Board News Breakdown

June 27, 2022

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These highlights are a summary of topics discussed and actions taken by the COAERS Board.

COAERS Actuarial Valuation Report

At the March meeting of the COAERS Board, Trustees approved the December 31, 2021 actuarial valuation results and adopted a new assumed rate of 6.75%, reduced from 7%. The COAERS actuarial consultant reported that the Fund showed strong investment returns for 2021 which exceeded the assumed rate of return. However, the results based on the reduced assumed rate increased the funding period from 32 years in 2020 to 33 years. The Plan’s funded ratio is 66.5% (70.8% on market value of assets), which is up from 65.3% in 2020. While the results show positive returns on investments over the past three years, which have increased the actuarial value of assets above expectations, the funding period for COAERS is still above the Board’s funding policy target.

Investment Update

The Board also approved updates to the Investment Policy Statement (IPS) and Investment Implementation Plan (IIP). During the meeting, Interim Chief Investment Officer David Stafford reviewed key changes proposed to the IPS and IIP, which require annual reviews of the strategic goals of the investment program, risk budget, the strategic asset allocation parameters, performance benchmarks of the Fund and the key policies that govern its management. Additionally, COAERS Executive Director Christopher Hanson presented reports on the updated administrative budget. To learn about upcoming Board and Committee meetings, visit www.coaers. org/calendar.

2021 Annual Comprehensive Financial Report

The 2021 Annual Comprehensive Financial Report for COAERS is now available. The annual report provides an overview of the retirement system including detailed information about the financial, investment and actuarial aspects of the System. The report reflects the combined efforts of COAERS Staff under the leadership of the Board of Trustees. For the latest copy of the report, visit www.coaers.org/resources/publications. If you have any questions regarding the report and how to access it, please contact us at news@coaers.org or call (512) 458-2551.

Website Accessibility Policy

City of Austin Employees Retirement System is fully committed to providing accessible facilities, elements and channels of communication to all members of the public. As part of this commitment, City of Austin Employees Retirement System has a policy of providing an accessible website compatible with the Web Content Accessibility Guidelines (WCAG 2.1) and commercial screen reading software. All features of the website are coded to allow individuals with vision and other impairments to understand and use the website to the same degree as someone without disabilities. We welcome feedback and can often resolve issues in a timely manner if they arise.

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Ongoing Compliance Information

Compliance Officer

City of Austin Employees Retirement System has designated a compliance officer for website disability-related accommodations. The compliance officer has received training in website accessibility and updates the site in accordance with those best practices. Contact our accessibility officer to report an issue.

Compliance Procedures and Reports

In addition to testing with users with a wide range of disabilities and coding our website to WCAG standards, City of Austin Employees Retirement System regularly scans its website to ensure ongoing compliance, and makes timely changes to any inaccessible changes, if any are found.

Linked Documents and Third Parties

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