Annual Reports (ACFR & Actuarial)


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.


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 2017 and includes data from July 1, 2011 through June 30, 2016.

PSPRS Experience Study 2011-2016

CORP Experience Study 2011-2016

EORP Experience Study 2011-2016

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, even though the agency does not receive any appropriated funds from the state and the state does not approve the agency's administrative budget.  The document below is the submission for the current fiscal year.  Administrative expenses are expected to equal 14 basis points, or 14/100ths of 1% of assets.

State Agency Budget Submission Fiscal Year 2022

5-Year Strategic Plan Submission Fiscal Year 2022

Fiscal Year 2020 Strategic Plan and Executive Summary