Annual Reports

Each year, MSRS releases its Comprehensive Annual Financial Report (CAFR) to provide audited financial information. It provides complete, reliable information that the MSRS Board of Directors, MSRS staff, elected officials, and the public can use to evaluate MSRS’ financial condition. MSRS also creates a condensed version of the CAFR called the Popular Annual Financial Report (PAFR).

Actuarial valuations are also performed annually and are produced by MSRS’ actuarial consultants. Two actuarial valuations are completed for each MSRS defined benefit retirement fund: a traditional funding and a financial reporting actuarial valuation.

The purpose of the traditional funding valuation is to measure funded progress and to determine the required contribution rate, contribution sufficiency or deficiency, and other actuarial information necessary for monitoring funding progress. The purpose of the financial reporting valuation is to actuarially determine the information necessary to prepare financial reports, including the computation of net pension liability and pension expense.

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