About Us 
TO RETIREMENT ASSOCIATION MEMBERS
Your Retirement Association has been in existence since July 1, 1948. The enclosed figures will show you the progress we have made during the year ending June 30, 2001.
Your plan is in a very healthy condition. As of July 1, 2001 members are receiving 4.00% interest semiannually compounded (8.16% annually). This fiscal year plan assets grew from $937,293,283 to $984,546,448 at market value. The Retirement Board continued to diversify the investment management and has developed a new asset allocation.Dodge and Cox will manage 38% of the portfolio in fixed income securities as well as 27% of the portfolio in large cap value equities.Putnam Institutional Management will invest 10% of the portfolio in international equities.Small cap growth equities are managed by Trust Company of the West (TCW) and are targeted for a 10% allocation.The remaining 15% allocation has been awarded to MFS Institutional Investors and was initially funded in July, 2000.
There were no excess earnings for the year ended June 30, 2001. Part of the contingency reserve for market value fluctuations was utilized to be able to continue to grow reserves by the assumed rate of 4.00% semiannually.Prior year excess earnings, however, have been set aside to help reduce employer contributions and fund ad hoc, non-vested benefits to retirees.These additional benefits for 2001 included a graduated Association payment of a retiree=s health insurance premium of $17.00 per year of service up to a maximum of $340 per month; the death benefit of $5,000; and a special cost of living increase for those who retired before April 1, 1981 and experienced unusually high inflation in the late 1970\'s and early 1980\'s.
The accompanying financial statement is from audited records in accordance with Governmental Accounting Standards Board Statement Number 25.Any member desiringto see the full audited financial report may visit the Retirement staff on the 5th Floor (Suite 5800) of Tenth Street Place.
Tom Watson, Retirement Administrator
Stanislaus County Employees? Retirement Association| BONDS |
MARKET VALUE |
| U.S. Government |
$188,756,707 |
| Corporate Bonds |
$141,966,579 |
| Other Bonds-Foreign |
$6,502,990 |
| TOTAL BONDS |
$337,226,276 |
| STOCKS | |
| Technology |
$70,392,772 |
| Capital Goods & Services |
$38,973,406 |
| Energy |
$45,619,183 |
| Materials & Services |
$117,379,517 |
| Consumer |
$128,917,418 |
| Financial |
$90,317,442 |
| Transportation |
$18,040,230 |
| Utilities |
$33,148,071 |
| Miscellaneous Common Stock |
$417,630 |
| Total Domestic Stocks International (Putnam) TOTAL STOCKS |
$543,205,668 $70,530,933 $613,736,601 |
|
FAIR VALUE |
|||
|
ASSETS |
DEFINED BENEFIT PENSION PLAN |
POST EMPLOYMENT HEALTH Benefit |
TOTAL |
| Cash and Cash Equivalents |
$ 24,133,355 |
$ 3,243,889 |
$ 27,377,244 |
| RECEIVABLES:Bond Interest |
4,113,282 |
552,887 |
4,666,169 |
| Stock Dividends Securities Transactions |
665,983 3,703,008 |
89,515 497,741 |
755,478 4,200,749 |
| Contributions |
726,510 |
97,854
|
824,164
|
| TOTAL RECEIVABLES |
9,208,763
|
1,237,797 |
10,446,560
|
| INVESTMENTS (At Fair Value): | |||
| Bonds Government |
166,091,204 |
22,365,503 |
188,756,707 |
| Bonds Corporate |
125,145,169 |
16,821,410 |
141,966,579 |
| Bonds Other |
5,732,460 |
770,530 |
6,502,990 |
| TOTAL BONDS |
297,268,833
|
39,957,443 |
337,226,276 |
|
Stocks-Domestic Stocks-International Total Stocks TOTAL INVESTMENTS TOTAL ASSETS |
478,842,033
62,173,827 541,015,860 838,284,693 $871,626,811
|
64,363,635
8,357,106 72,720,741 112,678,184 $117,159,870
|
543,205,668
70,530,933 613,736,601 950,962,877 $988,786,681
|
LIABILITIES
PAYABLES:
|
Accrued Expenses. |
$ ---
4,240,233
4,240,233 |
$ --- -- --
|
$ ---
4,240,233
4,240,233 |
| NET ASSETS HELD IN TRUST FOR PENSION AND POST-EMPLOYMENT HEALTH BENEFITS. |
$867,386,578
|
$117,159,870
|
$984,546,448
|
STATEMENT OF CHANGES IN PLAN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2001
|
|
|||
|
DEFINED
|
POST
BENEFITS |
TOTAL
| |
| Additions: Contributions: |
|||
| Employer |
$7,509,294 |
$ --- |
$ 7,509,294 |
| Plan members. |
11,227,370 |
_______--- |
11,227,370 |
| Total contributions |
18,736,664
|
______ ---
|
18,736,664
|
| Net appreciation (depreciation)in fair value of assets |
11,028,755 |
--- |
11,028,755 |
| Interest. |
24,666,039 |
--- |
24,666,039 |
| Dividends. |
9,202,665 |
--- |
9,202,665 |
| Gain (Loss) on sale of bonds/stocks. |
23,215,656 |
|
23,215,656 |
| Other Revenue Net investment income. |
310,109 68,423,224 |
_ --- --- |
310,109 68,426,224 |
| Total Additions |
87,159,888
|
---
|
87,159,888
|
| Deductions: | |||
| Benefits |
29,619,447 |
5,346,259 |
34,965,706 |
| Refunds of contributions. |
1,163,380 |
- |
1,163,380 |
| Administrative expenses Investment expenses |
875,041 2,821,312 |
81,284 - |
956,325 2,821,312 |
| Total deductions. |
34,479,180 |
5,427,543 |
39,906,732 |
|
|
|
| |
| Net increase (decrease) |
52,680,708 |
(5,427,543) |
47,253,165 |
| Transfer of assets |
(9,323,611) |
9,323,611 |
--- |
| Net assets held in trust for pension and health benefits:(at market value)Beginning of year,End of year - market value. |
824,029,481
$867,386,578
|
113,263,802
$117,159,870
|
937,293,283
$984,546,448
|
STATISTICS
| Number of Active Members. |
4,235 |
| Number of Retired-for-Service Members |
1,524 |
| Number of Disability Retirements |
307 |
| Number of Survivors Death Benefits |
30 |
| Members Retired During the Year Ending June 30, 2001 |
101 |
| Retired Members Deceased During the Year Ending June 30, 2001 |
56 |
| Retiree Death Benefits Paid During hte Year Ending June 30,2001 |
46 |
| Deferred Retirements |
767 |