Duluth Teachers Basics

  • Established 1910
  • Currently closed to new hires
  • Plan covers teachers
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Duluth Teachers, 2004-2014

Fiscal Year Net Assets (billions)
2004 0.3
2005 0.3
2006 0.3
2007 0.3
2008 0.3
2009 0.2
2010 0.2
2011 0.2
2012 0.2
2013 0.2
2014 0.2

Source: Public Plans Database

Number of Actives per Annuitant, 2004-2014

Fiscal Year Duluth Teachers US State and Local Pensions
2004 1.0 2.2
2005 1.0 2.1
2006 1.0 2.1
2007 0.9 2.0
2008 0.9 2.0
2009 0.8 1.9
2010 0.8 1.8
2011 0.7 1.7
2012 0.7 1.6
2013 0.6 1.5
2014 0.6 1.5

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Duluth Teachers, 2004-2014

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2004 5.8 0.0 7.8 5.1 5.1
2005 5.8 0.4 9.5 6.2 6.2
2006 5.8 2.3 10.5 8.0 8.0
2007 5.8 3.5 11.4 9.3 9.3
2008 5.8 3.0 11.9 8.8 8.8
2009 6.5 3.7 12.2 10.1 10.1
2010 7.3 4.6 14.7 12.0 12.0
2011 7.2 0.3 16.7 7.5 7.5
2012 7.5 3.4 17.7 10.9 10.9
2013 7.6 8.6 19.0 16.1 16.1
2014 22.5 0.6 19.8 23.2 23.2

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Duluth Teachers, 2004-2014

Fiscal Year Duluth Teachers National Data
2004 91.8 89.4
2005 86.4 85.5
2006 84.1 84.8
2007 86.8 85.3
2008 82.1 83.7
2009 76.6 78.5
2010 81.7 75.5
2011 73.2 72.8
2012 63.4 69.9
2013 54.0 68.9
2014 56.9 70.5

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Duluth Teachers, 2014

Category Percent
Equities null
Fixed Income null
Private Equity null
Real Estate null
Cash null
Other null
Commodities null
Hedge Fund null
Misc. Alternatives null

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2014

Category Percent
Equities 51.5
Fixed Income 21.5
Private Equity 8.5
Real Estate 7.7
Cash 2.2
Other 0.1
Commodities 1.2
Hedge Fund 6.3
Misc. Alternatives 1.0

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Duluth Teachers, 2004-2014

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2004 42.8 56.2 0.0 1.0 0.0 0.0 0.0 0.0 0.0
2005 36.9 62.2 0.0 0.9 0.0 0.0 0.0 0.0 0.0
2006 40.0 54.0 0.0 1.0 0.0 0.0 5.0 0.0 0.0
2007 40.0 53.0 1.0 1.0 0.0 0.0 5.0 0.0 0.0
2008 37.0 53.0 3.0 1.0 0.0 0.0 6.0 0.0 0.0
2009 null null null null null null null null null
2010 null null null null null null null null null
2011 null null null null null null null null null
2012 63.0 18.0 18.0 1.0 0.0 0.0 0.0 0.0 0.0
2013 61.0 19.0 19.0 1.0 0.0 0.0 0.0 0.0 0.0
2014 null null null null null null null null null

Source: Public Plans Database


Annual Return as of June 30 for Duluth Teachers, 2004-2014

Fiscal Year Duluth Teachers Assumed return
2004 17.90 8.50
2005 8.70 8.50
2006 11.00 8.50
2007 19.20 8.50
2008 -10.60 8.50
2009 -26.90 8.50
2010 17.00 8.50
2011 21.70 8.50
2012 -0.20 8.00
2013 16.70 8.00
2014 18.30 8.00

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Duluth Teachers
2004-2014

Fiscal Year Cash Flow Assets
2004 -12.0 258.8
2005 -13.0 267.4
2006 -13.8 282.0
2007 -14.8 319.0
2008 -16.2 271.6
2009 -17.3 179.9
2010 -17.7 192.4
2011 -18.5 213.4
2012 -19.2 194.6
2013 -19.8 205.3
2014 -14.7 226.1

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Duluth Teachers
2004-2014

Fiscal Year Duluth Teachers National Average
2004 -4.7 -3.4
2005 -4.9 -3.5
2006 -4.9 -3.3
2007 -4.6 -3.1
2008 -6.0 -4.0
2009 -9.6 -4.9
2010 -9.2 -4.9
2011 -8.7 -4.2
2012 -9.9 -4.3
2013 -9.7 -4.3
2014 -6.5 -3.4

Source: Public Plans Database

National data averages are weighted by plan size.

2014 Financial Reports

Benefits

Website for Duluth Teachers benefit descriptions.