Financial and Actuarial Reports
Select applicable topic below for PSPRS financial reports and actuarial valuations.
Each year, PSPRS publishes an Annual Comprehensive Financial Report (ACFR) that provides an independently audited, in-depth view of each retirement plan’s financial health, investment performance, membership, and actuarial funding status. These reports support transparency and accountability by offering stakeholders a clear picture of the system’s fiscal strength and long-term sustainability.
Below are links to the most recent ACFR and archived reports from prior years:
PSPRS Annual Comprehensive Financial Report – June 30, 2025
Archived ACFR reports from prior years, click here.
In addition to the full ACFRs, PSPRS also publishes Popular Annual Financial Reports (PAFRs) – condensed, user-friendly documents that highlight essential information about the financial health and operations of Arizona’s public safety, corrections and elected officials pension plans.
Popular Annual Financial Report – June 30, 2025
Archived PAFR reports from prior years, click here.
Each year, PSPRS publishes an Annual Financial Report (AFR) that provides an independently audited, in-depth view of the Public Safety Cancer Insurance Policy Program (PSCIPP) financial health, investment performance, membership, and operations of the program.
Public Safety/CORP Annual Financial Report for the Cancer Insurance Policy Program – June 30, 2024
Archived PSCIPP reports from prior years, click here. (Go to the end of the page)
Each year, PSPRS publishes an Annual Combined Financial Report that provides an independently audited, in-depth view of the Public Safety Personnel Retirement System Defined Contribution Plan financial health and operations of the program.
Below are the links to the most recent and archived reports from prior years:
Defined Contribution Plan Financial Reports – June 30, 2024 & 2023
Archived DC plan reports from prior years, click here.
PSPRS also publishes annual actuarial valuation reports prepared by an independent, accredited actuarial consulting firm. These reports project the future financial obligations of each retirement plan by analyzing key factors such as member demographics, retirement patterns, turnover rates, mortality assumptions, and salary and benefit structures.
The resulting calculations determine both aggregate and individual employer funding requirements and contribution rates. Detailed appendices include employer-specific schedules showing pension and health insurance funding ratios.
PSPRS Consolidated Actuarial Valuation, June 30, 2025
CORP Consolidated Actuarial Valuation, June 30, 2025
EORP Consolidated Actuarial Valuation, June 30, 2025
Archived consolidated reports from prior years, click here.
Every five years, PSPRS conducts an actuarial experience study to evaluate how well key assumptions align with actual plan experience. This includes a review of demographic factors – such as retirement, mortality, disability, and turnover rates – as well as economic assumptions like inflation, salary growth, and the assumed rate of investment return.
These studies help the PSPRS maintain accurate funding projections, promote long-term sustainability, and fulfill fiduciary responsibilities to retirees and beneficiaries.
The most recent experience studies for each of the plans were published in 2022 and cover data from July 1, 2016, through June 30, 2021.
PSPRS Experience Study 2016-2021
Employer Valuations and Policies
Each year, independent actuaries prepare an employer valuation for every participating employer in the PSPRS and CORP pension plans. The employer valuation can be used to determine the annual required contributions needed to fund current and future retirement benefits, based on up-to-date actuarial data and assumptions.
PSPRS and CORP employer valuations with contribution rates and funding status.
EORP and EODCRS employee, employer and alternate contribution rates (ACR).
PSPRS-managed plan employers are required by state law to approve annual pension funding policies, which must be posted to their website and to the PSPRS website. Pension funding policies are formal guidelines that define how a pension plan will be funded over time to ensure it can meet current and future benefit obligations.
Funding policies shared with PSPRS by employers are available below.
State Agency Submission
As a state agency, PSPRS is required to submit an annual estimated budget to the State of Arizona and post the submission on its website. The documents below are the submission for the current fiscal year, and the most recent strategic plan approved by the PSPRS Board of Trustees.