 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the year ended December 31 |
|
| ($ Millions) |
|
2007 |
|
|
2006 |
|
|
2005 |
|
|
2004 |
|
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
1999 |
|
|
1998 |
|
|
|
|
as restated – see Note
13 |
|
as restated – see Note
13 |
|
as restated – see Note
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHANGE IN NET ASSETS |
|
|
|
| Increase in net assets |
|
|
|
|
Net investment
income/(loss) |
$ |
1,748 |
|
$ |
3,136 |
|
$ |
3,095 |
|
$ |
2,135 |
|
$ |
2,393 |
|
$ |
(845) |
|
$ |
(799) |
|
$ |
1,471 |
|
$ |
2,463 |
|
$ |
1,586 |
|
Contributions |
|
|
|
|
Employers |
|
782 |
|
|
718 |
|
|
685 |
|
|
633 |
|
|
532 |
|
|
297 |
|
|
172 |
|
|
158 |
|
|
138 |
|
|
316 |
|
Members |
|
632 |
|
|
583 |
|
|
554 |
|
|
514 |
|
|
435 |
|
|
244 |
|
|
137 |
|
|
130 |
|
|
109 |
|
|
227 |
|
Transfers |
|
105 |
|
|
75 |
|
|
42 |
|
|
15 |
|
|
15 |
|
|
11 |
|
|
10 |
|
|
6 |
|
|
7 |
|
|
5 |
|
| Total Increase/(Decrease) |
|
3,267 |
|
|
4,512 |
|
|
4,376 |
|
|
3,297 |
|
|
3,375 |
|
|
(293) |
|
|
(480) |
|
|
1,765 |
|
|
2,717 |
|
|
2,134 |
|
|
|
|
| Decrease in net assets |
|
|
|
|
Benefits |
$ |
1,079 |
|
|
1,019 |
|
|
856 |
|
|
807 |
|
|
712 |
|
|
634 |
|
|
586 |
|
|
561 |
|
|
561 |
|
|
445 |
|
Investment and Plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating expenses |
|
100 |
|
|
91 |
|
|
85 |
|
|
70 |
|
|
64 |
|
|
57 |
|
|
54 |
|
|
52 |
|
|
46 |
|
|
33 |
|
| Total Decrease |
|
1,179 |
|
|
1,110 |
|
|
941 |
|
|
877 |
|
|
776 |
|
|
691 |
|
|
640 |
|
|
613 |
|
|
607 |
|
|
478 |
|
| NET INCREASE/(DECREASE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IN NET ASSETS |
$ |
2,088 |
|
$ |
3,402 |
|
$ |
3,435 |
|
$ |
2,420 |
|
$ |
2,599 |
|
$ |
(984) |
|
$ |
(1,120) |
|
$ |
1,152 |
|
$ |
2,110 |
|
$ |
1,656 |
 |
|
|
|
|
| NET ASSETS |
|
|
|
| Investments |
|
|
|
|
Fixed Income |
$ |
42,949 |
|
$ |
30,599 |
|
$ |
24,678 |
|
$ |
16,980 |
|
$ |
10,831 |
|
$ |
8,408 |
|
$ |
9,808 |
|
$ |
8,442 |
|
$ |
5,899 |
|
$ |
5,883 |
|
Equity |
|
4,612 |
|
|
6,374 |
|
|
6,012 |
|
|
5,421 |
|
|
5,548 |
|
|
5,518 |
|
|
5,326 |
|
|
7,696 |
|
|
9,658 |
|
|
7,663 |
|
Equity-Oriented |
|
5,100 |
|
|
4,412 |
|
|
3,350 |
|
|
2,853 |
|
|
2,608 |
|
|
2,406 |
|
|
2,265 |
|
|
2,033 |
|
|
1,542 |
|
|
1,287 |
| Investment related receivables |
|
2,515 |
|
|
1,571 |
|
|
1,425 |
|
|
949 |
|
|
770 |
|
|
504 |
|
|
353 |
|
|
293 |
|
|
97 |
|
|
156 |
|
|
|
55,176 |
|
|
42,956 |
|
|
35,465 |
|
|
26,203 |
|
|
19,757 |
|
|
16,836 |
|
|
17,752 |
|
|
18,464 |
|
|
17,196 |
|
|
14,989 |
|
| Amounts Receivable |
|
232 |
|
|
200 |
|
|
179 |
|
|
145 |
|
|
113 |
|
|
67 |
|
|
43 |
|
|
33 |
|
|
28 |
|
|
53 |
| Other assets |
|
6 |
|
|
6 |
|
|
12 |
|
|
8 |
|
|
11 |
|
|
9 |
|
|
8 |
|
|
6 |
|
|
4 |
|
|
- |
|
| Total Assets |
|
55,414 |
|
|
43,162 |
|
|
35,656 |
|
|
26,356 |
|
|
19,881 |
|
|
16,912 |
|
|
17,803 |
|
|
18,503 |
|
|
17,228 |
|
|
15,042 |
|
| Investment-related liabilities |
|
(25,383) |
|
|
(15,224) |
|
|
(11,120) |
|
|
(5,262) |
|
|
(1,210) |
|
|
(839) |
|
|
(747) |
|
|
(330) |
|
|
(207) |
|
|
(137) |
| Other liabilities |
|
(29) |
|
|
(24) |
|
|
(24) |
|
|
(17) |
|
|
(14) |
|
|
(15) |
|
|
(14) |
|
|
(11) |
|
|
(11) |
|
|
(5) |
|
| Total Liabilities |
|
(25,412) |
|
|
(15,248) |
|
|
(11,144) |
|
|
(5,279) |
|
|
(1,224) |
|
|
(854) |
|
|
(761) |
|
|
(341) |
|
|
(218) |
|
|
(142) |
|
|
|
|
| NET ASSETS |
$ |
30,002 |
|
$ |
27,914 |
|
$ |
24,512 |
|
$ |
21,077 |
|
$ |
18,657 |
|
$ |
16,058 |
|
$ |
17,042 |
|
$ |
18,162 |
|
$ |
17,010 |
|
$ |
14,900 |
|
Actuarial asset value
adjustment |
|
(1,650) |
|
|
(2,709) |
|
|
(1,659) |
|
|
231 |
|
|
1,471 |
|
|
2,766 |
|
|
946 |
|
|
(1,322) |
|
|
(2,033) |
|
|
(1,378) |
|
|
Actuarial value of net assets |
|
28,352 |
|
|
25,205 |
|
|
22,853 |
|
|
21,308 |
|
|
20,128 |
|
|
18,824 |
|
|
17,988 |
|
|
16,840 |
|
|
14,977 |
|
|
13,522 |
|
Accrued pension benefits |
|
28,683 |
|
|
25,808 |
|
|
23,749 |
|
|
21,858 |
|
|
20,113 |
|
|
17,814 |
|
|
16,756 |
|
|
15,102 |
|
|
11,946 |
|
|
11,333 |
|
| SURPLUS / (DEFICIT) |
$ |
(331) |
|
$ |
(603) |
|
$ |
(896) |
|
$ |
(550) |
|
$ |
15 |
|
$ |
1,010 |
|
$ |
1,232 |
|
$ |
1,738 |
|
$ |
3,031 |
|
$ |
2,189 |
|
|
|
|
| INVESTMENT PERFORMANCE |
|
|
|
|
Investment rate of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
return – net |
|
6.23% |
|
|
12.79% |
|
|
14.66% |
|
|
11.35% |
|
|
14.86% |
|
|
-5.02% |
|
|
-4.41% |
|
|
8.50% |
|
|
16.61% |
|
|
11.77% |
|
Benchmark return |
|
4.78% |
|
|
11.88% |
|
|
13.97% |
|
|
10.45% |
|
|
14.38% |
|
|
-5.33% |
|
|
-4.51% |
|
|
5.41% |
|
|
14.87% |
|
|
9.75% |
|
Long-term return target |
|
6.75% |
|
|
7.00% |
|
|
7.50% |
|
|
7.50% |
|
|
7.75% |
|
|
7.75% |
|
|
7.75% |
|
|
7.25% |
|
|
7.25% |
|
|
7.25% |
|
|
