PUBLIC SCHOOL RETIREMENT SYSTEM - PSRSSTL€¦ · PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF...
Transcript of PUBLIC SCHOOL RETIREMENT SYSTEM - PSRSSTL€¦ · PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF...
Regular Board Meeting Minutes 12-17-18.doc
PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS
MINUTES OF THE BOARD OF TRUSTEES REGULAR MEETING December 17, 2018
I. ROLL CALL AND ANNOUNCEMENT OF A QUORUM The December meeting of the Board of Trustees of the Public School Retirement System of the City of St. Louis (PSRSSTL) was called to order at approximately 4:40 p.m., Monday, December 17, 2018. The meeting was held in the 2nd floor boardroom of the PSRSSTL office building located at 3641 Olive Street, St. Louis, Missouri. Joseph Clark, Chairman of the Board of Trustees, was the presiding officer. Roll Call was taken, and Trustees Paula Bentley, Joseph Clark, Darnetta Clinkscale, Louis Cross, Sheila Goodwin and Bobbie Richardson were present. The Board of Trustees had a quorum at the meeting. Trustee Yvette Levy joined the meeting in progress. Trustees Angela Banks, Christina Bennett and Rick Sullivan were absent. Executive Director, Andrew Clark, Accounting Specialist, Terry Mayes, PSRSSTL Attorney Representative, Matt Gierse, and PSRSSTL Actuary, Troy Jaros, were also in attendance.
II. APPROVAL OF MINUTES FROM LAST MEETING Sheila Goodwin made a motion, seconded by Paula Bentley, to approve the minutes of the Board of Trustees Regular Meeting of October 15, 2018. There was a clarification made regarding the approval of the retiree health insurance plans for 2019. By voice vote, motion carried.
III. READING OF COMMUNICATIONS TO THE BOARD OF TRUSTEES None
IV. PRESENTATIONS BY INTERESTED PARTIES None
V. CONSENT AGENDA Louis Cross made a motion, seconded by Paula Bentley, to approve the Retirements and Benefits of November and December 2018. By voice vote, motion carried. Paula Bentley made a motion, seconded by Bobbie Richardson, to approve the Refunds and Bills of October and November 2018. By voice vote, motion carried.
Board of Trustees Meeting December 17, 2018 Page 2 of 4
VI. UNFINISHED BUSINESS None
VII. REPORT OF THE CHAIRPERSON The Chairperson asked the Attorney to conduct the election of the 2019 officers of the Board of Trustees. The floor was opened for nominations of a Chairperson. Sheila Goodwin nominated Joe Clark. There were no other nominations and the floor was closed. It was announced by acclimation that Joe Clark will serve as Chairperson of the Board of Trustees in 2019. The floor was opened for nominations of a Vice Chairperson. Sheila Goodwin nominated Bobbie Richardson. There were no other nominations and the floor was closed. It was announced by acclimation that Bobbie Richardson will serve as Vice Chairperson of the Board of Trustees in 2019.
VIII. REPORT OF THE EXECUTIVE DIRECTOR The Executive Director referred the Trustees to the proposed Board of Trustees Meeting Schedule for Calendar Year 2019 that needed approval. There was some discussion regarding the February and April 2019 meeting dates. Louis Cross made a motion, seconded by Bobbie Richardson, to approve the Board of Trustees Meeting Schedule for 2019, as presented by the Executive Director. By voice vote, motion carried. The Executive Director reported on the Independent Auditor’s Report on the Schedules of Pension Information for Participating Employers as required under Governmental Accounting Standards Board (GASB) Statement No. 68, and that all Trustees are eligible for travel in 2019. The Executive Director also reported on the status of the election of an Active Non-Teacher Trustee, and that the SPLS Special Administrative Board is expected to appoint a Trustee to fill the expiring term for Christina Bennett at a meeting in January 2019. There was extended discussion on the timing of when the SLPS Elected School Board is expected to resume control and replace the SLPS Special Administrative Board.
IX. REPORT OF THE INVESTMENT CONSULTANT None
X. REPORT OF THE ACTUARY None
XI. REPORTS OF COMMITTEES OF THE BOARD OF TRUSTEES The Chairman asked for reports from the Committees.
Board of Trustees Meeting December 17, 2018 Page 3 of 4 Benefits Committee None Trustee Business Committee Sheila Goodwin, Chair of the Trustee Business Committee, reported on the meeting of December 5, 2018, and that two recommendations were being brought forward by the Committee for consideration by the Trustees. Bobbie Richardson made a motion, seconded by Joseph Clark, to approve the total 2016 & 2018 travel expenses as recommended and accepted by the Trustee Business Committee at a meeting on December 5, 2018. There was some discussion on the 2016 travel expenses relative to the education and travel policies. A roll call vote was taken. Paula Bentley Yes Joseph Clark Yes Darnetta Clinkscale Yes Louis Cross Yes Sheila Goodwin Yes Yvette Levy Yes Bobbie Richardson Yes With seven yes votes, motion carried. Paula Bentley made a motion, seconded by Louis Cross, to approve the 2019 Operating Budget as recommended and accepted by the Trustee Business Committee at a meeting on December 5, 2018. A roll call vote was taken. Paula Bentley Yes Joseph Clark Yes Darnetta Clinkscale Yes Louis Cross Yes Sheila Goodwin Yes Yvette Levy Yes Bobbie Richardson Yes With seven yes votes, motion carried. Investment Committee None Legislative, Rules & Regulations Committee None Professional Contracts Committee Bobbie Richardson, Chair of the Professional Contracts Committee, announced that the Committee is expected to address the Investment Consulting Services RFP in early 2019. There was some discussion on the operating status of one of the firms that submitted a proposal.
Board of Trustees Meeting December 17, 2018 Page 4 of 4
XII. NEW BUSINESS None
XIII. REPORT OF THE ATTORNEY The Attorney reported on the status of two outstanding lawsuits and extended discussion ensued regarding them.
XIV. ADJOURNMENT Sheila Goodwin made a motion, seconded by Louis Cross, to adjourn the meeting. By voice vote, motion carried, and the meeting adjourned at just past 5:35 p.m. Attachments: Retirements Paid: November and December 2018 Refunds & Bills Paid: October and November 2018 2019 Regular Board of Trustees Meeting Schedule Schedules for Employers and Independent Auditors’ Report, December 31, 2017 and 2016 2016 & 2018 Trustee Travel Expenses Approved by the Board of Trustees 2019 Operating Budget
To be Authorized and Approvedby the Board of Trustees
NAME \POSITION DATE
Susie Billups-Glenn October 1, 2018 Normal 27.1944 $70,243.86 $3,183.74Teacher
Lynetta Brown October 1, 2018 Normal 21.1180 $29,684.58 $1,044.80Child Care Attendant
Walter Gibson October 1, 2018 Normal 24.2163 $76,657.40 $3,093.93Parent & Student Specialist
Janet Jenkins October 1, 2018 Normal 23.1223 $67,029.79 $2,583.14Teacher
James Thompson October 1, 2018 Normal 30.0000 $48,249.75 $2,412.49Head Custodian
Alice Urbantke October 1, 2018 Normal 5.3020 $40,659.48 $359.29Nurse
RETIREMENT
APPLICATIONS FOR RETIREMENT
TYPE BENEFITMONTHLYFINAL AVG
SALARYCREDITEDSERVICE
Page 1 of 1 November 2018
To be Authorized and Approvedby the Board of Trustees
NAME \POSITION DATE
Shirley Alexander-Flie 11/1/2018 Normal 24.0234 $65,812.25 $2,635.05Teacher
Crystal Bennett 11/1/2018 Normal 19.9639 $68,059.61 $2,264.56Teacher
Daniel Frey 11/1/2018 Normal 16.6290 $62,280.67 $1,726.11Teacher
Richard Glenn 11/1/2018 Normal 28.1218 $43,779.32 $2,051.92Head Custodian
Ricardo Graham 11/1/2018 Normal 19.5163 $38,766.08 $1,260.95Safety Officer
RETIREMENT
APPLICATIONS FOR RETIREMENT
TYPE BENEFITMONTHLYFINAL AVG
SALARYCREDITEDSERVICE
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1 of 1
Payee Ck. Number Description Amount
Date Paid October 5, 2018
Ameren Missouri 74599 Electric Service 1,738.60Windstream Communications 74600 Telephone, Data 583.78Office Essentials 74601 Office Supplies 352.44Republic Services #346 74602 Trash Pick-Up 147.96OffsiteDataSync 74603 Online Backups 321.50Buck Global, LLC 74604 Acturarial & Consulting Services - Sept. 2018 9,266.00Minuteman Press 74605 Envelopes 134.37Microtek Document Imaging Systems, Inc. 74606 Document Prep and Scanning - September 2018 576.49ACC Business 74607 Telephone Fiberoptics 529.76Specialty Mailing 74608 Election Mailing 1,997.46BuildingStars STL Operations, Inc. 74609 Janitorial Services and Supplies 2,004.97Jupiter Consulting Services, LLC 74610 Programming Consulting 12,537.00Randy Elam 74611 Telephone Headsets and Cables 328.97Crain Communications 74612 11 Renewals - Pensions & Investments Mag. 2,629.00CBRE, Inc. 74613 VA Lease Renewal Commission 8,218.04CBRE - 608844 74614 Management Fee - September 2018 1,138.47CBRE - 608844 74615 Engineer Services 843.50Delta Pest Stl Inc. 74616 Pest Control 50.00St. Louis Mat & Linen Company 74617 Floor Mats 69.00Tech Electronics, Inc. 74618 Repairs 305.90Board of Education St. Louis Benefits Trust 74619 Office Employees Insurance - Dental 212.33Board of Education St. Louis Benefits Trust 74620 Office Employees Insurance - Vision 15.55Board of Education St. Louis Benefits Trust 74621 Office Employees Insurance - Life 135.35
Date Paid October 12, 2018
Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00
Date Paid October 20, 2018
Absopure Water Company 74646 Water Cooler Service 75.80Blade Technologies, Inc. 74647 Professional Services 1,426.84Crossroads Courier, Inc. 74648 Courier Service 6.24Charter Communications 74649 Charter Internet and Voice 189.96Specialty Mailing 74650 Postage - Daily Pickup 190.00Specialty Mailing 74651 Postage - Open Enrollment 4,038.25Hartnett Gladney Hetterman, L.L.C. 74652 Legal Fees 5,616.50Office Essentials 74653 Office Supplies 1,229.75The Berwyn Group 74654 Death Check Verification Services 10.00OffsiteDataSync 74655 Online Backups 360.00GCI Security, Inc. 74656 Security Guard 10/15/2018 144.00AT&T 74657 Monthly Service Charge 243.70MSD 74658 Sewer Service 57.68Randy Elam 74659 Office Supplies 93.95AT&T Teleconference Services 74660 Teleconference Services 8.19Bobbie Richardson 74661 Reimbursement - NCTR Conference 123.57EARNEST Partners, LLC 74662 3rd Quarter 2018 Management Fee 7,597.06Piedmont Investment Advisors, LLC 74663 3rd Quarter 2018 Management Fee 8,632.10Systematic Financial Management, LP 74664 3rd Quarter 2018 Management Fee 77,146.48TCW Asset Management Company 74665 3rd Quarter 2018 Management Fee 53,931.76
Date Paid October 26, 2018
Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00Specialty Mailing 74666 Service Fees - Election Mailing 2,049.29Specialty Mailing 74667 Postage - Election Mailing 1,909.70Andrew Clark 74668 Miscellaneous Trustee Expenses 29.39Purchase Power 74669 Postage 500.00Diana S. Daugherty, Chapter 13 Trustee 74670 Case No. xx-xx907 400.00
TOTAL $235,356.99
Public School Retirement System of the City of St. LouisChecks Written During the Month of October, 2018
1 of 2
Payee Ck. Number Description Amount
Date Paid November 5, 2018
Ameren Missouri 74698 Electric Service 1,589.15Windstream Communications 74699 Telephone, Data 679.52Office Essentials 74700 Office Supplies 87.14Republic Services #346 74701 Trash Pick-Up 147.96OffsiteDataSync 74702 Online Backups 321.50Minuteman Press 74703 Medicare Plan Summary, Cover Letter Envelopes 10,400.91ACC Business 74704 Telephone Fiberoptics 529.76Specialty Mailing 74705 Service - Open Enrollment 1,098.30Jupiter Consulting Services, LLC 74706 Programming Consulting 504.00Blade Technologies 74707 Professional Services 3,867.50Shred-It USA 74708 Document Shredding 170.26Gallagher Benefit Services, Inc. 74709 Group Ins. Consulting Services Monthly Fee 3,320.25Gregory F.X. Daly, Collector of Revenue 74710 Water-City 134.43FreedomVoice 74711 Telephone Service 367.30Sheila P. Goodwin 74712 Reimbursement - NCTR Annual Conference 2,267.98CBRE - 608844 74713 Management Fee - October 2018 1,138.47CBRE - 608844 74714 Engineer Services 331.38Delta Pest Stl Inc. 74715 Pest Control 50.00St. Louis Mat & Linen Company 74716 Floor Mats 69.00Jarrell Mechanical Contractors 74717 HVAC Equipment Inspection 784.00John Steurer Plastering Co. Inc. 74718 Repairs Outside Plastering 1,375.00Cardinal Blinds & Shutters, LLC 74719 Aluminum Blinds 250.00Causeway Capital Management LLC 74720 3rd Quarter 2018 Management Fee 80,315.12Chicago Equity Partners, LLC 74721 3rd Quarter 2018 Management Fee 43,197.18The Edgar Lomax Company 74722 3rd Quarter 2018 Management Fee 44,466.79Fidelity Institutional Asset Mgmt. Trust Co. 74723 3rd Quarter 2018 Management Fee 71,146.75INTECH Investment Management LLC 74724 3rd Quarter 2018 Management Fee 34,291.63Manulife Asset Management U.S. LLC 74725 3rd Quarter 2018 Management Fee 32,041.71Westfield Capital Management Company, LP 74726 3rd Quarter 2018 Management Fee 72,161.67Progressive Investment Management Co., LLC 74727 3rd Quarter 2018 Management Fee 84,180.48Board of Education St. Louis Benefits Trust 74728 Office Employees Insurance - Dental 212.33Board of Education St. Louis Benefits Trust 74729 Office Employees Insurance - Vision 15.55Board of Education St. Louis Benefits Trust 74730 Office Employees Insurance - Life 135.35
Date Paid November 9, 2018
Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00
Date Paid November 20, 2018
Absopure Water Company 74755 Water Cooler Service 101.80Blade Technologies, Inc. 74756 Professional Services 1,491.84Crossroads Courier, Inc. 74757 Courier Service 7.49Charter Communications 74758 Charter Internet and Voice 189.96Specialty Mailing 74759 Postage - Daily Pickup 220.00Specialty Mailing 74760 Service - Election, Postage - Election Notice 3,902.95Specialty Mailing 74761 Postage - Fall Newsletter 2,174.59Hartnett Gladney Hetterman, L.L.C. 74762 Legal Fees 8,145.30Office Essentials 74763 Office Supplies 429.19The Berwyn Group 74764 Death Check Verification Services 60.00AT&T 74765 Monthly Service Charge 243.63MSD 74766 Sewer Service 57.68Randy Elam 74767 Office Supplies 59.95Jupiter Consulting Services, LLC 74768 Programming Consulting 3,339.00Gallagher Benefit Services, Inc. 74769 Group Ins. Consulting Services Monthly Fee 3,320.25Buck Global, LLC 74770 Actuarial & Consulting Services - October 2018 6,966.00
Public School Retirement System of the City of St. LouisChecks Written During the Month of November, 2018
2 of 2
Payee Ck. Number Description Amount
Public School Retirement System of the City of St. LouisChecks Written During the Month of November, 2018
Microtek Document Imaging Systems, Inc. 74771 Imaging Hosting - October 2018 404.40Anders CPAs & Advisors 74772 GASB 68 7,621.00BuildingStars STL Operations, Inc. 74773 Janitorial Services 1,386.00CBRE - 608844 74774 Management Fee - November 2018 1,138.47CBRE - 608844 74775 Engineer Services 391.63St. Louis Mat & Linen Company 74776 Floor Mats 69.00Tech Electronics, Inc. 74777 Central Monitoring of Fire Alarm System 102.00Yardi Marketplace 74778 Supplies 260.40FastSigns 74779 Removal of Vandalized Sign 125.00US Bank 74780 3rd Quarter 2018 Custodial Fee 29,974.11
Date Paid November 23, 2018
Office Payroll ACH Office Payroll 10,535.17AXA Equitable ACH 457 Contributions 2,070.00Purchase Power 74781 Postage 1,000.00Diana S. Daugherty, Chapter 13 Trustee 74782 Case No. xx-xx907 400.00
TOTAL $590,440.35
Public School Retirement System of the City of St. Louis (PSRSSTL)
3641 Olive Street, 2nd Floor Boardroom St. Louis, MO 63108
Voice: (314) 534-7444 Fax: (314) 534-0531
Website: http://www.psrsstl.org
Board of Trustees Regular Meeting Schedule
Calendar Year 2019
Unless otherwise posted, trustee meetings are conducted in the Boardroom on the 2nd floor of the Retirement System’s office building (address above)
February 25, 2019
April 22, 2019
June 17, 2019
August 19, 2019
October 21, 2019
December 16, 2019
PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS
SCHEDULES OF PENSION INFORMATIONFOR PARTICIPATING EMPLOYERS
ANDINDEPENDENT AUDITORS' REPORT
YEARS ENDED DECEMBER 31, 2017 AND 2016
Contents
Page
Independent Auditors' Report 1 - 2
Schedules of Pension Information for Participating Employers
Schedules of Employer Allocations 3
Schedules of Pension Amounts by Employer 4 - 11
Notes to Schedules 12 - 17
Independent Auditors' Report
The Board of TrusteesPublic School Retirement System of the City of St. LouisSt. Louis, Missouri
Report on the Schedules
We have audited the accompanying schedules of employer allocations for Public SchoolRetirement System of the City of St. Louis (the "System") as of and for the years endedDecember 31, 2017 and 2016, and the related notes to the schedules. We have also auditedthe total for all entities of the columns titled net pension liability, total deferred outflows ofresources, total deferred inflows of resources, and total employer pension plan expense("specified column totals") included in the accompanying schedules of pension amounts byemployer of the System as of and for the years ended December 31, 2017 and 2016, and therelated notes to the schedules.
Management's Responsibility for the Schedules
The System's management is responsible for the preparation and fair presentation of theseschedules in accordance with accounting principles generally accepted in the United States ofAmerica; this includes the design, implementation, and maintenance of internal control relevantto the preparation and fair presentation of the schedules that are free from materialmisstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express opinions on the schedules of employer allocations and thespecified column totals included in the schedules of pension amounts by employer based onour audits. We conducted our audits in accordance with auditing standards generally acceptedin the United States of America. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the schedules of employer allocations andspecified column totals included in the schedules of pension amounts by employer are free frommaterial misstatement.
Page 1
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the schedules of employer allocations and specified column totals included in theschedules of pension amounts by employer. The procedures selected depend on the auditors'judgment, including the assessment of the risks of material misstatement of the schedules ofemployer allocations and specified column totals included in the schedules of pension amountsby employer, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the System's preparation and fair presentation of theschedules of employer allocations and specified column totals included in the schedules ofpension amounts by employer in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of theSystem's internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overallpresentation of the schedules of employer allocations and specified column totals included inthe schedules of pension amounts by employer.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinions.
Opinions
In our opinion, the accompanying schedules referred to above present fairly, in all materialrespects, the employer allocations and net pension liability, total deferred outflows of resources,total deferred inflows of resources, and total employer pension plan expense for the total of allparticipating entities of the System as of and for the years ended December 31, 2017 and 2016,in accordance with accounting principles generally accepted in the United States of America.
Other Matters
We have audited, in accordance with auditing standards generally accepted in the UnitedStates of America, the financial statements of the System as of and for the years endedDecember 31, 2017 and 2016, and our report thereon, dated April 13, 2018, expressed anunmodified opinion on those financial statements.
Restriction of Use
Our report is intended solely for the information and use of the System's management, theBoard of Trustees, the System's employers, and their auditors and is not intended to be usedby anyone other than these specified parties.
October 15, 2018
Page 2
Public School Retirement System of the City of St. LouisSchedules of Employer Allocations
December 31, 2017 and 2016
2017 2016
Employer Employer Name Compensation
EmployerAllocation
Percentage Compensation
EmployerAllocation
Percentage
1 Public SchoolsRetirement System ofthe City of St. Louis $ 535,096 0.23 % $ 478,280 0.21 %
2 St. Louis Public Schools 175,741,386 74.74 173,412,355 76.473 Better Learning
CommunitiesAcademy - - - -
4 Carondelet LeadershipAcademy 2,269,316 0.97 2,007,245 0.88
5 City Garden MontessoriSchool 1,600,524 0.68 1,332,315 0.59
6 Confluence Academy 14,138,330 6.01 13,937,922 6.147 Construction Career
Center - - - -8 EAGLE College
Preparatory School 2,236,495 0.95 1,655,809 0.739 Gateway Science
Academy of St. Louis 5,785,082 2.46 4,794,992 2.1110 Grand Center Arts
Academy 3,124,331 1.33 3,155,676 1.3911 Hawthorn Leadership
School for Girls 1,210,545 0.51 879,164 0.3912 JAMAA Learning Center - - - -13 KIPP Inspire Academy 8,155,182 3.47 6,452,042 2.8414 La Salle Middle School 692,541 0.29 595,310 0.2615 Lafayette Preparatory
Academy 1,364,175 0.58 931,056 0.4116 Lift for Life Academy 3,601,413 1.53 3,636,601 1.6017 North Side Community
School 2,126,487 0.90 2,001,352 0.8818 Preclarus Mastery
Academy 754,013 0.32 608,211 0.2719 Premier Charter School 5,915,343 2.52 5,976,622 2.6320 South City Preparatory
Academy 1,917,863 0.82 1,476,991 0.6521 St. Louis Language
Immersion School 3,177,575 1.35 3,158,352 1.3922 The Arch Community
School 176,366 0.08 - -23 The Biome 610,529 0.26 352,188 0.16
Total Compensation forall Employers $ 235,132,592 100.00 % $ 226,842,483 100.00 %
See notes to schedules Page 3
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t S
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tem
of
the
Cit
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t. L
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ed
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of
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sio
n A
mo
un
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31, 2017
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t P
en
sio
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iab
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g N
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Lia
bili
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Diffe
ren
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ual
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inA
ssu
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Ne
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Pro
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stm
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on
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inP
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ibutio
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of
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ibutio
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tal D
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of
Re
so
urc
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13
KIP
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cadem
y$
11,8
23,1
65
$26,3
26,0
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$110,8
55
$11,3
74,5
24
$1,8
14,8
40
$2,9
06,9
12
$16,2
07,1
31
14
La S
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Mid
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1,0
90,8
86
2,2
35,6
16
9,4
14
965,9
28
154,1
17
318,8
91
1,4
48,3
50
15
La
faye
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repara
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de
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1,7
06,1
30
4,4
03,7
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18,5
44
1,9
02,6
97
303,5
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539,9
21
2,7
64,7
43
16
Lift
for
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de
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6,6
63,9
59
11,6
25,8
50
48,9
55
5,0
23,1
08
801,4
52
150,0
16
6,0
23,5
31
17
No
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Sid
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mu
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3,6
67,4
15
6,8
64,5
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28,9
06
2,9
65,9
39
473,2
25
315,6
03
3,7
83,6
73
18
Pre
cla
rus M
aste
ryA
ca
de
my
1,1
14,5
27
2,4
34,0
56
10,2
49
1,0
51,6
67
167,7
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131,5
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1,3
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23
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25,6
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Pre
para
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de
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2,7
06,5
40
6,1
91,1
24
26,0
70
2,6
74,9
60
426,7
98
550,3
92
3,6
78,2
20
21
St. L
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ers
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l5,7
87,5
81
10,2
57,6
44
43,1
93
4,4
31,9
55
707,1
32
57,1
91
5,2
39,4
71
22
Th
e A
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Co
mm
un
ity
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-569,3
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2,3
97
245,9
88
39,2
48
156,6
55
444,2
88
23
Th
e B
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e645,3
75
1,9
70,8
69
8,2
99
851,5
41
135,8
66
394,4
66
1,3
90,1
72
$415,6
81,7
78
$759,0
39,9
32
$3,1
96,2
08
$327,9
53,5
92
$52,3
26,0
05
$9,2
93,7
18
$392,7
69,5
23
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ote
s to
sch
edule
s P
ag
e 5
Pu
bli
c S
ch
oo
l R
eti
rem
en
t S
ys
tem
of
the
Cit
y o
f S
t. L
ou
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ch
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ule
of
Pen
sio
n A
mo
un
ts b
y E
mp
loyer
(Co
nti
nu
ed
)D
ecem
ber
31, 2017
De
ferr
ed
In
flo
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of
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so
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es
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plo
yer
Na
me
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ren
ce
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een
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ect
ed a
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ual
Exp
erience
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ren
ce
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ject
ed a
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roport
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ibutio
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ibutio
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flow
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(6,9
18,0
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(37,7
98,9
72)
(6,3
23,8
88)
(51,0
40,9
54)
141,4
42,6
61
3B
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Learn
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Co
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un
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sA
ca
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my
--
(305,6
54)
(305,6
54)
(170,1
64)
4C
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Aca
de
my
(89,3
32)
(488,0
91)
(65,8
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(643,2
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1,9
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83
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ity G
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(63,0
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(344,2
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(44,0
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34)
1,4
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6C
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11,0
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AG
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para
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(88,0
40)
(481,0
32)
-(5
69,0
72)
2,2
62,1
19
9G
ate
way
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ence
Aca
de
my
of
St.
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(227,7
31)
(1,2
44,2
72)
-(1
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5,1
53,2
15
10
Gra
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ente
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Aca
de
my
(122,9
90)
(671,9
90)
(130,2
79)
(925,2
59)
2,6
81,9
54
11
Haw
thorn
Leaders
hip
Sch
oo
l fo
r G
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(47,6
53)
(260,3
68)
-(3
08,0
21)
1,2
93,2
75
12
JAM
AA
Learn
ing C
ente
r-
-(3
55,8
46)
(355,8
46)
(156,4
44)
See n
ote
s to
sch
edule
s P
ag
e 6
Pu
bli
c S
ch
oo
l R
eti
rem
en
t S
ys
tem
of
the
Cit
y o
f S
t. L
ou
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ed
ule
of
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sio
n A
mo
un
ts b
y E
mp
loyer
(Co
nti
nu
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)D
ecem
ber
31, 2017
De
ferr
ed
In
flo
ws
of
Re
so
urc
es
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Em
plo
yer
Na
me
Diffe
ren
ce
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een
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ect
ed a
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ual
Exp
erience
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ed a
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flow
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14
La S
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Mid
dle
Sch
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(27,2
62)
(148,9
54)
-(1
76,2
16)
741,6
50
15
La
faye
tte P
repara
tory
Aca
de
my
(53,7
01)
(293,4
11)
-(3
47,1
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1,3
55,3
88
16
Lift
for
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Aca
de
my
(141,7
70)
(774,6
02)
(149,3
04)
(1,0
65,6
76)
2,9
84,1
15
17
No
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mu
nity
Sch
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(83,7
10)
(457,3
71)
-(5
41,0
81)
1,9
16,7
63
18
Pre
cla
rus M
aste
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ca
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my
(29,6
82)
(162,1
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(91,5
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(283,3
82)
628,0
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Pre
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(376,0
24)
(1,8
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4,9
15,3
61
20
South
City
Pre
para
tory
Aca
de
my
(75,4
97)
(412,5
00)
(33,6
88)
(521,6
85)
1,7
76,4
64
21
St. L
ouis
Language
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ers
ion
Sch
oo
l(1
25,0
86)
(683,4
42)
(249,6
76)
(1,0
58,2
04)
2,4
89,3
28
22
Th
e A
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Co
mm
un
ity
Sch
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43)
(37,9
33)
-(4
4,8
76)
200,7
32
23
Th
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58
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$(9
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$193,0
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sch
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s P
ag
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Pu
bli
c S
ch
oo
l R
eti
rem
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t S
ys
tem
of
the
Cit
y o
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t. L
ou
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ch
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of
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sio
n A
mo
un
ts b
y E
mp
loyer
Decem
ber
31, 2016
Ne
t P
en
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iab
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so
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tire
me
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$649,3
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$876,4
34
$10,1
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$111,5
34
$168,7
47
$17,1
19
$307,5
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2S
t. L
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ools
251,4
73,4
29
317,7
72,7
35
3,6
65,0
67
40,4
39,3
84
61,1
83,2
76
-105,2
87,7
27
3B
etter
Learn
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Co
mm
un
itie
sA
ca
de
my
591,5
30
--
--
--
4C
aro
ndele
t Leaders
hip
Aca
de
my
3,0
24,7
44
3,6
78,2
15
42,4
23
468,0
85
708,1
95
60,4
73
1,2
79,1
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5C
ity G
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2,0
08,6
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2,4
41,4
26
28,1
58
310,6
93
470,0
67
121,4
46
930,3
64
6C
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flu
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20,7
57,7
79
25,5
40,8
08
294,5
78
3,2
50,2
93
4,9
17,5
72
-8,4
62,4
43
7C
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are
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--
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Pre
para
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Sch
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1,6
73,8
43
3,0
34,2
18
34,9
95
386,1
31
584,2
02
703,9
84
1,7
09,3
12
9G
ate
way
Sci
ence
Aca
de
my
of
St.
Louis
6,4
86,8
15
8,7
86,6
73
101,3
42
1,1
18,1
82
1,6
91,7
67
386,4
59
3,2
97,7
50
10
Gra
nd C
ente
r A
rts
Aca
de
my
4,1
62,7
51
5,7
82,6
78
66,6
95
735,8
97
1,1
13,3
84
429,2
20
2,3
45,1
96
11
Haw
thorn
Leaders
hip
Sch
oo
l fo
r G
irls
711,3
12
1,6
11,0
40
18,5
81
205,0
19
310,1
86
552,2
62
1,0
86,0
48
12
JAM
AA
Learn
ing C
ente
r936,5
64
--
--
51,5
49
51,5
49
See n
ote
s to
sch
edule
s P
ag
e 8
Pu
bli
c S
ch
oo
l R
eti
rem
en
t S
ys
tem
of
the
Cit
y o
f S
t. L
ou
isS
ch
ed
ule
of
Pen
sio
n A
mo
un
ts b
y E
mp
loyer
(Co
nti
nu
ed
)D
ecem
ber
31, 2016
Ne
t P
en
sio
n L
iab
ilit
yD
efe
rre
d O
utf
low
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f R
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rce
s
ER
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plo
yer
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me
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nin
g N
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on
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bili
ty
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g N
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Pensi
on
Lia
bili
ty
Diffe
ren
ce
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een
Exp
ect
ed a
nd
Act
ual
Exp
erience
Changes
inA
ssu
mp
tio
ns
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t D
iffe
ren
ce
Betw
een
Pro
ject
ed a
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Act
ual
Inve
stm
en
tE
arn
ings
on
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on P
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stm
en
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inP
roport
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etw
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plo
yer
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ibutio
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port
ionate
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of
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ibutio
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tal D
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utflo
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of
Re
so
urc
es
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KIP
P Insp
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cadem
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6,7
28,7
68
$11,8
23,1
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$136,3
64
$1,5
04,6
02
$2,2
76,4
07
$2,5
50,5
55
$6,4
67,9
28
14
La S
alle
Mid
dle
Sch
ool
468,4
83
1,0
90,8
86
12,5
82
138,8
25
210,0
37
401,0
33
762,4
77
15
La
faye
tte P
repara
tory
Aca
de
my
1,0
33,3
43
1,7
06,1
30
19,6
78
217,1
20
328,4
95
294,3
30
859,6
23
16
Lift
for
Life
Aca
de
my
4,8
44,1
58
6,6
63,9
59
76,8
60
848,0
48
1,2
83,0
64
230,9
60
2,4
38,9
32
17
No
rth
Sid
e C
om
mu
nity
Sch
ool
2,3
78,0
45
3,6
67,4
15
42,2
99
466,7
11
706,1
16
424,0
00
1,6
39,1
26
18
Pre
cla
rus M
aste
ryA
ca
de
my
1,1
04,9
00
1,1
14,5
27
12,8
55
141,8
33
214,5
89
37,3
72
406,6
49
19
Pre
mie
r C
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31,3
64
10,9
51,9
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126,3
16
1,3
93,7
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08,6
69
717,4
84
4,3
46,2
04
20
South
City
Pre
para
tory
Aca
de
my
1,5
54,0
66
2,7
06,5
40
31,2
16
344,4
31
521,1
11
310,1
06
1,2
06,8
64
21
St. L
ouis
Language
Imm
ers
ion
Sch
oo
l4,3
36,1
72
5,7
87,5
81
66,7
51
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21
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14,3
29
85,7
88
2,0
03,3
89
22
Th
e A
rch
Co
mm
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ity
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--
--
--
-23
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e B
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31
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44
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30
124,2
59
269,2
21
483,0
54
$322,2
48,2
84
$415,6
81,7
78
$4,7
94,3
12
$52,8
99,1
74
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34,4
72
$7,6
43,3
61
$145,3
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ote
s to
sch
edule
s P
ag
e 9
Pu
bli
c S
ch
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eti
rem
en
t S
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1
Public School Retirement System of the City of St. LouisNotes to Schedules
December 31, 2017 and 2016
1. Description of System
General
The Public School Retirement System of the City of St. Louis (the "System") is theadministrator of a cost-sharing multiple-employer defined benefit pension plan existingunder provisions of the Revised Statutes of the State of Missouri (the “Statutes”) toprovide retirement benefits for all employees of the Board of Education of the City of St.Louis, of the Charter Schools located within the St. Louis School District, and of allemployees of the System.
Operations and management of the System are generally prescribed in the Statutes andare supervised by the Board of Trustees. The System's annual reports for December 31,2017 and 2016 are available at www.psrsstl.org.
Membership and Eligibility
All persons employed on a full-time basis by the St. Louis Schools Board of Education,Charter Schools in the City of St. Louis, and the System are members of the plan as acondition of employment.
Benefits
Upon retirement at age 65, or at any age if age plus years of credited service equals orexceeds 80 (Rule of 80) for the year ended December 31, 2017 and 85 (Rule of 85) forthe year ended December 31, 2016, members receive monthly payments for life ofyearly benefits equal to years of credited service multiplied by 2% of average finalcompensation, but not to exceed 60% of average final compensation. Early retirementcan occur at age 60 with five years of service. The service retirement allowance isreduced five ninths of one percent for each month of commencement prior to age 65 orthe age at which the Rule of 80 would apply for the year ended December 31, 2017 andRule of 85 would apply for the year ended December 31, 2016, would have beensatisfied had the employee continued working until that age, if earlier.
In lieu of the benefit paid over the lifetime of the member, reduced benefit options areavailable for survivor and beneficiary payments.
Members are eligible, after accumulation of five years of credited service, for disabilitybenefits prior to eligibility of normal retirement. Survivor benefits are available forqualified beneficiaries of members who die after at least 18 months of activemembership.
Page 12
Public School Retirement System of the City of St. LouisNotes to Schedules
December 31, 2017 and 2016
2. Summary of Significant Accounting Policies
Basis of Presentation and Accounting
The schedules of the System have been prepared in accordance with the criteriaestablished by the Governmental Accounting Standards Board ("GASB"), which is thesource of authoritative accounting principles generally accepted in the United States ofAmerica ("GAAP"), as applied to governmental units. The System's schedules areprepared using the accrual basis of accounting.
The System's employers are required to report pension information in their schedulesfor periods beginning after June 15, 2014, in accordance with Governmental AccountingStandards Board Statement No. 68, Accounting and Financial Reporting for Pensions.The Schedules of Employer Allocations and Pension Amounts by Employer provideemployers with the required information for financial reporting under that standard.
The underlying financial information used to prepare the pension allocation schedules isbased on the System's financial statements, accounting, and payroll reporting systems.
Member and employer contributions are recognized when due, pursuant to formalcommitments and statutory requirements. Benefits and refunds of employeecontributions are recognized when due and payable in accordance with the state ofMissouri statutes governing the System. Expenses are recognized when the liability isincurred, regardless of when payment is made. Investments are reported at fair value ona trade date basis.
Total employer compensation as of and for the years ended December 31, 2017 and2016, was used as the basis for determining each employer's proportionate share of thecollective pension amounts reported on the schedules, respectively.
Use of Estimates
The preparation of schedules in conformity with GAAP requires management to makeestimates and assumptions that affect certain reported amounts and disclosures.Accordingly, actual results could differ from those estimates.
Fair Value Measurements
The System follows guidance issued by the GASB on fair value measurements, whichestablishes a framework for measuring fair value, clarifies the definition of fair valuewithin that framework, and expands disclosures about the use of fair valuemeasurements. This guidance applies whenever fair value is the applicablemeasurement. The three general valuation techniques used to measure fair value arethe market approach, cost approach, and income approach.
Subsequent Events
The System has evaluated subsequent events through October 15, 2018, the date theschedules of pension information for participating employers were available to beissued.
Page 13
Public School Retirement System of the City of St. LouisNotes to Schedules
December 31, 2017 and 2016
3. Schedules of Employer Allocations
The Schedules of Employer Allocations reflect employer compensation as of and for theyears ended December 31, 2017 and 2016 and includes the following for each individualemployer:
employer contributing entity;
the amount of the employer contributing entity's compensation; and,
the employer contributing entity's compensation as a percentage of total
employer compensation, as defined by this policy.
The components of the net pension liability of the participating employers as ofDecember 31, 2017 and 2016 are as follows:
2017 2016Total pension liability $ 1,673,122,191 $ 1,265,862,200Fiduciary net position 914,082,259 850,180,422Employers' net pension liability $ 759,039,932 $ 415,681,778
Plan net position as a percentage of total pensionliability %54.63 %67.16
Covered employee payroll $ 235,132,592 $ 226,842,483Employers' net pension liability
as a percentage of employee covered payroll %322.81 %183.25
4. Schedules of Pension Amounts by Employer
The Schedules of Pension Amounts by Employer include only certain categories ofdeferred outflows of resources and deferred inflows of resources. These includedifferences between expected and actual experience, changes in assumptions,differences between projected and actual earnings on plan investments, and changes inproportion and difference between employer contributions and proportionate share ofcontributions. The Schedules do not include deferred outflows/inflows of resources forchanges in the employer's proportionate share of contributions or employer contributionsmade subsequent to measurement date.
Page 14
Public School Retirement System of the City of St. LouisNotes to Schedules
December 31, 2017 and 2016
5. Sensitivity of Net Pension Eligibility to Changes in the Discount Rate
The following presents the net pension liability at December 31, 2017 and 2016,calculated using the discount rate of 4.78 percent and 7.50 percent, respectively, as wellas what the net pension liability would have been if it were calculated using a discountrate that is one-percentage point lower or one-percentage-point higher than the currentrate:
1% Decrease(3.78%)
Current DiscountRate (4.78%)
1% Increase(5.78%)
Net pension liability - 2017 $ 961,985,980 $ 759,039,932 $ 590,565,070
1% Decrease(6.50%)
Current DiscountRate (7.50%)
1% Increase(8.50%)
Net pension liability - 2016 $ 541,091,150 $ 415,681,778 $ 309,269,186
The projection of cash flows used to determine the discount rate assumed that Systemcontributions will continue to follow the current funding policy. Based on thoseassumptions, the System's fiduciary net position was projected to be insufficient to makeall projected future benefit payments of current plan members.
Under GASB Statement No. 68, employers participating in the plan could recognize aproportionate share of total pension expense of $193,026,507 and $78,088,817 for theirfiscal years beginning after June 15, 2017 and 2016, respectively.
6. Actuarial Methods and Assumptions
The information presented in the aforementioned schedules was determined as part ofthe 2017 and 2016 actuarial valuation prepared by Conduent at June 8, 2018 and June5, 2017, respectively.
Additional information related to the above actuarial valuation, as applicable for bothyears presented, is as follows:
2017 2016Actuarial cost method Frozen entry age Frozen entry ageRate of investment return 4.78%, net of expenses 7.50%, net of expensesParticipant account interest
crediting rate 5.00% 5.00%Turnover or withdrawal rates Various by age and
year of membershipbased on actual
Various by age andyear of membershipbased on actual
Page 15
Public School Retirement System of the City of St. LouisNotes to Schedules
December 31, 2017 and 2016
2017 2016Mortality and death rates a) RP-2014 Combined
Healthy Mortality Table(rolled back to 2006) foractive Members, anddeferred vestedMembers, projectedfully generationallyusing projection scaleMP- 2015.b) RP-2014 CombinedHealthy Mortality Table(rolled back to 2006) forInactive (In Receipt)Members adjusted byan additional 10% toaccount for the highermortality experiencedby the Plan, projectedfully generationallyusing projection scaleMP-2015.
a) RP-2014 CombinedHealthy Mortality Table(rolled back to 2006) foractive Members, anddeferred vestedMembers, projectedfully generationallyusing projection scaleMP- 2015.b) RP-2014 CombinedHealthy Mortality Table(rolled back to 2006) forInactive (In Receipt)Members adjusted byan additional 10% toaccount for the highermortality experiencedby the Plan, projectedfully generationallyusing projection scaleMP-2015.
Disability rates RP-2014 DisabilityMortality Table (rolledback to 2006)
RP-2014 DisabilityMortality Table (rolledback to 2006)
Rates of retirement between theages of 55 and 70
Various based onactual experience of theSystem
Various based on actualexperience of theSystem
Rate of salary increases Salaries are assumedto increase at the rateof 5.0% per year for thefirst five years ofemployment and at therate of 3.5% per yearthereafter
Salaries are assumedto increase at the rateof 5.0% per year for thefirst five years ofemployment and at therate of 3.5% per yearthereafter
Asset valuation method The assumed yieldmethod of valuingassets
The assumed yieldmethod of valuingassets
The Unfunded Actuarial Accrued Liability ("UFAAL") was originally determined andfrozen as of January 1, 1981. Effective January 1, 2006, the UFAAL was re-determined.The UFAAL is being amortized over thirty (30) years.
Benefit changes effective as of August 28, 2017:
1. Reduce the "Rule of 85" to "Rule of 80." 2. Change the percent of pay benefit multiplier from 2.00 percent of Average
Final Compensation to 1.75 percent of Average Final Compensation formembers hired on or after January 1, 2018.
Page 16
Public School Retirement System of the City of St. LouisNotes to Schedules
December 31, 2017 and 2016
Contribution changes effective as of August 28, 2017:
1. Increase the employee contribution requirement from a flat 5.00 percent ofcompensation during 2017 to 9.00 percent in 0.50 percent annualincrements for employees hired before January 1, 2018.
2. Set employee contribution rate to a flat 9.00 percent for employees hired onor after January 1, 2018.
3. Set the employer contribution rate to a flat 16.00 percent of covered payrollfor plan year 2018 with annual decreases of 0.50 percent until reaching 9.00percent of covered payroll.
Assumption changes effective as of January 1, 2017:
1. Revised investment return assumption of 7.50 percent to a blended discountrate of 4.78 percent. Blended discount rate is a municipal bond rate of 3.16percent and long-term rate of return of 7.50 percent.
As of December 31, 2017, cumulative impact of changes from the prior valuation was anincrease in the Entry Age Normal Liability by approximately $72.7 million.
Assumption changes effective as of January 1, 2016:
1. Revised investment return assumption of 7.50% based on analysis of assetallocation.
2. Updated Withdrawal assumption based on Plan experience for the 5 yearsending December 31, 2015.
3. Updated Retirement assumption based on Plan experience for the 5 yearsending December 31, 2015.
4. Revised Salary increase assumption.5. Updated mortality assumption, reflecting most recent mortality improvements.
Cumulative impact on Net Pension Liability at December 31, 2016 is an increase of$70.5 million.
Page 17
Year ExpensesYvette Levy NASP 06/13/16 06/15/16 Atlanta, GA 2016 1,915.37Paula Bentley NCTR 07/22/18 07/25/18 Berkley, CA 2018 1,273.13Paula Bentley MAPERS 07/25/18 07/27/18 Osage Beach, MO 2018 603.02Sheila Goodwin NEPC 05/13/18 05/16/18 Boston, MA 2018 1,474.74Sheila Goodwin NASP 06/03/18 06/06/18 Houston, TX 2018 1,433.09Sheila Goodwin NCTR 07/22/18 07/25/18 Berkley, CA 2018 2,187.18Sheila Goodwin NCTR 10/06/18 10/09/18 Washington, DC 2018 2,267.98Bobbie Richardson NASP 06/03/18 06/06/18 Houston, TX 2018 1,541.23Bobbie Richardson NCTR 10/06/18 10/09/18 Washington, DC 2018 2,205.52
$14,901.26
The following travel expenses were approved by the Board of Trustees at a meeting on December 17, 2018.
TRAVEL EXPENSESAPPROVED BY THE BOARD OF TRUSTEES
December 17, 2018
Name Sponsor Start Date End Date Location
Total 2016 & 2018 Travel Expenses
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See
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Bud
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and
Sup
porti
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udge
t Det
ail.
2018
2019
BUD
GE
TVA
RIAN
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CRE
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(DE
CRE
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2019
Bud
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(Dec
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8.
Public School Retirement System of the City of St. Louis
Operating Budget - Calendar Year 2019
Page 2 of 8 December 17, 2018
Asset Assumptions (as of 9/30/18) Investment Accounts Billed Indirectly (fees not budgeted) $312.8 million Investment Accounts Billed Directly 455.0 million Financial Investments 767.8 million Real Estate Investments 51.7 million Private Market Investments (fees not budgeted) 34.7 million Total Fund ....................................................................................................................................... $854.2 million
Investment Management Fees Investment Accounts Billed Directly $455.0 million in assets at 58.1 basis points $2,643,550 Real Estate Investments $51.7 million in assets at 86 basis points 444,620 Investment Management Fees .........................................................................................................$3,098,170
Trust & Custody Bank Services U.S. Bank 14 Separate Accounts at $1,000/account $14,000 Domestic Assets of $323.9 million at 1.5 basis points 48,585 Foreign Equity Assets of $47.9 million at 8 basis points 38,320 Miscellaneous Administrative Fees (Global Equities) 25,000 Trust & Custody Bank Services .......................................................................................................... $125,905
Investment Consulting New England Pension Consultants Financial Composite First $100 million at 3 basis points $30,000 Second $100 million at 2 basis points 20,000 Next $567.8 million at 1.5 basis point 85,170 Financial Composite Expenses 135,170 Alternative Investments Expenses 50,000 Investment Consulting ........................................................................................................................... $185,170
Public School Retirement System of the City of St. Louis
Operating Budget - Calendar Year 2019
Page 3 of 8 December 17, 2018
Actuarial Services Buck Global, LLC
Retirement and Purchase of Service Calculations, Retirement Estimates $70,000 Valuation Report, Board Meetings, Annual Audit, General Consulting 46,000 Annual Benefit Statements, Miscellaneous Actuarial Services 20,000
Actuarial Services ..................................................................................................................................... $136,000 Legal Services Hartnett Gladney Hetterman, LLC General Legal Counsel $110,000 Investment Agreement Reviews 30,000 Legal Services ........................................................................................................................................... $140,000 Auditing Services Anders Minkler Huber & Helm LLP Annual Audit (financial statements & GASB No. 68) $67,600 Accounting Services (CAFR & other requirements) 6,510 Auditing Services ....................................................................................................................................... $73,110 Trustee Elections Active Trustee Elections (5,000 eligible voters) Election Commissioner Costs $3,000 Miscellaneous Costs (i.e. ballot return postage) 500 Postage Service at $1.29/voter 6,450 Printing & Mail Service at $1.32/voter 6,600 Cost Per Active Trustee Election (includes 2nd notice) 16,550 Two Active Trustee Elections at $16,550 33,100 Retired Trustee Elections (4,250 eligible voters) Election Commissioner Costs 3,500 Miscellaneous Costs (i.e. ballot return postage) 2,000 Postage Service at 86¢/voter 3,655 Printing & Mail Service at 88¢/voter 3,740 One Retired Trustee Election 12,895 Trustee Elections ....................................................................................................................................... $45,995 Technology Services, Computer Consulting & Software (see Technology Budget, page 8) Technical Services, Consulting & Support $104,920 Software Purchases & Licenses 14,185 Technology Services, Computer Consulting & Software .............................................................$119,105 Physician Fees Disability Medical Evaluations ............................................................................................................... $2,000
Public School Retirement System of the City of St. Louis
Operating Budget - Calendar Year 2019
Page 4 of 8 December 17, 2018
Property Management, Security & Utilities Property Management at $1,162/month $13,944 Property Management Services (trash, janitorial, maintenance) 60,000 Security Monitoring 1,800 Property Management & Security Monitoring 75,744 Charter Internet Service at $179/month 2,148 Fiber Optic Internet Service at $550/month 6,600 AT&T Telephone Service at $250/month 3,000 Freedom Voice Telephone Service at $425/month 5,100 Ameren UE Electric Service 29,500 MSD/St. Louis City Water 1,200 Utilities 47,548 Property Management, Security & Utilities .................................................................................... $123,292
Postage & Delivery Quarterly Newsletter at $3,100/mailing $12,400 Health Insurance Open Enrollment Packets – 3,200 at $1.75 each 5,600 Annual Report Summaries – 9,500 at 60¢ each 5,700 1099R Forms – 5,600 at 59¢ each 3,304 Annual Benefit Statements – 5,400 at 56¢ each 3,024 Miscellaneous Postage & Delivery 20,000
Postage & Delivery ................................................................................................................................... $50,028
Printing & Office Supplies Quarterly Newsletter at $1,835/mailing $7,340 Annual Reports – 125 at $14.75 each 1,844 Annual Report Summaries – 10,000 at 98¢ each 9,800 Health Insurance Open Enrollment Packets – 3,600 at $2.74 each 9,864 Miscellaneous Printing & Office Supplies 20,000
Printing & Office Supplies...................................................................................................................... $48,848
Equipment Maintenance & Purchases Maintenance Contracts & Leases
IBM AS 400 Computer $1,500 Paymaster Check Writer 500 Dynamic Microfiche Reader/Printer 500 Firewall Maintenance & Subscription Service 500 Konica & Toshiba Printers 3,000 Pitney Bowes Mail System 5,640 Maintenance Contract & Leases 11,640
Equipment Purchases (see Technology Budget, page 8) 20,450
Equipment Maintenance & Purchases ............................................................................................... $32,090
Public School Retirement System of the City of St. Louis
Operating Budget - Calendar Year 2019
Page 5 of 8 December 17, 2018
Business Insurance Fiduciary Coverage $60,179 Crime Coverage & Treasurer’s Bond 3,177 Property, Casualty & Workers’ Compensation Coverage 17,678 Insurance Brokerage Services 15,000
Business Insurance ................................................................................................................................... $96,034
Trustee Educational Expenses Projected for 2019 ...................................................................................................................................... $35,000
Retiree Insurance, Consulting & Open Enrollment (Based on October 2018 enrollment levels)
Retiree Health Care Insurance Subsidy Medical Insurance: 2,250 members @ $80.00/member/month $2,160,000 Dental Insurance: 2,850 members @ $5.95/member/month 203,490 Vision Insurance: 3,050 members @ $2.61/member/month 95,526 Health Insurance Consulting 39,850 Open Enrollment Assistance 5,000
Retiree Insurance, Consulting & Open Enrollment ................................................................. $2,503,866
Miscellaneous Expenses Bank Account Fees $28,800 Public Parking, Subscriptions & Meetings 4,000 Unforeseen Building Supplies & Equipment 2,500
Miscellaneous Expenses ......................................................................................................................... $35,300
Special Projects Planned for 2019 Boardroom Painting & Carpet, Building Signage $5,000
Special Projects Planned for 2019 ........................................................................................................... $5,000
PUB
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