Annual Reports (ACFR & Actuarial)

ACFR

Each year, PSPRS produces Annual Comprehensive Financial Reports (ACFR). These reports provide detailed information on each plans’ membership, financial statements, investment performance and actuarial data. ACFRs include summary reports, which are a condensed resource that provides key information regarding Arizona’s public safety pension plans. Below are links to the most recent ACFR and archived reports from prior years:

PSPRS Annual Comprehensive Financial Report - June 30, 2021

Public Safety/CORP Annual Financial Report for the Cancer Insurance Policy Program - June 30, 2021

Archived ACFR reports from prior years, click here.

PAFR

The Popular Annual Financial Report (PAFR) is a summary version of the full Annual Comprehensive Financial Report (ACFR). The PAFR is not intended to supplement the full ACFR; rather it is a concise summary of the financial health, investment performance and key accomplishments of the PSPRS.

Popular Annual Financial Report - June 30, 2021

Actuarial Valuations

Additionally, PSPRS annually publishes actuarial reports written by a contracted, independent and accredited consulting firm. Actuarial reports project the financial liabilities faced by pension systems by analyzing member demographics, retirement and turnover rates, mortality and salary and benefit structures. These calculations are used to determine aggregate and individual employer funding levels and contribution rates for employers.  The actuarial reports also provide separate schedules of pension and health funding ratios by employer in the appendices.  Below are links to the most recent actuarial and archived reports from prior years:

PSPRS Consolidated Actuarial Valuation, June 30, 2021

CORP Consolidated Actuarial Valuation, June 30, 2021

EORP Consolidated Actuarial Valuation, June 30, 2021

Archived consolidated reports from prior years, click here.


Employer Valuations

To find current and archived PSPRS and CORP employer valuations with contribution rates and funding status, click here.   

EORP and EODCRS:  Click here to visit our EODCRS page to locate employee, employer and alternate contribution rates (ACR).


Actuarial Experience Studies

Every five years, PSPRS' actuarial firm analyzes the various actuarial assumptions and determines whether or not they track what actually happened (the plan's "experience") during the past five years.  If actual experience differs from the assumptions, or if future experience is expected to deviate from the assumptions, the actuary may recommend a change in the assumptions.  The most recent experience studies for each of the plans was published in 2022 and includes data from July 1, 2016 through June 30, 2021.

PSPRS Experience Study 2016-2021

CORP Experience Study 2016-2021

EORP Experience Study 2016-2021


Employer Pension Funding Policies

A provision in Laws 2021, Chapter 251 (Senate Bill 1649) requires PSPRS-managed plan employers to submit their funding policies to PSPRS for posting to the agency’s website.

Public safety and corrections officers funding policies.

State Agency Budget Submission

As a state agency, PSPRS is required to submit an annual estimated budget to the State of Arizona and post that submission on its website. PSPRS does not receive any appropriated operating funds from the state nor does the state approve the agency's administrative operating budget. The documents below are the submissions for the current fiscal year and the most recent Board of Trustee approved Strategic Plan.

State Agency Budget Submission Fiscal Year 2023

Public Safety Personnel Retirement System – Strategic Plan