Financial Reports

The Monthly Administrative Expense Reports contain information about SERS’ day-to-day operating expenses and is provided in both summary and detail formats.

SERS is committed to financial transparency. Because we are dedicated to providing easy access to public records, SERS posts monthly administrative expenses and those of the previous fiscal year. The Board reviews these checkbook expenditures every month. If you have questions about these reports or the information contained within them, please contact Tim Barbour, senior manager – external communications, by email at

FY2024 Administrative Expense Reports
July 2023 July 2023
August 2023 August 2023
September 2023 September 2023
October 2023 October 2023
November 2023 November 2023
December 2023 December 2023
January 2024 January 2024
February 2024 February 2024
March 2024 March 2024
April 2024 April 2024
FY2023 Administrative Expense Reports
July 2022 July 2022
August 2022 August 2022
September 2022 September 2022
October 2022 October 2022
November 2022 November 2022
December 2022 December 2022
January 2023 January 2023
February 2023 February 2023
March 2023 March 2023
April 2023 April 2023
May 2023 May 2023
June 2023 June 2023

The Annual Comprehensive Financial Report contains detailed information about SERS’ financial operations, including our stewardship of the funds entrusted to us, and our compliance with all of the legal requirements placed on us by the state. The Annual Comprehensive Financial Report details major initiatives and highlights, investments, and funding for the period from July 1 to June 30.

Publication Name
Annual Comprehensive Financial Report – 2023
Annual Comprehensive Financial Report – 2022
Annual Comprehensive Financial Report – 2021
Annual Comprehensive Financial Report – 2020
Annual Comprehensive Financial Report – 2019
Annual Comprehensive Financial Report – 2018
Annual Comprehensive Financial Report – 2017
Annual Comprehensive Financial Report – 2016
Annual Comprehensive Financial Report – 2015
Annual Comprehensive Financial Report – 2014

The Summary Annual Financial Report (SAFR) is an overview of the financial health, investment performance, demographics, and key accomplishments of the last fiscal year. All of the financial information summarized in this publication can be found in more detail in our Annual Financial Report.

Publication Name
Summary Annual Financial Report (SAFR) – 2023
Summary Annual Financial Report (SAFR) – 2022
Summary Annual Financial Report (SAFR) – 2021
Summary Annual Financial Report (SAFR) – 2020
Summary Annual Financial Report (SAFR) – 2019
Summary Annual Financial Report (SAFR) – 2018
Summary Annual Financial Report (SAFR) – 2017
Summary Annual Financial Report (SAFR) – 2016
Summary Annual Financial Report (SAFR) – 2015
Summary Annual Financial Report (SAFR) – 2014

The Monthly Investment Report is provided to SERS’ Retirement Board at every Board meeting. It contains a snapshot of the System’s investments for the month ending two months before the Board meeting.

Publication Name
Monthly Investment Report


The Actuarial Standards Board (ASB) has revised the Actuarial Standards of Practice No. 4 (ASOP 4) to include a new Low-Default-Risk Obligation Measure (LDROM) calculation.

Public pension plans are now required to disclose the LDROM calculation, which represents what the funding liability would be if a pension plan invested its assets solely in high-quality bonds whose cashflows approximate future benefit payments. It does not take into account a diversified portfolio that not only includes stocks and bonds, but also assets that can generate higher returns, such as real estate and private equity.

In short, the LDROM demonstrates the expected savings to be achieved by investing in assets with higher expected returns other than bonds.



The LDROM is NOT a true measure of the System’s pension liability or the health of the plan.

While SERS is required to disclose it, the LDROM has limited practicality for measuring public pension plans. Assessments of a fund’s financial health rely on multiple measures, not one volatile measurement based on low default risk bonds.

For instance, SERS’ assumed rate of return is 7%. This is the annual investment return SERS’ actuaries expect the System to realize on its investments over a 5-, 10-, or 20-year period. If the System only invested in high quality bonds, the rate of return would be closer to the Treasury yield, which is much lower than 7%.

SERS’ assumed rate of return is higher than what it would be if using the LDROM calculation because the System’s assets are diversified among many types of investments. When the LDROM is compared with SERS’ actual returns, the difference illustrates the value of SERS’ diversified investments and expertise of our investment staff in assembling and maintaining a diversified portfolio.



In addition, ASOP 4 requires pension plans to comment on a “reasonable” actuarially determined contribution rate.  SERS already discloses this percentage in its Annual Basic Benefits Actuarial Valuation. Anything over the actuarially determined contribution rate goes directly toward paying down the System’s liabilities.

SERS’ actuarially determined contribution rate for 2023 was 10.57%, which is more than 3% lower than its employer contribution rate of 14%.

Moreover, in 2015, the SERS Board approved a change to the funding policy, which only allows a portion of the employers’ contribution to be directed to the Health Care Fund if the System is more than 70% funded.

While SERS is currently 76.6% funded, and has been more than 70% funded since FY2017, it has directed all of the employer contribution to the pension fund since FY2019.


SERS is adequately funded due in large part to its diversified portfolio of investments, its funding policy, and the System’s commitment to sustainability.

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