2008 Comprehensive Annual Financial Report (CAFR)

The 2008 Comprehensive Annual Financial Report contains detailed information on DRS membership, financial statements, investment performance and actuarial methodology. The 196 page report is presented in five sections below. (Requires Adobe Reader to view.)

2008 Contents

Introductory Section
Message from the Director, Pension Related Committees and Agencies, Letter of Transmittal, Overview of Agency Operations, Summary of Legislation

Financial Section
Independent Auditor's Report, Management's Discussion and Analysis, Basic Financial Statements, Notes to Financial Statements, Schedules of: Funding Progress, Contributions, Administrative Expenses, Investment Expenses, Payments to Consultants

Investment Section
Investment Activity Report, Summary of Investment Policies, Investment Fees and Commissions, Broker Equity Volume and Commissions, Summary of Investments Owned

Actuarial Section
State Actuary's Certification Letter, Summary of Plan Provisions, Actuarial Assumptions and Methods, Active Member Valuation Data, Retirees and Beneficiaries Added to and Removed from Rolls, Solvency Tests, Analysis of Selected Experience

Statistical Section
Schedules of Additions and Deductions from Plan Net Assets by Source and Type, Distribution of Membership, Benefit Recipients by Type, Average Payments to Retirees, Benefit Expenses and Refunds, List of Covered Employers, Deferred Compensation and Dependent Care