New York Fire Department Pension Funds

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New York Fire Department Pension Funds

Comprehensive Annual Financial Report A Pension Trust Fund of The City of New York

For The Fiscal Years Ended June 30, 2015 and June 30, 2014

Daniel A. Nigro

Fire Commissioner and Chairperson of the Board of Trustees

City of Ne\\' York

New York Fire Department Pension Funds

9 MetroTech Center, Brooklyn, N.Y. 11201 - 3857

(718) 999 - 1190

Comprehensive Annual Financial Report A Pension Trust Fund of The City of New York

For Fiscal Years Ended

Prepared under the Direction of:

Prepared By:

Actuary: Custodian of the Fund:

June 30, 2015 and June 30, 2014

Mary E. Basso Pension Director

Angel G. Garcia Chief Accountant

Maureen V. Dale Deputy ChiefAccountant Agnes S. Chan Associate Accountant

Sherry S. Chan Chief Actuary

255 GREENWICH ST, 9?b FLOOR NEW YORK, NY 10013

Scott Stringer Comptroller ofThe City ofNew York

1 CENTRE STREET NEW YORK, NY 10007

Tl~ODL ( I OR' SF CTIO

Pa e

Certificate of Achievement for Excellence In Financial Reporting...................................................................... 9

Chairperson Report.......................... ........................................................ 11 Letter of Transmittal... ..... ..... .. .... ... ...... ........ ..... .... .... .... ..... ........ ...... ......... 13 Administrative Organization. .. ..... ..... ..... ........ ..... .... .... ... ..... ........ ...... ..... ..... 19 Members of the Board of Trustees.............................. ... ..... .... ........ ....... ....... 21 Pension System Administration and Reporting......... ... ..... .... ..... ...... ....... ........ .... 22 Summary Plan and Options Benefits Tiers I and II........................................... 23 Summary Plan Benefits Tier III................................................................... 39

Report of Independent Auditors............................ ...................................... 45 Management's Discussion and Analysis (Unaudited).......................................... 47

I in.rnrrnl Mateml'nh

Combining Statement of Fiduciary Net Position Fiscal Year 2015............................. ~3 Combining Statement of Fiduciary Net Position Fiscal Year 2014........................ ..... ~4 Combining Statement of Changes in Fiduciary Net Position 2015............................. 55 Combining Statement of Changes in Fiduciary Net Position 2014..............................56 Notes to Combining Financial Statements Years Ended 2015 and 2014..................... 57

l~c.?c111ired Su1>J!lumntar"\ lnformution il nuud1tcd l:

Schedule of Changes in the Employer's Net Pension Liability and Related Ratios............................................................................................. 81 Schedule -2 Schedule of Employer Contributions.......................... .. ............ .. ....... 83 Schedule -3 Schedule of Investment returns........................................................ 85

Schedule -4 Schedule of Investment Expenses.................. ................................. 87

(Continued)

Investment Report................................................................................... 101 Summary ofInvestment Results for fiscal year 1015.......................................... 103 Asset Allocation QPP........................................................................ ... ..... 105 Graphic representation of Asset Mix and Allocation......................................... 105 Asset Allocation FFVSF and FOVSF...... ..... .... ..... .. ........ ......... ...... ... ............ 106 Investment Results:.. Graphic representation of Total multi-year Investments at Market Value................ 107 Graphic representation of Total multi-year Investment Income........................... 108 Schedule of Portfolio returns QPP.................. ............................... ..... ..... ..... 109 Schedule of Portfolio returns FFVSF............................................................. 11O Schedule of Portfolio returns FOVSF............. ................. . .......... .......... ...... ... . 11O Schedule of Largest Bond Holdings.................. ... ................... ...................... 11 1 Schedule ofLargest Stock Holdings.................... .......................................... 112 Schedule of Broker's Commissions............................................ ................... 113 Investment Summary Schedule SA. .............................................................. 122

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