Annual Audit Results
Posted 2/09/18 (Fri)
CliftonLarsonAllen, NDPERS auditor, presented the audit report annual results during the January 2018 Board Meeting. Some of the highlights included an improvement in the accounting funded ratio for the Highway Patrol Retirement System and RHIC. Job Service is a closed plan and continues to be over 100% funded. The DB Hybrid Retirement Plan (Main) experienced a decrease in it’s accounting funded ratio. The main changes in fiduciary net position or the ability to pay all the future benefit payments were:
- Even though contributions increased from a growing active population, this increase was offset by an increase in benefit payments due to an increase in the number of retirees.
- The Main and Highway Patrol Plans experienced strong investment returns of 13.1% during the fiscal year.
The downward trend in funding status for the Main retirement system reinforces the need to research alternative funding methods.