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South Dakota Investment Council Investment Performance & FY 2019 Budget Request
Presented to LRC Executive Board August 28, 2017
Organization Chart Assets Investment Performance Cost Efficiency Compensation Overview Budget Funding Sources Long-Term Plan FY 2017 Year-End Budget Review FY 2019 Budget Request Trust Fund Summary Appendix
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Organization Chart
1
LRC
Executive Board
South Dakota Investment Council
State Investment Officer
Matt Clark
General Counsel
Jeffrey Hallem
Asst Invest Officer Global Eq / Arbitrage
Brett Fligge
Sr. Portfolio Manager Global Equity Steve Schultz
Sr. Portfolio Manager Global Equity
Jan Zeeck
Portfolio Manager Global Equity Jeff Ellefson
Portfolio Manager
Global Equity Renae Randall
Assoc Portfolio Mgr Global Equity
Lee Mielke
Sr. Portfolio Manager Global Equity
Melissa H. Woidyla Sr. Portfolio Manager
Global Equity Candi Currier
Portfolio Manager Global Equity
Arianna Rehfeldt
Portfolio Manager Global Equity Randy Spinar
Research Analyst Equity/High Yield
Pending
Sr. Portfolio Manager Sm/Mid Cap Equity
Scott Hess
Portfolio Manager Sm/Mid Cap Equity
Jarrod Edelen
Portfolio Manager Sm/Mid Cap Equity
Darci Haug
Asst Invest Officer Fixed Income/Deriv
Tammy Otten
Sr. Portfolio Manager Fixed Income/HESP
Sherry Nelson
Assoc Portfolio Mgr High Yield Fixed Inc
Ross Sandine
Senior Investment Accountant
Cindy Pickering
Investment Accountant Sami Rains
Investment Accountant
Krystal Seeley
Investment Accountant
Brandy Eisma
CURRENT COUNCIL MEMBERS: Steve Kirby, Sioux Falls (Chair) Lorin Brass, Lennox (Vice Chair) Jeff Nelson, Wentworth Paul Bisson, Sturgis Ryan Brunner, S&PL Commissioner Rich Sattgast, State Treasurer Rob Wylie, SDRS Executive Director
Assoc Portfolio Mgr High Yield Fixed Inc
Danielle Mourer
Assoc Portfolio Mgr High Yield/Fixed Inc
Anne Cipperley
Asst Invest Officer Fixed Income/Alt Inv
Chris Nelson
Research Analyst Sm/Mid Cap Equity
Daniel Elmer
Research Analyst High Yield/Fixed Inc
Zachary Nipp
Research Analyst Equity/High Yield
Matthew Carey
Research Analyst Equity/High Yield Makenzie Smook
Research Analyst High Yield/Fixed Inc
Lesyk Voznyuk
Business Manager
Laurie Riss
Asst Business Mgr/ Accountant
Christa Sites
Research Analyst Equity/High Yield
Pending
Research Analyst Equity/High Yield
Pending
(Research AnalystEquity/High YieldPending) (Research AnalystEquity/High YieldPending) (CURRENT COUNCIL MEMBERS:Steve Kirby, Sioux Falls (Chair)Lorin Brass, Lennox (Vice Chair)Jeff Nelson, WentworthPaul Bisson, SturgisRyan Brunner, S&PL CommissionerRich Sattgast, State TreasurerRob Wylie, SDRS Executive Director) (GeneralCounselJeffrey Hallem) (Asst Business Mgr/AccountantChrista Sites) (BusinessManagerLaurie Riss) (InvestmentAccountantBrandy Eisma) (InvestmentAccountantKrystal Seeley) (InvestmentAccountantSami Rains) (Senior InvestmentAccountantCindy Pickering) (Research AnalystEquity/High YieldMakenzie Smook) (Research AnalystEquity/High YieldMatthew Carey) (Research AnalystSm/Mid Cap EquityDaniel Elmer) (Portfolio ManagerSm/Mid Cap EquityDarci Haug) (Portfolio ManagerSm/Mid Cap EquityJarrod Edelen) (Sr. Portfolio ManagerSm/Mid Cap EquityScott Hess) (Sr. Portfolio ManagerFixed Income/HESPSherry Nelson) (Research AnalystHigh Yield/Fixed IncLesyk Voznyuk) (Research AnalystHigh Yield/Fixed IncZachary Nipp) (Assoc Portfolio MgrHigh Yield/Fixed IncAnne Cipperley) (Assoc Portfolio MgrHigh Yield Fixed IncDanielle Mourer) (Assoc Portfolio MgrHigh Yield Fixed IncRoss Sandine) (Research AnalystEquity/High YieldPending) (Assoc Portfolio MgrGlobal EquityLee Mielke) (Portfolio ManagerGlobal EquityRandy Spinar) (Portfolio ManagerGlobal EquityRenae Randall) (Portfolio ManagerGlobal EquityArianna Rehfeldt) (Portfolio ManagerGlobal EquityJeff Ellefson) (Sr. Portfolio ManagerGlobal EquityCandi Currier) (Sr. Portfolio ManagerGlobal EquityJan Zeeck) (Sr. Portfolio ManagerGlobal EquityMelissa H. Woidyla) ( Sr. Portfolio ManagerGlobal EquitySteve Schultz) (Asst Invest OfficerFixed Income/DerivTammy Otten) (Asst Invest OfficerGlobal Eq / ArbitrageBrett Fligge) (Asst Invest OfficerFixed Income/Alt InvChris Nelson) (State Investment OfficerMatt Clark) (LRCExecutive Board) (South Dakota Investment Council)
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Assets
2
$133
$211
$260
$297
$337
$392
$449
$517
$561
$611 $7
91
$863 $1
,072
$1,2
98
$1,4
53
$1,5
92
$1,8
03
$1,8
79
$2,0
55
$2,2
83
$2,6
05
$2,7
23
$3,0
44 $3,5
29 $4,
144 $4
,872 $
5,53
4 $6,0
69
$6,1
11
$5,8
31 $6,3
18
$7,1
68 $7,
872 $8
,580
$10,
049
$9,1
60
$7,4
10
$8,3
04
$9,9
48
$9,9
03
$11,
312
$13,
049
$13,
289
$12,
954
$14,
207
FY 7
3
FY 7
4
FY 7
5
FY 7
6
FY 7
7
FY 7
8
FY 7
9
FY 8
0
FY 8
1
FY 8
2
FY 8
3
FY 8
4
FY 8
5
FY 8
6
FY 8
7
FY 8
8
FY 8
9
FY 9
0
FY 9
1
FY 9
2
FY 9
3
FY 9
4
FY 9
5
FY 9
6
FY 9
7
FY 9
8
FY 9
9
FY 0
0
FY 0
1
FY 0
2
FY 0
3
FY 0
4
FY 0
5
FY 0
6
FY 0
7
FY 0
8
FY 0
9
FY 1
0
FY 1
1
FY 1
2
FY 1
3
FY 1
4
FY 1
5
FY 1
6
FY 1
7
South Dakota Retirement System* 11,631.8$ 81.9%Health Care Trust Fund 143.0 1.0%Education Enhancement Trust Fund 554.5 3.9%School & Public Lands Fund 286.4 2.0%Dakota Cement Trust Fund 316.5 2.2%South Dakota Cash Flow Fund 1,274.3 9.0%
14,206.5$ 100.0%
Fiscal Years 1973 to 2017$ in Millions
*For purposes of this exhibit, South Dakota Cement Plant Retirement Fund assets, prior to consolidation on 4/1/2014, are included with South Dakota Retirement System assets.
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Investment performance Returns and earnings vs. benchmarks
3
Investment Performance Returns vs. Benchmarks (unaudited)
4 Years 10 Years Annualized Annualized FY 2017 FY 14 – 17 FY 08 – 17 SDRS Total Fund 13.81% 9.05% 6.47% Capital Market Benchmark 10.96% 8.18% 5.31% Added Value 2.85% .87% 1.16% State Fund Universe (est) 12.36% 8.30% 5.22% Added Value 1.45% .75% 1.25% Beginning FY 2017 SDRS Assets $10.502 billion Ending FY 2017 SDRS Assets $11.632 billion
4 Years10 Years
AnnualizedAnnualized
FY 2017FY 14 – 17FY 08 – 17
· SDRS Total Fund13.81%9.05%6.47%
· Capital Market Benchmark10.96%8.18%5.31%
Added Value2.85%.87%1.16%
· State Fund Universe (est)12.36%8.30%5.22%
Added Value1.45%.75%1.25%
· Beginning FY 2017 SDRS Assets$10.502 billion
· Ending FY 2017 SDRS Assets$11.632 billion
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Investment performance Returns and earnings vs. benchmarks
4
Investment Performance Earnings vs. Benchmarks (unaudited)
Total SDRS dollars earned Fiscal Year 2017 $1.465 million
Total SDRS dollars earned last 4 years $3.706 billion
Total SDRS dollars earned last 10 years $5.886 billion
Extra earnings resulting from last 1, 4 and 10 years of performance over benchmark (not including compounding):
1 year 4 years 10 years
o vs. Capital Markets Benchmark $299 million $370 million $1.033 billion
o vs. State Funds $153 million $323 million $1.092 billion
· Total SDRS dollars earned Fiscal Year 2017$1.465 million
· Total SDRS dollars earned last 4 years$3.706 billion
· Total SDRS dollars earned last 10 years$5.886 billion
· Extra earnings resulting from last 1, 4 and 10 years of performance
over benchmark (not including compounding):
1 year 4 years10 years
· vs. Capital Markets Benchmark$299 million$370 million$1.033 billion
· vs. State Funds$153 million$323 million$1.092 billion
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Superior returns add up over time Cumulative returns for SDRS, Benchmark, Corporate plans, and other States
5
Gro
wth
of a
$
$0
$10
$20
$30
$40
$50
$60
$70
$80
1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017
Annualized Return44 years ended FY17
SDRS (10.4%)
Benchmark (9.4%)
Corp Plans (9.1%)
State Plan (9.0%)
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6
Potential Excess Earnings
SDIC 44-year outperformance = .98% annualized vs. benchmark Outperformance of .5% next 20 years = extra $4.3 billion Underperformance of .5% = cost to retirement system of $3.9 billion.
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
2017 2020 2023 2026 2029 2032 2035 2038
Average + 0.50%
Average Returns
Average - 0.50%
Excess Earnings (In Millions)
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Many pistons contribute Cumulative added value by source FY99 to FY17
7
0%
5%
10%
15%
20%
25%
30%
35%
40%
FY99 FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17
Asset Allocation
Private equity
Real estate
Arbitrage
Fixed Income
Global equity
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Every asset category has good and bad years Annual added or detracted value by source
8
Asset Class FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Global equity 0.8% -0.1% 2.9% 1.9% 0.0% -0.4% 0.8% -0.3% -0.1% -6.2% 5.6% 2.1% -0.8% 1.1% 3.7% 0.3% 0.1% -0.4% 1.8%
Fixed Income -0.1% -0.1% -0.3% -0.6% 0.3% 0.0% 0.3% 0.1% 0.0% 0.2% -0.9% 0.6% 0.4% -0.3% 1.2% 0.1% 0.4% 0.9% 0.5%
Arbitrage 0.5% 0.7% 0.0% -0.1% 0.1% -0.1% -0.3% 0.3% -0.1% -0.2% 0.2% 0.1% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
Real estate 1.0% 0.6% 0.5% 0.1% 0.0% 0.5% 2.1% 0.9% 3.0% -1.0% -7.0% 2.1% 2.3% -1.3% 0.6% 1.2% 1.1% -2.3% 1.6%
Private equity -0.3% 0.0% -0.2% 0.2% -0.2% 0.3% 0.7% 0.6% -0.1% 1.8% -1.8% 1.2% -0.2% -1.1% -0.8% 0.1% 0.5% 0.3% 0.0%
Asset Allocation -0.6% 0.0% -0.6% -0.6% -0.7% 0.8% 0.1% 0.8% 1.0% 1.0% 1.5% 1.4% 1.9% 1.5% 2.1% -0.3% 0.0% -1.1% -1.1%
Total 1.3% 1.1% 2.3% 1.0% -0.4% 1.1% 3.7% 2.4% 3.8% -4.5% -2.4% 7.6% 3.8% -0.1% 6.8% 1.4% 2.1% -2.6% 2.9%
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Cost Efficiency
9
Difference between SDIC cost of .34% and benchmark cost of .68% is $48 million per year * SDIC projected expenses for FY 2019 using adjusted assets and expected average performance incentives ** Plus 20% profit participation after preferred return
SDIOInternal Cost
SDIO Internal &Outside Managers
$3 BillionMedianPensionFund
Benchmark (Similar Size and Asset Mix)
Median TargetDate MutualFunds
MedianAlternativeAsset Managers
0.34% *
0.57%
Management Fees
0.10% *
0.84%
1.50% **
0.68%
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Compensation Overview
Long term results have significantly exceeded benchmarks – Added 35% beyond benchmark to SDRS assets in the past 19 years
Continued success dependent on high caliber team – Internally manage most assets using internally generated research
Future team depends on retention of talent pipeline and trainers – Develop internally as cannot compete for top tier experienced talent
Compensation plan aligned with goal of adding value over long term – Motivate superior long-term performance and retain successful staff
Compensation plan updated in 2013 – Council target is 70% of cost of living adjusted median industry pay to balance getting a
good deal for South Dakota without losing the good deal if we cannot keep our people – Incorporates performance incentives – 2013 study showed compensation had fallen to 55%.
10
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Compensation Overview, continued
Council changes implemented in 2014 to get back to target – Expanded incentive compensation plan as opposed to adjusting base compensation – Incentives expanded to include longer term and stretch incentives and expected to
average 80% (0% to 200%) – Incentives aligned with the goal of adding value and only paid if add value
Compensation study updated in 2016 – Indicated only modest slippage from target
Cost efficient due to internal management capabilities – Securing team to preserve internal capabilities best chance to remain cost efficient – Internal cost .1% with expected average incentives
11
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12
Budget Funding Sources
Budget funded by assets under management 0% General Fund appropriation
Note: S&PL share of SDIC expenses paid from earnings of Cash Flow Fund
Trust Funds -9.9%
Retirement System -
88.6%
Cash Flow Fund - 1.5%
South Dakota Retirement System - 88.6%
Cash Flow Fund - 1.5%
Dakota Cement Trust - 2.5%
Education Enhancement Trust - 4.1%
Health Care Trust - 1.1%
School & Public Lands - 2.2%
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Long Term Plan Executive Summary Projected LTP Budget
13
FY 2019 FY 2024 FY 2029
INVESTMENT OFFICE BUDGET
Personal Services Number of Employees 34.25 36.25 34.25 Base Compensation - Total Staff 5,717,652.94 7,649,141.62 9,398,134.75 Staff Attorney (1/4 FTE) & Interns 63,933.86 71,457.45 79,866.39 Investment Council 6,227.00 6,227.00 6,227.00 Flexibility funds-Retirements & Resignations 158,589.75 177,252.23 198,110.86 Investment Incentive Maximum 9,931,509.11 13,509,864.94 16,628,238.06 Benefits 2,465,406.91 3,261,696.79 3,973,552.98 Total Personal Services 18,343,319.57 24,675,640.02 30,284,130.05
Operating Expenses Contractual Services 1,860,368 2,012,565 2,221,791 Travel 85,000 95,003 106,182 Office Supplies & Postage 9,000 10,059 11,243 Capital Assets 40,520 52,118 58,867 Total Operating Expenses 1,994,888 2,169,745 2,398,083
Total Investment Council Budget 20,338,208 26,845,385 32,682,213
ASSET SUMMARY * Internal Assets 11,928,456,969 14,711,908,915 18,154,490,944 External Assets 3,463,100,410 4,271,199,362 5,270,658,661 Total Assets 15,391,557,380 18,983,108,277 23,425,149,605
EXPENSE SUMMARY
Internal Expenses 20,338,208 26,845,385 32,682,213 External Manager Fees 38,094,105 46,983,193 57,977,245 Total Expenses 58,432,312 73,828,578 90,659,458
UNIT COST SUMMARY **
Internal Expenses as % of Total Assets 0.095% 0.100% 0.098% Total Expenses as % of Total Assets 0.343% 0.348% 0.346%
* Projections based on long-term assumed returns applied to 6/30/17 assets. Updated each June 30.**Unit Cost Summary uses assumed average investment performance incentives
Note: FY 19 amounts differ from actual budget request. The LTP includes an assumed 2.25% salary policy
LTP
MAKE SURE PROMOTION INCREASES COINCIDE WITH PROMOTION SCHEDULE SPREADSHEETWhen copying fy29 info into into fy30 column, do not copy the promotion schedule rows
in Aug 2018 - ASK MATT IF HE WANTS TO ADD FULL-TIME STAFF ATTORNEY - WHAT YEAR? incr of 2 fte's for fy 22, 23 & 24, then back down - for transition years as sr staff retires
SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC
FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029FY 2030FY 2031FY 2032FY 2033FY 2034FY 2035
EXECUTIVE SUMMARY
INVESTMENT OFFICE BUDGET
Personal Services
Number of Employees[28][28]303032.2532.2534.2534.2534.2534.2536.2536.2536.2534.2534.2534.2534.2534.25
Base Compensation - Total StaffERROR:#REF!ERROR:#REF!4,010,6574,401,9184,864,2545,150,9945,394,7375,717,6536,046,3606,377,2406,895,7847,261,4307,649,1427,493,1247,943,6518,379,6638,888,9919,398,135
Staff Attorney (1/4 FTE) & Interns22,06553,89162,52762,52763,93465,37266,84368,34769,88571,45773,06574,70976,39078,10979,866
Investment CouncilERROR:#REF!35,86335,5825,9466,0646,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,227
Flexibility funds-Retirements & Resignations140,431148,061151,022155,100155,100158,590162,158165,807169,537173,352177,252181,240185,318189,488193,751198,111
Investment Incentive MaximumERROR:#REF!ERROR:#REF!3,261,1247,323,9468,018,6458,921,5539,461,3269,931,50910,538,65111,158,54911,790,20312,803,31513,509,86514,259,73713,921,30014,795,05515,638,83216,628,238
Benefits1,085,3123,261,1241,240,9791,890,6182,073,0442,227,6492,355,3282,465,4072,601,4242,739,6562,923,6763,121,6963,261,6973,351,3273,374,6473,563,4233,758,3603,973,553
Total Personal ServicesERROR:#REF!ERROR:#REF!8,688,77313,792,55415,166,91916,524,04917,435,24418,343,32019,420,19220,514,32221,853,77323,435,90524,675,64025,364,72125,505,85327,010,24628,564,27030,284,130
Operating Expenses
Contractual - Investment Services839,713946,400869,924983,5601,012,6861,056,5211,121,6211,234,2611,223,9941,249,2841,275,1431,301,5841,328,6191,356,2631,384,5291,413,4311,442,9831,473,201
Contractual - Administrative Services787,147517,277564,891564,133583,206595,611604,502626,107637,166648,473663,274675,169683,945696,305708,944721,866735,079748,590
Travel65,70065,70085,00085,00085,00085,00085,00085,00086,91388,86895,22497,36795,00397,14099,326101,561103,846106,182
Office Supplies & Postage12,73312,73312,73312,73312,73312,73312,7339,0009,2039,41010,18710,41610,05910,28510,51710,75310,99511,243
Capital Assets28,24228,24248,50043,00047,19244,40040,52040,52047,29048,45349,64450,86652,11853,40254,71856,06757,45058,867
Total Operating Expenses1,733,5351,570,3521,581,0481,688,4261,740,8171,794,2651,864,3761,994,8882,004,5652,044,4882,093,4732,135,4022,169,7452,213,3962,258,0342,303,6782,350,3542,398,083
Total Investment Council BudgetERROR:#REF!ERROR:#REF!10,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
ASSET SUMMARY
Internal Assets6,743,999,5238,042,846,2179,447,833,73610,076,032,5889,844,732,39710,970,266,92011,439,205,78711,928,456,96912,438,909,13512,971,490,12213,527,168,67114,106,956,24414,711,908,91515,343,129,34716,001,768,86016,689,029,59017,406,166,74218,154,490,944
External Assets3,159,083,4773,269,173,7793,601,660,3743,181,905,0283,108,862,8623,184,916,2023,321,059,7453,463,100,4103,611,296,2013,765,916,4873,927,242,5174,095,567,9424,271,199,3624,454,456,9074,645,674,8304,845,202,1395,053,403,2485,270,658,661
Total Retirement System Assets7,882,686,0009,130,716,36510,602,389,49610,748,012,45910,501,680,86411,613,500,00012,136,107,50012,682,232,33813,252,932,79313,849,314,76814,472,533,93315,123,797,96015,804,368,86816,515,565,46717,258,765,91318,035,410,37918,847,003,84619,695,119,019
Total Assets9,903,083,00011,312,019,99613,049,494,11013,257,937,61612,953,595,25914,155,183,12214,760,265,53115,391,557,38016,050,205,33616,737,406,60917,454,411,18918,202,524,18618,983,108,27719,797,586,25420,647,443,69021,534,231,72922,459,569,99023,425,149,605
EXPENSE SUMMARY
Internal ExpensesERROR:#REF!ERROR:#REF!10,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
Assumed Budget Expenditures (40% avg Inv Perf Incnt)ERROR:#REF!ERROR:#REF!9,027,89810,480,18911,432,60612,226,67912,839,42713,556,97314,228,96614,939,75215,896,89616,829,20317,620,84917,841,56918,258,42319,211,86120,236,42921,328,452
External Manager Fees35,855,59736,941,66440,482,66335,000,95534,197,49135,034,07836,531,65738,094,10539,724,25841,425,08143,199,66845,051,24746,983,19348,999,02651,102,42353,297,22455,587,43657,977,245
Total ExpensesERROR:#REF!ERROR:#REF!50,752,48350,481,93451,105,22853,352,39355,831,27758,432,31261,149,01563,983,89167,146,91470,622,55473,828,57876,577,14378,866,30982,611,14886,502,06090,659,458
UNIT COST SUMMARY
Internal Expenses as % of Total AssetsERROR:#REF!ERROR:#REF!0.079%0.117%0.131%0.129%0.131%0.132%0.133%0.135%0.137%0.140%0.141%0.139%0.134%0.136%0.138%0.140%
Internal Exp as % of Total Assets (with assumed avg Inv Perf Incnt)ERROR:#REF!ERROR:#REF!0.069%0.079%0.088%0.086%0.087%0.088%0.089%0.089%0.091%0.092%0.093%0.090%0.088%0.089%0.090%0.091%
Total Expenses as % of Total AssetsERROR:#REF!ERROR:#REF!0.389%0.381%0.395%0.377%0.378%0.380%0.381%0.382%0.385%0.388%0.389%0.387%0.382%0.384%0.385%0.387%
Internal Exp as % of Adjusted Long-Term Value Total Assets0.088%0.088%0.093%0.094%0.095%0.096%0.096%0.098%0.100%0.100%0.097%0.096%0.096%0.097%0.098%
(with assumed avg Inv Perf Incentive)
PERSONAL SERVICES BUDGET
INVESTMENT OFFICER (SDIC recommended/Ex Brd approved)Matt368,938386,647405,206424,656440,793460,629460,629479,054498,216518,145538,870560,425582,842606,156630,402655,618681,843709,117
% INCREASE IN BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!368,938386,647810,412849,312881,586921,257921,257958,107996,4321,036,2891,077,7411,120,8501,165,6841,212,3121,260,8041,311,2361,363,686
ASST INVESTMENT OFFICER ARBITRAGE/INT'LBrett233,092244,280256,006268,294278,489291,021291,021302,662314,769327,359340,454354,072368,235382,964398,283414,214430,783448,014
% INCREASE IN BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!233,092244,280512,012536,588556,979582,043582,043605,324629,537654,719680,908708,144736,470765,929796,566828,428861,565
ASST INVESTMENT OFFICER FIXED INC / DERIVATIVETammy199,430209,003219,035229,548238,271248,993248,993258,953269,311280,084291,287302,939315,056327,658340,765354,395368,571383,314
% INCREASE IN BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!199,430209,003438,070459,097476,543497,987497,987517,906538,623560,168582,574605,877630,112655,317681,530708,791737,142
ASST INVESTMENT OFFICER FIXED INC / ALT INVChris198,918208,466218,472228,959237,660248,354248,354258,288268,620279,365290,539302,161314,247326,817339,890353,486367,625382,330
% INCREASE IN BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!198,918208,466436,945457,918475,319496,708496,708516,577537,240558,729581,079604,322628,495653,634679,780706,971735,250
SENIOR PORTFOLIO MANAGER-GLOBAL EQScott*173,027181,332190,036199,158206,726216,029216,029222,942231,859241,134250,779260,810271,243282,092293,376305,111317,315330,008
% INCREASE IN BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%3.20%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!173,027181,332380,072398,316413,452432,057432,057445,883463,718482,267501,558521,620542,485564,184586,752610,222634,631
SENIOR PORTFOLIO MANAGER-GLOBAL EQSteve*173,027181,332190,036199,158206,726216,029216,029222,942231,859241,134250,779260,810271,243282,092293,376305,111317,315330,008
% INCREASE IN BASEERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%3.20%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!173,027181,332380,072398,316413,452432,057432,057445,883463,718482,267501,558521,620542,485564,184586,752610,222634,631
SENIOR PORTFOLIO MANAGER FIXED INCOMESherry109,435114,688120,193131,972136,987143,151143,151148,877154,832161,026167,467174,166181,132188,377195,913203,749211,899220,375
% INCREASE IN BASEERROR:#REF!4.80%4.80%9.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!109,435114,688240,386263,944273,974286,303286,303297,755309,665322,052334,934348,331362,264376,755391,825407,498423,798
SENIOR PORTFOLIO MANAGER/GLOBAL EQUITYJan171,675179,915188,551197,602205,111214,341214,341222,914231,831241,104250,748260,778271,209282,058293,340305,074317,277329,968
% INCREASE IN BASE5/94ERROR:#REF!4.80%4.80%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!171,675179,915377,103395,204410,221428,681428,681445,829463,662482,208501,496521,556542,419564,115586,680610,147634,553
PORTFOLIO MANAGER - GLOBAL EQMelissa170,611178,800188,551197,602205,111214,341214,341222,915231,832241,105250,749260,779271,210282,059293,341305,075317,278329,969
% INCREASE IN BASE8/95ERROR:#REF!4.80%5.45%4.80%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!170,611178,800377,102395,205410,223428,683428,683445,830463,663482,210501,498521,558542,420564,117586,682610,149634,555
PORTFOLIO MANAGER/GLOBAL EQUITYCandi166,304174,287184,744197,602205,111214,341214,341222,914231,831241,104250,748260,778271,209282,058293,340305,074317,277329,968343,166356,893371,169386,015401,456
% INCREASE IN BASE7/00ERROR:#REF!4.80%6.00%6.96%3.80%4.50%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!166,304174,287369,488395,204410,221428,681428,681445,829463,662482,208501,496521,556542,419564,115586,680610,147634,553659,935686,333713,786742,337772,031
highlight-sr pf mgr
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQDarci132,003158,404175,305191,420200,991212,447212,447222,914231,831241,104250,748260,778271,209282,058293,340305,074317,277329,968343,166356,893371,169386,015401,456417,514
% INCREASE IN BASE4/01 fy01ERROR:#REF!20.00%10.67%9.19%5.00%5.70%0.00%4.93%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!132,003158,404350,610382,839401,981424,894424,894445,829463,662482,208501,496521,556542,419564,115586,680610,147634,553659,935686,333713,786742,337772,031802,912
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ Arianna103,584120,716144,860173,976190,798207,635211,788220,259229,070241,104250,748260,778271,209282,057293,339305,073317,276329,967343,165356,892371,168386,014401,455417,513
% INCREASE IN BASE12/02 fy03ERROR:#REF!16.54%20.00%20.10%9.67%8.82%2.00%4.00%4.00%5.25%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!103,584120,716289,720347,951381,596415,270423,575440,518458,139482,207501,495521,555542,417564,114586,679610,146634,552659,934686,331713,784742,336772,029802,910
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ Jeff
Riss, Laurie: Jarrod, Randy & Renae all read Jeff's line. Formula for increases on Jeff's base comp91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE7/03 fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - SMALL/MID CAPJarrod91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE1/04 fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ Randy91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE05/04 fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - GLOBAL EQ Renae91,079108,693126,671151,813180,809199,414207,391217,760226,470235,529250,745260,774271,205282,053293,336305,069317,272329,963343,161356,888371,163386,010401,450417,508
% INCREASE IN BASE01/04 fy04ERROR:#REF!19.34%16.54%19.85%19.10%10.29%4.00%5.00%4.00%4.00%6.46%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!91,079108,693253,342303,627361,618398,828414,781435,520452,941471,059501,489521,549542,411564,107586,671610,138634,544659,925686,322713,775742,326772,019802,900
ASSOCIATE PORTFOLIO MANAGER - SMALL/MID CAPVacant91,079108,693126,671150,982174,782197,181201,800209,872218,267226,998236,077245,521255,341265,555276,177287,224298,713310,662323,088336,012349,452363,430377,968393,086
% INCREASE IN BASEERROR:#REF!19.34%16.54%19.19%15.76%12.82%2.34%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!91,079108,693253,342301,964349,564394,362403,600419,744436,534453,995472,155491,041510,683531,110552,354574,449597,427621,324646,177672,024698,905726,861755,935
ASSOCIATE PORTFOLIO MGR - HIGH YLD/CONVERTIBLESRoss
Riss, Laurie: starting with Ross, use transition tables below73,85284,967102,198119,378137,929164,673181,140195,632209,326223,979239,657256,433271,205282,053293,335305,069317,271329,962343,161356,887371,163386,009401,450417,508
% INCREASE IN BASE08/05 fy06ERROR:#REF!15.05%20.28%16.81%15.54%19.39%10.00%8.00%7.00%7.00%7.00%7.00%5.76%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!73,85284,967204,396238,756275,858329,346362,281391,263418,651447,957479,314512,866542,410564,106586,671610,137634,543659,925686,322713,775742,326772,019802,899
ASSISTANT PORTFOLIO MANAGER - GLOBAL EQUITYLee67,31570,93081,64793,320111,311129,490145,029165,333188,479203,558217,807233,053249,367266,823293,335305,068317,271329,962343,160356,887371,162386,009401,449417,507
% INCREASE IN BASE05/07 fy08ERROR:#REF!5.37%15.11%14.30%19.28%16.33%12.00%14.00%14.00%8.00%7.00%7.00%7.00%7.00%9.94%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!67,31570,930163,294186,639222,622258,980290,058330,666376,959407,116435,614466,107498,734533,645586,670610,137634,542659,924686,321713,774742,325772,018802,898
ASSISTANT PORTFOLIO MGR-HIGH YIELD/CONVERTIBLESDanielle67,31570,93081,64793,320111,311129,490145,029165,333188,479203,558217,807233,053249,367266,823293,335305,068317,271329,962343,160356,887371,162386,009401,449417,507
% INCREASE IN BASE05/07 fy08ERROR:#REF!5.37%15.11%14.30%19.28%16.33%12.00%14.00%14.00%8.00%7.00%7.00%7.00%7.00%9.94%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!67,31570,930163,294186,639222,622258,980290,058330,666376,959407,116435,614466,107498,734533,645586,670610,137634,542659,924686,321713,774742,325772,018802,898
highlight - sr pf mgr
RESEARCH ANALYST - HIGH YIELD/CONVERTIBLE ARBAnne58,32864,20773,93284,504100,796112,589118,444129,104148,469169,255192,951219,964239,760257,743277,073297,854317,413330,078343,281357,012371,293386,145401,590417,654
% INCREASE IN BASE05/09 fy10ERROR:#REF!10.08%15.15%14.30%19.28%11.70%5.20%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%6.57%3.99%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMERROR:#REF!58,32864,207147,865169,008201,592225,178236,888258,207296,939338,510385,901439,927479,521515,485554,146595,707634,825660,156686,562714,025742,586772,289803,181
RESEARCH ANALYSTZachERROR:#REF!ERROR:#REF!53,00054,59060,59568,29078,67089,68397,755116,328129,124140,746153,413176,425201,124229,281261,381284,905306,273329,243353,937386,009401,449417,507
% INCREASE IN BASE09/14not hired until FY 15-so everything moved back one year11.00%12.70%15.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.06%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUMactual FY15FY 15 actual amt s/b 54,590 - adjusted in FY 16 request109,180121,190136,579157,339179,367195,510232,656258,249281,491306,825352,849402,248458,563522,761569,810612,546658,487707,873772,018802,899
RESEARCH ANALYSTLesykERROR:#REF!ERROR:#REF!53,00050,62055,68262,19767,29780,21891,44899,679118,618131,666143,516156,432179,897205,082233,794266,525290,512312,301335,723360,903401,449417,507434,207451,576469,639488,424507,961528,279
% INCREASE IN BASE06/15 fy16not hired until FY 15-so everything moved back one year10.00%11.70%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM101,240111,364124,394134,594160,436182,897199,358237,236263,331287,031312,864359,794410,165467,588533,050581,025624,602671,447721,805802,898835,014868,414903,151939,277976,8481,015,922
RESEARCH ANALYSTDaniel50,62055,68262,19767,29780,21891,44899,679118,618131,666143,516156,432179,897205,082233,794266,525290,512312,301335,723360,903401,449417,507434,207451,576469,639488,424507,961528,279
% INCREASE IN BASE06/15 fy1610.00%11.70%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM101,240111,364124,394134,594160,436182,897199,358237,236263,331287,031312,864359,794410,165467,588533,050581,025624,602671,447721,805802,898835,014868,414903,151939,277976,8481,015,922
RESEARCH ANALYSTMatthew
Riss, Laurie: 98% of Dan/Lesyk.Close the gap at some pointERROR:#REF!ERROR:#REF!53,00054,59160,95365,95178,61489,61997,685116,245129,032140,645153,303176,299200,981229,118261,195284,702306,055329,009353,685393,420409,157425,523442,544460,246478,656497,802517,714
% INCREASE IN BASE08/15 FY1611.65%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM121,906131,902157,227179,239195,370232,491258,065281,291306,607352,598401,962458,236522,389569,404612,110658,018707,369786,840818,314851,046885,088920,492957,311995,604
RESEARCH ANALYSTMakenzie
Riss, Laurie: 96.2% of M. Carey's base comp - will need upward adjustment at some point to stay ahead of any new emplERROR:#REF!ERROR:#REF!53,00049,62858,63763,44575,62686,21493,973111,828124,129135,301147,478169,600193,344220,412251,269273,883294,425316,507340,245378,470393,609409,353425,727442,756460,467478,885498,041
% INCREASE IN BASE12/15 fy1618.15%8.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%11.23%4.00%4.00%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM117,273126,890151,253172,428187,946223,656248,258270,602294,956339,199386,687440,823502,538547,767588,849633,013680,489756,940787,218818,706851,455885,513920,933957,771
RESEARCH ANALYSTnewERROR:#REF!ERROR:#REF!50,62052,13953,70355,31461,50969,01382,26493,781102,221121,643135,023147,175160,421184,484210,312239,756273,322297,921320,265344,285370,106434,207451,575469,638488,424507,961528,279
% INCREASE IN BASEFY 2018ERROR:#REF!ERROR:#REF!3.00%3.00%3.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%17.32%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM[note - 50,285 start]123,018138,026164,527187,561204,442243,285270,047294,351320,843368,969420,625479,512546,644595,842640,530688,570740,212868,414903,151939,277976,8481,015,922
RESEARCH ANALYSTnewERROR:#REF!ERROR:#REF!50,62052,13953,70355,31461,50969,01382,26493,781102,221121,643135,023147,175160,421184,484210,312239,756273,322297,921320,265344,285370,106404,341420,515437,335454,829473,022491,943
% INCREASE IN BASEFY 2018ERROR:#REF!ERROR:#REF!3.00%3.00%3.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.25%4.00%4.00%4.00%4.00%4.00%
INVESTMENT INCENTIVE MAXIMUM123,018138,026164,527187,561204,442243,285270,047294,351320,843368,969420,625479,512546,644595,842640,530688,570740,212808,682841,029874,670909,657946,043
RESEARCH ANALYST *new*50,62052,54454,90854,90857,10459,38961,76464,23571,42980,14395,531108,905118,706141,261156,799170,911186,293214,237244,231278,423317,402345,968371,916399,810429,795469,551488,333
% INCREASE IN BASEFY 20223.80%4.50%0.00%4.00%4.00%4.00%4.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.25%4.00%
INVESTMENT INCENTIVE MAXIMUM142,858160,286191,061217,810237,413282,521313,599341,823372,587428,475488,461556,846634,804691,936743,832799,619859,591939,103
RESEARCH ANALYST *new*50,62052,54454,90854,90857,10459,38961,76464,23571,42980,14395,531108,905118,706141,261156,799170,911186,293214,237244,231278,423317,402345,968371,916399,810429,795469,551488,333
% INCREASE IN BASEFY 20223.80%4.50%4.00%4.00%4.00%4.00%11.20%12.20%19.20%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.25%4.00%
INVESTMENT INCENTIVE MAXIMUM142,858160,286191,061217,810237,413282,521313,599341,823372,587428,475488,461556,846634,804691,936743,832799,619859,591939,103
INVESTMENT ACCOUNTANTCindy70,75074,90077,89683,00085,49087,79887,79889,77391,79393,85995,97198,130100,338102,595104,904107,264109,678112,145
% INCREASE IN BASEERROR:#REF!5.87%4.00%6.55%3.00%2.70%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT ACCOUNTANTSami60,13863,66566,21272,21074,37676,38483,25887,62989,60191,61793,67895,78697,941100,145102,398104,702107,058109,467
% INCREASE IN BASEERROR:#REF!5.86%4.00%9.06%3.00%2.70%9.00%5.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT ACCOUNTANTKrystal53,07856,17558,42266,40068,39270,23970,94176,79482,36184,21486,10988,04790,02892,05394,12496,24298,408100,622
% INCREASE IN BASEERROR:#REF!5.83%4.00%13.66%3.00%2.70%1.00%8.25%7.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT ACCOUNTANTBrandy47,00049,37855,94562,25064,11861,54962,16564,80770,15475,24076,93378,66480,43482,24384,09485,98687,92189,899
% INCREASE IN BASEERROR:#REF!5.06%13.30%11.27%3.00%-4.01%1.00%4.25%8.25%7.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
BUSINESS MANAGERLaurie59,96361,76263,61566,15967,48369,30569,30570,86472,45974,08975,75677,46179,20480,98682,80884,67186,57688,524
% INCREASE IN BASEERROR:#REF!3.00%3.00%4.00%2.00%2.70%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
ASST BUSINESS MGR / ACCOUNTANTChrista30,02330,92431,85133,12533,78834,70144,10046,30547,34748,41249,50150,61551,75452,91954,10955,32756,57257,844
% INCREASE IN BASEERROR:#REF!3.00%3.00%4.00%2.00%2.70%27.09%5.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
STAFF ATTORNEY (1/4 FTE)30,71038,51338,51339,38040,26641,17242,09843,04544,01445,00446,01747,05248,11149,193
% INCREASE IN BASE (incl 1/4 hlth & ret)
STUDENT INTERN19,88420,48121,42422,06523,18124,01424,01424,55425,10725,67226,24926,84027,44428,06128,69329,33829,99830,673
% INCREASE IN BASEERROR:#REF!3.00%4.61%2.99%5.06%3.59%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
INVESTMENT COUNCIL7,8757,8755,7735,9466,0646,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,227
LONGEVITY PAY6,8257,5088,3859,4519,83110,46011,41512,15513,37114,70816,17817,79619,57621,53323,68726,05528,66131,527
Unused comp money - accountants FY 201788,55564,78972,4639,895
BASE SALARY - INVESTMENT POSITIONSERROR:#REF!ERROR:#REF!3,648,3304,009,3224,460,7764,730,6634,965,7555,269,3255,579,2755,895,1016,401,6576,754,9327,129,8686,960,6507,397,5287,819,4168,314,1198,808,107
BASE SALARY - ACCOUNTING, ADMINISTRATIVE & LONGEVITY336,804362,326392,596403,477420,331428,982448,328467,085482,138494,126506,498519,273532,474546,124560,247574,872590,028
TOTAL STAFF BASE SALARY34,584ERROR:#REF!4,010,6574,401,9184,864,2545,150,9945,394,7375,717,6536,046,3606,377,2406,895,7847,261,4307,649,1427,493,1247,943,6518,379,6638,888,9919,398,135
STAFF ATTORNEY (1/4 FTE) & INTERNS22,06553,89162,52762,52763,93465,37266,84368,34769,88571,45773,06574,70976,39078,10979,866
INVESTMENT COUNCILERROR:#REF!35,86335,5825,9466,0646,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,2276,227
FLEXIBILITY FUND-RETIREMENTS & RESIGNATIONS140,431140,431148,061151,022155,100155,100158,590162,158165,807169,537173,352177,252181,240185,318189,488193,751198,111
TOTAL INVESTMENT INCENTIVE MAXIMUM1,085,3123,261,1243,261,1247,323,9468,018,6458,921,5539,461,3269,931,50910,538,65111,158,54911,790,20312,803,31513,509,86514,259,73713,921,30014,795,05515,638,83216,628,238
PERSONAL BENEFITSERROR:#REF!ERROR:#REF!1,240,9791,890,6182,073,0442,227,6492,355,3282,465,4072,601,4242,739,6562,923,6763,121,6963,261,6973,351,3273,374,6473,563,4233,758,3603,973,553
TOTAL PERSONAL SERVICESERROR:#REF!8,688,77313,792,55415,166,91916,524,04917,435,24418,343,32019,420,19220,514,32221,853,77323,435,90524,675,64025,364,72125,505,85327,010,24628,564,27030,284,130
% INCREASE IN PERSONAL SERVICESERROR:#REF!ERROR:#REF!58.74%9.96%8.95%5.51%5.21%5.87%5.63%6.53%7.24%5.29%2.79%0.56%5.90%5.75%6.02%
*assume upper level retirements in '22 - 2 plateaued positions promoted to higher level - entry level hired
STAFF ATTORNEY (1/4 FTE)37,50038,62539,78440,97742,20743,47344,77746,12047,50448,92950,39751,90953,46655,070
Must cover with health ins the first year as part time - costless $10,980 forno ins provided
to SDIC of $8,622 fte cost. Retiree cost w/b 10,980health insurance
26.500 cash
STATE SALARY POLICY2.0%2.7%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
LTP SALARY INCREASES - INVESTMENT POSITIONS1.8%1.8%0.0%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%
TRANSITION INCREASES - Inv Positions - New Hires in FY:
2006 (RS)10.00%4.00%3.00%3.00%3.00%3.00%1.75%
2008 )LM & DM)12.00%10.00%10.00%4.00%3.00%3.00%3.00%3.00%6.00%
2010 (AC)7.2%5.2%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%2.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
2015 (ZN)7.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
2016 (DE & LV) & (MC & MS)7.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
20187.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
20227.2%8.2%15.2%10.0%5.0%15.0%7.0%5.0%5.0%11.0%10.0%10.0%10.0%5.0%3.5%3.5%3.5%5.25%0.0%
PROGRESSION SCHEDULE - Guide
RESEARCH ANALYST- 3 YEARS
ASSISTANT PORTFOLIO MANAGER - YEARS 4 & 5
ASSOCIATE PORTFOLIO MGR - YEARS 5 THROUGH 10
PORTFOLIO MANAGER - YEARS 11 THROUGH 15
SENIOR PORTFOLIO MANAGER - YEARS 16+
INCENTIVE SCHEDULE - IMPLMENTATION
PERCENT OF 1YR AGO BASE INV. INCENTIVE MAX :
INVESTMENT OFFICERmc100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
ASSISTANT INVESTMENT OFFICERSbf, to, cn100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
SENIOR PORTFOLIO MANAGERSsh, ss100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
PORTFOLIO MANAGER-FIXED INCOME/HESPsn50%50%50%100%100%100%100%100%100%100%100%100%100%100%100%100%100%100%
PORTFOLIO MANAGERSjz, mhw, cc100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
ASSISTANT PORTFOLIO MANAGER (new FY2002)dh100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (New FY2003)ar100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY2004)je je rs df rr100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY2006)as. rs100%100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired May 2007)lm, ds70%90%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired May 2009)ad30%50%70%180%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY 2015)zn60%100%140%180%200%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired May 2015)lv de60%100%140%180%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY 2016)??60%100%140%180%200%200%200%200%200%200%200%200%
RESEARCH ANALYSTS - (Newly hired FY 2018)??60%100%140%180%200%200%200%200%200%200%
INCENTIVE SCHEDULE - BUDGETED
PERCENT OF 1YR AGO BASE INV. INCENTIVE MAX :100%100%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%200%
All incentive programs budgeted at 200% level
NUMBER OF EMPLOYEES (re health benefits)2828303032.0032.0034.0034.0034.0034.0036.0036.0034.0034.0034.0034.0034.0034.00
BENEFITS - Base Compensation
Social Security 7.65%320,280348,528388,255411,176429,822454,900480,429506,133546,202574,583604,662593,155628,058661,860701,281740,699
Retirement6%240,639264,115291,855309,060323,684343,059362,782382,634413,747435,686458,948449,587476,619502,780533,339563,888
Unemployment Insurance0.10%4,1874,5565,0755,3755,6195,9466,2806,6167,1407,5117,9047,7548,2108,6529,1679,682
Workers Compensation0.05%2,0932,2782,5382,6872,8092,9733,1403,3083,5703,7553,9523,8774,1054,3264,5844,841
Health/Life Insurance258,660254,100271,040275,904287,731287,980294,460301,085325,969333,303321,869329,111336,516344,087351,829359,746
Total Benefits - Base825,860873,577958,7631,004,2021,049,6651,094,8591,147,0901,199,7761,296,6271,354,8391,397,3351,383,4841,453,5081,521,7051,600,2011,678,856
Health Insurance per FTE8470.008,6228,4708,4708,6228,4708,4708,6618,8559,0559,2589,4679,6809,89810,12010,34810,581
2.25%
BENEFITS - Performance Incentive
Social Security 7.65%249,476560,282613,426682,499723,791759,760806,207853,629901,951979,4541,033,5051,090,8701,064,9791,131,8221,196,3711,272,060
Retirement6%195,667439,437481,119535,293567,680595,891632,319669,513707,412768,199810,592855,584835,278887,703938,330997,694
Unemployment Insurance0.10%3,2617,3248,0198,9229,4619,93210,53911,15911,79012,80313,51014,26013,92114,79515,63916,628
Workers Compensation0.05%1,6313,6624,0094,4614,7314,9665,2695,5795,8956,4026,7557,1306,9617,3987,8198,314
Total Benefits - Incentives450,0351,010,7051,106,5731,231,1741,305,6631,370,5481,454,3341,539,8801,627,0481,766,8571,864,3611,967,8441,921,1392,041,7182,158,1592,294,697
TOTAL BENEFITS1,275,8951,884,2822,065,3362,235,3762,355,3282,465,4072,601,4242,739,6562,923,6763,121,6963,261,6973,351,3273,374,6473,563,4233,758,3603,973,553
OPERATING EXPENSE BUDGET
Contractual - Investment Services
CONSULTING SERVICES
Consulting/Comp Analysis/Asset Allocation/etc.30,00030,00030,00030,00030,00030,00030,00030,00030,67531,36532,07132,79233,53034,28535,05635,84536,65137,476
Consultant - Legal/Executive Search Firm000000050,000100,000100,000100,000100,000100,000100,000100,000100,000100,000100,000
SUBTOTAL30,00030,00030,00030,00030,00030,00030,00080,000130,675131,365132,071132,792133,530134,285135,056135,845136,651137,476
INVESTMENT ACCOUNTING, PERFORMANCE, BENCHMARKING
BNY/Mellon Performance & Risk Analysis20,00020,00020,00020,00010,00010,0008,0008,0008,1808,3648,5528,7458,9419,1439,3489,5599,7749,994
S&P 120012,00012,00012,00012,00012,00012,00013,00015,00015,33815,68316,03516,39616,76517,14217,52817,92218,32618,738
S&P 100002,0002,0002,0002,0002,0002,0002,0002,0452,0912,1382,1862,2352,2862,3372,3902,4432,498
S&P U.S.10,00010,00010,00010,00010,00010,00011,00011,00011,24811,50111,75912,02412,29412,57112,85413,14313,43913,741
Citi Index085,00085,000010,00014,10014,41714,74215,07315,41215,75916,11416,47616,84717,22617,614
Portia50,00050,00050,00062,00062,00062,00062,00063,00064,41865,86767,34968,86470,41471,99873,61875,27476,96878,700
SUBTOTAL92,00094,00094,000191,000181,00096,000106,000113,100115,645118,247120,907123,628126,409129,254132,162135,135138,176141,285
INVESTMENT DATABASES, NEWSFEEDS & QUOTE FEES
Bloomberg146,475132,111110,502112,800122,311124,362124,362124,362127,160130,021132,947135,938138,997142,124145,322148,592151,935155,353
Factset181,632188,022188,022205,700215,985235,180257,264257,264263,052268,971275,023281,211287,538294,008300,623307,387314,303321,375
Reuters Fundamental Index25,46226,63028,58028,58045,36047,62847,62847,62848,70049,79550,91652,06153,23354,43055,65556,90758,18859,497
Quote Fees (incl Bloomberg/Factstet, NYSE, Sedol, Cusip, OPRA)54,08645,12545,12545,12545,12557,18267,18272,18273,80675,46777,16578,90180,67682,49184,34786,24588,18690,170
Dow Jones News Services34,80442,98442,98442,98442,98442,98451,00052,20053,37554,57555,80357,05958,34359,65560,99862,37063,77465,208
SUBTOTAL442,459434,872415,213435,189471,765507,336547,436553,636566,093578,830591,854605,170618,787632,709646,945661,502676,385691,604
INVESTMENT RESEARCH SERVICES
KDP High Yield20,00020,00020,00020,00020,00020,00020,00000000000000
Stone McCarthy4,3054,3054,305000000000000000
GNA - Gimme Credit25,00025,00025,00025,00025,00025,00025,00025,00025,56326,13826,72627,32727,94228,57129,21329,87130,54331,230
Credit Sights39,90047,25066,95077,50079,82582,22082,22086,00087,93589,91491,93794,00596,12098,283100,494102,755105,067107,431
Reorg Research85,000
Indie Research - Insider Score14,00017,64026,52526,52526,52526,52526,52526,52527,12227,73228,35628,99429,64630,31330,99531,69332,40633,135
Boyars Intrinsic Value30,00030,00000015,00015,00015,00015,33815,68316,03516,39616,76517,14217,52817,92218,32618,738
Rystad Energy45,00000000000000
Morningstar Equity44,00075,00075,00075,00075,00080,00080,00080,00081,80083,64185,52287,44789,41491,42693,48395,58697,73799,936
S&P Capital IQ13,26014,23315,69215,69215,69239,69039,69065,00066,46367,95869,48771,05072,64974,28475,95577,66479,41181,198
Value Line04,1004,1004,5154,7404,7504,7505,0005,1135,2285,3455,4655,5885,7145,8435,9746,1096,246
Management CV18,00000000000000000000
Flexibility - from Brokerage to Independent Research66,789150,00083,13983,13983,139130,000100,000100,000102,250104,551106,903109,308111,768114,283116,854119,483122,171124,920
SUBTOTAL275,254387,528330,711327,371329,921423,185438,185487,525411,582420,842430,311439,993449,893460,016470,366480,949491,771502,836
TOTAL CONTRACTUAL-INVESTMENT839,713946,400869,924983,5601,012,6861,056,5211,121,6211,234,2611,223,9941,249,2841,275,1431,301,5841,328,6191,356,2631,384,5291,413,4311,442,9831,473,201
Contractual - Administrative Expenses
Office Rent101,542101,542129,125115,148120,554125,069125,069134,609134,609134,609134,609134,609134,609134,609134,609134,609134,609134,609
Bond/Liability Insurance7,0207,0207,4107,4107,8007,8007,8008,1908,3748,5638,7558,9529,1549,3609,5709,78610,00610,231
Telephone10,00010,00010,00010,00012,00014,00018,00018,00018,40518,81920,37420,83320,11820,57121,03421,50721,99122,486
Office Equip Rental / Maintenance6,0006,0006,0006,0006,0006,0566,0006,0006,1356,2736,4146,5586,7066,8577,0117,1697,3307,495
Bureau of Information & Telecomm (BIT)40,00042,63943,33548,02856,23261,45465,30069,00070,55372,14073,76375,42377,12078,85580,62982,44384,29886,195
State Central Services9,0008,7418,3519,51311,08611,69812,79912,79913,08713,38113,68313,99014,30514,62714,95615,29315,63715,989
Legislative Audit37,13537,13555,70050,00051,50051,50051,50051,50052,65953,84455,05556,29457,56058,85660,18061,53462,91864,334
Attorney General's Office16,00017,97018,50918,50918,50918,50918,50918,92519,35119,78720,23220,68721,15321,62822,11522,61323,122
Custodial Fees - Global538,750250,500250,500263,025263,025263,025263,025271,000277,098283,332289,707296,226302,891309,706316,674323,799331,085338,534
Seminars / Educational Programs33,50033,50033,50033,50033,50033,50033,50033,50034,25435,02437,91938,77237,44238,28539,14640,02740,92741,848
Business Publications4,2004,2003,0003,0003,0003,0003,0003,0003,0683,1373,2073,2793,3533,4283,5063,5843,6653,748
TOTAL CONTRACTUAL-ADMINISTRATIVE787,147517,277564,891564,133583,206595,611604,502626,107637,166648,473663,274675,169683,945696,305708,944721,866735,079748,590
CONTRACTUAL TOTAL1,626,8601,463,6771,434,8151,547,6931,595,8921,652,1321,726,1231,860,3681,861,1601,897,7571,938,4171,976,7532,012,5652,052,5692,093,4732,135,2972,178,0632,221,791
OFFICE SUPPLIES AND POSTAGE12,73312,73312,73312,73312,73312,73312,7339,0009,2039,41010,18710,41610,05910,28510,51710,75310,99511,243
CAPITAL ASSETS
Computer Hardware17,44617,44615,73715,73714,86115,49510,75010,75016,85017,32817,81918,32518,84519,38019,93120,49721,07921,678
Office Equipment & Books5,0405,0407,7632,2632,3313,9054,7704,7704,8774,9875,0995,2145,3315,4515,5745,6995,8285,959
Furniture and Fixtures Acquisition5,7565,75625,00025,00030,00025,00025,00025,00025,56326,13826,72627,32727,94228,57129,21329,87130,54331,230
TOTAL28,24228,24248,50043,00047,19244,40040,52040,52047,29048,45349,64450,86652,11853,40254,71856,06757,45058,867
TRAVEL
Council Meeting Travel8,0708,0708,0708,0708,0708,0708,0708,0708,2528,4379,1359,3409,0209,2239,4309,6429,85910,081
International Travel15,15515,15515,72015,72015,72015,72015,72015,72016,07416,43516,80517,18317,57017,96518,36918,78319,20519,637
State Travel2,4752,4752,4752,4752,4752,4752,4752,4752,5312,5882,8012,8652,7662,8282,8922,9573,0243,092
Seminar and Educational Travel40,00040,00058,73558,73558,73558,73558,73558,73560,05761,40866,48367,97965,64767,12468,63470,17871,75773,372
TOTAL65,70065,70085,00085,00085,00085,00085,00085,00086,91388,86895,22497,36795,00397,14099,326101,561103,846106,182
TOTAL OPERATING EXPENSES1,733,5351,570,3521,581,0481,688,4261,740,8171,794,2651,864,3761,994,8882,004,5652,044,4882,093,4732,135,4022,169,7452,213,3962,258,0342,303,6782,350,3542,398,083
% INCREASE IN OPERATING EXPENSESERROR:#REF!-9.41%0.04%6.79%3.10%3.07%3.91%7.00%0.49%1.99%2.40%2.00%1.61%2.01%2.02%2.02%2.03%2.03%
TOTAL INTERNAL EXPENSESERROR:#REF!8,785,31810,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
% INCREASE IN TOTAL INTERNAL EXPENSESERROR:#REF!ERROR:#REF!16.90%50.74%9.22%8.34%5.36%5.38%5.34%5.29%6.15%6.78%4.98%2.73%0.67%5.58%5.46%5.72%
COMPUTER ACQUISITION AND RETIREMENT SCHEDULE
ADDED992547777777777777
SCRAPPED OR RETIRED TO LOW END DUTY990537777777777777
ENDING NUMBER293030303235353737373737373737373737
COMPUTER HARDWARE/SOFTWARE PURCHASES
COMPUTERSERROR:#REF!ERROR:#REF!3,98410,2608,45412,03412,39512,76713,15013,54413,95114,36914,80015,24415,70216,17316,65817,158
PRINTERS, PROJECTORS, MISCERROR:#REF!ERROR:#REF!2,2532,3202,3902,4612,5172,5732,6312,6912,7512,8132,8762,9413,0073,0753,1443,215
NETWORK SERVER, SOFTWARE, WIRING,CARDSERROR:#REF!ERROR:#REF!3,7873,9014,0181,0001,0231,0461,0691,0931,1181,1431,1691,1951,2221,2491,2771,306
TOTALERROR:#REF!ERROR:#REF!10,02416,48014,86115,49515,93416,38616,85017,32817,81918,32518,84519,38019,93120,49721,07921,678
EXTERNAL FEES (Retirement Systems)
TOTAL EXTERNAL MANAGER FEES (Ret Systems)
Riss, Laurie: See Matt's pink note in Ext Mgr file for justification on 1.1%
35,855,59736,941,66440,482,66335,000,95534,197,49135,034,07836,531,65738,094,10539,724,25841,425,08143,199,66845,051,24746,983,19348,999,02651,102,42353,297,22455,587,43657,977,245
FEES AS % OF EXTERNAL ASSETS1.14%1.13%1.12%
icsf10101: see Matt's pink note in mgmt fees folder to justify using 110bp going forward - see note under external assets for further expl
1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%1.10%
EXTERNAL MANAGER FEES BASED ON ADJUSTED EXT ASSETS36,434,39636,225,98934,197,49132,406,52233,791,78335,237,04736,744,93938,318,20039,959,69341,672,40443,459,45445,324,09947,269,74149,299,93251,418,37853,628,952
ASSET SUMMARY
YEAR END ASSETS
INTERNAL ASSETS6,743,999,5238,042,846,2179,447,833,73610,076,032,5889,844,732,39710,970,266,92011,439,205,78711,928,456,96912,438,909,13512,971,490,12213,527,168,67114,106,956,24414,711,908,91515,343,129,34716,001,768,86016,689,029,59017,406,166,74218,154,490,944
EXTERNAL ASSETS3,159,083,4773,269,173,7793,601,660,3743,181,905,0283,108,862,8623,184,916,2023,321,059,7453,463,100,4103,611,296,2013,765,916,4873,927,242,5174,095,567,9424,271,199,3624,454,456,9074,645,674,8304,845,202,1395,053,403,2485,270,658,661
TOTAL ASSETS9,903,083,00011,312,019,99613,049,494,11013,257,937,61612,953,595,25914,155,183,12214,760,265,53115,391,557,38016,050,205,33616,737,406,60917,454,411,18918,202,524,18618,983,108,27719,797,586,25420,647,443,69021,534,231,72922,459,569,99023,425,149,605
TOTAL RETIREMENT SYSTEMS ASSETS - FY END7,882,686,0009,130,716,36510,602,389,49610,748,012,45910,501,680,86411,613,500,00012,136,107,50012,682,232,33813,252,932,79313,849,314,76814,472,533,93315,123,797,96015,804,368,86816,515,565,46717,258,765,91318,035,410,37918,847,003,84619,695,119,019
ADJUSTED LONG-TERM VALUE ASSETS
Riss, Laurie: Per Matt - changed haircut to zero on assets for FY 16 year ending assets because using depressed return assumptions already. For FY17 year ending assets, haircut assets by 7.5%haircut 7.5%
INTERNAL ASSETS8,503,050,3628,638,872,1519,844,732,39710,147,496,90110,581,265,35311,033,822,69711,505,990,95011,998,628,36312,512,631,02113,048,934,52613,608,515,74614,192,394,64614,801,636,19515,437,352,37116,100,704,23616,792,904,123
EXTERNAL ASSETS3,241,494,3373,293,271,7043,108,862,8622,946,047,4873,071,980,2643,203,367,8803,340,448,9863,483,472,7503,632,699,3293,788,400,3463,950,859,4104,120,372,6394,297,249,2184,481,811,9794,674,398,0044,875,359,262
TOTAL ADJUSTED ASSETS11,744,544,69911,932,143,85412,953,595,25913,093,544,38813,653,245,61614,237,190,57614,846,439,93615,482,101,11316,145,330,34916,837,334,87217,559,375,15718,312,767,28519,098,885,41319,919,164,34920,775,102,24021,668,263,385
AVERAGE ASSETS
INTERNAL ASSETS - AVG7,393,422,8708,745,339,9769,761,933,1629,960,382,49310,407,499,65811,204,736,35311,683,831,37812,183,683,05212,705,199,62913,249,329,39613,817,062,45814,409,432,58015,027,519,13115,672,449,10316,345,399,22517,047,598,16617,780,328,843
EXTERNAL ASSETS - AVG3,214,128,6283,435,417,0773,391,782,7013,145,383,9453,146,889,5323,252,987,9733,392,080,0783,537,198,3063,688,606,3443,846,579,5024,011,405,2304,183,383,6524,362,828,1354,550,065,8694,745,438,4854,949,302,6935,162,030,954
TOTAL ASSETS - AVG10,607,551,49812,180,757,05313,153,715,86313,105,766,43813,554,389,19114,457,724,32715,075,911,45615,720,881,35816,393,805,97217,095,908,89917,828,467,68818,592,816,23219,390,347,26620,222,514,97221,090,837,71021,996,900,85922,942,359,797
EXT ASSETS AS % OF TOTAL ASSETS31.9%28.9%27.6%24.0%24.0%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%22.5%
ASSET GROWTH SUMMARY
TOTAL ASSETSERROR:#REF!14.23%15.36%1.60%-2.30%9.28%4.27%4.28%4.28%4.28%4.28%4.29%4.29%4.29%4.29%4.29%4.30%4.30%
TOTAL RETIREMENT SYSTEMSERROR:#REF!15.83%16.12%1.37%-2.29%10.59%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%
EXPENSE SUMMARY
INTERNAL EXPENSES - BUDGETERROR:#REF!8,785,31810,269,82115,480,97916,907,73618,318,31519,299,62020,338,20821,424,75722,558,81023,947,24625,571,30726,845,38527,578,11727,763,88629,313,92530,914,62432,682,213
INTERNAL EXPENSES (with assumed 80% avg Inv Perf Incnt)ERROR:#REF!7,741,3779,027,898
Riss, Laurie: actual budget spent
icsf10101: see Matt's pink note in mgmt fees folder to justify using 110bp going forward - see note under external assets for further expl
Riss, Laurie: Jarrod, Randy & Renae all read Jeff's line. Formula for increases on Jeff's base comp
Riss, Laurie: 98% of Dan/Lesyk.Close the gap at some point
Riss, Laurie: Total fees & ext mgmt weight - get from Tammy. May then need to adjust fee percentage for ext mgrs and weight percentage going forwardPer Matt - drop percentage of ext managed assets by 1% each year until 28%
Riss, Laurie: starting with Ross, use transition tables below
Riss, Laurie: 96.2% of M. Carey's base comp - will need upward adjustment at some point to stay ahead of any new empl
Riss, Laurie: Per Matt - changed haircut to zero on assets for FY 16 year ending assets because using depressed return assumptions already. For FY17 year ending assets, haircut assets by 7.5%10,480,18911,432,60612,226,67912,839,42713,556,97314,228,96614,939,75215,896,89616,829,20317,620,84917,841,56918,258,42319,211,86120,236,42921,328,452
EXTERNAL MANAGER FEES35,855,59736,941,66440,482,66335,000,95534,197,49135,034,07836,531,65738,094,10539,724,25841,425,08143,199,66845,051,24746,983,19348,999,02651,102,42353,297,22455,587,43657,977,245
TOTAL EXPENSESERROR:#REF!45,726,98249,510,56145,481,14445,630,09747,260,75749,371,08451,651,07853,953,22456,364,83459,096,56361,880,45164,604,04266,840,59569,360,84672,509,08475,823,86579,305,697
TOTAL EXPENSES based on adjusted external assets45,462,29446,706,17745,630,09744,633,20146,631,21048,794,02050,973,90553,257,95355,856,58858,501,60761,080,30363,165,66865,528,16468,511,79371,654,80774,957,404
(with assumed 80% avg inv perf incentive
UNIT COST SUMMARY (using average assets)
INTERNAL EXPENSES AS % OF INTERNAL ASSETSERROR:#REF!0.119%0.117%0.159%0.170%0.176%0.172%0.174%0.176%0.178%0.181%0.185%0.186%0.184%0.177%0.179%0.181%0.184%
INTERNAL EXPENSES AS % OF TOTAL ASSETSERROR:#REF!0.083%0.084%0.118%0.129%0.135%0.133%0.135%0.136%0.138%0.140%0.143%0.144%0.142%0.137%0.139%0.141%0.142%
INTERNAL EXPENSES AS % OF TOTAL ASSETS (with 40% avg Inv Perf Incnt)ERROR:#REF!0.073%0.074%
Riss, Laurie: incl. actual budget expenditures
0.080%
Riss, Laurie: Includes actual budget expenditures
Riss, Laurie: 40% of incentive maximum of 200% --(leaves 60% of max inc unspent
0.087%0.090%0.089%0.090%0.091%0.091%0.093%0.094%0.095%0.092%0.090%0.091%0.092%0.093%
TOTAL EXPENSES AS % OF TOTAL ASSETS (with avg incnt)ERROR:#REF!0.431%0.406%0.346%0.348%0.349%0.341%0.343%0.343%0.344%0.346%0.347%0.347%0.345%0.343%0.344%0.345%0.346%
UNIT COST SUMMARY (using Adjusted Assets)
INTERNAL EXPENSES AS % OF TOTAL ASSETS (with assumed avg incentives)0.088%0.088%0.093%0.094%0.095%0.096%0.096%0.098%0.100%0.100%0.097%0.096%0.096%0.097%0.098%
TOTAL EXPENSES AS % OF TOTAL ASSETS (with assumed avg incentives)0.391%0.352%0.341%0.342%0.343%0.343%0.344%0.346%0.347%0.348%0.345%0.343%0.344%0.345%0.346%
ASSET GROWTH RATES
SDRS CONVENTIONAL (assume 6.5% plus .5% premium6.25%6.25%5.25%5.25%5.25%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%4.50%
with -2.5% net contrib
CEMENT PLANT RETIREMENT FUND0.00%4.50%4.50%
(assume 4.5% return 4 yrs, then 6.75% return with -8.5% net contrib)
DAKOTA CEMENT TRUST (7% less distribution of 4%)2.50%2.30%2.30%2.58%2.58%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
HEALTH CARE TRUST (7% - 4% dist)3.50%2.30%2.30%2.58%2.58%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
EDUCATION ENHANCEMENT TRUST (7% - 4% dist)3.10%2.10%2.10%2.50%2.50%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
SCHOOL AND PUBLIC LANDS FUND (7% less distribution of 4%)3.50%2.30%2.30%2.58%2.58%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%
SOUTH DAKOTA CASH FLOW FUND0.00%0.00%0.00%0.00%0.00%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%3.50%
TOTAL ASSETSfinal assetsassets 3/31/17
TOTAL SD RETIREMENT SYSTEM7,835,186,0009,076,535,48310,602,389,49610,748,012,45910,501,680,86411,613,500,00012,136,107,50012,682,232,33813,252,932,79313,849,314,76814,472,533,93315,123,797,96015,804,368,86816,515,565,46717,258,765,91318,035,410,37918,847,003,84619,695,119,019
TOTAL CEMENT PLANT RETIREMENT FUND47,500,00054,180,8820000000000000000
TOTAL DAKOTA CEMENT TRUST236,725,000268,843,121302,362,265304,669,127294,571,755315,600,000325,068,000334,820,040344,864,641355,210,580365,866,898376,842,905388,148,192399,792,638411,786,417424,140,009436,864,210449,970,136
TOTAL HEALTH CARE TRUST106,790,000121,106,711136,016,642137,183,496133,161,442142,600,000146,878,000151,284,340155,822,870160,497,556165,312,483170,271,857175,380,013180,641,414186,060,656191,642,476197,391,750203,313,502
TOTAL EDUCATION ENHANCEMENT TRUST386,855,000441,011,625503,354,908513,013,957507,946,208553,000,000569,590,000586,677,700604,278,031622,406,372641,078,563660,310,920680,120,248700,523,855721,539,571743,185,758765,481,331788,445,770
TOTAL SCHOOL & PUBLIC LANDS188,365,000222,342,174256,694,476263,348,658259,767,962285,600,000294,168,000302,993,040312,082,831321,445,316331,088,676341,021,336351,251,976361,789,535372,643,221383,822,518395,337,193407,197,309
TOTAL CASH FLOW FUND1,101,662,0001,128,000,0001,248,676,3231,291,709,9191,256,467,0281,244,883,1221,288,454,0311,333,549,9221,380,224,1701,428,532,0161,478,530,6361,530,279,2081,583,838,9811,639,273,3451,696,647,9121,756,030,5891,817,491,6601,881,103,868
TOTAL SDIC ASSETS9,903,083,00011,312,019,99613,049,494,11013,257,937,61612,953,595,25914,155,183,12214,760,265,53115,391,557,38016,050,205,33616,737,406,60917,454,411,18918,202,524,18618,983,108,27719,797,586,25420,647,443,69021,534,231,72922,459,569,99023,425,149,605
4.80%4.80%4.80%4.80%4.80%4.80%
INFLATION ASSUMPTION4.80%4.80%3.00%3.00%3.00%3.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
Page &P8/2016
Exec Summary
SOUTH DAKOTA INVESTMENT COUNCIL
Long-Term Plan
Executive Summary
FY 2019FY 2024FY 2029
INVESTMENT OFFICE BUDGET
Personal Services
Number of Employees34.2536.2534.25
Base Compensation - Total Staff5,717,652.947,649,141.629,398,134.75
Staff Attorney (1/4 FTE) & Interns63,933.8671,457.4579,866.39
Investment Council6,227.006,227.006,227.00
Flexibility funds-Retirements & Resignations158,589.75177,252.23198,110.86
Investment Incentive Maximum9,931,509.1113,509,864.9416,628,238.06
Benefits2,465,406.913,261,696.793,973,552.98
Total Personal Services18,343,319.5724,675,640.0230,284,130.05
Operating Expenses
Contractual Services1,860,3682,012,5652,221,791
Travel85,00095,003106,182
Office Supplies & Postage9,00010,05911,243
Capital Assets40,52052,11858,867
Total Operating Expenses1,994,8882,169,7452,398,083
Total Investment Council Budget20,338,20826,845,38532,682,213
ASSET SUMMARY *
Internal Assets11,928,456,96914,711,908,91518,154,490,944
External Assets3,463,100,4104,271,199,3625,270,658,661
Total Assets15,391,557,38018,983,108,27723,425,149,605
EXPENSE SUMMARY
Internal Expenses20,338,20826,845,38532,682,213
External Manager Fees38,094,10546,983,19357,977,245
Total Expenses58,432,31273,828,57890,659,458
UNIT COST SUMMARY **
Internal Expenses as % of Total Assets0.095%0.100%0.098%
Total Expenses as % of Total Assets0.343%0.348%0.346%
* Projections based on long-term assumed returns applied to 6/30/17 assets. Updated each June 30.
**Unit Cost Summary uses assumed average investment performance incentives
Note: FY 19 amounts differ from actual budget request. The LTP includes an assumed 2.25% salary policy
Internal Expenses as % of Total Average Assets0.090%0.095%0.093%
Total Expenses as % of Total Average Assets0.343%0.347%0.346%
Transition incr
FY 15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36FY37FY38FY39FY40FY41FY42
actual sal polactual sal polactual 0% sal pol
Normal LTP increases assuming a 2.25% salary policy - to be adjusted each year to actual salary policy
FOR LTP INCREASES:Asst Portfolio Mgr - complete CFAAssoc PF MgrPortfolio MgrSr Portfolio Mgr
Total LTP increase11.00%12.70%16.75%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%14.00%14.00%9.00%7.50%7.50%7.50%9.50%4.00%
LTP Increase1.80%1.80%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%
Transitional Increase7.20%8.20%15.00%10.00%5.00%15.00%7.00%5.00%5.00%11.00%10.00%10.00%10.00%5.00%3.50%3.50%3.50%5.50%0.00%
Salary Policy2.00%2.70%0.00%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
Hire - Year 012345678910111213141516171819
Example using $54,590 1st year ending salary54,59060,59568,29079,72990,89199,071117,895130,863142,641155,479178,801203,833166,323189,608206,673222,173238,836256,749281,140292,386
with a hire in FY 201511.00%12.70%16.75%14.00%9.00%19.00%11.00%9.00%9.00%15.00%14.00%-18.40%14.00%9.00%7.50%7.50%7.50%9.50%4.00%
012345678910111213141516171819
2,00456789101112131415161718192021222325
2,0067891011121314151617181920212223242526
FY 2018FY19FY20FY21FY22FY23FY24FY25fy26
Ross, Lee & Danielle
Page &P8/2011
Promo Incr
Illustrative Promotional Increases as of FY 2014
Scenario
Yrs ExpSalary Title
050,476New FTE - Research Analyst
0.553,000Six-month probation
156,816
261,475
370,819Assistant Portfolio Manager
478,043
582,101
690,475Associate Portfolio Manager
796,989
8102,033
9107,339
10123,654Portfolio Manager
11136,267
12150,166
13165,483
14174,088
15179,659
16185,408
17191,341
18199,875Senior Portfolio Manager
NOTES
Per Matt and Brett on 5/12/16:
---Matthew will be 98% of Lesky/Dan's compensation going forward until decision to adjust to same level
---Makenzie will be 96.2% of Matthew's compensation going forward until decision to adjust to closer level
---Makenzie's 6 month probation is up 6/9/16. Her increase effective 6/9/16 will consist of her probation increase (10%),
state salary policy (2.7%), and promotional increase of 5.45%, for a total of 18.15%
Hire compensation 49,628 --- 18.15% increase on 6/9 to $58,637 (96.2% of MC's $60,953 FY 17 comp)
-
FY 2017 Budget and Actual
14
Actual Exp ReceivedFY 2017 FY 2017 Unexpended
PERSONAL SERVICESTOTAL FTEs 31.25 32.25 BASE COMPENSATION
Base Compensation - Investment Staff 4,436,096 4,730,664 294,568 *Base Comp - Accounting, Admin & Longevity 395,671 420,330 24,659TOTAL STAFF - FULL TIME 4,831,767 5,150,994 319,226P/T Staff Attorney & Interns 46,337 62,527 16,190Investment Council 3,225 6,227 3,002Retirement & resignation flexibility funds 0 155,100 155,100Benefits 915,531 996,475 80,944Total Base Compensation 5,796,861 6,371,323 574,462
Investment Performance IncentivesMaximum Potential Investment Perf Incentive 3,917,062 8,921,550 5,004,488Benefits 480,197 1,231,174 750,977Total Investment Performance Incentives 4,397,259 10,152,724 5,755,465
Total Personal Services 10,194,120 16,524,047 6,329,927
OPERATING EXPENSESContractual Total (see appendix for further details) 1,560,584 1,662,132 101,548Travel 66,817 85,000 18,183Office Supplies & Postage 5,953 12,733 6,780Capital Assets 37,885 44,400 6,515
Total Operating Expenses 1,671,240 1,804,265 133,025
TOTAL BUDGET 11,865,359 18,328,312 6,462,952
* Includes $54,443 Allianz reimbursement & unused compensation
Note: Budget is funded as needed and ended year with a cash balance of $1,929,561 which is credited against FY 2018 authorized budget
FY19 Budget Request
SOUTH DAKOTA INVESTMENT COUNCIL
FY 2017 Year-End Budget Summary
Actual ExpReceived
FY 2017FY 2017Unexpended
PERSONAL SERVICES
TOTAL FTEs31.2532.25
BASE COMPENSATION
Base Compensation - Investment Staff4,436,0964,730,664294,568*Allianz reimb54,443
Base Comp - Accounting, Admin & Longevity395,671420,33024,659Vacant FTE197,183
TOTAL STAFF - FULL TIME4,831,7675,150,994319,226LWOP-BF42,942
P/T Staff Attorney & Interns46,33762,52716,190294,568
Investment Council3,2256,2273,002
Retirement & resignation flexibility funds0155,100155,100
Benefits915,531996,47580,944
Total Base Compensation5,796,8616,371,323574,462
Investment Performance Incentives
Maximum Potential Investment Perf Incentive3,917,0628,921,5505,004,488
Benefits480,1971,231,174750,977
Total Investment Performance Incentives4,397,25910,152,7245,755,465
Total Personal Services10,194,12016,524,0476,329,927
OPERATING EXPENSES
Contractual Total (see appendix for further details)1,560,5841,662,132101,548
Travel66,81785,00018,183
Office Supplies & Postage5,95312,7336,780
Capital Assets37,88544,4006,515
Total Operating Expenses1,671,2401,804,265133,025
TOTAL BUDGET11,865,35918,328,3126,462,952
* Includes $54,443 Allianz reimbursement & unused compensation
Note: Budget is funded as needed and ended year with a cash balance of $1,929,561 which is credited against FY 2018 authorized budget
FY 2018 Authorized Budget19,299,621
Less FY2017 Cash Balance1,929,561
17,370,060
OPERATING BUDGET
ActualReceived
FY 2017FY 2017Unexpended
CONTRACTUAL SERVICES
Investment Services
Consulting Services030,00030,000
Investment Accounting, Performance Benchmarking98,275106,0007,725
Investment Databases, Newsfeeds & Quote Fees510,313517,3367,023
Investment Research Services279,124293,18514,061
Flexibility - From Brokerage to Independent Research115,000120,0005,000
Total Investment Services (see next page for further details)1,002,7131,066,52163,808
Administrative Expenses
Office Rent125,069125,069(0)
Bond/Liability Insurance2,7007,8005,100
Telephone15,76914,000(1,769)
Office Equip Rental/Maintenance4,8476,0561,209
Bureau of Info & Telecommunications (BIT) 57,91661,4543,538
State Central Services11,57911,698119State Central Services:
Legislative Audit45,49051,5006,010Property Mgmt129.86
Attorney General's Office - Legal Services018,50918,509Purchasing220.92
Custodial Fees - Global260,381263,0252,644Central Services10,709.73
Seminars/Educational Programs32,95433,500546Records Mgmt518.40
Business Publications1,1673,0001,83311,578.91
Total Administrative Expenses557,872595,61137,739
TOTAL CONTRACTUAL SERVICES1,560,5841,662,132101,548659,419.23
TRAVEL66,81785,00018,183
OFFICE SUPPLIES & POSTAGE5,95312,7336,780
CAPITAL ASSETS37,88544,4006,515
TOTAL OPERATING EXPENSES1,671,2401,804,265133,025
Actual (est)Received
FY 2017FY 2017Unexpended
INVESTMENT SERVICES-DETAILED
Consulting Services
Benchmarking/Compensation030,00030,000
Legal Consulting Services000
Subtotal030,00030,000
Investment Accounting, Performance, Benchmarking
BNY/Mellon Performance & Risk Analysis7,50010,0002,500
S&P 1200 14,30012,000(2,300)
S&P 1000 2,0002,0000
S&P USA11,00010,000(1,000)
Citi Index010,00010,000
Portia 63,47562,000(1,475)
Subtotal98,275106,0007,725
Investment Databases, Newsfeeds & Quote Fees
Bloomberg116,760124,3627,602
Factset235,975235,180(795)Quote Fees:FY 2017
Reuters Fundamental Index43,20047,6284,428Bloomberg22,995.25
Quote Fees (incl. Bloomberg/Factset)64,60367,1822,579Factset12,878.24
Dow Jones News Service49,77642,984(6,792)NYSE15,382.00
Subtotal510,313517,3367,023OPRA360.00
Investment Research ServicesLondon St Exch-Sedol2,987.68
KDP High Yield15,60020,0004,400S&P Cusip10,000.00
Gimme Credit FI Research17,82025,0007,180TOTAL64,603.17
Credit Sights79,56082,2202,660
Reorg Research ($70,000 spent - in flexibility line)000
Insider Score25,00026,5251,525
Boyars Intrinsic Value15,00015,0000
Rystad Energy ($45,000 spent - in flexibility line)000
Morningstar67,50080,00012,500
S&P Capital IQ48,89439,690(9,204)
Value Line9,7504,750(5,000)
Flexibility - From Brokerage to Independent Research115,000120,0005,000
Subtotal394,124413,18519,061
Total Contractual - Investment1,002,7131,066,52163,808
unspent63,808
PERSONAL SERVICES 1Actual (est)Received
BASE COMPENSATIONFY 2017FY 2017Unexpended
State Investment OfficerMC460,629460,6290
Asst Investment Officer-Global Equity/Merg ArbBF248,080291,02242,942
Asst Investment Officer-Fixed Income/DirTO248,993248,9930
Asst Investment Officer-Fixed Income/AltCN248,354248,354012125.92
Senior Portfolio Manager-Global EquitySS216,029216,02909923.74
Senior Portfolio Manager-Small/MidCap EquitySH216,029216,02909923.74
Senior Portfolio Manager-Fixed Income / HESP 2SN143,151143,151012125.92
Senior Portfolio Manager-Global EquityJZ214,341214,341011024.83
Senior Portfolio Manager-Global EquityMHW214,341214,34109923.74
Senior Portfolio Manager-Global EquityCC214,341214,34102701.12
Portfolio Manager-Small/Mid Cap EquityDH212,447212,44702216.11
Portfolio Manager-Global EquityAR207,635207,63504042
Portfolio Manager-Global EquityJE199,414199,41409923.74
Portfolio Manager-Small/Mid Cap EquityJE199,414199,414010913.33
Portfolio Manager-Global EquityRS199,414199,41409923.74
Portfolio Manager--Global EquityRR199,414199,414012125.92
Portfolio Manager--- 0197,183197,18312125.92
Associate Portfolio Manager--Conv Arb/High YieldRS164,673164,673012125.92
Associate Portfolio Manager-Global EquityLM129,490129,490012125.92
Associate Portfolio Manager--Conv Arb/High YieldDM129,490129,490012125.92
Assistant Portfolio Manager--Conv Arb/High YieldAC112,589112,589012125.92
Research AnalystZN68,29068,290012125.92
Research AnalystDE62,19762,19709923.74
Research AnalystLV62,19762,197012125.92
Research Analyst - new 9/2015MC60,95360,953012125.92
Research Analyst - new 12/9/15 (pt 8/31-12/8/15)MZ58,63758,637012125.92
Research Analyst - new FY 2018new012125.92
Research Analyst - new FY 2018new0248076.79
Senior Investment AccountantCP87,79887,7980
Investment Accountant IIISR76,38476,3840
Investment Accountant IKS70,23970,2390
Investment Accountant IBE61,54961,5490
Business ManagerLR69,30569,3050
Asst Business Manager/AccountantCS19,91734,70114,784JoAnn 18,750 & Christa 11,66.68
Staff Attorney (1/4 FTE)38,01338,513500
Intern8,32424,01415,690
Investment Council3,2256,2273,002
Longevity Pay10,48010,460(20)
Unused Compensation - Accounting FY 2017- 09,8959,895
Investment Staff Base Compensation4,490,5394,730,664240,125The difference between above summary in PS vs Actual
Administrative, Accounting & Longevity395,671420,33024,659here is Allianz reimbursement of $54,443
TOTAL STAFF - FULL TIME4,886,2105,150,994264,78354,443
P/T Staff Attorney & Interns46,33762,52716,190
Investment Council3,2256,2273,002
Maximum Potential Performance Incentive3,917,0628,921,5505,004,488
Retirement & resignation flexibility funds0155,100155,100
Benefits1,395,7292,227,649831,920
PERSONAL SERVICES10,248,56316,524,0476,275,484
1
Compensation with average Investment Performance Incentive is the level used in setting targeted 30% discount to cost-of-living adjusted private sector investment industry benchmark
2HESP-portion of employee salary reimbursed by Allianz - In FY2017 $54,443
CENTER 3210
Salaries5,374,848
Benefits996,475
Total personal services for 32106,371,323
CENTER 3211
Salaries8,921,550
Benefits1,231,174
Total personal services for 321110,152,724
TOTAL PERSONAL SERVICES16,524,046
FY 17 - FINAL
Personal Benefits - 3210
Social Security & Medicare (7.65% on total compensaion--incl retirement portion)0.0765420,311.00
Retirement - 6%0.06300,935.00
Unemployment Insurance .00100.0015,233.00
Workers Compensation .00050.00052,617.00
Health/Life Insurance $8,387 per FTE for FY 188,470.00267,379.00
Total Benefits 3210996,475.00
less health ins premiums - decreased benefits by BFM by $55,397915,531.48996,475.00
Personal Benefits - 3211
Social Security & Medicare (7.65% on total compensaion--incl retirement portion)0.0765682,498.58
Retirement - 6%0.06535,293.00
Unemployment Insurance .00100.0018,921.55
Workers Compensation .00050.00054,460.78
Total Benefits 32111,231,173.90
480,197.061,231,174
TOTAL BENEFITS - SDIC2,227,648.90
1,395,728.542,227,649.06
use actuals loaded by BFM
FY 2017 Capital Assets:
2 desktop computers @ 1,100 ea (replacements)2,200
Monitors - replacement (2 new & 5 replace at $150 ea)1,050
7 laptops @ $1,000 replacements7,000
2 docking stations replacements at $100200
keyboard/mouse replacements (6 at $50)300
10,750
telephone equipment (2 new phones at $450 ea)900
2 telephone headsets 285 ea570
1470
furniture & chair upgrades25,000
books (5 in CFA $600 ea & 300 misc)3,300
40,520
-
15
FY 2019 Budget Request Summary
Received FY 2019 FY 2018 Budget Request % chng
PERSONAL SERVICESTOTAL FTEs 34.25 34.25 BASE COMPENSATION
Base Compensation - Investment Staff 4,965,754 5,154,064 3.79%Base Comp - Accounting, Admin & Longevity 428,982 438,930 2.32%TOTAL STAFF - FULL TIME 5,394,736 5,592,994 3.68%P/T Staff Attorney & Interns 62,527 62,526 0.00%Investment Council 6,227 6,227 0.00%Retirement & resignation flexibility funds 155,100 155,100 0.00%Benefits 1,049,665 1,077,274 2.63%Total Base Compensation 6,668,255 6,894,121 3.39%
Investment Performance IncentivesMaximum Potential Investment Perf Incentive 9,461,327 9,931,508 4.97%Benefits 1,305,663 1,370,548 4.97%Total Investment Performance Incentives 10,766,990 11,302,056 4.97%
Total Personal Services 17,435,245 18,196,177 4.36%
OPERATING EXPENSESContractual Total (see next page for further details) 1,726,123 1,860,368 7.78%Travel 85,000 85,000 0.00%Office Supplies & Postage 12,733 9,000 -29.32%Capital Assets 40,520 40,520 0.00%
Total Operating Expenses 1,864,376 1,994,888 7.00%
TOTAL BUDGET 19,299,621 20,191,065 4.62%
UNIT COST SUMMARY *Internal Expenses as % of Total Adjusted Assets 0.094% 0.095% **Total Expenses as % of Total Adjusted Assets 0.342% 0.343%
** Unit cost includes an assumed 2.25% salary policy
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