Introduction

We are pleased to present to you our seventh annual popular financial report. This report is intended to provide a summary of annual financial information in an easily understandable format that supplements our more thorough Comprehensive Annual Financial Report (CAFR).
Data presented in this report was derived from our CAFR, which was prepared in accordance with Generally Accepted Accounting Principles. The CAFR provides in-depth information about the financial, investment and actuarial aspects of the retirement plan. The CAFR is available at www.phoenix.gov/phxcopers.html, by phone at (602) 534-4400 or by email at copers@phoenix.gov.

Participant Data

About COPERS

The City of Phoenix Employees' Retirement System (COPERS) is a defined benefit, single-employer plan established in 1953 to provide retirement, survivor and disability benefits for the City's general municipal employees.

Membership

City of Phoenix full-time permanent employees become members of COPERS on their date of employment. Sworn Police employees, Firefighters, The Mayor and City Council are covered by statewide retirement systems.

As of June 30, 2010, COPERS had 8,896 active members, 5,029 retired members and 707 inactive members.

Average Annual Pension Benefit

Retirement Eligibility

Members are eligible for retirement benefits at age 60 with ten or more years of service credit; age 62 with five or more years of service credit; or where age and years of service credit equal 80. The benefit is based on 2% of final average compensation multiplied by the first 32.5 years of service credit, 1% excess of 32.5 years to 35.5 years, and 0.5% thereafter. A deferred pension is available at age 62 for members who have five or more years of service credit at time of separation and leave their accumulated contributions in COPERS.

Average Annual Salary

Contributions

Members of COPERS contribute 5% of their gross pay on a pre-tax basis. Employee COntributions are made through payroll deductions each pay period. The City of Phoenix contributes an amount rate for the fiscal years ended June 30, 2009 and 2010 were 11.78% and 14.35% of gross pay, respectively.