Reports

Investment Reports

Investment Update

The City of Milwaukee Pension Fund earned a return of 8.8%, net of fees, in 2016.  This return outperformed the Fund’s blended benchmark by 1.5%. The U.S. economy continued to look healthy in 2016 with reports of beneficial trends in GDP, unemployment, and consumer confidence. Overall, the Fund experienced positive annual returns for all asset classes. In addition, with the exception of private equity, all of the Fund’s assets classes outperformed their respective benchmarks in 2016. The Fund’s public equity allocation returned 9.4%, net of fees, the Fund’s fixed income return was 7.4%, net of fees, and the Fund’s absolute return allocation was up 5.1%, net of fees. Over the prior twelve months ending September 2016, the ERS’ real estate portfolio had a return of 11.4%, net of fees. The market value of the Fund on December 31, 2016 totaled approximately $4.9 billion.

  • Quarterly investment performance reports prepared by ERS’ investment consultant. They include information on current economic and market conditions, the Fund’s asset allocation, investment asset class returns and manager performance.

  • Capital market summaries cover overall market trends.

  • R.V. Kuhns’ annual surveys of the largest American public pension funds.

  • Our statement of investment policy reflects the investment policy, objectives and constraints of the City of Milwaukee Employes’ Retirement System and provides the Annuity and Pension Board with the parameters to invest the assets of the Fund.  We also have a real estate investment policy and a private equity investment policy.

  • An analysis was done to compare the performance of the Fund’s active managers versus the returns of an index fund. The results show that, over the last 10 years, the decision to invest actively has added an estimated $98 million to the Fund. Results also show that, over the prior 20 years, the decision to invest actively has added an estimated $683 million to the Fund on a cumulative basis.

Financial Reports

  • The Annual Report of the Annuity and Pension Board contains a condensed summary of the financial statements for the fiscal year being reported. It also lists the board members, officers and major consultants, including the investment managers.

  • Our Financial Statements present the financial position of the Employes’ Retirement System and the changes in net plan assets for the year then ended. They include the Statement of Net Plan Assets, Statement of Changes in Net Plan Assets, Explanatory Notes and Required Supplementary information.

  • The Actuarial Valuation is an assessment of the financial viability of the Employes' Retirement System. It evaluates the sufficiency of the assets and future earnings to provide the funding necessary to satisfy the obligations of the System. The valuation is based on the latest year end financial data of the System, and a set of assumptions such as assumed rates of returns on invested funds, salary increases and life expectancy.

Internal Audits

 

Administration

Governance

Annual Reports: Schedules of Employer Allocations and Pension Amounts

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789 North Water Street, Suite 300
Milwaukee, WI 53202
P: 414-286-3557
T:1-800-815-8418
F: 414-286-8428