Financial Information

Audit Reports

OkMRF’s financial statements, Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position and the related Notes to the Financial Statements for both the Defined Benefit and Defined Contribution, are audited annually and are now available.

OkMRF received an unmodified opinion and includes the Independent Auditors’ Report on the Internal Control over Financial Reporting and on Compliance and Other Matters. OkMRF exhibits a continued strong internal control environment, does not have disagreements on auditing, accounting, financial reporting matters and has not had any violations of laws, regulations, contracts, agreements or any other required communication matters.

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Actuarial Reports

The OkMRF Actuary prepares an annual valuation of the funding requirements which represents the actuarial position of all of the OkMRF Member plans.  In the report you will find:

  • Comparison of required contribution rates
  • Comparison of plan assets and obligations
  • Funded status of retiree only plans
  • Development of the actuarial value of assets
  • Summary of plan provisions and actuarial method and assumptions
  • Summary of plan participants

The OkMRF Actuary mails the Actuarial Valuation of your retirement plan for funding purposes typically late March of every year.  This valuation determines what your contribution rate will be to fund your Defined Benefit Program for the upcoming budget year.  Available on your OkMRF home page, bottom of page under actuarial reports, named as 20XX Funding Valuation.

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Financial Highlights

Financial Metric 2016 Defined Benefit 2016 Defined Contribution
Fiduciary net position restricted for pension benefits $488,247,370 $295,650,265
Contributions
Municipalities/municipal agencies $17,955,895 $14,074,911
Employees $6,266,356 $6,602,417
Investment income, net $4,339,582 $4,768,236
Investment income on participant loans $323,508
Benefits, including member refunds $27,878,170 $21,084,422
Withdrawal of municipalities
Administrative expenses $964,685 $943,768
Changes in fiduciary net position $(281,022) $3,740,882

 

GASB Reports

The implementation of Governmental Accounting Standards Board Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68), as amended, was implemented as of June 30, 2015, for most OkMRF Members.  From GASB 68’s perspective, pension benefits are a component of the compensation package and employment relationship between the employer and employee.  As a result, each Member’s pension system now requires the employer report on their accrual based financial statements a pension expense, net pension liability, deferred (inflows) outflows and required footnote disclosures for each fiscal year ended.

Since inception, OkMRF Staff, Auditors and Actuary have taken various steps to assist you and your auditors to achieve the required pension amounts and related entries for your audited financial statements and to comply with the disclosure requirements of GASB 68, as amended.

OkMRF prepares an “Audit Packet” specific to each Member whose audited financial statements are prepared using accrual basis of accounting.  It provides additional information necessary to comply with the GASB standards.

OkMRF Actuary mails the GASB 68 accounting valuation report of your Retirement Plan. Available on your OkMRF home page, bottom of page under actuarial reports, named as 20XX Accounting Valuation. Additional information available as follows:

Letter to Support Actuarial GASB 68 Discount Rate

Analysis of Demographic Experience 2007-2011

Auditor’s reports available:

FYE 2016 Examination Report Over Selected Management Assertions Related to Census Data

FYE 2016 Schedule of Changes in Fiduciary Net Position by Employer

OkMRF “Audit Packet” is plan specific and mailed to members, if applicable:

  • Recommended Actuarial Assumptions and Methods
  • Census Data as of July 1
  • Schedule of Employer and Employee Contributions for fiscal year
  • Sample of Accounting Entries for GASB 68
  • OkMRF Web site references for additional information
  • Example of ARC calculation for footnote disclosure

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Investments

OkMRF offers complimentary investment philosophies to help Members with prudent, diversified investing to weather economic trends while still maintaining a conservative approach to investment growth.  Some key investment facts you should know are:

  • Each municipality’s plan is funded separately
  • OkMRF Trustees retain professional investment managers to invest the funds
  • An independent investment consultant evaluates each investment manager in accordance with policies and guidelines established by the OkMRF Trustees

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Defined Benefit: OkMRF DB assets are pooled and invested for conservative long-term growth using complimentary asset classes with various risk levels.  All DB Members are invested in the same pooled fund OkMRF Balanced Fund.


Defined Contribution: OkMRF provides several investment alternatives with varying degrees of risk and reward for DC Participants with access to professional investment advice. One of the decisions Participants need to make is how to invest their money.  Keep in mind fund elections and transfer balances can be made by the Participant at any time through the Plan website, Information Line (888-GO-OKMRF) or mobile app (Search Voya Retire in app store).

What kind of an investor are you?

Everyone has a different approach to investing. That’s why we offer a wide range of options to fit your level of experience, knowledge and interest.

If you like:

  • The convenience of having a professional choose and manage the fund mix
  • Spending your free time not worrying about your investing

Consider: OkMRF Target Retirement Funds

If you like:

  • To be in control
  • To choose and manage your investment mix
  • To keep tabs on your account

Consider: OkMRF Core Funds

If you are an experienced investor who is willing to research, analyze and monitor the investments independently while making informed decisions and understanding the risks associated with the decisions made. You can use Self-Directed Brokerage Account (SDBA) from TD Ameritrade. With the SDBA, you may invest up to 25% of your account balance in a broad range of investments.

Consider: OkMRF SDBA (Visit the TD Ameritrade website or call directly at (866) 766-4015.)

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