45,962

49,753

13,523

Investment income: Net appreciation in fair value of investments Interest, dividends, and other investment income

49,597 18,709

59,683 22,514

11,936 4,503



68,306

82,197

16,439

1,689

2,030

406

66,617

80,167

16,033

375

450

90

43

52

10

332

398

80

66,949

80,565

16,113

1,124

(6,061)

620

114,035

124,257

30,256

Deductions: Retirement benefits Cost-of-living benefits Supplemental retirement benefits Refunds Administrative expenses Transfers from affiliated systems

44,588 10,313 174 12 434 —

42,154 9,145 95 115 482 —

12,696 3,659 43 — 116 —

Total deductions

55,521

51,991

16,514

Increase from operations

58,514

72,266

13,742

937,316

1,128,408

225,911

$ 995,830

1,200,674

239,653



Less investment expenses



Net income from investment activity

Income from security lending activity



Security lending expense

Net income from security lending activity Net investment income

Transfers from (to) affiliated systems

Total additions

Net position restricted for pensions beginning of year Net position restricted for pensions end of year

98

Salt Lake City

152 45,810

Total income from investment activity

2014 Comprehensive Annual Financial Report

$

Other Division A (with Social Security)

Utah Retirement Systems

Other Division B Total All Divisions (without 0gden Provo Logan Bountiful Social Security) 2014 2013

— 2,791

— 2,255

35 989

— 822

47 20,246

835 135,588

1,258 128,744

2,791

2,255

1,024

822

20,293

136,423

130,002

2,817 1,063

2,131 804

1,238 467

904 341

15,575 5,875

143,881 54,276

302,867 52,885

3,880

2,935

1,705

1,245

21,450

198,157

355,752

96

72

42

31

530

4,896

6,124

3,784

2,863

1,663

1,214

20,920

193,261

349,628

21

16

9

7

117

1,085

1,063

2

2

1

1

13

124

128

19

14

8

6

104

961

935

3,803

2,877

1,671

1,220

21,024

194,222

350,563

107

145

100

14

6,697

2,746

4,676

6,701

5,277

2,795

2,056

48,014

333,391

485,241

3,076 873 7 — 27 —

1,984 513 6 11 19 —

1,122 244 — — 11 —

1,207 211 1 — 9 —

11,203 1,449 — 61 129 —

118,030 26,407 326 199 1,227 —

112,470 24,662 354 467 1,161 —

3,983

2,533

1,377

1,428

12,842

146,189

139,114

2,718

2,744

1,418

628

35,172

187,202

346,127

53,608

40,163

23,436

17,337

286,005

2,712,184

2,366,057

56,326

42,907

24,854

17,965

321,177

2,899,386

2,712,184

2014 Comprehensive Annual Financial Report

99

Utah Retirement Systems

Public Safety Retirement System

Schedules of Changes in the Employers’ Net Pension Liability by Division Year Ended December 31

(in thousands) State of Utah 2014 2013

Other Division A (with Social Security) 2014

2013

Salt Lake City 2014

2013

Total pension liability Service cost 26,013 $ 24,190 30,473 Interest 81,713 83,519 93,276 Benefit changes — — — Difference between actual and expected experience (2,099) (12,067) (16,141) Assumption changes — (17,596) (21,812) Benefit payments (52,432) (55,075) (51,394) Refunds (2) (12) (115)

(25,616) (3,743) (1,430) — — (4,551) (48,824) (16,398) (15,737) (97) (15) —

Net change in total pension liability 22,959

48,818 5,670

53,193 34,287

32,564 5,878 90,791 22,171 — —

6,209 21,719 —

8,433

Total pension liability — beginning 1,158,695 1,105,502 1,292,145 1,243,327 306,859 298,426 Total pension liability — ending (a) 1,181,654 1,158,695 1,326,432 1,292,145 312,529 306,859 Plan fiduciary net position 152 597 4 Contributions — member 103 714 13 45,810 49,156 13,519 Contributions — employer 43,393 46,421 12,426 66,949 80,565 16,113 Net investment income 121,520 146,201 29,378 (55,075) (51,394) (16,398) (15,737) Benefit payments (52,432) (48,824) (12) (115) — Refunds (2) (97) (15) (434) (482) (116) Administrative expense (413) (458) (110) 1,124 (6,061) 620 Net transfers with affiliated systems 757 (3,111) 447 58,514 Net change in plan fiduciary net position

72,266 112,926

13,742 140,846

937,316 Plan fiduciary net position — beginning

1,128,408 824,390

225,911 199,509 987,562

995,830 Plan fiduciary net position — ending (b)

1,200,674 1,128,408 239,653 225,911 937,316

$ 185,824 Net pension liability / (asset) — ending (a-b)

125,758 221,379

72,876 163,737

80,948

Plan fiduciary net position as a percentage of the total pension liability 84.3%

80.9% 90.5%

87.3% 76.7%

73.6%

Projected covered employee payroll $ 113,111

115,960 143,924

146,190 27,821

28,016

Net pension liability as a percentage of covered employee payroll 164.3%

190.9% 87.4%

112.0% 261.9%

288.9%

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

100

2014 Comprehensive Annual Financial Report

26,402

Utah Retirement Systems

Other Division B Total Ogden Provo Logan Bountiful (without Social Security) All Divisions 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013

1,170 5,185 —

1,304 1,141 5,028 3,748 —

1,181 524 3,680 2,110 —

580 383 2,029 1,635 —

390 12,922 1,580 25,159 —

13,495 76,681 23,425 236,803 —

81,736 229,965 —

(713) 561 (701) (147) 3,230 559 (638) 232 297 3,963 (25,225) (29,228) — — — — — (822) (859) (420) (229) (6,121) (52,410) — (3,864) (2,281) (1,320) (1,369) (3,956) (2,503) (1,366) (1,419) (12,652) (11,659) (144,763) (137,486) — (204) — — (149) — (11) — — (61) (199) (467) 2,136

1,755 878

2,937 1,080

588 667

454 23,210

28,342 90,887

70,784

69,029 52,153

49,216 28,742

28,154 22,252

21,798 337,510 309,168 3,269,140 3,124,620

72,920

70,784 53,031

52,153 29,822

28,742 22,919

22,252 360,720 337,510 3,360,027 3,269,140

144,520

— — 35 — 47 835 1,258 — — 49 — 379 2,791 2,255 989 822 20,246 135,588 128,744 2,525 2,158 944 716 20,161 3,803 2,877 1,671 1,220 21,024 194,222 350,563 6,973 5,204 3,047 2,271 35,969 (3,956) (2,503) (1,366) (1,419) (12,652) (11,659) (144,763) (137,486) (3,864) (2,281) (1,320) (1,369) — (11) — — (61) (199) (467) — (204) — — (149) (27) (19) (11) (9) (129) (1,227) (1,161) (26) (19) (10) (8) (117) 107 145 100 14 6,697 2,746 4,676 535 16 88 99 5,845 2,718

2,744 6,143

1,418 4,874

628 2,798

35,172 1,709

53,608

40,163 47,465

23,436 35,289

17,337 20,638

286,005 235,576 2,712,184 2,366,057 15,628

56,326

42,907 53,608

24,854 40,163

17,965 23,436

321,177 286,005 2,899,386 2,712,184 17,337

16,594

10,124 17,176

4,968 11,990

4,954 5,306

39,543 4,915

187,202 50,429

460,641 51,505

346,127

556,956

75.7% 77.0% 81.5% 77.9% 84.7% 77.2% 80.9% 83.3% 78.4% 89.0% 86.3% 83.0% 5,518

5,831 5,424

5,295 2,459

2,584 1,795

1,749 60,698

60,373 360,750

365,998

294.6% 226.4% 205.3% 281.0% 85.3% 300.7% 186.7% 202.0% 276.0% 65.1% 127.7% 152.2%

2014 Comprehensive Annual Financial Report

101

Utah Retirement Systems

Public Safety Retirement System

Schedules of Net Pension Liability by Division

(dollars in thousands)

(4) (6) Plan Net Position (3) Fiduciary Net (5) Liability as a (1) (2) Employers Position as a Projected Percentage Total Plan Net Pension Percentage Covered of Covered Pension Fiduciary Liability/ of the Total Employee Employee System Date Liability Net Position (Asset) Plan Liability Payroll Payroll

Public Safety State of Utah

12/31/13 $ 1,158,695 937,316 221,379 80.9% $ 115,960 190.9% 12/31/14 1,181,654 995,830 185,824 84.3 113,111 164.3

Public Safety Other Division A (with Social Security)

12/31/13 $ 1,292,145 1,128,408 163,737 87.3% $ 146,190 112.0% 12/31/14 1,326,432 1,200,674 125,758 90.5 143,924 87.4

Public Safety Salt Lake City

12/31/13 $ 306,859 225,911 80,948 73.6% $ 28,016 288.9% 12/31/14 312,529 239,653 72,876 76.7 27,821 261.9

Public Safety Ogden

12/31/13 $ 12/31/14

70,784 72,920

53,608 17,176 75.7% $ 56,326 16,594 77.2

5,831 294.6% 5,518 300.8

Public Safety Provo

12/31/13 $ 12/31/14

52,153 53,031

40,163 11,990 77.0% $ 42,907 10,124 80.9

5,295 226.4% 5,424 186.7

Public Safety Logan

12/31/13 $ 12/31/14

28,742 29,822

23,436 24,854

5,306 81.5% $ 4,966 83.3

2,584 205.3% 2,459 202.1

Public Safety Bountiful

12/31/13 $ 12/31/14

22,252 22,919

17,337 17,965

4,915 77.9% $ 4,954 78.4

1,749 281.0% 1,795 275.9

Public Safety Other Division B 12/31/13 $ 337,510 (without Social Security) 12/31/14 360,720

286,005 321,177

51,505 39,543

84.7% 89.0

$ 60,373 60,698

85.3% 65.1

Total Public Safety 12/31/13 $ 3,269,140 2,712,184 556,956 83.0% $ 365,998 152.2% Retirement System 12/31/14 3,360,027 2,899,386 460,641 86.3 360,750 127.7 Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

102

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Public Safety Retirement System

Schedules of Employer Contributions by Division

(dollars in thousands) Actuarial Determined System Year Ended Contribution

Public Safety State of Utah

Contributions in Relation to the Actuarial Contribution Determined Deficiency Contribution (Excess)

Projected Covered Employee Payroll



Contributions as a Percentage of Covered Payroll

2013 $ 43,393 43,393 2014 45,810 45,810

— 115,960 37.42% — 113,111 40.50

Public Safety Other Division A 2013 $ 46,421 46,421 (with Social Security) 2014 49,156 49,156

— 146,190 31.75% — 143,924 34.15

Public Safety Salt Lake City

2013 $ 12,426 12,426 2014 13,519 13,519

— 28,016 44.35% — 27,821 48.59

Public Safety Ogden

2013 $ 2,525 2,525 2014 2,791 2,791

— —

5,831 43.30% 5,518 50.58

Public Safety Provo

2013 $ 2,158 2,158 2014 2,255 2,255

— —

5,295 40.76% 5,424 41.57

Public Safety Logan

2013 $ 2014

944 989

944 989

— —

2,584 36.53% 2,459 40.22

Public Safety Bountiful

2013 $ 2014

716 822

716 822

— —

1,749 40.94% 1,795 45.79

Public Safety Other Division B 2013 $ 20,161 20,161 (without Social Security) 2014 20,246 20,246

— —

Total Public Safety 2013 $ 128,744 128,744 Retirement System 2014 135,588 135,588

— 365,998 35.18% — 360,750 37.59

60,373 33.39% 60,698 33.36

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

2014 Comprehensive Annual Financial Report

103

Utah Retirement Systems

Firefighters Retirement System

Schedules of Fiduciary Net Position — Pension Trust Fund by Division December 31, 2014 With Comparative Totals for December 31, 2013

(in thousands)

Assets: Cash

1

2

2

Receivables: Member contributions Fire insurance tax Investments

79 170 2,465

293 878 12,529

372 1,048 14,994

540 895 9,550

Total receivables

2,714

13,700

16,414

10,985

Investments at fair value: Short-term securities Debt securities Equity investments Absolute return Private equity Real assets

10,030 26,876 61,098 29,624 20,226 24,118

50,987 136,631 310,606 150,601 102,822 122,609

61,017 163,507 371,704 180,225 123,048 146,727

66,091 158,126 373,660 166,011 109,685 121,548

Total investments

171,972

874,256

1,046,228

995,121

14,564

74,037

88,601

77,452

24

121

145

220

189,275

962,115

1,151,390

1,083,780

14,564 266

74,037 1,355

88,601 1,621

77,452 1,296

128 2,392 2,433

649 12,158 12,369

777 14,550 14,802

751 16,399 19,221

19,783

100,568

120,351

115,119

$ 169,492

861,547

1,031,039

968,661

Invested securities lending collateral Property and equipment at cost, net of accumulated depreciation

Total assets Liabilities: Securities lending collateral liability Disbursements in excess of cash balance Compensated absences, post-employment benefits and insurance reserve Investment accounts payable Real estate liabilities Total liabilities Net position restricted for pensions benefits

2014 Comprehensive Annual Financial Report

$

Division B Total All Divisions (without Social Security) 2014 2013

1



104

Division A (with Social Security)

Utah Retirement Systems

Firefighters Retirement System

Schedules of Changes in Fiduciary Net Position — Pension Trust Fund by Division Year Ended December 31, 2014 With Comparative Totals for Year Ended December 31, 2013

(in thousands)

Additions: Contributions: Member Employer Fire insurance tax

Division A Division B Total All Divisions (with (without Social Security) Social Security) 2014 2013

3,983 888 3,398

14,317 4,626 10,756

18,300 5,514 14,154

18,325 3,494 11,285

Total contributions

8,269

29,699

37,968

33,104

Investment income: Net appreciation in fair value of investments Interest, dividends, and other investment income

8,236 3,107

42,931 16,195

51,167 19,302

108,584 18,960

11,343

59,126

70,469

127,544

280

1,460

1,740

2,195

11,063

57,666

68,729

125,349

62

323

385

381

7

37

44

45

55

286

341

336

11,118

57,952

69,070

125,685

664

3,049

3,713

1,302

20,051

90,700

110,751

160,091

Deductions: Retirement benefits Cost-of-living benefits Supplemental retirement benefits Refunds Administrative expenses

4,608 809 15 72 58

32,989 9,035 254 221 312

37,597 9,844 269 293 370

34,951 9,485 311 106 355

Total deductions

5,562

42,811

48,373

45,208

14,489

47,889

62,378

114,883

155,003

813,658

968,661

853,778

$ 169,492

861,547

1,031,039

968,661



Total income from investment activity

Less investment expenses



Net income from investment activity



Income from securities lending activity



Less security lending expense



Net income from security lending activity

Net investment income

Transfers from affiliated systems

Total additions

Increase from operations Net position restricted for pensions beginning of year Net position restricted for pensions end of year

$

2014 Comprehensive Annual Financial Report

105

Utah Retirement Systems

Firefighters Retirement System

Schedules of Changes in the Employers’ Net Pension Liability by Division Year Ended December 31

(in thousands) Other Division A Other Division B Total (with Social Security) (without Social Security) All Divisions 2014 2013 2014 2013 2014 2013

Total pension liability $ 6,636 20,630 27,266 Service cost 7,158 22,419 11,387 60,103 71,490 Interest 10,840 59,419 — — — Benefit changes — — Difference between actual (1,199) (13,878) (15,077) and expected experience (1,812) (11,271) (4,028) (16,344) (20,372) Assumption changes — — (5,432) (42,278) (47,710) Benefit payments (4,889) (39,858) (72) (221) (293) Refunds — (106)

(13,083) — (44,747) (106)

7,292 Net change in total pension liability

8,012 11,297

30,603

15,304

41,900

156,494 Total pension liability — beginning

842,530 145,197

811,927

999,024

957,124

163,786 Total pension liability — ending (a)

850,542 156,494

842,530

1,014,328

999,024

29,577 70,259 —

Plan fiduciary net position Contributions — member 3,983 Contributions — employer 888 Fire insurance tax 3,398 Net investment income 11,118 Benefit payments (5,432) Refunds (72) Administrative expense (58) Net transfers with affiliated systems 664

3,977 14,348 14,317 745 2,749 4,626 2,748 8,537 10,756 19,648 106,037 57,952 (4,889) (39,858) (42,278) — (106) (221) (54) (301) (312) 796 506 3,049

18,300 5,514 14,154 69,070 (47,710) (293) (370) 3,713

18,325 3,494 11,285 125,685 (44,747) (106) (355) 1,302

Net change in plan fiduciary net position 14,489

22,971 47,889

91,912

62,378

114,883

Plan fiduciary net position — beginning 155,003

132,032 813,658

721,746

968,661

853,778

Plan fiduciary net position — ending (b) 169,492

155,003 861,547

813,658

1,031,039

968,661

1,491 (11,005)

28,872

(16,711)

30,363

101.3% 99.0%

101.6% 96.6%

97.0%

84,432

111,305 84,220

110,741

(15.0)%

27.4%

Net pension liability / (asset) — ending (a-b)

$ (5,706)

Plan fiduciary net position as a percentage 103.5% of the total pension liability Projected covered employee payroll

$ 26,873

Net pension liability as a percentage (21.2)% of covered employee payroll

26,521

(13.0)% 5.6%

34.3%

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

106

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Firefighters Retirement System

Schedules of Net Pension Liability by Division (dollars in thousands) (4) (6) Plan Net Position (3) Fiduciary Net (5) Liability as a (1) (2) Employers Position as a Projected Percentage Total Plan Net Pension Percentage Covered of Covered Pension Fiduciary Liability/ of the Total Employee Employee System Date Liability Net Position (Asset) Plan Liability Payroll Payroll

Firefighters Division A 12/31/13 $ 156,494 155,003 1,491 99.0% $ 26,521 5.6% (with Social Security) 12/31/14 163,786 169,492 (5,706) 103.5 26,873 (21.2) Firefighters Division B 12/31/13 $ 842,530 813,658 28,872 96.6% $ 84,220 34.3% (without Social Security) 12/31/14 850,542 861,547 (11,005) 101.3 84,432 (13.0) Total Firefighters 12/31/13 $ 999,024 968,661 30,363 97.0% $ 110,741 27.4% Retirement System 12/31/14 1,014,328 1,031,039 (16,711) 101.6 111,305 (15.0) Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

Firefighters Retirement System

Schedules of Employer Contributions by Division (dollars in thousands) Actuarial Determined System Year Ended Contribution

Contributions in Relation to the Actuarial Contribution Determined Deficiency Contribution (Excess)

Projected Covered Employee Payroll



Contributions as a Percentage of Covered Payroll

Firefighters Division A 2013 $ 3,493 3,493 (with Social Security) 2014 5,514 5,514

— 26,521 13.17% — 26,873 20.52

Firefighters Division B (without Social Security)

2013 2014

— —

Total Firefighters Retirement System

2013 $ 14,779 14,779 2014 19,668 19,668

$ 11,286 14,154

11,286 14,154

84,220 84,432

13.40% 16.76

— 110,741 13.35% — 111,305 17.67

Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.

2014 Comprehensive Annual Financial Report

107

Utah Retirement Systems (in thousands)

All Retirement Systems

Schedules of Administrative and Investment Expenses Year Ended December 31, 2014



Personal services: Salaries and wages Employee benefits

Total

$ 10,732 5,434 16,166

Total personal services

Professional services: Audit Actuarial services General counsel Banking services Security handling expense Investment advisor fees Other consulting services

458 275 1,456 69 1,214 40,337 2,302



46,111

Total professional services

Communications: Telephone Postage Total communications

162 647 809

Rentals: Office space Office equipment rental

987 417 1,404

Total rentals

Miscellaneous: Data processing Professional development Contractual services Supplies and maintenance Insurance and bonding premiums Office supplies Other Depreciation expense Total miscellaneous

Total administrative and investment expenses

Allocation of administrative expenses: Noncontributory Retirement System Contributory Retirement System Public Safety Retirement System Firefighters Retirement System Judges Retirement System Utah Governors and Legislators Retirement Plan Tier 2 Public Employees Retirement System Tier 2 Public Safety and Firefighter Retirement System 401(k) Plan 457 Plan Roth IRA Plan Traditional IRA Plan Health Reimbursement Arrangement (HRA)

Total administrative expenses

Investment administrative expense Investment advisor fees: Investment Fund 401(k) Plan 457 Plan Roth IRA Plan Traditional IRA Plan Health Reimbursement Arrangement (HRA)

Total investment expenses



108

2014 Comprehensive Annual Financial Report

Total administrative and investment expense allocations

363 414 358 167 568 43 183 665 2,761 $ 67,251 $

8,828 494 1,227 370 71 5 16 1 6,308 727 91 91 31 18,260 8,654 36,363 3,482 386 50 56 — 48,991

$ 67,251

Utah Retirement Systems 2014 Comprehensive Annual Financial Report

Defined Benefit Investments

111 Report on Investment Activity

114 Outline of Investment Policies and Investment Summary

115 Asset Allocation

116 10-Year Total Pension Investment Rates of Return

Investment Section

117 Comparative Investment Results

118 List of Largest Assets Held and Schedules of Fees and Commissions

119 Investment Professionals — Defined Benefit Investments Defined Contribution Plans

120 Investment Highlights

122 Plans Comparative Annualized Rates of Return

123 List of Largest Assets Held and Schedules of Fees and Commissions

124 Investment Professionals — Defined Contribution Plans

Utah Retirement Systems

10-Year Investment Comparison (in millions) $28,000

26,000

24,000

22,000

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0 ( i n m i l l i o n s ) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ w Absolute return Debt securities w w Short-term securities w Mortgages w Real assets w Private equity w Equities Totals

110

— 1,198 2,196 2,097 2,411 3,138 3,287 3,474 4,298 4,643 4,301 4,558 5,315 4,578 4,521 4,406 4,022 4,093 4,094 4,213 1,324 2,163 1,515 1,041 804 1,056 1,017 1,337 1,711 1,572 7 7 7 7 7 7 7 7 — — 2,353 3,330 3,772 3,280 2,799 3,024 2,886 3,094 3,147 3,780 612 803 1,150 1,442 1,411 1,840 2,254 2,594 2,840 3,170 10,061 9,804 9,029 5,120 7,104 7,521 7,323 8,272 9,675 9,577

$ 18,658 21,863 22,984 17,565 19,057 20,992 20,796 22,871 25,765 26,955

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Utah Retirement Systems

Defined Benefit Investments Report on Investment Activity UTAH STATE RETIREMENT BOARD

UTAH RETIREMENT SYSTEMS 560 East 200 South Salt Lake City, Utah 84102-2044 801-366-7700 800-365-8772 801-366-7734 FAX DANIEL D. ANDERSEN EXECUTIVE DIRECTOR

April 30, 2015 Utah State Retirement Board 560 East 200 South Salt Lake City, UT 84102-2044 Dear Members of the Utah Retirement Systems: The year 2014 was marked with a decrease in oil prices of over 40%, a significant strengthening of the United States (U.S.) dollar, and a change in central bank policies both domestic and abroad. In the fourth quarter, oil prices collapsed due to an increased supply of oil as demand weakened and the Organization of Petroleum Exporting Countries (OPEC) refused to cut production. Saudi Arabia did not want to lose customers and rather than cut supply to prop up oil prices, it felt it could keep those customers and fare better than the United States oil producers given its much lower cost structure. There were also political overtones to their strategy.

The second major story of the year was the strengthening of the U.S. dollar against both international developed and emerging markets. This was the result of a combination of factors, but the major themes appear to be an improving U.S. economy relative to the rest of the world, higher interest rates, and divergent central bank policies. Central bank policies led to the third story of the year where the Federal Reserve Bank (Fed) ended its quantitative easing program in the second half of the year in order to set the stage to raise interest rates in the future. On the other hand, the European Central Bank and the Bank of Japan announced initiatives to stimulate growth and fight deflation by easing or lowering interest rates. Thus their quantitative easing programs are likely to embolden them to run larger budget deficits. The global economy seems to be decoupling with Europe seeing little or no growth, China moving somewhat sideways unable to recover its growth rate since 2008, Japan lingers in deep recession, and the United States is growing, albeit slowly. One could argue that we could be entering a global stagnation. Geopolitically, the invasion of Ukraine by Russia did not seem to unsettle the markets. However, the fate of the European Union was called into question given the threat of default by Greece regarding its debt. Certainly the huge unemployment rates in Spain, Greece, and southern Europe impact large numbers of people. Whereas the relative prosperity of Germany and Austria diverges to such a degree from that of southern Europe it raises the question of the European Union’s viability. The Syrian conflict broadened bringing in Iraq, Iran,

2014 Comprehensive Annual Financial Report

111

Utah Retirement Systems

Defined Benefit Investments

(Continued)

and the Islamic State. The Ebola virus epidemic in West Africa was a brief concern. Although investors worry about such risks and conflicts, they generally don’t have lasting impacts on the market. As of the time of this letter, real gross domestic product (GDP) grew 2.4% in 2014 compared to 2.3% for 2013. On a relative basis, the United States performed well against the Eurozone which struggled with a 0.6% growth rate for the year. Whereas Japan contracted (1.4%). Emerging markets as a whole posted 4.4% growth in 2014 as compared to 4.7% in 2013. World output increased the same as the previous year at 3.3%. In the United States, The Institute for Supply Management (ISM) index was positive at 53.5 compared to 51.8 last year. An index number above 50 indicates that manufacturing and nonmanufacturing continued to expand. Real retail sales growth was softer from a year ago: 4.0% compared to 4.2%. Industrial production was higher than a year ago at 4.2% versus 2.9%. The consumer price index (CPI) continued to be benign at 1.6% for the year. The previous year CPI was 1.5%. The official unemployment number showed improvement from the previous year at 6.2% compared to 7.4%. The U.S. equity market was relatively strong in 2014 as compared to other markets. The equity market operated in a backdrop of low inflation, low interest rates, and low energy prices. Also, the unemployment rate continued to decline and wage growth increased. Thus corporate profits in the U.S. remained strong despite the strengthening of the U.S. dollar, lackluster global economic growth, and weak commodity prices. The Standard & Poors (S&P) 500 index returned 13.7% this year compared with 32.4% last year. The S&P 500 is indicative of large company stocks and most of the performance was attributed to this area. The small company stocks returned 4.9% and very small company stocks returned 3.7%. The broader equity market as measured by the Russell 3000 index returned 12.6%. In 2013, the U.S. saw a booming energy sector that contributed significantly to performance. This year the energy sector was off (33.4%) in the Russell 2000 index and off (12.2%) in the Russell 1000 index. Yet consumer confidence still remained strong. This could make for an interesting 2015 where U.S. stock markets now appear to be overvalued given where recent price/earnings ratios, cyclically-adjusted (Shiller) price earnings ratios, and profit margins now stand. Domestic equity markets turned in a sixth year of positive performance. However, international markets, both developed and emerging, did not fare as well. The developed international market as measured by the Europe Australia Asia Far East index (EAFE) returned 5.92% in local currency, but negative (4.9%) versus a positive 22.8% for the previous year in dollar terms. Emerging Markets as measured by the Morgan

112

2014 Comprehensive Annual Financial Report

Stanley Capital International (MSCI) Emerging Markets Net Index returned another negative year posting (1.8%) versus (2.6%) for the previous year. Global bonds as measured by the Barclays Global Aggregate returned a slight gain of 0.59% compared to the negative (2.6%) the previous year. Yet the hedged bond index for global bonds returned 7.58%. Thus, global bonds, just like foreign equities, did well in their local currencies but were overwhelmed by the strength of the U.S. dollar. The domestic bond market as measured by the Barclays Aggregate returned 6.0% as compared to a negative (2.0%) the previous year. Interest rates declined in 2014. This was somewhat surprising given the already low level of interest rates entering 2014. The 10-year Treasury note stood at 2.99% at the beginning of the year and ended the year at 2.17%. Given the Fed’s desire to raise rates, the market was somewhat surprised in the decrease in long-term rates. Thus the Fed has continued to be accommodative, keeping interest rates low until it feels comfortable the economy can sustain an increase in interest rates. Certainly, it would like to see this happen. This would indicate increasing economic growth and would give it increased capability to protect the economy in a downturn. However, the economic numbers don’t give it the opportunity at present. Interest rates have continued to decrease into the beginning of 2015. Private real estate continued to do well with another positive year of 11.8% versus 11.0% for the previous year as measured by the National Council of Real Estate Investment Fiduciaries (NCREIF). Public real estate as measured by the National Association of Real Estate Investment Trusts (NAREIT) Equity Index returned 27.2% compared to last year’s return of 2.5% and was the best performing asset class. As we look at economics and markets into the future using valuation metrics, we believe there is a possibility of a market correction. Obviously, markets have a history of volatility and we are very cognizant of that fact. We try to position the portfolio in such a way to protect principal as much as possible in negative equity markets. If we thought markets were very undervalued, we would position the portfolio differently. However, since the great recession of 2008, we have thought our current strategy is best and it has proven to be successful, given the added protection we have built into the portfolio to protect as much as possible against a negative equity market. Although that has not happened to a significant degree with global equity markets positive over the past six years (with the exception of 2011), the risk becomes greater as markets become more stretched and overvalued. Although the Utah Retirement Systems (Systems) may lose money in negative equity markets it expects to lose less than most of its peers because of how the portfolio is structured. By losing less money in negative equity markets, the compounding effect going forward is much greater, thus producing more wealth to the portfolio in

Utah Retirement Systems

Defined Benefit Investments

(Concluded)

the long run. However, positioning the portfolio to protect it in negative equity markets, with a more diversified portfolio, may also cause the portfolio to underperform in positive equity markets. The increased diversification into asset classes other than public equity may increase or lower the return somewhat. We believe that it’s the best model at present to meet the long-term obligations of the Systems and protect the participants’ benefits. In 2014, we saw global equity markets return 3.8% as measured by the MSCI All Country World Index Investable Market Indexes (ACWI IMI). The Systems’ global equity portfolio returned 3.9% for the year. Yet the Systems’ total portfolio return for the year was 7.5% putting it in the 23rd percentile in its peer group (number 1 being the best and number 100 being the worst). Thus, the Systems’ diversified portfolio outperformed the global equity market by 3.7%, compared well against its peers, and outperformed a more traditional portfolio that contains more equity exposure. Our alternative investments in private markets achieved an 11.6% return and added positive diversification for the 2014 year. We continue to invest prudently to achieve our assumed actuarial rate of return of 7.5%. At times, we are above this return, i.e., 2013, and at other times, we are below it, i.e., 2011. This year was very rare in that we exactly achieved our actuarial return. This is the sixth straight year of positive returns for the Systems that has exceeded its five-year return goal in a meaningful way. The Systems’ five-year cumulative return is 10.3% versus its actuarial goal of 7.5%. Its 10-year and 20-year cumulative returns are 6.8% and 8.52% respectively. Both returns include the time period of the great financial crisis of 2008-09. We have tried to build a portfolio to help weather any kind of economic regime and not just produce good returns in favorable economic scenarios. As I have discussed previously, a pension plan is never 100% funded all the time. Because of the vagaries of the market, it’s overfunded or underfunded at any given point in time. Certainly, the 2008-09 financial crisis caused the Systems to

be underfunded. Each year since 2008-09, we have made progress in our funding ratio. On a market value basis, we are now 88.5% funded versus 86% a year ago. This number represents a strong ability to meet our long-term liabilities. Just as our rate of return varies from year to year due to the volatility of the market, so our funding ratio is generally always above or below 100%. The U.S. economy has made significant progress in its deleveraging and appears to be approaching normalcy. However, given certain over valuations that have occurred and the very low interest rates, economic risk continues to rise. Short-term investors are tending to put money into low risk premium assets and then levering those returns in order to meet their short-term goals. We don’t agree with that strategy. We are patient and don’t believe in adding additional risk to an overvalued market. We have positioned ourselves to take advantage of cheaper prices if there is a market correction allowing us to earn higher returns in the future. We still expect markets to be volatile and thus we are not willing to add additional risk to the portfolio that we don’t believe will be rewarded. With relative good equity markets over the past six years, one could argue we should have positioned the portfolio with greater equity risk to take advantage of the continued economic recovery. We would argue we did exactly that, but in different asset classes where we could diversify the portfolio, lower our overall risk, achieve acceptable returns, and also be better positioned if the markets were to reverse course. If one chases returns in good times, one cannot simultaneously build protection for bad times. We still strongly believe we have a solid diversified portfolio that will be able to meet our long-term obligations.

Bruce H. Cundick, Chief Investment Officer

2014 Comprehensive Annual Financial Report

113

Utah Retirement Systems

Defined Benefit Investments

(Continued)

Outline of Investment Policies The governing body of the Utah Retirement Systems (Systems) is the seven member Utah State Retirement Board (Board). The Board is composed of the Utah State Treasurer, who serves as an ex-officio member, and six trustees who are appointed by the Governor. Four board members are appointed for their investment expertise, and two members are appointed to represent employee and employer interests. The Board has statutory authority to pool pension assets in the Utah Retirement Investment Fund (Fund). Statutes also establish that this Fund will be invested in accordance with the “prudent person rule.” The prudent person rule requires all members of the Board and investment staff to discharge their duties solely in the interest of Systems’ participants and beneficiaries and with the care, skill, prudence, and diligence that they would exercise in the conduct of their own affairs. To this end, a Statement of Investment Policy and Performance Objectives has been created for the Fund and adopted by the Board. The purpose of this Statement is to:

2014 Investment Summary (dollars in thousands)



l Outline the expected return and risk profile for the Fund; l Establish the target asset allocation mix and acceptable

rebalancing ranges;

l Describe plan and manager policies and objectives for

performance evaluation;

l Communicate investment performance standards to

investment managers.

The primary investment objectives are to preserve Fund assets and generate an appropriate level of risk-adjusted return to meet future pension obligations. The Systems periodically complete an asset allocation and liability study to determine the optimal portfolio diversification to meet those obligations.

2014 Increase Beginning Sales and (Decrease) Fair Value Purchases Redemptions in Fair Value

2014 Percent Ending of Total Fair Value Fair Value

Short-term securities Debt securities Equities Absolute return Private equity Real assets

$

1,711,194 4,094,119 9,674,621 4,298,264 2,839,908 3,147,036

93,396,429 33,061,944 2,346,933 2,054,341 585,706 1,093,842

(93,559,424) (32,991,141) (2,136,684) (1,821,125) (412,091) (676,879)

23,865 47,765 (308,061) 111,937 156,753 216,358

1,572,064 4,212,687 9,576,809 4,643,417 3,170,276 3,780,357

5.83 % 15.63 35.53 17.23 11.76 14.02

Totals

$ 25,765,142

132,539,195

(131,597,344)

248,617

26,955,610

100.00 %

114

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Defined Benefit Investments

(Continued)

The Systems’ investment portfolio includes strategic, long-term commitments in the following asset classes: Equities, Debt Securities, Real Assets, Private Equity, and Absolute Return. Asset allocation is reviewed in conjunction with the plan liabilities at least every five years.

Year-En d As s et Al l oca t i on a t Fa ir V a lue December 31, 2014

2 1

3

6 5

1 Equities (35.5%) 2 Absolute Return (17.2%) 3 Debt Securities (15.7%)

4

4 Real Assets (14.0%) 5 Private Equity (11.8%) 6 Short-Term Securities (5.8%)

December 31, 2007 2008 2009 2010 2011 2012 2013 2014

Equities securities 39.1% 29.2 37.3 35.8 35.2 36.2 37.5 35.5 Debt securities 23.3 26.1 23.7 21.0 19.4 17.9 16.0 15.7 Private equity 5.0 8.2 7.4 8.8 10.8 11.3 11.0 11.8 Real assets 16.4 18.7 14.7 14.4 13.9 13.5 12.2 14.0 Short-term securities 6.6 5.9 4.2 5.0 4.9 5.9 6.6 5.8 Absolute return 9.6 11.9 12.7 15.0 15.8 15.2 16.7 17.2

The Board’s policy is to establish a long-term strategic asset allocation that manages overall expected portfolio risk (volatility) and maximizes expected return without unduly constraining the discretionary, tactical decision-making process of the investment managers. To implement the asset allocation plan, the Executive Director, supported by the Board, staff, and consultant, selects appropriate money management experts to invest the Fund assets. This selection process includes the creation of specific search criteria, completion and documentation of analysis, and due diligence on potential candidates, and interviews completed by the staff and/or Board. It is not the staff or Board’s intention to be involved with the day-to-day decisions made by external investment managers. Internal investment staff also manages segments of the portfolio. All managers must acknowledge a co-fiduciary status to the Fund. All managers are expected to communicate with the staff at least quarterly. Managers’ portfolios are evaluated both against appropriate market indices and similar manager style groups. The investment policy outlines appropriate benchmarks. Investment return calculations are prepared using a time-weighted rate of return. The allocation of assets as reported to the board are as follows: Equity securities 38.5%, Debt securities 19.3%, Absolute return 17.6%, Private equity 11.9% and Real assets 12.7%. These allocation percentages differ from investment asset percentages presented in the MD&A and Statement of Fiduciary Net Position as a result of different methodologies used for categorizing investment assets for investment purposes versus financial statement presentation purposes.

Total portfolio 100.0% 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2014 Comprehensive Annual Financial Report

115

Utah Retirement Systems

Defined Benefit Investments

(Continued)

10-Year Total Pension Investment Rates of Return (in percents) 16

12

8

4

0

-4

-8

-12

-16

-20

-24 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (dollars in millions) (1) (2) (3) (4) Total Smooth Fair Actuarial Money Investment Expected Value Assumed Weighted Portfolio Rate of Rate of Interest Rate of Fair Value Return Return Rate Return

2005 $18,657 7.36% 8.96% 8.00% — 2006 21,861 11.10 14.77 8.00 — 2007 22,979 13.04 7.15 8.00 — 2008 17,565 (5.03) (22.30) 7.75 — 2009 19,058 6.11 12.88 7.75 — 2010 20,992 2.87 13.73 7.75 — 2011 20,796 1.34 2.89 7.50 — 2012 22,871 2.66 13.10 7.50 — 2013 25,765 11.03 14.89 7.50 14.55% 2014 26,955 10.20 7.52 7.50 7.94

116

2014 Comprehensive Annual Financial Report

(1) Smoothed Expected Rate of Return consists of investment income in excess or shortfall of the expected 7.50% on fair value smoothed over a 5-year period with 20% of a year’s excess or shortfall being recognized each year beginning with the current year. (2) Fair Value Rate of Return consists of cash income plus gains and losses due to changes in fair value, whether realized or unrealized (before deduction of investment fees). (For 2014, 7.32% net of fees.) (3) Actuarial Assumed Interest Rate is the assumed rate of return on the fair value of assets, and is used in establishing retirement contribution rates and in determining current benefit reserve requirements. (4) Money Weighted Rate of Return is calculated as the internal rate of return on pension plan investments, net of investment expenses .

Utah Retirement Systems

Defined Benefit Investments

(Continued)

Comparative Investment Results (1)(2)(3) Year Ended December 31, 2014 Investment Option Comparative Index

1 Year

3 Year

5 Year

10 Year

Global Equity ..................................................................................................... 3.93% 16.00% 11.87% 14.43 9.49 Russell Global Equity Index....................................................................... 3.94

6.94% 6.22

Global Debt Securities.................................................................................... 6.94 Fund Benchmark........................................................................................... 7.07

3.86 3.04

5.63 4.72

5.22 4.81

Real Assets**....................................................................................................... 13.99 U.S. Consumer Price Index + 5.0%.......................................................... 5.33

11.11 6.15

12.22 6.67

6.43 7.15

Private Equity***............................................................................................... 18.90 Private Equity Benchmark.......................................................................... 15.90

17.62 23.89

16.50 19.13

14.50 11.47

5.45 5.03

7.48 5.07

6.89 5.09

Short Term........................................................................................................... 0.09 3-Month Treasury Bills................................................................................. 0.03

0.10 0.07

0.11 0.09

2.24 1.54

Total Fund............................................................................................................ 7.52 Fund Benchmark........................................................................................... 6.01

11.80 10.39

10.30 9.23

6.79 6.81



Benchmark consisting of: 60% Barclays Capital Aggregate Bond Index 15% Barclays Capital Global Aggregate Bond Index Hedged 25% Barclays Capital World Government Inflation‐Linked Hedged Custom

Benchmark consisting of: 89% Russell 3000 Index + 3.5% 11% Russell 3000 Index + 2.0%

Absolute Return................................................................................................ 3-Month Treasury Bills + 5.0%..................................................................

Benchmark consisting of: 40% Russell Global Equity Index 18% 3-Month Treasury Bill + 5.0% 13% CPI-W+5% 12% Barclays Capital Aggregate Bond Index 8% Russell 3000 Index + 3.5% 5% Barclays Capital World Government Inflation‐Linked Hedged Custom 3% Barclays Capital Global Aggregate Bond Index 1% Russell 3000 Index + 2.0%

NA* NA*

CAI Public Fund —Very Large Database Median...............................

6.83

11.88

9.98

6.76

Inflation.................................................................................................................

0.32

1.15

1.66

2.14

(1) Investment measurement services provided by Callan Associates Inc. (2) Total rates of return include cash income plus gains and losses due to changes in fair value, whether realized or unrealized. (3) Investment return calculations were prepared using a time-weighted return. *Not available. **The non real estate portion of Real Assets only reflects returns for 1 year. Years 3, 5, and 10 are for real estate only using NCREIF Total Index Benchmark. ***The 10-year benchmark consists of 85% Russell 3000 Index + 3.5% and 15% Russell 3000 Index +2.0% prior to 9/30/2008.

2014 Comprehensive Annual Financial Report

117

Utah Retirement Systems

Defined Benefit Investments

(Continued)

List of Largest Assets Held

Schedules of Fees and Commissions

December 31, 2014

Year Ended December 31, 2014

L a r g e st Equit y Holdings

Broke r Commi ssi on F e e s

*

(By Fair Value) Description

Apple Inc. Nestle, SA Microsoft Corp. Exxon Mobile Corp. Wells Fargo & Co. Oracle Corp. Citigroup Inc. Novartis, AG Pfizer Inc. Johnson & Johnson

Shares

$

842,295 1,073,962 1,226,827 599,921 989,163 1,128,365 918,644 513,824 1,358,293 395,230

Fair Value

92,972,522 78,846,201 56,986,114 55,462,696 54,225,916 50,742,574 49,707,827 47,754,890 42,310,827 41,329,201

L a r g e st D ebt Sec urities H oldings (By Fair Value) Description

US Treasury Notes 1.5% Due 11-30-2019  

Par Value

Fair Value

$ 81,985,000

81,466,199

Government National Mortgage Assn. 4% Due 10-20-2044

53,591,232

57,576,812

US Treasury Notes Inflation Index .125% Due 07-15-2024 

58,565,000

56,402,540

US Treasury Bonds 1.375% Due 02-15-2044  

48,265,000

55,655,886

US Treasury Notes 2.25% Due 11-15-2024  

46,641,500

46,954,884

US Treasury Inflation IX Bond 0.625% Due 01-15-2024 

45,564,000

46,567,906

Republic of Italy Notes 2.35% Due 9-15-2024  

31,240,000

42,336,857

US Treasury Bonds 3.125% Due 08-15-2044 

38,848,500

41,822,819

Government of United Kingdom 1.875% Due 11-22-2022 16,947,624

41,251,998

US Treasury Notes 5.0% Due 11-30-2016

36,907,500

37,000,000

2014 Comprehensive Annual Financial Report

Total Commission Fees

Instinet 310,800 Merrill Lynch and Co., Inc. 174,981 JP Morgan Securities 129,315 Frank Russell SEC/Broadcort Goldman Sachs and Co. Deutsche Bank Securities, Inc.

97,470 95,116 87,050

UBS 79,986 MacQuarie Bank Limited 75,500 Westminster Research Associates 73,061 Barclays Capital, Inc. Jefferies & Company, Inc. Citibank Global Markets

71,821 70,893 67,684

HSBC Bank Investment Technology Group, Inc. PCS Securities

67,237 53,195 41,061

All others Total

954,381 $ 2,449,551

S che d u l e of I nv e stme nt F e e s a nd Commi ssi ons Investment advisor fees: Equity securities Debt securities Private equity Absolute return Short-term Real assets Total investment advisor fees

*A complete list of public traded securities is available upon request.

118

Broker

Investment brokerage fees Total fees and commissions

$ 25,688,067 5,831,763 1,877,326 2,414,716 579,307 — 36,391,179 2,449,551 $38,840,730

Utah Retirement Systems uses a commission recapture program as part of its trading strategies. During the year ending December 31, 2014, Utah Retirement Systems recaptured approximately $137,905 from the gross commission charges. This recaptured sum was used to cover or offset the $106,898 in investment expenses that otherwise would have been paid for with investment funds.

Utah Retirement Systems

Defined Benefit Investments

(Concluded)

Investment Professionals Abbott Capital Management, LLC 1290 Avenue of the Americas 9th Floor New York, NY 10104 AEW Capital Management L.P. World Trade Center East Two Seaport Lane Boston, MA 02110-2021 BlackRock Asset Management 40 East 52nd Street New York, NY 10022 BlackRock Realty Advisors One Boston Place 32nd Floor Boston, MA 02108 Brandes Investment Partners L.P. 11988 El Camino Real Suite 500 San Diego, CA 92130 CB Richard Ellis Global Investors 515 South Flower Street 31st Floor Los Angeles, CA 90071 CDAM LLP One Sansome Street Suite 1895 San Francisco, CA 94104 Cottonwood Partners 1389 Center Drive Suite 360 Park City, UT 84098

Dimensional Fund Advisors, Inc. 1299 Ocean Avenue 11th Floor Santa Monica, CA 90401 The Forest Company Heritage Hall, PO Box 225 Le Marchant St., St. Peter Port Guernsey, GV1 4HY, Channel Islands Founders Properties, LLC 10350 Bren Road West Hopkins, MN 55343-9014 Goldman, Sachs & Co./ Whitehall 85 Broad Street New York, NY 10004 Hancock Timber Resources Group 99 High Street Boston, MA 02110

TIAA-CREF Asset Management One Financial Plaza Hartford, CT 06103

Morgan Stanley Asset Management 1221 Avenue of the Americas 5th Floor New York, NY 10020

USAA Real Estate Company 9830 Colonnade Blvd. Suite 600 San Antonio, TX 78230

Portfolio Advisors 9 Old Kings Highway South Darien, CT 06820 Real Estate Capital Partners 114 West 47th Street New York, NY 10036 Sasco Capital 10 Sasco Hill Road Fairfield, CT 06824 Schneider Capital Management 460 East Swedesford Road Suite 1080 Wayne, PA 19087

Wasatch Advisors, Inc. 150 Social Hall Avenue Suite 400 Salt Lake City, UT 84111 WCM Investment Management 281 Brooks Street Laguna Beach, CA 92651

Utah Retirement Systems Consultants Albourne America LLC 655 Montgomery Street San Francisco, CA 94111

Hart Realty Advisors, Inc. One Mill Pond Lane Simsbury, CT 06070

Silchester International Investors, Inc. 780 Third Avenue 42 Floor New York, NY 10017

International Value Advisors 645 Madison Avenue 12th Floor New York, NY 10022

Standish Investment Management 201 Washington Street Suite 2900 Boston, MA 02108

JP Morgan Fleming Asset Management 227 West Monroe Chicago, IL 60606

The Praedium Group, LLC 825 Third Avenue 36th Floor New York, NY 10022

Longview Partners L.P. Thames Court 1 Queenhithe London EC4V 3RL United Kingdom

Torchlight Investors 230 Park Avenue New York, NY 10169

Callan Associates, Inc. 101 California Street Suite 3500 San Francisco, CA 94111 Russell Implementation Services, Inc. 1301 Second Ave. 18th Floor Seattle, WA 98101 The Northern Trust Company 50 South LaSalle Street Chicago, IL 60675

2014 Comprehensive Annual Financial Report

119

U tah

R et i re me nt

Syste m s

Utah Retirement Systems

Defined Contribution Benefit Investment Plans Investment Highlights Utah Retirement Systems’ 401(k), 457, Roth and traditional IRAs are tax-advantaged retirement savings plans authorized under sections 401(k), 457(b), and 408 of the Internal Revenue Code. These plans are available to employees of the state, local 3

government, and public education employers throughout Utah.

4

2

5

1

13

14

8

12 9 11

10

1 Income Fund (18.76%) 2 Bond Fund (5.12%) 3 Balanced Fund (10.07%) 4 Large Cap Stock Value Fund (6.21%) 5 Large Cap Stock Index Fund (12.17%) 6 Large Cap Stock Growth Fund (5.82%) 7 International Fund (4.08%) 8 Small Cap Stock Fund (6.29%) 9 Short Horizon Fund (4.90%) 10 Medium Horizon Fund (9.95%) 11 Long Horizon Fund (12.10%) 12 Brokerage Window (3.01%) 13 Tier 2 DC Nonvested (1.11%) 14 HRA Fund (0.41%)

120

6

D efined Contri b u ti on P lans Investm e nts

7

December 31, 2014 (in thousands) Investment Options

Total

Income Fund $ Bond Fund Balanced Fund Large Cap Stock Value Fund Large Cap Stock Index Fund Large Cap Stock Growth Fund International Fund Small Cap Stock Index Fund Short Horizon Fund Medium Horizon Fund Long Horizon Fund Brokerage Window Tier 2 Nonvested HRA Fund Totals

2014 Comprehensive Annual Financial Report

835,138 228,078 448,186 276,331 541,653 259,291 181,770 280,066 218,288 442,728 538,509 133,992 49,367 18,082

$4,451,479

The participants of the plans had a choice of 11 core investment funds and a brokerage window in which their monies may be invested. Each participant may choose one or a combination of the core funds. The table to the left shows the total investments in the various investment options. The asset graph to the right of the table shows the asset distribution as of December 31, 2014.

Investment and Administrative Expenses There are no front-end load, redemption, or other hidden fees associated with these plans. All costs reflected in the table below are deducted from earnings prior to posting to participant accounts and do not appear as separate items on participant statements. The administrative fee for the brokerage window account is a flat rate of $25 per quarter. Investment fees and broker commissions are paid by the participant according to the trading and securities selected within the brokerage window.

Utah Retirement Systems

Defined Contribution Investment Plans

(Continued)

By administering the defined contribution plans internally rather than through a third party, expenses are kept at very low levels to maximize earnings to each participant. The table below shows these expenses to be nominal when compared to much higher fees on most annuities, mutual funds, and insurance contracts. An annual account maintenance fee of $15 is assessed to inactive accounts with combined 401(k), 457, Roth and traditional IRA balances of less than $5,000. There is a $60 one-time service fee for loans, and a 2% fee for short-term trading (more frequently than 30 days).

The investments described are not FDIC insured; not deposits or obligations of, or guaranteed by, any financial institution; and not guaranteed by the Utah Retirement Systems or any government agency. The past performance of any of these funds does not guarantee future results.

2014 In ves tment S ummary and I nv e stm e nt a nd A d m i ni stra ti v e F e e s

(dollars in thousands)

Fund

2014 Increase 2014 Percent AdminBeginning Sales and (Decrease) Ending of Total Investment istrative Fair Value Purchases Redemptions in Fair Value Fair Value Fair Value Fees Fees

Income Fund Bond Fund Balanced Fund Large Cap Stock Value Fund Large Cap Stock Index Fund Large Cap Stock Growth Fund International Fund Small Cap Stock Index Fund Short Horizon Fund Medium Horizon Fund Long Horizon Fund Brokerage Window Tier2 Nonvested Fund HRA Fund

$ 864,944 207,968 409,404 254,297 479,335 217,723 195,367 297,336 204,141 392,126 507,317 124,739 24,780 14,662

52,168 38,464 25,399 26,321 26,042 36,596 10,546 15,494 28,721 53,707 35,877 28,127 23,187 6,061

81,878 25,675 11,310 19,598 (271,011) 13,844 12,767 26,246 18,541 11,029 14,401 15,809 1 2,641

(96) 7,321 24,693 15,311 (234,735) 18,816 (11,376) (6,518) 3,967 7,924 9,716 (3,065) 1,401 —

835,138 228,078 448,186 276,331 541,653 259,291 181,770 280,066 218,288 442,728 538,509 133,992 49,367 18,082

Totals

$ 4,194,139

406,710

(17,271)

(166,641)

4,451,479

18.76% 5.12 10.07 6.21 12.17 5.82 4.08 6.29 4.90 9.95 12.10 3.01 1.11 0.41

0.30% 0.12 0.26 0.42 0.03 0.29 0.07 0.37 0.21 0.22 0.24 N/A 0.22 0.37

0.16% 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 N/A 0.16 0.16

Total Fees

0.46% 0.28 0.42 0.58 0.19 0.45 0.23 0.53 0.37 0.38 0.40 N/A 0.38 0.53

100.00%

2014 Comprehensive Annual Financial Report

121

Utah Retirement Systems

Defined Contribution Investment Plans

(Continued)

Defined Contribution Plans Comparative Annualized Rates of Return Year Ended December 31, 2014 Annualized

Investment Option

Comparative Index 1-Year 3-Year 5-Year 10-Year

Income Fund ....................................................................... Treasury Bills Index.......................................................

1.79 1.86 3.04% 1.61% % % 0.03 0.07 0.09 1.54

Bond Fund............................................................................ Barclays Capital Aggregate Bond Index..............

5.90 5.97

4.66 2.66

5.30 4.45

5.40 4.71

Balanced Fund.................................................................... Balanced Index (1)...........................................................

9.04 10.56

15.49 13.18

11.57 11.29

7.52 6.87

Large Cap Stock Value Fund....................................... Russell 1000 Value Index...........................................

10.34 13.45

23.59 20.89

15.43 15.42

7.00 7.30

Large Cap Stock Index Fund....................................... Large Cap Stock Index (2).............................................

12.96 13.24

20.30 20.62

15.08 15.36

7.39 7.63

Large Cap Stock Growth Fund................................... Russell 1000 Growth Index.......................................

11.77 13.05

20.74 20.26

15.03 15.81

8.94 8.49

International Fund........................................................... International Blended Index (3).................................

(3.90) (3.89)

9.20 9.22

4.06 3.79

3.89 3.67

Small Cap Stock Fund..................................................... Russell 2000 Index........................................................

4.27 4.89

20.47 19.21

17.11 15.55

8.57 7.77

Short Horizon Fund......................................................... Short Horizon Index (4).................................................

4.21 3.69

6.99 5.30

6.23 5.37

5.24 4.55

Medium Horizon Fund................................................... Medium Horizon Index (5)...........................................

4.67 4.22

9.84 8.38

7.90 7.32

5.83 5.38

Long Horizon Fund.......................................................... Long Horizon Index (6)..................................................

3.69 3.73

11.84 10.99

8.74 8.38

5.69 5.42

Tier 2 DC Nonvested........................................................ Medium Horizon Index...............................................

4.67 4.22

9.84 8.38

NA NA

NA NA

HRA Fund.............................................................................. Treasury Bills Index.......................................................

0.00 0.03

0.00 0.07

0.00 0.09

NA NA

Past performance does not guarantee future results. All fund returns are reported net of investment and administrative fees. All returns for periods greater than one year are annualized. Investment return calculations were prepared using a time-weighted return. Comparative indexes below reflect current asset allocation targets. (1) Balanced Index: 60% S&P 500 Index, 40% Barclays Capital Aggregate Bond Index (2) S&P 500 Index through 6/30/11, Russell 1000 Index thereafter (3) MSCI EAFE Index through 3/31/11, then MSCI ACWI ex US IMI Index thereafter

122

2014 Comprehensive Annual Financial Report

(4) Short Horizon Index: 15% Treasury Bills, 35% BC Aggregate Bond, 10% BC Global Inflation-Linked Bonds, 10% BC Global Agg Unhdg, 13% Russell 1000, 10% MSCI ACWI ex-US IMI, 4% Russell 2000 and 3% DJI UBS Commodity Idx (5) Medium Horizon Index: 30% BC Aggregate Bond, 5% BC Global Infl-Lk Bd Hdg, 10% BC Glob Agg Unhdg, 23% Russell 1000, 18% MSCI ACWI ex-US IMI, 5% Russell 2000, 4% EPRA/ NAREIT Dev Idx and 5% DJI UBS Commodity Idx (6) Long Horizon Index: 15% BC Aggregate Bond, 5% BC Glob Agg Unhdg, 28% Russell 1000, 28% MSCI ACWI ex-US IMI, 9% Russell 2000, 8% EPRA/NAREIT Dev Idx and 7% DJI UBS Commodity Idx

Utah Retirement Systems

Defined Contribution Investment Plans

(Continued)

List of Largest Assets Held

Schedules of Fees and Commissions

December 31, 2014

Year Ended December 31, 2014

La rgest Equity Holdings

S u mma ry of Broke r Commi ss i o n s

(By Fair Value) Description

Apple Inc. MasterCard Inc. Facebook Inc. VISA Inc. Biogen IDEC Inc. Gilead Sciences Inc. Celgene Corp. Amazon.com Inc. Google, Inc. Exxon Mobil Corp.

Shares

Fair Value

381,807 $ 42,143,857 233,665 20,132,576 235,885 18,403,748 66,352 17,397,494 49,878 16,931,087 175,670 16,558,654 128,454 14,368,864 44,709 13,875,438 25,579 13,464,786 142,500 13,174,125

La rgest Debt S ec urities H oldings (By Fair Value) Description

Par Value

Fair Value

Broker

Frank Russell Sec/Broadcort Instinet Investment Technology Group Jefferies & Company Morgan Stanley Bear Stearns

53,758 22,839 14,859 14,695 7,449 7,012 6,054 5,032 4,486 .

Credit Suisse First Boston Merrill Lynch Knight Equity Markets

3,874 3,631 3,458

Stifel Nicolaus and Company Robert W. Baird & Co. Wachovia Capital Markets

3,047 2,408 2,016

39,306,994

All others

Bank of America Tri-Party Repo

38,700,000

38,700,000

Total

US Treasury Note 0.625% 8/31/2017

21,665,000

21,458,511

US Treasury Note 2.625% 8/15/2020

19,285,000

20,139,268

US TII 0.125% 4/15/2018 (TIPS)

12,860,794

12,814,576

Federal Home Loan Mortgage Corp. POOL #849327 ADJ RT 05-01-2044 

12,191,889

12,709,049

United States Treasury Notes 1.5 DUE 07-31-2016 

12,320,000

12,585,979

Federal Home Loan Mortgage Corp. SR 4283 CL EW VAR RT 12-15-2043 

10,702,000

11,836,464

Federal Home Loan Bank debenture 1.25% 6/08/18

11,895,000

11,808,131

Freddie Mac debenture 1.375% 5/1/2020

11,500,000

11,214,409

31,236 $ 185,854

S che d u l e of I nv e stme nt F e e s Investment advisor fees: Debt securities, domestic $ 1,669,514 Debt securities, international 149,571 Equity investments, domestic 1,757,979 Equity investments, international 396,858 Total investment advisor fees Investment brokerage fees

*A complete list of public traded securities is available upon request.

$

Goldman Sachs Barclays Capital ISI Group Inc.

$ 39,855,000

US Treasury Note 0.75% 2/28/2018

Total Commission Fees

Total fees and commissions

3,973,922 185,854 $ 4,159,776

Utah Retirement Systems uses a commission recapture program as part of its trading strategies. During the year ending December 31, 2014, Utah Retirement Systems recaptured $39,407 from the gross commission charges. This recaptured sum was used to cover or offset the $68,207 in investment expenses that otherwise would have been paid for with investment funds.

2014 Comprehensive Annual Financial Report

123

Utah Retirement Systems

Defined Contribution Investment Plans

(Concluded)

Investment Professionals Defined Contribution Plans Investment Professionals Ameriprise Trust Company 940 Ameriprise Financial Center Minneapolis, MN 55474 (Income Fund and Short Horizon Fund) BlackRock Asset Management 40 East 52nd Street New York, NY 10019 (Short, Medium, and Long Horizon Funds) Charles Schwab 101 Montgomery Street San Francisco, CA 94104 (Brokerage Window) Dimensional Fund Advisors, Inc. 6300 Bee Cave Road Austin, TX 78746 (Small Cap Stock Fund and Short, Medium, and Long Horizon Funds) Dodge & Cox Investment Managers 555 California Street 40th Floor San Francisco, CA 94104 (Bond Fund, Large Cap Stock Value Fund, Balanced Fund, and Short, Medium, and Long Horizon Funds) European Investors 640 Fifth Avenue 8th Floor New York, NY 10019 (Short, Medium, and Long Horizon Funds)

124

2014 Comprehensive Annual Financial Report

Jennison Associates, LLC 466 Lexington Avenue New York, NY 10017 (Balanced Fund, Large Cap Stock Growth Fund, and Short, Medium, and Long Horizon Funds) Standish 201 Washington Street Suite 2900 Boston, MA 02108 (Short, Medium, and Long Horizon Funds) The Northern Trust Company 50 South LaSalle Street Chicago, IL 60675 (Balanced Fund, HRA Fund, Large Cap Stock Growth Fund, International Fund, and Short, Medium, and Long Horizon Funds) Utah Retirement Systems 560 East 200 South Salt Lake City, UT 84102 (Large Cap Stock Index Fund, Short, Medium, and Long Horizon Funds) Vermillion Asset Management 267 Fifth Avenue New York, NY 10016 (Short, Medium, and Long Horizon Funds) Waddell & Reed Asset Management Group 6300 Lamar Avenue Shawnee Mission, KS 66201 (Balanced Fund, Large Cap Stock Growth Fund, and Short, Medium, and Long Horizon Funds)

Utah Retirement Systems 2014 Comprehensive Annual Financial Report

127 Actuary’s Certification Letter

130 Summary of Actuarial Assumptions and Methods

136 Calculation of Actuarial Value of Assets

136 Actuarial Value of Assets by System

136

Actuarial Section

Analysis of Financial Experience

137 Member and Employer Contribution Rates

140 Schedules of Funding Progress

142 Solvency Tests

144 Schedules of Active Member Valuation Data

146 Schedules of Retirants and Beneficiaries

148 Defined Benefit Systems Summaries of Plan Provisions

157 Changes in Plan Provisions

158 Defined Contribution Savings Plans Summary of Plan Provisions

Utah Retirement Systems

Funding Progress with Funding Ratios (dollars in billions) $30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

( d o l l a r s i n b i l l i o n s ) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

w Actuarial value of assets $ 16.4 18.1 20.3 19.9 20.8 21.1 21.1 21.4 23.4 25.5 w Accrued actuarial liability 17.6 18.8 21.3 22.9 24.3 25.7 26.6 27.9 29.2 30.0 Funding Ratios

126

93%

2014 Comprehensive Annual Financial Report

96%

95%

87%

86%

82%

79%

77%

80%

85%

Utah Retirement Systems

Actuary’s Certification Letter

5605 N. MacArthur Blvd. Suite 870 Irving, TX 75038-2631

Gabriel Roeder Smith & Company Consultants & Actuaries

469.524.0000 phone 469.524.0003 fax www.gabrielroeder.com

August 19, 2014 Utah State Retirement Board 560 East 200 South Salt Lake City, UT 84102 Dear Members of the Board:

Subject: Certification of 2014 Actuarial Valuation This letter certifies that the actuarial valuation report describes the current actuarial condition of the Utah Retirement Systems (URS), determines the calculated employer contribution rates, and analyzes changes in these contribution rates. In addition, it provides various summaries of data. Valuations are prepared annually as of January 1, the first day of the URS plan year. This letter was prepared at the request of the Board and is intended for use for the annual Comprehensive Annual Financial Report.

Financing objectives and funding policy

Under URS statutes, the Board of Trustees must certify employer contribution rates annually. These rates are determined actuarially, based on the Board’s funding policy, although, as discussed below, under certain circumstances the Board may choose not to reduce the current rate if it is greater than the actuarially calculated rate. Contribution rates determined by a given actuarial valuation become effective eighteen months after the valuation date. In other words, the rates determined by this January 1, 2014 actuarial valuation will be used by the Board when certifying the employer contribution rates for the year beginning July 1, 2015 and ending June 30, 2016. If new legislation is enacted between the valuation date and the date the contribution rates become effective, the Board may adjust the calculated rates before certifying them, in order to reflect this new legislation. Such adjustments are based on information supplied by the actuary.

To accomplish this, the Board’s funding policy requires that the employer contribution rate be at least equal to the sum of the employer normal cost rate (which pays the current year’s cost) and an amortization rate which results in the amortization of the UAAL over 20 years in installments that increase at the assumed rate of growth in payroll for URS, currently 3.50%.

In setting contribution rates, the Board’s principal objectives are: l

To set rates so that the unfunded actuarial accrued liability (UAAL) will be amortized over a reasonable period from the current valuation date.

l

To set rates so that they remain relatively level over time.

Under this policy, the objective of maintaining a relatively level contribution rate over time is achieved in normal conditions such as consistent financial markets. Section 49-11-301(5) to the Utah Code allows the Board to set the employer contribution rate at the prior year’s rate, if the rate otherwise would decrease and if the funded ratio is less than 110%. In such a case, the rate set by the Board would be higher than the actuarially determined contribution rate. The purpose of this legislation is to enhance the Board’s ability to maintain more-level contribution rates while targeting a 100% - 110% funded level. The Board has historically followed this policy, so for some funds the recommended contribution rate may be greater than the actuarially determined rate.

2014 Comprehensive Annual Financial Report

127

Utah Retirement Systems

Actuary’s Certification Letter

(Continued)

Progress toward realization of financing objectives

Assumptions and methods

The funded ratio (the ratio of the actuarial value of assets to the actuarial accrued liability) is a standard measure of a plan’s funded status. In the absence of benefit improvements, it should increase over time, until it reaches at least 100%. For all systems on a combined basis, the funded ratio increased from 77.1% to 81.7% as of January 1, 2014. This increase was due to the recognition of favorable investment and liability experience, as well as the adoption of recommended assumptions resulting from an assumption review conducted in 2014. Absent unfavorable actuarial experience, we expect the funded ratio to gradually increase in future years. If market value had been used in the calculation instead of actuarial value, the aggregate funded ratio for all funds combined would have been 87.6% compared to 79.9% in the prior year. The increase in the funded ratio on a market value basis is largely due to asset return exceeding the expected return assumption during calendar year 2013. Specifically, the market value of assets earned a 14.8% return on a dollarweighted basis for the 2013 calendar year, net of expenses, which provided $1.6 billion more in assets than was expected.

The Board, in consultation with the actuary, sets the actuarial assumptions and methods used in the valuation. Current Board policy is to have the actuary perform an experience study every three years. In connection with the appropriate valuation, the actuary conducts a thorough review of the plan experience for the preceding five years, and then makes recommendations to the Board. An experience analysis was carried out in connection with this valuation, and as a result, we recommended, and the Board adopted a number of changes in the actuarial assumptions. Our recommendations included: l Decrease the wage inflation assumption for all employee

groups from 3.75% to 3.50%. Modify the rate of salary increases for most of the groups.

l Decrease the payroll growth assumption from 3.5%

to 3.25%.

l Improve the post-retirement mortality assumption for

female educators.

l Minor adjustments to the pre-retirement mortality

assumption.

l Modify the retirement rates for most groups. The changes

Benefit provisions The benefit provisions reflected in this valuation are those which were in effect on January 1, 2014, or which were adopted by the end of the 2014 legislative session and are effective on or before July 1, 2014. There were no legislative changes enacted since the previous valuation that had a measurable effect on the current valuation.

generally resulted in an overall decrease in rates at which active members are assumed to retire.

l Modify the termination rates which generally resulted

in overall increase in rates at which active members assumed to terminate for most groups.

l Modify the disability rates for some groups. The rates

of disability incidence were generally decreased for those groups.

Gabriel Roeder Smith & Company 128

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Actuary’s Certification Letter

(Concluded)

The investment return assumption remains unchanged at 7.5%. This investment return assumption was reviewed in detail and we determined its use continued to be appropriate for performing the January 1, 2014 actuarial valuation. The actuary reviews the investment return assumption each year and provides consultation to the Board regarding its appropriateness. The Board has the authority to change this assumption each year. The demographic assumptions are reviewed in detail every three years. The next experience analysis to review the demographic assumptions is scheduled for 2017. The results of the actuarial valuation are dependent on the actuarial assumptions used. Actual results can and almost certainly will differ, as actual experience deviates from the assumptions. Even seemingly minor changes in the assumptions can materially change the liabilities and calculated contribution rates. It is our opinion that the recommended assumptions are internally consistent and are reasonably based on past and anticipated future experience of the System.

Data Member data for retired, active and inactive members was supplied as of December 31, 2013 by the URS staff. The staff also supplied asset information as of December 31, 2013. We did not audit this data, but we did apply a number of tests to the data, and we concluded that it was reasonable and consistent with the prior year’s data. GRS is not responsible for the accuracy or completeness of the information provided to us by URS.

Certification We certify that the information presented herein is accurate and fairly portrays the actuarial position of URS as of January 1, 2014. We prepared the accompanying Summary of Actuarial Assumptions and Methods, but the URS staff prepared the other supporting schedules in this section and the trend tables in the financial section based on information supplied in our report. The staff rolls forward to December 31 the actuarial liabilities supplied in our report as of January 1, and the staff computes the actuarial value of assets as of December 31. These procedures have been reviewed by us and found reasonable. All of our work conforms with generally accepted actuarial principles and practices and with the Actuarial Standards of Practice issued by the Actuarial Standards Board. In our opinion, our calculations also comply with the requirements of Utah state law and, where applicable, the Internal Revenue Code, ERISA, and the Statements of the Governmental Accounting Standards Board. The undersigned are independent actuaries and consultants. Mr. White is an Enrolled Actuaries and a Member of the American Academy of Actuaries and meets the Qualification Standards of the American Academy of Actuaries. Both consultants below are experienced in performing valuations for large public retirement systems. Sincerely,

Lewis Ward, Consultant

Daniel J. White, FSA, EA, MAAA, Senior Consultant

Gabriel Roeder Smith & Company

2014 Comprehensive Annual Financial Report

129

U tah

R et i re me nt

Syste m s

Utah Retirement Systems

Summary of Actuarial Assumptions and Methods as of January 1, 2014

a) The actuarial valuation was prepared using the entry age actuarial cost method. As described in the certification letter, the contribution rates are set based on the board’s funding policy, which states the contribution rate will not be less than the amount needed to amortize the unfunded actuarial accrued liability of each System over a 20-year period from the valuation date (January 1, 2014). In calculating this minimum, amortization payments are designed to remain level as a percent of payroll, and payroll is assumed to increase 3.25% per year. Under this method, actuarial gains and losses are identified and amortized as part of the unfunded actuarial accrued liability over a 20-year period.

b) The future investment earnings of the assets of the

Systems are assumed to accrue at an annual rate of 7.50%, compounded annually. This rate is made up of a 2.75% assumed inflation rate and a 4.75% assumed real rate of return. This assumption was adopted January 1, 2011.

c) The total rates of assumed annual salary increase are

shown on the actuarial schedule on page 135. The rates include increases due to promotion and longevity and a 3.50% per annum rate of increase in the general wage level of the membership. Salaries of judges are assumed to increase at 3.50%. All of these assumptions were adopted January 1, 2014.

130

2014 Comprehensive Annual Financial Report

d) Post-retirement benefit increases are based on the

Consumer Price Index (CPI), limited by the provisions of each System. For members of the Public Safety Retirement System, annual increases are assumed to be 2.5% or 2.75%. All other Systems’ annual increases are assumed to be 2.75%. Increases are based on the member’s original retirement allowance except in the Judges Retirement System where increases are compounded. For current retirees who have received cumulative COLAs less than the total of annual CPI increases since retirement, higher COLAs are assumed, subject to the annual maximum (2.5% or 4% for Public Safety and 4% for all other Systems), as long as the member has “banked” CPI increases left.

e) Tables of mortality rates for male members retired

for service and beneficiaries (except educators) were developed from a standard mortality table. Mortality rates for male retired educators were developed from actual experience of that group. Mortality rates for

Utah Retirement Systems

Summary of Actuarial Assumptions and Methods (Continued) as of January 1, 2014

Ret ired M ember Mortality Class of Member

Educators Men EDUM (90%) Women EDUF (100%)

Public Safety and Firefighters Men RP 2000mWC (100%) Women EDUF (120%)

Local Government, Public Employees Men RP 2000mWC (100%) Women EDUF (120%) EDUM = Constructed mortality table based on actual experience of male educators multiplied by given percentage EDUF = Constructed mortality table based on actual experience of female educators multiplied by given percentage RP 2000mWC = RP 2000 Combined mortality table for males with white collar adjustments multiplied by given percentage

female members retired for service and beneficiaries were developed from actual experience of the female educators. The mortality basis is dependent upon the member’s class and gender as shown above. These base rates are adjusted for future improvement in mortality using published Scale AA projected from the year 2000. With the exception of the female educators, these rates were adopted January 1, 2011, the female educators assumptions was adopted January 1, 2014. Mortality rates for active members use the RP 2000 employees mortality tables as the underlying assumption with scaling factors applied based on employee group and gender. The assumptions were adopted effective January 1, 2014.

f) Mortality among disabled members is based on a special 1981 Disability Table developed from the Systems’ experience. The rates for males and females are also adjusted for future improvement in mortality using published Scale AA projected from the year 2000.

g) Other demographic assumptions regarding retirement, mortality, disablement, and termination from employment are illustrated in the following actuarial schedules.

The retirement assumptions illustrated are for members of the Systems who are eligible to retire with 30 years of service (35 years of service for Tier 2). For public employees the rates vary by age and eligibility for reduced or unreduced retirement. For Public Safety, Firefighters, and Judges the rates vary by age and service groupings. Rates of assumed termination from employment are assumed to vary by years of service. All terminating members who are not eligible for vested benefits are assumed to withdraw their contributions immediately. Vested members are assumed to withdraw their contributions and forfeit the right to further benefits at the rates illustrated.

h) The Retirement Board uses the expected rate of return

method for calculating the actuarial value of assets. This method is based on the total earnings of the commingled investments and spreads the excess/ shortfall of actual investment returns over or under the expected return over five years. One-fifth of the excess/ shortfall is recognized each year. The actuarial values of assets under this method were calculated and reported to us by the Systems’ staff.

i) All of the actuarial assumptions were renewed

or adopted by the Retirement Board in 2014, as recommended by the actuary. The assumptions for Tier 2 members are the same as the Tier 1 members, except for retirement rates.

2014 Comprehensive Annual Financial Report

131

Utah Retirement Systems

Summary of Actuarial Assumptions and Methods

(Continued)

as of January 1, 2014

Percent Retiring Within Next Year Among Active Members





Eligible for Retirement

Male Female Governors and State and School Division State and School Division Local Local Legislators Retirement Public Government Public Government Retirement Age Educators Employees Division Educators Employees Division Plan

Tier 1 Noncontributory and Contributory Retirement Systems Adopted January 1, 2014

50 20.00% 15.00% 15.00% 30.00% 17.00% 20.00% 0.00% 51 20.00 15.00 15.00 30.00 16.00 20.00 0.00 52 20.00 15.00 15.00 30.00 16.00 20.00 0.00 53 20.00 15.00 15.00 14.00 16.00 20.00 0.00 54 12.00 15.00 15.00 14.00 16.00 20.00 0.00 55 12.00 16.00 15.00 14.00 16.00 25.00 0.00 56 12.00 16.00 15.00 18.00 16.00 25.00 0.00 57 12.00 16.00 15.00 18.00 16.00 25.00 0.00 58 12.00 16.00 15.00 18.00 20.00 25.00 0.00 59 12.00 16.00 15.00 18.00 20.00 25.00 0.00 60 23.00 20.00 20.00 30.00 30.00 30.00 0.00 61 23.00 20.00 20.00 30.00 30.00 30.00 0.00 62 30.00 33.00 23.00 35.00 30.00 30.00 100.00 63 30.00 33.00 23.00 35.00 30.00 30.00 100.00 64 30.00 30.00 23.00 30.00 30.00 30.00 100.00 65 30.00 22.00 23.00 30.00 26.00 25.00 100.00 66 30.00 22.00 30.00 30.00 26.00 25.00 100.00 67 30.00 22.00 22.00 30.00 22.00 25.00 100.00 68 30.00 22.00 22.00 23.00 22.00 25.00 100.00 69 25.00 22.00 22.00 23.00 22.00 25.00 100.00 70 20.00 22.00 22.00 23.00 22.00 20.00 100.00 71 20.00 22.00 18.00 23.00 22.00 15.00 100.00 72 20.00 22.00 18.00 23.00 22.00 15.00 100.00 73 20.00 22.00 18.00 23.00 22.00 15.00 100.00 74 20.00 22.00 18.00 23.00 22.00 15.00 100.00 75 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Percent Retiring Within Next Year Among Active Members Eligible for Retirement



Tier 1 Public Safety Retirement System Adopted January 1, 2014

Retirement Retirement Retirement Retirement Retirement Retirement Age Age Age Age Age Age

45 20.00% 46 20.00 47 20.00 48 20.00 49 20.00

50 20.00% 51 20.00 52 20.00 53 20.00 54 20.00



59 20.00% 60 20.00 61 20.00 62 35.00

63 35.00% 64 35.00 65 50.00 66 50.00

67 50.00% 68 50.00 69 50.00 70 100.00

Percent Retiring Within Next Year Among Active Members Eligible for Retirement



Tier 1 Firefighters Retirement System Adopted January 1, 2014

Retirement Retirement Retirement Retirement Retirement Retirement Age Age Age Age Age Age

45 15.00% 46 15.00 47 15.00 48 15.00 49 15.00

50 15.00% 51 15.00 52 15.00 53 15.00 54 15.00



55 20.00% 56 20.00 57 20.00 58 20.00

59 20.00% 60 22.50 61 22.50 62 25.00

63 25.00% 64 25.00 65 50.00 66 50.00

67 50.00% 68 50.00 69 50.00 70 100.00

Percent Retiring Within Next Year Among Active Members Eligible for Retirement



Judges Retirement System Adopted January 1, 2014

132

55 20.00% 56 20.00 57 20.00 58 20.00

Retirement Retirement Retirement Retirement Retirement Retirement Age Age Age Age Age Age

45 10.00% 46 10.00 47 10.00 48 10.00 49 10.00

2014 Comprehensive Annual Financial Report

50 10.00% 51 10.00 52 10.00 53 10.00 54 10.00

55 10.00% 56 10.00 57 10.00 58 10.00

59 10.00% 60 10.00 61 10.00 62 20.00

63 20.00% 64 20.00 65 20.00 66 20.00

67 20.00% 68 20.00 69 20.00 70 100.00

Utah Retirement Systems

Summary of Actuarial Assumptions and Methods

(Continued)

as of January 1, 2014



Percent Retiring Within Next Year Among Active Members





Eligible for Retirement

Male Female Governors and State and School Division State and School Division Local Local Legislators Retirement Public Government Public Government Retirement Age Educators Employees Division Educators Employees Division Plan

Tier 2 Public Employees Retirement System Adopted January 1, 2014

50 20.00% 15.00% 15.00% 30.00% 17.00% 20.00% 0.00% 51 20.00 15.00 15.00 30.00 16.00 20.00 0.00 52 20.00 15.00 15.00 30.00 16.00 20.00 0.00 53 20.00 15.00 15.00 14.00 16.00 20.00 0.00 54 12.00 15.00 15.00 14.00 16.00 20.00 0.00 55 12.00 16.00 15.00 14.00 16.00 25.00 0.00 56 12.00 16.00 15.00 18.00 16.00 25.00 0.00 57 12.00 16.00 15.00 18.00 16.00 25.00 0.00 58 12.00 16.00 15.00 18.00 20.00 25.00 0.00 59 12.00 16.00 15.00 18.00 20.00 25.00 0.00 60 23.00 20.00 20.00 30.00 30.00 30.00 0.00 61 23.00 20.00 20.00 30.00 30.00 30.00 0.00 62 30.00 33.00 23.00 35.00 30.00 30.00 100.00 63 30.00 33.00 23.00 35.00 30.00 30.00 100.00 64 30.00 30.00 23.00 30.00 30.00 30.00 100.00 65 30.00 22.00 23.00 30.00 26.00 25.00 100.00 66 30.00 22.00 30.00 30.00 26.00 25.00 100.00 67 30.00 22.00 22.00 30.00 22.00 25.00 100.00 68 30.00 22.00 22.00 23.00 22.00 25.00 100.00 69 25.00 22.00 22.00 23.00 22.00 25.00 100.00 70 20.00 22.00 22.00 23.00 22.00 20.00 100.00 71 20.00 22.00 18.00 23.00 22.00 15.00 100.00 72 20.00 22.00 18.00 23.00 22.00 15.00 100.00 73 20.00 22.00 18.00 23.00 22.00 15.00 100.00 74 20.00 22.00 18.00 23.00 22.00 15.00 100.00 75 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Retirement rates at the age the member is first eligible for an unreduced retirement benefit is increased by 30%. Tier 2 Public Safety and Firefighter Retirement System Public Safety Adopted January 1, 2014

Firefighters Adopted January 1, 2014

Percent Retiring Within Next Year Among Active Members Eligible for Retirement Retirement Retirement Retirement Retirement Retirement Retirement Age Age Age Age Age Age

45 12.00% 46 12.00 47 12.00 48 12.00 49 12.00

50 12.00% 51 12.00 52 12.00 53 12.00 54 12.00

55 12.00% 56 12.00 57 12.00 58 12.00

59 12.00% 60 25.00 61 30.00 62 35.00

63 35.00% 64 35.00 65 50.00 66 50.00

67 50.00% 68 50.00 69 50.00 70 100.00

Percent Retiring Within Next Year Among Active Members Eligible for Retirement Retirement Retirement Retirement Retirement Retirement Retirement Age Age Age Age Age Age

45 9.00% 50 9.00% 55 12.00% 59 12.00% 63 40.00% 67 60.00% 46 9.00 51 9.00 56 12.00 60 40.00 64 40.00 68 60.00 47 9.00 52 9.00 57 12.00 61 40.00 65 60.00 69 60.00 48 9.00 53 9.00 58 12.00 62 40.00 66 60.00 70 100.00 49 9.00 54 9.00

2014 Comprehensive Annual Financial Report

133

Utah Retirement Systems

Summary of Actuarial Assumptions and Methods

(Continued)

as of January 1, 2014



Other Termination of Employment Percent of Active Members Separating Within Next Year

Male Female Governors and State and School Division State and School Division Local Local Legislators Years of Public Government Public Government Retirement Service Educators Employees Division Educators Employees Division Plan

Noncontributory and Contributory Retirement Systems January 1, 2014 Adopted

0 15.00% 28.00% 19.00% 17.00% 25.00% 22.00% 10.00% 1 13.00 24.50 15.00 16.00 21.00 18.00 10.00 2 9.00 15.00 11.00 14.50 17.00 14.00 10.00 3 7.50 12.00 9.00 12.50 14.00 12.00 10.00 4 6.50 10.00 8.00 10.00 11.00 11.00 10.00 5 5.00 9.00 7.00 8.50 9.50 9.75 10.00 6 4.00 7.50 6.00 7.00 8.25 8.25 10.00 7 3.50 6.50 5.50 5.50 7.00 7.50 10.00 8 3.25 5.50 4.75 4.50 6.50 6.75 10.00 9 3.00 5.00 4.00 4.00 6.00 6.25 10.00 10 2.75 4.25 3.50 3.25 5.50 5.50 10.00 11 2.50 4.00 3.25 2.75 4.75 4.75 10.00 12 2.25 3.75 3.00 2.00 4.50 4.25 10.00 13 2.25 3.50 3.00 2.00 4.25 4.00 10.00 14 2.00 3.00 3.00 2.00 3.75 3.75 10.00 15 1.75 2.50 2.75 2.00 3.50 3.50 10.00 16 1.75 2.25 2.75 2.00 3.00 3.25 10.00 17 1.75 2.25 2.75 1.80 2.75 3.00 10.00 18 1.75 2.00 2.50 1.70 2.75 2.75 10.00 19 1.50 2.00 2.50 1.60 2.75 2.50 10.00 20 1.00 2.00 2.00 1.40 2.75 2.25 10.00 21 1.00 2.00 2.00 1.30 2.00 2.00 10.00 22 1.00 2.00 1.75 0.75 1.50 1.75 10.00 23 1.00 1.50 1.50 0.75 1.25 1.50 10.00 24 1.00 1.50 1.25 0.75 1.00 1.25 10.00 25+ 0.00 0.00 0.00 0.00 0.00 0.00 10.00



Other Termination of Employment of Active Members Separating Within Next Year



Years of Service

Public Safety Retirement System Adopted January 1, 2014

Years of Service

Years of Service

17 1.50% 18 1.50 19 1.50 20+ 0.00

Other Termination of Employment of Active Members Separating Within Next Year



Years of Service

Firefighters Retirement System Adopted January 1, 2014

Years of Service

0 6.00% 1 3.50 2 3.00 3 2.50 4 2.50

Years of Service

5 2.00% 6 1.50 7 1.50 8 1.50

None assumed.

Adopted January 1,1993

2014 Comprehensive Annual Financial Report

Years of Service

9 1.50% 10 1.50 11 1.50 12 0.50

Other Termination of Employment of Active Members Separating Within Next Year

Judges Retirement System

134

Years of Service

0 12.00% 5 4.50% 9 3.25% 13 2.25% 1 6.50 6 4.25 10 3.00 14 1.50 2 5.50 7 4.00 11 2.75 15 1.50 3 5.25 8 3.50 12 2.50 16 1.50 4 5.00





Years of Service

Years of Service

13 0.50% 14 0.50 15 0.50 16 0.50

17 0.50% 18 0.50 19 0.50 20+ 0.00

Utah Retirement Systems

Summary of Actuarial Assumptions and Methods

(Concluded)

as of January 1, 2014

Total Annual Increase in Salary (Male and Female) State and School Division Public Local Safety Firefighters Years of Public Government Retirement Retirement Service Educators Employees Division System System



Retirement All Systems Adopted 1, 2014 January

State and School Division Public Local Safety Firefighters Years of Public Government Retirement Retirement Service Educators Employees Division System System

0 10.50% 8.75% 9.25% 8.00% 9.25% 1 9.50 8.00 7.75 7.00 8.75 2 8.50 7.00 7.00 6.75 8.50 3 8.00 6.25 6.50 6.50 8.25 4 7.75 6.00 6.00 6.25 8.00 5 7.50 5.50 5.75 6.00 7.75 6 7.50 5.25 5.50 6.00 7.75 7 7.25 5.00 5.25 5.75 7.25 8 7.00 5.00 5.00 5.50 7.00 9 6.75 4.75 5.00 5.50 6.75 10 6.25 4.75 4.75 5.25 6.25 11 5.75 4.50 4.50 5.00 5.50 12 5.50 4.50 4.50 4.75 5.25

13 5.00% 4.50% 4.50% 4.75% 5.00% 14 4.75 4.25 4.50 4.50 5.00 15 4.50 4.00 4.50 4.50 4.75 16 4.25 4.00 4.25 4.50 4.75 17 4.00 4.00 4.25 4.25 4.50 18 4.00 4.00 4.25 4.25 4.25 19 4.00 4.00 4.25 4.25 4.25 20 4.00 3.75 4.00 4.25 4.25 21 4.00 3.75 3.75 4.00 4.00 22 4.00 3.75 3.75 4.00 3.75 23 4.00 3.75 3.50 3.75 3.75 24 3.75 3.50 3.50 3.75 3.75 25+ 3.50 3.50 3.50 3.50 3.50 Probability of Mortality Within the Next Year for Active Members

Male Female

Male Female



Local Local Government Government and Public and Public Age Educators Employees Educators Employees

Local Local Government Government and Public and Public Age Educators Employees Educators Employees

Noncontributory Contributory and Retirement Systems Adopted January 1, 2014

50 0.1069% 0.1710% 0.0587% 0.0838% 55 0.1515 0.2423 0.0884 0.1263 60 0.2439 0.3902 0.1376 0.1966 65 0.3787 0.6058 0.2037 0.2911 70 0.4961 0.7938 0.2665 0.3807

20 0.0173% 0.0276% 0.0067% 0.0096% 25 0.0188 0.0301 0.0072 0.0104 30 0.0222 0.0355 0.0092 0.0132 35 0.0387 0.06­ 18 0.0166 0.0238 40 0.0540 0.0863 0.0247 0.0353 45 0.0754 0.1206 0.0393 0.0562

Percent Electing a Refund of Contributions Upon Termination While Vested Male Female Local Local Years of Public Government Public Government Service Educators Employees Division Educators Employees Division

and Contributory Noncontributory Retirement Systems Adopted January 1, 1993

0-3 100% 100% 100% 100% 100% 100% 4 75 86 75 65 80 77 5 73 83 73 64 79 75 10 54 73 61 53 64 61 15 33 63 49 32 52 40 19 9 29 23 8 22 13 20 0 0 0 0 0 0



Probability of Mortality Within the Next Year for Active Members



Retirement System Public Safety and Firefighters Retirement System 1, 2008 Adopted January

Public Safety and Firefighters Employees

Age

Age

Age

Age

20 0.0276% 25 0.0301 30 0.0355

35 0.0618% 40 0.0863 45 0.1206

50 0.1710% 55 0.2423 60 0.3902

65 0.6058% 70 0.7938

Percent Electing a Refund of Contributions Upon Termination While Vested

Public Safety Retirement System Retirement System and Firefighters Adopted January 1, 1993

Public Safety and Firefighters Retirement Employees Years of Service

0-3 100% 4 76 5 74 10 57

Years of Service

15 35% 19 15 20 0

2014 Comprehensive Annual Financial Report

135

Utah Retirement Systems

Calculation of Actuarial Value of Assets January 1, 2014

(dollars in thousands)

December 31, 2014

(dollars in thousands)

1. Fair value of assets $ 25,096,072 2. Deferral to smooth asset values based on (excess)/shortfall of expected investment income for:

1. Fair value of assets $ 26,569,124 2. Deferral to smooth asset values based on (excess)/shortfall of expected investment income for:

Year

Year

Total Excess/ (Shortfall)

% Deferred

Amount Deferred



a. 2013 $1,600,276 b. 2012 1,016,923 c. 2011 (977,081) d. 2010 955,219 e. 2009 855,755

80% $1,280,219 60% 610,153 40% (390,834) 20% 191,042 0% —



f. Total deferred gains (losses)



g. Total deferred losses

1,690,580

3. Actuarial value of assets available for benefits*

(1,690,580)

$ 23,405,492

Total Excess/ (Shortfall)

% Deferred

$ (95,447) 1,600,272 1,017,198 (195,465) 955,382

Amount Deferred



a. 2014 b. 2013 c. 2012 d. 2011 e. 2010

80% 60% 40% 20% 0%

$(76,356) 960,164 406,880 (195,465) 0



f. Total deferred gains

1,095,223



g.Total deferred losses

(1,095,223)

3. Actuarial value of assets available for benefits* $ 25,473,901

*Actuarial value of assets cannot exceed 125% of the fair value of assets or below 75% of the fair value of assets.

Actuarial Value of Assets by System January 1, 2014 Calculation of Net (in thousands) Tier 2 Tier 2 Public Assets Available Based Governors Public Safety and on Five-Year Expected Noncontributory Contributory Public Safety Firefighters Judges and Employees Firefighter Total All Investment Income System System System System System Legislators System System Systems

1. Net assets available for benefits at fair value $ 19,915,815 1,281,945 2,712,184 968,661 155,676 2. Adjustments to smooth asset values based on (excess)/shortfall of expected investment income on fair value for: (1,314,302) (116,943) (181,475) (65,034) (10,555) 3. Actuarial value of assets available for benefits (1-2)

$ 18,601,513 1,165,002 2,530,709 903,627 145,121

10,166

47,690

3,935 25,096,072

(709)

(1,449)

(113) (1,690,580)

9,457

46,241

3,822 23,405,492

Analysis of Financial Experience (in thousands) January 1, 2014 Unfunded January 1, 2013 Changes in Change in Actuarial Unfunded Actuarial Amortization Liability Asset Actuarial Benefit Asset Accrued System Accrued Liability Payments (Gain) Loss (Gain) Loss Assump-tions Provisions Transfers Liability

$ 5,231,504 Noncontributory 147,403 Contributory 809,316 Public Safety 120,731 Firefighters 43,706 Judges 2,848 Utah Governors and Legislators (1,063) Tier 2 Public Employees (119) Tier 2 Public Safety and Firefighter

136

2014 Comprehensive Annual Financial Report

97,823 2,495 10,621 5,399 1,254 55 58 7

(167,570) (13,012) (27,652) (17,162) (124) 168 (1,149) (289)

(594,377) (41,191) (79,078) (28,649) (4,714) (342) (374) (25)

(158,509) (3,645) (52,410) (20,372) (130) — (1,385) (127)

— — — — — — — —

(28,799) 4,380,072 28,799 120,849 — 660,797 — 59,947 — 39,992 — 2,729 — (3,913) — (553)

Utah Retirement Systems

Member and Employer Contribution Rates As of December 31

System

Contributory Noncontributory

Year Member Employer Employer Employer Employer

State Local State Local and School Government and School Government

Noncontributory and Contributory Retirement Systems

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

6.00% 8.89% 7.08% 13.38% 11.09% 6.00 9.73 7.58 14.22 11.59 6.00 9.73 7.61 14.22 11.62 6.00 9.73 7.61 14.22 11.62 6.00 9.73 7.65 14.22 11.66 6.00 11.83 9.36 16.32 13.37 6.00 12.37 9.76 16.86 13.77 6.00 14.27 12.03 18.76 16.04 6.00 15.97 13.28 20.46 17.29 6.00 17.70 14.46 22.19 18.47

Division A Division B (with Social Security) (without Social Security)

Firefighters Retirement System

Member

Employer

2005 8.61% 2006 10.84 2007 12.76 2008 13.14 2009 13.49 2010 15.05 2011 15.05 2012 15.05 2013 15.05 2014 15.05

Member

Employer

All Divisions Fire Insurance Premium Tax

—% 7.83% —% 12.16% — 8.72 — 12.08 — 9.30 — 11.50 — 9.68 — 11.12 — 9.68 — 12.34 — 16.18 — 11.87 0.50 16.18 — 12.29 2.66 16.71 2.08 11.84 2.96 16.71 4.46 11.75 3.82 16.71 6.59 11.71

Judges Governors and Contributory Noncontributory Legislators Member Employer Employer Court Fees Appropriation

Judges Retirement System Utah Governors and Legislators Retirement Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2.00% 6.26% 8.26% 19.19% $ — 2.00 7.79 9.79 18.04 — 2.00 10.38 12.38 15.45 — 2.00 11.51 13.51 14.32 — 2.00 15.09 17.09 13.83 — — — 23.72 14.08 — — — 25.82 14.26 153,000 — — 32.87 14.02 214,000 — — 35.66 12.74 252,000 — — 40.01 11.90 411,489

2014 Comprehensive Annual Financial Report

137

Utah Retirement Systems

Member and Employer Contribution Rates

(Continued)

As of December 31

2.5% COLA 4.0% COLA Other Division A Other Division A State of Utah (with Social Security) (with Social Security) System

Bountiful

Year Member Employer Member Employer Member Employer Member Employer

Safety Public Retirement System Noncontributory Division A

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Safety Public Retirement System Contributory Division A

2005 12.29% 12.50% 2006 12.29 15.46 2007 12.29 15.46 2008 12.29 15.46 2009 12.29 19.01 2010 12.29 21.68 2011 12.29 22.88 2012 12.29 25.52 2013 12.29 27.63 2014 12.29 29.70

— 23.46% — 23.46 — 26.75 — 26.75 — 30.18 — 32.75 — 34.12 — 37.29 — 39.31 — 41.35

— 19.34% — 22.38 — 22.61 — 22.61 — 23.34 — 26.13 — 27.07 — 30.45 — 32.14 — 34.04

— — — — — — — — — 25.90% — 28.82 — 28.82 — 33.65 — 34.17 — 35.71

12.29% 7.95% — — 12.29 11.01 — — 12.29 11.22 — — 12.29 11.22 — — 12.29 12.47 12.29% 15.01% 12.29 14.86 12.29 18.34 12.29 15.78 12.29 18.34 12.29 19.08 12.29 22.34 12.29 20.83 12.29 22.75 12.29 22.75 12.29 24.33

— 19.68% — 19.99 — 22.47 — 22.47 — 23.07 — 27.73 — 29.19 — 37.16 — 42.79 — 47.33 — — — — — — — — — —

— — — — — — — — — —

Salt Lake City Ogden Logan Provo

2.5% COLA Other Division B (without Soc Sec)

4.0% COLA Other Division B (without Soc Sec)

Year Member Employer Member Employer Member Employer Member Employer Member Employer Member Employer

Public Safety Retirement System Noncontributory Division B

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Public Safety Retirement System Contributory Division B

2005 13.74% 19.96% — — 11.13% 10.54% 13.54% 12.22% 10.50% 12.47% 10.50% — 2006 13.74 22.99 — — 11.13 14.61 13.54 15.57 10.50 15.69 10.50 — 2007 13.74 22.99 — — 11.13 14.61 13.54 16.30 10.50 15.69 10.50 — 2008 13.74 22.99 — — 11.13 14.61 — — 10.50 15.69 10.50 — 2009 — — — — 11.13 17.81 — — 10.50 16.67 10.50 19.17% 2010 — — — — 11.13 20.95 — — 10.50 18.98 10.50 23.22 2011 — — — — 11.13 21.36 — — 10.50 19.4­ 8 10.50 23.22 2012 — — — — 11.13 27.95 — — 10.50 22.29 10.50 27.29 2013 — — — — 11.13 29.76 — — 10.50 22.29 10.50 27.49 2014 — — — — 11.13 31.80 — — 10.50 22.29 10.50 28.95

138

— 32.52% — 35.71 — 35.71 — 35.71 — 35.71 — 36.31 — 36.71 — 41.95 — 44.83 — 46.67

2014 Comprehensive Annual Financial Report

— 24.30% — 24.30 — 30.44 — 31.47 — 33.11 — 34.93 — 36.13 — 42.21 — 44.98 — 48.68

— 21.25% — 25.48 — 25.48 — 25.48 — 27.74 — 31.49 — 31.91 — 38.18 — 39.84 — 41.92

— — — — — — — 29.84% — 30.91 — 32.98 — 33.05 — 38.54 — 39.97 — 42.16

— 22.32% — 25.49 — 25.49 — 25.49 — 26.21 — 28.24 — 28.64 — 32.20 — 32.20 — 32.20

— — — — — — — — — 28.73% — 32.70 — 32.70 — 36.97 — 37.45 — 38.94

Utah Retirement Systems

Member and Employer Contribution Rates

(Concluded)

As of December 31

System

Contributory Noncontributory

Year Employer Employer Employer

Local State Local Government and School Government

Tier 2 Public Employees Contributory Retirement System*

2011 12.40% 12.74% 10.33% 2012 14.51 15.06 12.74 2013 15.75 16.75 13.99 2014 16.70 18.27 14.94

Tier 2 Public Safety and 2.5% COLA 4% COLA Other Division A Other Division A Firefighter Contributory State of Utah Bountiful (with Soc Sec) (with Soc Sec) Retirement System* Year Employer Employer Employer Employer Public Safety Noncontributory Division A

2011 22.06% 18.15% 16.27% 17.18% 2012 25.46 25.89 19.25 21.94 2013 27.40 31.38 20.85 22.37 2014 29.26 35.68 22.55 23.71

Public Safety Contributory Division A

2011 2012 2013 2014

16.27 17.47 19.25 21.94 20.85 22.37 22.55 23.71

2.5% COLA 4.% COLA Other Division B Other Division B Salt Lake City Ogden Logan Provo (without Soc Sec) (without Soc Sec)

Year Employer Employer Employer Employer Employer Employer

Public Safety Noncontributory Division B

2011 25.82% 25.21% 21.15% 22.01% 2012 30.47 30.78 26.59 27.08 2013 32.37 33.47 28.19 28.19 2014 34.97 37.07 30.13 30.36

Public Safety Contributory Division B

2011 17.72 21.06 2012 20.71 25.05 2013 20.77 25.38 2014 20.55 26.72





20.89% 25.05 25.38 26.72

Other Division A Other Division B (with Social Security) (with Social Security)

Year

Firefighters

17.72% 20.71 20.51 20.55

2011 2012 2013 2014

Employer Employer

10.64% 11.10 11.02 10.80

10.64% 11.10 11.02 10.80

*Includes active member death benefit and Tier 1 amortization rate. Does not include the 401(k) component of the contribution rate.

2014 Comprehensive Annual Financial Report

139

Utah Retirement Systems

Schedules of Funding Progress (dollars in thousands)

Based on Actuarial Value of Assets

(4) (3) Funded Unfunded Ratios (6) AAL (UAAL) Based on UAAL as (2) Actuarial Actuarial (5) a % of (1) Actuarial Value of Value of Annual Covered Actuarial Value Accrued Liability Assets Assets Covered Payroll System Date of Assets (AAL) Entry Age (2) - (1) (1) / (2) Payroll (3) / (5)

Noncontributory Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 13,069,362 14,446,928 16,199,077 15,839,461 16,619,831 16,852,691 16,805,952 16,969,392 18,601,513 20,225,016

Contributory Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$

Public Safety Retirement System

Firefighters Retirement System

14,018,540 15,084,061 17,025,185 18,306,590 19,384,503 20,388,759 21,260,843 22,200,896 22,981,585 24,043,264

949,178 637,133 826,108 2,467,129 2,764,672 3,536,068 4,454,891 5,231,504 4,380,072 3,818,248

93.2 % 95.8 95.1 86.5 85.7 82.7 79.0 76.4 80.9 84.1

$ 3,165,504 3,326,392 3,582,495 3,871,636 3,955,040 3,888,179 3,900,106 3,794,929 3,675,331 3,567,701

30.0 % 19.2 23.1 63.7 69.9 90.9 114.2 137.9 119.2 107.0

951,540 1,004,452 1,102,107 1,097,711 1,116,736 1,132,661 1,135,251 1,133,433 1,165,002 1,214,492

1,027,309 1,062,967 1,170,251 1,218,572 1,236,009 1,251,412 1,269,042 1,280,836 1,285,851 1,309,800

75,769 58,515 68,144 120,861 119,273 118,751 133,791 147,403 120,849 95,308

92.6 % 94.5 94.2 90.1 90.4 90.5 89.5 88.5 90.6 92.7

137,730 133,812 132,899 133,110 127,804 116,395 110,103 103,074 94,895 87,065

55.0 % 43.7 51.3 90.8 93.3 102.0 121.5 143.0 127.4 109.5

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 1,633,022 1,809,198 2,038,613 2,017,576 2,137,027 2,194,015 2,222,202 2,283,911 2,530,709 2,781,314

1,834,452 1,968,982 2,247,826 2,473,667 2,650,675 2,844,101 2,948,481 3,093,227 3,191,506 3,360,027

201,430 159,784 209,213 456,091 513,648 650,086 726,279 809,316 660,797 578,713

89.0 % 91.9 90.7 81.6 80.6 77.1 75.4 73.8 79.3 82.8

$ 298,756 316,662 339,187 365,043 373,959 363,037 374,293 366,471 363,389 354,451

67.4 % 50.5 61.7 124.9 137.4 179.1 194.0 220.8 181.8 163.3

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$

614,359 643,765 732,829 776,622 833,844 872,133 903,399 944,791 993,574 1,014,328

(30,137) (61,286) (54,834) 10,751 31,268 61,917 92,635 120,731 89,947 25,522

104.9 % 109.5 107.5 98.6 96.3 92.9 89.7 87.2 90.9 97.5

$

(35.9)% (69.1) (57.3) 10.5 29.1 58.8 83.6 109.2 80.2 22.8

644,496 705,051 787,663 765,871 802,576 810,216 810,764 824,060 903,627 988,806

See accompanying notes to required supplementary information.

140

2014 Comprehensive Annual Financial Report

84,061 88,682 95,767 102,252 107,625 105,275 110,751 110,608 112,158 112,051

Utah Retirement Systems

Schedules of Funding Progress

(Concluded)

(dollars in thousands)

Based on Actuarial Value of Assets

(4) (3) Funded Unfunded Ratios (6) AAL (UAAL) Based on UAAL as (2) Actuarial Actuarial (5) a % of (1) Actuarial Value of Value of Annual Covered Actuarial Value Accrued Liability Assets Assets Covered Payroll System Date of Assets (AAL) Entry Age (2) - (1) (1) / (2) Payroll (3) / (5)

Judges Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$

106,374 116,879 129,847 126,120 131,491 131,869 130,561 131,217 145,121 156,956

106,962 117,127 135,379 145,965 158,303 167,581 167,982 174,923 185,113 192,285

588 248 5,532 19,845 26,812 35,712 37,421 43,706 39,992 35,329

99.5 % $ 99.8 95.9 86.4 83.1 78.7 77.7 75.0 78.4 81.6

11,594 12,195 13,322 14,404 14,434 14,234 14,981 14,885 14,943 15,357

5.1 % 2.0 41.5 137.8 185.8 250.9 249.8 293.6 267.6 230.1

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$

10,587 10,983 11,736 10,841 10,769 10,197 9,565 9,077 9,457 9,908

8,974 9,212 9,862 10,982 11,305 11,513 12,029 11,925 12,186 12,267

(1,613) (1,771) (1,874) 141 536 1,316 2,464 2,848 2,729 2,359

118.0 % $ 119.2 119.0 98.7 95.3 88.6 79.5 76.1 77.6 80.8

887 860 947 910 910 910 910 910 975 1,032

(181.8)% (205.9) (197.9) 15.5 58.9 144.6 270.8 313.0 279.9 228.6

Tier 2 Public Employees Contributory Retirement System*

1/01/12 1/01/13 1/01/14 12/31/14

$

2,833 17,818 46,241 88,743

3,055 16,755 42,328 86,261

222 (1,063) (3,913) (2,482)

92.7 % $ 36,821 106.3 203,779 109.2 349,257 102.9 491,559

0.6 % (0.5) (1.1) (0.5)

Tier 2 Public Safety and Firefighter Contributory Retirement System*

1/01/12 1/01/13 1/01/14 12/31/14

$

90 1,161 3,822 8,666

101 1,042 3,269 7,227

11 (119) (553) (1,439)

89.1 % $ 111.4 116.9 119.9

855 10,237 24,656 41,583

1.3 % (1.2) (2.2) (3.5)

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 16,415,381 18,093,491 20,269,043 19,857,580 20,818,430 21,131,649 21,117,218 21,370,069 23,405,492 25,473,901

17,610,596 18,886,114 21,321,332 22,932,398 24,274,639 25,535,499 26,564,932 27,724,395 28,695,412 30,025,458

1,195,215 792,623 1,052,289 3,074,818 3,456,209 4,403,850 5,447,714 6,354,326 5,289,920 4,551,557

93.2 % $ 3,698,532 95.8 3,878,603 95.1 4,164,617 86.6 4,487,355 85.8 4,579,772 82.8 4,488,030 79.5 4,548,820 77.1 4,604,893 81.6 4,635,603 84.8 4,670,799

32.3 % 20.4 25.3 68.5 75.5 98.1 119.8 138.0 114.1 97.5



Governors and Legislators Retirement Plan

All Retirement Systems

*New system additional years will be added as they become available. See accompanying notes to required supplementary information. 2014 Comprehensive Annual Financial Report

141

Utah Retirement Systems

Solvency Tests Actuarial Accrued Liabilities (1) (2) (3) Active (4) P ortion of Actuarial Accrued Active Retired Member Total Actuarial L iabilities Covered by Assets Members and (Employer Accrued Actuarial Value System Date Contributions Beneficiaries Financed Portion) Liabilities of Assets (1) (2) (3) (4)

Noncontributory Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$822,236 756,008 728,986 699,314 618,209 575,867 539,951 498,575 455,136 413,712

5,504,555 6,285,758 7,020,899 7,671,008 8,347,578 8,958,451 9,875,383 10,075,732 10,798,876 11,898,974

7,691,749 8,042,295 9,275,300 9,936,268 10,418,716 10,854,441 10,845,509 11,626,589 11,727,573 11,730,582

14,018,540 15,084,061 17,025,185 18,306,590 19,384,503 20,388,759 21,260,843 22,200,896 22,981,585 24,043,269

13,069,362 14,446,928 16,199,077 15,839,461 16,619,831 16,852,691 16,805,952 16,969,392 18,601,513 20,225,016

100 % 100 100 100 100 100 100 100 100 100

100 % 100 100 100 100 100 100 100 100 100

88 % 92 91 75 73 67 62 55 63 67

93 % 96 95 87 86 83 79 76 81 84

Contributory Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$307,907 316,492 324,856 334,732 318,205 307,896 308,962 294,317 286,020 275,281

408,420 436,812 468,966 520,848 556,495 591,899 630,747 669,744 717,842 718,986

310,982 309,663 376,429 362,992 361,309 351,617 329,333 316,775 281,989 315,534

1,027,309 1,062,967 1,170,251 1,218,572 1,236,009 1,251,412 1,269,042 1,280,836 1,285,851 1,309,801

951,540 1,004,452 1,102,107 1,097,711 1,116,736 1,132,661 1,135,251 1,133,433 1,165,002 1,214,492

100 % 100 100 100 100 100 100 100 100 100

100 % 100 100 100 100 100 100 100 100 100

76 % 81 82 67 67 66 64 53 57 70

93 % 94 94 90 90 91 89 88 91 93

Public Safety Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 91,737 90,849 90,962 87,976 81,677 76,375 77,231 74,661 74,012 70,956

921,115 1,006,399 1,076,782 1,254,909 1,345,480 1,455,233 1,501,102 1,593,128 1,682,390 1,779,999

821,600 871,734 1,080,082 1,130,782 1,223,518 1,312,493 1,370,148 1,425,438 1,435,104 1,509,074

1,834,452 1,968,982 2,247,826 2,473,667 2,650,675 2,844,101 2,948,481 3,093,227 3,191,506 3,360,029

1,633,022 1,809,198 2,038,613 2,017,576 2,137,027 2,194,015 2,222,202 2,283,911 2,530,709 2,781,314

100 % 100 100 100 100 100 100 100 100 100

100 % 100 100 100 100 100 100 100 100 100

75 % 82 81 60 58 50 47 43 54 62

89 % 92 91 82 81 77 75 74 79 83

Firefighters Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 82,292 84,670 86,624 91,583 96,734 103,678 116,966 127,442 141,471 151,828

329,322 355,518 389,586 437,796 467,284 495,985 516,105 532,366 544,643 564,037

202,745 203,577 256,619 247,243 269,826 272,470 270,328 284,983 307,460 298,463

614,359 643,765 732,829 776,622 833,844 872,133 903,399 944,791 993,574 1,014,328

644,496 705,051 787,663 765,871 802,576 810,216 810,764 824,060 903,627 988,806

100 % 100 100 100 100 100 100 100 100 100

100 % 100 100 100 100 100 100 100 100 100

115 % 130 121 96 88 77 66 58 71 91

105 % 110 107 99 96 93 90 87 91 97

142

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Solvency Tests

(Concluded)

Actuarial Accrued Liabilities (1) (2) (3) Active (4) P ortion of Actuarial Accrued Active Retired Member Total Actuarial L iabilities Covered by Assets Members and (Employer Accrued Actuarial Value System Date Contributions Beneficiaries Financed Portion) Liabilities of Assets (1) (2) (3) (4)

Judges Retirement System

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 7,893 8,209 7,342 7,738 5,802 4,309 4,376 4,102 3,567 3,381

51,524 56,363 62,724 69,534 81,582 93,548 97,460 98,499 111,132 119,038

47,545 52,555 65,313 68,693 70,919 69,724 66,146 72,322 70,414 69,870

106,962 117,127 135,379 145,965 158,303 167,581 167,982 174,923 185,113 192,288

106,374 116,879 129,847 126,120 131,491 131,869 130,561 131,217 145,121 156,956

100 % 100 100 100 100 100 100 100 100 100

100 % 99 % 99 % 100 100 100 100 92 96 100 71 86 100 62 83 100 49 79 100 47 78 100 40 75 100 43 78 100 49 82

Utah Governors and Legislators Retirement Plan

1/01/06 1/01/07 1/01/08 1/01/09 1/01/10 1/01/11 1/01/12 1/01/13 1/01/14 12/31/14

$ 147 159 145 119 119 102 107 104 94 62

5,268 5,142 5,123 6,508 6,508 6,315 6,482 6,396 7,037 6,835

3,559 3,911 4,594 4,355 4,678 5,096 5,440 5,425 5,055 7,072

8,974 9,212 9,862 10,982 11,305 11,513 12,029 11,925 12,186 12,267

10,587 10,983 11,736 10,841 10,769 10,197 9,565 9,077 9,457 9,908

100 % 100 100 100 100 100 100 100 100 100

100 % 145 % 118 % 100 145 119 100 141 119 100 97 99 100 89 95 100 74 89 100 55 80 100 48 76 100 46 78 100 43 80

1/01/12 1/01/13 1/01/14 12/31/14

$

— — — —

— — — —

3,055 16,755 42,328 86,259

3,055 16,755 42,328 86,259

2,833 17,818 46,241 88,743

100 % 100 100 100

100 % 100 100 100

100 % 93 % 106 106 109 109 103 103

1/01/12 1/01/13 1/01/14 12/31/14

$

— — — —

— — — —

101 1,042 3,269 7,227

101 1,042 3,269 7,227

90 1,161 3,822 8,666

100 % 100 100 100

100 % 100 100 100

100 % 89 % 100 100 100 117 100 120

Tier 2 Public Employees Contributory Retirement System* Tier 2 Public Safety and Firefighter Contributory Retirement System*

*New systems’ additional years will be added as they become available.

2014 Comprehensive Annual Financial Report

143

Utah Retirement Systems

Schedules of Active Member Valuation Data Year Ended December 31

Number of Participating Active Annual System Year Employers Members Payroll

144

Active Members Inflation Average Percent Increase Pay Increase (CPI)

Noncontributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

401 409 411 416 416 419 430 436 439 437

85,637 87,219 89,605 93,576 92,766 92,392 87,901 82,259 76,845 71,827

$ 3,165,504,000 3,326,392,000 3,582,495,000 3,871,636,000 3,955,040,000 3,888,179,000 3,900,106,000 3,794,929,000 3,675,331,000 3,570,912,000

37,633 37,786 39,584 40,531 41,945 41,854 43,308 44,828 46,294 47,994

2.70 % 0.41 4.76 2.39 3.49 (0.22) 3.47 3.51 3.27 3.67

3.40 % 2.50 4.20 0.10 2.70 1.50 3.20 2.10 1.50 1.60

Contributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

161 161 160 158 160 159 159 159 159 159

3,198 3,010 2,852 2,743 2,515 2,330 2,137 1,937 1,733 1,503

$ 137,730,000 133,812,000 132,899,000 133,110,000 127,804,000 116,395,000 110,103,000 103,074,000 94,895,000 90,623,000

41,758 43,005 44,865 46,830 47,941 47,620 48,806 50,504 51,680 54,003

2.30 % 2.99 4.33 4.38 2.37 (0.67) 2.49 3.48 2.33 4.49

3.40 % 2.50 4.20 0.10 2.70 1.50 3.20 2.10 1.50 1.60

Public Safety Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

120 123 126 128 130 130 130 130 130 131

7,239 7,474 7,587 7,894 7,695 7,624 7,619 7,313 7,019 6,672

$ 298,756,000 316,662,000 339,187,000 365,043,000 373,959,000 363,037,000 374,293,000 366,471,000 363,389,000 360,751,000

40,737 42,356 43,899 45,964 47,145 46,898 47,329 48,416 49,825 51,603

1.08 % 3.98 3.64 4.70 2.57 (0.52) 0.92 2.30 2.91 3.57

3.40 % 2.50 4.20 0.10 2.70 1.50 3.20 2.10 1.50 1.60

Firefighters Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

48 52 51 52 55 56 57 57 58 59

1,636 1,684 1,771 1,849 1,907 1,887 1,932 1,884 1,845 1,787

$

50,471 51,549 52,247 54,111 54,466 54,741 55,240 56,507 58,193 60,081

1.22 % 2.14 1.36 3.57 0.66 0.50 0.91 2.29 2.98 3.24

3.40 % 2.50 4.20 0.10 2.70 1.50 3.20 2.10 1.50 1.60

2014 Comprehensive Annual Financial Report

84,061,000 88,682,000 95,767,000 102,252,000 107,625,000 105,275,000 110,751,000 110,608,000 112,158,000 111,305,000

Utah Retirement Systems

Schedules of Active Member Valuation Data

(Concluded)

Year Ended December 31

Number of Participating Active Annual System Year Employers Members Payroll

Judges Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1 1 1 1 1 1 1 1 1 1

108 106 108 106 104 109 111 111 112 114

$ 11,594,000 12,195,000 13,322,000 14,404,000 14,434,000 14,234,000 14,918,000 14,885,000 14,942,000 15,195,000

Utah Governors and Legislators Retirement Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1 1 1 1 1 1 1 1 1 1

88 96 86 93 119 125 115 113 99 105

$

Tier 2 Public Employees Contributory Retirement System*

2011 2012 2013 2014

456 461 461 463

4,777 10,356 13,718 17,225

Tier 2 Public Safety and Firefighter Contributory Retirement System*

2011 2012 2013 2014

145 145 145 149

99 477 885 1,331

Active Members Inflation Average Percent Increase Pay Increase (CPI)

110,539 112,350 120,184 128,706 131,742 133,692 132,615 132,644 139,135 136,234

3.08% 1.64 6.97 7.09 2.36 1.48 (0.80) 0.02 4.89 (2.09)

3.40 % 2.50 4.20 0.10 2.70 1.50 3.20 2.10 1.50 1.60

887,000 860,000 947,000 910,000 910,000 910,000 910,000 910,000 975,000 1,032,000

8,955 7,649 9,109 9,785 7,647 7,280 7,913 8,053 10,172 9,526

65.83% (14.58) 19.08 7.42 (21.85) (4.80) 8.70 1.77 26.31 5.85

3.40 % 2.50 4.20 0.10 2.70 1.50 3.20 2.10 1.50 1.60

$ 36,821,000 203,779,000 349,257,000 353,227,000

7,708 27,030 30,279 32,388

100.00% 71.48 12.02 76.20

3.20 % 2.10 1.50 1.60

$

8,636 33,394 33,902 35,871

100.00% 74.14 1.52 77.35

3.20 % 2.10 1.50 1.60

855,000 10,237,000 24,656,000 20,215,000

*New systems’ additional years will be added as they become available.

2014 Comprehensive Annual Financial Report

145

Utah Retirement Systems

Schedules of Retirants and Beneficiaries Year Ended December 31

Added to Rolls Removed from Rolls Rolls End of Year % Increase in Annual System Year Number Allowances Number Allowances Number Allowances Allowances

Average Annual Allowances

10.54% $ 17,731 13.53 18,387 14.30 19,138 8.25 19,616 9.59 20,039 9.79 20,432 6.29 20,618 6.69 20,841 8.28 21,063 7.09 21,170

Noncontributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2,212 2,728 2,131 2,082 2,540 2,697 2,629 2,745 3,366 3,680

$

— — 84,779,000 75,142,000 84,601,000 101,281,000 92,161,000 99,170,000 118,337,000 123,894,000

276 284 320 316 370 459 552 505 715 866

— — 8,501,000 24,876,000 21,340,000 30,530,000 42,268,000 42,739,000 43,781,000 54,780,000

Contributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

178 187 197 151 181 218 177 184 222 209

$

— — 7,748,000 6,547,000 8,434,000 9,641,000 8,271,000 9,403,000 9,875,000 10,036,000

521 510 497 464 449 425 389 366 340 146

— — 4,616,000 6,129,000 5,681,000 6,925,000 7,461,000 6,928,000 6,567,000 7,179,000

6,175 $ 5,852 5,552 5,239 4,971 4,764 4,552 4,370 4,252 4,315

57,100,000 58,546,000 61,678,000 62,096,000 64,849,000 67,565,000 68,375,000 70,850,000 74,158,000 77,015,000

0.19% $ 8,799 2.53 9,503 5.35 10,287 0.68 11,067 4.43 11,961 4.19 12,890 1.20 13,777 3.62 14,863 4.67 15,996 3.85 16,341

Public Safety Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

252 212 190 197 170 212 157 195 230 562

$

— — 10,541,000 16,691,000 11,925,000 14,221,000 11,329,000 13,695,000 15,532,000 15,463,000

31 31 25 45 105 31 44 28 41 135

— — 1,176,000 9,611,000 4,597,000 4,662,000 6,591,000 5,725,000 6,585,000 8,185,000

3,268 $ 74,041,000 3,449 82,499,000 3,614 91,864,000 3,766 98,944,000 3,831 106,272,000 4,012 115,831,000 4,125 120,569,000 4,292 128,539,000 4,481 137,486,000 4,908 144,764,000

11.63% $ 21,724 11.42 22,977 11.35 23,575 7.71 24,391 7.41 25,710 8.99 26,497 4.09 27,182 6.61 27,693 6.96 28,233 5.29 27,226

Firefighters Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

53 44 53 33 38 44 32 35 46 119

$

— — 5,023,000 3,457,000 4,503,000 5,173,000 3,171,000 4,114,000 4,552,000 4,664,000

12 5 3 13 9 7 8 4 20 51

— — 584,000 2,038,000 1,547,000 2,354,000 2,897,000 1,843,000 3,480,000 1,701,000

974 $ 1,013 1,063 1,083 1,112 1,149 1,173 1,204 1,230 1,298

7.94% $ 25,319 8.17 26,430 15.05 27,513 4.18 29,169 8.36 30,158 7.36 31,044 0.67 31,874 5.48 32,584 2.45 33,292 6.62 32,763

146

2014 Comprehensive Annual Financial Report

25,710 $ 469,695,000 28,154 533,248,000 29,965 609,526,000 31,731 659,792,000 33,901 723,053,000 36,139 793,804,000 38,216 843,697,000 40,456 900,128,000 43,107 974,684,000 45,921 1,043,798,000

27,269,000 29,497,000 33,936,000 35,355,000 38,311,000 41,130,000 41,404,000 43,675,000 44,747,000 47,710,000

Utah Retirement Systems

Schedules of Retirants and Beneficiaries

(Concluded)

Year Ended December 31

Added to Rolls Removed from Rolls Rolls End of Year % Increase in Annual System Year Number Allowances Number Allowances Number Allowances Allowances

Average Annual Allowances

Judges Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5 3 7 3 10 8 5 4 11 14

$

— — 1,254,000 583,000 1,015,000 1,415,000 629,000 783,000 1,898,000 1,840,000

1 2 — 2 — — 4 3 4 6

$

— — 170,000 338,000 — — 991,000 296,000 844,000 668,000

88 89 96 97 107 115 116 117 124 132

$ 4,755,000 5,251,000 6,335,000 6,580,000 7,595,000 9,010,000 8,648,000 9,135,000 10,189,000 11,361,000

Utah Governors and Legislators Retirement Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

12 3 6 8 5 5 7 8 21 9

$

— — 57,000 70,000 73,000 60,000 56,000 52,000 119,000 80,000

3 11 8 6 3 9 7 4 6 12

$

— — 57,000 65,000 52,000 54,000 47,000 37,000 41,000 63,000

230 222 220 222 224 220 220 224 239 236

$

755,000 758,000 758,000 763,000 784,000 790,000 799,000 814,000 892,000 909,000

Tier 2 Public Employees Contributory Retirement System*

2011 2012 2013 2014

— — — —

$

— — — —

— — — —

$

— — — —

— — — —

$

— — — —

—% $ — — —

— — — —

Tier 2 Public Safety and Firefighter Contributory Retirement System*

2011 2012 2013 2014

— — — —

$

— — — —

— — — —

$

— — — —

— — — —

$

— — — —

—% $ — — —

— — — —

5.25 % $ 52,465 10.43 57,325 20.64 60,717 3.87 63,084 15.43 65,133 18.63 68,784 (4.02) 72,696 5.63 74,705 11.54 76,264 11.50 79,202 6.04 % $ 2,851 0.40 2,983 — 2,966 0.66 2,941 2.75 3,030 0.77 3,076 1.14 3,151 1.88 3,160 9.58 3,167 1.91 3,287

*There are currently no retirees in the system.

2014 Comprehensive Annual Financial Report

147

Cost-of-Living Allowance Up to 4% annually on the original retirement benefit. Eligible after one year.

Death Benefits

Utah Retirement Systems

Defined Benefit Systems Summary of Plan Provision Noncontributory Retirement System

An active member’s death benefit consists of a payment equal to 75% of the highest annual salary with a minimum of $1,000 and a refund of transferred contributions plus interest, if applicable. The spouse of a deceased member is eligible for a monthly benefit if they have been married for at least six months and the member meets age and service qualifications or has 15 or more years of service credit. An inactive member’s death benefit for someone with fewer than 10 years of service consists of a refund of transferred contributions plus interest, if applicable. For those with 10 or more years of service credited to their account prior to July 1, 1987, and who have not withdrawn their contributions, the benefit is the same as for active members.

The Public Employees Noncontributory Retirement System was established on

A retired member’s death benefit depends on the retirement option selected at retirement. No death benefit is available without a reduced retirement benefit.

July 1, 1986. All eligible employees of the State and School entities hired

Refunds

Membership Eligibility

subsequent to that date are automatically members of the Noncontributory System. Local government entities had the option of adopting the new System or remaining with the Contributory System. An employee is qualified for membership in the Noncontributory System if his or her employer participates in the System and the employee works at least 20 hours per week and receives benefits normally provided by his or her employer as approved by the Retirement Board, and teachers who teach half-time.

Vesting Retirement benefit becomes vested upon the member’s completion of four years of qualifying service.

Service Retirement Age

Years of Service

Allowance Reduction†

Any age 30 None Any age 25 Full actuarial before age 60 60-61 20 3% each year before age 65 62-64 10 3% each year before age 65 65 4 None † With fewer than 30 years of service from any combination of Utah Retirement Systems, retiring before age 65 will reduce the monthly benefit approximately 7% for every year under age 60 and 3% for each year between ages 60 and 65.

Service Benefit Formula Number of years of service x 2.0% x FAS.* * FAS (Final Average Salary) = highest three years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

148

2014 Comprehensive Annual Financial Report

A terminated member who transferred from the Contributory Retirement System is eligible for a 100% refund of transferred member contributions plus interest. There is a 60-day refund processing period after the last day of paid employment.

Redeposits A redeposit with interest may be made in monthly installments, by a lump-sum payment, or by direct transfer from a qualified plan. A redeposit must be completed prior to retirement. Service credit is restored when the redeposit is completed.

Contribution Rates (as of 12-31-2014)

Employer rate for State and School (Level A) is 22.19% of covered salary and 18.47% for Local Government (Level B).

Interest Up to 7.50% on member accounts transferred from the Contributory Retirement System.

Utah Retirement Systems

Defined Benefit Systems

Summary of Plan Provisions (Continued)

Contributory Retirement System Membership Eligibility The Public Employees Contributory Retirement System includes eligible public employees of the State of Utah and its political subdivisions including public education employees of those entities covered by the System. An employee is qualified for membership in the Contributory System if his or her employer participates in the System and the employee works at least 20 hours per week and receives benefits normally provided by his or her employer as approved by the Retirement Board, and teachers who teach half-time.

Vesting Retirement benefit becomes vested upon the member’s completion of four years of qualifying service. Eligible member contributions and interest thereon vest immediately.

Service Retirement Age

Years of Service

Any age 30 60-61 20 62-64 10

Allowance Reduction†

None 3% each year before age 65 3% each year before age 65

65 4

None

† With fewer than 30 years of service from any combination of Utah Retirement Systems, retiring before age 65 will reduce the monthly benefit by 3% for each year between ages 60 and 65.

Service Benefit Formula 1) Number of years of service before 7-1-75 x 1.25% x FAS.* 2) Number of years of service after 6-30-75 x 2.0% x FAS.* 3) Plan 1 allowance = total of 1 and 2. * FAS (Final Average Salary) = highest five years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

Cost-of-Living Allowance Up to 4% annually on the original retirement benefit. Eligible after one year.

Death Benefits An active member’s death benefit consists of a payment equal to 75% of the highest annual salary with a minimum of $1,000 and a refund of contributions plus interest. The spouse of a deceased member is eligible for a monthly benefit if they have been married for at least six months and the member meets age and service qualifications, or has 25 years of service.

An inactive member’s death benefit for someone with fewer than 10 years of service consists of a refund of contributions plus interest. For those with 10 or more years of service credited to their account prior to July 1, 1987, and who have not withdrawn their contributions, the benefit is the same as for active members. A retired member’s death benefit depends on the retirement option selected at retirement. No death benefit is available without a reduced retirement benefit.

Refunds A terminated member is eligible for a 100% refund of member contributions plus interest. There is a 60-day refund processing period after the last day of paid employment.

Redeposits A redeposit with interest may be made in monthly installments, by a lump-sum payment, or by direct transfer from a qualified plan. A redeposit must be completed prior to retirement. Service credit is restored when the redeposit is completed.

Contribution Rates (as of 12-31-2014)

Member contribution rate is 6.00%* of covered salary. Employer rate for State and School (Level A) is 17.70% of covered salary and 14.46% for Local Government (Level B). *Employers have the option of paying all or part of member contributions on behalf of their employees.

Interest Up to 7.50% on member accounts.

2014 Comprehensive Annual Financial Report

149

Utah Retirement Systems

Defined Benefit Systems

Summary of Plan Provisions

(Continued)

The Public Safety Retirement System includes eligible State and local government

than 10 years of service. For more than 10 years of service, the benefit to the surviving spouse is $500 plus a monthly benefit of 2% of the final average salary for each year of service to a maximum of 30% of the final average salary. If there is no spouse, the settlement is a 100% refund of vested contributions payable to the beneficiary, or $500, whichever is greater. Dependent children receive no additional benefits. A retired member’s death benefit to the surviving spouse is 65% of the monthly benefit unless the member selects a reduced monthly benefit at the time of retirement to provide a 75% spousal benefit.

employees directly involved in law enforcement. The Public Safety System consists

Division B (without Social Security)

Public Safety Retirement System Membership Eligibility

of the Contributory and Noncontributory divisions. Employees are qualified for membership in the Public Safety System if: (1) they are regularly scheduled to work and be compensated for 2,080 hours a year in a recognized public safety department; (2) they have completed a certified training program; (3) their primary duty is as a peace officer, correctional officer, special function officer, or full-time member of the Board of Pardons and Parole; and (4) in the course of employment their life or personal safety is at risk.

Vesting Retirement benefit becomes vested upon the member’s completion of four years of service credit. Eligible member contributions vest immediately.

Service Retirement Age

Years of Service

Allowance Reduction†

Any age 20 60 10 65 4

150

None None None

2014 Comprehensive Annual Financial Report

Service Benefit Formula 1) 2.5% x FAS* x years of service up to 20 years. 2) 2.0% x FAS* x years of service over 20 years. 3) Monthly benefit = total of 1 and 2. * FAS (Final Average Salary) = highest three years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

Cost-of-Living Allowance Up to 2.5% annually on original retirement benefit. Employers have the option to provide an enhanced cost-of-living (COLA) benefit to their public safety retirees that will raise the maximum COLA from 2.5% to 4% based on the CPI. Eligible after one year.

Death Benefits Division A (with Social Security) If death is in the line of duty, the benefit to the surviving spouse is $1,000 plus a monthly benefit of 30% of the final average salary. In the noncontributory system only, if the member has 20 years of service credit, the spouse’s benefit is the same as for a retired member. If death is not in the line of duty, the benefit is $1,000 or a refund of contributions for members with fewer

If death is in the line of duty, the benefit to the surviving spouse is $1,500 plus a monthly benefit of 37.5% of the final average salary. Each unmarried child under 18 or dependent unmarried mentally or physically disabled child receives $50 per month if the member has two or more years of service. If death is not in the line of duty and the member has less than two years of service, the spouse at the time of death will receive a refund of contributions plus 50% of the last 12 months of salary. For members with more than two years of service, the benefit is the same as that for death in the line of duty. If there is no spouse, the settlement is a 100% refund of vested contributions payable to the beneficiary, or $500, whichever is greater. A retired member’s death benefit to a surviving spouse is 65% of the monthly benefit unless the member selects a reduced monthly benefit at the time of retirement to provide a 75% spousal benefit. An unmarried child under 18 or dependent unmarried mentally or physically disabled child receives $50 per month.

Refunds A terminated member is eligible for a 100% refund of member contributions. There is a 60-day refund processing period after the last day of paid employment.

Utah Retirement Systems

Defined Benefit Systems

Summary of Plan Provisions

(Continued)

Public Safety Retirement System (Concluded)

Redeposits A redeposit with interest may be made in monthly installments, by a lump-sum payment, or by direct transfer from a qualified plan. A redeposit must be completed prior to retirement. Service credit is restored when the redeposit is completed.

Contribution Rates (as of 12-31-2014)

Noncontributory Option Employer rates for Division A are: State units 41.35%; Bountiful 47.33%; other law enforcement units with a 2.5% COLA 34.04% and units with a 4.0% COLA 35.7% of salary. Employer rates for Division B are: Salt Lake City 46.67%; Ogden 48.68%; Provo 42.16%; Logan 41.92%; other law enforcement units with a 2.5% COLA 32.2% and units with a 4.0% COLA 38.94% of salary. Contributory Option Member rates in Division A are: State units 12.29%; all other law enforcement units with a 2.5% COLA 12.29% and units with a 4.0% COLA 12.29% of covered salary. Member rates in Division B are: Logan 11.13% and other law enforcement units with a 2.5% COLA 10.50% and units with a 4.0% COLA 10.50% of salary.* Employer rates for Division A are: State units 29.70%; all other law enforcement units with a 2.5% COLA 22.75% and units with a 4.0% COLA 24.33% of covered salary. Employer rates for Division B are: Logan 31.80% and other law enforcement units with a 2.5% COLA 22.29% and units with a 4.0% COLA 28.95% of salary.

Firefighters Retirement System Membership Eligibility The Firefighters Retirement System includes eligible State and local government employees directly involved in fire fighting and whose duties are classified as hazardous. If an employer does not classify the duties as hazardous, the employee will be enrolled in either the Public Employees Contributory or Noncontributory Retirement System. Employees are qualified for membership in the Firefighters System if they are regularly scheduled to work and be compensated for 2,080 hours a year in a regular constituted fire department and are regularly assigned to hazardous duty. Although volunteer firefighters who are on the rolls of a legally organized volunteer fire department do not contribute to the System and are not eligible for service retirement benefits, they or their beneficiaries receive benefits based on the salary of the lowest paid firefighters in a first-class city if they are disabled or killed in the line of duty.

Vesting

*Employers have the option of paying all or part of member contributions on behalf of their employees.

Retirement benefit becomes vested upon the member’s completion of four years of service credit. Eligible member contributions vest immediately.

Interest

Service Retirement

Up to 7.50% on member accounts.

Age

Years of Service

Allowance Reduction†

Any age 20 60 10 65 4

None None None

Service Benefit Formula 1) 2.5% x FAS* x years of service up to 20 years. 2) 2.0% x FAS* x years of service over 20 years. 3) Monthly benefit = total of 1 and 2. * FAS (Final Average Salary) = highest three years’ earnings converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

Cost-of-Living Allowance Up to 4.0% annually on original retirement benefit. Eligible after one year.

Disability Benefits If disability is in the line of duty, the benefit is 50% of the final average salary with no minimum age or service requirements. If disability is not in the line of duty, the benefit is a refund of contributions for members with fewer than five years of service. For members with more than five years of service, the benefit is the same as that for disability incurred in the line of duty. Benefits are suspended while receiving Workers Compensation.

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Defined Benefit Systems

Summary of Plan Provisions

(Continued)

Firefighters Retirement System (Concluded)

Death Benefits Division A (with Social Security) If death is in the line of duty, the benefit to the surviving spouse is $1,500 plus a monthly benefit of 30% of final average salary. If death is in the line of duty, and the member has 20 or more years of service credit, the spouse’s benefit is the same as for a retired member. If death is not in the line of duty, the benefit is $1,000 or a refund of contributions for members with fewer than 10 years of service. For members with more than 10 years of service, the benefit to the surviving spouse consists of $500 plus a monthly benefit of 2% of the final average salary for each year of service to a maximum of 30% of the final average salary. If there is no spouse, the settlement is a 100% refund of vested contributions payable to the beneficiary, or $500, whichever is greater.

A retired member’s death benefit to a surviving spouse is 75% of the monthly benefit with a minimum monthly payment of $350. An unmarried child under 21 or dependent unmarried mentally or physically disabled child receives $75 per month.

Refunds A terminated member is eligible for a 100% refund of member contributions. There is a 60-day refund processing period after the last day of paid employment.

Judges Retirement System

Redeposits

Membership Eligibility

A redeposit with interest may be made in monthly installments, by a lump-sum payment, or by direct transfer from a qualified plan. A redeposit must be completed prior to retirement. Service credit is restored when the redeposit is completed.

Division B (without Social Security)

Contribution Rates

If death is in the line of duty, the benefit to the surviving spouse is $1,500 plus a monthly benefit of 37.5% of the final average salary. Each unmarried child under 21 or dependent unmarried mentally or physically disabled child receives $75 per month if the member had five or more years of service. If death is in the line of duty, and the member has 20 or more years of service credit, the spouse’s benefit is the same as for a retired member.

(as of 12-31-2014)

If death is not in the line of duty, the benefit is a refund of contributions plus 50% of the last 12 months of salary for members with fewer than five years of service. For members with more than five years of service, the benefit is the same as that for death in the line of duty. If there is no spouse, the settlement is a 100% refund of vested contributions payable to the beneficiary, or $500, whichever is greater. Total benefits cannot exceed 75% of the final average salary.

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Member rate in Division A is 15.05% of covered salary. Member rate in Division B is 16.71% of covered salary.* Employer rate in Division A is 3.82% and in Division B is 6.59% of covered salary. A fire insurance premium tax equal to 11.71% of salaries is also an additional part of the employer contribution rates. Fire insurance premium taxes are collected by the Utah State Treasurer for the Firefighters Retirement System to help fund retirement benefits. * Employers have the option of paying all or part of member contributions on behalf of their employees.

Interest Member contributions receive no interest.

The Judges Retirement System includes justices and judges of the courts of record as authorized in state statutes.

Vesting Retirement benefit becomes vested upon the member’s completion of 6 years of service credit. Eligible member contributions and interest thereon vest immediately.

Service Retirement Age

Years of Service

Allowance Reduction

Any age 25 None 55 20 Full actuarial reduction 62 10 None 70 6 None

Service Benefit Formula 1) 5.00% x FAS* x years of service up to 10 yrs. 2) 2.25% x FAS* x years of service between 10 and 20 yrs. 3) 1.00% x FAS* x years of service over 20 yrs. 4) Monthly benefit = total of 1, 2, and 3. * FAS (Final Average Salary) = highest two years’ earnings in judicial service converted to a monthly average. Yearly salary increases are limited to 10% plus a COLA determined by the CPI.

Utah Retirement Systems

Defined Benefit Systems

Summary of Plan Provisions

(Continued)

Judges Retirement System (Concluded)

Cost-of-Living Allowance Up to 4% compounded annually, beginning one year after retirement.

Death Benefits An active or inactive member’s death benefit to the surviving spouse consists of a refund of member contributions and interest plus 65% of the member’s most recent 12 months’ compensation prior to death, or a monthly allowance equal to 65% of the amount computed for a service retirement with no early retirement reduction.

Utah Governors and Legislators Retirement Plan

A retired member’s death benefit to the surviving spouse is 65% of the member’s monthly benefit at the time of death. If the member elected a reduced monthly benefit, the surviving spouse will receive a death benefit of 75% of the member’s monthly benefit.

Membership Eligibility

Vesting

Cost-of-Living Allowance

Refunds

Retirement benefit becomes vested upon the member’s completion of four years of service credit.

Up to 4% annually on the original retirement benefit. Eligible after one year.

Service Retirement

An additional $3.50 per month, for each year of service, is payable to elected and appointed legislators and governors who were members of this Plan before March 1, 2000.

A terminated member is eligible for a 100% refund of member contributions plus interest. There is a 60-day refund processing period after the last day of paid employment.

Redeposits A redeposit with interest may be made in monthly installments, by a lump-sum payment, or by direct transfer from a qualified plan. A redeposit must be completed prior to retirement. Service credit is restored when the redeposit is completed.

Contribution Rates (as of 12-31-2014)

Employer rate includes 40.01% of covered salary and 11.90% from court fees.

Interest Up to 7.50% on member accounts.

The Utah Governors and Legislators Retirement Plan includes only governors and legislators of the State of Utah.

Age

Years of Service

65 4 62 10

Allowance Reduction

None 3% each year before age 65

Service Benefit Formula Governors: $500 per month per term increased semi-annually up to 2% based on the CPI. The amount as of 12-31-14 is $1,320. Legislators: $10 per month per each year of service as a legislator increased semi-annually up to 2% based on the CPI. The amount as of 12-31-14 is $28.80.

Death Benefits An active or retired member’s death benefit to a spouse consists of a monthly pension equal to 50% of the retirement allowance paid, or to which the member would have been entitled to upon reaching age 65, if the member has four or more years of service as a governor or legislator. The deceased member and surviving spouse must have been married at least six months.

Contribution Rates (as of 12-31-2014)

There was a 2014-15 appropriation payable by June 30, 2015, to the Utah Governors and Legislators Retirement Plan of $411,489.

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Defined Benefit Systems

Summary of Plan Provisions

(Continued)

Service Retirement Applies only to the Tier 2 Hybrid Retirement System Age

Years of Service

Any age

Tier 2 Public Employees Contributory Retirement System Membership Eligibility The Tier 2 Public Employees Contributory Retirement System, brought about by SB 63, became effective on July 1, 2011. All eligible employees beginning employment on or after July 1, 2011, who have no previous service credit with any of the Utah Retirement Systems, are members of the Tier 2 Retirement System. A person initially entering full-time employment with a participating employer on or after July 1, 2011, must make an election to participate in either the Tier 2 Hybrid Public Employees Retirement System or the Tier 2 Defined Contribution (DC) Plan, within one year of his or her employment date. The election made is irrevocable. If no election is made, the employee automatically becomes a member of the Tier 2 Hybrid Public Employees Retirement System. An employee is qualified for membership in the Tier 2 Public Employees Retirement System if his or her employer participates in this system, and one of the following: the employment, contemplated to continue during a fiscal or calendar year, normally requires an average of 20 hours or more per week and the employee receives benefits normally provided by the employer as approved by the Retirement Board; the employee is a classified

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school employee whose employment normally requires an average of 20 hours or more per week regardless of benefits; the employee is a teacher who teaches half-time or more and receives benefits normally provided by the employer as approved by the Retirement Board; the employee is an appointed officer* whose position is full time as certified by the participating employer; the employee is in a probationary status and meets eligibility requirements; the employee performs services through an employee leasing or similar arrangement and meets eligibility requirements. * Appointed officers are employees appointed to a position for a definite and fixed term of office, and the position is recorded in the employer’s charter, creation document, or similar document.

Vesting Retirement benefit is vested upon the member’s completion of four years of qualifying service credit.

Allowance Reduction†

35

None

60-61 20

Full actuarial before age 65

62-64 10

Full actuarial before age 65

65 4

None

† When fewer than 35 years of service from any combination of Utah Retirement Systems, the allowance will be reduced by approximately 7% for each year between ages 60 and 63 and approximately 9% for each year between ages 64 and 65.

Service Benefit Formula Applies only to the Tier 2 Hybrid Retirement System Service benefit formula is based upon number of years of service credit x 1.5% x highest five years’ earnings converted to a monthly average.

Cost-of-Living Allowance The Tier 2 Hybrid Retirement System has a COLA up to 2.5% on the retirement allowance. There is no COLA in the Tier 2 Defined Contribution Plan.

Death Benefits Death Benefits for Non-Retired Members — Applies only to the Tier 2 Hybrid Public Employees Retirement System The spouse of a deceased member is eligible for a monthly benefit if they have been married for at least six months and the member meets age and service qualifications or has 15 or more years of service credit. If there are any member contributions in the employee’s Tier 2 Hybrid Public Employees Retirement Account and the surviving spouse does not qualify for a career benefit, the beneficiary(ies) will receive a refund of the employee’s contributions plus interest.

Utah Retirement Systems

Defined Benefit Systems

Summary of Plan Provisions

(Continued)

Tier 2 Public Employees Contributory Retirement System (Concluded)

Death Benefits — Applies to both the Hybrid Public Employees Retirement System and the DC Plan If an employee is a non-retired member who is employed by a participating employer at the time of his or her death, his or her beneficiary(ies) will receive a payment representing 75% of the employee’s highest annual salary. If the employee has less than 12 months of service, the benefit is prorated. The minimum insurance payment is $1,000.

Death Benefits for Non-Retired Members — in the Tier 2 Retirement Plan After death, any money vested in the employee’s URS Savings Plans (401(k), 457, IRAs) is payable to his or her beneficiary(ies).

Refunds If the employee has a balance in his or her Tier 2 Defined Contribution account, he or she may be able to withdraw funds under certain circumstances. When an employee has four years of eligible employment, the employer contributions in his or her 401(k) account become vested and he or she is able to take a refund of the account upon termination of employment. If the employee terminates employment prior to the vesting period and subsequently enters employment with a URS participating employer within 10 years of the previous termination date, all employer contributions will be reinstated upon completion of the vesting period. If he or she is not re-employed and eligible to participate in the DC Plan within 10 years of the previous termination date, the funds are forfeited. If the employee makes personal deferrals (i.e., payroll deductions) to the DC Plan, those deferrals are vested immediately and may be taken as a refund when terminating employment.

Contribution Rates* (as of 12-31-2014)

Tier 2 Public Safety and Firefighter Contributory Retirement System Membership Eligibility The Tier 2 Public Safety and Firefighter Contributory Retirement System, brought about by SB 63, became effective on July 1, 2011. All eligible employees beginning employment on or after July 1, 2011, who have no previous service credit with any of the Utah Retirement Systems, are members of the Tier 2 Public Safety and Firefighter Retirement System. A person initially entering full-time employment with a participating employer on or after July 1, 2011, must make an election to participate in either the Tier 2 Public Safety and Firefighter Retirement System or the Tier 2 Defined Contribution (DC) Plan, within one year of his or her employment date. The election made is irrevocable. If no election is made, the employee automatically becomes a member of the Tier 2 Hybrid Public Safety and Firefighter Retirement System.

Membership Eligibility An employee qualifies for membership if: The employment normally requires an average of 2,080 hours of regularly scheduled employment per year in a recognized public safety department, as a law enforcement officer, correctional officer, special function officer, or full-time member of the Board of Pardons and Parole, and in the course of employment the employee’s life

or personal safety is at risk, and he or she has completed a certified training program, which is documented with our office, OR, if the employment normally requires an average of 2,080 hours of regularly scheduled employment per year in a regularly constituted fire department, the employee has been trained in firefighter techniques, and is assigned to a position of hazardous duty. If the employee doesn’t meet the eligibility requirements outlined in the previous explanation, based on the employer’s participation, the employee will be enrolled in the Tier 2 Public Employees Contributory Retirement System as long as eligibility requirements are met.

Vesting Retirement benefit is vested upon the member’s completion of four years of qualifying service credit.

Range from 16.72% to 18.48% of salary for local government employers. The rate for State and School Employers is 20.05%. * Includes 401(k) portion of the contribution rate.

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Defined Benefit Systems

Summary of Plan Provisions

(Concluded)

Tier 2 Public Safety and Firefighter Contributory Retirement System (Concluded)

Service Retirement Applies only to the Tier 2 Hybrid Public Safety and Firefighter Retirement System Age

Years of Service

Any age

Allowance Reduction†

25

None

60-61 20

Full actuarial before age 65

62-64 10

Full actuarial before age 65

65 4

None

† When fewer than 25 years of service from any combination of Utah Retirement Systems, the allowance will be reduced by approximately 7% for each year between ages 60 and 63 and approximately 9% for each year between ages 64 and 65.

Service Benefit Formula Applies only to the Tier 2 Hybrid Public Safety and Firefighter Retirement System Service benefit formula is based upon number of years of service credit x 1.5% x highest five years’ earnings converted to a monthly average.

Cost-of-Living Allowance The Tier 2 Hybrid Public Safety and Firefighter Retirement System has a COLA up to 2.5% on the retirement allowance. There is no COLA in the Tier 2 Defined Contribution Plan.

Death Benefits Applies only to the Tier 2 Hybrid Public Safety and Firefighter Retirement System An active member’s death benefit consists of a payment equal to 75% of the highest annual salary with a minimum of $1,000. The spouse of a deceased member is eligible for a monthly benefit if they have been married for at least six months and the member meets age and service qualifications or has 15 or more years

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of service credit. If there are any member contributions in the employee’s Tier 2 Hybrid Public Employees Retirement Account and the surviving spouse does not qualify for a career benefit, the beneficiary(ies) will receive a refund of the employee’s contributions plus interest.

Line-of-Duty Death — Applies only to the Tier 2 Hybrid Public Safety and Firefighter Retirement System If he or she has accrued less than 20 years of public safety or firefighter service credit, his or her spouse at the time of death will receive a lump sum of $1,000 and an allowance equal to 30% of the employee’s final average salary. If deceased has accrued 20 or more years of public safety or firefighter service credit, the employee will be considered retired with an option one allowance calculated without an actuarial reduction and his or her spouse at the time of your death will receive the allowance that would have been payable to the employee.

Death Benefit — Applies to both the Hybrid Public Safety and Firefighter Retirement System and the Tier 2 DC Plan If an employee is a non-retired member who is employed by a participating employer at the time of his or her death, his or her beneficiary(ies) will receive a payment representing 75% of the employee’s highest annual salary. If the employee has less than 12 months of service, the benefit is prorated. The minimum insurance payment is $1,000. Death Benefits for Non-Retired Members — in the Tier 2 DC Plan After death, any money vested in the employee’s URS Savings Plans (401(k), 457, IRAs) is payable to his or her beneficiary(ies).

Refunds If the employee has a balance in his or her Tier 2 Defined Contribution account, he or she may be able to withdraw funds under certain circumstances. When an employee has four years of eligible employment, the employer contributions in his or her 401(k) account becomes vested and he or she is able to take a refund of the account upon termination of employment. If the employee terminates employment prior to the vesting period and subsequently enters employment with a URS participating employer within 10 years of the previous termination date, all employer contributions will be reinstated upon completion of the vesting period. If he or she is not re-employed and eligible to participate in the DC Plan within 10 years of the previous termination date, the funds are forfeited. If the employee makes personal deferrals (i.e., payroll deductions) to the DC Plan, those deferrals are vested immediately and may be taken as a refund when terminating employment.

Contribution Rates* (as of 12-31-2014)

Public Safety rates range from a low of 21.72% to a high of 38.35% of salary. The Firefighter rate is 12.08% of salary. * Includes 401(k) portion of the contribution rate.

Utah Retirement Systems

Utah Retirement Systems

Changes in Plan Provisions The following retirement-related bills were passed by the 2014 Utah Legislature:

Public Safety and Firefighters Retirement Systems H.B. 30: Public Safety

Retirement Conversion Window Provides a conversion window between the Public Safety Contributory Retirement System and the Public Safety Noncontributory Retirement System beginning July 1, 2014, and ending December 31, 2014.

Governors and Legislators Retirement Plan S.B. 30: Utah Retirement Amendments Clarifies that a governor, legislator, other full-time elected official, or employee with Tier I service credit in a system or plan administered by the Board may only participate in another Tier I system or plan if he or she enters office or employment with a participating employer on or after July 1, 2011.

General S.B. 126: Retirement Amendments Allows a re-employed retiree to be considered as having completed the one-year separation requirement from a participating employer relating to post-retirement re-employment, if the retiree: (1) suffered an injury while performing the duties of employment as a public safety service employee, which resulted in the inability to perform the duties of the employment; and (2) is re-employed with a different participating employer. S.B. 15: Re-employment Restrictions Amendments Exempts from post-retirement re-employment restrictions: (1) senior justice court judges; and (2) part-time appointed board members who do not receive any remuneration except for certain per diem and travel expenses. H.B. 419: Charter School Revisions An authorized charter school will not automatically be a participating employer with URS, but the charter school’s governing board may make a one-time, irrevocable election to participate as an employer for retirement programs with URS at any time.

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U tah

R et i re me nt

Syste m s

Utah Retirement Systems

Defined Contribution Savings Plans Summary of Plan Provisions Introduction The 401(k), 457, Roth and traditional IRAs administered by the Board are Defined Contribution Savings Plans. These Plans are generally supplemental plans to the basic retirement benefits of the Retirement Systems, but may also be used as a primary retirement plan. These Plans are voluntary tax-advantaged retirement savings programs authorized under sections 401(k), 457(b), and 408 of the Internal Revenue Code and are available to state, local government, and education employees throughout Utah whose employers have adopted the plans.

Employer Contributions In addition to accepting employee contributions, the 401(k) and 457 Plans also accept employer contributions on behalf of their employees. All state and public education employees participating in the Noncontributory Retirement System receive an amount equal to 1.5% of their salary in the 401(k) Plan and Tier 2 Public Employees and Tier 2 Public Safety and Firefighter Retirement Systems participants also receive contributions according to their retirement plan. In addition, some employers match a portion of their employees’ elective deferrals.

Social Security Substitute Organizations that have exempted themselves from Social Security coverage and have part-time, temporary, or seasonal employees, who are not participating in a qualifying retirement system, must cover these employees with a substitute plan.

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Employers may use the 401(k)/457 Plans as a qualifying retirement system for these employees, but must contribute a minimum of 7.5% of salary to the Plan(s) on their behalf for it to be considered a “qualifying system.” The employer may contribute the 7.5% themselves, or they may require their employees to pay a portion or all of it.

Summary of Plan Provisions Deferral Limits 401(k) — Limited in 2014 to an annual maximum of $17,500. Employer contributions and employee deferrals combined could not exceed the lesser of $52,000 or 100% of compensation. 457 — Limited to an annual maximum of $17,500 or 100% of includable compensation. Roth and Traditional IRA — Limited to an annual maximum of $5,500 into all IRAs owned by the participant.

Utah Retirement Systems

Defined Contribution Savings Plans

Summary of Plan Provisions

(Continued)

Coordination of Deferrals

Rollovers

401(k) — Deferrals to the 401(k) and 403(b) plans must be coordinated.

401(k) — Allowable from other eligible retirement plans, or to other eligible retirement plans upon termination of employment or other qualifying events. May be either a direct rollover by the Plan or an indirect rollover by the participant within 60 days after distribution.

457 — Contributions to the 457 must be coordinated with all 457(b) plans. Roth and Traditional IRA — All Roth and traditional IRA contributions must be coordinated.

Catch-up Provisions 401(k) — An additional $5,500 for participants 50 or older during the year.

457 — Allowable to other eligible retirement plans or from another 457(b) plan. Roth and Traditional IRA — Allowable from other eligible retirement plans or to other eligible plans (depending on acceptance of receiving plan).

457 — An additional $5,500 for participants age 50 or older during the year. There is an additional “special catch-up” provision for individuals who are within four years of retirement eligibility. It allows participants to double their contributions to a 457(b) plan during the three years immediately preceding the year they qualify for retirement. However, the special catch-up is limited to unused deferrals allowed in previous years.

Vesting

Roth and Traditional IRA — An additional $1,000 for participants 50 or older.

Loans

Withdrawals 401(k) — Vested balances upon termination of employment, age 59½, retirement, disability, death, or hardship caused by immediate and heavy financial needs. (Hardships from employee deferrals only.) 457 — Allowable upon termination of employment, age 70 ½, retirement, death, or severe unforeseeable financial emergencies. Roth and Traditional IRA — Allowable at any time, but with possible tax penalties if withdrawn prior to age 59½.

401(k) — Employee and other employer contributions are fully vested. Tier 2 employer required contributions are vested after four years of eligible service. 457 — Fully vested. Roth and Traditional IRA — Fully vested.

401(k) and 457 — Available up to 50% of member account balance, to a maximum of $50,000 during a 12-month period. Only one outstanding loan allowed, per plan. Tier 2 employer required contributions are not eligible. Roth and Traditional IRA — Not available.

Short-Term Trading Fees Each time money managers purchase or redeem stocks and bonds there are trading costs involved. Because of the costs generated by frequent or short-term trading, it became necessary to impose a short-term trading fee. Individuals who transfer any or all of their current account between core investment options more often than once every 30 days, are charged 2% of the amount transferred for each additional trade. Each transfer starts a new 30-day period.

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Defined Contribution Savings Plans

Summary of Plan Provisions

(Continued)

Investment Transfer Options

Large Cap Stock Growth Fund

Changes in deferral amounts and in the investment options for future contributions may be made at any time. Participants may make one transfer of accumulated balances within each plan no more frequently than every seven calendar days.

The Large Cap Stock Growth Fund emphasizes capital appreciation and seeks to identify companies with future relative earnings strength at a reasonable valuation.

2014 Core Investment Options Income Fund The Income Fund is a stable value option and the most conservative of the investment choices. Approximately 95% of its assets are invested in investment grade bonds, which are “wrapped” with book value contracts. The contracts are financial agreements from creditworthy banks and insurance companies, protecting against changes in interest rates and allowing the returns to be smoothed over the duration of the portfolio. The remaining 5% is invested in short-term instruments for liquidity.

International Fund The International Fund tracks the performance of the MSCI All Country World Index – ex. U.S. – Investable Market Index (ACWI ex. U.S. IMI) as closely as possible. The index is designed as a measure of the global stock market performance of developed and emerging markets that excludes the United States.

Small Cap Stock Fund The Small Cap Stock Fund invests in a broad cross-section of U.S. small companies whose size (market capitalization) falls within the smallest 10% of the market universe. The market universe is comprised of companies listed on the NYSE and NASDAQ.

Bond Fund

Brokerage Window

The Bond Fund invests in a diversified portfolio consisting of U.S. government securities, mortgage and asset-backed securities, corporate bonds, and short-term funds.

The brokerage window is a self-directed brokerage account available through Charles Schwab. The brokerage account offers a wide variety of investment options with varying degrees of risk. The brokerage window allows the participant to choose from mutual funds, stocks, bonds, and exchange traded funds (ETFs).

Balanced Fund The Balanced Fund invests in a portfolio consisting of approximately 60% stocks and 40% bonds.

Large Cap Stock Value Fund

Horizon Funds

The Large Cap Stock Value Fund invests in a diversified portfolio of common stocks that appear to be undervalued by the stock market, but have a favorable outlook for long-term growth.

A Horizon Fund asset allocation is designed to help those who want to diversify their investment. If they select one of the three Horizon Funds, contributions will be allocated to the investment options according to the table to the right. The Horizon Funds will generally rebalance quarterly if target ranges are exceeded. Utah Retirement Systems reserves the right to change these percentages as needed.

Large Cap Stock Index Fund The Large Cap Stock Index Fund invests in stocks included in the Russell 1000 Index and is similarly weighted. This fund represents a broad range of industries in the U.S. economy.

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Utah Retirement Systems

Defined Contribution Savings Plans

Summary of Plan Provisions

(Concluded)

Ho ri zon Fu nd s As s et Al l oc a t i on

New Target Date Funds



After the close of business on December 31, 2014, all assets held in the Horizon Funds were transferred into a new selection called Target Date Funds. The assets were allocated according to the Target Date that corresponded with the participant’s age. Beginning January 1, 2015, the Horizon Funds were no longer offered as an investment option within the Plans.

Short Medium Long Horizon Horizon Horizon Fund Fund Fund

Income Fund Bond Fund Inflation Protected Securities International Bonds Large Cap Stock Value Fund Large Cap Stock Index Fund Large Cap Stock Growth Fund International Fund Small Cap Stock Fund Real Estate Investment Trusts Commodities

15% — — 35 30% 15% 10 5 — 10 10 5 4 6 6 5 11 16 4 6 6 10 18 28 4 5 9 — 4 8 3 5 7

Total

100% 100% 100%

The Short Horizon Fund is designed for investors expecting to withdraw their funds within five years. This fund provides a relatively conservative investment with a more stable rate of return. However, with reduced market risk there is usually a lower rate of return over the long term. The Medium Horizon Fund is designed for investors planning to withdraw their funds in five to 10 years. This fund emphasizes moderate risk and moderate earnings potential. It has more risk than the Short Horizon Fund, but less than the Long Horizon Fund. The Medium Horizon Fund is the default vehicle when no investment option has been selected by the participant. The medium horizon asset allocation is also used for Tier 2 unvested funds. The Long Horizon Fund is designed for investors with 10 or more years to invest before withdrawing their funds. The fund offers the potential for higher returns over a long period of time. There is higher market risk with this fund, along with higher potential returns.

Health Reimbursement Arrangement The Health Reimbursement Arrangement (HRA) is a tax-advantaged health savings plan funded by employer contributions to pay for qualified healthcare expenses incurred after retirement. Eligibility — Benefits are eligible for the retiree, spouse, and dependents as defined by the Internal Revenue Service. Contributions — HRA rules require all contributions be made by the employer and are determined by the employer’s personnel policies. Contributions are generally from unused sick leave or other leave. Eligible Expenses — Money is available for the member, his or her spouse, and dependents to pay qualified medical expenses. For a comprehensive list of eligible expenses, see IRS Publication 502, Medical and Dental Expenses. Refunds, Administration and Fees — Contributions are placed in a money market account managed by Northern Trust investment management. Administrative and money management fees totaling 0.53% are deducted from earnings. There is also a $2.50 monthly fee for the benefits card and claims processing. The historical rates of returns for each investment fund are found on page 122.

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Utah Retirement Systems

Deductions by Type (in millions) $1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0 ( i n m i l l i o n s ) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 634 710 804 863 941 1,028 1,083 1,153 1,242 1,326 w Benefits Administrative expense 10 10 10 11 10 11 9 10 10 11 w 6 5 7 5 6 6 5 5 5 5 w Refunds w Transfers to systems 25 6 12 15 44 7 37 56 42 38 Totals

162

$

675

2014 Comprehensive Annual Financial Report

731

833

894

1,001

1,052

1,134

1,224

1,299

1,380

164

Utah Retirement Systems 2014 Comprehensive Annual Financial Report

Schedules of Changes in Fund Balance — Defined Benefit Systems These schedules allow readers to view changes in net assets and benefits over a 10-year period.

168

Schedules of Changes in Fund Balance — Defined Contribution Plans These schedules allow readers to view changes in net assets and refunds over a 10-year period.

170

Schedules of Benefit Deductions by Type These schedules provide readers with information regarding the type of benefit deductions for the last 10 years.

Statistical Section

172

Schedules of Retired Members by Type of Benefit Option These schedules provide readers with information regarding the benefit option retired members chose.

174

Schedules of Average Benefit Payments These schedules provide readers with information regarding benefit payments by years of service.

178

Schedules of Active Members by Age and Gender These schedules provide readers with information regarding members by age and gender.

179

Schedules of Retirees by Age and Gender These schedules provide readers with information regarding retirees by age and gender.

180

Schedules of Principal Participating Employers These schedules provide readers with information regarding the largest participating employers.

184

Schedule of Utah Retirement Office Employees This schedule provides readers with information regarding the number of Utah Retirement Systems’ employees.

185

Schedule of Participating Employers This schedule provides readers with information regarding the participating employers and the systems in which they participate.

190

Utah Retirement Systems — a Highlight History This summary provides readers with historical highlights of the Utah Retirement Systems.

Utah Retirement Systems

Schedules of Changes in Fund Balance — Defined Benefit Systems Year Ended December 31

(dollars in thousands)

Total Employer Contributions

Contributions Court Fees/ as a Percent Beginning Member Employer Fire Insurance of Covered System Year Net Position Contributions Contributions Tax Payroll

164

Net Investment Income

Noncontributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 12,786,130 13,892,439 15,818,483 16,751,804 12,714,371 14,152,562 15,802,205 15,935,472 17,629,437 19,915,815

19,817 22,646 18,245 14,110 14,109 33,528 12,879 15,014 14,208 13,587

406,795 440,421 487,803 522,733 535,298 564,154 610,270 644,907 710,933 772,420

—­ — — — — — — — — —

12.85 % $ 1,185,095 13.24 2,006,738 14.20 1,041,414 13.50 (3,888,624) 13.53 1,667,478 14.51 1,860,976 15.65 401,105 16.99 2,000,995 19.18 2,588,981 21.63 1,419,053

Contributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

949,393 1,018,525 1,115,416 1,131,316 835,370 937,587 1,007,248 1,013,050 1,136,651 1,281,945

10,300 9,534 9,700 9,410 8,655 10,299 7,300 6,962 6,376 5,461

10,357 10,737 11,208 11,037 10,865 11,851 11,125 11,705 12,874 12,954

— — — — — — — — — —

7.52 % $ 88,388 8.02 144,012 8.56 71,640 8.29 (261,227) 8.50 112,626 10.18 121,153 10.10 26,009 11.36 131,169 13.13 169,510 14.29 87,577

Public Safety Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 1,594,043 1,736,451 1,981,492 2,106,302 1,614,057 1,824,758 2,058,019 2,103,751 2,366,057 2,712,184

4,806 4,567 4,343 2,159 1,556 1,713 1,070 1,155 1,258 835

61,326 70,466 81,166 93,899 98,729 103,586 110,829 117,975 128,744 135,588

— — — — — — — — — —

20.53 % $ 148,071 22.25 250,813 24.46 130,655 25.72 (491,024) 26.40 213,627 28.53 241,203 29.61 52,655 32.19 266,753 35.18 350,563 37.59 194,222

Firefighters Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

6,726 7,761 9,194 10,428 11,273 14,112 17,328 17,503 18,325 18,300

— — — — — 238 316 1,264 3,494 5,514

9,601 9,518 13,797 10,219 16,159 10,677 12,689 16,057 11,285 14,154

11.42 % $ 58,827 10.73 98,566 14.41 50,738 9.99 (188,095) 15.01 79,811 10.37 89,122 11.74 19,218 15.66 96,255 13.35 125,685 17.67 69,070

2014 Comprehensive Annual Financial Report

637,979 686,062 773,776 814,674 612,699 682,219 756,260 765,524 853,778 968,661

Utah Retirement Systems



Transfers Administrative from Total Benefit & Actuarial Systems Additions Payments Refunds Expense

— 112 7,173 — — — — — — 30,467

1,611,707 469,695 2,469,917 533,248 1,554,635 609,526 (3,351,781) 659,792 2,216,885 723,052 2,458,658 793,804 1,024,254 843,696 2,660,916 900,133 3,314,122 974,684 2,235,527 1,043,798

Transfers to Systems

Total Deductions

Changes in Net Position

Ending Net Position

3,189 2,763 3,443 2,514 2,882 3,620 2,514 2,858 2,454 2,204

7,557 7,862 8,345 8,809 8,340 8,389 7,304 8,397 8,329 8,828

24,957 — — 14,537 44,420 3,202 37,473 55,563 42,277 —

505,398 543,873 621,314 685,652 778,694 809,015 890,987 966,951 1,027,744 1,054,830

1,106,309 1,926,044 933,321 (4,037,433) 1,438,191 1,649,643 133,267 1,693,965 2,286,378 1,180,697

13,892,439 15,818,483 16,751,804 12,714,371 14,152,562 15,802,205 15,935,472 17,629,437 19,915,815 21,096,512

19,565 — — 9,008 37,633 — 32,064 47,098 33,094 —

128,610 164,283 92,548 (231,772) 169,779 143,303 76,498 196,934 221,854 105,992

57,100 58,546 61,678 62,096 64,849 67,565 68,375 70,855 74,158 77,015

1,800 1,789 2,318 1,473 2,158 1,632 1,872 1,975 1,922 2,433

578 576 588 605 555 535 449 503 480 494

— 6,481 12,064 — — 3,910 — — — 38,004

59,478 67,392 76,648 64,174 67,562 73,642 70,696 73,333 76,560 117,946

69,132 96,891 15,900 (295,946) 102,217 69,661 5,802 123,601 145,294 (11,954)

1,018,525 1,115,416 1,131,316 835,370 937,587 1,007,248 1,013,050 1,136,651 1,281,945 1,269,991

4,257 3,284 2,323 3,727 4,578 4,248 3,303 6,411 4,676 2,746

218,460 329,130 218,487 (391,239) 318,490 350,750 167,857 392,294 485,241 333,391

74,041 82,499 91,864 98,944 106,272 115,831 120,570 128,532 137,486 144,763

1,026 562 723 899 390 512 536 292 467 199

985 1,028 1,090 1,163 1,127 1,146 1,019 1,164 1,161 1,227

— — — — — — — — — —

76,052 84,089 93,677 101,006 107,789 117,489 122,125 129,988 139,114 146,189

142,408 245,041 124,810 (492,245) 210,701 233,261 45,732 262,306 346,127 187,202

1,736,451 1,981,492 2,106,302 1,614,057 1,824,758 2,058,019 2,103,751 2,366,057 2,712,184 2,899,386

601 1,825 1,709 1,491 1,173 1,784 1,699 1,325 1,302 3,713

75,755 117,670 75,438 (165,957) 108,416 115,933 51,250 132,404 160,091 110,751

27,269 29,497 33,936 35,355 38,311 41,130 41,406 43,660 44,747 47,710

72 114 248 284 231 401 268 133 106 293

331 345 356 379 354 361 312 357 355 370

— — — — — — — — — —

27,672 29,956 34,540 36,018 38,896 41,892 41,986 44,150 45,208 48,373

48,083 87,714 40,898 (201,975) 69,520 74,041 9,264 88,254 114,883 62,378

686,062 773,776 814,674 612,699 682,219 756,260 765,524 853,778 968,661 1,031,039

Continued on page 166.

2014 Comprehensive Annual Financial Report

165

Utah Retirement Systems

Schedules of Changes in Fund Balance — Defined Benefit Systems

(Concluded)

Year Ended December 31

(dollars in thousands)

Total Employer Contributions

Contributions Court Fees/ as a Percent Beginning Member Employer Fire Insurance of Covered System Year Net Position Contributions Contributions Tax Payroll

Judges Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

105,483 113,353 128,299 134,364 100,895 111,726 123,037 123,235 136,127 155,676

8 10 13 138 67 — ­­ — — — 317

792 995 1,360 1,730 2,083 2,771 3,588 4,232 4,990 5,627

1,605 1,723 1,850 2,072 2,101 1,944 1,815 1,666 1,498 1,486

20.67 % 22.29 24.10 26.40 28.99 33.12 36.22 39.62 42.70 44.26

$ 9,762 16,287 8,401 (31,053) 13,214 14,597 3,114 15,485 20,130 11,068

Utah Governors and Legislators Retirement Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

11,066 11,319 12,163 12,196 8,675 8,993 9,337 8,933 9,445 10,166

— — — — — — — — — —

— — — — — — 153 214 252 411

— — — — — — — — — —

— — — — — — 26.94 % 46.22 64.62 44.29

$

997 1,589 780 (2,763) 1,098 1,142 231 1,100 1,346 717

Tier 2 Public Employees Contributory Retirement System*

2011 2012 2013 2014

$

— 2,799 17,933 47,690

— — — —

2,790 14,208 25,743 37,299

— — — —

7.58 % 6.97 7.29 7.57

$

9 922 4,017 4,320

Tier 2 Public Safety and Firefighter Contributory Retirement System*

2011 2012 2013 2014

$

— 89 1,171 3,935

— — — —

89 1,031 2,451 4,365

— — — —

10.41 % 10.07 12.12 12.46

$

— 56 316 404

*New system additional years will be added as they become available.

166

Net Investment Income

2014 Comprehensive Annual Financial Report

Utah Retirement Systems



Transfers Administrative from Total Benefit & Actuarial Systems Additions Payments Refunds Expense

Transfers to Systems

Total Deductions

Changes in Net Position

Ending Net Position

518 1,242 841 294 1,027 1,078 390 710 3,186 1,092

12,685 20,257 12,465 (26,819) 18,492 20,390 8,907 22,093 29,804 19,590

4,755 5,251 6,335 6,580 7,595 9,010 8,649 9,135 10,189 11,361

— — — — — — — — — —

60 60 65 70 66 69 60 66 66 71

— — — — — — — — — —

4,815 5,311 6,400 6,650 7,661 9,079 8,709 9,201 10,255 11,432

7,870 14,946 6,065 (33,469) 10,831 11,311 198 12,892 19,549 8,158

113,353 128,299 134,364 100,895 111,726 123,037 123,235 136,127 155,676 163,834

16 18 18 17 9 2 17 19 19 —

1,013 1,607 798 (2,746) 1,107 1,144 401 1,333 1,617 1,128

755 758 758 763 784 790 801 815 892 909

— — 2 7 — 5 — 1 — —

5 5 5 5 5 5 4 5 4 5

— — — — — — — — — 14

760 763 765 775 789 800 805 821 896 928

253 844 33 (3,521) 318 344 (404) 512 721 200

11,319 12,163 12,196 8,675 8,993 9,337 8,933 9,445 10,166 10,366

— 5 3 —

2,799 15,135 29,763 41,619

— — — —

— — — —

— 1 6 16

— — — 2

— 1 6 18

2,799 15,134 29,757 41,601

2,799 17,933 47,690 89,291

— — — 2

89 1,087 2,767 4,771

— — — —

— — — —

— — — 1

— 5 3 —

— 5 3 1

89 1,082 2,764 4,770

89 1,171 3,935 8,705

2014 Comprehensive Annual Financial Report

167

Utah Retirement Systems

Schedules of Changes in Fund Balance — Defined Contribution Plans Year Ended December 31

(in thousands) Beginning Net Investment System Year Net Position Contributions Income / (Loss)

401(k) Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 1,890,555 2,104,462 2,388,556 2,604,148 2,131,945 2,607,287 2,886,677 2,881,007 3,212,874 3,746,281

457 Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

Roth IRA Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Traditional IRA Plan

182,744 193,515 225,975 229,981 222,369 222,474 210,592 218,888 230,086 255,044

142,760 226,668 137,399 (554,176) 386,989 254,289 (14,864) 313,374 532,216 213,230

325,504 420,183 363,374 (324,195) 609,358 476,763 195,728 532,262 762,302 468,274

213,271 230,031 258,815 277,063 229,469 283,619 316,874 321,356 360,381 424,568

22,033 23,282 26,303 29,021 26,617 26,522 26,441 24,501 25,696 26,711

14,891 24,210 14,025 (57,267) 41,581 27,628 (2,422) 35,065 60,421 23,342

36,924 47,492 40,328 (28,246) 68,198 54,150 24,019 59,566 86,117 50,053

$

— 1,027 3,588 6,336 7,088 12,248 20,571 24,400 33,750 47,763

1,007 2,351 2,745 3,346 3,623 8,116 6,619 7,685 9,113 11,664

53 283 208 (2,051) 2,008 1,827 (508) 3,256 6,870 2,817

1,060 2,634 2,953 1,295 5,631 9,943 6,111 10,941 15,983 14,481

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

— 6,556 12,428 17,840 19,194 22,471 26,251 30,013 38,595 49,852

6,527 6,069 7,390 7,433 3,161 6,097 7,346 9,799 11,213 14,930

353 1,061 650 (3,488) 2,803 1,692 (55) 2,811 5,050 2,645

6,880 7,130 8,040 3,945 5,964 7,789 7,291 12,610 16,263 17,575

HRA Plan*

2006 2007 2008 2009 2010 2011 2012 2013 2014

$

— 129 685 1,546 2,988 6,275 9,113 11,469 16,184

161 664 1,129 1,974 4,274 4,264 4,092 6,750 6,393

2 19 23 7 11 17 22 30 24

163 683 1,152 1,981 4,285 4,281 4,114 6,780 6,417

All Defined Contribution Plans

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 2,103,826 2,342,076 2,663,516 2,906,072 2,389,242 2,928,613 3,256,648 3,265,889 3,657,069 4,284,648

212,311 225,378 263,077 270,910 257,744 267,483 255,262 264,965 282,858 314,742

158,057 252,224 152,301 (616,959) 433,388 285,447 (17,832) 354,528 604,587 242,058

370,368 477,602 415,378 (346,049) 691,132 552,930 237,430 619,493 887,445 556,800

*Additional years will be added as they become available. 168

Total Additions

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Administrative Total Refunds Expenses Deductions

Changes in Net Position

Ending Net Position

106,678 130,718 142,180 141,904 127,675 190,963 194,933 194,538 223,523 251,496

4,919 5,371 5,602 6,104 6,341 6,410 6,465 5,857 5,372 6,308

111,597 136,089 147,782 148,008 134,016 197,373 201,398 200,395 228,895 257,804

213,907 284,094 215,592 (472,203) 475,342 279,390 (5,670) 331,867 533,407 210,470

2,104,462 2,388,556 2,604,148 2,131,945 2,607,287 2,886,677 2,881,007 3,212,874 3,746,281 3,956,751

19,633 18,138 21,489 18,683 13,349 20,184 18,811 19,877 21,314 22,920

531 570 591 665 699 711 726 664 616 727

20,164 18,708 22,080 19,348 14,048 20,895 19,537 20,541 21,930 23,647

16,760 28,784 18,248 (47,594) 54,150 33,255 4,482 39,025 64,187 26,406

230,031 258,815 277,063 229,469 283,619 316,874 321,356 360,381 424,568 450,974

33 67 192 524 445 1,582 2,230 1,538 1,908 3,310

— 6 13 19 26 38 52 53 62 91

33 73 205 543 471 1,620 2,282 1,591 1,970 3,401

1,027 2,561 2,748 752 5,160 8,323 3,829 9,350 14,013 11,080

1,027 3,588 6,336 7,088 12,248 20,571 24,400 33,750 47,763 58,843

315 1,232 2,592 2,545 2,635 3,954 3,469 3,967 4,940 7,514

9 26 36 46 52 55 60 61 66 91

324 1,258 2,628 2,591 2,687 4,009 3,529 4,028 5,006 7,605

6,556 5,872 5,412 1,354 3,277 3,780 3,762 8,582 11,257 9,970

6,556 12,428 17,840 19,194 22,471 26,251 30,013 38,595 49,852 59,822

34 126 288 533 987 1,426 1,736 2,041 2,690

— 1 3 6 11 17 22 24 31

34 127 291 539 998 1,443 1,758 2,065 2,721

129 556 861 1,442 3,287 2,838 2,356 4,715 3,696

129 685 1,546 2,988 6,275 9,113 11,469 16,184 19,880

126,659 150,189 166,579 163,944 144,637 217,670 220,869 221,656 253,726 287,922

5,459 5,973 6,243 6,837 7,124 7,225 7,320 6,657 6,140 7,256

132,118 156,162 172,822 170,781 151,761 224,895 228,189 228,313 259,866 295,178

238,250 321,440 242,556 (516,830) 539,371 328,035 9,241 391,180 627,579 261,622

2,342,076 2,663,516 2,906,072 2,389,242 2,928,613 3,256,648 3,265,889 3,657,069 4,284,648 4,546,270

2014 Comprehensive Annual Financial Report

169

Utah Retirement Systems

Schedules of Benefit Deductions by Type Year Ended December 31

(in thousands) Service and Cost-of- Disability Living Supplemental System Year Benefits Benefits Benefits

170

Total Benefits

Noncontributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$397,759 450,659 513,917 551,391 599,456 661,718 709,359 753,155 812,550 871,999

71,936 82,589 95,609 108,401 123,596 132,086 134,337 146,978 162,134 171,799

— — — — — — — — — —

469,695 533,248 609,526 659,792 723,052 793,804 843,696 900,133 974,684 1,043,798

Contributory Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 37,508 39,635 43,248 44,218 47,319 50,822 52,933 55,884 59,203 62,560

18,479 18,002 17,694 17,309 17,086 16,389 15,160 14,746 14,778 14,328

1,113 909 736 569 444 353 282 225 177 127

57,100 58,546 61,678 62,096 64,849 67,564 68,375 70,855 74,158 77,015

Public Safety Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 62,608 69,721 77,605 83,142 88,632 96,331 99,685 105,780 112,470 118,030

10,859 12,237 13,743 15,317 17,186 19,068 20,482 22,372 24,662 26,407

574 541 516 485 454 433 403 380 354 326

74,041 82,499 91,864 98,944 106,272 115,832 120,570 128,532 137,486 144,763

Firefighters Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 21,405 23,122 26,952 27,792 30,097 32,490 32,716 34,445 34,951 37,597

5,252 5,806 6,461 7,093 7,792 8,242 8,313 8,871 9,485 9,844

612 569 523 470 422 401 377 344 311 269

27,269 29,497 33,936 35,355 38,311 41,133 41,406 43,660 44,747 47,710

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Schedules of Benefit Deductions by Type

(Concluded)

Year Ended December 31

(in thousands) Service and Cost-of- Disability Living Supplemental System Year Benefits Benefits Benefits

Judges Retirement System

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$ 3,784 4,167 5,105 5,201 6,046 7,317 6,974 7,364 8,248 9,305

Utah Governors and Legislators Retirement Plan

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$

Tier 2 Public Employees Contributory Retirement System*

2011 2012 2013 2014

Tier 2 Public Safety and Firefighter Contributory Retirement System*

2011 2012 2013 2014

Total Benefits

971 1,084 1,230 1,379 1,549 1,693 1,675 1,771 1,941 2,056

— — — — — — — — — —

4,755 5,251 6,335 6,580 7,595 9,010 8,649 9,135 10,189 11,361

595 594 596 606 619 625 639 647 718 734

160 164 162 157 165 165 162 168 174 175

— — — — — — — — — —

755 758 758 763 784 790 801 815 892 909

$

— — — —

— — — —

— — — —

— — — —

$

— — — —

— — — —

— — — —

— — — —

*New system additional years will be added as they become available.

2014 Comprehensive Annual Financial Report

171

Utah Retirement Systems

Schedules of Retired Members by Type of Benefit Option Year Ended December 31, 2014­­

System

Amount of Monthly Benefit 1 2 3 4 5



7

8

9

Noncontributory Retirement System

$

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

8,999 4,457 2,958 2,070 654 322

731 751 818 609 169 86

2,298 1,784 1,892 1,500 664 381

283 310 291 230 107 65

2,898 2,534 2,599 1,539 464 178

738 883 873 530 179 77

— — — — — —

— — — — — —

— — — — — —

Contributory Retirement System

$

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

922 515 227 15 19 10

354 251 175 61 16 11

194 203 149 59 27 18

28 38 29 14 5 3

213 243 199 68 6 3

77 63 52 37 8 3

— — — — — —

— — — — — —

— — — — — —

Public Safety Retirement System

$

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

301 687 1,504 670 228 121

114 264 604 248 123 44

Firefighters Retirement System

$

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

38 131 420 420 206 83

— — — — — —

1– A maximum monthly benefit for the retiree’s life. No benefit to a beneficiary. 2– A reduced lifetime benefit to the retiree. A beneficiary receives the balance in retiree’s account after the monthly annuity payments are deducted. 3– A reduced lifetime benefit to a retiree and a lifetime benefit equal to the retiree’s benefit payable to the retiree’s lawful spouse at the time of retirement. 4– A reduced lifetime benefit to the retiree and a lifetime benefit equal to half of the retiree’s benefit to the retiree’s lawful spouse at the time of retirement. 5– Approximately 95% of the benefit in type 3 and the same lifetime benefit for retiree’s lawful spouse at the time of retirement. Benefit reverts to 100% at time of spouse’s death.

172

Number of Retirees by Benefit Option 6

2014 Comprehensive Annual Financial Report

6– Approximately 98% of the benefit in type 4 and a lifetime benefit for equal to half of the retiree’s for retiree’s lawful spouse at the time of the retirement. Benefit reverts to 100% at time of spouse’s death. 7– Normal retirement for age and service and a lifetime benefit of 65% of the retiree’s benefit to the retiree’s lawful spouse at the time of the retiree’s death. 8– Normal retirement for age and service and a lifetime benefit of 75% of the retiree’s benefit to the retiree’s lawful spouse at the time of the retiree’s death. 9– Normal retirement for age and service and a lifetime benefit of 75% of the retiree’s benefit to the retiree’s lawful spouse at the time of the retirement. *Governors & Legislative Pension Plan provides a normal lifetime pension to the retiree and 50% of the retiree’s benefit to the retirees lawful spouse at the time of death if the retiree had four or more years of service.

Utah Retirement Systems

Schedules of Retired Members by Type of Benefit Option

(Concluded)

Year Ended December 31­­, 2014

System

Amount of Monthly Benefit 1 2 3 4 5



Number of Retirees by Benefit Option 6

7

8

9

Judges Retirement System

$

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — 1 1 66

— — — 1 — 63

Utah Governors and Legislators Retirement Plan

$

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

— — — — — —

— — — — — —

— — — — — —

230 4 — 1 — —

— — — — — —

1 — — — — —

— — — — — —

— — — — — —

— — — — — —

Tier 2 $ Public Employees Retirement System*

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

Tier 2 Public Safety $ and Firefighters Retirement System*

1-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4.001-5,000 over-5,000

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

— — — — — —

*There are currently no retirees in the Tier 2 Retirement Systems.

2014 Comprehensive Annual Financial Report

173

Utah Retirement Systems

Schedules of Average Benefit Payments December 31

Years of Credited Service System

Noncontributory Retirement System

Contributory Retirement System

174

2009

Average Monthly Benefit $ Monthly Final Average Salary Number of Active Retired

2010

4-10 11-15 16-20 21-25 26-30 31+

325 2,427 472

687 2,949 309

1,126 3,557 401

1,465 3,752 350

2,536 4,727 565

3,327 5,419 443

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 368 2,565 463

738 3,148 324

1,181 3,747 418

1,593 4,117 385

2,577 4,783 642

3,368 5,475 465

2011

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 366 2,682 528

730 3,093 391

1,190 3,650 425

1,599 4,112 412

2,547 4,866 486

3,444 5,589 387

2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 334 2,526 629

774 3,182 422

1,228 3,860 423

1,629 4,119 441

2,502 4,774 463

3,419 5,516 367

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 366 2,611 719

811 3,405 484

1,290 3,990 479

1,626 4,102 535

2,522 4,841 607

3,532 5,611 541

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 373 2,498 665

837 3,300 410

1,274 3,792 468

1,742 4,093 434

2,610 4,809 588

3,743 5,687 467

2009

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 774 2,852 5

466 2,040 13

1,033 3,208 8

1,157 3,043 28

1,983 3,741 92

2,807 4,829 35

2010

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 441 2,393 10

696 3,159 10

792 2,502 13

1,112 2,851 24

2,234 4,271 114

2,824 4,857 47

2011

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 290 1,992 12

415 1,862 6

1,135 2,877 14

1,326 3,389 16

2,054 4,035 90

2,609 4,337 39

2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 371 2,294 7

561 2,224 9

1,252 3,966 8

1,452 3,952 9

2,126 4,092 100

2,712 4,455 51

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 600 4,494 7

796 3,238 9

797 2,447 12

1,454 3,446 9

2,085 4,034 109

2,817 4,743 76

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 300 2,098 11

735 3,447 8

1,219 4,234 3

1,376 3,650 8

2,066 3,993 75

2,840 4,359 79

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Schedules of Average Benefit Payments

(Continued)

December 31­­

Years of Credited Service System

Public Safety Retirement System

Firefighters Retirement System

4-10 11-15 16-20 21-25 26-30 31+

2009

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 972 3,996 7

1,115 3,792 10

2,288 4,812 75

2,498 4,696 36

3,526 5,429 21

4,080 5,823 21

2010

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 766 3,711 7

1,591 4,711 9

2,124 4,565 92

2,632 4,988 53

3,616 5,807 35

4,211 6,016 16

2011

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 661 2,874 9

1,494 3,715 9

2,132 4,582 62

2,612 5,015 47

3,371 5,431 15

4,766 6,190 15

2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 717 3,396 12

1,397 4,489 13

2,187 4,706 69

2,498 4,890 69

3,613 5,827 17

3,969 5,486 15

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 413 2,676 7

1,339 4,287 8

2,156 4,709 88

2,509 4,813 76

3,676 5,716 25

4,584 6,178 24

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 617 3,125 16

1,301 3,855 14

2,206 4,665 80

2,828 5,007 96

3,518 5,307 18

4,179 5,574 23

2009

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 2,416 4,833 2

2,036 5,281 1

2,230 4,555 2

3,028 553 8

3,534 5,796 12

4,891 7,267 13

2010

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

2,946 5,891 1

2,725 5,620 12

3,062 5,735 5

3,575 5,978 14

4,166 5,845 12

2011

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

2,554 5,980 2

2,686 5,527 6

3,112 5,574 9

3,852 6,408 10

4,228 5,757 5

2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 1,731 4,364 4

2,094 4,188 3

2,398 5,094 7

3,315 6,274 6

4,288 6,739 6

4,871 6,487 9

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 1,800 3,600 1

2,301 4,602 3

2,248 5,337 4

3,078 5,893 10

3,706 5,747 18

4,425 6,012 10

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 2,052 3,661 1

2,929 5,227 4

2,844 5,292 14

3,332 5,560 13

3,801 6,169 9

6,065 7,451 10

Continued on page 176.

2014 Comprehensive Annual Financial Report

175

Utah Retirement Systems

Schedules of Average Benefit Payments

(Continued)

December 31­­

Years of Credited Service System

Judges Retirement System

Utah Governors and Legislators Retirement Plan

176

4-10 11-15 16-20 21-25 26-30 31+

2009

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 3,562 7,227 1

5,879 10,750 1

6,961 10,774 1

7,556 10,445 3

8,511 10,932 1

8,100 10,644 3

2010

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

6,564 12,076 1

7,389 10,969 1

8,036 11,136 4

— — —

9,027 11,151 3

2011

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

5,647 10,666 3

— — —

— — —

8,743 11,013 1

— — —

2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

6,768 11,064 2

— — —

— — —

9,697 11,068 2

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

7,204 11,151 2

8,215 11,163 4

6,647 11,688 1

11,006 11,132 4

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

9,263 11,201 2

8,850 11,149 2

9,836 11,225 2

9,180 11,180 1

2009

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 212 — 5

— — —

— — —

— — —

— — —

— — —

2010

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 190 — 3

324 — 1

— — —

465 — 1

— — —

— — —

2011

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 172 — 3

380 — 1

435 — 2

627 — 1

— — —

— — —

2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 158 — 6

320 — 2

— — —

— — —

— — —

— — —

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 216 — 13

314 — 3

475 — 4

555 — 1

— — —

— — —

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$ 256 — 4

342 — 2

— — —

846 — 1

— — —

— — —

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Schedules of Average Benefit Payments

(Concluded)

December 31­­

Years of Credited Service System

4-10 11-15 16-20 21-25 26-30 31+

Tier 2 2011 Public Employees Contributory Retirement System* 2012

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

2011 Tier 2 Public Safety and Firefighter Contributory 2012 Retirement System*

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

2013

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

2014

Average Monthly Benefit Monthly Final Average Salary Number of Active Retired

$

— — —

— — —

— — —

— — —

— — —

— — —

*There are currently no retirees in the Tier 2 Retirement Systems.

2014 Comprehensive Annual Financial Report

177

Utah Retirement Systems

Schedules of Active Members by Age and Gender Year Ended December 31, 2014

System

Noncontributory Retirement System

Ages Male Female

Under 20 20 to 29 30 to 39 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

— 977 6,334 7,228 3,874 3,856 3,798 336

2 1,923 8,637 11,641 7,425 7,906 7,479 411

Total

2 2,900 14,971 18,869 11,299 11,762 11,277 747

System

Judges Retirement System

Ages Male Female

Under 20 — — 20 to 29 — — 30 to 39 1 — 40 to 49 16 6 50 to 54 16 6 55 to 59 17 6 60 to 69 34 9 70 and Older 3 —

Total

— — 1 22 22 23 43 3

Total 26,403 45,424 71,827

Total 87 27 114

Contributory Retirement System

Utah Governors and Legislators Retirement Plan

Under 20 20 to 29 30 to 39 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

5 194 174 77 36 38 38 3

4 392 216 177 66 49 32 2

9 586 390 254 102 87 70 5

Under 20 20 to 29 30 to 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

— — 11 24 7 14 31 3

— — 2 5 2 1 5 —

— — 13 29 9 15 36 3

Total 565 938 1,503

Total 90 15 105

Public Safety Retirement System

Tier 2 Public Employees Contributory Retirement System

Under 20 20 to 29 30 to 39 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

— 893 2,281 1,881 441 253 163 5

1 94 253 256 75 49 26 1

1 987 2,534 2,137 516 302 189 6

Under 20 20 to 29 30 to 39 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

72 2,466 2,020 860 325 305 265 24

53 4,833 2,598 2,107 679 399 203 16

125 7,299 4,618 2,967 1,004 704 468 40

Total 5,917 755 6,672

Total 6,337 10,888 17,225

Firefighters Retirement System

Tier 2 Public Safety and Firefighter Contributory Retirement System

Under 20 20 to 29 30 to 39 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

— 153 732 555 151 90 48 1

— 5 23 25 3 — 1 —

— 158 755 580 154 90 49 1

1,730 57 1,787 Total

178

2014 Comprehensive Annual Financial Report

Under 20 20 to 29 30 to 39 40 to 49 50 to 54 55 to 59 60 to 69 70 and Older

— 733 412 60 7 3 1 —

1 63 39 12 — — — —

1 796 451 72 7 3 1 —

1,216 115 1,331 Total

Utah Retirement Systems

Schedules of Retirees by Age and Gender Year Ended December 31, 2014

System

Noncontributory Retirement System

Ages

Under 55 55 to 59 60 to 64 65 to 69 70 to 74 75 to 79 80 to 84 85 to 89 90 to 94 95 to 100 Over 100

Male Female

168 650 2,088 4,350 3,813 2,797 1,973 1,000 215 7 —

Total

306 474 1,029 1,679 3,625 5,713 7,910 12,260 6,590 10,403 4,450 7,247 2,978 4,951 1,604 2,604 350 565 17 24 1 1

System

Judges Retirement System

Ages

Under 55 55 to 59 60 to 64 65 to 69 70 to 74 75 to 79 80 to 84 85 to 89 90 to 94 95 to 100 Over 100

Male Female

— — 12 27 17 13 9 7 3 — —

— 1 6 4 6 4 6 11 4 2 —

Total

— 1 18 31 23 17 15 18 7 2 —

17,061 28,860 45,921 88 44 132 Total Total Contributory Retirement System

Under 55 55 to 59 60 to 64 65 to 69 70 to 74 75 to 79 80 to 84 85 to 89 90 to 94 95 to 100 Over 100

51 112 209 280 214 137 98 151 152 53 5

50 108 262 435 403 314 267 389 430 182 13

101 220 471 715 617 451 365 540 582 235 18

Utah Governors and Legislators Retirement Plan

Under 55 55 to 59 60 to 64 65 to 69 70 to 74 75 to 79 80 to 84 85 to 89 90 to 94 95 to 100 Over 100

— — 6 30 21 30 28 14 14 1 —

2 — 4 7 11 13 23 22 6 3 1

2 — 10 37 32 43 51 36 20 4 1

1,462 2,853 4,315 144 92 236 Total Total Public Safety Retirement System

639 Under 55 490 55 to 59 701 60 to 64 809 65 to 69 465 70 to 74 304 75 to 79 80 to 84 163 85 to 89 58 90 to 94 14 95 to 100 3 Over 100 1

226 159 216 176 155 121 127 52 24 4 1

865 649 917 985 620 425 290 110 38 7 2

Tier 2 Public Employees Contributory Retirement System*

Total 3,647 1,261 4,908 Firefighters Retirement System

Under 55 55 to 59 60 to 64 65 to 69 70 to 74 75 to 79 80 to 84 85 to 89 90 to 94 95 to 100 Over 100

119 131 219 205 161 93 41 30 5 1 —

45 23 41 42 33 32 33 31 12 1 —

164 154 260 247 194 125 74 61 17 2 —

Total

1,005

293

1,298

Tier 2 Public Safety and Firefighter Contributory Retirement System*

Under 55 — — — 55 to 59 — — — 60 to 64 — — — 65 to 69 — — — 70 to 74 — — — 75 to 79 — — — 80 to 84 — — — 85 to 89 — — — 90 to 94 — — — 95 to 100 — — — Over 100 — — — Total — — — Under 55 — — — 55 to 59 — — — 60 to 64 — — — 65 to 69 — — — 70 to 74 — — — 75 to 79 — — — 80 to 84 — — — 85 to 89 — — — 90 to 94 — — — 95 to 100 — — — Over 100 — — — Total — — —

*There are no retirees in the Tier 2 Retirement Systems. 2014 Comprehensive Annual Financial Report

179

Utah Retirement Systems

Schedules of Principal Participating Employers Year Ended December 31

2014 2013 2012 2011 Percent Percent Percent Percent of Total of Total of Total of Total System/ Active Active Active Active Active Active Active Active Employer Members Rank Member Members Rank Member Members Rank Members Members Rank Members

Noncontributory Retirement System State of Utah Davis School District Granite School District Alpine School District Jordan School District Weber School District Salt Lake County University of Utah Salt Lake School District Nebo School District Canyons School District Other

12,550 1 17.47% 4,338 2 6.04 4,337 3 6.04 3,938 4 5.48 2,747 5 3.82 2,360 6 3.29 2,352 7 3.27 2,039 8 2.84 1,977 9 2.75 1,941 10 2.70 — — — 33,248 46.29

13,510 1 4,624 3 4,702 2 4,280 4 2,943 5 2,503 6 2,476 7 2,290 8 2,144 9 — — 2,076 10 35,297 —

Total Noncontributory System active members

71,827 100.00%

76,845 100.00%

Contributory Retirement System State of Utah South Jordan City Uintah County Salt Lake City Corp. DDI Vantage University of Utah Duchesne County Granite School District University of Utah Hospital Salt Lake County Salt Lake School District Other

186 1 12.38% 153 2 10.18 136 3 9.05 73 4 4.86 70 5 4.66 68 6 4.52 68 6 4.52 67 8 4.46 47 9 3.13 45 10 2.99 — — — 590 39.25

17.58% 6.02 6.12 5.57 3.83 3.26 3.22 2.98 2.79 — 2.70 45.93

237 1 13.68% 167 2 9.64 146 3 8.42 84 4 4.85 76 6 4.39 75 7 4.33 73 8 4.21 81 5 4.67 50 9 2.89 47 10 2.71 — — — 697 — 40.22%

14,450 1 4,871 3 5,012 2 4,659 4 3,099 5 2,660 6 2,605 8 2,646 7 2,343 9 — — 2,281 10 37,633

17.57% 5.92 6.09 5.66 3.77 3.23 3.17 3.22 2.85 — 2.77 45.75

15,273 1 5,113 3 5,400 2 5,095 4 3,239 6 2,784 8 2,813 7 3,895 5 2,520 9 — — 2,460 10 39,309

17.38% 5.82 6.14 5.80 3.68 3.17 3.20 4.43 2.87 — 2.80 44.72

82,259 100.00%

87,901 100.00%

269 1 13.89% 177 2 9.14 158 3 8.16 93 4 4.80 85 6 4.39 84 7 4.34 77 8 3.98 91 5 4.70 56 9 2.89 52 10 2.68 — — — 795 41.04

293 1 13.71% 196 2 9.17 168 3 7.86 104 5 4.87 94 7 4.40 153 4 7.16 82 8 3.84 102 6 4.77 — — — 59 9 2.76 55 10 2.57 831 38.89

Total Contributory System active members

1,503 100.00%

1,733 100.00%

1,937 100.00%

2,137 100.00%

Public Safety Retirement System State of Utah Salt Lake County Salt Lake City Corp. Unified Police Department Utah County Weber County Corp. Davis County West Valley City Washington County Ogden City Corp. Sandy City Other

2,076 1 31.12% 424 2 6.35 423 3 6.34 365 4 5.47 239 5 3.58 221 6 3.31 179 7 2.68 169 8 2.53 113 9 1.69 110 10 1.65 — — — 2,353 35.27

2,211 1 31.50% 2,317 1 31.68% 459 2 6.54 494 2 6.76 432 3 6.15 452 3 6.18 378 4 5.39 377 4 5.16 237 5 3.38 239 5 3.27 228 6 3.25 237 6 3.24 193 7 2.75 201 7 2.75 162 8 2.31 172 8 2.35 120 9 1.71 129 9 1.76 116 10 1.65 122 10 1.67 — — — — — — 2,483 — 35.38% 2,573 35.18

2,390 1 31.37% 540 2 7.09 463 3 6.08 329 4 4.32 236 6 3.10 249 5 3.27 208 7 2.73 177 8 2.32 129 9 1.69 127 10 1.67 — — — 2,771 36.37

Total Public Safety System active members

6,672 100.00%

7,019 100.00%

7,619 100.00%

Additional information will be added when it becomes available.

180

2014 Comprehensive Annual Financial Report

7,313 100.00%

Utah Retirement Systems

2010 2009 2008 2007 2006 Percent Percent Percent Percent Percent of Total of Total of Total of Total of Total Active Active Active Active Active Active Active Active Active Active Members Rank Members Members Rank Members Members Rank Members Members Rank Members Members Rank Members



16,071 1 17.39% 16,435 1 17.72% 16,979 1 18.14% 16,948 1 18.91% 16,664 1 19.11% 5,330 4 5.77 5,433 4 5.86 5,501 4 5.88 5,391 4 6.02 5,187 4 5.95 5,781 2 6.26 6,148 2 6.63 6,130 2 6.55 5,922 2 6.61 5,363 3 6.15 5,551 3 6.01 5,487 3 5.91 5,354 5 5.72 4,910 5 5.48 4,697 5 5.39 3,366 6 3.64 3,560 6 3.84 5,819 3 6.22 5,705 3 6.37 5,448 2 6.25 2,861 8 3.10 2,875 8 3.10 2,859 9 3.06 2,793 9 3.12 2,670 9 3.06 2,869 7 3.11 2,968 7 3.20 3,084 7 3.30 2,981 7 3.33 2,909 7 3.34 4,217 5 4.56 4,274 5 4.61 4,406 6 4.71 4,453 6 4.97 4,480 6 5.14 2,683 9 2.90 2,842 9 3.06 2,950 8 3.15 2,805 8 3.13 2,689 8 3.08 — — — — — — 2,465 10 2.63 2,330 10 2.60 2,917 10 3.34 2,637 10 2.85 2,572 10 2.77 — — — — — — — — — 41,026 44.40 40,172 43.30 38,029 40.64 35,367 39.47 34,195 39.19



92,392 100.00% 92,766 100.00% 93,576 100.00% 89,605 100.00% 87,219 100.00%



325 1 13.95% 203 2 8.71 187 3 8.03 112 6 4.81 91 8 3.91 162 4 6.95 104 7 4.46 114 5 4.89 — — — 61 9 2.62 58 10 2.49 913 39.18

387 1 15.39% 208 2 8.27 193 3 7.67 128 6 5.09 82 8 3.26 178 4 7.08 90 7 3.58 131 5 5.21 — — — 80 9 3.18 67 10 2.66 971 38.61

435 1 15.86% 212 2 7.73 191 4 6.96 137 6 4.99 76 10 2.77 195 3 7.11 87 7 3.17 141 5 5.14 — — — 90 8 3.28 — — — 1,179 42.98

473 1 16.58% 207 2 7.26 188 4 6.59 144 6 5.05 — — — 207 3 7.26 85 8 2.98 150 5 5.26 — — — 97 7 3.40 78 10 2.73 1,223 42.88

508 1 16.88% 216 2 7.18 185 4 6.15 156 6 5.18 — — — 214 3 7.11 79 10 2.62 162 5 5.38 — — — 107 7 3.55 83 9 2.76 1,300 43.19



2,330 100.00% 2,515 100.00% 2,743 100.00% 2,852 100.00% 3,010 100.00%



2,380 1 31.22% 547 2 7.17 480 3 6.30 293 4 3.84 233 6 3.06 246 5 3.23 209 7 2.74 177 8 2.32 126 9 1.65 119 10 1.56 — — — 2,814 36.91



7,624 100.00% 7,695 100.00% 7,894 100.00% 7,587 100.00% 7,474 100.00%

2,448 1 31.81% 828 2 10.76 480 3 6.24 — — — 238 5 3.09 252 4 3.27 209 6 2.72 175 7 2.27 123 8 1.60 117 9 1.52 109 10 1.42 2,716 35.30

2,592 1 32.84% 860 2 10.89 479 3 6.07 — — — 244 5 3.09 266 4 3.37 208 6 2.63 176 7 2.23 120 9 1.52 122 8 1.55 115 10 1.46 2,712 34.36

2,444 1 32.21% 783 2 10.32 472 3 6.22 — — — 233 5 3.07 275 4 3.62 206 6 2.72 169 7 2.23 113 9 1.49 122 8 1.61 108 10 1.42 2,662 35.09

2,468 1 33.02% 763 2 10.21 448 3 5.99 — — — 223 5 2.98 291 4 3.89 199 6 2.66 159 7 2.13 107 10 1.43 114 8 1.53 109 9 1.46 2,593 34.70

Continued on page 182

2014 Comprehensive Annual Financial Report

181

Utah Retirement Systems

Schedules of Principal Participating Employers

(Continued)

Year Ended December 31­­

2014 2013 2012 2011 Percent Percent Percent Percent of Total of Total of Total of Total System/ Active Active Active Active Active Active Active Active Employer Members Rank Member Members Rank Member Members Rank Members Members Rank Members

Firefighters Retirement System Unified Fire Authority Salt Lake City Corp. Ogden City Corp. West Valley City Provo City Park City Fire Service City of West Jordan Sandy City Orem City Murray City Weber Fire District South Davis Metro Fire Agency Other Total Firefighters System active members

395 1 22.10% 302 2 16.90 90 3 5.04 87 4 4.87 70 5 3.92 68 6 3.81 66 7 3.69 64 8 3.58 56 9 3.13 51 10 2.85 — — — — — — 538 30.11 1,787 100.00%

398 1 309 2 102 3 89 4 72 5 71 6 68 8 69 7 62 9 55 10 — — — — 550

21.57% 16.75 5.53 4.82 3.90 3.85 3.69 3.74 3.36 2.98 — — 29.81

1,845 100.00%

404 1 309 2 109 3 92 4 74 5 72 6 72 6 69 8 67 9 — — 56 10 — — 560

21.44% 16.40 5.79 4.88 3.93 3.82 3.82 3.66 3.56 — 2.97 — 29.75

404 1 20.91% 314 2 16.25 110 3 5.69 96 4 4.97 78 5 4.04 74 6 3.83 73 7 3.78 70 8 3.62 68 9 3.52 56 10 2.90 — — — — — — 589 3 0.49

1,884 100.00%

1,932 100.00%

Judges Retirement System State of Utah

114

1 100.00%

112

1 100.00%

111

1 100.00%

111

1 100.00%

Utah Governors and Legislators Retirement Plan State of Utah

105

1 100.00%

99

1 100.00%

113

1 100.00%

115

1 100.00%

Tier 2 Public Employees Contributory Retirement System State of Utah University of Utah Alpine School District Granite School District Davis School District Jordan School District Canyons School District Nebo School District Salt Lake County Washington School District Salt Lake City District Provo School District Other Total Tier 2 Public Employees System active members

2,772 1 16.09% 1,223 2 7.10 1,090 3 6.33 829 4 4.81 778 5 4.52 755 6 4.38 614 7 3.56 549 8 3.19 484 9 2.81 360 10 2.09 — — — — — — 7,771 45.11 17,225 100.00%

Additional information will be added when it becomes available.

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2014 Comprehensive Annual Financial Report

2,173 1 15.84% 1,523 1 14.71% 600 1 12.56% 944 3 6.88 738 3 7.13 323 4 6.76 1,080 2 7.87 1,072 2 10.35 574 2 12.02 664 4 4.84 638 4 6.16 336 3 7.03 591 7 4.31 463 5 4.47 235 6 4.92 661 5 4.82 417 6 4.03 238 5 4.98 593 6 4.32 387 7 3.74 177 8 3.71 403 8 2.94 327 8 3.16 165 9 3.45 378 9 2.76 — — — — — — — — — — — — — — — 363 10 2.65 302 10 2.92 165 10 3.45 — — — 310 9 2.99 186 7 3.89 5,868 42.78% 4,179 40.34 1,778 37.22 13,718 100.00% 10,356 100.00%

4,777 100.00%

Utah Retirement Systems

2010 2009 2008 2007 2006 Percent Percent Percent Percent Percent of Total of Total of Total of Total of Total Active Active Active Active Active Active Active Active Active Active Members Rank Members Members Rank Members Members Rank Members Members Rank Members Members Rank Members



356 1 18.87% 312 2 16.53 111 3 5.88 100 4 5.30 64 9 3.39 77 5 4.08 73 6 3.87 70 7 3.71 68 8 3.60 60 10 3.18 — — — — — — 596 31.58

365 1 19.14% 309 2 16.20 113 3 5.93 97 4 5.09 76 6 3.99 80 5 4.20 70 8 3.67 72 7 3.78 69 9 3.62 59 10 3.09 — — — — — — 597 31.31

352 1 19.04% 324 2 17.52 111 3 6.00 97 4 5.25 75 6 4.06 80 5 4.33 72 8 3.89 75 7 4.06 66 9 3.57 — — — 55 10 2.97 — — — 542 29.31

344 1 19.42% 322 2 18.18 110 3 6.21 92 4 5.19 74 6 4.18 81 5 4.57 70 8 3.95 73 7 4.12 58 9 3.27 — — — — — — 52 10 2.94 495 27.95 

229 2 13.60% 330 1 19.60 106 3 6.29 88 4 5.23 77 5 4.57 75 6 4.45 73 7 4.33 72 8 4.28 54 9 3.21 51 10 3.03 — — — — — — 529 31.41

1,887 100.00% 1,907 100.00% 1,849 100.00% 1,771 100.00% 1,684 100.00%



109 1 100.00%

104 1 100.00%

106 1 100.00%

108 1 100.00%

106 1 100.00%



125 1 100.00%

119 1 100.00%

97 1 100.00%

97 1 100.00%

105 1 100.00%

Continued on page 184

2014 Comprehensive Annual Financial Report

183

Utah Retirement Systems

Schedules of Principal Participating Employers

(Concluded)

Year Ended December 31­­

2014 2013 2012 2011 Percent Percent Percent Percent of Total of Total of Total of Total System/ Active Active Active Active Active Active Active Active Employer Members Rank Member Members Rank Member Members Rank Members Members Rank Members

Tier 2 Public Safety and Firefighter Contributory Retirement System State of Utah Salt Lake County Salt Lake City Corp. Unified Fire Authority Davis County Cache County Weber County Corp. West Valley City Ogden City Corp. Unified Police Department Park City Fire Service Iron County Murray City Duchesne County Utah County Layton City St. George City Grand County Other

371 1 27.87% 274 1 30.96% 144 1 30.19% 122 2 9.17 93 2 10.51 46 2 9.64 51 3 3.83 38 3 4.29 34 3 7.13 40 4 3.01 13 7 1.47 — — — 31 5 2.33 22 4 2.49 12 4 2.52 26 6 1.95 22 4 2.49 8 6 1.68 22 7 1.65 15 6 1.69 — — — 22 7 1.65 — — — — — — 21 9 1.58 11 9 1.24 — — — 20 10 1.50 — — — — — — — — — 12 8 1.36 — — — — — — 11 9 1.24 — — — — — — — — — 9 5 1.89 — — — — — — 8 6 1.68 — — — — — — 7 8 1.47 — — — — — — 6 9 1.26 — — — — — — — — — — — — — — — — — — 605 45.45 374 42.26 197 41.28

Total Tier 2 Public Safety and Firefighter System active members 1,331 100.00%

885 100.00%

477 100.00%

3 9 3.03% 17 1 17.17 6 3 6.06 — — — 4 5 4.04 — — — — — — 4 8 4.04 4 7 4.04 — — — 8 2 8.08 — — — — — — — — — 5 4 5.05 — — — 4 6 4.04 3 10 3.03 41 41.41 99 100.00%

Additional information will be added when it becomes available.

Schedule of Utah Retirement Office Employees Year Ended December 31

Year

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Number of employees

162 168 163 161 161 165 164 156 154 156

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Utah Retirement Systems

Utah Retirement Systems

Schedule of Participating Employers N / Public Employees Retirement System — Noncontributory • C / Public Employees Retirement System — Contributory PS / Public Safety Retirement System • F / Firefighters Retirement System • T / Tier 2 Retirement Systems D / 457 Plan • K / 401(k) Plan Employer N C PS F T D K

Employer N C PS F T D K

School Districts and Education Employers

Jordan School District.................................................. N C T D K Jordan Uniserv................................................................ N T D K Juab School District...................................................... N C T D K Kane School District..................................................... N C T D K Liberty Academy Charter School............................. N T K Logan School District................................................... N C T D K Master Academy, Inc.................................................... N T K Millard School District.................................................. N C T K Monticello Academy.................................................... N T K Morgan School District................................................ N T D K Mountainland Applied Technology Center......... N T K Murray School District................................................. N C T D K Nebo School District.................................................... N C T D K Noah Webster Academy, Inc..................................... N T K North Sanpete School District.................................. N C T D K North Summit School District .................................. N C T D K Northern Utah Academy of Math, Engineering and Science Charter School........ N T K Ogden School District.................................................. N C T D K Ogden-Weber Applied Technical Center............. N C T K Ogden Weber/NEA/UEA Uniserv............................. N T D K Park City School District.............................................. N C T D K Piute School District..................................................... N C T K Provo School District.................................................... N C T D K Recreation and Habilitation Services..................... N T K Rich School District....................................................... N C T K Salt Lake Arts Academy............................................... N T Salt Lake Community College................................... N C T D K Salt Lake School District.............................................. N C T D K Salt Lake/Tooele Applied Technical Center......... N T K San Juan School District.............................................. N C T D K Sevier School District................................................... N C T D K Snow College.................................................................. N C T D K Soldier Hollow Charter School................................. N T K South Sanpete School District.................................. N C T D K

Academy for Math, Engineering and Science Charter School.................................. N T K Active Re-Entry Incorporated.................................... N T K Alpine School District.................................................. N C T D K Alpine Uniserv................................................................ N T D K American Leadership Academy............................... N T K Beaver School District.................................................. N T K Bonneville Uniserv........................................................ N T D K Box Elder School District............................................. N C T D K Bridgerland Applied Technology Center.............. N T K Cache School District................................................... N C T D K Canyons School District.............................................. N T K Carbon School District................................................. N C T D K Color Country Uniserv................................................. N T D K Daggett School District............................................... N C T D K Davis Applied Technology Center.......................... N T K Davis School District..................................................... N C T D K Davis Uniserv.................................................................. N T D K Dixie Applied Technology College......................... N T K Dixie State College........................................................ N C PS T K Duchesne School District........................................... N C T D K East Hollywood High School..................................... N T K Educators Mutual Insurance...................................... N C T D K Emery School District................................................... N C T D K Fast Forward Charter High School.......................... N T K Garfield School District................................................ N C T K Grand School District................................................... N C T K Granite School District................................................. N C T D K Granite Uniserv.............................................................. N T D K High Desert Uniserv..................................................... N T D K High School Activity Association............................. N C T K Intech Collegiate Charter High School.................. N T K Iron School District....................................................... N C T D K Itineris High School....................................................... N T K

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Utah Retirement Systems

Schedule of Participating Employers

(Continued)

Employer N C PS F T D K

Employer N C PS F T D K

South Summit School District................................... N T K Southern Utah University........................................... N C PS T K Southwest Applied Technology Center................ N T K Southwest Educational Development Center.... N T K Space Dynamics Lab/USU.......................................... N T K Success Academy.......................................................... N T K Summit Academy Charter School........................... N T K Summit Academy High School................................ N T K Tintic School District.................................................... N C T K Tooele School District.................................................. N C T D K Tuacahn High School................................................... N T K Uintah Basin Applied Technology Center............ N C T D K Uintah School District.................................................. N C T D K University of Utah......................................................... N C PS T K Utah County Academy of Sciences......................... N T K Utah Education Association...................................... N C T D K Utah School Boards Association.............................. N T K Utah School Boards Risk Man Mut Ins Assn......... N T K Utah School Employee Association........................ N T D K Utah State University................................................... N C PS T D K Utah Uniserv.................................................................... N C T D K Utah Valley University.................................................. N C T D K Wasatch School District.............................................. N C T D K Wasatch Uniserv............................................................ N T D K Washington School District....................................... N C T D K Wayne School District.................................................. N T D K Weber County School District.................................. N C T D K Weber State University................................................ N C T K Woodland Peaks Uniserv............................................ N T

Sevier County.................................................................. N C PS T D Summit County.............................................................. N C PS T Tooele County................................................................ N C PS F T D K Uintah County................................................................ C PS T D K Unified Fire Authority.................................................. N PS F T K Utah County.................................................................... N C PS T D Wasatch County............................................................. N PS T K Wasatch Co. Fire Dist.................................................... N F T K Washington County..................................................... N PS T D K Wayne County................................................................ N PS T Weber County................................................................. N C PS T D K Weber Fire District........................................................ C F T D K

State and Other Employers Heber Valley Historic Railroad Authority.............. N T K State of Utah (also participates in the Judges Retirement System and the Utah Governors and Legislators Retirement Plan).... N C PS F T D K Utah Communications Agency Network.............. N T K Utah Dairy Council........................................................ N T Utah Housing Finance Agency................................. N C T K Utah Retirement Systems........................................... N T D K Utah Safety Council...................................................... N T K Utah State Fair Corporation....................................... N T K Workers Compensation Fund................................... N C T D K

Counties and County Organizations Beaver County................................................................ N PS T D K Box Elder County........................................................... N C PS T D K Cache County................................................................. N C PS F T D K Carbon County............................................................... N C PS T D K Daggett County............................................................. N PS T K Davis County................................................................... N PS T D K Duchesne County.......................................................... C PS T D K Emery County................................................................. N C PS T D K Garfield County.............................................................. N C PS T D K Grand County................................................................. N C PS T K Iron County...................................................................... N C PS T D K Juab County.................................................................... N C PS T Kane County.................................................................... N PS T Millard County................................................................ N C PS T D K Morgan County.............................................................. N PS T K Piute County................................................................... N PS T K Rich County..................................................................... C PS T Salt Lake County............................................................ N C PS F T D K San Juan County............................................................ N C PS T D K Sanpete County............................................................. N C PS T K

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Cities and Towns Alpine City........................................................................ N T K Alta Town......................................................................... N T K American Fork City........................................................ N PS F T Annabella Town............................................................. N T K Aurora City....................................................................... N T K Ballard City....................................................................... N T K Beaver City....................................................................... N T K Bicknell Town.................................................................. N T Big Water Municipal Corp.......................................... N PS T K Blanding City................................................................... N PS T K Bluffdale City................................................................... C PS T D K Bountiful City.................................................................. N C PS F T D K Brian Head Town........................................................... C PS T D Brigham City.................................................................... N C PS F T D K Castle Dale City.............................................................. N T Cedar City......................................................................... N PS F T K Cedar Hills City............................................................... N T Centerfield City.............................................................. N PS T Centerville City............................................................... N C PS T D K Clearfield City.................................................................. N PS F T D K Cleveland Town............................................................. N T Clinton City...................................................................... N C PS F T D K Coalville City.................................................................... N T K Corinne City..................................................................... C T Cottonwood Heights City.......................................... N PS T D K Delta City.......................................................................... N C T K Draper City....................................................................... N T K Duchesne City................................................................. N T Eagle Mountain City..................................................... N F T East Carbon City............................................................. N PS T D K Elk Ridge Town............................................................... N T K Emery Town..................................................................... C T K Enoch City........................................................................ N PS T K Enterprise City................................................................ N T K Ephraim City.................................................................... N PS T K Escalante Town.............................................................. N PS T Eureka City....................................................................... N T Fairview City.................................................................... N PS T K Farmington City............................................................. N PS F T Farr West City.................................................................. N T D K Ferron City....................................................................... N T K Fillmore City.................................................................... N T D K Fountain Green City..................................................... N PS T Francis Town .................................................................. N T K Fruit Heights City........................................................... N T K Garden City...................................................................... N T K Garland City..................................................................... C PS T K Genola Town................................................................... N T Goshen Town.................................................................. N T Grantsville City............................................................... N PS T D K

Utah Retirement Systems

Schedule of Participating Employers

(Continued)

Employer N C PS F T D K

Employer N C PS F T D K

N T K Green River City............................................................. Gunnison City................................................................. N PS T D K Harrisville City................................................................. N C PS T K Heber City........................................................................ N PS T D K Helper City....................................................................... N PS T K Herriman City.................................................................. N T K Highland City.................................................................. N T D K Hinckley Town................................................................ N T K Holden Town.................................................................. N T Holladay City................................................................... N T K Hooper City .................................................................... N T K Huntington City............................................................. N T D K Hurricane City................................................................. N PS F T K Hyde Park City................................................................ N T K Hyrum City....................................................................... N T K Ivins City........................................................................... N PS F T K Kamas City....................................................................... N PS T D K Kanab City........................................................................ N PS F T D K Kaysville City................................................................... N C PS T LaVerkin City................................................................... C PS T K Layton City....................................................................... N C PS F T D Lehi City............................................................................ N C PS F T Levan Town..................................................................... N T Lewiston City.................................................................. N T K Lindon City....................................................................... N PS T K Logan City........................................................................ N C PS F T D K Lone Peak Safety Dist................................................... N PS F T K Manila Town.................................................................... C T K Manti City......................................................................... N T K Mantua City..................................................................... N PS T K Mapleton City................................................................. N PS T K Marriott/Slaterville City................................................ N T K Mayfield Town................................................................ N T K Meadow Town................................................................ N T K Mendon City.................................................................... N T Midvale City..................................................................... N C PS F T D Midway City..................................................................... N C T K Milford City...................................................................... N PS T K Millville City..................................................................... N T D K Minersville Town........................................................... N T K Moab City......................................................................... N C PS T D K Monroe City..................................................................... N T K Monticello City............................................................... N PS T Morgan City..................................................................... N T K Moroni City...................................................................... N PS T Mt Pleasant City............................................................. N C PS T K Murray City...................................................................... N C PS F T D K Myton City........................................................................ N Naples City....................................................................... C PS T K Nephi City......................................................................... N PS T D K Nibley City........................................................................ N T K North Logan City........................................................... N C PS F T K North Ogden City.......................................................... N C PS F T North Salt Lake City...................................................... N PS T D K Oakley City....................................................................... C T K Ogden City....................................................................... N C PS F T D K Orangeville City............................................................. N T K Orderville Town............................................................. N T Orem City......................................................................... N C PS F T D K Panguitch City................................................................ N T K Paragonah Town........................................................... C T Park City............................................................................ N C PS T Parowan City................................................................... N C PS T K Payson City...................................................................... N PS F T K

Perry City.......................................................................... N PS T K Plain City........................................................................... N T K Pleasant Grove City....................................................... N PS F T Pleasant View City......................................................... N C PS T D K Price City........................................................................... N C PS F T K Providence City.............................................................. N T K Provo City......................................................................... N C PS F T D K Randolph Town.............................................................. N T Redmond Town............................................................. N T Richfield City................................................................... N C PS T D Richmond City................................................................ N T K Riverdale City.................................................................. N C PS F T K Riverton City.................................................................... N C F T D K Roosevelt City................................................................. N PS F T D K Roy City ............................................................................ N C PS F T D K Salem City........................................................................ N PS T D K Salina City......................................................................... N PS T Salt Lake City................................................................... N C PS F T D K Sandy City........................................................................ N C PS F T D Santa Clara City.............................................................. N PS T K Santaquin City................................................................ N PS T K Saratoga Springs Town............................................... N PS F T K Smithfield City................................................................ N PS F T K South Jordan City.......................................................... C PS F T K South Ogden City.......................................................... N PS F T K South Salt Lake City...................................................... N PS F T D K South Weber City.......................................................... N T K Spanish Fork City........................................................... N PS T Spring City....................................................................... C PS T Springdale Town........................................................... N PS T K Springville City............................................................... N C PS F T St. George City................................................................ N C PS T D K Stockton Town............................................................... N T Sunset City....................................................................... N C PS T D K Syracuse City................................................................... N PS F T D K Taylorsville City.............................................................. N PS T K Tooele City....................................................................... N C PS T D Torrey Town.................................................................... N T K Tremonton City.............................................................. N C PS T D K Uintah City....................................................................... N T K Vernal City........................................................................ N C PS T K Vineyard Town............................................................... N T K Washington City............................................................ N F T K Washington Terrace City............................................ N PS F T D K Wellington City.............................................................. N PS T K Wellsville City.................................................................. N T K Wendover City................................................................ N PS T D K West Bountiful City....................................................... C PS T K West Haven City............................................................. N T K West Jordan City............................................................ N C PS F T D West Point City............................................................... N T K West Valley City.............................................................. N C PS F T Willard City....................................................................... N PS T Woods Cross City........................................................... N C PS T D K

Other Government Entities Ash Creek Special Service District.............................. N T D K Ashley Valley Sewer Management Board.............. N T Ashley Valley Water & Sewer....................................... N T Bear Lake Special Service District.............................. N T K Bear River Association of Governments.................. N T D K Bear River Health District............................................... N C T D K Bear River Mental Health............................................... N T D K Bear River Water Conservancy.................................... N T K

2014 Comprehensive Annual Financial Report

187

Utah Retirement Systems

Schedule of Participating Employers

(Continued)

Employer N C PS F T D K

Employer N C PS F T D K

Beaver County Special Service District.................... N T K Beaver Housing Authority............................................ N T K Beaver Valley Hospital.................................................... N T K Benchland Water Company......................................... N T K Bona Vista Water Improvement................................. N T D K Bountiful Water District................................................. N T D K Box Elder County Mosquito District.......................... N T K Cache Metro Planning Organization........................ N T Carbon County Recreation and Transportation Special Service District............... N T K Castle Valley Special Service District........................ N C T K Cedar City Housing Authority..................................... N T Cedar Mountain Fire Protection District................. N F T K Central Iron County Water Conservancy Dist....... N T K Central Davis Sewer District......................................... N T D K Central Utah Counseling Center................................ N T K Central Utah Public Health........................................... N T K Central Utah Water District.......................................... N T D K Central Weber Sewer District...................................... N C T D K Children’s Aid Society—Utah...................................... N T K Cottonwood Heights P&R Services........................... N T D K Cottonwood Improvement District.......................... N T D K Council on Aging — Golden Age Center Special Service District...... N T K Davis & Weber County Canal....................................... C T K Davis Behavioral Health................................................. N T D K Davis County Housing.................................................... C T K Davis County Mosquito Abatement......................... N T K Davis County Solid Waste Management................ N T D K DDI Advantage.................................................................. C T K Duchesne County Mosquito District........................ C T Duchesne County Water Conservancy District.... N T East Duchesne Culinary Water Imp District........... N T K Emery County Care and Rehabilitation Center.... C T D K Emery County Recreation Special Service Dist.... N T K Emery Water Conservancy District............................ N T K Five-County Association of Governments............. N C T D K Four Corners Mental Health......................................... N C T D K Garden City Fire District................................................. F T K Grand County Cemetery Maintenance District.... N T K Grand County Solid Waste Management............... N T K Grand County Water Sewer/Service......................... N T Granger-Hunter Improvement District................... N T D K Gunnison Valley Hospital.............................................. N C T K Heber Light & Power....................................................... N T D K Heber Valley Special District........................................ N T Hooper Water Improvement District....................... N T Housing Authority of Carbon County ..................... N T K Housing Authority of Ogden City.............................. N T Housing Authority of Salt Lake City.......................... N C T K Housing Authority of Salt Lake County................... N T Hurricane Valley Fire Spec. Service District............ F T K Impact Mitigation Special Service District............. N T K Jordan Valley Water Conservancy District............. N C T D K Jordanelle Special Service District............................. N T K Kane Water Conservancy District.............................. N T Kearns Improvement District...................................... N C T K Leeds Area Special Service District............................ F T Maesar Water District...................................................... N T K Magna Mosquito Abatement...................................... N T K Metro Water District—SLC/Sandy............................. N T D K Midvalley Improvement District................................ N T K Military Installation Development Authority........ N T K Millard County Care and Rehabilitation, Inc.......... N T

Moab Valley Fire District................................................ N F T K Mountain Regional Water Special Service Dist.... N T K Mountainland Association of Governments......... N C T D K Nebo Credit Union........................................................... N T K North Davis County Sewer District............................ N C T North Davis Fire District................................................. N F T North East Counseling Center..................................... N T K North Emery Water Users Special Service Dist..... N T North Fork Special Service District............................ N T North Pointe Solid Waste Special Service Dist..... N T K North Tooele County Fire Protection Service District.............................................................. N F T North View Fire Agency................................................. N F T Oquirrh Recreation and Parks District...................... N T K Park City Fire Service District....................................... N F T K Price River Water Improvement................................. N T D K Provo Housing Authority.............................................. N T Provo River Water Users................................................ N T D K Roosevelt City Housing Authority............................. N T Roy Water Conservancy District................................. N T K Salt Lake City Library....................................................... N T K Salt Lake City Mosquito Abatement......................... N T K Salt Lake City Sub. Sanitation #1................................ N T K Salt Lake County Service Area #3................................ N T D K San Juan Mental Health/Substance Abuse Dist... N T K Sandy Suburban Improvement District.................. N T K Six-County Association of Governments................ N C T D K Snyderville Basin............................................................... N C T D K Solitude Improvement District................................... N T K South Davis County Sewer Improvement Dist.... N C T D K South Davis County Water Improvement Dist..... N T K South Davis Metro Fire Agency.................................. N F T K South Davis Recreation Center................................... N T South Ogden Conservancy District........................... N T D K South Utah Valley Animal Services Special Service District............................ N T South Utah Valley Electric Service District............. N T K South Utah Valley Solid Waste.................................... N T K South Valley Sewer District.......................................... N C T D K South Valley Water Reclamation Facility................ N T K Southeastern Utah Assoc. of Governments.......... N C T D K Southeastern Utah Health............................................ N C T K Southern Salt Lake Valley Mosquito Abatement... N T K Southern Utah Valley Power System........................ N T K Southwest Behavioral Health Center....................... N T K Southwest Mosquito Abatement and Control District............................................................. N T Southwest Utah Public Health Department........ N C T D K St. George Housing Authority................................... N T K Summit Mosquito Abatement District.................. N T K Taylor West Weber Water Improvement Dist..... N Taylorsville — Bennion Improvement................... N T D K Timber Lakes Special Service District..................... N T K Timpanogos Special Service District...................... N C T Tooele County Housing.............................................. N T K Tooele Valley Mosquito Abatement District....... N T K Trans-Jordan Cities....................................................... N T D Tri-City Golf Course....................................................... N T K Tridell-Lapoint Water District.................................... N T K Uintah Animal Control and Shelter Special Service District............................ N T K Uintah Basin Assistance Council.............................. N T Uintah Basin Association of Government............ N T Uintah County Care Center........................................ N T K

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Utah Retirement Systems

Schedule of Participating Employers

(Concluded)

Employer N C PS F T D K

Employer

N T K Uintah County Mosquito Abatement.................... Uintah Fire Suppression Special Service Dist...... F T K Uintah Highlands Improvement District.............. N T Uintah Recreation District.......................................... N T K Uintah Transportation Special Service Dist......... N T K Uintah Water Conservancy District......................... N T Unified Police Department........................................ N PS T K Upper Country Water District................................... N Utah Association of Counties.................................... N T K Utah Counties Insurance Pool.................................. N T K Utah County Housing Authority.............................. N C T D Utah Local Governments Trust................................. N T K Utah Lake Commission .............................................. N T K Utah League of Cities & Towns................................. C T Utah Municipal Power Agency................................. N T K Utah Public Employees Association....................... N C T K Utah Telecommunication Open Infrastructure Agency............................................. N T K Utah Valley Dispatch Special Services Dist.......... N T K Utah Zoological Society.............................................. N C T K Valley Emergency Communication Center.......... N T D K Valley Mental Health.................................................... N C T D K Wasatch Front Regional Council.............................. C T D K Wasatch Front Waste and Recycling District....... N T Wasatch Integrated Waste Management............. N T D K Wasatch Mental Health Special Services Dist..... N C T D K Washington County Solid Waste #1....................... N T K Washington County Water District......................... C T K Weber Area Dispatch 911 & Emergency Services District......................................................... N T K Weber Basin Water Conservancy............................. N T D K Weber County Mosquito Abatement..................... N T D K Weber Human Services............................................... N T D K Weber River Water Users............................................ C T K Western Kane County Special Service District #1.................................................................... N T K White City Water Improvement District................ N T K

Inactive Units with Retirees

Total Participating Employers Noncontributory.............................................................................. 437 Contributory...................................................................................... 159 Public Safety...................................................................................... 131 Firefighters......................................................................................... 59 Judges................................................................................................. 1 Governor and Legislators............................................................. 1 Tier 2 Public Employees................................................................ 463 Tier 2 Public Safety and Firefighter........................................... 149 457 Plan.............................................................................................. 161 401(k) Plan......................................................................................... 380

American Fork Hospital Bay Area Refuse Disposal Bear River Town Bingham City Box Elder County Nursing Home Carbon County Hospital Carbon Nursing Home Cedar City Library Central Utah Ed Ser Circleville Coalville Health Center College of Eastern Utah Copperton Improvement District Cottage Program Davis County Department of Human Services Department of Employment Security Dixie Center at St. George Dixie Hospital East Layton Emery Medical Center Four Corners Regional Hospital Genola Golden Hours Homemaker Grand County Road Special Service District Hiawatha Town Honeyville Town I W Allen Hospital Juab County Hospital Kanosh Town Corporation Leeds Town Marysvale Town Metro Water District — Orem Metro Water District — Provo Midvale Wastewater Treatment Midway Sanitation District Milford Valley Hospital Morgan County Historical Society Morgan County Library Mountain America Credit Union Nebo Credit Union New Harmony Town Northern Utah Crime Payson City Hospital Pioneer Care Center Randolph Town Reg 2 Law Enforcement Plan Agency

Salt Lake County Fair Salt Lake School District Credit Union San Juan County Hospital Six-County Economic Development Snow College South South Davis Fire Department Southeastern Utah Economic Development Statewide Assn of Prosec Sugarhouse Park Authority Summit Employment Summit Park Water Special Service District Thomas Edison Charter School Timpanogos Academy Tooele Council of Aging Tooele Valley Hospital Trail Incorporated Twin Creeks Special Service District U of U Research Institute U S H Patients Funds Uintah Basin Counseling Uintah Basin Dist Health Uintah Basin Medical Center Uintah County Council on Aging Uintah County Hospital USU Comm Credit Union USU Community Credit Union Ut Assn of Sec Sch Princ Utah College of Applied Technology Utah County Council of Govt Utah Industries for the Blind Utah Partnership for Education Economics Utah Technology Corporation Washington County Association for Retarded Citizens Wasatch County Hospital Wasatch County Special Service District #1 Weber County Hospital Weber Economic Development Corp Weber River Water Quality West Millard Hospital West Millard Recreation Woodland Hills City

2014 Comprehensive Annual Financial Report

189

U tah

R et i re me nt

Syste m s

Utah Retirement Systems

A Highlight History 1907-2014 1907 The Legislature authorizes the organization of local teacher retirement associations.

1948 The Utah Supreme Court permits service credit for prior service in parochial schools.

1908 Salt Lake City institutes the first teacher retirement commission. Ogden follows in 1933 and Provo in 1934.

1949 The State Officers and Employees Retirement System is renamed The Public Employees Retirement System; it will cover all public employees and judges. Retirement benefit ceiling is $100 a month.

1919 First statewide pension plan for all full-time paid and volunteer firemen. Actuarially unsound, the system would be transferred to the Retirement Office in 1965.

1952 Ray Lillywhite resigns; Leonard W. McDonald is hired as second executive secretary of the Teachers Retirement System.

1921 First police pension plans in Salt Lake, Ogden, Provo, and Logan. Actuarially unsound, these plans would be transferred to the Public Safety Retirement System in 1969.

1953 The short-lived Teachers Retirement System is liquidated in favor of Social Security.

1927 The Prison and Industrial School Guards Retirement System is enacted. Industrial school guards join the teachers retirement system in 1937. Prison guards transfer to the Public Safety Retirement System in 1970.

1954 The Teachers Retirement System is replaced by the Utah School Employees Retirement System and integrated with Social Security to preserve its solvency. Local teacher retirement associations are terminated.

1934 The Utah Education Association prepares a teacher retirement plan to present to the Legislature. This plan will form much of the basis for a new retirement system.

1957 Minimum monthly retirement benefit is $85.

1937 First statewide teachers retirement system. Seven member board hires Ray L. Lillywhite as the first executive secretary. 1943 Utah Supreme Court rules that a retiree’s statutory retirement benefit cannot be reduced, affirming the principle of vested rights. The Court would later affirm that a vested retirement benefit may not be reduced without providing a “substantial substitute.” 1947 The State Officers’ and Employees’ Retirement System is created with a 3% contribution rate each by employee and employer.

190

Teachers in local systems are required to join the State Teachers Retirement System. 2014 Comprehensive Annual Financial Report

1959 The Utah State Public Employees Association is formed with the intent to produce a comprehensive plan for a statewide public employee retirement system. 1961 The Public Employees Retirement System is created with a seven member board.

The public employees and teachers retirement systems retain separate boards but unite under a single administrator and office.

1963 Creation of a single board for all retirement systems is the crowning achievement in Utah public retirement history and the birth of today’s Utah Retirement Systems. 1967 The heretofore separate school and public retirement systems are consolidated into a single Utah State Retirement System.

Utah Retirement Systems

A Highlight History 1907-2014

(Continued)

1969 The Utah Public Safety Retirement Act covers all public safety employees engaged full time in hazardous duty. Benefits were uniform in each jurisdiction, but contribution rates varied. 1971 Members gain a salary deferral program. 1975 Current service formula rises from 1.25% to 2%. The cost-of-living ceiling rises to 4%. 1976 Leonard W. McDonald retires. Bert D. Hunsaker becomes executive director. 1977 Governor Scott Matheson dedicates the new Leonard W. McDonald Building for the Utah Retirement Systems. 1979 Board gains custody of the retirement fund and greater investment authority. 1982 The court affirms that the Board is independent of the executive department and has authority to hire its own legal counsel. 1983 The Retirement Board sees its first actuarial surplus as new investments prove their worth; hires a full-time investment manager. 1986 Public Employees Noncontributory Retirement System debuts: employers pay all contributions; 3-year final average salary; State and education employers pay 1.5% of salary into URS’ 401(k) Plan. Employees forfeit access to contributions, but the new system portends a superior career retirement. 1987 A “25-and-out” retirement incentive plan permits public employees to retire after 25 years with no actuarial reduction; and increases to 2% the value of each year of service. Over 3000 employees take advantage of its 6-month window. 1989 The U.S. Supreme Court rules that if federal retirement benefits are taxable, then state-provided retirement benefits cannot be exempt. Legislature grants a 3% substantial substitute benefit for affected members.



Bert Hunsaker steps down. Dee Williams becomes executive director.



The Public Safety Noncontributory Retirement System is created.



The Systems’ assets nearly quadruple from $1 billion to $3.85 billion during the 1980s.

1990 Public Employees Noncontributory Retirement members receive 2% for all years of service. 1994 URS begins dividing pension, death, and DC benefits after court rules that a former spouse may be awarded death and retirement benefits, whether or not the spouse remarries. 1995 Members with 25 years of service in the Public Employees Noncontributory System may buy future service credit to permit immediate retirement. 1996 URS recovers 100% of member assets originally invested in Guaranteed Investment Contracts that failed when Confederation Life Insurance Company of Canada was declared insolvent in August 1994. 1997 Judges Noncontributory Retirement System is created.

The URS DC video receives a Telly Award — the commercial equivalent of an “Oscar” for motion pictures; URS’ publication for retirees, Cycles, places second worldwide among corporate and institutional newsletters.



Legislature affirms the Board’s authority to define provisions and terms of the retirement code.

1998 The 401(k) Plan launches a bold marketing program to help members better map a retirement investment strategy. Investment options are enhanced and expanded.

State employees at retirement may defer 25% of accumulated sick leave to the 401(k) Plan, convert it to paid-up health or Medicare supplement insurance or take it as cash.

2014 Comprehensive Annual Financial Report

191

Utah Retirement Systems

A Highlight History 1907-2014

(Concluded)

1999 Members may buy up to five years of future service credit, even if it exceeds the years required to retire.

2008 The Retirement Systems pay over $1,000,000,000 in annual benefits.



Leonard W. McDonald, director of the Utah Retirement Systems 1952-1976 and to whom much of the structure of the Systems can be attributed, dies.

2009 New online enrollment feature at urs.org offers simple, convenient way to enroll for benefits electronically.



Dee Williams retires. Robert V. Newman becomes executive director.



Systems’ assets rise from $3.85 billion to over $13 billion during the 1990s.

2000 401(k) Plan participants may now apply for a fixed rate loan for any purpose of up to 50% of his or her 401(k) account balance. 2001 A value stock fund joins the menu of DC investment options.

URS website calculators invite members to estimate pension benefits and compute potential 401(k)/457 earnings.

2002 The Olympic Winter Games are staged in Salt Lake City. URS adopts telecommuting.



457 Plan permits deferrals up to 100% of includable compensation; offers a new catch-up feature; drops irrevocable withdrawal decisions; allows rollovers to any acceptant 457, 403(b), 401(k), or IRA; allows use for URS pension redeposits or to buy URS service credit. Internet-based personal retirement account manager, myURS, lets members view and transfer account balances, alter deferrals, estimate payouts, integrate Social Security, and more.

2003 To protect 401(k) and 457 investors from the costs of others’ adverse trading activities, URS restricts frequent trading privileges. Systems’ assets are $14.2 billion. 2004 Ray L. Lillywhite, executive secretary of the Teachers Retirement System from 1937 to 1952, dies. 2005 Legislature repeals 1998 benefit allowing 25% of a state employee’s accumulated sick leave to be converted to other retirement benefits. 2006 Members gain a partial lump-sum payment option (PLSO) at retirement. 2007 Retirement Systems’ assets reached $23.9 billion.

192

Members of the Public Safety Contributory Retirement System gain a window to convert to the Public Safety Noncontributory System.

2014 Comprehensive Annual Financial Report



IRS Private Letter Ruling confirms URS 457 Plan is an eligible deferred compensation plan as defined in IRC Section 457(b).

2010 Retirees who resume work for a URS employer within a year after retiring will be returned to active status to earn further service credit and may thereafter choose between retirement allowance options. 2011 URS creates the Tier 2 Retirement System for members initially entering full-time employment with a participating employer on or after July 1, 2011. These employees choose to participate in either the Tier 2 Hybrid Retirement System or the Tier 2 Defined Contribution (DC) Plan.

The URS Defined Contribution Department introduces a new and expanded set of asset classes within the Horizon Funds. The changes bring a broader, more diversified mix of securities to the Horizon Funds and offer inflation protection as well as exposure to re­al estate and commodities.

2012 Legislative bills brought about four noteworthy changes for the Utah Retirement Systems. First, executive director of the Department of Corrections is now allowed to exempt from the Noncontributory Retirement System. Second, Tier 2 firefighters, including volunteers, are covered under the PEHP long-term disability policy. Third, certain Tier 2 Retirement Systems at-will employees are allowed to exempt from the 4-year vesting requirements. And fourth, new legislators and governors will not receive post-retirement health benefits. 2013 Robert V. Newman retires. Daniel D. Andersen becomes executive director. 2014 URS received a No-Action Letter from the Utah Division of Securities in preparation for its new Investment Advice Program to be offered in 2015.

After the close of business on December 31, 2014, all assets held in the DC Plan Horizon Funds were transferred into the new Target Date Funds. The assets were allocated according to the Target Date that corresponded with the participant’s age.

Utah Retirement Systems 2014 Comprehensive Annual Financial Report

194 196

Independent Auditor’s Report for Agent Plans



Public Safety Retirement System Schedules of Changes in Fiduciary Net Position by Employer — Pension Trust Fund by Division

198

Independent Auditor’s Report for Cost Sharing Plans

200

Noncontributory Retirement System Local Government Division

212 Noncontributory Retirement System State and School Division 216 Contributory Retirement System Local Government Division

GASB 68 Schedules of Employer Allocation and Pension Reporting Section

220 Contributory Retirement System State and School Division 222 Public Safety Retirement System

Other Division A with Social Security

226 Public Safety Retirement System State of Utah

Public Safety Retirement System Salt Lake City



Public Safety Retirement System Ogden City



Public Safety Retirement System Provo City

228 Public Safety Retirement System Logan City

Public Safety Retirement System Bountiful City

Public Safety Retirement System Other Division B without Social Security

230 Firefighters Retirement System

Other Division A with Social Security

232 Firefighters Retirement System

Other Division B without Social Security



Judges Retirement System



Utah Governors and Legislators Retirement Plan

234 Tier 2 Public Employees Contributory Retirement System 248 Tier 2 Public Safety and Firefighter Contributory Retirement System 252 Utah Retirement Systems

Schedule of Employer Allocations and Pension Amounts

255 Notes to the Schedule of Employer Allocations

and Pension Amounts

256 Aggregation of Funds with a Net Pension Asset 272 Aggregation of Funds with a Net Pension Liability 288 Systems and Plans Statistical Highlights

Utah Retirement Systems

Independent Auditors’ Report for Agent Plans Deloitte & Touche LLP 299 South Main Street Suite 1900 Salt Lake City, UT 84111 United States of America Tel 801-328-4706 Fax: 801-366-7900 www.deloitte.com

INDEPENDENT AUDITORS’ REPORT

Utah State Retirement Board: Report on the Schedule

We have audited the fiduciary net position as of December 31, 2014, and the changes in fiduciary net position for the year then ended, included in the accompanying Schedule of Changes in Fiduciary Net Position by Employer— Pension Trust Fund by Division (“Schedule”) of the Public Safety Retirement System of Utah Retirement Systems, administered by the Utah State Retirement Board. Management’s Responsibility for the Schedule

Management is responsible for the preparation and fair presentation of the Schedule in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the Schedule that is free from material misstatement, whether due to fraud or error. Auditors’ Responsibility

Our responsibility is to express an opinion on the fiduciary net position and the changes in fiduciary net position included in the Schedule based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fiduciary net position and the fiduciary changes in net position included in the Schedule are free of material misstatement.

194

2014 Comprehensive Annual Financial Report

An audit involves performing procedures to obtain audit evidence about the amounts in the Schedule, The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the fiduciary net position and the changes in fiduciary net position included in the Schedule, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to Utah Retirement Systems’ preparation and fair presentation of the fiduciary net position and the changes in fiduciary net position included in the Schedule in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Utah Retirement Systems’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the fiduciary net position and the changes in fiduciary net position included in the Schedule. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinions

In our opinion, the Schedule referred to above presents fairly, in all material respects, the fiduciary net position of the Public Safety Retirement System of Utah Retirement Systems, administered by the Utah State Retirement Board, as of December 31, 2014, and the changes in fiduciary net position for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

Utah Retirement Systems

Independent Auditors’ Report for Agent Plans

(Concluded)

Other Matters

We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the combined financial statements of the Total Defined Benefit Pension Plans of Utah Retirement Systems, a component of the State of Utah, administered by the Utah State Retirement Board, which includes the Public Safety Retirement System, as of and for the year ended December 31, 2014, and our report thereon, dated April 30, 2015, expressed an unmodified opinion on those financial statements and included an emphasis-ofmatter paragraph regarding the fair value of investments where a publicly listed price is not available. Our audit of the combined financial statements of the Defined Benefit Pension Plans of Utah Retirement Systems conducted for the purpose of forming an opinion on the combined financial statements as a whole. The individual employer information presented in each of the individual columns of the accompanying Schedule is presented for purposes of additional analysis and is not a required part of the combined financial statements. The individual employer information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. Each column of individual employer information has been subjected to the auditing procedures

applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the individual employer information presented in each individual column of the accompanying Schedule is stated fairly, in all material respects, in relation to the combined financial statements of the Total Defined Benefit Pension Plans of Utah Retirement Systems as a whole. We do not express an opinion on the fiduciary net position or changes in fiduciary net position of each individual employer. Restrictions on Use

Our report is intended solely for the information and use of Utah Retirement Systems’ management, the Utah State Retirement Board, the participating employers of the Public Safety Retirement System of Utah Retirement Systems and their auditors and is not intended to be used by anyone other than these specified parties.

April 30, 2015

2014 Comprehensive Annual Financial Report

195

Utah Retirement Systems

Public Safety Retirement System

Schedules of Changes in Fiduciary Net Position by Employer — Pension Trust Fund by Division Year Ended December 31, 2014

Salt Lake City

Ogden

Provo

Additions: Contributions: Member Employer

4 13,519

— 2,791

— 2,255

Total contributions

13,523

2,791

2,255

Investment income: Net appreciation in fair value of investments Interest, dividends, and other investment income

11,936 4,503

2,817 1,063

2,131 804



16,439

3,880

2,935

406

96

72

16,033

3,784

2,863

90

21

16

10

2

2

80

19

14





Total income from investment activity

Less investment expenses



Net income from investment activity

Income from security lending activity



Security lending expense

Net income from security lending activity Net investment income

$

16,113

3,803

620

107

Total additions

30,256

6,701

Deductions: Retirement benefits Cost-of-living benefits Supplemental retirement benefits Refunds Administrative expenses Transfers from affiliated systems

12,696 3,076 1,984 3,659 873 513 43 7 6 — — 11 116 27 19 — — —

Total deductions

16,514

3,983

2,533

Increase from operations

13,742

2,718

2,744



Transfers from (to) affiliated systems

Net position restricted for pensions beginning of year Net position restricted for pensions end of year

196

(in thousands)

2014 Comprehensive Annual Financial Report

2,877 145 5,277

225,911

53,608

40,163

$ 239,653

56,326

42,907

Utah Retirement Systems



Agent Plans

Cost Sharing Plans

Other Other Division A Division B State of Utah (with Social (without Logan Bountiful Public Safety Security) Social Security)

Total All Divisions

35 — 152 597 47 835 989 822 45,810 49,156 20,246 135,588 1,024

822 45,962 49,753 20,293 136,423

1,238 467

904 49,597 59,683 15,575 143,881 341 18,709 22,514 5,875 54,276

1,705 1,245 68,306 82,197 21,450 198,157 42

31 1,689 2,030 530 4,896

1,663 1,214 66,617 80,167 29,920 193,261 9 7 375 450 117 1,085 1 1 43 52 13 124 8 6 332 398 104 961 1,671 1,220 66,949 80,565 21,024 194,222 100

14 1,124 (6,061) 6,697 2,746

2,795 2,056 114,035 124,257 48,014 333,391 1,122 1,207 44,588 42,154 11,203 118,030 244 211 10,313 9,145 1,449 26,407 — 1 174 95 — 326 — — 12 115 61 199 11 9 434 482 129 1,227 — — — — — — 1,377 1,428 55,521 51,991 12,842 146,189 1,418

628 58,514 72,266 35,172 187,202

23,436

17,337 937,316 1,128,408 286,005 2,712,184

24,854

17,965 995,830 1,200,674 321,177 2,899,386

2014 Comprehensive Annual Financial Report

197

Utah Retirement Systems

Independent Auditors’ Report for Cost Sharing Plans Deloitte & Touche LLP 299 South Main Street Suite 1900 Salt Lake City, UT 84111 United States of America

INDEPENDENT AUDITORS’ REPORT

Utah State Retirement Board: Report on the Schedules

We have audited the employer allocations and the total for all entities of the columns titled employer contributions, net pension liability/(asset), total deferred outflows of resources, total deferred inflows of resources, and total employer net pension expense (specific column totals) included in the accompanying schedules of employer allocations and pension amounts of the Defined Benefit Pension Plans of Utah Retirement Systems, administered by the Utah State Retirement Board, as of and for the year ended December 31, 2014, and the related notes. Management’s Responsibility for the Schedules

Management is responsible for the preparation and fair presentation of these schedules in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility

Our responsibility is to express an opinion on the employer allocations and the specified column totals included in the schedules of employer allocations and pension amounts based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the

198

2014 Comprehensive Annual Financial Report

Tel 801-328-4706 Fax: 801-366-7900 www.deloitte.com

Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the employer allocations and the specified column totals included in the schedules of employer allocations and pension amounts are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the employer allocations and the disclosures and specified column totals included in the schedules of employer allocations and pension amounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the employer allocations and the specified column totals included in the schedules of employer allocations and pension amounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to Utah Retirement Systems’ preparation and fair presentation of the employer allocations and the specified column totals included in the schedules of employer allocations and pension amounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Utah Retirement Systems’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the employer allocations and the specified column totals included in the schedules of employer allocations and pension amounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Utah Retirement Systems

Independent Auditors’ Report for Agent Plans

(Concluded)

Opinions

In our opinion, the schedules referred to above present fairly, in all material respects, the employer allocations and the employer contributions, net pension liability/(asset), total deferred outflows of resources, total deferred inflows of resources, and total employer net pension expense for the total of all participating entities for the Defined Benefit Pension Plans of Utah Retirement Systems, administered by the Utah State Retirement Board, as of and for the year ended December 31, 2014, in accordance with accounting principles generally accepted in the United States of America. Other Matter

We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the combined financial statements of the Total Defined Benefit Pension Plans of Utah Retirement Systems, a component of the State of Utah, administered by the Utah State Retirement Board, as of and for the year ended December 31, 2014, and our report thereon, dated April 30, 2015, expressed an unmodified opinion on those financial statements and included an emphasis-of-matter paragraph regarding the fair value of investments where a publicly listed price is not available. Retrictions on Use

Our report is intended solely for the information and use of Utah Retirement Systems’ management, the Utah State Retirement Board, the employers of the Defined Benefit Pension Plans of Utah Retirement Systems and their auditors and is not intended to be used by anyone other than these specified parties.

April 30, 2015

2014 Comprehensive Annual Financial Report

199

Utah Retirement Systems

Noncontributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Alpine City Alta Town American Fork City Annabella Town Ash Creek Special Service District

112,769 69,998 707,145 12,840 122,576

0.0717485% $ 311,549 747,528 0.0445358 193,385 464,006 0.4499177 1,953,649 4,687,568 0.0081696 35,474 85,117 0.0779886 338,645 812,542

(51,712) (32,099) (324,274) (5,888) (56,210)

— — — — —



6,985 4,336 43,801 795 7,592

Ashley Valley Sewer Management Board Ashley Valley Water & Sewer Aurora City Ballard City Bear Lake Special Service District

64,094 132,799 11,488 28,641 17,806

0.0407797 0.0844925 0.0073092 0.0182224 0.0113288

424,872 880,304 76,153 189,854 118,032

(29,392) (60,897) (5,268) (13,134) (8,165)

— — — — —



3,970 8,226 712 1,774 1,103

Bear River Association of Governments Bear River Health District Bear River Mental Health Bear River Water Conservancy Beaver City

209,285 662,675 605,630 26,170 191,371

0.1331563 578,196 1,387,318 0.4216243 1,830,792 4,392,786 0.3853294 1,673,191 4,014,640 0.0166506 72,301 173,478 0.1217590 528,706 1,268,573

(95,971) (303,882) (277,723) (12,001) (87,757)

— — — — —



12,963 41,046 37,513 1,621 11,854

Beaver County Beaver Housing Authority Beaver Valley Hospital Benchland Water Company Bicknell Town

307,283 14,179 634,583 49,720 4,807

0.1955073 848,939 2,036,936 0.0090215 39,173 93,993 0.4037509 1,753,181 4,206,568 0.0316341 137,363 329,587 0.0030585 13,281 31,866

(140,910) (6,502) (291,000) (22,800) (2,204)

— — — — —



19,033 878 39,306 3,080 298

145,566 81,042 1,366,888 82,637 667,870

0.0926158 402,160 964,938 0.0515626 223,897 537,216 0.8696763 3,776,339 9,060,916 0.0525772 228,303 547,787 0.4249291 1,845,142 4,427,218

(66,752) (37,163) (626,811) (37,895) (306,264)

— — — — —



9,016 5,020 84,666 5,119 41,368

Box Elder County Mosquito District Brigham City Cache County Cache Metro Planning Organization Canyonlands Health Care

35,579 663,896 861,748 12,706 28,899

0.0226373 98,296 235,852 0.4224008 1,834,164 4,400,877 0.5482832 2,380,775 5,712,410 0.0080844 35,104 84,229 0.0183868 79,840 191,567

(16,316) (304,442) (395,170) (5,827) (13,252)

— — — — —



2,204 41,122 53,377 787 1,790

Carbon County Carbon County Recreation and Transportation SSD Castle Dale City Castle Valley Special Service District Cedar City

786,693 7,625 16,406 79,952 687,054

0.5005300 2,173,419 5,214,883 0.0048517 21,067 50,549 0.0104383 45,326 108,754 0.0508693 220,886 529,993 0.4371351 1,898,143 4,554,389

(360,752) (3,497) (7,523) (36,664) (315,061)

— — — — —



48,728 472 1,016 4,952 42,556

Cedar City Housing Authority Cedar Hills City Centerfield City Centerville City Central Davis Sewer District

25,071 168,929 17,234 308,727 172,322

0.0159515 0.1074806 0.0109653 0.1964264 0.1096393

69,265 166,194 466,706 1,119,811 47,614 114,244 852,930 2,046,512 476,080 1,142,301

(11,497) (77,466) (7,903) (141,573) (79,022)

— — — — —



1,553 10,464 1,068 19,123 10,674

18,777 407,177 229,701 1,147,303 249,837

0.0119465 51,875 124,467 0.2590648 1,124,920 2,699,124 0.1461463 634,602 1,522,658 0.7299665 3,169,686 7,605,318 0.1589579 690,233 1,656,138

(8,610) (186,719) (105,334) (526,117) (114,567)

— — — — —



1,163 25,221 14,228 71,065 15,475

City of Woodland Hills Clearfield City Cleveland Town Clinton City Coalville City

12,137 522,143 4,242 262,738 39,689

0.0077221 33,531 80,454 0.3322114 1,442,540 3,461,218 0.0026990 11,720 28,120 0.1671658 725,873 1,741,654 0.0252519 109,650 263,093

(5,566) (239,438) (1,945) (120,483) (18,200)

— — — — —



752 32,342 263 16,274 2,458

Cottonwood Heights City Cottonwood Heights P&R Services Cottonwood Improvement District Council On Aging­­—Golden Age Center Special Service District Daggett County

224,044 120,857 342,063 55,780 136,614

0.1425472 0.0768947 0.2176358 0.0354895 0.0869202

(102,740) (55,421) (156,859) (25,579) (62,647)

— — — — —



13,877 7,486 21,188 3,455 8,462

Blanding City Bona Vista Water Improvement Bountiful City Bountiful Water District Box Elder County

Central Iron County Water Conservancy District Central Utah Counseling Center Central Utah Public Health Central Utah Water District Central Weber Sewer District

200

2014 Comprehensive Annual Financial Report

$

177,075 366,886 31,738 79,126 49,192

618,973 1,485,160 333,895 801,145 945,026 2,267,487 154,104 369,755 377,428 905,597

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



6,985 4,336 43,801 795 7,592

9,227 5,728 57,862 1,051 10,030

— — — — —



30,296 18,806 189,982 3,450 32,931

— — — — —



39,523 24,534 247,844 4,501 42,961

70,209 43,580 440,262 7,994 76,315

— — — — —



— — — — —



70,209 43,580 440,262 7,994 76,315



— — — — —



— — — — —



3,970 8,226 712 1,774 1,103

5,244 10,866 940 2,343 1,457

— — — — —



17,220 35,678 3,086 7,695 4,784

— — — — —



22,464 46,544 4,026 10,038 6,241

39,905 82,679 7,152 17,831 11,086

— — — — —



— — — — —



39,905 82,679 7,152 17,831 11,086



— — — — —



— — — — —



12,963 41,046 37,513 1,621 11,854

17,125 54,223 49,555 2,141 15,659

— — — — —



56,226 178,035 162,709 7,031 51,414

— — — — —



73,351 232,258 212,264 9,172 67,073

130,299 412,576 377,060 16,293 119,146

— — — — —



— — — — —



130,299 412,576 377,060 16,293 119,146



— — — — —



— — — — —



19,033 878 39,306 3,080 298

25,143 1,160 51,924 4,068 393

— — — — —



82,555 3,809 170,487 13,358 1,291

— — — — —



107,698 4,969 222,411 17,426 1,684

191,312 8,828 395,086 30,955 2,993

— — — — —



— — — — —



191,312 8,828 395,086 30,955 2,993



— — — — —



— — — — —



9,016 5,020 84,666 5,119 41,368

11,911 6,631 111,845 6,762 54,648

— — — — —



39,108 21,773 367,229 22,201 179,430

— — — — —



51,019 28,404 479,074 28,963 234,078

90,628 50,456 851,013 51,449 415,810

— — — — —



— — — — —



90,628 50,456 851,013 51,449 415,810



— — — — —



— — — — —



2,204 41,122 53,377 787 1,790

2,911 54,323 70,512 1,040 2,365

— — — — —



9,559 178,363 231,517 3,414 7,764

— — — — —



12,470 232,686 302,029 4,454 10,129

22,151 413,336 536,517 7,911 17,992

— — — — —



— — — — —



22,151 413,336 536,517 7,911 17,992



— — — — —



— — — — —



48,728 472 1,016 4,952 42,556

64,371 624 1,342 6,542 56,218

— — — — —



211,353 2,049 4,408 21,480 184,584

— — — — —



275,724 2,673 5,750 28,022 240,802

489,789 4,748 10,214 49,778 427,754

— — — — —



— — — — —



489,789 4,748 10,214 49,778 427,754



— — — — —



— — — — —



1,553 10,464 1,068 19,123 10,674

2,051 13,823 1,410 25,261 14,100

— — — — —



6,736 45,385 4,630 82,943 46,296

— — — — —



8,787 59,208 6,040 108,204 60,396

15,609 105,174 10,730 192,211 107,286

— — — — —



— — — — —



15,609 105,174 10,730 192,211 107,286



— — — — —



— — — — —



1,163 25,221 14,228 71,065 15,475

1,536 33,317 18,795 93,878 20,443

— — — — —



5,045 109,392 61,712 308,235 67,121

— — — — —



6,581 142,709 80,507 402,113 87,564

11,690 253,505 143,010 714,301 155,547

— — — — —



— — — — —



11,690 253,505 143,010 714,301 155,547



— — — — —



— — — — —



752 32,342 263 16,274 2,458

993 42,724 347 21,498 3,248

— — — — —



3,261 140,279 1,140 70,587 10,663

— — — — —



4,254 183,003 1,487 92,085 13,911

7,556 325,082 2,641 163,578 24,710

— — — — —



— — — — —



7,556 325,082 2,641 163,578 24,710



— — — — —



— — — — —



13,877 7,486 21,188 3,455 8,462

18,332 9,889 27,989 4,564 11,178

— — — — —



60,192 32,469 91,899 14,986 36,703

— — — — —



78,524 42,358 119,888 19,550 47,881

139,488 75,245 212,965 34,728 85,055

— — — — —



— — — — —



139,488 75,245 212,965 34,728 85,055

2014 Comprehensive Annual Financial Report

201

Utah Retirement Systems

Noncontributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts (Continued) at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Davis Behavioral Health Davis County Davis County Mosquito Abatement Delta City Draper City

$ 1,261,513 4,194,056 38,736 103,861 948,493

0.8026322% $ 3,485,218 8,362,402 2.6684495 11,587,036 27,801,834 0.0246455 107,017 256,775 0.0660811 286,940 688,481 0.6034745 2,620,428 6,287,433

(578,490) (1,923,261) (17,763) (47,627) (434,949)

— — — — —



78,139 259,782 2,399 6,433 58,750

Duchesne City Duchesne County Water Conservancy District Eagle Mountain City East Carbon City East Duchesne Culinary Water Improvement District

42,270 24,125 537,245 50,999 10,125

0.0268938 116,779 280,199 0.0153492 66,650 159,919 0.3418200 1,484,263 3,561,328 0.0324477 140,896 338,064 0.0064421 27,973 67,118

(19,383) (11,063) (246,364) (23,386) (4,643)

— — — — —



2,618 1,494 33,277 3,159 627

Elk Ridge Town Emery County Emery County Recreation Special Service District Emery Water Conservancy District Enoch City

33,955 510,855 3,785 37,316 69,362

0.0216035 93,807 225,081 0.3250292 1,411,353 3,386,389 0.0024085 10,458 25,093 0.0237420 103,093 247,361 0.0441310 191,627 459,789

(15,571) (234,262) (1,736) (17,112) (31,807)

— — — — —



2,103 31,643 234 2,311 4,296

Enterprise City Ephraim City Escalante Town Eureka City Fairview City

57,475 144,457 32,626 15,808 52,804

0.0365680 0.0919104 0.0207585 0.0100581 0.0335962

380,992 957,589 216,277 104,793 350,029

(26,356) (66,244) (14,961) (7,249) (24,214)

— — — — —



3,560 8,948 2,021 979 3,271

Farmington City Farr West City Ferron City Fillmore City Five-County Association of Governments

365,377 51,099 28,036 54,639 265,210

0.2324696 1,009,438 2,422,036 0.0325112 141,171 338,725 0.0178377 77,455 185,846 0.0347641 150,954 362,198 0.1687390 732,704 1,758,045

(167,550) (23,432) (12,856) (25,056) (121,617)

— — — — —



22,632 3,165 1,737 3,384 16,427

Fountain Green City Four Corners Mental Health Fox Hollow Golf Course Francis Town Fruit Heights City

18,159 377,566 22,394 18,156 57,591

0.0115534 50,168 120,372 0.2402250 1,043,113 2,502,838 0.0142479 61,868 148,445 0.0115515 50,159 120,352 0.0366420 159,108 381,763

(8,327) (173,140) (10,269) (8,326) (26,409)

— — — — —



1,125 23,387 1,387 1,125 3,567

Garden City Garfield County Genola Town Goshen Town Grand County

38,695 328,994 13,012 6,301 651,733

0.0246194 106,903 256,503 0.2093207 908,920 2,180,854 0.0082787 35,948 86,253 0.0040088 17,407 41,767 0.4146621 1,800,560 4,320,249

(17,744) (150,866) (5,967) (2,889) (298,864)

— — — — —



2,397 20,378 806 390 40,369

Grand County Cemetery Maintenance District Grand County Water Sewer /Service Granger—Hunter Improvement District Grantsville City Green River City

8,196 37,966 684,815 177,315 48,361

0.0052149 22,644 54,333 0.0241560 104,891 251,675 0.4357104 1,891,957 4,539,546 0.1128161 489,874 1,175,400 0.0307692 133,607 320,576

(3,759) (17,410) (314,034) (81,311) (22,177)

— — — — —



508 2,352 42,418 10,983 2,995

Gunnison City Gunnison Valley Hospital Harrisville City Heber City Heber Light & Power

44,577 735,944 79,511 299,985 501,587

0.0283617 123,153 295,493 0.4682413 2,033,214 4,878,476 0.0505886 219,668 527,069 0.1908641 828,777 1,988,560 0.3191322 1,385,747 3,324,950

(20,441) (337,481) (36,461) (137,564) (230,012)

— — — — —



2,761 45,585 4,925 18,581 31,069

Heber Valley Special District Helper City Herriman City Highland City Hinckley Town

35,307 43,057 624,661 214,373 11,261

0.0224639 97,544 234,045 0.0273948 118,955 285,419 0.3974375 1,725,767 4,140,791 0.1363938 592,254 1,421,049 0.0071645 31,110 74,645

(16,191) (19,745) (286,449) (98,305) (5,164)

— — — — —



2,187 2,667 38,692 13,278 697

Holladay City Hooper City Hooper Water Improvement District Housing Authority of Carbon County Housing Authority of Salt Lake City

164,466 56,588 67,381 53,585 564,203

0.1046406 454,374 1,090,221 0.0360038 156,337 375,114 0.0428710 186,156 446,661 0.0340930 148,040 355,205 0.3589716 1,558,739 3,740,025

(75,419) (25,949) (30,899) (24,572) (258,725)

— — — — —



10,187 3,505 4,174 3,319 34,947

202

2014 Comprehensive Annual Financial Report

158,787 399,097 90,138 43,675 145,883

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



78,139 259,782 2,399 6,433 58,750

103,223 343,177 3,170 8,498 77,610

— — — — —



338,919 1,126,777 10,407 27,903 254,823

— — — — —



442,142 1,469,954 13,577 36,401 332,433

785,408 2,611,184 24,117 64,663 590,524

— — — — —



— — — — —



785,408 2,611,184 24,117 64,663 590,524



— — — — —



— — — — —



2,618 1,494 33,277 3,159 627

3,459 1,974 43,960 4,173 828

— — — — —



11,356 6,481 144,337 13,701 2,720

— — — — —



14,815 8,455 188,297 17,874 3,548

26,317 15,020 334,484 31,751 6,304

— — — — —



— — — — —



26,317 15,020 334,484 31,751 6,304



— — — — —



— — — — —



2,103 31,643 234 2,311 4,296

2,778 41,800 310 3,053 5,675

— — — — —



9,122 137,246 1,017 10,025 18,635

— — — — —



11,900 179,046 1,327 13,078 24,310

21,140 318,054 2,357 23,232 43,184

— — — — —



— — — — —



21,140 318,054 2,357 23,232 43,184



— — — — —



— — — — —



3,560 8,948 2,021 979 3,271

4,703 11,820 2,670 1,294 4,321

— — — — —



15,441 38,810 8,765 4,247 14,186

— — — — —



20,144 50,630 11,435 5,541 18,507

35,783 89,938 20,313 9,842 32,875

— — — — —



— — — — —



35,783 89,938 20,313 9,842 32,875



— — — — —



— — — — —



22,632 3,165 1,737 3,384 16,427

29,897 4,181 2,294 4,471 21,701

— — — — —



98,162 13,728 7,532 14,679 71,252

— — — — —



128,059 17,909 9,826 19,150 92,953

227,481 31,814 17,455 34,018 165,118

— — — — —



— — — — —



227,481 31,814 17,455 34,018 165,118



— — — — —



— — — — —



1,125 23,387 1,387 1,125 3,567

1,486 30,894 1,832 1,486 4,712

— — — — —



4,879 101,437 6,016 4,878 15,472

— — — — —



6,365 132,331 7,848 6,364 20,184

11,305 235,070 13,942 11,304 35,856

— — — — —



— — — — —



11,305 235,070 13,942 11,304 35,856



— — — — —



— — — — —



2,397 20,378 806 390 40,369

3,166 26,920 1,065 516 53,328

— — — — —



10,396 88,388 3,496 1,693 175,095

— — — — —



13,562 115,308 4,561 2,209 228,423

24,091 204,829 8,101 3,923 405,763

— — — — —



— — — — —



24,091 204,829 8,101 3,923 405,763



— — — — —



— — — — —



508 2,352 42,418 10,983 2,995

671 3,107 56,035 14,509 3,957

— — — — —



2,202 10,200 183,983 47,638 12,993

— — — — —



2,873 13,307 240,018 62,147 16,950

5,103 23,638 426,360 110,395 30,109

— — — — —



— — — — —



5,103 23,638 426,360 110,395 30,109



— — — — —



— — — — —



2,761 45,585 4,925 18,581 31,069

3,647 60,218 6,506 24,546 41,042

— — — — —



11,976 197,719 21,361 80,594 134,756

— — — — —



15,623 257,937 27,867 105,140 175,798

27,753 458,193 49,503 186,768 312,284

— — — — —



— — — — —



27,753 458,193 49,503 186,768 312,284



— — — — —



— — — — —



2,187 2,667 38,692 13,278 697

2,889 3,523 51,113 17,541 921

— — — — —



9,486 11,568 167,822 57,594 3,025

— — — — —



12,375 15,091 218,935 75,135 3,946

21,982 26,807 388,908 133,467 7,011

— — — — —



— — — — —



21,982 26,807 388,908 133,467 7,011



— — — — —



— — — — —



10,187 3,505 4,174 3,319 34,947

13,457 4,630 5,513 4,385 46,166

— — — — —



44,185 15,203 18,103 14,396 151,579

— — — — —



57,642 19,833 23,616 18,781 197,745

102,395 35,231 41,951 33,361 351,268

— — — — —



— — — — —



102,395 35,231 41,951 33,361 351,268

2014 Comprehensive Annual Financial Report

203

Utah Retirement Systems

Noncontributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts (Continued) at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Housing Authority of Salt Lake County Housing Authority Ogden City Huntington City Hurricane City Hyde Park City

488,992 119,053 34,631 511,182 73,260

0.3111192% $ 1,350,953 3,241,465 0.0757469 328,911 789,186 0.0220337 95,676 229,563 0.3252373 1,412,257 3,388,557 0.0466114 202,398 485,631

(224,236) (54,594) (15,881) (234,412) (33,595)

— — — — —



30,288 7,374 2,145 31,663 4,538

Hyrum City Impact Mitigation Special Service District Iron County Ivins City Jordan River Commission

226,242 29,402 776,383 238,009 14,279

0.1439458 625,047 1,499,731 0.0187068 81,229 194,901 0.4939703 2,144,935 5,146,539 0.1514324 657,555 1,577,732 0.0090849 39,449 94,653

(103,748) (13,483) (356,025) (109,144) (6,548)

— — — — —



14,014 1,821 48,090 14,742 884

Jordan Valley Water Conservancy District Jordanelle Special Service District Juab County Kamas City Kanab City

1,377,318 222,557 263,313 37,995 85,744

0.8763125 3,805,155 9,130,056 0.1416007 614,864 1,475,298 0.1675319 727,463 1,745,468 0.0241743 104,970 251,865 0.0545545 236,888 568,388

(631,594) (102,057) (120,747) (17,423) (39,320)

— — — — —



85,312 13,785 16,310 2,353 5,311

Kane County Kane County Water Conservancy District Kaysville City Kearns Improvement District Layton City

408,277 65,891 549,806 291,508 1,189,220

0.2597645 1,127,959 2,706,414 0.0419229 182,039 436,783 0.3498119 1,518,966 3,644,593 0.1854709 805,358 1,932,370 0.7566359 3,285,491 7,883,179

(187,223) (30,216) (252,124) (133,676) (545,338)

— — — — —



25,289 4,081 34,055 18,056 73,661

Lehi City Levan Town Lewiston City Lindon City Logan City

1,297,047 19,709 36,117 283,891 2,082,030

0.8252402 3,583,387 8,597,948 0.0125404 54,453 130,655 0.0229791 99,781 239,413 0.1806246 784,315 1,881,878 1.3246823 5,752,082 13,801,497

(594,784) (9,038) (16,562) (130,184) (954,753)

— — — — —



80,340 1,221 2,237 17,584 128,962

81,884 196,471 162,539 389,996 39,304 94,305 227,379 545,570 39,827 95,562

(13,591) (26,979) (6,524) (37,741) (6,611)

— — — — —



1,836 3,644 881 5,098 893

Lone Peak Safety District Maeser Water District Magna Mosquito Abatement Manti City Mantua City

$

29,639 58,833 14,226 82,302 14,416

0.0188575 0.0374322 0.0090515 0.0523644 0.0091721

Mapleton City Marriott/Slaterville City Mayfield Town Mendon City Metro Water District—SLC/Sandy

226,982 26,049 6,064 7,795 657,183

0.1444161 627,089 1,504,631 0.0165734 71,966 172,674 0.0038584 16,754 40,200 0.0049595 21,535 51,672 0.4181298 1,815,618 4,356,378

(104,087) (11,945) (2,781) (3,575) (301,363)

— — — — —



14,059 1,613 376 483 40,706

Midvale City Midvalley Improvement District Midway City Milford City Military Installation Development Authority

577,316 80,164 97,465 34,586 38,476

0.3673148 1,594,967 3,826,951 0.0510039 221,471 531,395 0.0620119 269,270 646,085 0.0220049 95,550 229,263 0.0244802 106,299 255,052

(264,739) (36,761) (44,695) (15,860) (17,644)

— — — — —



35,759 4,965 6,037 2,142 2,383

Millard County Millard County Care and Rehabilitation, Inc Millville City Minersville Town Moab City

693,431 183,430 26,382 21,586 381,876

0.4411926 1,915,762 4,596,663 0.1167065 506,767 1,215,933 0.0167857 72,887 174,886 0.0137341 59,637 143,092 0.2429667 1,055,019 2,531,403

(317,986) (84,115) (12,098) (9,899) (175,116)

— — — — —



42,951 11,362 1,634 1,337 23,654

Monroe City Monticello City Morgan City Morgan County Moroni City

69,054 61,760 128,402 247,633 16,431

0.0439356 0.0392946 0.0816951 0.1575551 0.0104542

190,779 457,753 170,626 409,400 354,739 851,159 684,141 1,641,523 45,395 108,919

(31,666) (28,321) (58,881) (113,556) (7,535)

— — — — —



4,277 3,825 7,953 15,338 1,018

0.1633703 709,392 1,702,110 0.2121586 921,243 2,210,422 0.1779964 772,902 1,854,495 0.0515878 224,006 537,479 1.4050804 6,101,190 14,639,142

(117,748) (152,911) (128,289) (37,181) (1,012,699)

— — — — —



15,905 20,654 17,329 5,022 136,789

Mountain Regional Water Special Service District Mountainland Association of Governments Mt Olympus Improvement District Mt Pleasant City Murray City

204

2014 Comprehensive Annual Financial Report

256,772 333,454 279,761 81,082 2,208,393

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



30,288 7,374 2,145 31,663 4,538

40,012 9,741 2,834 41,827 5,994

— — — — —



131,373 31,985 9,304 137,334 19,682

— — — — —



171,385 41,726 12,138 179,161 25,676

304,443 74,121 21,561 318,258 45,611

— — — — —



— — — — —



304,443 74,121 21,561 318,258 45,611



— — — — —



— — — — —



14,014 1,821 48,090 14,742 884

18,512 2,406 63,527 19,475 1,168

— — — — —



60,782 7,899 208,583 63,944 3,836

— — — — —



79,294 10,305 272,110 83,419 5,004

140,857 18,305 483,370 148,183 8,890

— — — — —



— — — — —



140,857 18,305 483,370 148,183 8,890



— — — — —



— — — — —



85,312 13,785 16,310 2,353 5,311

112,698 18,211 21,545 3,109 7,016

— — — — —



370,031 59,792 70,742 10,208 23,036

— — — — —



482,729 78,003 92,287 13,317 30,052

857,507 138,562 163,937 23,656 53,384

— — — — —



— — — — —



857,507 138,562 163,937 23,656 53,384



— — — — —



— — — — —



25,289 4,081 34,055 18,056 73,661

33,407 5,392 44,988 23,853 97,307

— — — — —



109,688 17,702 147,711 78,317 319,496

— — — — —



143,095 23,094 192,699 102,170 416,803

254,190 41,023 342,305 181,491 740,398

— — — — —



— — — — —



254,190 41,023 342,305 181,491 740,398



— — — — —



— — — — —



80,340 1,221 2,237 17,584 128,962

106,130 1,613 2,955 23,229 170,361

— — — — —



348,465 5,295 9,703 76,270 559,359

— — — — —



454,595 6,908 12,658 99,499 729,720

807,530 12,271 22,486 176,748 1,296,254

— — — — —



— — — — —



807,530 12,271 22,486 176,748 1,296,254



— — — — —



— — — — —



1,836 3,644 881 5,098 893

2,425 4,814 1,164 6,734 1,180

— — — — —



7,963 15,806 3,822 22,111 3,873

— — — — —



10,388 20,620 4,986 28,845 5,053

18,453 36,629 8,857 51,241 8,975

— — — — —



— — — — —



18,453 36,629 8,857 51,241 8,975



— — — — —



— — — — —



14,059 1,613 376 483 40,706

18,573 2,131 496 638 53,774

— — — — —



60,981 6,998 1,629 2,094 176,559

— — — — —



79,554 9,129 2,125 2,732 230,333

141,317 16,218 3,776 4,853 409,157

— — — — —



— — — — —



141,317 16,218 3,776 4,853 409,157



— — — — —



— — — — —



35,759 4,965 6,037 2,142 2,383

47,239 6,559 7,975 2,830 3,148

— — — — —



155,102 21,537 26,185 9,292 10,337

— — — — —



202,341 28,096 34,160 12,122 13,485

359,432 49,909 60,681 21,533 23,955

— — — — —



— — — — —



359,432 49,909 60,681 21,533 23,955



— — — — —



— — — — —



42,951 11,362 1,634 1,337 23,654

56,740 15,009 2,159 1,766 31,247

— — — — —



186,298 49,280 7,088 5,799 102,595

— — — — —



243,038 64,289 9,247 7,565 133,842

431,725 114,202 16,425 13,439 237,753

— — — — —



— — — — —



431,725 114,202 16,425 13,439 237,753



— — — — —



— — — — —



4,277 3,825 7,953 15,338 1,018

5,650 5,053 10,506 20,262 1,344

— — — — —



18,552 16,592 34,496 66,529 4,414

— — — — —



24,202 21,645 45,002 86,791 5,758

42,993 38,451 79,942 154,174 10,230

— — — — —



— — — — —



42,993 38,451 79,942 154,174 10,230



— — — — —



— — — — —



15,905 20,654 17,329 5,022 136,789

21,010 27,285 22,891 6,634 180,701

— — — — —



68,985 89,586 75,161 21,783 593,308

— — — — —



89,995 116,871 98,052 28,417 774,009

159,864 207,606 174,177 50,481 1,374,927

— — — — —



— — — — —



159,864 207,606 174,177 50,481 1,374,927

2014 Comprehensive Annual Financial Report

205

Utah Retirement Systems

Noncontributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Myton City Nebo Credit Union Nephi City Nibley City North Davis County Sewer District

13,920 119,427 265,174 77,681 439,253

0.0088568% $ 38,458 92,277 0.0759850 329,945 791,667 0.1687157 732,603 1,757,802 0.0494244 214,612 514,939 0.2794729 1,213,537 2,911,751

(6,383) (54,765) (121,600) (35,622) (201,428)

— — — — —



862 7,397 16,425 4,812 27,208

North Davis Fire District North East Counseling Center North Emery Waters Users Special Service District North Fork Special Service District North Logan City

9,448 361,885 8,159 26,145 176,053

0.0060111 0.2302478 0.0051912 0.0166345 0.1120130

26,102 62,628 999,790 2,398,888 22,541 54,086 72,231 173,310 486,387 1,167,032

(4,332) (165,949) (3,742) (11,989) (80,732)

— — — — —



585 22,415 505 1,619 10,905

North Ogden City North Pointe Solid Waste Special Service District North Salt Lake City North View Fire Agency Ogden City

261,391 157,472 374,538 7,463 2,070,312

0.1663092 722,154 1,732,729 0.1001908 435,052 1,043,860 0.2382980 1,034,746 2,482,761 0.0047484 20,619 49,472 1.3172268 5,719,709 13,723,820

(119,866) (72,212) (171,751) (3,422) (949,379)

— — — — —



16,191 9,754 23,199 462 128,236

Oquirrh Recreation and Parks District Orangeville City Orderville Town Orem City Panguitch City

137,498 16,522 12,350 1,829,533 38,797

0.0874823 379,869 911,454 0.0105120 45,646 109,522 0.0078579 34,121 81,869 1.1640325 5,054,503 12,127,731 0.0246841 107,184 257,177

(63,052) (7,576) (5,664) (838,966) (17,791)

— — — — —



8,517 1,023 765 113,322 2,403

Park City Park City Fire Service District Parowan City Payson City Perry City

1,737,970 57,202 170,986 671,479 57,887

1.1057757 4,801,538 11,520,770 0.0363947 158,034 379,186 0.1087888 472,387 1,133,440 0.4272258 1,855,115 4,451,147 0.0368301 159,925 383,723

(796,978) (26,231) (78,409) (307,919) (26,545)

— — — — —



107,651 3,543 10,591 41,592 3,586

96,268 38,338 474,353 106,331 459,452

0.0612498 265,961 638,145 0.0243926 105,918 254,140 0.3018052 1,310,509 3,144,425 0.0676524 293,763 704,852 0.2923245 1,269,342 3,045,648

(44,145) (17,581) (217,523) (48,760) (210,690)

— — — — —



5,963 2,375 29,382 6,586 28,459

250,060 86,142 3,469,198 116,031 149,474

0.1590993 690,847 1,657,611 0.0548076 237,987 571,025 2.2072622 9,584,452 22,996,852 0.0738242 320,562 769,154 0.0951025 412,957 990,847

(114,669) (39,502) (1,590,864) (53,208) (68,544)

— — — — —



15,489 5,336 214,884 7,187 9,259

Piute County Plain City Pleasant Grove City Pleasant View City Price City Price River Water Improvement Providence City Provo City Corp Provo Housing Authority Provo River Water Users

$

Randolph Town Recreation and Habilitation Services Redmond Town Richfield City Richmond City

8,526 9,083 14,580 186,383 40,423

0.0054245 0.0057787 0.0092766 0.1185851 0.0257187

23,554 56,516 25,092 60,207 40,281 96,650 514,924 1,235,505 111,677 267,956

(3,910) (4,165) (6,686) (85,469) (18,537)

— — — — —



528 563 903 11,545 2,504

Riverdale City Riverton City Roosevelt City Roosevelt City Housing Authority Roy City

292,793 824,218 209,989 6,802 551,112

0.1862885 808,908 1,940,888 0.5244048 2,277,089 5,463,628 0.1336046 580,143 1,391,989 0.0043275 18,791 45,087 0.3506427 1,522,573 3,653,249

(134,266) (377,960) (96,294) (3,119) (252,723)

— — — — —



18,136 51,052 13,007 421 34,136

Roy Water Conservancy District Salem City Salina City Salt Lake City Salt Lake City Library

67,828 0.0431551 187,390 449,621 232,532 0.1479474 642,422 1,541,423 61,655 0.0392279 170,337 408,705 16,196,488 10.3049442 44,746,492 107,364,351 739,523 0.4705181 2,043,100 4,902,197

(31,104) (106,632) (28,273) (7,427,194) (339,122)

— — — — —

4,201 14,403 3,819 1,003,219 45,806

Salt Lake City Mosquito Abatement Salt Lake City Sub. Sanitation #1 Salt Lake County Salt Lake County Service Area #3 San Juan County

72,972 32,457 22,250,379 27,950 648,788

0.0464284 201,603 483,725 (33,463) 0.0206504 89,669 215,151 (14,884) 14.1567049 61,471,740 147,494,765 (10,203,308) 0.0177831 77,218 185,277 (12,817) 0.4127884 1,792,424 4,300,728 (297,513)

— — — — —

4,520 2,010 1,378,201 1,731 40,186

206

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



862 7,397 16,425 4,812 27,208

1,139 9,772 21,698 6,356 35,942

— — — — —



3,740 32,085 71,242 20,870 118,010

— — — — —



4,879 41,857 92,940 27,226 153,952

8,667 74,354 165,095 48,364 273,475

— — — — —



— — — — —



8,667 74,354 165,095 48,364 273,475



— — — — —



— — — — —



585 22,415 505 1,619 10,905

773 29,611 668 2,139 14,405

— — — — —



2,538 97,224 2,192 7,024 47,298

— — — — —



3,311 126,835 2,860 9,163 61,703

5,882 225,307 5,080 16,278 109,609

— — — — —



— — — — —



5,882 225,307 5,080 16,278 109,609



— — — — —



— — — — —



16,191 9,754 23,199 462 128,236

21,388 12,885 30,646 611 169,402

— — — — —



70,226 42,306 100,623 2,005 556,211

— — — — —



91,614 55,191 131,269 2,616 725,613

162,740 98,041 233,184 4,646 1,288,959

— — — — —



— — — — —



162,740 98,041 233,184 4,646 1,288,959



— — — — —



— — — — —



8,517 1,023 765 113,322 2,403

11,251 1,352 1,011 149,701 3,175

— — — — —



36,940 4,439 3,318 491,523 10,423

— — — — —



48,191 5,791 4,329 641,224 13,598

85,605 10,286 7,689 1,139,052 24,154

— — — — —



— — — — —



85,605 10,286 7,689 1,139,052 24,154



— — — — —



— — — — —



107,651 3,543 10,591 41,592 3,586

142,209 4,681 13,991 54,943 4,737

— — — — —



466,924 15,368 45,937 180,400 15,552

— — — — —



609,133 20,049 59,928 235,343 20,289

1,082,046 35,614 106,454 418,057 36,040

— — — — —



— — — — —



1,082,046 35,614 106,454 418,057 36,040



— — — — —



— — — — —



5,963 2,375 29,382 6,586 28,459

7,877 3,137 38,814 8,700 37,594

— — — — —



25,863 10,300 127,440 28,567 123,437

— — — — —



33,740 13,437 166,254 37,267 161,031

59,935 23,869 295,328 66,201 286,051

— — — — —



— — — — —



59,935 23,869 295,328 66,201 286,051



— — — — —



— — — — —



15,489 5,336 214,884 7,187 9,259

20,461 7,049 283,866 9,494 12,231

— — — — —



67,181 23,143 932,036 31,173 40,158

— — — — —



87,642 30,192 1,215,902 40,667 52,389

155,685 53,631 2,159,894 72,240 93,062

— — — — —



— — — — —



155,685 53,631 2,159,894 72,240 93,062



— — — — —



— — — — —



528 563 903 11,545 2,504

698 743 1,193 15,251 3,308

— — — — —



2,291 2,440 3,917 50,074 10,860

— — — — —



2,989 3,183 5,110 65,325 14,168

5,308 5,655 9,078 116,040 25,167

— — — — —



— — — — —



5,308 5,655 9,078 116,040 25,167



— — — — —



— — — — —



18,136 51,052 13,007 421 34,136

23,958 67,441 17,182 557 45,094

— — — — —



78,662 221,435 56,416 1,827 148,062

— — — — —



102,620 288,876 73,598 2,384 193,156

182,291 513,151 130,737 4,235 343,118

— — — — —



— — — — —



182,291 513,151 130,737 4,235 343,118



— — — — —



— — — — —



4,201 14,403 3,819 1,003,219 45,806

5,550 19,027 5,045 1,325,270 60,511

— — — — —



18,223 62,472 16,564 4,351,355 198,680

— — — — —



23,773 42,229 81,499 144,772 21,609 38,386 5,676,625 10,083,798 259,191 460,421

— — — — —



— — — — —

42,229 144,772 38,386 10,083,798 460,421



— — — — —



— — — — —



4,520 2,010 1,378,201 1,731 40,186

5,971 2,656 1,820,632 2,287 53,087

— — — — —



19,605 8,720 5,977,798 7,509 174,304

— — — — —



25,576 45,432 11,376 20,207 7,798,430 13,852,897 9,796 17,401 227,391 403,930

— — — — —



— — — — —

45,432 20,207 13,852,897 17,401 403,930

2014 Comprehensive Annual Financial Report

207

Utah Retirement Systems

Noncontributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

San Juan Mental Health/Substance Abuse District Sandy City Sandy Suburban Improvement District Sanpete County Santa Clara City

107,631 2,370,554 194,091 327,314 224,792

0.0684797% $ 297,355 713,471 1.5082545 6,549,196 15,714,085 0.1234893 536,220 1,286,601 0.2082523 904,280 2,169,723 0.1430226 621,038 1,490,113

(49,356) (1,087,061) (89,004) (150,096) (103,082)

— — — — —



6,667 146,833 12,022 20,274 13,924

Santaquin City Saratoga Springs Town Sevier County Six-County Association of Governments Smithfield City

177,342 414,221 478,213 180,128 207,887

0.1128331 489,948 1,175,577 0.2635465 1,144,381 2,745,818 0.3042608 1,321,172 3,170,009 0.1146055 497,644 1,194,043 0.1322674 574,336 1,378,057

(81,323) (189,949) (219,293) (82,601) (95,331)

— — — — —



10,985 25,657 29,621 11,157 12,877

Snyderville Basin Solitude Improvement District South Davis County Sewer Improvement District South Davis County Water Improvement District South Davis Metro Fire Agency

436,117 10,370 269,524 57,179 15,429

0.2774776 1,204,873 2,890,962 0.0065981 28,651 68,744 0.1714837 744,623 1,786,641 0.0363800 157,971 379,033 0.0098167 42,626 102,277

(199,989) (4,756) (123,595) (26,221) (7,075)

— — — — —



27,013 642 16,694 3,542 956

South Davis Recreation Center South Ogden City South Ogden Conservancy District South Salt Lake City South Utah Valley Animal Services Special Service District

80,999 285,286 241,909 761,345 9,665

0.0515351 223,778 536,930 0.1815122 788,169 1,891,125 0.1539134 668,328 1,603,581 0.4844024 2,103,389 5,046,854 0.0061491 26,701 64,066

(37,143) (130,823) (110,932) (349,129) (4,432)

— — — — —



5,017 17,671 14,984 47,158 599

South Utah Valley Electric Service District South Utah Valley Solid Waste South Valley Sewer District South Valley Water Reclamation Facility South Weber City

119,018 196,399 440,610 422,258 76,530

0.0757245 328,814 788,953 0.1249577 542,596 1,301,900 0.2803362 1,217,286 2,920,745 0.2686600 1,166,585 2,799,094 0.0486916 211,430 507,304

(54,578) (90,062) (202,050) (193,634) (35,094)

— — — — —



7,372 12,165 27,292 26,155 4,740

Southeastern Utah Asscoc. of Governments Southeastern Utah Health Southern Salt Lake Valley Mosquito Abatement Southern Utah Valley Power System Southwest Utah Public Health Department

146,318 211,358 32,075 15,228 379,326

0.0930943 404,237 969,924 0.1344757 583,925 1,401,065 0.0204078 88,615 212,623 0.0096889 42,071 100,946 0.2413444 1,047,974 2,514,500

(67,097) (96,922) (14,709) (6,983) (173,947)

— — — — —



9,063 13,092 1,987 943 23,496

Spanish Fork City Springdale Town Springville City St. George City St. George Housing Authority

1,191,515 99,430 1,284,687 3,242,686 23,380

0.7580962 3,291,832 7,898,394 0.0632619 274,698 659,108 0.8173763 3,549,240 8,516,017 2.0631449 8,958,661 21,495,334 0.0148753 64,592 154,982

(546,391) (45,595) (589,116) (1,486,993) (10,721)

— — — — —



73,803 6,159 79,574 200,854 1,448

Summit County Summit Mosquito Abatement District Sunnyside City Sunset City SW Behavioral Health Center

1,719,795 10,022 1,403 74,999 947,432

1.0942118 4,751,325 11,400,289 0.0063762 27,687 66,432 0.0008927 3,876 9,301 0.0477177 207,201 497,157 0.6027994 2,617,497 6,280,399

(788,643) (4,596) (643) (34,392) (434,462)

— — — — —



106,525 621 87 4,645 58,684

0.0103721 0.2011432 0.0124207 0.2011554 0.2054688

45,038 108,064 873,411 2,095,655 53,934 129,408 873,464 2,095,782 892,194 2,140,722

(7,476) (144,972) (8,952) (144,981) (148,090)

— — — — —



1,010 19,582 1,209 19,583 20,003

0.0195378 84,838 203,559 0.1980919 860,162 2,063,864 0.3969544 1,723,669 4,135,758 0.7897345 3,429,213 8,228,024 0.0253489 110,071 264,103

(14,082) (142,773) (286,101) (569,194) (18,270)

— — — — —



1,902 19,285 38,645 76,883 2,468

(3,406) (1,252) (98,801) (93,127) (3,037)

— — — — —



460 169 13,345 12,579 410

Sw Mosquito Abatement/Control Syracuse City Taylor West Weber Water Improvement District Taylorsville City Taylorsville–Bennion Improvement Timber Lakes Special Service District Timpanogos Special Service District Tooele City Tooele County Tooele County Housing Tooele Valley Mosquito Abatement District Torrey Town Trans-Jordan Cities Tremonton City Tridell-Lapoint Water District

208

2014 Comprehensive Annual Financial Report

$

16,302 316,141 19,522 316,160 322,939 30,708 311,345 623,901 1,241,242 39,841 7,427 2,730 215,455 203,083 6,622

0.0047257 0.0017368 0.1370822 0.1292106 0.0042132

20,520 49,236 7,542 18,095 595,243 1,428,221 561,063 1,346,209 18,295 43,896

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



6,667 146,833 12,022 20,274 13,924

8,807 193,969 15,881 26,782 18,393

— — — — —



28,916 636,874 52,144 87,936 60,393

— — — — —



37,723 830,843 68,025 114,718 78,786

67,010 1,475,887 120,839 203,783 139,953

— — — — —



— — — — —



67,010 1,475,887 120,839 203,783 139,953



— — — — —



— — — — —



10,985 25,657 29,621 11,157 12,877

14,511 33,893 39,130 14,739 17,010

— — — — —



47,645 111,285 128,477 48,393 55,851

— — — — —



62,156 145,178 167,607 63,132 72,861

110,412 257,891 297,731 112,146 129,429

— — — — —



— — — — —



110,412 257,891 297,731 112,146 129,429



— — — — —



— — — — —



27,013 642 16,694 3,542 956

35,685 849 22,054 4,679 1,262

— — — — —



117,167 2,786 72,411 15,362 4,145

— — — — —



152,852 3,635 94,465 20,041 5,407

271,523 6,457 167,804 35,599 9,606

— — — — —



— — — — —



271,523 6,457 167,804 35,599 9,606



— — — — —



— — — — —



5,017 17,671 14,984 47,158 599

6,628 23,343 19,794 62,297 791

— — — — —



21,761 76,645 64,991 204,543 2,597

— — — — —



28,389 99,988 84,785 266,840 3,388

50,429 177,617 150,610 474,007 6,017

— — — — —



— — — — —



50,429 177,617 150,610 474,007 6,017



— — — — —



— — — — —



7,372 12,165 27,292 26,155 4,740

9,739 16,070 36,053 34,551 6,262

— — — — —



31,975 52,765 118,374 113,444 20,560

— — — — —



41,714 68,835 154,427 147,995 26,822

74,099 122,276 274,320 262,895 47,647

— — — — —



— — — — —



74,099 122,276 274,320 262,895 47,647



— — — — —



— — — — —



9,063 13,092 1,987 943 23,496

11,972 17,294 2,625 1,246 31,038

— — — — —



39,310 56,784 8,617 4,091 101,910

— — — — —



51,282 74,078 11,242 5,337 132,948

91,096 131,590 19,970 9,481 236,165

— — — — —



— — — — —



91,096 131,590 19,970 9,481 236,165



— — — — —



— — — — —



73,803 6,159 79,574 200,854 1,448

97,495 8,136 105,119 265,331 1,913

— — — — —



320,113 26,713 345,144 871,181 6,281

— — — — —



417,608 34,849 450,263 1,136,512 8,194

741,827 61,904 799,835 2,018,869 14,556

— — — — —



— — — — —



741,827 61,904 799,835 2,018,869 14,556



— — — — —



— — — — —



106,525 621 87 4,645 58,684

140,721 820 115 6,137 77,523

— — — — —



462,041 2,692 377 20,149 254,537

— — — — —



602,762 3,512 492 26,286 332,060

1,070,730 6,239 874 46,694 589,863

— — — — —



— — — — —



1,070,730 6,239 874 46,694 589,863



— — — — —



— — — — —



1,010 19,582 1,209 19,583 20,003

1,334 25,868 1,597 25,870 26,424

— — — — —



4,380 84,935 5,245 84,940 86,761

— — — — —



5,714 110,803 6,842 110,810 113,185

10,150 196,827 12,154 196,839 201,059

— — — — —



— — — — —



10,150 196,827 12,154 196,839 201,059



— — — — —



— — — — —



1,902 19,285 38,645 76,883 2,468

2,513 25,476 51,050 101,564 3,260

— — — — —



8,250 83,646 167,618 333,472 10,704

— — — — —



10,763 109,122 218,668 435,036 13,964

19,119 193,841 388,436 772,787 24,805

— — — — —



— — — — —



19,119 193,841 388,436 772,787 24,805



— — — — —



— — — — —



460 169 13,345 12,579 410

608 223 17,629 16,617 542

— — — — —



1,995 733 57,884 54,560 1,779

— — — — —



2,603 956 75,513 71,177 2,321

4,624 1,700 134,140 126,438 4,123

— — — — —



— — — — —



4,624 1,700 134,140 126,438 4,123

2014 Comprehensive Annual Financial Report

209

Utah Retirement Systems

Noncontributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts

(Concluded)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Uintah Animal Control and Shelter Special Service District Uintah Basin Assistance Council Uintah Basin Association of Government Uintah City Uintah County Care Center

54,565 10,145 175,821 12,766 406,899

0.0347166% $ 150,748 361,703 0.0064545 28,027 67,248 0.1118651 485,745 1,165,491 0.0081226 35,270 84,627 0.2588879 1,124,152 2,697,281

(25,022) (4,652) (80,626) (5,854) (186,591)

— — — — —



3,380 628 10,890 791 25,204

Uintah County Mosquito Abatement Uintah Fire Suppression Special Service district Uintah Highlands Improvment District Uintah Recreation District Uintah Transportation Special Service District

29,578 7,105 9,062 190,733 21,096

0.0188186 0.0045204 0.0057656 0.1213529 0.0134220

81,715 196,066 19,629 47,097 25,036 60,070 526,943 1,264,342 58,281 139,840

(13,563) (3,258) (4,156) (87,464) (9,674)

— — — — —



1,832 440 561 11,814 1,307

Uintah Water Conservency District Unified Fire Authority Unified Police Department Upper Country Water District Utah Association of Counties

78,349 386,563 972,583 18,079 101,137

0.0498494 216,458 519,367 0.2459487 1,067,967 2,562,471 0.6188018 2,686,983 6,447,124 0.0115028 49,948 119,844 0.0643480 279,414 670,424

(35,928) (177,265) (445,996) (8,291) (46,378)

— — — — —



4,853 23,944 60,242 1,120 6,264

64,881 4,996,349 159,421 13,956 238,231

0.0412802 179,248 430,087 3.1789053 13,803,555 33,120,131 0.1014307 440,436 1,056,778 0.0088791 38,555 92,509 0.1515735 658,168 1,579,202

(29,752) (2,291,167) (73,105) (6,400) (109,245)

— — — — —



4,019 309,476 9,875 864 14,756

248,193 42,661 367,030 278,120 695,430

0.1579117 685,690 1,645,238 0.0271429 117,861 282,794 0.2335214 1,014,005 2,432,995 0.1769528 768,371 1,843,622 0.4424646 1,921,285 4,609,916

(113,813) (19,563) (168,308) (127,537) (318,902)

— — — — —



15,373 2,642 22,734 17,227 43,075

Valley Emergency Communication Center Valley Mental Health Vernal City Vineyard Town Wasatch Co Fire District

742,414 3,181,083 374,183 25,908 10,520

0.4723578 2,051,089 4,921,365 2.0239500 8,788,467 21,086,973 0.2380721 1,033,765 2,480,407 0.0164841 71,578 171,743 0.0066932 29,063 69,735

(340,448) (1,458,743) (171,588) (11,881) (4,824)

— — — — —



45,986 197,038 23,177 1,605 652

Wasatch County Wasatch Front Regional Council Wasatch Front Waste and Recycling District Wasatch Integrated Waste Management Wasatch Mental Health Special Services District

1,144,365 268,294 488,280 573,569 2,092,219

0.7280975 0.1707007 0.3106662 0.3649307 1.3311654

3,161,571 7,585,846 741,223 1,778,483 1,348,986 3,236,745 1,584,615 3,802,112 5,780,233 13,869,043

(524,770) (123,031) (223,910) (263,020) (959,425)

— — — — —



70,883 16,618 30,244 35,527 129,593

Washington City Washington County Washington County Solid Waste #1 Washington Terrace City Waste Management Service District #5

727,273 1,712,322 95,811 137,393 22,679

0.4627242 2,009,257 4,820,995 1.0894576 4,730,681 11,350,756 0.0609592 264,699 635,117 0.0874154 379,578 910,757 0.0144293 62,655 150,335

(333,504) (785,217) (43,936) (63,004) (10,400)

— — — — —



45,048 106,062 5,935 8,510 1,405

Wayne County Weber Area Dispatch 911 & Emergency Services District Weber Basin Water Conservancy Weber County Weber County Mosquito Abatement

115,820 453,634 768,591 3,357,800 96,376

0.0736899 319,979 767,755 0.2886225 1,253,267 3,007,078 0.4890125 2,123,407 5,094,885 2.1363857 9,276,689 22,258,409 0.0613190 266,262 638,866

(53,111) (208,022) (352,451) (1,539,780) (44,195)

— — — — —



7,174 28,098 47,607 207,984 5,970

Weber Human Services Wellington City Wellsville City Corp Wendover City West Haven City

1,561,774 17,527 51,144 30,570 95,397

0.9936720 4,314,758 10,352,793 0.0111515 48,422 116,184 0.0325404 141,298 339,029 0.0194499 84,456 202,643 0.0606961 263,557 632,376

(716,180) (8,037) (23,453) (14,018) (43,746)

— — — — —



96,737 1,086 3,168 1,894 5,909

West Jordan City West Point City West Valley City Western Kane County Special Service District #1 White City Water Improvement District

1,839,085 122,204 2,684,526 28,593 68,988

1.1701100 5,080,893 12,191,051 0.0777516 337,616 810,072 1.7080176 7,416,614 17,795,361 0.0181920 78,994 189,537 0.0438930 190,594 457,309

(843,346) (56,039) (1,231,038) (13,112) (31,635)

— — — — —



113,914 7,569 166,281 1,771 4,273

— —

2,436 8,081

Utah Counties Insurance Pool Utah County Utah County Housing Authority Utah Lake Commission Utah Local Governments Trust Utah Municipal Power Agency Utah Public Employees Association Utah Telecommunication Open Infrastructure Agency Utah Valley Dispatch Special Services District Utah Zoological Society

Willard City Woods Cross City Grand Total

210

2014 Comprehensive Annual Financial Report

$

39,329 0.0250230 130,462 0.0830057 $ 157,172,010 100.0000000%

108,656 260,708 360,430 864,813

(18,035) (59,826)

$ 434,223,527 1,041,872,220 (72,074,083)

— 9,735,315

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



3,380 628 10,890 791 25,204

4,465 830 14,386 1,045 33,294

— — — — —



14,659 2,725 47,236 3,430 109,318

— — — — —



19,124 3,555 61,622 4,475 142,612

33,972 6,316 109,464 7,948 253,332

— — — — —



— — — — —



33,972 6,316 109,464 7,948 253,332



— — — — —



— — — — —



1,832 440 561 11,814 1,307

2,420 581 741 15,607 1,726

— — — — —



7,946 1,909 2,435 51,242 5,668

— — — — —



10,366 2,490 3,176 66,849 7,394

18,415 4,423 5,642 118,749 13,134

— — — — —



— — — — —



18,415 4,423 5,642 118,749 13,134



— — — — —



— — — — —



4,853 23,944 60,242 1,120 6,264

6,411 31,630 79,581 1,479 8,275

— — — — —



21,049 103,854 261,295 4,857 27,172

— — — — —



27,460 135,484 340,876 6,336 35,447

48,780 240,671 605,522 11,256 62,967

— — — — —



— — — — —



48,780 240,671 605,522 11,256 62,967



— — — — —



— — — — —



4,019 309,476 9,875 864 14,756

5,309 408,824 13,045 1,142 19,493

— — — — —



17,431 1,342,321 42,830 3,749 64,003

— — — — —



22,740 1,751,145 55,875 4,891 83,496

40,394 3,110,685 99,254 8,689 148,321

— — — — —



— — — — —



40,394 3,110,685 99,254 8,689 148,321



— — — — —



— — — — —



15,373 2,642 22,734 17,227 43,075

20,308 3,491 30,032 22,757 56,903

— — — — —



66,680 11,461 98,607 74,720 186,835

— — — — —



86,988 14,952 128,639 97,477 243,738

154,523 26,560 228,510 173,155 432,969

— — — — —



— — — — —



154,523 26,560 228,510 173,155 432,969



— — — — —



— — — — —



45,986 197,038 23,177 1,605 652

60,748 260,291 30,617 2,120 861

— — — — —



199,457 854,631 100,528 6,961 2,826

— — — — —



260,205 1,114,922 131,145 9,081 3,687

462,221 1,980,516 232,963 16,130 6,550

— — — — —



— — — — —



462,221 1,980,516 232,963 16,130 6,550



— — — — —



— — — — —



70,883 16,618 30,244 35,527 129,593

93,637 21,953 39,953 46,932 171,195

— — — — —



307,446 72,080 131,182 154,095 562,097

— — — — —



401,083 94,033 171,135 201,027 733,292

712,472 167,037 303,999 357,099 1,302,598

— — — — —



— — — — —



712,472 167,037 303,999 357,099 1,302,598



— — — — —



— — — — —



45,048 106,062 5,935 8,510 1,405

59,509 140,110 7,840 11,242 1,856

— — — — —



195,389 460,033 25,741 36,912 6,093

— — — — —



254,898 600,143 33,581 48,154 7,949

452,794 1,066,078 59,651 85,539 14,120

— — — — —



— — — — —



452,794 1,066,078 59,651 85,539 14,120



— — — — —



— — — — —



7,174 28,098 47,607 207,984 5,970

9,477 37,118 62,890 274,750 7,886

— — — — —



31,116 121,873 206,490 902,108 25,892

— — — — —



40,593 158,991 269,380 1,176,858 33,778

72,109 282,429 478,518 2,090,538 60,003

— — — — —



— — — — —



72,109 282,429 478,518 2,090,538 60,003



— — — — —



— — — — —



96,737 1,086 3,168 1,894 5,909

127,791 1,434 4,185 2,501 7,806

— — — — —



419,587 4,709 13,740 8,213 25,629

— — — — —



547,378 6,143 17,925 10,714 33,435

972,348 10,912 31,842 19,033 59,394

— — — — —



— — — — —



972,348 10,912 31,842 19,033 59,394



— — — — —



— — — — —



113,914 7,569 166,281 1,771 4,273

150,482 9,999 219,660 2,340 5,645

— — — — —



494,089 32,831 721,226 7,682 18,534

— — — — —



644,571 42,830 940,886 10,022 24,179

1,144,999 76,083 1,671,363 17,802 42,951

— — — — —



— — — — —



1,144,999 76,083 1,671,363 17,802 42,951



— —

— —

2,436 8,081

3,218 10,675

— —

10,566 35,050

— —

13,784 45,725

24,486 81,224

— —

— —

24,486 81,224







9,735,315 12,860,526



42,225,895

— 55,086,421 97,853,982



— 97,853,982

2014 Comprehensive Annual Financial Report

211

Utah Retirement Systems

Noncontributory Retirement System State and School Division

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Academy for Math, Engineering and Science Charter School Active Re-Entry Incorporated Alpine School District Alpine Uniserv American Leadership Academy

$

310,705 61,755 42,362,541 35,525 806,173

0.0512359% $ 1,287,317 2,564,766 217,451 0.0101836 255,866 509,771 43,220 6.9856760 175,517,113 349,688,896 29,647,947 0.0058581 147,186 293,245 24,862 0.1329398 3,340,151 6,654,699 564,211

— — — — —

22,076 4,388 3,009,890 2,524 57,279

Beaver School District Box Elder School District Bridgerland Applied Technology Center Cache School District Canyons School District

1,170,189 7,635,565 934,507 10,314,255 23,136,003

0.1929667 1.2591214 0.1541022 1.7008433 3.8151778

4,848,344 9,659,525 818,971 31,635,786 63,029,086 5,343,844 3,871,862 7,714,046 654,026 42,734,176 85,140,796 7,218,559 95,857,436 190,980,130 16,192,018

— — — — —

83,143 542,513 66,397 732,836 1,643,830

Carbon School District Color Country Uniserv Daggett School District Davis Applied Technology Center Davis School District

2,609,619 3,893 292,016 679,325 44,956,665

0.4303318 10,812,210 21,541,545 1,826,374 0.0006420 16,130 32,137 2,725 0.0481541 1,209,886 2,410,497 204,371 0.1120223 2,814,592 5,607,611 475,434 7.4134528 186,265,127 371,102,543 31,463,477

— — — — —

185,415 277 20,748 48,267 3,194,205

Davis Uniserv Dixie Applied Technology College Dixie State College Duchesne School District East Hollywood High School

27,260 46,061 1,095,446 3,225,817 157,271

0.0044953 112,946 225,026 0.0075955 190,839 380,215 0.1806414 4,538,667 9,042,545 0.5319443 13,365,253 26,628,062 0.0259343 651,607 1,298,219

19,079 32,236 766,661 2,257,628 110,068

— — — — —



1,937 3,273 77,832 229,197 11,174

Educators Mutual Insurance Emery School District Fast Forward Charter High School Garfield School District Grand School District

1,363,592 2,417,580 146,117 858,818 1,380,078

0.2248593 0.3986642 0.0240949 0.1416210 0.2275779

954,327 1,691,973 102,261 601,054 965,865

— — — — —



96,884 171,771 10,382 61,020 98,056

5,649,654 11,256,004 10,016,552 19,956,328 605,391 1,206,142 3,558,268 7,089,263 5,717,960 11,392,092

Granite School District Granite Uniserv Heber Valley Historic Railroad Authority High Desert Uniserv High School Activity Association

48,756,845 33,256 37,089 3,893 111,179

8.0401108 202,010,089 402,471,782 34,123,080 0.0054840 137,787 274,518 23,275 0.0061161 153,669 306,160 25,957 0.0006420 16,130 32,137 2,725 0.0183337 460,639 917,748 77,810

— — — — —

3,464,211 2,363 2,635 277 7,899

Intech Collegiate Charter High School Iron School District Itineris High School Jordan School District Jordan Uniserv

77,019 5,898,781 204,490 31,154,205 42,486

0.0127006 319,106 635,767 53,903 0.9727219 24,439,917 48,692,503 4,128,335 0.0337209 847,247 1,688,000 143,115 5.1373968 129,078,568 257,167,755 21,803,655 0.0070061 176,030 350,711 29,735

— — — — —

5,472 419,113 14,529 2,213,530 3,019

1,477,615 1,106,727 106,241 3,765,937 2,785,230

0.2436620 0.1825017 0.0175194 0.6210112 0.4592905

6,122,078 12,197,230 4,585,408 9,135,668 440,180 876,986 15,603,084 31,086,572 11,539,806 22,991,159

1,034,127 774,557 74,354 2,635,637 1,949,277

— — — — —



293,518 1,477,016 270,605 4,464,539 19,770,408

0.0484018 0.2435633 0.0446234 0.7362124 3.2601837

1,216,109 2,422,897 205,422 6,119,598 12,192,289 1,033,708 1,121,176 2,233,758 189,386 18,497,548 36,853,313 3,124,563 81,913,050 163,198,242 13,836,564

— — — — —

20,855 104,943 19,227 317,209 1,404,702

Noah Webster Academy, Inc North Sanpete School District North Summit School District Northern Utah Academy of Math, Engineering and Science Charter School Ogden School District

169,597 1,781,820 954,755 278,896 9,041,688

0.0279669 0.2938255 0.1574412 0.0459905 1.4909942

702,676 1,399,967 7,382,450 14,708,314 3,955,755 7,881,190 1,155,525 2,302,192 37,461,657 74,636,172

118,694 1,247,026 668,197 195,189 6,327,937

— — — — —



12,050 126,599 67,836 19,816 642,419

Ogden Weber/NEA/UEA Uniserv Ogden-Weber Applied Technology Center Park City School District Piute School District Provo School District

15,674 792,857 5,462,357 385,951 9,768,993

0.0025847 0.1307438 0.9007547 0.0636442 1.6109284

64,941 129,385 3,284,975 6,544,772 22,631,720 45,089,969 1,599,079 3,185,901 40,475,038 80,639,837

10,970 554,891 3,822,898 270,113 6,836,950

— — — — —



1,114 56,333 388,105 27,422 694,094

Juab School District Kane School District Liberty Academy Charter School Logan School District Millard School District Monticello Academy Morgan School District Mountainland Applied Technology Center Murray School District Nebo School District

212

2014 Comprehensive Annual Financial Report

104,986 78,634 7,549 267,573 197,893

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



22,076 76,794 4,388 15,263 3,009,890 10,470,326 2,524 8,780 57,279 199,254

— — — — —



42,741 8,495 5,827,484 4,887 110,899

— — — — —

119,535 219,484 23,758 43,624 16,297,810 29,925,144 13,667 25,095 310,153 569,486

— — — — —



— — — — —

219,484 43,624 29,925,144 25,095 569,486



— — — — —



— — — — —



83,143 542,513 66,397 732,836 1,643,830

289,224 1,887,206 230,973 2,549,271 5,718,295

— — — — —



160,974 1,050,365 128,553 1,418,852 3,182,640

— — — — —



450,198 826,628 2,937,571 5,393,807 359,526 660,141 3,968,123 7,286,049 8,900,935 16,343,407

— — — — —



— — — — —

826,628 5,393,807 660,141 7,286,049 16,343,407



— — — — —



— — — — —



185,415 644,993 277 962 20,748 72,175 48,267 167,902 3,194,205 11,111,490

— — — — —



358,985 536 40,170 93,450 6,184,338

— — — — —

1,003,978 1,843,450 1,498 2,750 112,345 206,282 261,352 479,880 17,295,828 31,757,649

— — — — —



— — — — —

1,843,450 2,750 206,282 479,880 31,757,649



— — — — —



— — — — —



1,937 3,273 77,832 229,197 11,174

6,738 11,384 270,750 797,293 38,871

— — — — —



3,750 6,336 150,692 443,750 21,635

— — — — —



10,488 17,720 421,442 1,241,043 60,506

19,257 32,537 773,829 2,278,736 111,097

— — — — —



— — — — —



19,257 32,537 773,829 2,278,736 111,097



— — — — —



— — — — —



96,884 171,771 10,382 61,020 98,056

337,025 597,529 36,114 212,266 341,100

— — — — —



187,579 332,568 20,100 118,141 189,847

— — — — —



524,604 930,097 56,214 330,407 530,947

963,249 1,707,792 103,217 606,674 974,895

— — — — —



— — — — —



963,249 1,707,792 103,217 606,674 974,895



— — — — —



— — — — —



3,464,211 12,050,743 2,363 8,220 2,635 9,167 277 962 7,899 27,479

— — — — —



6,707,099 4,575 5,102 536 15,294

— — — — —

18,757,842 34,442,118 12,795 23,492 14,269 26,200 1,498 2,750 42,773 78,538

— — — — —



— — — — —

34,442,118 23,492 26,200 2,750 78,538



— — — — —



— — — — —



5,472 419,113 14,529 2,213,530 3,019

19,036 1,457,943 50,542 7,700,074 10,501

— — — — —



10,595 811,449 28,130 4,285,641 5,845

— — — — —

29,631 54,407 2,269,392 4,166,933 78,672 144,453 11,985,715 22,007,511 16,346 30,013

— — — — —



— — — — —

54,407 4,166,933 144,453 22,007,511 30,013



— — — — —



— — — — —



104,986 78,634 7,549 267,573 197,893

365,207 273,539 26,259 930,789 688,397

— — — — —



203,264 152,244 14,615 518,051 383,142

— — — — —



568,471 425,783 40,874 1,448,840 1,071,539

1,043,796 781,798 75,049 2,660,279 1,967,502

— — — — —



— — — — —





— — — — —



— — — — —



20,855 104,943 19,227 317,209 1,404,702

72,546 365,059 66,883 1,103,456 4,886,454

— — — — —



40,377 203,182 37,225 614,152 2,719,661

— — — — —



112,923 207,343 568,241 1,043,373 104,108 191,157 1,717,608 3,153,777 7,606,115 13,965,931

— — — — —



— — — — —

207,343 1,043,373 191,157 3,153,777 13,965,931



— — — — —



— — — — —



12,050 126,599 67,836 19,816 642,419

41,918 440,394 235,977 68,932 2,234,744

— — — — —



23,330 245,111 131,338 38,365 1,243,794

— — — — —



65,248 685,505 367,315 107,297 3,478,538

119,804 1,258,686 674,444 197,013 6,387,101

— — — — —



— — — — —



119,804 1,258,686 674,444 197,013 6,387,101



— — — — —



— — — — —



1,114 56,333 388,105 27,422 694,094

3,874 195,962 1,350,076 95,392 2,414,504

— — — — —



2,156 109,067 751,414 53,092 1,343,844

— — — — —



6,030 305,029 2,101,490 148,484 3,758,348

11,072 560,079 3,858,641 272,638 6,900,873

— — — — —



— — — — —



11,072 560,079 3,858,641 272,638 6,900,873

1,043,796 781,798 75,049 2,660,279 1,967,502

2014 Comprehensive Annual Financial Report

213

Utah Retirement Systems

Noncontributory Retirement System State and School Division

Schedule of Employer Allocations and Pension Amounts

(Concluded)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Rich School District Salt Lake Arts Academy Salt Lake Community College Salt Lake School District San Juan School District Sevier School District Snow College Soldier Hollow Charter School South Sanpete School District South Summit School District Southern Utah University Southwest Applied Technology Center Southwest Educational Development Center Space Dynamics Lab/USU State of Utah Success Academy Summit Academy Charter School Summit Academy High School Tintic School District Tooele Applied Tech College Tooele School District Tuacahn High School UCAN Uintah Basin Applied Technology Center Uintah School District University of Utah University of Utah Hospital Utah County Academy of Sciences Utah Dairy Council Utah Education Association

$

571,089 207,451 3,261,667 23,034,535 3,269,516

0.0941739% $ 2,366,146 4,714,156 399,684 0.0342091 859,513 1,712,439 145,187 0.5378560 13,513,786 26,923,990 2,282,718 3.7984454 95,437,030 190,142,540 16,121,004 0.5391504 13,546,308 26,988,785 2,288,211

— — — — —

40,576 14,740 231,744 1,636,621 232,302

0.5773525 0.1337391 0.0274887 0.4273853 0.2062093

2,450,345 567,603 116,665 1,813,868 875,174

— — — — —



2,170,443 0.3579107 8,992,609 17,916,290 1,519,011 234,805 0.0387199 972,849 1,938,240 164,331 60,337 0.0099497 249,989 498,062 42,228 451,115 0.0743898 1,869,065 3,723,804 315,718 145,965,145 24.0699736 604,764,993 1,204,894,489 102,155,513

— — — — —

154,212 16,683 4,287 32,052 10,370,926

3,501,181 811,020 166,697 2,591,750 1,250,495

14,506,147 28,901,105 3,360,233 6,694,710 690,661 1,376,029 10,738,178 21,394,049 5,181,068 10,322,423

248,762 57,624 11,844 184,146 88,849

141,364 492,210 172,163 300,313 167,944

0.0233112 585,701 1,166,912 0.0811664 2,039,329 4,063,027 0.0283900 713,307 1,421,146 0.0495222 1,244,259 2,478,982 0.0276944 695,830 1,386,326

98,935 344,479 120,490 210,177 117,538

— — — — —



10,044 34,972 12,232 21,337 11,933

9,140,838 210,494 209,790 626,522 4,932,721

1.5073443 37,872,458 75,454,625 0.0347109 872,121 1,737,558 0.0345949 869,207 1,731,751 0.1033149 2,595,816 5,171,736 0.8134165 20,437,323 40,717,995

6,397,329 147,317 146,824 438,479 3,452,226

— — — — —



649,463 14,956 14,906 44,515 350,474

3.7307482 93,736,118 186,753,754 15,833,690 1.3785779 34,637,165 69,008,838 5,850,830 0.0306690 770,567 1,535,228 130,162 0.0161651 406,153 809,192 68,606 0.0483572 1,214,989 2,420,664 205,233

— — — — —

1,607,453 593,982 13,214 6,965 20,835

22,624,005 8,359,973 185,983 98,028 293,248

Utah Housing Finance Agency Utah Retirement Systems Utah Safety Council Utah School Boards Association Utah School Boards Risk Man Mut Ins Assn

876,442 4,730,830 57,761 98,347 138,832

0.1445272 3,631,287 7,234,741 0.7801242 19,600,844 39,051,449 0.0095249 239,316 476,797 0.0162177 407,474 811,825 0.0228937 575,211 1,146,013

613,389 3,310,930 40,425 68,830 97,163

— — — — —



62,272 336,129 4,104 6,988 9,864

Utah School Employee Association Utah State Fair Corporation Utah State University Utah Valley University Wasatch School District

96,607 90,833 8,357,777 4,610,641 4,731,347

0.0159308 400,266 797,464 0.0149785 376,339 749,794 1.3782157 34,628,065 68,990,707 0.7603048 19,102,876 38,059,330 0.7802095 19,602,987 39,055,719

67,612 63,570 5,849,293 3,226,814 3,311,292

— — — — —



6,864 6,454 593,826 327,590 336,166

44,648 88,953 7,542 77,079,096 153,567,385 13,020,024 2,035,166 4,054,732 343,776 93,925,314 187,130,696 15,865,648 13,801,385 27,496,984 2,331,298

— — — — —

766 1,321,806 34,900 1,610,697 236,676

Wasatch Uniserv Washington School District Wayne School District Weber County School District Weber State University Woodland Peaks Uniserv Workers Compensation Fund Grand Total

214

2014 Comprehensive Annual Financial Report

10,776 18,603,692 491,204 22,669,670 3,331,081

0.0017770 3.0677897 0.0810007 3.7382783 0.5493026

25,811 0.0042563 106,941 213,062 5,479,124 0.9035196 22,701,189 45,228,375

18,064 3,834,633

$ 606,420,059 100.0000000% $ 2,512,528,676 5,005,798,954 424,410,570

— —

1,834 389,296

— 43,086,602

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



40,576 14,740 231,744 1,636,621 232,302

141,150 51,274 806,154 5,693,216 808,094

— — — — —



78,560 28,537 448,682 3,168,681 449,762

— — — — —



219,710 403,421 79,811 146,544 1,254,836 2,304,060 8,861,897 16,271,729 1,257,856 2,309,605

— — — — —



— — — — —

403,421 146,544 2,304,060 16,271,729 2,309,605



— — — — —



— — — — —



248,762 57,624 11,844 184,146 88,849

865,352 200,452 41,201 640,577 309,072

— — — — —



481,630 111,566 22,931 356,527 172,021

— — — — —



1,346,982 312,018 64,132 997,104 481,093

2,473,255 572,910 117,756 1,830,827 883,357

— — — — —



— — — — —





— — — — —



— — — — —

154,212 536,447 16,683 58,034 4,287 14,913 32,052 111,498 10,370,926 36,076,751

— — — — —



298,571 32,300 8,300 62,056 20,079,285

— — — — —

835,018 1,533,213 90,334 165,868 23,213 42,622 173,554 318,670 56,156,036 103,110,625

— — — — —



— — — — —

1,533,213 165,868 42,622 318,670 103,110,625



— — — — —



— — — — —



10,044 34,972 12,232 21,337 11,933

34,939 121,654 42,552 74,225 41,509

— — — — —



19,446 67,709 23,683 41,312 23,103

— — — — —



54,385 189,363 66,235 115,537 64,612

99,860 347,700 121,617 212,143 118,637

— — — — —



— — — — —



99,860 347,700 121,617 212,143 118,637



— — — — —



— — — — —



649,463 14,956 14,906 44,515 350,474

2,259,250 52,026 51,852 154,851 1,219,171

— — — — —



1,257,434 28,956 28,859 86,186 678,556

— — — — —



3,516,684 80,982 80,711 241,037 1,897,727

6,457,141 148,694 148,197 442,579 3,484,503

— — — — —



— — — — —



6,457,141 148,694 148,197 442,579 3,484,503



— — — — —



— — — — —



1,607,453 593,982 13,214 6,965 20,835

5,591,750 2,066,251 45,968 24,229 72,479

— — — — —



3,112,208 1,150,016 25,584 13,485 40,340

— — — — —



8,703,958 15,981,729 3,216,267 5,905,533 71,552 131,379 37,714 69,248 112,819 207,152

— — — — —



— — — — —

15,981,729 5,905,533 131,379 69,248 207,152



— — — — —



— — — — —



62,272 336,129 4,104 6,988 9,864

216,621 1,169,272 14,276 24,308 34,314

— — — — —



120,565 650,783 7,946 13,529 19,098

— — — — —



337,186 1,820,055 22,222 37,837 53,412

619,124 3,341,885 40,803 69,473 98,072

— — — — —



— — — — —



619,124 3,341,885 40,803 69,473 98,072



— — — — —



— — — — —



6,864 6,454 593,826 327,590 336,166

23,878 22,450 2,065,708 1,139,566 1,169,400

— — — — —



13,290 12,495 1,149,714 634,250 650,854

— — — — —



37,168 34,945 3,215,422 1,773,816 1,820,254

68,244 64,165 5,903,982 3,256,983 3,342,251

— — — — —



— — — — —



68,244 64,165 5,903,982 3,256,983 3,342,251



— — — — —



— — — — —



766 1,321,806 34,900 1,610,697 236,676

2,663 4,598,089 121,406 5,603,036 823,310

— — — — —



1,482 2,559,165 67,571 3,118,490 458,231

— — — — —



4,145 7,612 7,157,254 13,141,756 188,977 346,990 8,721,526 16,013,986 1,281,541 2,353,095

— — — — —



— — — — —

7,612 13,141,756 346,990 16,013,986 2,353,095



— —

— —

1,834 389,296

6,379 1,354,220

— —

3,551 753,720

9,930 2,107,940

18,233 3,870,485

— —

— —





— 43,086,602 149,882,794



83,420,477

— 233,303,271 428,378,643



— 428,378,643

— —

2,473,255 572,910 117,756 1,830,827 883,357

18,233 3,870,485

2014 Comprehensive Annual Financial Report

215

Utah Retirement Systems

Contributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Bluffdale City Bountiful City Box Elder County Brian Head Town Brigham City Cache County Carbon County Castle Valley Special Service District Centerville City Clinton City Corinne City Davis & Weber County Canal Davis County Housing DDI Advantage Duchesne County

$

164,847 8,146 22,107 74,922 6,672

2.2216079% $ 0.1097845 0.2979317 1.0097066 0.0899219

640,808 1,821,551 31,667 90,015 85,936 244,282 291,243 827,883 25,937 73,729

(349,440) (17,268) (46,862) (158,818) (14,144)

— — — — —



29,963 1,481 4,018 13,618 1,213

13,809 50,201 9,182 24,931 29,223

0.1861052 0.6765446 0.1237487 0.3359828 0.3938350

53,681 195,145 35,695 96,912 113,599

152,592 554,716 101,465 275,481 322,915

(29,273) (106,415) (19,465) (52,847) (61,947)

— — — — —



2,510 9,125 1,669 4,531 5,312

0.2041947 58,899 167,424 1.3283309 383,148 1,089,131 1.1185540 322,640 917,130 6.4835371 1,870,134 5,316,011 7.3201026 2,111,436 6,001,932

(32,118) (208,935) (175,939) (1,019,807) (1,151,391)

— — — — —



2,754 17,915 15,086 87,444 98,726

(15,022) (56,030) (194,875) (15,828) (21,771)

— — — — —



1,288 4,804 16,710 1,357 1,867

15,152 98,564 82,999 481,090 543,164

Duchesne County Mosquito District Emery County Emery County Care and Rehabilitation Center Emery Town Five-County Association of Governments

7,086 26,432 91,932 7,467 10,270

0.0955013 0.3562181 1.2389423 0.1006300 0.1384092

Garfield County Garland City Grand County Gunnison Valley Hospital Honeyville City

9,215 22,019 21,101 7,577 12,087

0.1241936 0.2967437 0.2843761 0.1021081 0.1628873

35,823 85,594 82,026 29,452 46,984

101,829 243,307 233,167 83,721 133,555

(19,535) (46,675) (44,730) (16,061) (25,621)

— — — — —



1,675 4,002 3,835 1,377 2,197

Housing Authority of Salt Lake City Iron County Jordan Valley Water Conservancy District Juab County Kaysville City

11,413 6,165 33,518 12,187 11,098

0.1538170 0.0830786 0.4517125 0.1642351 0.1495670

44,368 23,963 130,294 47,373 43,142

126,118 68,118 370,370 134,660 122,634

(24,194) (13,068) (71,051) (25,833) (23,526)

— — — — —



2,075 1,120 6,092 2,215 2,017

Kearns Improvement District LaVerkin City Layton City Logan City Manila Town

38,870 73,937 62,227 13,043 12,691

0.5238382 0.9964305 0.8386238 0.1757728 0.1710283

151,098 287,414 241,896 50,701 49,332

429,508 816,998 687,608 144,120 140,230

(82,395) (156,730) (131,909) (27,648) (26,901)

— — — — —



7,065 13,439 11,311 2,371 2,307

Midway City Millard County Mountainland Association of Governments Mt Pleasant City Murray City

4,912 7,552 13,828 4,313 95,584

0.0662009 0.1017742 0.1863622 0.0581194 1.2881602

19,095 54,280 29,356 83,447 53,755 152,803 16,764 47,654 371,561 1,056,194

(10,413) (16,008) (29,313) (9,142) (202,617)

— — — — —



893 1,373 2,513 784 17,373

Naples City North Davis County Sewer District North Logan City Oakley City Ogden City

63,404 22,971 10,916 18,634 119,410

0.8544758 0.3095694 0.1471111 0.2511200 1.6092602

246,468 700,606 89,293 253,824 42,433 120,620 72,434 205,899 464,181 1,319,472

(134,402) (48,693) (23,139) (39,499) (253,123)

— — — — —



11,524 4,175 1,984 3,387 21,704

Orem City Paragonah Town Park City Pleasant View City Provo City Corp

146,183 4,320 127,643 13,366 97,816

1.9700731 0.0582222 1.7202131 0.1801322 1.3182415

568,255 1,615,311 16,794 47,738 496,184 1,410,445 51,958 147,695 380,238 1,080,859

(309,876) (9,158) (270,575) (28,333) (207,348)

— — — — —



26,570 785 23,201 2,429 17,779

Provo Housing Authority Rich County Riverdale City Roy City Salt Lake City

17,515 78,516 8,224 10,149 684,116

0.2360491 68,087 193,542 1.0581364 305,213 867,592 0.1108293 31,968 90,872 0.1367805 39,453 112,150 9.2196806 2,659,357 7,559,442

(37,129) (166,436) (17,433) (21,514) (1,450,179)

— — — — —



3,184 14,271 1,495 1,845 124,346

216

2014 Comprehensive Annual Financial Report

27,547 78,304 102,749 292,072 357,365 1,015,839 29,026 82,509 39,923 113,485

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



29,963 1,481 4,018 13,618 1,213

105,896 5,233 14,201 48,129 4,286

— — — — —



36,468 1,802 4,891 16,574 1,476

— — — — —



142,364 7,035 19,092 64,703 5,762

221,318 10,937 29,680 100,588 8,958

— — — — —



— — — — —



221,318 10,937 29,680 100,588 8,958



— — — — —



— — — — —



2,510 9,125 1,669 4,531 5,312

8,871 32,248 5,899 16,015 18,773

— — — — —



3,055 11,106 2,031 5,515 6,465

— — — — —



11,926 43,354 7,930 21,530 25,238

18,540 67,398 12,328 33,471 39,234

— — — — —



— — — — —



18,540 67,398 12,328 33,471 39,234



— — — — —



— — — — —



2,754 17,915 15,086 87,444 98,726

9,733 63,317 53,317 309,046 348,922

— — — — —



3,352 21,805 18,361 106,428 120,160

— — — — —



13,085 85,122 71,678 415,474 469,082

20,342 132,329 111,431 645,895 729,234

— — — — —



— — — — —



20,342 132,329 111,431 645,895 729,234



— — — — —



— — — — —



1,288 4,804 16,710 1,357 1,867

4,552 16,980 59,056 4,797 6,597

— — — — —



1,568 5,847 20,337 1,652 2,272

— — — — —



6,120 22,827 79,393 6,449 8,869

9,514 35,487 123,424 10,025 13,788

— — — — —



— — — — —



9,514 35,487 123,424 10,025 13,788



— — — — —



— — — — —



1,675 4,002 3,835 1,377 2,197

5,920 14,145 13,555 4,867 7,764

— — — — —



2,039 4,871 4,668 1,676 2,674

— — — — —



7,959 19,016 18,223 6,543 10,438

12,372 29,562 28,330 10,172 16,227

— — — — —



— — — — —



12,372 29,562 28,330 10,172 16,227



— — — — —



— — — — —



2,075 1,120 6,092 2,215 2,017

7,332 3,960 21,531 7,828 7,129

— — — — —



2,525 1,364 7,415 2,696 2,455

— — — — —



9,857 5,324 28,946 10,524 9,584

15,323 8,276 45,000 16,361 14,900

— — — — —



— — — — —



15,323 8,276 45,000 16,361 14,900



— — — — —



— — — — —



7,065 13,439 11,311 2,371 2,307

24,969 47,496 39,974 8,378 8,152

— — — — —



8,599 16,357 13,766 2,885 2,807

— — — — —



33,568 63,853 53,740 11,263 10,959

52,185 99,265 83,544 17,511 17,038

— — — — —



— — — — —



52,185 99,265 83,544 17,511 17,038



— — — — —



— — — — —



893 1,373 2,513 784 17,373

3,156 4,851 8,883 2,770 61,402

— — — — —



1,087 1,671 3,059 954 21,145

— — — — —



4,243 6,522 11,942 3,724 82,547

6,595 10,139 18,566 5,790 128,327

— — — — —



— — — — —



6,595 10,139 18,566 5,790 128,327



— — — — —



— — — — —



11,524 4,175 1,984 3,387 21,704

40,730 14,756 7,012 11,970 76,708

— — — — —



14,026 5,082 2,415 4,122 26,416

— — — — —



54,756 19,838 9,427 16,092 103,124

85,124 30,840 14,655 25,017 160,316

— — — — —



— — — — —



85,124 30,840 14,655 25,017 160,316



— — — — —



— — — — —



26,570 785 23,201 2,429 17,779

93,906 2,775 81,996 8,586 62,836

— — — — —



32,339 956 28,237 2,957 21,639

— — — — —



126,245 3,731 110,233 11,543 84,475

196,260 5,800 171,369 17,945 131,324

— — — — —



— — — — —



196,260 5,800 171,369 17,945 131,324



— — — — —



— — — — —



3,184 14,271 1,495 1,845 124,346

11,252 50,437 5,283 6,520 439,468

— — — — —



3,875 17,369 1,819 2,245 151,342

— — — — —



15,127 67,806 7,102 8,765 590,810

23,515 105,412 11,041 13,626 918,471

— — — — —



— — — — —



23,515 105,412 11,041 13,626 918,471

2014 Comprehensive Annual Financial Report

217

Utah Retirement Systems

Contributory Retirement System Local Government Division

Schedule of Employer Allocations and Pension Amounts

(Concluded)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Salt Lake County San Juan County Sandy City Sevier County South Davis County Sewer Improvement District South Jordan City South Valley Sewer District Southeastern Utah Asscoc. of Governments Southeastern Utah Health Spring City Springville City St. George City Sunset City Timpanogos Special Service District Tooele City Tooele County Uintah County Utah County Utah County Housing Authority Utah League of Cities & Towns

$

393,607 6,516 117,400 3,339 38,303

5.3045538% $ 1,530,064 4,349,334 0.0878117 25,329 71,999 1.5821766 456,369 1,297,265 0.0449967 12,979 36,894 0.5162013 148,895 423,246

(834,362) (13,812) (248,863) (7,078) (81,194)

— — — — —



71,543 1,184 21,339 607 6,962

1,180,601 15.9106976 4,589,338 13,045,571 2,519 0.0339543 9,794 27,840 3,642 0.0490784 14,156 40,241 678 0.0091320 2,634 7,488 23,453 0.3160759 91,170 259,158

(2,502,620) (5,341) (7,720) (1,436) (49,716)

— — — — —



214,587 458 662 123 4,263

177,280 219,523 122,401 133,122 165,473

(34,009) (42,113) (23,481) (25,538) (31,744)

— — — — —



2,916 3,611 2,013 2,190 2,722

6,756 0.0910461 26,262 74,651 1,172,661 15.8036918 4,558,473 12,957,835 101,179 1.3635599 393,310 1,118,016 10,204 0.1375120 39,664 112,749 59,940 0.8078009 233,005 662,336

(14,321) (2,485,789) (214,477) (21,629) (127,060)

— — — — —



1,228 213,145 18,390 1,855 10,895

16,044 19,866 11,077 12,047 14,975

0.2162152 0.2677362 0.1492838 0.1623587 0.2018151

62,366 77,227 43,060 46,831 58,212

Valley Mental Health Vernal City Washington County Water District Weber County Weber Fire District

2,681 37,430 230,007 45,711 7,361

0.0361292 0.5044382 3.0997511 0.6160394 0.0992037

10,421 29,623 145,502 413,601 894,103 2,541,562 177,693 505,106 28,615 81,340

(5,683) (79,344) (487,565) (96,898) (15,604)

— — — — —



487 6,803 41,806 8,309 1,338

Weber River Water Users West Bountiful City West Jordan City West Valley City Woods Cross City

8,939 82,509 24,042 111,141 10,832

0.1204691 1.1119566 0.3240027 1.4978171 0.1459815

34,749 98,776 320,737 911,720 93,456 265,658 432,036 1,228,097 42,107 119,694

(18,949) (174,902) (50,963) (235,594) (22,962)

— — — — —



1,625 14,997 4,370 20,201 1,969

Grand Total

218

2014 Comprehensive Annual Financial Report

$ 7,420,174 100.0000000%

$ 28,844,354 81,992,453 (15,729,169)

— 1,348,702

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



71,543 1,184 21,339 607 6,962

252,849 4,186 75,417 2,145 24,605

— — — — —



87,075 1,441 25,972 739 8,474

— — — — —



339,924 5,627 101,389 2,884 33,079

528,444 8,748 157,618 4,483 51,424

— — — — —



— — — — —



528,444 8,748 157,618 4,483 51,424



— — — — —



— — — — —



214,587 458 662 123 4,263

758,409 1,618 2,339 435 15,066

— — — — —



261,176 557 806 150 5,188

— — — — —



1,019,585 2,175 3,145 585 20,254

1,585,035 3,383 4,889 910 31,488

— — — — —



— — — — —



1,585,035 3,383 4,889 910 31,488



— — — — —



— — — — —



2,916 3,611 2,013 2,190 2,722

10,306 12,762 7,116 7,739 9,620

— — — — —



3,549 4,395 2,451 2,665 3,313

— — — — —



13,855 17,157 9,567 10,404 12,933

21,540 26,672 14,872 16,174 20,105

— — — — —



— — — — —



21,540 26,672 14,872 16,174 20,105



— — — — —



— — — — —



1,228 213,145 18,390 1,855 10,895

4,340 753,304 64,996 6,555 38,505

— — — — —



1,495 259,419 22,383 2,257 13,260

— — — — —



5,835 1,012,723 87,379 8,812 51,765

9,070 1,574,375 135,839 13,699 80,474

— — — — —



— — — — —



9,070 1,574,375 135,839 13,699 80,474



— — — — —



— — — — —



487 6,803 41,806 8,309 1,338

1,722 24,045 147,754 29,364 4,729

— — — — —



593 8,280 50,883 10,112 1,628

— — — — —



2,315 32,325 198,637 39,476 6,357

3,599 50,253 308,799 61,370 9,883

— — — — —



— — — — —



3,599 50,253 308,799 61,370 9,883



— — — — —



— — — — —



1,625 14,997 4,370 20,201 1,969

5,742 53,003 15,444 71,395 6,958

— — — — —



1,978 18,253 5,319 24,587 2,396

— — — — —



7,720 71,256 20,763 95,982 9,354

12,001 110,774 32,277 149,214 14,543

— — — — —



— — — — —



12,001 110,774 32,277 149,214 14,543







1,348,702

4,766,633



1,641,511



6,408,144

9,962,074



9,962,074



2014 Comprehensive Annual Financial Report

219

Utah Retirement Systems

Contributory Retirement System State and School Division

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Alpine School District Box Elder School District Cache School District Carbon School District Daggett School District

$

228,707 52,857 78,045 15,341 1,932

3.7698138% $ 0.8712488 1.2864269 0.2528688 0.0318425

413,354 3,467,938 95,531 801,482 141,055 1,183,413 27,727 232,620 3,491 29,293

(2,170,319) (501,587) (740,609) (145,579) (18,332)

— — — — —



95,533 22,079 32,600 6,408 807

Davis School District Dixie State College Duchesne School District Educators Mutual Insurance Emery School District

318,349 17,407 42,214 32,090 17,357

5.2473969 0.2869257 0.6958214 0.5289418 0.2860911

575,369 4,827,200 31,461 263,949 76,296 640,102 57,998 486,586 31,369 263,182

(3,020,978) (165,186) (400,591) (304,517) (164,705)

— — — — —



132,978 7,271 17,633 13,404 7,250

Granite School District Iron School District Jordan School District Juab School District Kane School District

652,137 10.7492708 1,178,641 9,888,499 10,590 0.1745517 19,139 160,574 134,637 2.2192353 243,336 2,041,525 20,693 0.3410913 37,400 313,778 3,700 0.0609829 6,687 56,100

(6,188,461) (100,491) (1,277,636) (196,370) (35,108)

— — — — —



272,405 4,423 56,239 8,644 1,545

316,194 590,565 120,228 398,616 153,726

(197,882) (369,590) (75,242) (249,463) (96,205)

— — — — —



8,710 16,269 3,312 10,981 4,235

Logan School District Millard School District Murray School District Nebo School District North Sanpete School District

20,853 38,947 7,929 26,288 10,138

0.3437181 0.6419728 0.1306940 0.4333141 0.1671076

Ogden School District Ogden-Weber Applied Technology Center Park City School District Provo School District Salt Lake Community College

2,691 27,096 26,491 87,208 68,314

0.0443605 0.4466297 0.4366610 1.4374656 1.1260354

4,864 40,808 48,972 410,865 47,879 401,694 157,616 1,322,357 123,468 1,035,866

(25,539) (257,129) (251,390) (827,563) (648,270)

— — — — —



1,124 11,318 11,066 36,428 28,536

313,970 16,437 10,889 12,268 5,594

5.1752186 0.2709330 0.1794789 0.2022073 0.0922137

567,455 4,760,801 29,707 249,237 19,680 165,107 22,172 186,015 10,111 84,829

(2,979,425) (155,979) (103,328) (116,413) (53,088)

— — — — —



131,149 6,866 4,548 5,124 2,337

2,064,139 34.0235385 3,730,631 31,299,028 (19,587,690) 8,738 0.1440346 15,793 132,501 (82,922) 41,999 0.6922830 75,908 636,847 (398,554) 653,752 10.7758933 1,181,560 9,912,990 (6,203,788) 483,918 7.9765044 874,611 7,337,768 (4,592,152)

— — — — —



862,214 3,650 17,544 273,079 202,138

— — — — —



32,045 32,300 60,176 13,946 5,791

— —

30,253 39,810

Salt Lake School District San Juan School District Sevier School District Snow College Southern Utah University State of Utah Tooele School District Uintah School District University of Utah University of Utah Hospital Utah Housing Finance Agency Utah State University Utah Valley University Washington School District Weber County School District Weber State University Workers Compensation Fund Grand Total

220

2014 Comprehensive Annual Financial Report

76,716 77,326 144,060 33,386 13,864

37,688 70,391 14,330 47,512 18,323

1.2645246 1.2745762 2.3745669 0.5503053 0.2285232

138,653 1,163,265 139,755 1,172,512 260,368 2,184,418 60,340 506,238 25,057 210,224

(727,999) (733,786) (1,367,062) (316,816) (131,563)

72,425 1.1937980 95,305 1.5709320

130,898 1,098,202 172,250 1,445,136

(687,281) (904,401)

$ 6,066,798 100.0000000%

$ 10,964,846 91,992,278 (57,570,989)

— 2,534,168

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



95,533 22,079 32,600 6,408 807

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



541,127 125,061 184,656 36,297 4,571

— — — — —



— — — — —



541,127 125,061 184,656 36,297 4,571



— — — — —



— — — — —



132,978 7,271 17,633 13,404 7,250

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



753,223 41,186 99,880 75,925 41,066

— — — — —



— — — — —



753,223 41,186 99,880 75,925 41,066



— — — — —



— — — — —



272,405 4,423 56,239 8,644 1,545

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



1,542,973 25,056 318,554 48,961 8,754

— — — — —



— — — — —



1,542,973 25,056 318,554 48,961 8,754



— — — — —



— — — — —



8,710 16,269 3,312 10,981 4,235

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



49,338 92,150 18,760 62,199 23,987

— — — — —



— — — — —



49,338 92,150 18,760 62,199 23,987



— — — — —



— — — — —



1,124 11,318 11,066 36,428 28,536

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



6,368 64,110 62,679 206,337 161,634

— — — — —



— — — — —



6,368 64,110 62,679 206,337 161,634



— — — — —



— — — — —



131,149 6,866 4,548 5,124 2,337

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



742,862 38,890 25,763 29,025 13,237

— — — — —



— — — — —



742,862 38,890 25,763 29,025 13,237



— — — — —



— — — — —



862,214 3,650 17,544 273,079 202,138

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



4,883,811 20,675 99,372 1,546,795 1,144,965

— — — — —



— — — — —



4,883,811 20,675 99,372 1,546,795 1,144,965



— — — — —



— — — — —



32,045 32,300 60,176 13,946 5,791

— — — — —



— — — — —



— — — — —



— — — — —



— — — — —



181,513 182,955 340,850 78,992 32,803

— — — — —



— — — — —



181,513 182,955 340,850 78,992 32,803



— —

— —

30,253 39,810

— —

— —

— —

— —

— —

171,360 225,495

— —

— —

171,360 225,495







2,534,168









— 14,354,215



— 14,354,215

2014 Comprehensive Annual Financial Report

221

Utah Retirement Systems

Public Safety Retirement System Other Division A with Social Security

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

American Fork City Beaver County Big Water Municipal Corp Blanding City Box Elder County

$

492,491 678,734 1,955 54,391 991,029

0.9998703% $ 1,257,420 3,189,772 1.3779853 1,732,931 4,396,029 0.0039695 4,992 12,663 0.1104256 138,869 352,278 2.0120165 2,530,278 6,418,706

(314,137) (432,933) (1,247) (34,693) (632,132)

— — — — —



30,177 41,589 120 3,333 60,725

0.1575936 0.8324831 2.9582971 1.1642284 0.9928954

198,187 502,753 1,046,917 2,655,776 3,720,304 9,437,517 1,464,114 3,714,105 1,248,648 3,167,521

(49,512) (261,548) (929,432) (365,775) (311,946)

— — — — —



4,756 25,125 89,285 35,138 29,967

0.0339589 42,706 108,335 0.5439158 684,019 1,735,192 0.8767732 1,102,615 2,797,069 0.3606163 453,505 1,150,433 0.3470621 436,459 1,107,193

(10,669) (170,886) (275,463) (113,298) (109,039)

— — — — —



1,025 16,416 26,462 10,884 10,475

Brian Head Town Brigham City Cache County Carbon County Cedar City

77,624 410,044 1,457,124 573,447 489,056

Centerfield City Centerville City Clearfield City Clinton City Daggett County

16,727 267,908 431,859 177,623 170,947

Davis County Draper City Duchesne County East Carbon City Emery County

3,392,427 552,846 445,129 42,908 503,674

6.8874065 1.1224055 0.9037144 0.0871140 1.0225743

8,661,486 21,972,106 1,411,518 3,580,682 1,136,496 2,883,017 109,553 277,910 1,285,972 3,262,202

(2,163,873) (352,635) (283,927) (27,369) (321,271)

— — — — —



207,871 33,876 27,275 2,629 30,863

Enoch City Ephraim City Escalante Town Fairview City Farmington City

55,146 50,763 9,613 0 238,137

0.1119593 0.1030613 0.0195172 0.0000000 0.4834734

140,798 357,171 129,608 328,785 24,544 62,263 — — 608,008 1,542,370

(35,175) (32,380) (6,132) — (151,897)

— — — — —



3,379 3,111 589 — 14,592

Fountain Green City Garfield County Garland City Grand County Grantsville City

12,243 371,223 59,237 268,013 157,785

0.0248569 0.7536689 0.1202654 0.5441284 0.3203390

31,260 79,298 947,801 2,404,344 151,244 383,669 684,287 1,735,871 402,853 1,021,941

(7,809) (236,786) (37,785) (170,953) (100,644)

— — — — —



750 22,747 3,630 16,423 9,668

Gunnison City Harrisville City Heber City Helper City Hurricane City

48,547 78,620 240,703 77,146 271,877

0.0985606 0.1596158 0.4886821 0.1566244 0.5519732

123,948 314,427 200,730 509,204 614,558 1,558,987 196,968 499,661 694,152 1,760,897

(30,966) (50,148) (153,533) (49,208) (173,418)

— — — — —



2,975 4,817 14,749 4,727 16,659

Iron County Ivins City Juab County Kamas City Kanab City

930,023 171,877 230,943 20,923 73,959

1.8881598 2,374,518 6,023,580 0.3489498 438,833 1,113,215 0.4688682 589,641 1,495,777 0.0424775 53,419 135,511 0.1501533 188,830 479,017

(593,219) (109,632) (147,308) (13,346) (47,175)

— — — — —



56,987 10,532 14,151 1,282 4,532

Kane County Kaysville City LaVerkin City Layton City Lehi City

428,033 428,197 57,023 1,218,332 617,266

0.8690061 0.8693386 0.1157707 2.4734949 1.2531910

1,092,847 2,772,291 1,093,265 2,773,352 145,591 369,330 3,110,625 7,890,908 1,575,992 3,997,912

(273,023) (273,127) (36,373) (777,118) (393,725)

— — — — —



26,228 26,238 3,494 74,653 37,823

Lindon City Mapleton City Millard County Moab City Monticello City

259,284 119,218 702,644 169,321 17,737

0.5264068 662,000 1,679,335 0.2420405 304,386 772,154 1.4265297 1,793,980 4,550,895 0.3437599 432,307 1,096,658 0.0360094 45,285 114,877

(165,386) (76,044) (448,184) (108,002) (11,313)

— — — — —



15,888 7,305 43,055 10,375 1,087

146,713 66,540 1,173,695 99,871 113,666

0.2978617 374,586 950,234 0.1350914 169,889 430,967 2.3828708 2,996,658 7,601,800 0.2027620 254,990 646,848 0.2307688 290,211 736,195

(93,582) (42,443) (748,646) (63,703) (72,503)

— — — — —



8,990 4,077 71,918 6,120 6,965

Morgan County Mt Pleasant City Murray City Naples City Nephi City

222

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



30,177 41,589 120 3,333 60,725

125,044 172,332 496 13,810 251,624

— — — — —



168,972 232,871 671 18,661 340,018

— — — — —



294,016 405,203 1,167 32,471 591,642

375,585 517,617 1,491 41,480 755,781

— — — — —



— — — — —



375,585 517,617 1,491 41,480 755,781



— — — — —



— — — — —



4,756 25,125 89,285 35,138 29,967

19,709 104,111 369,966 145,599 124,172

— — — — —



26,632 140,685 499,934 196,747 167,793

— — — — —



46,341 244,796 869,900 342,346 291,965

59,197 312,708 1,111,235 437,323 372,965

— — — — —



— — — — —



59,197 312,708 1,111,235 437,323 372,965



— — — — —



— — — — —



1,025 16,416 26,462 10,884 10,475

4,247 68,022 109,650 45,099 43,404

— — — — —



5,739 91,918 148,169 60,942 58,651

— — — — —



9,986 159,940 257,819 106,041 102,055

12,756 204,313 329,345 135,460 130,368

— — — — —



— — — — —



12,756 204,313 329,345 135,460 130,368



— — — — —



— — — — —



207,871 33,876 27,275 2,629 30,863

861,343 140,369 113,019 10,895 127,884

— — — — —



1,163,929 189,680 152,722 14,722 172,809

— — — — —



2,025,272 330,049 265,741 25,617 300,693

2,587,140 421,613 339,465 32,723 384,113

— — — — —



— — — — —



2,587,140 421,613 339,465 32,723 384,113



— — — — —



— — — — —



3,379 3,111 589 — 14,592

14,002 12,889 2,441 — 60,463

— — — — —



18,920 17,417 3,298 — 81,704

— — — — —



32,922 30,306 5,739 — 142,167

42,056 38,713 7,331 — 181,609

— — — — —



— — — — —



42,056 38,713 7,331 — 181,609



— — — — —



— — — — —



750 22,747 3,630 16,423 9,668

3,109 94,254 15,040 68,049 40,062

— — — — —



4,201 127,365 20,324 91,954 54,135

— — — — —



7,310 221,619 35,364 160,003 94,197

9,337 283,103 45,176 204,393 120,330

— — — — —



— — — — —



9,337 283,103 45,176 204,393 120,330



— — — — —



— — — — —



2,975 4,817 14,749 4,727 16,659

12,326 19,962 61,115 19,588 69,030

— — — — —



16,656 26,974 82,584 26,469 93,280

— — — — —



28,982 46,936 143,699 46,057 162,310

37,023 59,957 183,565 58,833 207,340

— — — — —



— — — — —



37,023 59,957 183,565 58,833 207,340



— — — — —



— — — — —



56,987 10,532 14,151 1,282 4,532

236,134 43,640 58,637 5,312 18,778

— — — — —



319,087 58,970 79,236 7,178 25,375

— — — — —



555,221 102,610 137,873 12,490 44,153

709,256 131,077 176,123 15,956 56,403

— — — — —



— — — — —



709,256 131,077 176,123 15,956 56,403



— — — — —



— — — — —



26,228 26,238 3,494 74,653 37,823

108,678 108,720 14,478 309,337 156,725

— — — — —



146,857 146,913 19,565 418,005 211,782

— — — — —



255,535 255,633 34,043 727,342 368,507

326,428 326,553 43,487 929,127 470,740

— — — — —



— — — — —



326,428 326,553 43,487 929,127 470,740



— — — — —



— — — — —



15,888 7,305 43,055 10,375 1,087

65,833 30,270 178,403 42,991 4,503

— — — — —



88,960 40,903 241,075 58,093 6,085

— — — — —



154,793 71,173 419,478 101,084 10,588

197,736 90,919 535,852 129,128 13,526

— — — — —



— — — — —



197,736 90,919 535,852 129,128 13,526



— — — — —



— — — — —



8,990 4,077 71,918 6,120 6,965

37,251 16,895 298,003 25,358 28,860

— — — — —



50,337 22,830 402,691 34,266 38,999

— — — — —



87,588 39,725 700,694 59,624 67,859

111,887 50,745 895,086 76,164 86,684

— — — — —



— — — — —



111,887 50,745 895,086 76,164 86,684

2014 Comprehensive Annual Financial Report

223

Utah Retirement Systems

Public Safety Retirement System Other Division A with Social Security

Schedule of Employer Allocations and Pension Amounts

(Concluded)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

North Logan City North Ogden City North Salt Lake City Park City Parowan City

82,737 210,252 316,151 508,594 52,084

0.1679745% $ 211,242 535,870 0.4268607 536,813 1,361,765 0.6418601 807,192 2,047,653 1.0325635 1,298,534 3,294,069 0.1057432 132,981 337,340

(52,774) (134,110) (201,658) (324,409) (33,222)

— — — — —



5,070 12,883 19,372 31,164 3,191

Payson City Perry City Piute County Pleasant Grove City Pleasant View City

254,422 44,274 43,322 377,235 94,296

0.5165352 0.0898855 0.0879531 0.7658748 0.1914426

649,586 1,647,843 113,038 286,751 110,608 280,587 963,151 2,443,283 240,755 610,737

(162,284) (28,240) (27,633) (240,621) (60,147)

— — — — —



15,590 2,713 2,655 23,115 5,778

Price City Rich County Richfield City Riverdale City Roosevelt City

275,001 71,124 168,918 368,512 155,313

0.5583151 0.1443974 0.3429424 0.7481631 0.3153219

702,128 1,781,129 181,592 460,655 431,279 1,094,050 940,877 2,386,779 396,543 1,005,935

(175,410) (45,367) (107,745) (235,057) (99,067)

— — — — —



16,851 4,358 10,350 22,581 9,517

608,399 1.2351900 1,553,354 3,940,485 125,563 0.2549217 320,585 813,248 39,480 0.0801530 100,799 255,703 7,637,352 15.5055808 19,499,555 49,465,683 340,259 0.6908048 868,744 2,203,796

(388,070) (80,091) (25,182) (4,871,516) (217,036)

— — — — —



37,280 7,694 2,419 467,979 20,849

Roy City Salem City Salina City Salt Lake County San Juan County

$

Sanpete County Santaquin City Sevier County Smithfield City South Jordan City

399,148 148,754 676,743 103,733 753,669

0.8103625 1,019,098 2,585,207 0.3020041 379,795 963,449 1.3739435 1,727,848 4,383,135 0.2106020 264,850 671,859 1.5301206 1,924,254 4,881,369

(254,598) (94,883) (431,663) (66,167) (480,730)

— — — — —



24,458 9,115 41,467 6,356 46,181

South Ogden City South Salt Lake City Spanish Fork City Springdale Town Springville City

402,386 981,627 532,592 34,990 415,549

0.8169367 1.9929293 1.0812842 0.0710373 0.8436610

1,027,366 2,606,180 2,506,274 6,357,815 1,359,805 3,449,497 89,335 226,622 1,060,974 2,691,435

(256,664) (626,135) (339,716) (22,318) (265,060)

— — — — —



24,656 60,149 32,635 2,144 25,463

St. George City Stockton Town Summit County Sunset City Syracuse City

1,614,638 6,939 1,292,787 92,230 246,751

3.2780860 4,122,465 10,457,703 0.0140883 17,717 44,944 2.6246544 3,300,721 8,373,135 0.1872477 235,480 597,355 0.5009609 630,000 1,598,158

(1,029,903) (4,426) (824,609) (58,829) (157,391)

— — — — —



98,937 425 79,216 5,651 15,120

Taylorsville City Tooele City Tooele County Tremonton City Uintah County

11,456 481,144 807,420 100,002 772,040

0.0232587 29,250 74,200 0.9768338 1,228,450 3,116,281 1.6392489 2,061,492 5,229,508 0.2030271 255,323 647,694 1.5674182 1,971,159 5,000,355

(7,307) (306,900) (515,016) (63,787) (492,449)

— — — — —



702 29,482 49,475 6,128 47,307

Unified Fire Authority Vernal City Wasatch County Washington City Washington County

46,156 400,978 691,040 186,232 1,939,422

0.0937069 117,844 298,942 0.8140777 1,023,770 2,597,059 1.4029710 1,764,353 4,475,738 0.3780941 475,485 1,206,190 3.9374732 4,951,700 12,561,271

(29,441) (255,765) (440,783) (118,789) (1,237,068)

— — — — —



2,828 24,570 42,344 11,411 118,838

Wayne County Weber County Wellington City West Bountiful City Willard City

45,956 3,936,505 27,210 93,506 28,348

0.0933008 117,334 297,647 7.9920110 10,050,618 25,495,999 0.0552422 69,472 176,233 0.1898392 238,739 605,622 0.0575527 72,377 183,604

(29,313) (2,510,915) (17,356) (59,643) (18,082)

— — — — —



2,816 241,210 1,667 5,730 1,737

Grand Total

224

2014 Comprehensive Annual Financial Report

$ 49,255,504 100.0000000%

$ 125,758,305 319,018,570 (31,417,816)

— 3,018,134

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



5,070 12,883 19,372 31,164 3,191

21,007 53,383 80,271 129,133 13,224

— — — — —



28,387 72,137 108,470 174,497 17,870

— — — — —



49,394 125,520 188,741 303,630 31,094

63,097 160,343 241,104 387,865 39,721

— — — — —



— — — — —



63,097 160,343 241,104 387,865 39,721



— — — — —



— — — — —



15,590 2,713 2,655 23,115 5,778

64,598 11,241 10,999 95,781 23,942

— — — — —



87,291 15,190 14,864 129,428 32,353

— — — — —



151,889 26,431 25,863 225,209 56,295

194,028 33,764 33,038 287,688 71,912

— — — — —



— — — — —



194,028 33,764 33,038 287,688 71,912



— — — — —



— — — — —



16,851 4,358 10,350 22,581 9,517

69,823 18,058 42,889 93,566 39,434

— — — — —



94,352 24,402 57,955 126,435 53,287

— — — — —



164,175 42,460 100,844 220,001 92,721

209,722 54,240 128,821 281,035 118,445

— — — — —



— — — — —



209,722 54,240 128,821 281,035 118,445



— — — — —



— — — — —



37,280 7,694 2,419 467,979 20,849

154,474 31,881 10,024 1,939,140 86,392

— — — — —



208,740 43,080 13,545 2,620,350 116,742

— — — — —



363,214 74,961 23,569 4,559,490 203,134

463,979 95,757 30,108 5,824,415 259,489

— — — — —



— — — — —



463,979 95,757 30,108 5,824,415 259,489



— — — — —



— — — — —



24,458 9,115 41,467 6,356 46,181

101,344 37,769 171,826 26,338 191,358

— — — — —



136,946 51,037 232,188 35,590 258,581

— — — — —



238,290 88,806 404,014 61,928 449,939

304,399 113,443 516,099 79,109 574,764

— — — — —



— — — — —



304,399 113,443 516,099 79,109 574,764



— — — — —



— — — — —



24,656 60,149 32,635 2,144 25,463

102,167 249,237 135,226 8,884 105,509

— — — — —



138,057 336,793 182,730 12,005 142,574

— — — — —



240,224 586,030 317,956 20,889 248,083

306,869 748,611 406,166 26,684 316,907

— — — — —



— — — — —



306,869 748,611 406,166 26,684 316,907



— — — — —



— — — — —



98,937 425 79,216 5,651 15,120

409,959 1,762 328,241 23,417 62,650

— — — — —



553,976 2,381 443,551 31,644 84,659

— — — — —



963,935 4,143 771,792 55,061 147,309

1,231,359 5,292 985,908 70,336 188,178

— — — — —



— — — — —



1,231,359 5,292 985,908 70,336 188,178



— — — — —



— — — — —



702 29,482 49,475 6,128 47,307

2,909 122,163 205,005 25,391 196,022

— — — — —



3,931 165,079 277,023 34,310 264,884

— — — — —



6,840 287,242 482,028 59,701 460,906

8,737 366,931 615,757 76,264 588,775

— — — — —



— — — — —



8,737 366,931 615,757 76,264 588,775



— — — — —



— — — — —



2,828 24,570 42,344 11,411 118,838

11,719 101,809 175,456 47,285 492,423

— — — — —



15,836 137,574 237,093 63,896 665,409

— — — — —



27,555 239,383 412,549 111,181 1,157,832

35,199 305,795 527,003 142,025 1,479,047

— — — — —



— — — — —



35,199 305,795 527,003 142,025 1,479,047



— — — — —



— — — — —



2,816 241,210 1,667 5,730 1,737

11,668 999,486 6,909 23,741 7,198

— — — — —



15,767 1,350,601 9,336 32,082 9,726

— — — — —



27,435 2,350,087 16,245 55,823 16,924

35,047 3,002,066 20,751 71,310 21,619

— — — — —



— — — — —



35,047 3,002,066 20,751 71,310 21,619







16,899,387



3,018,134 12,506,062

— 29,405,449 37,563,342



— 37,563,342

2014 Comprehensive Annual Financial Report

225

Utah Retirement Systems

Public Safety Retirement System State of Utah

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Dixie State College Snow College Southern Utah University State of Utah University of Utah Utah State University Grand Total

$

87,828 0.1891647% $ 7,581 0.0163291 91,962 0.1980694

351,513 650,554 30,343 56,157 368,060 681,179

105,123 9,074 110,071

45,550,384 98.1070009 182,306,187 337,398,820 54,520,053 532,502 1.1469098 2,131,232 3,944,326 637,361 159,032 0.3425261 636,495 1,177,978 190,349 $ 46,429,290 100.0000000%

$ 185,823,830 343,909,014 55,572,031

— — —

4,613 398 4,830

— 2,392,218 — 27,966 — 8,352 — 2,438,377

Public Safety Retirement System Salt Lake City

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Salt Lake City

$ 13,261,068 100.0000000%

$ 72,876,185 114,036,264 38,934,224



597,156

Public Safety Retirement System Ogden City

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Ogden City

$ 2,738,608 100.0000000%

$ 16,593,951 26,085,820

8,781,076

406,766

142,699

Public Safety Retirement System Provo City

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Provo City Corp

226

2014 Comprehensive Annual Financial Report

$ 2,256,307 100.0000000%

$ 10,123,567 17,216,972

4,299,641



105,243

Utah Retirement Systems

Deferred Outflows of Resources



— — —

— — —

4,613 398 4,830

17,241 1,488 18,053

— — —

25,147 2,171 26,331



— — —

— — —

2,392,218 27,966 8,352

8,941,994 104,535 31,220

— — —







2,438,377

9,114,531









Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense

57,176 4,936 59,868

— — —

— — —

13,042,148 152,468 45,535

— 21,984,142 29,653,542 — 257,003 346,662 — 76,755 103,531

— — —

— 29,653,542 — 346,662 — 103,531

13,293,800

— 22,408,331 30,225,715



— 30,225,715

Deferred Outflows of Resources

— — —

42,388 3,659 44,384

57,176 4,936 59,868

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense





597,156

1,071,799



3,413,250

Deferred Outflows of Resources



4,485,049

9,336,058





9,336,058

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense





549,465





598,630

Deferred Outflows of Resources



598,630

2,257,661





2,257,661

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense





105,243

510,031



686,510



1,196,541

1,480,174





1,480,174

2014 Comprehensive Annual Financial Report

227

Utah Retirement Systems

Public Safety Retirement System Logan City

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Logan City

$

988,569 100.0000000%

$ 4,968,069 9,002,112

1,677,840

184,049

61,562

Public Safety Retirement System Bountiful City

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Bountiful City

$

821,970 100.0000000%

$ 4,953,805 7,921,808

2,497,555

233,457

46,075

Public Safety Retirement System Other Division B without Social Security

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Cottonwood Heights City Lone Peak Safety District Orem City Sandy City Saratoga Springs Town Unified Police Department Utah County West Jordan City West Valley City Woods Cross City Grand Total

228

2014 Comprehensive Annual Financial Report

$

439,923 336,450 1,589,744 1,674,969 294,238 6,912,963 3,963,877 1,679,023 3,165,616 180,788

2.1737913% $ 859,588 2,017,586 1.6625003 657,407 1,543,036 7.8553996 3,106,282 7,290,923 8.2765248 3,272,808 7,681,787 1.4539185 574,927 1,349,442

72,295 55,291 261,253 275,258 48,354

16,716 12,784 60,407 63,646 11,181

13,507,595 31,704,412 7,745,223 18,179,236 3,280,729 7,700,378 6,185,459 14,518,228 353,250 829,134

(1,394,314) 1,136,051 (799,497) 651,409 (338,652) 275,924 (638,491) 520,226 (36,464) 29,710

262,679 150,620 63,800 120,288 6,870

$ 39,543,268 92,814,162

(4,081,836) 3,325,771

768,991

34.1590237 19.5867048 8.2965555 15.6422550 0.8933265

$ 20,237,591 100.0000000%

(88,731) (67,861) (320,645) (337,834) (59,347)

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense







245,611





330,064

Deferred Outflows of Resources



330,064

736,197





736,197

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense







279,532





180,068

Deferred Outflows of Resources



180,068

760,448





760,448

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



89,011 68,075 321,660 338,904 59,535

— — — — —



— — — — —



111,700 85,428 403,649 425,289 74,710

— — — — —



111,700 85,428 403,649 425,289 74,710

202,726 155,043 732,587 771,861 135,591

— — — — —



— — — — —



202,726 155,043 732,587 771,861 135,591



— — — — —



— — — — —



1,398,730 802,029 339,724 640,514 36,580

— — — — —



— — — — —



1,755,259 1,006,462 426,318 803,777 45,904

— — — — —



1,755,259 1,006,462 426,318 803,777 45,904

3,185,635 1,826,637 773,729 1,458,781 83,311

— — — — —



— — — — —



3,185,635 1,826,637 773,729 1,458,781 83,311







4,094,762





5,138,496



5,138,496

9,325,901





9,325,901

2014 Comprehensive Annual Financial Report

229

Utah Retirement Systems

Firefighters Retirement System Other Division A with Social Security

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

American Fork City Brigham City Cache County Cedar City Clinton City

12,672 228 6,261 16,230 11,506

1.4214988% $ 0.0255463 0.7023555 1.8205587 1.2907006

(81,116) (1,458) (40,079) (103,888) (73,652)

275,400 4,949 136,074 352,714 250,059

(370,178) (6,653) (182,903) (474,098) (336,116)

— — — — —



7,241 130 3,578 9,274 6,575

Farmington City Hurricane City Ivins City Kanab City Layton City

7,071 8,562 3,143 2,134 100,057

0.7932077 0.9604150 0.3525115 0.2393637 11.2237097

(45,263) (54,805) (20,116) (13,659) (640,468)

153,676 186,070 68,295 46,374 2,174,474

(206,562) (250,105) (91,799) (62,334) (2,922,807)

— — — — —



4,041 4,892 1,796 1,219 57,174

Leeds Area Special Service District Lehi City Moab Valley Fire District Murray City North Davis Fire District

2,193 47,175 4,370 105,342 28,423

0.2460492 5.2918057 0.4902162 11.8165586 3.1883176

(14,041) (301,971) (27,974) (674,298) (181,938)

47,669 1,025,231 94,974 2,289,332 617,702

(64,075) (1,378,058) (127,659) (3,077,193) (830,281)

— — — — —



1,253 26,957 2,497 60,194 16,241

North Fork Special Service District North Logan City North Tooele County Fire Protection Service District North View Fire Agency Payson City

642 3,519 3,014 14,407 2,794

0.0720117 0.3947098 0.3381174 1.6160729 0.3133721

(4,109) (22,524) (19,294) (92,219) (17,882)

13,951 76,471 65,507 313,097 60,712

(18,753) (102,788) (88,050) (420,847) (81,606)

— — — — —



367 2,011 1,722 8,232 1,596

Pleasant Grove City Price City Riverdale City Roy City Smithfield City

21,859 2,362 19,182 40,089 7,011

2.4519367 0.2649223 2.1517438 4.4969546 0.7864673

(139,917) (15,117) (122,787) (256,614) (44,879)

475,037 51,326 416,877 871,237 152,370

(638,518) (68,989) (560,343) (1,171,068) (204,807)

— — — — —



12,490 1,350 10,961 22,908 4,006

106,527 80,755 19,465 90,050 4,319

11.9495038 9.0584805 2.1834989 10.1011834 0.4844785

(681,884) (516,912) (124,599) (576,412) (27,646)

2,315,089 1,754,984 423,030 1,956,996 93,863

(3,111,813) (2,358,952) (568,613) (2,630,486) (126,165)

— — — — —



60,871 46,144 11,123 51,456 2,468

45,939 23,100 16,434 3,970 21,436

5.1530814 2.5912028 1.8434027 0.4453010 2.4045649

(294,055) (147,864) (105,192) (25,411) (137,214)

998,354 502,018 357,140 86,272 465,859

(1,341,933) (674,785) (480,047) (115,962) (626,181)

— — — — —



26,250 13,200 9,390 2,268 12,249

7,735 0.8676603 1,502 0.1685186

(49,512) (9,616)

168,100 32,649

(225,951) (43,885)

— —

4,420 858

(5,706,385) 19,373,932 (26,041,363)



509,402

South Davis Metro Fire Agency South Jordan City South Ogden City South Salt Lake City Springville City St. George City State of Utah Syracuse City Uintah Fire Suppression Special Service District Wasatch Co Fire District Washington City Washington Terrace City Grand Total

230

2014 Comprehensive Annual Financial Report

$

$ 891,480 100.0000000% $

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



7,241 130 3,578 9,274 6,575

14,976 269 7,400 19,181 13,598

— — — — —



50,092 900 24,750 64,154 45,483

— — — — —



65,068 1,169 32,150 83,335 59,081

16,393 295 8,100 20,995 14,884

— — — — —



(48,305) (868) (23,867) (61,865) (43,860)

(31,912) (573) (15,767) (40,870) (28,976)



— — — — —



— — — — —



4,041 4,892 1,796 1,219 57,174

8,357 10,119 3,714 2,522 118,249

— — — — —



27,952 33,844 12,422 8,435 395,509

— — — — —



36,309 43,963 16,136 10,957 513,758

9,147 11,076 4,065 2,760 129,432

— — — — —



(26,954) (32,636) (11,979) (8,134) (381,399)

(17,807) (21,560) (7,914) (5,374) (251,967)



— — — — —



— — — — —



1,253 26,957 2,497 60,194 16,241

2,592 55,753 5,165 124,495 33,591

— — — — —



8,670 186,476 17,275 416,400 112,352

— — — — —



11,262 242,229 22,440 540,895 145,943

2,837 61,025 5,653 136,269 36,768

— — — — —



(8,361) (179,824) (16,658) (401,545) (108,344)

(5,524) (118,799) (11,005) (265,276) (71,576)



— — — — —



— — — — —



367 2,011 1,722 8,232 1,596

759 4,159 3,562 17,026 3,302

— — — — —



2,538 13,909 11,915 56,948 11,043

— — — — —



3,297 18,068 15,477 73,974 14,345

830 4,552 3,899 18,637 3,614

— — — — —



(2,447) (13,413) (11,490) (54,917) (10,649)

(1,617) (8,861) (7,591) (36,280) (7,035)



— — — — —



— — — — —



12,490 1,350 10,961 22,908 4,006

25,833 2,791 22,670 47,378 8,286

— — — — —



86,403 9,336 75,825 158,467 27,714

— — — — —



112,236 12,127 98,495 205,845 36,000

28,276 3,055 24,814 51,859 9,070

— — — — —



(83,321) (9,002) (73,120) (152,813) (26,725)

(55,045) (5,947) (48,306) (100,954) (17,655)



— — — — —



— — — — —



60,871 46,144 11,123 51,456 2,468

125,897 95,437 23,005 106,423 5,104

— — — — —



421,083 319,209 76,944 355,953 17,072

— — — — —



546,980 414,646 99,949 462,376 22,176

137,804 104,463 25,180 116,487 5,587

— — — — —



(406,062) (307,821) (74,199) (343,254) (16,463)

(268,258) (203,358) (49,019) (226,767) (10,876)



— — — — —



— — — — —



26,250 13,200 9,390 2,268 12,249

54,291 27,300 19,421 4,692 25,334

— — — — —



181,588 91,311 64,959 15,692 84,734

— — — — —



235,879 118,611 84,380 20,384 110,068

59,426 29,882 21,258 5,135 27,730

— — — — —



(175,110) (88,053) (62,642) (15,132) (81,711)

(115,684) (58,171) (41,384) (9,997) (53,981)



— —

— —

4,420 858

9,141 1,775

— —

30,575 5,938

— —

39,716 7,713

10,006 1,943

— —

(29,484) (5,727)

(19,478) (3,784)







509,402

1,053,567



3,523,870



4,577,437

1,153,206



(3,398,154) (2,244,948)

2014 Comprehensive Annual Financial Report

231

Utah Retirement Systems

Firefighters Retirement System Other Division B without Social Security

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Logan City Lone Peak Safety District Ogden City Orem City Park City Fire Service District

$

Provo City Corp Salt Lake City Sandy City Saratoga Springs Town Unified Fire Authority Weber Fire District West Jordan City West Valley City Grand Total

141,152 25,155 267,422 190,743 262,314

3.0536355% $ 0.5442028 5.7853017 4.1264713 5.6748021

236,404 1,189,169 223,062 14,027 1,393,740

5.1142778 25.7260447 4.8256306 0.3034621 30.1516507

137,486 2.9743303 226,725 4.9048915 315,033 6.8152989

(336,045) (59,888) (636,659) (454,109) (624,499)

(3,200,501) (570,376) (6,063,547) (4,324,935) (5,947,733)

— — — — —



66,123 11,784 125,275 89,354 122,882

(562,814) 5,245,750 (5,360,250) (2,831,091) 26,387,383 (26,963,345) (531,049) 4,949,683 (5,057,720) (33,395) 311,263 (318,057) (3,318,119) 30,926,759 (31,601,802)

— — — — —



110,744 557,070 104,494 6,571 652,903

— — —

64,406 106,210 147,578

(327,318) (539,772) (750,008)

3,132,135 558,193 5,934,024 4,232,550 5,820,684

3,050,791 5,030,981 6,990,500

(3,117,381) (5,140,793) (7,143,082)

$ 4,622,433 100.0000000% $ (11,004,766) 102,570,696 (104,809,522)

— 2,165,394

Judges Retirement System

Schedule of Employer Allocations and Pension Amounts

Net Difference at December 31, 2014 Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

State of Utah

$ 5,769,503 100.0000000%

$ 28,450,908 48,554,717 11,191,805 1,892,203

401,787

Utah Governors and Legislators Retirement Plan

Schedule of Employer Allocations and Pension Amounts

Net Difference at December 31, 2014 Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

State of Utah

232

2014 Comprehensive Annual Financial Report

$

411,489 100.0000000%

$ 1,901,250 3,101,281

884,361

-

21,245

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



66,123 11,784 125,275 89,354 122,882

361,008 64,337 683,953 487,842 670,889

— — — — —



425,257 75,787 805,676 574,663 790,287

— — — — —



786,265 140,124 1,489,629 1,062,505 1,461,176

(27,735) (4,943) (52,545) (37,479) (51,542)

— — — — —





— — — — —



— — — — —



110,744 557,070 104,494 6,571 652,903

604,623 3,041,397 570,498 35,876 3,564,603

— — — — —



712,227 3,582,673 672,029 42,261 4,198,994

— — — — —



1,316,850 6,624,070 1,242,527 78,137 7,763,597

(46,451) (233,658) (43,829) (2,756) (273,854)

— — — — —

(550,113) (596,564) (2,767,198) (3,000,856) (519,065) (562,894) (32,642) (35,398) (3,243,234) (3,517,088)



— — —

— — —

64,406 106,210 147,578

351,633 579,868 805,722

— — —

414,213 683,067 949,115

— — —

765,846 1,262,935 1,754,837

(27,015) (44,549) (61,900)







2,165,394 11,822,249



13,926,249

— 25,748,498

(908,256)

Deferred Outflows of Resources

— — —

(328,461) (58,537) (622,291) (443,860) (610,405)

(319,931) (527,590) (733,081)

(356,196) (63,480) (674,836) (481,339) (661,947)

(346,946) (572,139) (794,981)

— (10,756,408) (11,664,664)

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense









2,293,990





94,481

Deferred Outflows of Resources



94,481

6,404,649

— (1,485,677)

4,918,972

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense





21,245











575,449





2014 Comprehensive Annual Financial Report

575,449

233

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

Net at December 31, 2014 Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Academy for Math, Engineering and Science Charter School Active Re-Entry Incorporated Alpine City Alpine School District Alpine Uniserv

3,533 857 6,448 2,463,977 1,615

0.0085642% $ 0.0020776 0.0156287 5.9722180 0.0039156

(260) (63) (474) (180,985) (119)

— — — — —



45 11 82 31,271 21

Alta Town American Fork City American Leadership Academy Ashley Valley Water & Sewer Aurora City

3,780 32,283 61,739 9,277 2,814

0.0091622 0.0782491 0.1496444 0.0224858 0.0068208

(278) (2,371) (4,535) (681) (207)

2,042 17,439 33,351 5,011 1,520

(2,027) (17,309) (33,102) (4,974) (1,509)

— — — — —



48 410 784 118 36

Ballard City Bear River Association of Governments Bear River Health District Bear River Mental Health Bear River Water Conservancy

1,540 7,780 47,651 51,107 2,624

0.0037328 0.0188567 0.1154978 0.1238730 0.0063608

(113) (571) (3,500) (3,754) (193)

832 4,203 25,741 27,607 1,418

(826) (4,171) (25,549) (27,401) (1,407)

— — — — —



20 99 605 649 33

Beaver City Beaver County Beaver School District Beaver Valley Hospital Benchland Water Company

8,137 23,714 24,973 21,176 2,002

0.0197237 0.0574779 0.0605287 0.0513264 0.0048516

(598) (1,742) (1,834) (1,555) (147)

4,396 12,810 13,490 11,439 1,081

(4,363) (12,714) (13,389) (11,354) (1,073)

— — — — —



103 301 317 269 25

Blanding City Bluffdale City Bona Vista Water Improvement Bountiful City Bountiful Water District

3,388 28,022 332 83,067 1,820

0.0082119 0.0679200 0.0008041 0.2013398 0.0044117

(249) (2,058) (24) (6,101) (134)

1,830 15,137 179 44,872 983

(1,817) (15,024) (178) (44,537) (976)

— — — — —



43 356 4 1,054 23

31,324 2,078 250,910 2,821 5,422

0.0759229 0.0050368 0.6081591 0.0068380 0.0131412

(2,301) (153) (18,430) (207) (398)

16,921 1,123 135,539 1,524 2,929

(16,795) (1,114) (134,528) (1,513) (2,907)

— — — — —



398 26 3,184 36 69

36,482 41,064 364,690 15,683 1,653,303

0.0884244 0.0995314 0.8839393 0.0380120 4.0072976

(2,680) (3,016) (26,787) (1,152) (121,439)

19,707 22,182 197,001 8,472 893,096

(19,560) (22,017) (195,532) (8,408) (886,435)

— — — — —



463 521 4,628 199 20,983

47,335 119,958 2,418 2,914 37,058

0.1147323 0.2907552 0.0058608 0.0070620 0.0898213

(3,477) (8,811) (178) (214) (2,722)

25,570 64,800 1,306 1,574 20,018

(25,379) (64,317) (1,296) (1,562) (19,869)

— — — — —



601 1,522 31 37 470

Cedar City Housing Authority Cedar Hills City Centerville City Central Davis Sewer District Central Iron County Water Conservancy District

3,902 10,508 8,681 6,748 7,600

0.0094589 0.0254699 0.0210418 0.0163549 0.0184212

(287) (772) (638) (496) (558)

2,108 5,676 4,690 3,645 4,105

(2,092) (5,634) (4,655) (3,618) (4,075)

— — — — —



50 133 110 86 96

Central Utah Counseling Center Central Utah Public Health Central Utah Water District Central Weber Sewer District Clearfield City

21,688 19,830 36,522 31,694 35,935

0.0525685 0.0480631 0.0885230 0.0768205 0.0870999

(1,593) (1,457) (2,683) (2,328) (2,640)

11,716 10,712 19,729 17,121 19,412

(11,628) (10,632) (19,582) (16,993) (19,267)

— — — — —



275 252 464 402 456

Cleveland Town Clinton City Coalville City Color Country Uniserv Cottonwood Heights City

1,060 8,508 3,907 525 14,035

0.0025697 0.0206221 0.0094696 0.0012728 0.0340178

(78) (625) (287) (39) (1,031)

573 4,596 2,110 284 7,581

(568) (4,562) (2,095) (282) (7,525)

— — — — —



13 108 50 7 178

Box Elder County Box Elder County Mosquito District Box Elder School District Brian Head Town Bridgerland Applied Technology Center Brigham City Cache County Cache School District Canyonlands Health Care Canyons School District Carbon County Carbon School District Castle Dale City Castle Valley Special Service District Cedar City

234

2014 Comprehensive Annual Financial Report

$

1,909 (1,894) 463 (460) 3,483 (3,457) 1,331,013 (1,321,085) 873 (866)

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



45 11 82 31,271 21

357 87 652 249,141 163

— — — — —



108 26 197 75,363 49

— — — — —



465 113 849 324,504 212

3,304 801 6,029 2,303,762 1,510

— — — — —



— — — — —



3,304 801 6,029 2,303,762 1,510



— — — — —



— — — — —



48 410 784 118 36

382 3,264 6,243 938 285

— — — — —



116 987 1,888 284 86

— — — — —



498 4,251 8,131 1,222 371

3,534 30,184 57,725 8,674 2,631

— — — — —



— — — — —



3,534 30,184 57,725 8,674 2,631



— — — — —



— — — — —



20 99 605 649 33

156 787 4,818 5,168 265

— — — — —



47 238 1,457 1,563 80

— — — — —



203 1,025 6,275 6,731 345

1,440 7,274 44,553 47,784 2,454

— — — — —



— — — — —



1,440 7,274 44,553 47,784 2,454



— — — — —



— — — — —



103 301 317 269 25

823 2,398 2,525 2,141 202

— — — — —



249 725 764 648 61

— — — — —



1,072 3,123 3,289 2,789 263

7,608 22,172 23,349 19,799 1,871

— — — — —



— — — — —



7,608 22,172 23,349 19,799 1,871



— — — — —



— — — — —



43 356 4 1,054 23

343 2,833 34 8,399 184

— — — — —



104 857 10 2,541 56

— — — — —



447 3,690 44 10,940 240

3,168 26,200 310 77,666 1,702

— — — — —



— — — — —



3,168 26,200 310 77,666 1,702



— — — — —



— — — — —



398 26 3,184 36 69

3,167 210 25,370 285 548

— — — — —



958 64 7,674 86 166

— — — — —



4,125 274 33,044 371 714

29,287 1,943 234,595 2,638 5,069

— — — — —



— — — — —



29,287 1,943 234,595 2,638 5,069



— — — — —



— — — — —



463 521 4,628 199 20,983

3,689 4,152 36,875 1,586 167,171

— — — — —



1,116 1,256 11,154 480 50,568

— — — — —



4,805 5,408 48,029 2,066 217,739

34,109 38,394 340,977 14,663 1,545,801

— — — — —



— — — — —



34,109 38,394 340,977 14,663 1,545,801



— — — — —



— — — — —



601 1,522 31 37 470

4,786 12,129 244 295 3,747

— — — — —



1,448 3,669 74 89 1,133

— — — — —



6,234 15,798 318 384 4,880

44,258 112,158 2,261 2,724 34,648

— — — — —



— — — — —



44,258 112,158 2,261 2,724 34,648



— — — — —



— — — — —



50 133 110 86 96

395 1,063 878 682 768

— — — — —



119 321 266 206 232

— — — — —



514 1,384 1,144 888 1,000

3,649 9,825 8,117 6,309 7,106

— — — — —



— — — — —



3,649 9,825 8,117 6,309 7,106



— — — — —



— — — — —



275 252 464 402 456

2,193 2,005 3,693 3,205 3,634

— — — — —



663 607 1,117 969 1,099

— — — — —



2,856 2,612 4,810 4,174 4,733

20,278 18,540 34,147 29,633 33,598

— — — — —



— — — — —



20,278 18,540 34,147 29,633 33,598



— — — — —



— — — — —



13 108 50 7 178

107 860 395 53 1,419

— — — — —



32 260 119 16 429

— — — — —



139 1,120 514 69 1,848

991 7,955 3,653 491 13,122

— — — — —



— — — — —



991 7,955 3,653 491 13,122

2014 Comprehensive Annual Financial Report

235

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Cottonwood Heights P&R Services Cottonwood Improvement District Council On Aging—Golden Age Center Special Service District Daggett County Daggett School District

7,818 6,279 3,880 10,581 9,748

0.0189492% $ 0.0152184 0.0094055 0.0256455 0.0236282

(574) (461) (285) (777) (716)

4,223 3,392 2,096 5,716 5,266

(4,192) (3,366) (2,081) (5,673) (5,227)

— — — — —



99 80 49 134 124

2,751 8,995 96,905 185,686 6,405

0.0066690 0.0218031 0.2348807 0.4500687 0.0155253

(202) (661) (7,118) (13,639) (470)

1,486 4,859 52,347 100,306 3,460

(1,475) (4,823) (51,957) (99,558) (3,434)

— — — — —



35 114 1,230 2,357 81

3,315 1,662,049 74,127 5,613 43,187

0.0080350 4.0284960 0.1796695 0.0136053 0.1046766

(243) (122,081) (5,445) (412) (3,172)

1,791 897,820 40,042 3,032 23,329

(1,777) (891,124) (39,744) (3,010) (23,155)

— — — — —



42 21,094 941 71 548

40,946 62,507 235,049 37,297 5,303

0.0992464 0.1515047 0.5697140 0.0903999 0.0128529

(3,008) (4,591) (17,265) (2,740) (390)

22,119 33,765 126,971 20,147 2,864

(21,954) (33,514) (126,024) (19,997) (2,843)

— — — — —



520 793 2,983 473 67

East Hollywood High School Educators Mutual Insurance Elk Ridge Town Emery County Emery County Care and Rehabilitation Center

22,916 32,195 4,953 19,880 14,530

0.0555446 0.0780337 0.0120052 0.0481847 0.0352189

(1,683) (2,365) (364) (1,460) (1,067)

12,379 17,391 2,676 10,739 7,849

(12,287) (17,261) (2,656) (10,659) (7,791)

— — — — —



291 409 63 252 184

Emery County Recreation Special Service District Emery School District Emery Water Conservancy District Enoch City Enterprise City

5,259 62,311 7,135 5,466 2,761

0.0127478 0.1510313 0.0172928 0.0132496 0.0066914

(386) (4,577) (524) (402) (203)

2,841 33,660 3,854 2,953 1,491

(2,820) (33,409) (3,825) (2,931) (1,480)

— — — — —



67 791 91 69 35

Ephraim City Fairview City Farmington City Fast Forward Charter High School Ferron City

8,294 152 27,329 10,506 928

0.0201028 0.0003676 0.0662400 0.0254654 0.0022489

(609) (11) (2,007) (772) (68)

4,480 82 14,763 5,675 501

(4,447) (81) (14,653) (5,633) (497)

— — — — —



105 2 347 133 12

Fillmore City Five-County Association of Governments Four Corners Mental Health Fruit Heights City Garden City

2,436 27,770 30,333 4,047 3,322

0.0059033 0.0673100 0.0735215 0.0098102 0.0080526

(179) (2,040) (2,228) (297) (244)

1,316 15,001 16,386 2,186 1,795

(1,306) (14,889) (16,263) (2,170) (1,781)

— — — — —



31 352 385 51 42

Garfield County Garfield School District Goshen Town Grand County Grand School District

9,898 24,148 1,091 36,941 89,181

0.0239907 0.0585307 0.0026446 0.0895375 0.2161573

(727) (1,774) (80) (2,713) (6,551)

5,347 13,045 589 19,955 48,174

(5,307) (12,947) (585) (19,806) (47,815)

— — — — —



126 306 14 469 1,132

21,596 1,947,203 6,593 1,718 2,591

0.0523450 4.7196557 0.0159796 0.0041646 0.0062811

(1,586) (143,027) (484) (126) (190)

11,666 (11,579) 1,051,857 (1,044,012) 3,561 (3,535) 928 (921) 1,400 (1,389)

— — — — —



274 24,713 84 22 33

38,248 2,440 31,568 18,787 9,094

0.0927060 0.0059151 0.0765151 0.0455351 0.0220426

(2,809) (179) (2,319) (1,380) (668)

— — — — —



485 31 401 238 115

Davis & Weber County Canal Davis Applied Technology Center Davis Behavioral Health Davis County Davis County Housing Davis County Mosquito Abatement Davis School District DDI Advantage Delta City Dixie State College Draper City Duchesne County Duchesne School District Eagle Mountain City East Carbon City

Granger-Hunter Improvement District Granite School District Grantsville City Green River City Gunnison City Gunnison Valley Hospital Harrisville City Heber City Heber Light & Power Heber Valley Historic Railroad Authority

236

2014 Comprehensive Annual Financial Report

$

20,661 1,318 17,053 10,148 4,913

(20,507) (1,308) (16,926) (10,073) (4,876)

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



99 80 49 134 124

790 635 392 1,070 986

— — — — —



239 192 119 324 298

— — — — —



1,029 827 511 1,394 1,284

7,310 5,870 3,628 9,893 9,114

— — — — —



— — — — —



7,310 5,870 3,628 9,893 9,114



— — — — —



— — — — —



35 114 1,230 2,357 81

278 910 9,798 18,775 648

— — — — —



84 275 2,964 5,679 196

— — — — —



362 1,185 12,762 24,454 844

2,573 8,410 90,604 173,612 5,989

— — — — —



— — — — —



2,573 8,410 90,604 173,612 5,989



— — — — —



— — — — —



42 21,094 941 71 548

335 168,055 7,495 568 4,367

— — — — —



101 50,835 2,267 172 1,321

— — — — —



436 218,890 9,762 740 5,688

3,099 1,553,978 69,307 5,248 40,379

— — — — —



— — — — —



3,099 1,553,978 69,307 5,248 40,379



— — — — —



— — — — —



520 793 2,983 473 67

4,140 6,320 23,767 3,771 536

— — — — —



1,252 1,912 7,189 1,141 162

— — — — —



5,392 8,232 30,956 4,912 698

38,284 58,442 219,765 34,871 4,958

— — — — —



— — — — —



38,284 58,442 219,765 34,871 4,958



— — — — —



— — — — —



291 409 63 252 184

2,317 3,255 501 2,010 1,469

— — — — —



701 985 151 608 444

— — — — —



3,018 4,240 652 2,618 1,913

21,426 30,101 4,631 18,587 13,586

— — — — —



— — — — —



21,426 30,101 4,631 18,587 13,586



— — — — —



— — — — —



67 791 91 69 35

532 6,301 721 553 279

— — — — —



161 1,906 218 167 84

— — — — —



693 8,207 939 720 363

4,917 58,260 6,671 5,111 2,581

— — — — —



— — — — —



4,917 58,260 6,671 5,111 2,581



— — — — —



— — — — —



105 2 347 133 12

839 15 2,763 1,062 94

— — — — —



254 5 836 321 28

— — — — —



1,093 20 3,599 1,383 122

7,755 142 25,552 9,823 868

— — — — —



— — — — —



7,755 142 25,552 9,823 868



— — — — —



— — — — —



31 352 385 51 42

246 2,808 3,067 409 336

— — — — —



74 849 928 124 102

— — — — —



320 3,657 3,995 533 438

2,277 25,965 28,361 3,784 3,106

— — — — —



— — — — —



2,277 25,965 28,361 3,784 3,106



— — — — —



— — — — —



126 306 14 469 1,132

1,001 2,442 110 3,735 9,017

— — — — —



303 739 33 1,130 2,728

— — — — —



1,304 3,181 143 4,865 11,745

9,254 22,578 1,020 34,539 83,382

— — — — —



— — — — —



9,254 22,578 1,020 34,539 83,382



— — — — —



— — — — —



274 24,713 84 22 33

2,184 196,888 667 174 262

— — — — —



661 59,557 202 53 79

— — — — —



2,845 256,445 869 227 341

20,192 1,820,591 6,164 1,606 2,423

— — — — —



— — — — —



20,192 1,820,591 6,164 1,606 2,423



— — — — —



— — — — —



485 31 401 238 115

3,867 247 3,192 1,900 920

— — — — —



1,170 75 966 575 278

— — — — —



5,037 322 4,158 2,475 1,198

35,761 2,282 29,515 17,565 8,503

— — — — —



— — — — —



35,761 2,282 29,515 17,565 8,503

2014 Comprehensive Annual Financial Report

237

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Helper City Herriman City High Desert Uniserv Highland City Holladay City

4,347 40,559 525 21,851 2,865

0.0105355% $ 0.0983084 0.0012728 0.0529626 0.0069434

(319) (2,979) (39) (1,605) (210)

2,348 21,910 284 11,804 1,547

(2,331) (21,746) (282) (11,716) (1,536)

— — — — —



55 515 7 277 36

Hooper City Hooper Water Improvement District Housing Authority of Salt Lake City Housing Authority of Salt Lake County Huntington City

4,139 1,589 43,070 56,156 1,773

0.0100310 0.0038524 0.1043945 0.1361105 0.0042977

(304) (117) (3,164) (4,125) (130)

2,236 859 23,266 30,335 958

(2,219) (852) (23,093) (30,108) (951)

— — — — —



53 20 547 713 23

Hurricane City Hyrum City Intech Collegiate Charter High School Iron County Iron School District

15,735 5,177 9,657 64,444 220,911

0.0381375 0.0125485 0.0234058 0.1562000 0.5354464

(1,156) (380) (709) (4,734) (16,226)

8,500 2,797 5,216 34,812 119,334

(8,436) (2,776) (5,177) (34,552) (118,443)

— — — — —



200 66 123 818 2,804

Itineris High School Ivins City Jordan School District Jordan Valley Water Conservancy District Jordanelle Special Service District

8,899 11,720 1,871,132 40,247 2,564

0.0215691 0.0284079 4.5352734 0.0975522 0.0062143

(654) (861) (137,439) (2,956) (188)

4,807 (4,771) 6,331 (6,284) 1,010,765 (1,003,226) 21,741 (21,579) 1,385 (1,375)

— — — — —



113 149 23,747 511 33

Juab County Juab School District Kanab City Kane County Kane County Water Conservancy District

11,091 42,760 3,241 59,844 6,606

0.0268827 0.1036417 0.0078555 0.1450501 0.0160113

(815) (3,141) (238) (4,396) (485)

5,991 23,098 1,751 32,327 3,568

(5,947) (22,926) (1,738) (32,086) (3,542)

— — — — —



141 543 41 759 84

Kane School District Kaysville City Kearns Improvement District LaVerkin City Layton City

56,344 23,007 13,399 2,156 71,542

0.1365673 0.0557657 0.0324763 0.0052265 0.1734042

(4,139) (1,690) (984) (158) (5,255)

30,436 12,428 7,238 1,165 38,646

(30,209) (12,336) (7,184) (1,156) (38,358)

— — — — —



715 292 170 27 908

60,027 40,512 11,592 95,563 214,933

0.1454933 0.0981946 0.0280976 0.2316261 0.5209576

(4,409) (2,976) (851) (7,019) (15,787)

32,426 21,884 6,262 51,622 116,104

(32,184) (21,721) (6,215) (51,237) (115,238)

— — — — —



762 514 147 1,213 2,728

Maeser Water District Manti City Mantua City Mapleton City Metro Water District—SLC/Sandy

2,940 9,574 2,642 1,886 17,380

0.0071263 0.0232051 0.0064030 0.0045715 0.0421264

(216) (703) (194) (139) (1,277)

1,588 5,172 1,427 1,019 9,389

(1,576) (5,133) (1,416) (1,011) (9,319)

— — — — —



37 122 34 24 221

Midvale City Midvalley Improvement District Midway City Milford City Millard County

47,825 7,399 9,847 4,655 16,343

0.1159186 0.0179330 0.0238671 0.0112839 0.0396113

(3,513) (543) (723) (342) (1,200)

25,834 3,997 5,319 2,515 8,828

(25,642) (3,967) (5,280) (2,496) (8,762)

— — — — —



607 94 125 59 207

Millard County Care and Rehabilitation, Inc Millard School District Moab City Monroe City Monticello Academy

27,305 78,879 10,757 1,353 40,172

0.0661814 0.1911889 0.0260728 0.0032784 0.0973705

(2,006) (5,794) (790) (99) (2,951)

14,750 42,610 5,811 731 21,701

(14,640) (42,292) (5,767) (725) (21,539)

— — — — —



347 1,001 137 17 510

Monticello City Morgan City Morgan County Morgan School District Moroni City

6,001 1,098 16,640 47,704 3,470

0.0145449 0.0026608 0.0403316 0.1156246 0.0084113

(441) (81) (1,222) (3,504) (255)

3,242 593 8,989 25,769 1,875

(3,217) (589) (8,922) (25,577) (1,861)

— — — — —



76 14 211 605 44

Lehi City Liberty Academy Charter School Lindon City Logan City Logan School District

238

2014 Comprehensive Annual Financial Report

$

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



55 515 7 277 36

440 4,101 53 2,209 290

— — — — —



133 1,241 16 668 88

— — — — —



573 5,342 69 2,877 378

4,064 37,922 491 20,430 2,678

— — — — —



— — — — —



4,064 37,922 491 20,430 2,678



— — — — —



— — — — —



53 20 547 713 23

418 161 4,355 5,678 179

— — — — —



127 49 1,317 1,718 54

— — — — —



545 210 5,672 7,396 233

3,869 1,486 40,270 52,504 1,658

— — — — —



— — — — —



3,869 1,486 40,270 52,504 1,658



— — — — —



— — — — —



200 66 123 818 2,804

1,591 523 976 6,516 22,337

— — — — —



481 158 295 1,971 6,757

— — — — —



2,072 681 1,271 8,487 29,094

14,711 4,841 9,029 60,254 206,547

— — — — —



— — — — —



14,711 4,841 9,029 60,254 206,547



— — — — —



— — — — —



113 149 23,747 511 33

900 1,185 189,197 4,070 259

— — — — —



272 358 57,230 1,231 78

— — — — —



1,172 1,543 246,427 5,301 337

8,320 10,958 1,749,466 37,630 2,397

— — — — —



— — — — —



8,320 10,958 1,749,466 37,630 2,397



— — — — —



— — — — —



141 543 41 759 84

1,121 4,324 328 6,051 668

— — — — —



339 1,308 99 1,830 202

— — — — —



1,460 5,632 427 7,881 870

10,370 39,979 3,030 55,953 6,176

— — — — —



— — — — —



10,370 39,979 3,030 55,953 6,176



— — — — —



— — — — —



715 292 170 27 908

5,697 2,326 1,355 218 7,234

— — — — —



1,723 704 410 66 2,188

— — — — —



7,420 3,030 1,765 284 9,422

52,680 21,511 12,528 2,016 66,890

— — — — —



— — — — —



52,680 21,511 12,528 2,016 66,890



— — — — —



— — — — —



762 514 147 1,213 2,728

6,069 4,096 1,172 9,663 21,733

— — — — —



1,836 1,239 355 2,923 6,574

— — — — —



7,905 5,335 1,527 12,586 28,307

56,124 37,878 10,839 89,349 200,958

— — — — —



— — — — —



56,124 37,878 10,839 89,349 200,958



— — — — —



— — — — —



37 122 34 24 221

297 968 267 191 1,757

— — — — —



90 293 81 58 532

— — — — —



387 1,261 348 249 2,289

2,749 8,951 2,470 1,763 16,250

— — — — —



— — — — —



2,749 8,951 2,470 1,763 16,250



— — — — —



— — — — —



607 94 125 59 207

4,836 748 996 471 1,652

— — — — —



1,463 226 301 142 500

— — — — —



6,299 974 1,297 613 2,152

44,715 6,918 9,207 4,353 15,280

— — — — —



— — — — —



44,715 6,918 9,207 4,353 15,280



— — — — —



— — — — —



347 1,001 137 17 510

2,761 7,976 1,088 137 4,062

— — — — —



835 2,413 329 41 1,229

— — — — —



3,596 10,389 1,417 178 5,291

25,529 73,750 10,057 1,265 37,560

— — — — —



— — — — —



25,529 73,750 10,057 1,265 37,560



— — — — —



— — — — —



76 14 211 605 44

607 111 1,683 4,823 351

— — — — —



184 34 509 1,459 106

— — — — —



791 145 2,192 6,282 457

5,611 1,026 15,558 44,602 3,245

— — — — —



— — — — —



5,611 1,026 15,558 44,602 3,245

2014 Comprehensive Annual Financial Report

239

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Mountain Regional Water Special Service District Mountainland Association of Governments Mt Olympus Improvement District Mt Pleasant City Murray City

$

18,374 16,891 9,645 6,494 95,396

0.0445357% $ 0.0409404 0.0233787 0.0157405 0.2312225

(1,350) (1,241) (708) (477) (7,007)

9,926 9,124 5,210 3,508 51,532

(9,852) (9,056) (5,171) (3,482) (51,148)

— — — — —



233 214 122 82 1,211

152,033 897 1,431 1,052,192 2,810

0.3684997 0.0021744 0.0034696 2.5503165 0.0068101

(11,167) (66) (105) (77,286) (206)

82,127 485 773 568,382 1,518

(81,514) (481) (767) (564,143) (1,506)

— — — — —



1,930 11 18 13,354 36

Nibley City Noah Webster Academy, Inc North Davis County Sewer District North East Counseling Center North Emery Waters Users Special Service District

14,842 32,314 6,313 25,675 4,376

0.0359734 0.0783241 0.0153026 0.0622319 0.0106061

(1,090) (2,374) (464) (1,886) (321)

8,017 17,456 3,410 13,869 2,364

(7,958) (17,326) (3,385) (13,766) (2,346)

— — — — —



188 410 80 326 56

North Logan City North Ogden City North Pointe Solid Waste Special Service District North Salt Lake City North Sanpete School District

9,540 15,719 14,719 26,086 44,443

0.0231233 0.0380994 0.0356756 0.0632276 0.1077223

(701) (1,155) (1,081) (1,916) (3,264)

5,153 8,491 7,951 14,091 24,008

(5,115) (8,428) (7,892) (13,986) (23,829)

— — — — —



121 199 187 331 564

North Summit School District Northern Utah Academy of Math, Engineering and Science Charter School Ogden City Ogden School District Ogden Weber/NEA/UEA Uniserv

18,744 17,822 140,573 673,828 5,910

0.0454328 0.0431973 0.3407238 1.6332326 0.0143255

(1,377) (1,309) (10,325) (49,494) (434)

10,125 9,627 75,936 363,994 3,193

(10,050) (9,555) (75,370) (361,279) (3,169)

— — — — —



238 226 1,784 8,552 75

Ogden-Weber Applied Technology Center Orem City Panguitch City Park City Park City Fire Service District

8,432 81,800 3,679 198,520 7,508

0.0204380 0.1982677 0.0089178 0.4811751 0.0181984

(619) (6,008) (270) (14,582) (551)

4,555 44,187 1,987 107,238 4,056

(4,521) (43,858) (1,973) (106,438) (4,026)

— — — — —



107 1,038 47 2,519 95

Park City School District Parowan City Payson City Perry City Piute County

239,170 2,981 41,643 1,232 3,578

0.5797030 0.0072262 0.1009340 0.0029850 0.0086718

(17,568) (219) (3,059) (90) (263)

129,197 1,610 22,495 665 1,933

(128,233) (1,598) (22,327) (660) (1,918)

— — — — —



3,035 38 529 16 45

10,585 2,384 13,405 1,246 17,496

0.0256555 0.0057773 0.0324922 0.0030209 0.0424062

(777) (175) (985) (92) (1,285)

5,718 1,288 7,241 673 9,451

(5,675) (1,278) (7,187) (668) (9,380)

— — — — —



134 30 170 16 222

Price River Water Improvement Providence City Provo City Corp Provo Housing Authority Provo River Water Users

6,648 1,568 276,470 15,258 8,566

0.0161135 0.0038005 0.6701126 0.0369819 0.0207633

(488) (115) (20,307) (1,121) (629)

3,591 847 149,346 8,242 4,627

(3,564) (841) (148,232) (8,181) (4,593)

— — — — —



84 20 3,509 194 109

Provo School District Recreation and Habilitation Services Rich County Rich School District Richfield City

743,337 282 17,203 21,134 3,052

1.8017097 0.0006823 0.0416964 0.0512257 0.0073983

(54,600) (21) (1,264) (1,552) (224)

401,542 152 9,293 11,417 1,649

(398,547) (151) (9,223) (11,331) (1,637)

— — — — —



9,434 4 218 268 39

3,352 60,457 18,835 30,023 6,102

0.0081248 0.1465361 0.0456536 0.0727692 0.0147889

(246) (4,441) (1,384) (2,205) (448)

1,811 32,658 10,175 16,218 3,296

(1,797) (32,415) (10,099) (16,097) (3,271)

— — — — —



43 767 239 381 77

Murray School District Naples City Nebo Credit Union Nebo School District Nephi City

Piute School District Plain City Pleasant Grove City Pleasant View City Price City

Riverdale City Riverton City Roosevelt City Roy City Salem City

240

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



233 214 122 82 1,211

1,858 1,708 975 657 9,646

— — — — —



562 517 295 199 2,918

— — — — —



2,420 2,225 1,270 856 12,564

17,179 15,793 9,018 6,072 89,193

— — — — —



— — — — —



17,179 15,793 9,018 6,072 89,193



— — — — —



— — — — —



1,930 11 18 13,354 36

15,373 91 145 106,391 284

— — — — —



4,650 27 44 32,182 86

— — — — —



20,023 118 189 138,573 370

142,147 839 1,338 983,776 2,627

— — — — —



— — — — —



142,147 839 1,338 983,776 2,627



— — — — —



— — — — —



188 410 80 326 56

1,501 3,267 638 2,596 442

— — — — —



454 988 193 785 134

— — — — —



1,955 4,255 831 3,381 576

13,877 30,213 5,903 24,006 4,091

— — — — —



— — — — —



13,877 30,213 5,903 24,006 4,091



— — — — —



— — — — —



121 199 187 331 564

965 1,589 1,488 2,638 4,494

— — — — —



292 481 450 798 1,359

— — — — —



1,257 2,070 1,938 3,436 5,853

8,920 14,697 13,762 24,390 41,554

— — — — —



— — — — —



8,920 14,697 13,762 24,390 41,554



— — — — —



— — — — —



238 226 1,784 8,552 75

1,895 1,802 14,214 68,133 598

— — — — —



573 545 4,300 20,610 181

— — — — —



2,468 2,347 18,514 88,743 779

17,526 16,663 131,433 630,014 5,526

— — — — —



— — — — —



17,526 16,663 131,433 630,014 5,526



— — — — —



— — — — —



107 1,038 47 2,519 95

853 8,271 372 20,073 759

— — — — —



258 2,502 113 6,072 230

— — — — —



1,111 10,773 485 26,145 989

7,884 76,481 3,440 185,612 7,020

— — — — —



— — — — —



7,884 76,481 3,440 185,612 7,020



— — — — —



— — — — —



3,035 38 529 16 45

24,183 301 4,211 125 362

— — — — —



7,315 91 1,274 38 109

— — — — —



31,498 392 5,485 163 471

223,618 2,787 38,935 1,151 3,345

— — — — —



— — — — —



223,618 2,787 38,935 1,151 3,345



— — — — —



— — — — —



134 30 170 16 222

1,070 241 1,355 126 1,769

— — — — —



324 73 410 38 535

— — — — —



1,394 314 1,765 164 2,304

9,897 2,229 12,534 1,165 16,358

— — — — —



— — — — —



9,897 2,229 12,534 1,165 16,358



— — — — —



— — — — —



84 20 3,509 194 109

672 159 27,955 1,543 866

— — — — —



203 48 8,456 467 262

— — — — —



875 207 36,411 2,010 1,128

6,216 1,466 258,494 14,266 8,009

— — — — —



— — — — —



6,216 1,466 258,494 14,266 8,009



— — — — —



— — — — —



9,434 4 218 268 39

75,161 28 1,739 2,137 309

— — — — —



22,736 9 526 646 93

— — — — —



97,897 37 2,265 2,783 402

695,003 263 16,084 19,760 2,854

— — — — —



— — — — —



695,003 263 16,084 19,760 2,854



— — — — —



— — — — —



43 767 239 381 77

339 6,113 1,905 3,036 617

— — — — —



103 1,849 576 918 187

— — — — —



442 7,962 2,481 3,954 804

3,134 56,526 17,611 28,070 5,705

— — — — —



— — — — —



3,134 56,526 17,611 28,070 5,705

2014 Comprehensive Annual Financial Report

241

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Salt Lake Arts Academy Salt Lake City Salt Lake City Library Salt Lake City Mosquito Abatement Salt Lake City Sub. Sanitation #1

25,218 1,030,245 45,564 2,821 5,413

0.0611247% $ 2.4971198 0.1104394 0.0068376 0.0131204

(1,852) (75,674) (3,347) (207) (398)

13,623 556,527 24,613 1,524 2,924

(13,521) (552,376) (24,430) (1,513) (2,902)

— — — — —



320 13,075 578 36 69

228,974 1,263,551 826,322 14,848 10,561

0.5549900 3.0626107 2.0028499 0.0359885 0.0255971

(16,819) (92,811) (60,695) (1,091) (776)

123,689 682,556 446,370 8,021 5,705

(122,767) (677,465) (443,041) (7,961) (5,662)

— — — — —



2,906 16,036 10,487 188 134

San Juan School District Sandy City Sandy Suburban Improvement District Sanpete County Santa Clara City

155,452 79,194 2,885 24,258 13,374

0.3767872 0.1919522 0.0069933 0.0587976 0.0324165

(11,418) (5,817) (212) (1,782) (982)

83,974 42,780 1,559 13,104 7,225

(83,347) (42,461) (1,547) (13,006) (7,171)

— — — — —



1,973 1,005 37 308 170

Santaquin City Saratoga Springs Town Sevier County Sevier School District Six-County Association of Governments

13,320 23,179 17,316 106,191 3,759

0.0322847 0.0561807 0.0419709 0.2573872 0.0091102

(978) (1,703) (1,272) (7,800) (276)

7,195 12,521 9,354 57,363 2,030

(7,142) (12,427) (9,284) (56,935) (2,015)

— — — — —



169 294 220 1,348 48

Smithfield City Snow College Snyderville Basin Soldier Hollow Charter School South Davis County Sewer Improvement District

14,114 15,795 14,426 4,925 3,300

0.0342102 0.0382834 0.0349664 0.0119381 0.0079996

(1,037) (1,160) (1,060) (362) (242)

7,624 8,532 7,793 2,661 1,783

(7,567) (8,468) (7,735) (2,641) (1,770)

— — — — —



179 200 183 63 42

South Davis Recreation Center South Jordan City South Ogden City South Ogden Conservancy District South Salt Lake City

5,807 84,486 15,027 8,738 62,919

0.0140739 0.2047770 0.0364228 0.0211798 0.1525036

(427) (6,206) (1,104) (642) (4,622)

3,137 45,638 8,117 4,720 33,988

(3,113) (45,298) (8,057) (4,685) (33,735)

— — — — —



74 1,072 191 111 799

South Sanpete School District South Summit School District South Utah Valley Electric Service District South Utah Valley Solid Waste South Valley Sewer District

78,610 50,857 10,737 1,440 37,865

0.1905366 0.1232677 0.0260233 0.0034892 0.0917765

(5,774) (3,736) (789) (106) (2,781)

42,464 27,472 5,800 778 20,454

(42,148) (27,267) (5,756) (772) (20,301)

— — — — —



998 645 136 18 481

South Valley Water Reclamation Facility South Weber City Southeastern Utah Asscoc. of Governments Southeastern Utah Health Southern Salt Lake Valley Mosquito Abatement

26,964 10,656 5,769 7,357 1,093

0.0653546 0.0258274 0.0139826 0.0178322 0.0026500

(1,981) (783) (424) (540) (80)

14,565 5,756 3,116 3,974 591

(14,457) (5,713) (3,093) (3,945) (586)

— — — — —



342 135 73 93 14

Southern Utah University Southwest Applied Technology Center Southwest Educational Development Center Southwest Utah Public Health Department Space Dynamics Lab/USU

76,810 30,490 7,113 32,147 13,675

0.1861719 0.0739018 0.0172413 0.0779185 0.0331452

(5,642) (2,240) (522) (2,361) (1,004)

41,492 16,470 3,843 17,365 7,387

(41,182) (16,347) (3,814) (17,236) (7,332)

— — — — —



975 387 90 408 174

66,728 281 47,653 263,876 1,125

0.1617363 0.0006816 0.1155009 0.6395860 0.0027258

(4,901) (21) (3,500) (19,382) (83)

36,046 152 25,741 142,543 607

(35,777) (151) (25,549) (141,480) (603)

— — — — —



847 4 605 3,349 14

7,404,934 17.9481709 13,302 0.0322422 85,211 0.2065364 57,429 0.1391967 100,084 0.2425851

(543,912) (977) (6,259) (4,218) (7,351)

4,000,065 (3,970,226) 7,186 (7,132) 46,030 (45,687) 31,022 (30,791) 54,064 (53,661)

— — — — —



93,969 169 1,081 729 1,270

Salt Lake Community College Salt Lake County Salt Lake School District San Juan County San Juan Mental Health/Substance Abuse District

Spanish Fork City Springdale Town Springville City St. George City St. George Housing Authority State of Utah Success Academy Summit Academy Charter School Summit Academy High School Summit County

242

2014 Comprehensive Annual Financial Report

$

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



320 13,075 578 36 69

2,550 104,172 4,607 285 547

— — — — —



771 31,511 1,394 86 166

— — — — —



3,321 135,683 6,001 371 713

23,579 963,255 42,602 2,638 5,061

— — — — —



— — — — —



23,579 963,255 42,602 2,638 5,061



— — — — —



— — — — —



2,906 16,036 10,487 188 134

23,152 127,762 83,552 1,501 1,068

— — — — —



7,003 38,647 25,274 454 323

— — — — —



30,155 166,409 108,826 1,955 1,391

214,085 1,181,391 772,592 13,882 9,874

— — — — —



— — — — —



214,085 1,181,391 772,592 13,882 9,874



— — — — —



— — — — —



1,973 1,005 37 308 170

15,718 8,008 292 2,453 1,352

— — — — —



4,755 2,422 88 742 409

— — — — —



20,473 10,430 380 3,195 1,761

145,344 74,045 2,698 22,681 12,505

— — — — —



— — — — —



145,344 74,045 2,698 22,681 12,505



— — — — —



— — — — —



169 294 220 1,348 48

1,347 2,344 1,751 10,737 380

— — — — —



407 709 530 3,248 115

— — — — —



1,754 3,053 2,281 13,985 495

12,454 21,672 16,190 99,286 3,514

— — — — —



— — — — —



12,454 21,672 16,190 99,286 3,514



— — — — —



— — — — —



179 200 183 63 42

1,427 1,597 1,459 498 334

— — — — —



432 483 441 151 101

— — — — —



1,859 2,080 1,900 649 435

13,196 14,768 13,488 4,605 3,086

— — — — —



— — — — —



13,196 14,768 13,488 4,605 3,086



— — — — —



— — — — —



74 1,072 191 111 799

587 8,543 1,519 884 6,362

— — — — —



178 2,584 460 267 1,924

— — — — —



765 11,127 1,979 1,151 8,286

5,429 78,992 14,050 8,170 58,828

— — — — —



— — — — —



5,429 78,992 14,050 8,170 58,828



— — — — —



— — — — —



998 645 136 18 481

7,949 5,142 1,086 146 3,829

— — — — —



2,404 1,556 328 44 1,158

— — — — —



10,353 6,698 1,414 190 4,987

73,499 47,550 10,038 1,346 35,402

— — — — —



— — — — —



73,499 47,550 10,038 1,346 35,402



— — — — —



— — — — —



342 135 73 93 14

2,726 1,077 583 744 111

— — — — —



825 326 176 225 33

— — — — —



3,551 1,403 759 969 144

25,210 9,963 5,394 6,879 1,022

— — — — —



— — — — —



25,210 9,963 5,394 6,879 1,022



— — — — —



— — — — —



975 387 90 408 174

7,766 3,083 719 3,251 1,383

— — — — —



2,349 933 218 983 418

— — — — —



10,115 4,016 937 4,234 1,801

71,815 28,507 6,651 30,057 12,786

— — — — —



— — — — —



71,815 28,507 6,651 30,057 12,786



— — — — —



— — — — —



847 4 605 3,349 14

6,747 28 4,818 26,681 114

— — — — —



2,041 9 1,457 8,071 34

— — — — —



8,788 37 6,275 34,752 148

62,389 263 44,554 246,718 1,051

— — — — —



— — — — —



62,389 263 44,554 246,718 1,051



— — — — —



— — — — —



93,969 169 1,081 729 1,270

748,735 1,345 8,616 5,807 10,120

— — — — —



226,486 407 2,606 1,757 3,061

— — — — —



975,221 1,752 11,222 7,564 13,181

6,923,444 12,437 79,671 53,695 93,576

— — — — —



— — — — —



6,923,444 12,437 79,671 53,695 93,576

2014 Comprehensive Annual Financial Report

243

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts (Continued) at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

SW Behavioral Health Center Sw Mosquito Abatement/Control Syracuse City Taylor West Weber Water Improvement Dist Taylorsville City

81,284 4,068 31,865 4,071 26,629

0.1970160% $ 0.0098605 0.0772345 0.0098673 0.0645429

(5,970) (299) (2,341) (299) (1,956)

43,908 2,198 17,213 2,199 14,385

(43,581) (2,181) (17,085) (2,183) (14,277)

— — — — —



1,032 52 404 52 338

7,800 3,890 28,185 4,533 16,231

0.0189049 0.0094282 0.0683154 0.0109880 0.0393419

(573) (286) (2,070) (333) (1,192)

4,213 2,101 15,225 2,449 8,768

(4,182) (2,086) (15,112) (2,431) (8,703)

— — — — —



99 49 358 58 206

43,159 78,023 5,521 447,906 3,056

0.1046091 0.1891136 0.0133821 1.0856406 0.0074080

(3,170) (5,731) (406) (32,900) (224)

23,314 42,147 2,982 241,954 1,651

(23,140) (41,833) (2,960) (240,149) (1,639)

— — — — —



548 990 70 5,685 39

Trans-Jordan Cities Tremonton City Tridell-Lapoint Water District Tuacahn High School UCAN

16,999 8,596 9,203 12,945 2,673

0.0412032 0.0208342 0.0223063 0.0313774 0.0064784

(1,249) (631) (676) (951) (196)

9,183 4,643 4,971 6,993 1,444

(9,114) (4,609) (4,934) (6,941) (1,433)

— — — — —



216 109 117 164 34

Uintah Animal Control and Shelter Special Service District Uintah Basin Applied Technology Center Uintah Basin Assistance Council Uintah Basin Association of Government Uintah City

3,932 75,164 2,656 27,782 3,321

0.0095309 0.1821832 0.0064374 0.0673380 0.0080483

(289) (5,521) (195) (2,041) (244)

2,124 40,603 1,435 15,007 1,794

(2,108) (40,300) (1,424) (14,896) (1,780)

— — — — —



50 954 34 353 42

163,611 52,532 10,639 416,115 496

0.3965629 0.1273276 0.0257868 1.0085858 0.0012023

(12,018) (3,859) (781) (30,565) (36)

88,381 28,377 5,747 224,781 268

(87,722) (28,166) (5,704) (223,104) (266)

— — — — —



2,076 667 135 5,281 6

28,007 68,590 2,800,146 2,353 1,613

0.0678838 0.1662502 6.7870288 0.0057041 0.0039098

(2,057) (5,038) (205,677) (173) (118)

15,129 (15,016) 37,052 (36,775) 1,512,607 (1,501,326) 1,271 (1,262) 871 (865)

— — — — —



355 871 35,538 30 20

Utah County Utah County Academy of Sciences Utah County Housing Authority Utah Dairy Council Utah Education Association

211,225 16,175 14,830 1,954 8,045

0.5119697 0.0392043 0.0359457 0.0047351 0.0194996

(15,515) (1,188) (1,089) (143) (591)

114,101 8,737 8,011 1,055 4,346

(113,250) (8,672) (7,951) (1,047) (4,313)

— — — — —



2,681 205 188 25 102

Utah Housing Finance Agency Utah Local Governments Trust Utah Municipal Power Agency Utah Public Employees Association Utah Retirement Systems

79,325 993 8,336 479 216,639

0.1922685 0.0024068 0.0202041 0.0011598 0.5250923

(5,827) (73) (612) (35) (15,913)

42,850 536 4,503 258 117,026

(42,531) (532) (4,469) (257) (116,153)

— — — — —



1,007 13 106 6 2,749

18,570 6,998 4,265 1,380 26,877

0.0450091 0.0169608 0.0103375 0.0033454 0.0651448

(1,364) (514) (313) (101) (1,974)

10,031 3,780 2,304 746 14,519

(9,956) (3,752) (2,287) (740) (14,410)

— — — — —



236 89 54 18 341

616,510 46,776 22,466 351,652 89,384

1.4943047 0.1133770 0.0544545 0.8523389 0.2166489

(45,284) (3,436) (1,650) (25,830) (6,565)

333,032 25,268 12,136 189,959 48,284

(330,548) (25,080) (12,046) (188,542) (47,924)

— — — — —



7,824 594 285 4,463 1,134

Taylorsville-Bennion Improvement Timber Lakes Special Service District Timpanogos Special Service District Tintic School District Tooele Applied Tech College Tooele City Tooele County Tooele County Housing Tooele School District Torrey Town

Uintah County Uintah County Care Center Uintah Recreation District Uintah School District Uintah Transportation Special Service District Unified Fire Authority Unified Police Department University of Utah Utah Association of Counties Utah Counties Insurance Pool

Utah Safety Council Utah School Boards Association Utah School Boards Risk Man Mut Ins Assn Utah School Employee Association Utah State Fair Corporation Utah State University Utah Telecommunication Open Infrastructure Agency Utah Valley Dispatch Special Services Dist Utah Valley University Utah Zoological Society

244

2014 Comprehensive Annual Financial Report

$

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



1,032 52 404 52 338

8,219 411 3,222 412 2,693

— — — — —



2,486 124 975 125 814

— — — — —



10,705 535 4,197 537 3,507

75,998 3,804 29,793 3,806 24,897

— — — — —



— — — — —



75,998 3,804 29,793 3,806 24,897



— — — — —



— — — — —



99 49 358 58 206

789 393 2,850 458 1,641

— — — — —



239 119 862 139 496

— — — — —



1,028 512 3,712 597 2,137

7,292 3,637 26,352 4,239 15,176

— — — — —



— — — — —



7,292 3,637 26,352 4,239 15,176



— — — — —



— — — — —



548 990 70 5,685 39

4,364 7,889 558 45,289 309

— — — — —



1,320 2,386 169 13,700 93

— — — — —



5,684 10,275 727 58,989 402

40,353 72,950 5,162 418,782 2,858

— — — — —



— — — — —



40,353 72,950 5,162 418,782 2,858



— — — — —



— — — — —



216 109 117 164 34

1,719 869 931 1,309 270

— — — — —



520 263 281 396 82

— — — — —



2,239 1,132 1,212 1,705 352

15,894 8,037 8,605 12,104 2,499

— — — — —



— — — — —



15,894 8,037 8,605 12,104 2,499



— — — — —



— — — — —



50 954 34 353 42

398 7,600 269 2,809 336

— — — — —



120 2,299 81 850 102

— — — — —



518 9,899 350 3,659 438

3,677 70,277 2,483 25,975 3,105

— — — — —



— — — — —



3,677 70,277 2,483 25,975 3,105



— — — — —



— — — — —



2,076 667 135 5,281 6

16,543 5,312 1,076 42,075 50

— — — — —



5,004 1,607 325 12,727 15

— — — — —



21,547 6,919 1,401 54,802 65

152,973 49,116 9,947 389,058 464

— — — — —



— — — — —



152,973 49,116 9,947 389,058 464



— — — — —



— — — — —



355 871 35,538 30 20

2,832 6,935 283,132 238 163

— — — — —



857 2,098 85,645 72 49

— — — — —



3,689 9,033 368,777 310 212

26,186 64,130 2,618,073 2,200 1,508

— — — — —



— — — — —



26,186 64,130 2,618,073 2,200 1,508



— — — — —



— — — — —



2,681 205 188 25 102

21,358 1,635 1,500 198 813

— — — — —



6,460 495 454 60 246

— — — — —



27,818 2,130 1,954 258 1,059

197,491 15,123 13,866 1,827 7,522

— — — — —



— — — — —



197,491 15,123 13,866 1,827 7,522



— — — — —



— — — — —



1,007 13 106 6 2,749

8,021 100 843 48 21,905

— — — — —



2,426 30 255 15 6,626

— — — — —



10,447 130 1,098 63 28,531

74,167 928 7,794 447 202,553

— — — — —



— — — — —



74,167 928 7,794 447 202,553



— — — — —



— — — — —



236 89 54 18 341

1,878 708 431 140 2,718

— — — — —



568 214 130 42 822

— — — — —



2,446 922 561 182 3,540

17,362 6,543 3,988 1,290 25,129

— — — — —



— — — — —



17,362 6,543 3,988 1,290 25,129



— — — — —



— — — — —



7,824 594 285 4,463 1,134

62,337 4,730 2,272 35,557 9,038

— — — — —



18,856 1,431 687 10,756 2,734

— — — — —



81,193 6,161 2,959 46,313 11,772

576,423 43,735 21,006 328,787 83,572

— — — — —



— — — — —



576,423 43,735 21,006 328,787 83,572

2014 Comprehensive Annual Financial Report

245

Utah Retirement Systems

Tier 2 Public Employees Contributory Retirement System

Schedule of Allocations and Pension Amount

(Concluded)

at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Valley Emergency Communication Center Valley Mental Health Vernal City Vineyard Town Wasatch County

60,761 432,040 33,071 5,415 67,092

0.1472733% $ 1.0471841 0.0801578 0.0131259 0.1626194

(4,463) (31,734) (2,429) (398) (4,928)

32,822 233,383 17,865 2,925 36,243

(32,578) (231,642) (17,731) (2,904) (35,972)

— — — — —



771 5,483 420 69 851

Wasatch Front Regional Council Wasatch Front Waste and Recycling District Wasatch Integrated Waste Management Wasatch Mental Health Special Services District Wasatch School District

16,802 80,058 23,758 180,376 238,584

0.0407256 0.1940461 0.0575852 0.4371977 0.5782819

(1,234) (5,880) (1,745) (13,249) (17,525)

9,076 43,247 12,834 97,437 128,880

(9,009) (42,924) (12,738) (96,710) (127,919)

— — — — —



213 1,016 302 2,289 3,028

Washington City Washington County Washington County Solid Waste #1 Washington County Water District Washington School District

43,674 80,249 2,982 13,924 747,593

0.1058581 0.1945078 0.0072282 0.0337495 1.8120261

(3,208) (5,894) (219) (1,023) (54,912)

23,592 43,349 1,611 7,522 403,842

(23,416) (43,026) (1,599) (7,466) (400,829)

— — — — —



554 1,018 38 177 9,488

6,084 7,275 21,725 40,983 15,533

0.0147457 0.0176341 0.0526584 0.0993354 0.0376484

(447) (534) (1,596) (3,010) (1,141)

3,286 3,930 11,736 22,139 8,391

(3,262) (3,901) (11,648) (21,973) (8,328)

— — — — —



77 92 276 520 197

250,940 703,771 3,345 116,579 206,279

0.6082322 1.7058098 0.0081076 0.2825651 0.4999827

(18,432) (51,694) (246) (8,563) (15,152)

135,555 380,169 1,807 62,975 111,430

(134,544) (377,334) (1,793) (62,505) (110,599)

— — — — —



3,185 8,932 42 1,480 2,618

3,788 4,399 12,603 6,548 83,538

0.0091805 0.0106619 0.0305467 0.0158722 0.2024813

(278) (323) (926) (481) (6,136)

2,046 2,376 6,808 3,537 45,126

(2,031) (2,358) (6,757) (3,511) (44,790)

— — — — —



48 56 160 83 1,060

West Point City West Valley City Western Kane County Special Service District #1 White City Water Improvement District Woods Cross City

12,353 169,036 2,760 4,737 4,139

0.0299416 0.4097114 0.0066892 0.0114822 0.0100314

(907) (12,416) (203) (348) (304)

6,673 91,311 1,491 2,559 2,236

(6,623) (90,630) (1,480) (2,540) (2,219)

— — — — —



157 2,145 35 60 53

Workers Compensation Fund

256,676 0.6221352

(18,853)

138,654

(137,619)



3,258

(3,030,447) 22,286,740 (22,120,512)



523,610

Washington Terrace City Wayne County Wayne School District Weber Area Dispatch 911 & Emergency Services District Weber Basin Water Conservancy Weber County Weber County School District Weber Fire District Weber Human Services Weber State University Wellington City Wendover City West Bountiful City West Haven City West Jordan City

Grand Total

246

2014 Comprehensive Annual Financial Report

$

$ 41,257,316 100.0000000% $

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



771 5,483 420 69 851

6,144 43,685 3,344 548 6,784

— — — — —



1,858 13,214 1,012 166 2,052

— — — — —



8,002 56,899 4,356 714 8,836

56,810 403,948 30,921 5,063 62,730

— — — — —



— — — — —



56,810 403,948 30,921 5,063 62,730



— — — — —



— — — — —



213 1,016 302 2,289 3,028

1,699 8,095 2,402 18,238 24,124

— — — — —



514 2,449 727 5,517 7,297

— — — — —



2,213 10,544 3,129 23,755 31,421

15,710 74,853 22,213 168,647 223,070

— — — — —



— — — — —



15,710 74,853 22,213 168,647 223,070



— — — — —



— — — — —



554 1,018 38 177 9,488

4,416 8,114 302 1,408 75,592

— — — — —



1,336 2,454 91 426 22,866

— — — — —



5,752 10,568 393 1,834 98,458

40,834 75,031 2,788 13,019 698,983

— — — — —



— — — — —



40,834 75,031 2,788 13,019 698,983



— — — — —



— — — — —



77 92 276 520 197

615 736 2,197 4,144 1,571

— — — — —



186 223 664 1,254 475

— — — — —



801 959 2,861 5,398 2,046

5,688 6,802 20,313 38,318 14,523

— — — — —



— — — — —



5,688 6,802 20,313 38,318 14,523



— — — — —



— — — — —



3,185 8,932 42 1,480 2,618

25,373 71,161 338 11,788 20,858

— — — — —



7,675 21,525 102 3,566 6,309

— — — — —



33,048 92,686 440 15,354 27,167

234,623 658,010 3,127 108,999 192,867

— — — — —



— — — — —



234,623 658,010 3,127 108,999 192,867



— — — — —



— — — — —



48 56 160 83 1,060

383 445 1,274 662 8,447

— — — — —



116 135 385 200 2,555

— — — — —



499 580 1,659 862 11,002

3,541 4,113 11,783 6,123 78,106

— — — — —



— — — — —



3,541 4,113 11,783 6,123 78,106



— — — — —



— — — — —



157 2,145 35 60 53

1,249 17,092 279 479 418

— — — — —



378 5,170 84 145 127

— — — — —



1,627 22,262 363 624 545

11,550 158,045 2,580 4,429 3,870

— — — — —



— — — — —



11,550 158,045 2,580 4,429 3,870







3,258

25,953



7,851



33,804

239,986





239,986







523,610

4,171,668



1,261,889



5,433,557 38,574,651



— 38,574,651

2014 Comprehensive Annual Financial Report

247

Utah Retirement Systems

Tier 2 Public Safety and Firefighter Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

Net at December 31, 2014 Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

American Fork City Beaver County Big Water Municipal Corp Blanding City Bountiful City

68,023 28,909 1,797 842 4,620

1.5096317% $ 0.6415770 0.0398834 0.0186931 0.1025324

(22,332) (9,491) (590) (277) (1,517)

9,548 4,058 252 118 649

(46,722) (19,856) (1,234) (579) (3,173)

729 310 19 9 49

663 282 18 8 45

Box Elder County Brigham City Cache County Carbon County Cedar City

25,381 4,905 94,122 11,489 7,208

0.5632734 0.1088477 2.0888465 0.2549850 0.1599562

(8,333) (1,610) (30,901) (3,772) (2,366)

3,563 688 13,212 1,613 1,012

(17,433) (3,369) (64,648) (7,892) (4,950)

272 53 1,008 123 77

247 48 917 112 70

Cedar Mountain Fire Protection District Clearfield City Clinton City Cottonwood Heights City Daggett County

3,364 9,832 24,669 20,644 2,503

0.0746668 0.2181973 0.5474741 0.4581429 0.0555378

(1,105) (3,228) (8,099) (6,777) (822)

472 1,380 3,463 2,898 351

(2,311) (6,753) (16,944) (14,179) (1,719)

36 105 264 221 27

33 96 240 201 24

120,582 3,229 18,754 48,040 8,034

2.6760758 0.0716588 0.4162129 1.0661446 0.1782896

(39,588) (1,060) (6,157) (15,772) (2,637)

16,926 453 2,632 6,743 1,128

(82,822) (2,218) (12,881) (32,996) (5,518)

1,292 35 201 515 86

1,174 31 183 468 78

Enoch City Ephraim City Farmington City Garden City Fire District Garfield County

822 4,179 15,645 4,250 15,130

0.0182488 0.0927449 0.3472113 0.0943282 0.3357719

(270) (1,372) (5,136) (1,395) (4,967)

115 587 2,196 597 2,124

(565) (2,870) (10,746) (2,919) (10,392)

9 45 168 46 162

8 41 152 41 147

Grand County Grantsville City Harrisville City Heber City Helper City

16,840 10,819 5,948 18,612 316

0.3737356 0.2401135 0.1320064 0.4130641 0.0070236

(5,529) (3,552) (1,953) (6,111) (104)

2,364 1,519 835 2,613 44

(11,567) (7,431) (4,085) (12,784) (217)

180 116 64 199 3

164 105 58 181 3

Hurricane City Iron County Ivins City Juab County Kane County

8,071 41,592 7,037 25,975 10,719

0.1791118 0.9230472 0.1561663 0.5764596 0.2378825

(2,650) (13,655) (2,310) (8,528) (3,519)

1,133 5,838 988 3,646 1,505

(5,543) (28,567) (4,833) (17,841) (7,362)

86 446 75 278 115

79 405 69 253 104

Kaysville City Layton City Lehi City Logan City Lone Peak Safety District

8,458 45,502 36,619 50,022 25,022

0.1876971 1.0098249 0.8126725 1.1101356 0.5553157

(2,777) (14,939) (12,022) (16,422) (8,215)

1,187 6,387 5,140 7,021 3,512

(5,809) (31,253) (25,151) (34,358) (17,186)

91 488 392 536 268

82 443 357 487 244

Mapleton City Millard County Moab City Moab Valley Fire District Monticello City

7,861 25,015 6,439 2,011 3,514

0.1744531 0.5551606 0.1428958 0.0446191 0.0779782

(2,581) (8,213) (2,114) (660) (1,154)

1,103 3,511 904 282 493

(5,399) (17,182) (4,422) (1,381) (2,413)

84 268 69 22 38

77 244 63 20 34

Morgan County Murray City Naples City Nephi City North Davis Fire District

3,990 80,031 4,605 5,078 8,460

0.0885394 1.7761219 0.1021893 0.1126979 0.1877426

(1,310) (26,275) (1,512) (1,667) (2,777)

560 11,234 646 713 1,187

(2,740) (54,969) (3,163) (3,488) (5,810)

43 857 49 54 91

39 779 45 49 82

North Logan City North Ogden City North Salt Lake City North Tooele County Fire Protection Service District North View Fire Agency

3,396 15,685 8,218 8,199 17,219

0.0753594 0.3480897 0.1823782 0.1819572 0.3821292

(1,115) (5,149) (2,698) (2,692) (5,653)

477 2,202 1,154 1,151 2,417

(2,332) (10,773) (5,644) (5,631) (11,827)

36 168 88 88 184

33 153 80 80 168

Davis County Dixie State College Draper City Duchesne County Emery County

248

2014 Comprehensive Annual Financial Report

$

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



1,392 592 37 17 94

— — — — —



— — — — —



1,811 770 48 22 123

— — — — —



1,811 770 48 22 123

52,910 22,486 1,398 655 3,594

— — — — —



— — — — —



52,910 22,486 1,398 655 3,594



— — — — —



— — — — —



519 101 1,925 235 147

— — — — —



— — — — —



676 131 2,506 306 192

— — — — —



676 131 2,506 306 192

19,742 3,815 73,211 8,937 5,606

— — — — —



— — — — —



19,742 3,815 73,211 8,937 5,606



— — — — —



— — — — —



69 201 504 422 51

— — — — —



— — — — —



90 262 657 550 67

— — — — —



90 262 657 550 67

2,617 7,647 19,188 16,057 1,947

— — — — —



— — — — —



2,617 7,647 19,188 16,057 1,947



— — — — —



— — — — —



2,466 66 384 983 164

— — — — —



— — — — —



3,211 86 499 1,279 214

— — — — —



3,211 86 499 1,279 214

93,792 2,512 14,588 37,367 6,249

— — — — —



— — — — —



93,792 2,512 14,588 37,367 6,249



— — — — —



— — — — —



17 86 320 87 309

— — — — —



— — — — —



22 111 417 113 403

— — — — —



22 111 417 113 403

640 3,251 12,169 3,306 11,768

— — — — —



— — — — —



640 3,251 12,169 3,306 11,768



— — — — —



— — — — —



344 221 122 380 6

— — — — —



— — — — —



448 288 158 496 8

— — — — —



448 288 158 496 8

13,099 8,416 4,627 14,477 246

— — — — —



— — — — —



13,099 8,416 4,627 14,477 246



— — — — —



— — — — —



165 851 144 531 219

— — — — —



— — — — —



215 1,107 187 692 285

— — — — —



215 1,107 187 692 285

6,278 32,351 5,473 20,204 8,337

— — — — —



— — — — —



6,278 32,351 5,473 20,204 8,337



— — — — —



— — — — —



173 931 749 1,023 512

— — — — —



— — — — —



225 1,212 975 1,332 666

— — — — —



225 1,212 975 1,332 666

6,578 35,393 28,483 38,909 19,463

— — — — —



— — — — —



6,578 35,393 28,483 38,909 19,463



— — — — —



— — — — —



161 512 132 42 72

— — — — —



— — — — —



209 666 171 54 94

— — — — —



209 666 171 54 94

6,114 19,458 5,008 1,564 2,733

— — — — —



— — — — —



6,114 19,458 5,008 1,564 2,733



— — — — —



— — — — —



82 1,636 94 103 173

— — — — —



— — — — —



106 2,131 123 135 225

— — — — —



106 2,131 123 135 225

3,103 62,250 3,582 3,950 6,580

— — — — —



— — — — —



3,103 62,250 3,582 3,950 6,580



— — — — —



— — — — —



69 321 168 168 352

— — — — —



— — — — —



90 418 219 218 458

— — — — —



90 418 219 218 458

2,641 12,200 6,392 6,377 13,393

— — — — —



— — — — —



2,641 12,200 6,392 6,377 13,393

2014 Comprehensive Annual Financial Report

249

Utah Retirement Systems

Tier 2 Public Safety and Firefighter Contributory Retirement System

Schedule of Employer Allocations and Pension Amounts

(Concluded)

at December 31, 2014

Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Participating Employer Contributions Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments

Ogden City Orem City Park City Park City Fire Service District Parowan City

129,257 50,588 25,146 53,950 3,923

2.8685844% $ 1.1227061 0.5580685 1.1973177 0.0870631

(42,436) (16,608) (8,256) (17,712) (1,288)

18,143 7,101 3,530 7,573 551

(88,780) (34,747) (17,272) (37,056) (2,695)

1,385 542 269 578 42

1,259 493 245 525 38

7,276 2,162 4,233 1,093 3,058

0.1614709 0.0479793 0.0939329 0.0242549 0.0678675

(2,389) (710) (1,390) (359) (1,004)

1,021 303 594 153 429

(4,997) (1,485) (2,907) (751) (2,100)

78 23 45 12 33

71 21 41 11 30

Provo City Corp Rich County Richfield City Riverdale City Roosevelt City

59,445 3,964 1,969 4,124 6,391

1.3192614 0.0879781 0.0437074 0.0915134 0.1418399

(19,516) (1,301) (647) (1,354) (2,098)

8,344 556 276 579 897

(40,830) (2,723) (1,353) (2,832) (4,390)

637 42 21 44 68

579 39 19 40 62

Roy City Salem City Salt Lake City Salt Lake County San Juan County

49,334 4,546 212,237 451,049 13,776

1.0948718 0.1008848 4.7101635 10.0100932 0.3057400

(16,197) (1,492) (69,679) (148,082) (4,523)

6,925 638 29,791 63,312 1,934

(33,885) (3,122) (145,775) (309,803) (9,462)

529 49 2,274 4,832 148

480 44 2,067 4,393 134

Sandy City Sanpete County Saratoga Springs Town Sevier County South Davis Metro Fire Agcy

73,104 9,411 24,250 20,001 48,226

1.6223995 0.2088630 0.5381763 0.4438801 1.0702780

(24,001) (3,090) (7,961) (6,566) (15,833)

10,261 1,321 3,404 2,807 6,769

(50,212) (6,464) (16,656) (13,738) (33,124)

783 101 260 214 517

712 92 236 195 470

South Jordan City South Ogden City South Salt Lake City Spanish Fork City Springdale Town

45,321 12,988 15,082 9,116 1,519

1.0058044 0.2882378 0.3347151 0.2023030 0.0337162

(14,879) (4,264) (4,952) (2,993) (499)

6,362 1,823 2,117 1,280 213

(31,129) (8,921) (10,359) (6,261) (1,043)

486 139 162 98 16

441 126 147 89 15

Springville City St. George City State of Utah Summit County Sunset City

34,255 66,803 1,200,413 12,432 5,616

0.7602135 1.4825609 26.6406910 0.2758983 0.1246257

(11,246) (21,932) (394,096) (4,081) (1,844)

4,808 9,377 168,500 1,745 788

(23,528) (45,884) (824,504) (8,539) (3,857)

367 716 12,861 133 60

334 651 11,692 121 55

Syracuse City Tooele City Tooele County Tremonton City Uintah County

22,715 29,493 9,305 3,821 65,334

0.5041142 0.6545410 0.2065054 0.0847925 1.4499515

(7,457) (9,683) (3,055) (1,254) (21,449)

3,188 4,140 1,306 536 9,171

(15,602) (20,257) (6,391) (2,624) (44,875)

243 316 100 41 700

221 287 91 37 636

115,065 68,825 16,222 49,063 14,609

2.5536386 1.5274246 0.3600206 1.0888488 0.3242105

(37,777) (22,596) (5,326) (16,108) (4,796)

16,151 9,661 2,277 6,887 2,051

(79,033) (47,272) (11,142) (33,699) (10,034)

1,233 737 174 526 157

1,121 670 158 478 142

Washington City Washington County Wayne County Weber County Weber Fire District

30,755 40,781 108 66,579 33,064

0.6825520 0.9050599 0.0023968 1.4775842 0.7337759

(10,097) (13,389) (35) (21,858) (10,855)

4,317 5,724 15 9,345 4,641

(21,124) (28,011) (74) (45,730) (22,710)

330 437 1 713 354

300 397 1 648 322

West Bountiful City West Jordan City West Valley City Woods Cross City

4,731 93,192 115,851 2,125

0.1049994 2.0681995 2.5710638 0.0471591

(1,553) (30,595) (38,034) (698)

664 13,081 16,262 298

(3,250) (64,009) (79,572) (1,460)

51 998 1,241 23

46 908 1,128 21

632,484 (3,094,903)

48,276

43,886

Payson City Perry City Pleasant Grove City Pleasant View City Price City

Unified Fire Authority Unified Police Department University of Utah Utah County Wasatch County

Grand Total

250

2014 Comprehensive Annual Financial Report

$

4,505,940 100.0000000% $ (1,479,323)

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Total Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Employer Changes of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Net Pension Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions Expense



— — — — —



— — — — —



2,644 1,035 514 1,103 80

— — — — —



— — — — —



3,442 1,347 670 1,437 104

— — — — —



3,442 1,347 670 1,437 104

100,539 39,349 19,559 41,964 3,051

— — — — —



— — — — —



100,539 39,349 19,559 41,964 3,051



— — — — —



— — — — —



149 44 86 23 63

— — — — —



— — — — —



194 58 113 29 81

— — — — —



194 58 113 29 81

5,659 1,682 3,292 850 2,379

— — — — —



— — — — —



5,659 1,682 3,292 850 2,379



— — — — —



— — — — —



1,216 81 40 84 130

— — — — —



— — — — —



1,583 106 52 110 170

— — — — —



1,583 106 52 110 170

46,238 3,083 1,532 3,207 4,971

— — — — —



— — — — —



46,238 3,083 1,532 3,207 4,971



— — — — —



— — — — —



1,009 93 4,341 9,225 282

— — — — —



— — — — —



1,314 121 5,651 12,010 367

— — — — —



1,314 121 5,651 12,010 367

38,374 3,536 165,084 350,838 10,716

— — — — —



— — — — —



38,374 3,536 165,084 350,838 10,716



— — — — —



— — — — —



1,495 193 496 409 987

— — — — —



— — — — —



1,947 251 646 533 1,284

— — — — —



1,947 251 646 533 1,284

56,863 7,320 18,862 15,557 37,512

— — — — —



— — — — —



56,863 7,320 18,862 15,557 37,512



— — — — —



— — — — —



927 265 309 187 31

— — — — —



— — — — —



1,207 346 402 243 40

— — — — —



1,207 346 402 243 40

35,252 10,102 11,731 7,090 1,182

— — — — —



— — — — —



35,252 10,102 11,731 7,090 1,182



— — — — —



— — — — —



701 1,367 24,553 254 115

— — — — —



— — — — —



912 1,779 31,962 331 150

— — — — —



912 1,779 31,962 331 150

26,644 51,961 933,718 9,670 4,368

— — — — —



— — — — —



26,644 51,961 933,718 9,670 4,368



— — — — —



— — — — —



464 603 191 78 1,336

— — — — —



— — — — —



605 785 248 102 1,740

— — — — —



605 785 248 102 1,740

17,668 22,941 7,238 2,972 50,819

— — — — —



— — — — —



17,668 22,941 7,238 2,972 50,819



— — — — —



— — — — —



2,354 1,407 332 1,004 299

— — — — —



— — — — —



3,064 1,833 432 1,306 389

— — — — —



3,064 1,833 432 1,306 389

89,501 53,534 12,618 38,162 11,363

— — — — —



— — — — —



89,501 53,534 12,618 38,162 11,363



— — — — —



— — — — —



630 834 2 1,361 676

— — — — —



— — — — —



819 1,086 3 1,773 880

— — — — —



819 1,086 3 1,773 880

23,922 31,721 84 51,787 25,718

— — — — —



— — — — —



23,922 31,721 84 51,787 25,718



— — — —



— — — —



97 1,906 2,369 44

— — — —



— — — —



126 2,481 3,085 57

— — — —



126 2,481 3,085 57

3,680 72,487 90,112 1,653

— — — —



— — — —



3,680 72,487 90,112 1,653







92,162



119,983



119,983

3,504,846



3,504,846





2014 Comprehensive Annual Financial Report

251

Utah Retirement Systems

Utah Retirement Systems

Schedule of Employer Allocations and Pension Amounts at December 31, 2014

Net Difference Between Net Projected Differences and Actual Net Pension Net Pension Between Investment Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Employer Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Retirement System Comtributions (7.5% Discount) (6.50%) (8.50%) Experience Investments

Noncontributory Retirement System Contributory Retirement System Public Safety Retirement System

$ 763,592,070 13,486,971 135,988,906

2,946,752,203 39,809,200 460,640,980

6,047,671,174 173,984,731 930,004,722

352,336,486 (73,300,158) 76,262,716

— 52,821,917 — 3,882,870 4,150,043 7,178,237

— — —

5,513,913 5,769,503 411,489

(16,711,151) 28,450,908 1,901,250

121,944,628 48,554,717 3,101,281

(130,850,886) 11,191,805 884,361

— 2,674,796 1,892,203 401,787 — 21,245

— — —

41,257,316

(3,030,447)

22,286,740

(22,120,512)



523,610



4,505,940

(1,479,323)

632,484

(3,094,903)

48,276

43,886



$970,526,108

3,456,333,620

7,348,180,477

211,308,910

6,090,522 67,548,348



Firefighters Retirement System Judges Retirement System Utah Governors and Legislators Retirement Plan Tier 2 Public Employees Contributory Retirement System Tier 2 Public Safety & Firefighters Contributory Retirement System Grand Total

252

Changes of Assumptions

2014 Comprehensive Annual Financial Report

Utah Retirement Systems

Deferred Outflows of Resources

Deferred Inflows of Resources

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Pension Expense

Total Employer Net Pension Expense



— 52,821,917 162,743,320 — 3,882,870 4,766,633 — 11,328,280 23,202,423

— 125,646,372 — 1,641,511 — 40,540,205

— 288,389,692 526,232,625 — 6,408,144 24,316,289 — 63,742,628 91,685,496

— — —



— 2,674,796 — 2,293,990 — 21,245

— 17,450,119 — 94,481 — —

— 30,325,935 — 94,481 — —

— (14,154,562) — (1,485,677) — —

(13,909,612) 4,918,972 575,449





523,610

4,171,668



1,261,889







38,574,651





92,162





119,983







3,504,846



— 73,638,870 207,759,860

— (15,640,239)

675,898,716

12,875,816 — —

— 186,754,560

244,950 6,404,649 575,449

5,433,557 38,574,651 119,983

3,504,846

— 394,514,420 691,538,955

— 526,232,625 — 24,316,289 — 91,685,496

2014 Comprehensive Annual Financial Report

253

U ta h

254

R et i re me nt

2014 Comprehensive Annual Financial Report

Syste m s

Utah Retirement Systems

Utah Retirement Systems

Notes to the Schedule of Employer Allocations and Pension Amounts December 31, 2014

Note 1

Introduction GASB Statement No. 68, Accounting and Financial Reporting for Pensions, establishes financial reporting requirements for governments that provide employees with pension benefits. GASB 68 requires employers to recognize a net pension liability and/or a net pension asset as employees earn pension benefits. Governments participating in the Utah Retirement Systems Defined Benefit Pension Systems will recognize their proportionate share of the collective pension amounts for all benefits provided through the plan.

Method of Proportionate Share Allocation The basis of the proportionate share allocation by retirement system and division as found in the Schedule of Employer Allocations and Pension amounts beginning on page 200 of this report is consistent with the manner in which contributions to the plan are determined. The net pension liability and/or asset, deferred outflows of resources, deferred inflows of resources, and pension net expense is based upon actual historical employer contributions to the plan from the census data submitted to the plan for pay periods ending in 2014.

2014 Comprehensive Annual Financial Report

255

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

Net Difference Between at December 31, 2014 Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

Academy for Math, Engineering and Science Charter School Active Re-Entry Incorporated Alpine City Alpine School District Alpine Uniserv

N/A $ N/A N/A N/A N/A

(260) (63) (474) (180,985) (119)

1,909 463 3,483 1,331,013 873

(1,894) (460) (3,457) (1,321,085) (866)



45 11 82 31,271 21

— — — — —

Alta Town American Fork City American Leadership Academy Annabella Town Ash Creek Special Service District

N/A N/A N/A N/A N/A

(278) (105,819) (4,535) — —

2,042 302,387 33,351 — —

(2,027) (434,209) (33,102) — —

— 729 — — —

48 8,314 784 — —

— — — — —

Ashley Valley Sewer Management Board Ashley Valley Water & Sewer Aurora City Ballard City Bear Lake Special Service District

N/A N/A N/A N/A N/A

— (681) (207) (113) —

— 5,011 1,520 832 —

— (4,974) (1,509) (826) —

— — — — —



— 118 36 20 —

— — — — —

Bear River Association of Governments Bear River Health District Bear River Mental Health Bear River Water Conservancy Beaver City

N/A N/A N/A N/A N/A

(571) (3,500) (3,754) (193) (598)

4,203 25,741 27,607 1,418 4,396

(4,171) (25,549) (27,401) (1,407) (4,363)

— — — — —



99 605 649 33 103

— — — — —

Beaver County Beaver Housing Authority Beaver School District Beaver Valley Hospital Benchland Water Company

N/A N/A N/A N/A N/A

(11,233) — (1,834) (1,555) (147)

16,868 — 13,490 11,439 1,081

(32,570) — (13,389) (11,354) (1,073)

310 — — — —

583 — 317 269 25

— — — — —

Bicknell Town Big Water Municipal Corp Blanding City Bluffdale City Bona Vista Water Improvement

N/A N/A N/A N/A N/A

— (590) (526) (2,058) (24)

— 252 1,948 15,137 179

— (1,234) (2,396) (15,024) (178)

— 19 9 — —

— 18 51 356 4

— — — — —

Bountiful City Bountiful Water District Box Elder County Box Elder County Mosquito District Box Elder School District

N/A N/A N/A N/A N/A

(7,618) (134) (10,634) (153) (18,430)

45,521 983 20,484 1,123 135,539

(47,710) (976) (34,228) (1,114) (134,528)

49 — 272 — —

1,099 23 645 26 3,184

— — — — —

Brian Head Town Bridgerland Applied Technology Center Brigham City Cache County Cache Metro Planning Organization

N/A N/A N/A N/A N/A

(207) (398) (5,748) (73,996) —

1,524 2,929 25,344 171,468 —

(1,513) (2,907) (29,582) (269,568) —

— — 53 1,008 —

36 69 641 5,016 —

— — — — —

Cache School District Canyonlands Health Care Canyons School District Carbon County Carbon County Recreation and Transportation SSD

N/A N/A N/A N/A N/A

(26,787) (1,152) (121,439) (7,249) —

197,001 8,472 893,096 27,183 —

(195,532) (8,408) (886,435) (33,271) —

— — — 123 —

4,628 199 20,983 713 —

— — — — —

Carbon School District Castle Dale City Castle Valley Special Service District Cedar City Cedar City Housing Authority

N/A N/A N/A N/A N/A

(8,811) (178) (214) (108,976) (287)

64,800 1,306 1,574 373,744 2,108

(64,317) (1,296) (1,562) (498,917) (2,092)

— — — 77 —

1,522 31 37 9,814 50

— — — — —

Cedar Hills City Cedar Mountain Fire Protection District Centerfield City Centerville City Central Davis Sewer District

N/A N/A N/A N/A N/A

(772) (1,105) — (638) (496)

5,676 472 — 4,690 3,645

(5,634) (2,311) — (4,655) (3,618)

— 36 — — —

133 33 — 110 86

— — — — —

Central Iron County Water Conservancy District Central Utah Counseling Center Central Utah Public Health Central Utah Water District Central Weber Sewer District

N/A N/A N/A N/A N/A

(558) (1,593) (1,457) (2,683) (2,328)

4,105 11,716 10,712 19,729 17,121

(4,075) (11,628) (10,632) (19,582) (16,993)

— — — — —

96 275 252 464 402

— — — — —

256

2014 Comprehensive Annual Financial Report

— — — — —



Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Total Employer Net Pension Expense



— — — — —



45 11 82 31,271 21

357 87 652 249,141 163

— — — — —



108 26 197 75,363 49

— — — — —



465 113 849 324,504 212

3,304 801 6,029 2,303,762 1,510

— — — — —



— — — — —



3,304 801 6,029 2,303,762 1,510



— — — — —



48 9,043 784 — —

382 18,240 6,243 — —

— — — — —



116 52,890 1,888 — —

— — — — —



498 71,130 8,131 — —

3,534 99,487 57,725 — —

— — — — —



— (48,305) — — —

3,534 51,182 57,725 — —



— — — — —



— 118 36 20 —

— 938 285 156 —

— — — — —



— 284 86 47 —

— — — — —



— 1,222 371 203 —

— 8,674 2,631 1,440 —

— — — — —



— — — — —



— 8,674 2,631 1,440 —



— — — — —



99 605 649 33 103

787 4,818 5,168 265 823

— — — — —



238 1,457 1,563 80 249

— — — — —



1,025 6,275 6,731 345 1,072

7,274 44,553 47,784 2,454 7,608

— — — — —



— — — — —



7,274 44,553 47,784 2,454 7,608



— — — — —



893 — 317 269 25

2,398 — 2,525 2,141 202

— — — — —



1,495 — 764 648 61

— — — — —



3,893 — 3,289 2,789 263

44,658 — 23,349 19,799 1,871

— — — — —



— — — — —



44,658 — 23,349 19,799 1,871



— — — — —



— 37 60 356 4

— — 343 2,833 34

— — — — —



— 48 126 857 10

— — — — —



— 48 469 3,690 44

— 1,398 3,823 26,200 310

— — — — —



— — — — —



— 1,398 3,823 26,200 310



— — — — —



1,148 23 917 26 3,184

8,399 184 3,167 210 25,370

— — — — —



2,664 56 1,634 64 7,674

— — — — —



11,063 240 4,801 274 33,044

81,260 1,702 49,029 1,943 234,595

— — — — —



— — — — —



81,260 1,702 49,029 1,943 234,595



— — — — —



36 69 694 6,024 —

285 548 3,958 11,552 —

— — — — —



86 166 2,147 28,512 —

— — — — —



371 714 6,105 40,064 —

2,638 5,069 38,219 119,705 —

— — — — —



— — (868) (23,867) —

2,638 5,069 37,351 95,838 —



— — — — —



4,628 199 20,983 836 —

36,875 1,586 167,171 4,786 —

— — — — —



11,154 480 50,568 1,754 —

— — — — —



48,029 2,066 217,739 6,540 —

340,977 14,663 1,545,801 53,195 —

— — — — —



— — — — —



340,977 14,663 1,545,801 53,195 —



— — — — —



1,522 31 37 9,891 50

12,129 244 295 22,928 395

— — — — —



3,669 74 89 65,479 119

— — — — —



15,798 318 384 88,407 514

112,158 2,261 2,724 61,249 3,649

— — — — —



— — — (61,865) —

112,158 2,261 2,724 (616) 3,649



— — — — —



133 69 — 110 86

1,063 — — 878 682

— — — — —



321 90 — 266 206

— — — — —



1,384 90 — 1,144 888

9,825 2,617 — 8,117 6,309

— — — — —



— — — — —



9,825 2,617 — 8,117 6,309



— — — — —



96 275 252 464 402

768 2,193 2,005 3,693 3,205

— — — — —



232 663 607 1,117 969

— — — — —



1,000 2,856 2,612 4,810 4,174

7,106 20,278 18,540 34,147 29,633

— — — — —



— — — — —



7,106 20,278 18,540 34,147 29,633

2014 Comprehensive Annual Financial Report

257

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

City of Woodland Hills Clearfield City Cleveland Town Clinton City Coalville City

N/A $ N/A N/A N/A N/A

— (5,868) (78) (82,376) (287)

— 20,792 573 258,118 2,110

— (26,020) (568) (357,622) (2,095)

— 105 — 264 —

— 552 13 6,923 50

— — — — —

Color Country Uniserv Corinne City Cottonwood Heights City Cottonwood Heights P&R Services Cottonwood Improvement District

N/A N/A N/A N/A N/A

(39) — (7,808) (574) (461)

284 — 10,479 4,223 3,392

(282) — (21,704) (4,192) (3,366)

— — 221 — —

7 — 379 99 80

— — — — —

Council On Aging—Golden Age Center Special Service District Daggett County Daggett School District Davis & Weber County Canal Davis Applied Technology Center

N/A N/A N/A N/A N/A

(285) (1,599) (716) (202) (661)

2,096 6,067 5,266 1,486 4,859

(2,081) (7,392) (5,227) (1,475) (4,823)

— 27 — — —

49 158 124 35 114

— — — — —

Davis Behavioral Health Davis County Davis County Housing Davis County Mosquito Abatement Davis School District

N/A N/A N/A N/A N/A

(7,118) (53,227) (470) (243) (122,081)

52,347 117,232 3,460 1,791 897,820

(51,957) (182,380) (3,434) (1,777) (891,124)

— 1,292 — — —

1,230 3,531 81 42 21,094

— — — — —

Davis Uniserv DDI Advantage Delta City Dixie Applied Technology College Dixie State College

N/A N/A N/A N/A N/A

— (5,445) (412) — (4,232)

— 40,042 3,032 — 23,782

— (39,744) (3,010) — (25,373)

— — — — 35

— 941 71 — 579

— — — — —

Draper City Duchesne City Duchesne County Duchesne County Mosquito District Duchesne County Water Conservancy District

N/A N/A N/A N/A N/A

(9,165) — (20,363) — —

24,751 — 40,508 — —

(34,835) — (66,510) — —

201 — 515 — —

703 — 1,261 — —

— — — — —

Duchesne School District Eagle Mountain City East Carbon City East Duchesne Culinary Water Improvement District East Hollywood High School

N/A N/A N/A N/A N/A

(17,265) (2,740) (390) — (1,683)

126,971 20,147 2,864 — 12,379

(126,024) (19,997) (2,843) — (12,287)

— — — — —



2,983 473 67 — 291

— — — — —

Educators Mutual Insurance Elk Ridge Town Emery County Emery County Care and Rehabilitation Center Emery County Recreation Special Service District

N/A N/A N/A N/A N/A

(2,365) (364) (4,097) (1,067) (386)

17,391 2,676 11,867 7,849 2,841

(17,261) (2,656) (16,177) (7,791) (2,820)

— — 86 — —

409 63 330 184 67

— — — — —

Emery School District Emery Town Emery Water Conservancy District Enoch City Enterprise City

N/A N/A N/A N/A N/A

(4,577) — (524) (672) (203)

33,660 — 3,854 3,068 1,491

(33,409) — (3,825) (3,496) (1,480)

— — — 9 —

791 — 91 77 35

— — — — —

Ephraim City Escalante Town Eureka City Fairview City Farmington City

N/A N/A N/A N/A N/A

(1,981) — — (11) (52,406)

5,067 — — 82 170,635

(7,317) — — (81) (231,961)

45 — — — 168

146 — — 2 4,540

— — — — —

Farr West City Fast Forward Charter High School Ferron City Fillmore City Five-County Association of Governments

N/A N/A N/A N/A N/A

— (772) (68) (179) (2,040)

— 5,675 501 1,316 15,001

— (5,633) (497) (1,306) (14,889)

— — — — —



— 133 12 31 352

— — — — —

Fountain Green City Four Corners Mental Health Fox Hollow Golf Course Francis Town Fruit Heights City

N/A N/A N/A N/A N/A

— (2,228) — — (297)

— 16,386 — — 2,186

— (16,263) — — (2,170)

— — — — —



— 385 — — 51

— — — — —

258 2014 Comprehensive Annual Financial Report

Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Total Employer Net Pension Expense



— — — — —



— 657 13 7,187 50

— 3,634 107 14,458 395

— — — — —



— 1,361 32 46,400 119

— — — — —



— 4,995 139 60,858 514

— 41,245 991 42,027 3,653

— — — — —



— — — (43,860) —

— 41,245 991 (1,833) 3,653



— — — — —



7 — 600 99 80

53 — 1,419 790 635

— — — — —



16 — 979 239 192

— — — — —



69 — 2,398 1,029 827

491 — 29,179 7,310 5,870

— — — — —



— — — — —



491 — 29,179 7,310 5,870



— — — — —



49 185 124 35 114

392 1,070 986 278 910

— — — — —



119 391 298 84 275

— — — — —



511 1,461 1,284 362 1,185

3,628 11,840 9,114 2,573 8,410

— — — — —



— — — — —



3,628 11,840 9,114 2,573 8,410



— — — — —



1,230 4,823 81 42 21,094

9,798 18,775 648 335 168,055

— — — — —



2,964 8,890 196 101 50,835

— — — — —



12,762 27,665 844 436 218,890

90,604 267,404 5,989 3,099 1,553,978

— — — — —



— — — — —



90,604 267,404 5,989 3,099 1,553,978



— — — — —



— 941 71 — 614

— 7,495 568 — 4,367

— — — — —



— 2,267 172 — 1,407

— — — — —



— 9,762 740 — 5,774

— 69,307 5,248 — 42,891

— — — — —



— — — — —



— 69,307 5,248 — 42,891



— — — — —



904 — 1,776 — —

4,140 — 6,320 — —

— — — — —



1,751 — 3,191 — —

— — — — —



5,891 — 9,511 — —

52,872 — 95,809 — —

— — — — —



— — — — —



52,872 — 95,809 — —



— — — — —



2,983 473 67 — 291

23,767 3,771 536 — 2,317

— — — — —



7,189 1,141 162 — 701

— — — — —



30,956 4,912 698 — 3,018

219,765 34,871 4,958 — 21,426

— — — — —



— — — — —



219,765 34,871 4,958 — 21,426



— — — — —



409 63 416 184 67

3,255 501 2,010 1,469 532

— — — — —



985 151 822 444 161

— — — — —



4,240 652 2,832 1,913 693

30,101 4,631 24,836 13,586 4,917

— — — — —



— — — — —



30,101 4,631 24,836 13,586 4,917



— — — — —



791 — 91 86 35

6,301 — 721 553 279

— — — — —



1,906 — 218 189 84

— — — — —



8,207 — 939 742 363

58,260 — 6,671 5,751 2,581

— — — — —



— — — — —



58,260 — 6,671 5,751 2,581



— — — — —



191 — — 2 4,708

839 — — 15 11,120

— — — — —



365 — — 5 29,205

— — — — —



1,204 — — 20 40,325

11,006 — — 142 46,868

— — — — —



— — — — (26,954)

11,006 — — 142 19,914



— — — — —



— 133 12 31 352

— 1,062 94 246 2,808

— — — — —



— 321 28 74 849

— — — — —



— 1,383 122 320 3,657

— 9,823 868 2,277 25,965

— — — — —



— — — — —



— 9,823 868 2,277 25,965



— — — — —



— 385 — — 51

— 3,067 — — 409

— — — — —



— 928 — — 124

— — — — —



— 3,995 — — 533

— 28,361 — — 3,784

— — — — —



— — — — —



— 28,361 — — 3,784

2014 Comprehensive Annual Financial Report

259

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

Garden City Garden City Fire District Garfield County Garfield School District Garland City

N/A $ N/A N/A N/A N/A

(244) (1,395) (5,694) (1,774) —

1,795 597 7,471 13,045 —

(1,781) (2,919) (15,699) (12,947) —

— 46 162 — —

42 41 273 306 —

— — — — —

Genola Town Goshen Town Grand County Grand County Cemetery Maintenance District Grand County Water Sewer /Service

N/A N/A N/A N/A N/A

— (80) (8,242) — —

— 589 22,319 — —

— (585) (31,373) — —

— — 180 — —

— 14 633 — —

— — — — —

Grand School District Granger-Hunter Improvement District Granite School District Granite Uniserv Grantsville City

N/A N/A N/A N/A N/A

(6,551) (1,586) (143,027) — (4,036)

48,174 11,666 1,051,857 — 5,080

(47,815) (11,579) (1,044,012) — (10,966)

— — — — 116

1,132 274 24,713 — 189

— — — — —

Green River City Gunnison City Gunnison Valley Hospital Harrisville City Heber City

N/A N/A N/A N/A N/A

(126) (190) (2,809) (2,132) (8,430)

928 1,400 20,661 2,153 19,666

(921) (1,389) (20,507) (5,393) (29,710)

— — — 64 199

22 33 485 89 582

— — — — —

Heber Light & Power Heber Valley Historic Railroad Authority Heber Valley Special District Helper City Herriman City

N/A N/A N/A N/A N/A

(1,380) (668) — (423) (2,979)

10,148 4,913 — 2,392 21,910

(10,073) (4,876) — (2,548) (21,746)

— — — 3 —

238 115 — 58 515

— — — — —

High Desert Uniserv High School Activity Association Highland City Hinckley Town Holladay City

N/A N/A N/A N/A N/A

(39) — (1,605) — (210)

284 — 11,804 — 1,547

(282) — (11,716) — (1,536)

— — — — —



7 — 277 — 36

— — — — —

Honeyville City Hooper City Hooper Water Improvement District Housing Authority of Carbon County Housing Authority of Salt Lake City

N/A N/A N/A N/A N/A

— (304) (117) — (3,164)

— 2,236 859 — 23,266

— (2,219) (852) — (23,093)

— — — — —



— 53 20 — 547

— — — — —

Housing Authority of Salt Lake County Housing Authority Ogden City Huntington City Hurricane City Hyde Park City

N/A N/A N/A N/A N/A

(4,125) — (130) (58,611) —

30,335 — 958 195,703 —

(30,108) — (951) (264,084) —

— — — 86 —

713 — 23 5,171 —

— — — — —

Hyrum City Impact Mitigation Special Service District Intech Collegiate Charter High School Iron County Iron School District

N/A N/A N/A N/A N/A

(380) — (709) (18,389) (16,226)

2,797 — 5,216 40,650 119,334

(2,776) — (5,177) (63,119) (118,443)

— — — 446 —

66 — 123 1,223 2,804

— — — — —

Itineris High School Ivins City Jordan River Commission Jordan School District Jordan Uniserv

N/A N/A N/A N/A N/A

(654) (23,287) — (137,439) —

4,807 75,614 — 1,010,765 —

(4,771) (102,916) — (1,003,226) —

— 75 — — —

113 2,014 — 23,747 —

— — — — —

Jordan Valley Water Conservancy District Jordanelle Special Service District Juab County Juab School District Kamas City

N/A N/A N/A N/A N/A

(2,956) (188) (9,343) (3,141) —

21,741 1,385 9,637 23,098 —

(21,579) (1,375) (23,788) (22,926) —

— — 278 — —

511 33 394 543 —

— — — — —

Kanab City Kane County Kane County Water Conservancy District Kane School District Kaysville City

N/A N/A N/A N/A N/A

(13,897) (7,915) (485) (4,139) (4,467)

48,125 33,832 3,568 30,436 13,615

(64,072) (39,448) (3,542) (30,209) (18,145)

— 115 — — 91

1,260 863 84 715 374

— — — — —

260

2014 Comprehensive Annual Financial Report

Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Total Employer Net Pension Expense



— — — — —



42 87 435 306 —

336 — 1,001 2,442 —

— — — — —



102 113 706 739 —

— — — — —



438 113 1,707 3,181 —

3,106 3,306 21,022 22,578 —

— — — — —



— — — — —



3,106 3,306 21,022 22,578 —



— — — — —



— 14 813 — —

— 110 3,735 — —

— — — — —



— 33 1,578 — —

— — — — —



— 143 5,313 — —

— 1,020 47,638 — —

— — — — —



— — — — —



— 1,020 47,638 — —



— — — — —



1,132 274 24,713 — 305

9,017 2,184 196,888 — 667

— — — — —



2,728 661 59,557 — 490

— — — — —



11,745 2,845 256,445 — 1,157

83,382 20,192 1,820,591 — 14,580

— — — — —



— — — — —



83,382 20,192 1,820,591 — 14,580



— — — — —



22 33 485 153 781

174 262 3,867 247 3,192

— — — — —



53 79 1,170 233 1,462

— — — — —



227 341 5,037 480 4,654

1,606 2,423 35,761 6,909 43,992

— — — — —



— — — — —



1,606 2,423 35,761 6,909 43,992



— — — — —



238 115 — 61 515

1,900 920 — 440 4,101

— — — — —



575 278 — 141 1,241

— — — — —



2,475 1,198 — 581 5,342

17,565 8,503 — 4,310 37,922

— — — — —



— — — — —



17,565 8,503 — 4,310 37,922



— — — — —



7 — 277 — 36

53 — 2,209 — 290

— — — — —



16 — 668 — 88

— — — — —



69 — 2,877 — 378

491 — 20,430 — 2,678

— — — — —



— — — — —



491 — 20,430 — 2,678



— — — — —



— 53 20 — 547

— 418 161 — 4,355

— — — — —



— 127 49 — 1,317

— — — — —



— 545 210 — 5,672

— 3,869 1,486 — 40,270

— — — — —



— — — — —



— 3,869 1,486 — 40,270



— — — — —



713 — 23 5,257 —

5,678 — 179 11,710 —

— — — — —



1,718 — 54 34,540 —

— — — — —



7,396 — 233 46,250 —

52,504 — 1,658 32,065 —

— — — — —



— — — (32,636) —

52,504 — 1,658 (571) —



— — — — —



66 — 123 1,669 2,804

523 — 976 6,516 22,337

— — — — —



158 — 295 3,078 6,757

— — — — —



681 — 1,271 9,594 29,094

4,841 — 9,029 92,605 206,547

— — — — —



— — — — —



4,841 — 9,029 92,605 206,547



— — — — —



113 2,089 — 23,747 —

900 4,899 — 189,197 —

— — — — —



272 12,967 — 57,230 —

— — — — —



1,172 17,866 — 246,427 —

8,320 20,496 — 1,749,466 —

— — — — —



— (11,979) — — —

8,320 8,517 — 1,749,466 —



— — — — —



511 33 672 543 —

4,070 259 1,121 4,324 —

— — — — —



1,231 78 1,031 1,308 —

— — — — —



5,301 337 2,152 5,632 —

37,630 2,397 30,574 39,979 —

— — — — —



— — — — —



37,630 2,397 30,574 39,979 —



— — — — —



1,260 978 84 715 465

2,850 6,051 668 5,697 2,326

— — — — —



8,534 2,115 202 1,723 929

— — — — —



11,384 8,166 870 7,420 3,255

5,790 64,290 6,176 52,680 28,089

— — — — —



(8,134) — — — —

(2,344) 64,290 6,176 52,680 28,089

2014 Comprehensive Annual Financial Report

261

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

Kearns Improvement District LaVerkin City Layton City Leeds Area Special Service District Lehi City

N/A $ N/A N/A N/A N/A

(984) (158) (660,662) (14,041) (318,402)

7,238 1,165 2,219,507 47,669 1,062,797

(7,184) (1,156) (2,992,418) (64,075) (1,435,393)

— — 488 — 392

170 27 58,525 1,253 28,076

— — — — —

Levan Town Lewiston City Liberty Academy Charter School Lindon City Logan City

N/A N/A N/A N/A N/A

— — (2,976) (851) (359,486)

— — 21,884 6,262 3,190,778

— — (21,721) (6,215) (3,286,096)

— — — — 536

— — 514 147 67,823

— — — — —

Logan School District Lone Peak Safety District Maeser Water District Magna Mosquito Abatement Manila Town

N/A N/A N/A N/A N/A

(15,787) (68,103) (216) — —

116,104 561,705 1,588 — —

(115,238) (587,562) (1,576) — —

— 268 — — —

2,728 12,028 37 — —

— — — — —

Manti City Mantua City Mapleton City Marriott/Slaterville City Mayfield Town

N/A N/A N/A N/A N/A

(703) (194) (2,720) — —

5,172 1,427 2,122 — —

(5,133) (1,416) (6,410) — —

— — 84 — —

122 34 101 — —

— — — — —

Mendon City Metro Water District— SLC/Sandy Midvale City Midvalley Improvement District Midway City

N/A N/A N/A N/A N/A

— (1,277) (3,513) (543) (723)

— 9,389 25,834 3,997 5,319

— (9,319) (25,642) (3,967) (5,280)

— — — — —



— 221 607 94 125

— — — — —

Milford City Military Installation Development Authority Millard County Millard County Care and Rehabilitation, Inc Millard School District

N/A N/A N/A N/A N/A

(342) — (9,413) (2,006) (5,794)

2,515 — 12,339 14,750 42,610

(2,496) — (25,944) (14,640) (42,292)

— — 268 — —

59 — 451 347 1,001

— — — — —

Millville City Minersville Town Moab City Moab Valley Fire District Monroe City

N/A N/A N/A N/A N/A

— — (2,904) (28,634) (99)

— — 6,715 95,256 731

— — (10,189) (129,040) (725)

— — 69 22 —

— — 200 2,517 17

— — — — —

Monticello Academy Monticello City Morgan City Morgan County Morgan School District

N/A N/A N/A N/A N/A

(2,951) (1,595) (81) (2,532) (3,504)

21,701 3,735 593 9,549 25,769

(21,539) (5,630) (589) (11,662) (25,577)

— 38 — 43 —

510 110 14 250 605

— — — — —

Moroni City Mountain Regional Water Special Service District Mountainland Applied Technology Center Mountainland Association of Governments Mt Olympus Improvement Dist

N/A N/A N/A N/A N/A

(255) (1,350) — (1,241) (708)

1,875 9,926 — 9,124 5,210

(1,861) (9,852) — (9,056) (5,171)

— — — — —



44 233 — 214 122

— — — — —

Mt Pleasant City Murray City Murray School District Myton City Naples City

N/A N/A N/A N/A N/A

(477) (707,580) (11,167) — (1,578)

3,508 2,352,098 82,127 — 1,131

(3,482) (3,183,310) (81,514) — (3,644)

— 857 — — 49

82 62,184 1,930 — 56

— — — — —

Nebo Credit Union Nebo School District Nephi City Nibley City Noah Webster Academy, Inc

N/A N/A N/A N/A N/A

(105) (77,286) (1,873) (1,090) (2,374)

773 568,382 2,231 8,017 17,456

(767) (564,143) (4,994) (7,958) (17,326)

— — 54 — —

18 13,354 85 188 410

— — — — —

North Davis County Sewer District North Davis Fire District North East Counseling Center North Emery Waters Users Special Service District North Fork Special Service District

N/A N/A N/A N/A N/A

(464) (184,715) (1,886) (321) (4,109)

3,410 618,889 13,869 2,364 13,951

(3,385) (836,091) (13,766) (2,346) (18,753)

— 91 — — —

80 16,323 326 56 367

— — — — —

262

2014 Comprehensive Annual Financial Report

Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Total Employer Net Pension Expense



— — — — —



170 27 59,013 1,253 28,468

1,355 218 125,483 2,592 61,822

— — — — —



410 66 398,909 8,670 189,287

— — — — —



1,765 284 524,392 11,262 251,109

12,528 2,016 231,715 2,837 145,632

— — — — —



— — (381,399) (8,361) (179,824)

12,528 2,016 (149,684) (5,524) (34,192)



— — — — —



— — 514 147 68,359

— — 4,096 1,172 370,671

— — — — —



— — 1,239 355 429,512

— — — — —



— — 5,335 1,527 800,183

— — 37,878 10,839 100,523

— — — — —



— — — — (328,461)

— — 37,878 10,839 (227,938)



— — — — —



2,728 12,296 37 — —

21,733 64,337 297 — —

— — — — —



6,574 76,453 90 — —

— — — — —



28,307 140,790 387 — —

200,958 14,520 2,749 — —

— — — — —



— (58,537) — — —

200,958 (44,017) 2,749 — —



— — — — —



122 34 185 — —

968 267 191 — —

— — — — —



293 81 267 — —

— — — — —



1,261 348 458 — —

8,951 2,470 7,877 — —

— — — — —



— — — — —



8,951 2,470 7,877 — —



— — — — —



— 221 607 94 125

— 1,757 4,836 748 996

— — — — —



— 532 1,463 226 301

— — — — —



— 2,289 6,299 974 1,297

— 16,250 44,715 6,918 9,207

— — — — —



— — — — —



— 16,250 44,715 6,918 9,207



— — — — —



59 — 719 347 1,001

471 — 1,652 2,761 7,976

— — — — —



142 — 1,166 835 2,413

— — — — —



613 — 2,818 3,596 10,389

4,353 — 34,738 25,529 73,750

— — — — —



— — — — —



4,353 — 34,738 25,529 73,750



— — — — —



— — 269 2,539 17

— — 1,088 5,165 137

— — — — —



— — 500 17,329 41

— — — — —



— — 1,588 22,494 178

— — 15,065 7,217 1,265

— — — — —



— — — (16,658) —

— — 15,065 (9,441) 1,265



— — — — —



510 148 14 293 605

4,062 607 111 1,683 4,823

— — — — —



1,229 278 34 615 1,459

— — — — —



5,291 885 145 2,298 6,282

37,560 8,344 1,026 18,661 44,602

— — — — —



— — — — —



37,560 8,344 1,026 18,661 44,602



— — — — —



44 233 — 214 122

351 1,858 — 1,708 975

— — — — —



106 562 — 517 295

— — — — —



457 2,420 — 2,225 1,270

3,245 17,179 — 15,793 9,018

— — — — —



— — — — —



3,245 17,179 — 15,793 9,018



— — — — —



82 63,041 1,930 — 105

657 134,141 15,373 — 91

— — — — —



199 421,449 4,650 — 150

— — — — —



856 555,590 20,023 — 241

6,072 287,712 142,147 — 4,421

— — — — —



— (401,545) — — —

6,072 (113,833) 142,147 — 4,421



— — — — —



18 13,354 139 188 410

145 106,391 284 1,501 3,267

— — — — —



44 32,182 221 454 988

— — — — —



189 138,573 505 1,955 4,255

1,338 983,776 6,577 13,877 30,213

— — — — —





— — — — —



80 16,414 326 56 367

638 33,591 2,596 442 759

— — — — —



193 112,577 785 134 2,538

— — — — —



831 146,168 3,381 576 3,297

5,903 43,348 24,006 4,091 830

— — — — —



— — — — —



1,338 983,776 6,577 13,877 30,213

— (108,344) — — (2,447)

5,903 (64,996) 24,006 4,091 (1,617)

2014 Comprehensive Annual Financial Report

263

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

North Logan City North Ogden City North Pointe Solid Waste Special Service District North Salt Lake City North Sanpete School District

N/A $ N/A N/A N/A N/A

(24,340) (6,304) (1,081) (4,614) (3,264)

82,101 10,693 7,951 15,245 24,008

(110,235) (19,201) (7,892) (19,630) (23,829)

36 168 — 88 —

2,165 352 187 411 564

— — — — —

North Summit School District North Tooele County Fire Protection Service District North View Fire Agency Northern Utah Academy of Math, Engineering and Science Charter School Oakley City

N/A N/A N/A N/A N/A

(1,377) (21,986) (97,872) (1,309) —

10,125 66,658 315,514 9,627 —

(10,050) (93,681) (432,674) (9,555) —

— 88 184 — —

238 1,802 8,400 226 —

— — — — —

Ogden City Ogden School District Ogden Weber/NEA/UEA Uniserv Ogden-Weber Applied Technology Center Oquirrh Recreation and Parks District

N/A N/A N/A N/A N/A

(689,420) (49,494) (434) (619) —

6,028,103 363,994 3,193 4,555 —

(6,227,697) (361,279) (3,169) (4,521) —

1,385 — — — —

128,318 8,552 75 107 —

— — — — —

Orangeville City Orderville Town Orem City Panguitch City Paragonah Town

N/A N/A N/A N/A N/A

— — (476,725) (270) —

— — 4,283,838 1,987 —

— — (4,403,540) (1,973) —

— — 542 — —

— — 90,885 47 —

— — — — —

Park City Park City Fire Service District Park City School District Parowan City Payson City

N/A N/A N/A N/A N/A

(22,838) (642,762) (17,568) (1,507) (23,330)

110,768 5,832,313 129,197 2,161 84,228

(123,710) (5,988,815) (128,233) (4,293) (108,930)

269 578 — 42 78

2,764 123,502 3,035 76 2,196

— — — — —

Perry City Piute County Piute School District Plain City Pleasant Grove City

N/A N/A N/A N/A N/A

(800) (263) (777) (175) (142,292)

968 1,933 5,718 1,288 482,872

(2,145) (1,918) (5,675) (1,278) (648,612)

23 — — — 45

37 45 134 30 12,701

— — — — —

Pleasant View City Price City Price River Water Improvement Providence City Provo City Corp

N/A N/A N/A N/A N/A

(451) (17,406) (488) (115) (602,637)

826 61,206 3,591 847 5,403,440

(1,419) (80,469) (3,564) (841) (5,549,312)

12 33 — — 637

27 1,602 84 20 114,832

— — — — —

Provo Housing Authority Provo River Water Users Provo School District Randolph Town Recreation and Habilitation Services

N/A N/A N/A N/A N/A

(1,121) (629) (54,600) — (21)

8,242 4,627 401,542 — 152

(8,181) (4,593) (398,547) — (151)



194 109 9,434 — 4

— — — — —

Redmond Town Rich County Rich School District Richfield City Richmond City

N/A N/A N/A N/A N/A

— (2,565) (1,552) (871) —

— 9,849 11,417 1,925 —

— (11,946) (11,331) (2,990) —

— 42 — 21 —

— 257 268 58 —

— — — — —

Riverdale City Riverton City Roosevelt City Roosevelt City Housing Authority Roy City

N/A N/A N/A N/A N/A

(124,387) (4,441) (3,482) — (275,016)

419,267 32,658 11,072 — 894,380

(564,972) (32,415) (14,489) — (1,221,050)

44 — 68 — 529

11,044 767 301 — 23,769

— — — — —

Roy Water Conservancy District Salem City Salina City Salt Lake Arts Academy Salt Lake City

N/A — N/A (1,940) N/A — N/A (1,852) N/A (2,976,444)

— — 3,934 (6,393) — — 13,623 (13,521) 26,973,701 (27,661,496)

— 49 — — 2,274

— 121 — 320 572,212

— — — — —

Salt Lake City Library Salt Lake City Mosquito Abatement Salt Lake City Sub. Sanitation #1 Salt Lake Community College Salt Lake County

N/A N/A N/A N/A N/A

— — — — 4,832

578 36 69 2,906 20,429

— — — — —

264

2014 Comprehensive Annual Financial Report

(3,347) (207) (398) (16,819) (240,893)

24,613 1,524 2,924 123,689 745,868

(24,430) (1,513) (2,902) (122,767) (987,268)

— — — — —

Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Total Employer Net Pension Expense



— — — — —



2,201 520 187 499 564

5,124 1,589 1,488 2,638 4,494

— — — — —



14,291 899 450 1,017 1,359

— — — — —



19,415 2,488 1,938 3,655 5,853

16,113 26,897 13,762 30,782 41,554

— — — — —



(13,413) — — — —

2,700 26,897 13,762 30,782 41,554



— — — — —



238 1,890 8,584 226 —

1,895 3,562 17,026 1,802 —

— — — — —



573 12,133 57,406 545 —

— — — — —



2,468 15,695 74,432 2,347 —

17,526 10,276 32,030 16,663 —

— — — — —



— (11,490) (54,917) — —

17,526 (1,214) (22,887) 16,663 —



— — — — —



129,703 8,552 75 107 —

698,167 68,133 598 853 —

— — — — —



813,418 20,610 181 258 —

— — — — —



1,511,585 88,743 779 1,111 —

179,427 630,014 5,526 7,884 —

— — — — —



(622,291) — — — —

(442,864) 630,014 5,526 7,884 —



— — — — —



— — 91,427 47 —

— — 496,113 372 —

— — — — —



— — 578,512 113 —

— — — — —



— — 1,074,625 485 —

— — 78,351 3,440 —

— — — — —



— — (443,860) — —

— — (365,509) 3,440 —



— — — — —



3,033 124,080 3,035 118 2,274

20,073 671,648 24,183 301 7,513

— — — — —



6,742 791,954 7,315 195 12,511

— — — — —



26,815 1,463,602 31,498 496 20,024

205,171 (2,558) 223,618 5,838 48,208

— — — — —



— (610,405) — — (10,649)

205,171 (612,963) 223,618 5,838 37,559



— — — — —



60 45 134 30 12,746

125 362 1,070 241 27,188

— — — — —



96 109 324 73 86,926

— — — — —



221 471 1,394 314 114,114

2,833 3,345 9,897 2,229 44,102

— — — — —



— — — — (83,321)

2,833 3,345 9,897 2,229 (39,219)



— — — — —



39 1,635 84 20 115,469

126 4,560 672 159 632,578

— — — — —



67 9,952 203 48 722,266

— — — — —



193 14,512 875 207 1,354,844

2,015 21,792 6,216 1,466 258,281

— — — — —



— (9,002) — — (550,113)

2,015 12,790 6,216 1,466 (291,832)



— — — — —



194 109 9,434 — 4

1,543 866 75,161 — 28

— — — — —



467 262 22,736 — 9

— — — — —



2,010 1,128 97,897 — 37

14,266 8,009 695,003 — 263

— — — — —



— — — — —



14,266 8,009 695,003 — 263



— — — — —



— 299 268 79 —

— 1,739 2,137 309 —

— — — — —



— 632 646 145 —

— — — — —



— 2,371 2,783 454 —

— 19,167 19,760 4,386 —

— — — — —



— — — — —



— 19,167 19,760 4,386 —



— — — — —



11,088 767 369 — 24,298

23,009 6,113 1,905 — 50,414

— — — — —



76,038 1,849 746 — 160,699

— — — — —



99,047 7,962 2,651 — 211,113

31,155 56,526 22,582 — 118,303

— — — — —



(73,120) — — — (152,813)

(41,965) 56,526 22,582 — (34,510)



— — — — —



— 170 — 320 574,486

— 617 — 2,550 3,145,569

— — — — —



— 308 — 771 3,619,835

— — — — —



— 925 — 3,321 6,765,404

— 9,241 — 23,579 894,681

— — — — —



— — — — (2,767,198)

— 9,241 — 23,579 (1,872,517)



— — — — —



578 36 69 2,906 25,261

4,607 285 547 23,152 127,762

— — — — —



1,394 86 166 7,003 50,657

— — — — —



6,001 371 713 30,155 178,419

42,602 2,638 5,061 214,085 1,532,229

— — — — —



— — — — —



42,602 2,638 5,061 214,085 1,532,229

2014 Comprehensive Annual Financial Report

265

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

Salt Lake County Service Area #3 Salt Lake School District San Juan County San Juan Mental Health/Substance Abuse District San Juan School District

N/A $ N/A N/A N/A N/A

— (60,695) (5,614) (776) (11,418)

— 446,370 9,955 5,705 83,974

— (443,041) (17,423) (5,662) (83,347)

— — 148 — —

— 10,487 322 134 1,973

— — — — —

Sandy City Sandy Suburban Improvement District Sanpete County Santa Clara City Santaquin City

N/A N/A N/A N/A N/A

(560,867) (212) (4,872) (982) (978)

5,002,724 1,559 14,425 7,225 7,195

(5,150,393) (1,547) (19,470) (7,171) (7,142)

783 — 101 — —

106,211 37 400 170 169

— — — — —

Saratoga Springs Town Sevier County Sevier School District Six-County Association of Governments Smithfield City

N/A N/A N/A N/A N/A

(43,059) (7,838) (7,800) (276) (45,916)

327,188 12,161 57,363 2,030 159,994

(347,140) (23,022) (56,935) (2,015) (212,374)

260 214 — — —

7,101 415 1,348 48 4,185

— — — — —

Snow College Snyderville Basin Soldier Hollow Charter School Solitude Improvement District South Davis County Sewer Improvement District

N/A N/A N/A N/A N/A

(1,160) (1,060) (362) — (242)

8,532 7,793 2,661 — 1,783

(8,468) (7,735) (2,641) — (1,770)



200 183 63 — 42

— — — — —

South Davis County Water Improvement District South Davis Metro Fire Agcy South Davis Recreation Center South Jordan City South Ogden City

N/A N/A N/A N/A N/A

— (697,717) (427) (537,997) (129,967)

— 2,321,858 3,137 1,806,984 432,970

— (3,144,937) (3,113) (2,435,379) (585,591)

— 517 — 486 139

— 61,341 74 47,657 11,440

— — — — —

South Ogden Conservancy District South Salt Lake City South Sanpete School District South Summit School District South Utah Valley Animal Services Special Service District

N/A N/A N/A N/A N/A

(642) (585,986) (5,774) (3,736) —

4,720 1,993,101 42,464 27,472 —

(4,685) (2,674,580) (42,148) (27,267) —

— 162 — — —

111 52,402 998 645 —

— — — — —

South Utah Valley Electric Service District South Utah Valley Solid Waste South Valley Sewer District South Valley Water Reclamation Facility South Weber City

N/A N/A N/A N/A N/A

(789) (106) (2,781) (1,981) (783)

5,800 778 20,454 14,565 5,756

(5,756) (772) (20,301) (14,457) (5,713)

— — — — —



136 18 481 342 135

— — — — —

Southeastern Utah Asscoc. of Governments Southeastern Utah Health Southern Salt Lake Valley Mosquito Abatement Southern Utah University Southern Utah Valley Power System

N/A N/A N/A N/A N/A

(424) (540) (80) (5,642) —

3,116 3,974 591 41,492 —

(3,093) (3,945) (586) (41,182) —

— — — — —



73 93 14 975 —

— — — — —

Southwest Applied Technology Center Southwest Educational Development Center Southwest Utah Public Health Department Space Dynamics Lab/USU Spanish Fork City

N/A N/A N/A N/A N/A

(2,240) (522) (2,361) (1,004) (7,894)

16,470 3,843 17,365 7,387 37,326

(16,347) (3,814) (17,236) (7,332) (42,038)

— — — — 98

387 90 408 174 936

— — — — —

Spring City Springdale Town Springville City St. George City St. George Housing Authority

N/A N/A N/A N/A N/A

— (520) (42,392) (335,369) (83)

— 365 124,412 1,150,274 607

— (1,194) (175,242) (1,529,297) (603)

— 16 367 716 —

— 19 3,407 30,250 14

— — — — —

State of Utah Stockton Town Success Academy Summit Academy Charter School Summit Academy High School

N/A (1,085,872) N/A — N/A (977) N/A (6,259) N/A (4,218)

4,670,583 — 7,186 46,030 31,022

(5,469,515) — (7,132) (45,687) (30,791)

12,861 — — — —

118,861 — 169 1,081 729

— — — — —

Summit County Summit Mosquito Abatement Dist Sunnyside City Sunset City Sw Behavioral Health Center

N/A N/A N/A N/A N/A

55,809 — — 788 43,908

(62,200) — — (3,857) (43,581)

133 — — 60 —

1,391 — — 55 1,032

— — — — —

266

2014 Comprehensive Annual Financial Report

(11,432) — — (1,844) (5,970)

— — — — —

Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions



— — — — —



— 10,487 470 134 1,973

— 83,552 1,501 1,068 15,718

— — — — —



— 25,274 821 323 4,755

— — — — —



— 108,826 2,322 1,391 20,473

— 772,592 24,598 9,874 145,344

— — — — —





— — — — —



106,994 37 501 170 169

578,506 292 2,453 1,352 1,347

— — — — —



676,398 88 993 409 407

— — — — —



1,254,904 380 3,446 1,761 1,754

87,079 2,698 30,001 12,505 12,454

— — — — —



— — — — —



7,361 629 1,348 48 4,185

38,220 1,751 10,737 380 9,713

— — — — —



43,616 1,063 3,248 115 28,146

— — — — —



81,836 2,814 13,985 495 37,859

37,778 31,747 99,286 3,514 22,266



— — — — —



200 183 63 — 42

1,597 1,459 498 — 334

— — — — —



483 441 151 — 101

— — — — —



2,080 1,900 649 — 435



— — — — —



— 61,858 74 48,143 11,579

— 125,897 587 103,980 24,524

— — — — —



— 422,367 178 323,000 77,750

— — — — —





— — — — —



111 52,564 998 645 —

884 112,785 7,949 5,142 —

— — — — —



267 358,279 2,404 1,556 —

— — — — —



— — — — —



136 18 481 342 135

1,086 146 3,829 2,726 1,077

— — — — —



328 44 1,158 825 326



— — — — —



73 93 14 975 —

583 744 111 7,766 —

— — — — —





— — — — —



387 90 408 174 1,034

3,083 719 3,251 1,383 6,747

— — — — —



— — — — —



— 35 3,774 30,966 14

— 28 9,922 80,972 114



— — — — —



131,722 — 169 1,081 729



— — — — —



1,524 — — 115 1,032

— — — — —

Total Employer Net Pension Expense



— 772,592 24,598 9,874 145,344



(519,065) — — — —

(431,986) 2,698 30,001 12,505 12,454

— — — — —



(32,642) — — — (26,725)

5,136 31,747 99,286 3,514 (4,459)

14,768 13,488 4,605 — 3,086

— — — — —



— — — — —



14,768 13,488 4,605 — 3,086

— 548,264 765 426,980 102,274

— 175,316 5,429 218,707 49,332

— — — — —



— (406,062) — (307,821) (74,199)

— (230,746) 5,429 (89,114) (24,867)



1,151 471,064 10,353 6,698 —

8,170 187,046 73,499 47,550 —

— — — — —



— (343,254) — — —

8,170 (156,208) 73,499 47,550 —

— — — — —



1,414 190 4,987 3,551 1,403

10,038 1,346 35,402 25,210 9,963

— — — — —



— — — — —



10,038 1,346 35,402 25,210 9,963

176 225 33 2,349 —

— — — — —



759 969 144 10,115 —

5,394 6,879 1,022 71,815 —

— — — — —



— — — — —



5,394 6,879 1,022 71,815 —



933 218 983 418 2,284

— — — — —



4,016 937 4,234 1,801 9,031

28,507 6,651 30,057 12,786 69,479

— — — — —



— — — — —



28,507 6,651 30,057 12,786 69,479

— — — — —



— 49 19,441 191,438 34

— — — — —



— 77 29,363 272,410 148

— 1,445 76,785 358,105 1,051

— — — — —



— — (16,463) (175,110) —

— 1,445 60,322 182,995 1,051

776,035 — 1,345 8,616 5,807

— — — — —



349,759 — 407 2,606 1,757

— — — — —



1,125,794 — 1,752 11,222 7,564

7,887,044 — 12,437 79,671 53,695

— — — — —



(88,053) — — — —

7,798,991 — 12,437 79,671 53,695

10,120 — — — 8,219

— — — — —



3,392 — — 150 2,486

— — — — —



13,512 — — 150 10,705

103,246 — — 4,368 75,998

— — — — —



— — — — —

103,246 — — 4,368 75,998



2014 Comprehensive Annual Financial Report

267

Utah Retirement Systems

Aggregation of Funds with a Net Pension Asset (Employer’s Collective Net Pension Asset for All Participating Retirement Systems)

Schedule of Employer Allocations and Pension Amounts

(Continued)

at December 31, 2014 Net Difference Between Projected Differences and Actual Net Pension Net Pension Between Investment Employer Net Pension Liability / (Asset) Liability / (Asset) Expected Earnings on Allocation Liability / (Asset) 1.00% Decrease 1.00% Increase and Actual Pension Plan Changes of Participating Employer Percentage (7.50% Discount) (6.50%) (8.50%) Experience Investments Assumptions

Sw Mosquito Abatement/Control Syracuse City Taylor West Weber Water Improvement District Taylorsville City Taylorsville-Bennion Improvement

N/A $ N/A N/A N/A N/A

(299) (114,990) (299) (1,956) (573)

2,198 377,541 2,199 14,385 4,213

(2,181) (512,734) (2,183) (14,277) (4,182)

— 243 — — —

52 10,015 52 338 99

— — — — —

Timber Lakes Special Service District Timpanogos Special Service District Tintic School District Tooele Applied Tech College Tooele City

N/A N/A N/A N/A N/A

(286) (2,070) (333) (1,192) (12,853)

2,101 15,225 2,449 8,768 27,454

(2,086) (15,112) (2,431) (8,703) (43,397)

— — — — 316

49 358 58 206 835

— — — — —

Tooele County Tooele County Housing Tooele School District Tooele Valley Mosquito Abatement District Torrey Town

N/A N/A N/A N/A N/A

(8,786) (406) (32,900) — (224)

43,453 2,982 241,954 — 1,651

(48,224) (2,960) (240,149) — (1,639)

100 — — — —

1,081 70 5,685 — 39

— — — — —

Trans-Jordan Cities Tremonton City Tridell-Lapoint Water District Tuacahn High School Ucan

N/A N/A N/A N/A N/A

(1,249) (1,885) (676) (951) (196)

9,183 5,179 4,971 6,993 1,444

(9,114) (7,233) (4,934) (6,941) (1,433)

— 41 — — —

216 146 117 164 34

— — — — —

Uintah Animal Control and Shelter Special Service District Uintah Basin Applied Technology Center Uintah Basin Assistance Council Uintah Basin Association of Government Uintah City

N/A N/A N/A N/A N/A

(289) (5,521) (195) (2,041) (244)

2,124 40,603 1,435 15,007 1,794

(2,108) (40,300) (1,424) (14,896) (1,780)

— — — — —



50 954 34 353 42

— — — — —

Uintah County Uintah County Care Center Uintah County Mosquito Abatement Uintah Fire Suppression Special Service District Uintah Highlands Improvment Dist

N/A N/A N/A N/A N/A

(33,467) (3,859) — (25,411) —

97,552 28,377 — 86,272 —

(132,597) (28,166) — (115,962) —

700 — — — —

2,712 667 — 2,268 —

— — — — —

Uintah Recreation District Uintah School District Uintah Transportation Special Service District Uintah Water Conserv District Unified Fire Authority

N/A (781) N/A (30,565) N/A (36) N/A — N/A (3,357,953)

5,747 (5,704) 224,781 (223,104) 268 (266) — — 30,958,039 (31,695,851)

— — — — 1,233

135 5,281 6 — 654,379

— — — — —

Unified Police Department University of Utah University of Utah Hospital Upper Country Water District Utah Association of Counties

N/A N/A N/A N/A N/A

(27,634) (211,003) — — (173)

46,713 1,514,884 — — 1,271

(84,047) (1,512,468) — — (1,262)

737 174 — — —

1,541 35,696 — — 30

— — — — —

Utah Counties Insurance Pool Utah County Utah County Academy of Sciences Utah County Housing Authority Utah Dairy Council

N/A N/A N/A N/A N/A

(118) (31,623) (1,188) (1,089) (143)

871 120,988 8,737 8,011 1,055

(865) (146,949) (8,672) (7,951) (1,047)

— 526 — — —

20 3,159 205 188 25

— — — — —

Utah Education Association Utah Housing Finance Agency Utah Lake Commission Utah League of Cities & Towns Utah Local Governments Trust

N/A N/A N/A N/A N/A

(591) (5,827) — — (73)

4,346 42,850 — — 536

(4,313) (42,531) — — (532)

— — — — —



102 1,007 — — 13

— — — — —

Utah Municipal Power Agency Utah Public Employees Association Utah Retirement Systems Utah Safety Council Utah School Boards Association

N/A N/A N/A N/A N/A

(612) (35) (15,913) (1,364) (514)

4,503 258 117,026 10,031 3,780

(4,469) (257) (116,153) (9,956) (3,752)

— — — — —



106 6 2,749 236 89

— — — — —

Utah School Boards Risk Man Mut Ins Assn Utah School Employee Association Utah State Fair Corporation Utah State University Utah Telecommunication Open Infrastructure Agency

N/A N/A N/A N/A N/A

(313) (101) (1,974) (45,284) (3,436)

2,304 746 14,519 333,032 25,268

(2,287) (740) (14,410) (330,548) (25,080)

— — — — —



54 18 341 7,824 594

— — — — —

268

2014 Comprehensive Annual Financial Report

Utah Retirement Systems



Deferred Outflows of Resources

Deferred Inflows of Resources Pension Expense

Net Amortization of Deferred Amounts from Changes in Changes in Changes in Proportion and Net Proportion and Proportion and Differences Difference Differences Differences Between Between Between Between Employer Projected Employer Employer Contributions Differences and Actual Contributions Proportionate Contributions and Total Between Investment and Total Share of and Proportionate Proportionate Deferred Expected Earnings on Proportionate Deferred Gross Plan Proportionate Share of Share of Outflows of and Actual Pension Plan Changes of Share of Inflows of Pension Share of Nonemployer Contributions Resources Experience Investments Assumptions Contributions Resources Expense Contributions Contributions

Total Employer Net Pension Expense



— — — — —



52 10,258 52 338 99

411 22,643 412 2,693 789

— — — — —



124 66,539 125 814 239

— — — — —



535 89,182 537 3,507 1,028

3,804 68,719 3,806 24,897 7,292

— — — — —



— (62,642) — — —

3,804 6,077 3,806 24,897 7,292



— — — — —



49 358 58 206 1,151

393 2,850 458 1,641 4,364

— — — — —



119 862 139 496 2,105

— — — — —



512 3,712