Dear valued member:

In thinking about the theme of this Summary Annual Report, “Reaching New Heights,” some obvious numbers come to mind. At the end of 2014,

we had a total of 203,661 members and over $30 billion in total assets under management. For the year, defined benefit pension payouts exceeded $1.3 billion, and defined contribution payouts were $293 million.

These statistics represent all-time highs for URS, but they don’t tell the full story of how we strive for new heights. Numbers don’t mean much if they don’t make a real difference to you.

To plan a secure retirement, you need information on which to base important decisions. That’s why we launched the Investment Advice Program in March of this year. Now, you can schedule a one-on-one

counseling session with a URS Investment Advisor to address your individual retirement questions and needs. You get customized advice based on your current circumstances and goals. Log in to myURS at www.urs.org and click the “Education” tab to set an appointment. By mid-May, over 300 members had taken advantage of this new program, and feedback has been great.

This is just one example of how we strive to go above and beyond for you. We want you to feel secure and excited about your retirement. Dream big. Work hard. Aim high. And, together, we’ll continue to reach new heights!

Daniel D. Andersen Executive Director, Utah Retirement Systems

D A N I E L D . A N D E R S E N

Utah Retirement Systems 2014 Summary Report to Members

U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t 1

Reaching New Heights As URS grows, we continue to seek ways to go above and beyond for you.

The Utah Retirement Systems 2014 Summary Report to Members contains summary financial and actuarial information from the URS 2014 Comprehensive Annual Financial Report. Get a copy of the full report at www.urs.org or by emailing publications@urs.org.

“They don’t teach you this at Harvard Business School, but it’s all about people.

Everything happens by, with or through people. Nothing just happens on its own.”

— J A M E S K O C H

Benefits Paid to MembersPension Benefit Payments: Secure and Growing

The Retirement Systems exist to secure and pay your retirement benefits. The past six years’ benefit

payments grew as shown to the right.

U T A H R E T I R E M E N T S Y S T E M S

Statements of Changes in Fiduciary Net Position — Pension Trust FundsDecember 31, 2014 ( i n t h o u s a n d s ) Utah Tier 2 Tier 2 Governors & Public Public Safety Total Defined Noncontributory Contributory Public Safety Firefighters Judges Legislators Employees & Firefighter Benefit System System System System System Plan System System Pension Plans

Additions: Contributions: Member contributions $ 13,587 5,461 835 18,300 317 — — — 38,500 Employer contributions 772,420 12,954 135,588 5,514 5,627 411 37,299 4,365 974,178 Court fees and fire insurance tax — — — 14,154 1,486 — — — 15,640 Total contributions 786,007 18,415 136,423 37,968 7,430 411 37,299 4,365 1,028,318 Investment income: Net appreciation in fair value of investments 1,051,239 64,878 143,881 51,167 8,199 531 3,144 296 1,323,335 Interest, dividends, and other investment income 396,557 24,474 54,276 19,302 3,093 200 1,268 117 499,287 Total income from investment activity 1,447,796 89,352 198,157 70,469 11,292 731 4,412 413 1,822,622 Less investment expenses 35,752 2,207 4,896 1,740 279 18 114 11 45,017 Net income from investment activity 1,412,044 87,145 193,261 68,729 11,013 713 4,298 402 1,777,605 Income from security lending activity 7,917 488 1,085 385 62 4 25 2 9,968 Security lending expense 908 56 124 44 7 — 3 — 1,142 Net income from security lending activity 7,009 432 961 341 55 4 22 2 8,826 Net investment income 1,419,053 87,577 194,222 69,070 11,068 717 4,320 404 1,786,431 Transfers from affiliated systems 30,467 — 2,746 3,713 1,092 — — 2 38,020 Total additions 2,235,527 105,992 333,391 110,751 19,590 1,128 41,619 4,771 2,852,769

Deductions: Retirement benefits 871,999 62,560 118,030 37,597 9,305 734 — — 1,100,225 Cost-of-living benefits 171,799 14,328 26,407 9,844 2,056 175 — — 224,609 Supplemental retirement benefits — 127 326 269 — — — — 722 Refunds 2,204 2,433 199 293 — — — — 5,129 Administrative expenses 8,828 494 1,227 370 71 5 16 1 11,012 Transfers to affiliated systems — 38,004 — — — 14 2 — 38,020 Total deductions 1,054,830 117,946 146,189 48,373 11,432 928 18 1 1,379,717 Increase from operations 1,180,697 (11,954) 187,202 62,378 8,158 200 41,601 4,770 1,473,052Net position restricted for pension benefits beginning of year 19,915,815 1,281,945 2,712,184 968,661 155,676 10,166 47,690 3,935 25,096,072Net position restricted for pension benefits end of year $21,096,512 1,269,991 2,899,386 1,031,039 163,834 10,366 89,291 8,705 26,569,124

The Additions & DeductionsThe Statements of Changes in Fiduciary Net Position show the additions (income) and deductions (expenses) of the Systems. Investment earnings and contributions comprise the additions. The deductions are composed almost entirely of benefit payments and refunds. Additions exceeded deductions by $1.47 billion in 2014.

The Systems are audited annually by an international CPA firm, Deloitte & Touche LLP. Our actuary, Gabriel, Roeder, Smith & Company, reviews the funding and contribution rates to ensure they are adequate to fund your benefits.

Net PositionStatements of Fiduciary Net Position present the assets of the Systems that have been accumulated for the payment of your retirement benefits.

Defined Benefit Pension AssetsOur asset growth has been fueled by wise investments. As of December 31, 2014, the net assets of the Systems were worth nearly $26.6 billion as show at left.

$28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

$1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0

U T A H R E T I R E M E N T S Y S T E M S

Combined Statements of Fiduciary Net Position — Pension Trust FundsDecember 31, 2014 ( i n t h o u s a n d s ) Utah Tier 2 Tier 2 Governors & Public Public Safety Total Defined Noncontributory Contributory Public Safety Firefighters Judges Legislators Employees & Firefighter Benefit System System System System System Plan System System Pension Plans

Assets: Cash $ 5,480 2 20 2 1 1 2 2 5,510 Receivables: Member contributions — 129 11 372 — — — — 512 Employer contributions 35,272 362 2,234 — — 1 2,103 106 40,078 Court fees and fire insurance tax — — — 1,048 158 — — — 1,206 Investments 306,698 18,487 42,189 14,994 2,383 155 1,270 125 386,301 Total receivables 341,970 18,978 44,434 16,414 2,541 156 3,373 231 428,097 Investments at fair value: Short-term securities 1,248,116 75,233 171,688 61,017 9,700 633 5,167 510 1,572,064 Debt securities 3,344,609 201,601 460,072 163,507 25,992 1,695 13,846 1,365 4,212,687 Equity investments 7,603,385 458,304 1,045,895 371,704 59,089 3,853 31,475 3,104 9,576,809 Absolute return 3,686,581 222,214 507,113 180,225 28,650 1,868 15,261 1,505 4,643,417 Private equity 2,516,999 151,716 346,230 123,048 19,561 1,275 10,419 1,028 3,170,276 Real assets 3,001,365 180,911 412,859 146,727 23,325 1,521 12,424 1,225 3,780,357 Total investments 21,401,055 1,289,979 2,943,857 1,046,228 166,317 10,845 88,592 8,737 26,955,610 Invested securities lending collateral 1,812,356 109,243 249,302 88,601 14,085 918 7,502 740 2,282,747 Property and equipment at cost, net of accumulated depreciation 2,954 178 408 145 23 1 12 1 3,722 Total assets 23,563,815 1,418,380 3,238,021 1,151,390 182,967 11,921 99,481 9,711 29,675,686

Liabilities Securities lending liability 1,812,356 109,243 249,302 88,601 14,085 918 7,502 740 2,282,747 Disbursements in excess of cash balance 33,159 1,998 4,562 1,621 258 17 137 14 41,766 Compensated absences, post-employment benefits and insurance reserve 15,882 957 2,185 777 123 8 66 6 20,004 Investment accounts payable 303,129 17,940 40,938 14,550 2,313 460 1,232 122 380,684 Real estate liabilities 302,777 18,251 41,648 14,802 2,354 152 1,253 124 381,361 Total liabilities 2,467,303 148,389 338,635 120,351 19,133 1,555 10,190 1,006 3,106,562Net position restricted for pensions $21,096,512 1,269,991 2,899,386 1,031,039 163,834 10,366 89,291 8,705 26,569,124

(4) Plan Fiduciary (6) Net Net Pension (3) Position Liability Employers’ as a % of as a % of (1) (2) Net Pension the Total (5) Covered Total Plan Liability/ Pension Covered Employee Pension Fiduciary (Asset) Liability Employee Payroll Retirement System Liability Net Position (1) - (2) (2) / (1) Payroll (3) / (5)

Noncontributory $24,043,264 21,096,512 2,946,752 87.7% $3,570,912 82.5%Contributory 1,309,800 1,269,991 39,809 97.0 90,623 43.9Public Safety 3,360,027 2,899,386 460,641 86.3 360,750 127.7Firefighters 1,014,328 1,031,039 (16,711) 101.6 111,305 (15.0)Judges 192,285 163,834 28,451 85.2 16,072 177.0Utah Governors & Legislators Plan 12,267 10,366 1,901 84.5 928 204.8Tier 2 Public Employees 86,261 89,291 (3,030) 103.5 492,882 (0.6)Tier 2 Public Safety & Firefighter 7,226 8,705 (1,479) 120.5 35,019 (4.2)

All Retirement Systems $30,025,458 26,569,124 3,456,334 88.5% $4,678,491 73.9%

U T A H R E T I R E M E N T S Y S T E M S

Schedules of Net Pension LiabilityDecember 31, 2014 ( d o l l a r s i n t h o u s a n d s )

$1,242$25.1

$1,326$26.6

$1,028$19.8

$941$17.7

$1,153$22.2 $1,083

$20.0

“Working hard for something we don’t care about is called stress; working hard for something we love is called passion.” — S I M O N S I N E K

2 U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t 3

1414 0909 1010 1111 1212 1313

A t F a i r V a l u e ( i n b i l l i o n s )

( i n m i l l i o n s )

Utah Tier 2 Tier 2 Tier 2 Public Governors & Public Public Safety Defined Averages Noncontributory Contributory Safety Firefighters Judges Legislators Employees & Firefighter Contribution and Totals 2014 System System System System System Plan System System Only All Systems

Total Membership 156,402 6,889 14,708 3,286 250 420 17,225 1,331 3,150 203,661Active 71,827 1,503 6,672 1,787 114 105 17,225 1,331 3,150 103,714Terminated vested 38,654 1,071 3,128 201 4 79 — — — 43,137Retired 45,921 4,315 4,908 1,298 132 236 — — — 56,810

Active Members 71,827 1,503 6,672 1,787 114 105 17,225 1,331 3,150 103,714Average age 48.7 54.4 41.9 42.0 56.8 53.6 35.3 29.9 36.3 45.7 Average years of service 13.9 23.0 10.9 12.6 9.5 6.3 1.4 1.3 2.1 11.5 Average annual salary $47,994 54,003 51,603 60,081 136,234 9,526 32,388 35,871 38,128 45,764

2014 Retirees 3,032 184 247 51 7 7 *— *— *— 3,528Average age 64.9 62.2 52.0 54.0 66.0 66.7 — — — 63.7 Average years of service 20.8 28.9 21.0 24.1 25.1 12.1 — — — 21.3 Final average annual salary $47,684 48,024 57,406 70,816 134,280 N/A — — — 48,794 Average annual benefit $20,682 26,288 30,874 45,123 111,560 4,376 — — — 22,189

All RetireesAverage annual benefit $21,170 16,341 27,226 32,763 79,202 3,287 — — — 21,652

Note 1 Noncontributory, Contributory, Tier 2 Public Employees, and Tier 2 Public Safety & Firefighter Death benefit pays 75% of highest annual salary, if qualified, plus contribution refund (if applicable) or lifetime benefit if member qualifies for service retirement.

Note 2 Public SafetyDiv A LOD†: $1,000 and 30% of FAMS†† to spouse. NLOD†††: under 10 years of service: $1,000 or contribution refund (if applicable). Over 10 years: $500 plus 2% of FAMS for each year to spouse (max. 30%). Noncontributory only: 20+ years considered retired; spouse receives retired death benefit.

Div B LOD: $1,500 and 37.5% of FAMS to spouse. NLOD: under 2 years of service: contribution refund (if applicable) plus 50% of last 12 months’ salary. Over 2 years: same as LOD. $50/month to each unmarried child under 18.

Note 3 FirefightersDiv A LOD: under 20 years of service: $1,500 and 30% of FAMS to spouse. 20+ years considered retired; spouse receives retired death benefit. NLOD: under 10 years: $1,000 or contribution refund (if applicable). Over 10 years: $500 plus 2% of FAMS for each year to spouse (max. 30%).

Div B LOD: under 20 years of service: $1,500 and 37.5% of FAMS to spouse. NLOD: under 5 years: contribution refund, (if applicable) plus 50% of last 12 months’ salary. Over 5 years: same as LOD. $75/month to each unmarried child under 21.

Disability: LOD: 50% of FAS. NLOD: under 5 years of service: contribution refund. Over 5 years: same as LOD.

Note 4 JudgesSpouse receives contribution refund and 65% of last 12 months’ salary or 65% of computed service retirement benefit with no actuarial reduction.

Note 5 Governors and LegislatorsSpouse married to member 6 months receives 50% of member’s benefit if member has 4 or more years of service.

A Snapshot of YouWhen we pose all of you together, we get this picture of age, service, and income.

*There are no retirees in the Tier 2 Retirement Systems.

* Actuarial reductions ** Increased semi-annually by CPI *** Eligible after 1 year; percentage increase based on original benefit and change in the CPI † LOD = Line of Duty †† FAMS = Final Average Monthly Salary ††† NLOD = Non Line of Duty

Final Average Salary

Years of Service Required and/or Age Eligible for Benefit

Benefit Percent per Year of Service

Cost-of-Living Adjustment*** (maximum)

Active Member Death Benefits

Noncontributory Contributory Public Safety Firefighters Judges Utah Governors Tier 2 Public Tier 2 Public Safety System System System System System & Legislators Plan Employees System & Firefighter System

Highest 3 years Highest 5 years Highest 3 years Highest 3 years Highest 2 years N/A Highest 5 years Highest 5 years

30 at any age 30 at any age 20 at any age 20 at any age 25 at any age 4 at age 65 25 at any age* 20 at age 60* 10 at age 60 10 at age 60 20 at age 55* 10 at age 62* 20 at age 60* 10 at age 62* 4 at age 65 4 at age 65 10 at age 62 10 at age 62* 4 at age 65 6 at age 70 4 at age 65

2% all years 1.25% to 6/30/75 2.5% to 20 yrs 2.5% to 20 yrs 5.0% first 10 yrs Former Governors: 1.5% per year 1.5% per year 2.00% 7/1/75 2.0% over 20 yrs 2.0% over 20 yrs 2.25% second 10 yrs $1,320 per month all years all years to present 1.0% over 20 yrs per term of service Legislators: $28.80 per month per year of service**

Up to Up to Up to 2.5% or 4% Up to Up to 4% Up to Up to Up to 4% simple 4% simple (depending 4% simple compounded 4% simple 2.5% simple 2.5% simple

on employer)

Note 1 Note 1 Note 2 Note 3 Note 4 Note 5 Note 1 Note 1

What Will My Benefits Be? Summary of Plan Provisions

Hybrid: Hybrid: 35 at any age 25 at any age 20 at age 60* 20 at age 60* 10 at age 62* 10 at age 62* 4 at age 65 4 at age 65 Defined Contribution:

Employer contributions to your 401(k) are vested after four years.

U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t 5

Public Safety and Firefighters Retirement Systems

H.B. 30: Public Safety Retirement Conversion WindowProvides a conversion window between the Public Safety Contributory Retirement System and the Public Safety Noncontributory Retirement System beginning July 1, 2014, and ending December 31, 2014.

Governors and Legislators Retirement Plan

S.B. 30: Utah Retirement AmendmentsClarifies that a governor, legislator, other full-time elected official, or employee with Tier I service credit in a system or plan administered by the Board may only participate in another Tier I system or plan if he or she enters office or employment with a participating employer on or after July 1, 2011.

General

S.B. 126: Retirement AmendmentsAllows a re-employed retiree to be considered as having completed the one-year separation requirement from a participating employer relating to post-retirement re-employment, if the retiree: (1) suffered an injury while performing the duties of employment as a public safety service employee, which resulted in the inability to perform the duties of the employment; and (2) is re-employed with a different participating employer.

S.B. 15: Re-employment Restrictions AmendmentsExempts from post-retirement re-employment restrictions: (1) senior justice court judges; and (2) part-time appointed board members who do not receive any remuneration except for certain per diem and travel expenses.

H.B. 419: Charter School RevisionsAn authorized charter school will not automatically be a participating employer with URS, but the charter school’s governing board may make a one-time, irrevocable election to participate as an employer for retirement programs with URS at any time.

4 U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t

From left:

Nancy Duffin, Third Grade Teacher, North Summit Elementary School, Coalville City;

Brent Thomas, Superintendent of Operations, Bountiful City Light and Power, Bountiful City;

Jared Rigby, Chief Deputy Wasatch County Sherriff’s Office, Heber City;

Jeff Thomas, Battalion Chief, SLC Fire Department, Salt Lake City;

Judge Vernice S. Trease, Third District Court, Salt Lake City;

Margaret Dayton, State Senate, 15th District, Utah County;

Jess Pearce, Apprentice Lineman, Bountiful City Light and Power, Bountiful City;

Brandon Ratcliffe, Officer, Price City Police Department.

2014 Legislation The following retirement-related bills were passed by the 2014 Utah Legislature:

You are Utah

Retirement Systems

“Every great dream begins with a dreamer. Always remember, you have within you the

strength, the patience, and the passion to reach for the stars to change the world.”

— H A R R I E T T U B M A N

EquitiesStocks make us part owner and beneficiary of many successful companies around the world.

Absolute ReturnThese strategies strive to achieve returns that have little correlation to the other asset classes.

Debt Securities Whether financing a country’s or a corporation’s need for money, bonds yield a steady stream of income.

Real AssetsInvestments include real estate, energy, timber, and commodities.

Private Equity Although supplying capital to fund private companies is riskier than some investments, returns are expected to outperform public equity markets over the long term.

Short-term SecuritiesMoney market accounts allow URS ready funds to make advantageous moves.

Total Balances by Investment Option and Rates of ReturnPercentage Total of Each Investment OptionDecember 31, 2014

( d o l l a r s I n t h o u s a n d s ) 2014 Percentage Total Annualized of Total Roth Traditional Investment Rates of Fair Value Investment Option 401(k) Plan 457 Plan IRA IRA HRA Balance Return

18.36% Income Fund $ 730,170 80,577 7,416 16,643 — 834,806 1.61%

5.01% Bond Fund 197,443 24,058 2,994 3,470 — 227,965 5.90 9.87% Balanced Fund 407,516 32,955 3,056 5,045 — 448,572 9.04 6.08% Large Cap Stock Value Fund 231,290 34,632 5,592 4,778 — 276,292 10.34 11.91% Large Cap Stock Index Fund 486,563 47,365 4,750 2,836 — 541,514 12.96 5.70% Large Cap Stock Growth Fund 225,728 26,686 3,879 2,774 — 259,067 11.77 4.00% International Fund 160,193 18,472 2,093 963 — 181,721 (3.90) 6.16% Small Cap Stock Fund 239,383 32,262 5,361 3,013 — 280,019 4.27 0.00% Short Horizon Fund* — — — — — — 4.21 0.00% Medium Horizon Fund* — — — — — — 4.67 0.00% Long Horizon Fund* — — — — — — 3.69 1.09% Tier 2 DC Nonvested 49,670 — — — — 49,670 4.67 0.95% Retired Fund 32,591 5,175 855 4,415 43,036 NA 1.93% 2010 Fund 72,144 8,684 1,845 5,228 — 87,901 NA 3.68% 2015 Fund 144,801 15,488 2,798 4,183 — 167,270 NA 4.87% 2020 Fund 196,583 19,939 2,750 2,066 — 221,338 NA 4.00% 2025 Fund 160,874 16,547 2,769 1,546 — 181,736 NA 2.95% 2030 Fund 116,606 13,847 2,056 1,391 — 133,900 NA 2.72% 2035 Fund 106,670 14,084 2,507 354 — 123,615 NA 2.53% 2040 Fund 96,864 15,000 2,769 204 — 114,837 NA 1.85% 2045 Fund 70,588 10,489 2,694 348 — 84,119 NA 0.76% 2050 Fund 29,287 3,960 1,314 42 — 34,603 NA 0.11% 2055 Fund 3,862 764 276 42 — 4,944 NA 0.00% 2060 Fund 126 74 14 1 — 215 NA 2.95% Brokerage Window 112,330 20,117 1,054 480 — 133,981 NA 0.44% HRA Money Market Fund — — — — 19,880 19,880 0.00 2.10% Loan Fund 85,469 9,799 — — — 95,268 NA 100.00% Total $ 3,956,751 450,974 58,842 59,822 19,880 4,546,269

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212223

1

2

34

5

6

7

89

1011

1222

23

Growing Personal Investments: Member balances in the 401(k), 457, and IRAs at year-end 2014 totaled over $4.5 billion.

Where Defined Benefit Retirement Funds Were Invested

In addition to member and employer contributions, investment income typically funds the greater portion of members’ retirement benefits. To minimize financial risk, URS diversifies its investment portfolio. The Systems’ 2014 return was 7.52%.

A D D I T I O N S B Y S O U R C E ( i n m i l l i o n s )

5.8%

35.5%

11.8%

U T A H R E T I R E M E N T S Y S T E M S

Statements of Fiduciary Net Position — Defined Contribution PlansDecember 31, 2014 ( i n t h o u s a n d s ) Health Total Defined Traditional Reimbursement Contribution 401(k) Plan 457 Plan Roth IRA IRA Arrangement Plans

Assets: Cash $ 11,425 445 170 6 1,948 13,994 Receivables 85,469 9,799 — — — 95,268 Investments at fair value: Short-term securities — — — — 18,082 18,082 Debt securities 1,490,876 163,885 18,805 31,356 — 1,704,922 Equity investments 2,338,599 272,397 39,037 27,812 — 2,677,845 Real assets 43,861 5,071 993 705 — 50,630 Total investments 3,873,336 441,353 58,835 59,873 18,082 4,451,479 Total assets 3,970,230 451,597 59,005 59,879 20,030 4,560,741

Liabilities: Investment accounts payable 13,479 623 163 57 150 14,472Net position restricted for pensions $3,956,751 450,974 58,842 59,822 19,880 4,546,269

U T A H R E T I R E M E N T S Y S T E M S

Statements of Changes in Fiduciary Net Position — Defined Contribution PlansDecember 31, 2014 ( i n t h o u s a n d s ) Health Total Defined Traditional Reimbursement Contribution 401(k) Plan 457 Plan Roth IRA IRA Arrangement Plans

Additions: Contributions $ 255,044 26,711 11,664 14,930 6,393 314,742 Investment income: Net appreciation in fair value of investments 213,299 23,339 2,866 2,701 24 242,229 Interest, dividends, and other investment income 3,413 389 — — — 3,802 Total investment income 216,712 23,728 2,866 2,701 24 246,031 Less investment expenses 3,482 386 50 56 — 3,974 Net income from investment activity 213,230 23,342 2,816 2,645 24 242,057 Total additions 468,274 50,053 14,480 17,575 6,417 556,799Deductions: Refunds 251,496 22,920 3,310 7,514 2,690 287,930 Administrative expenses 6,308 727 91 91 31 7,248 Total deductions 257,804 23,647 3,401 7,605 2,721 295,178 Increase from operations 210,470 26,406 11,079 9,970 3,696 261,621Net position restricted for pension benefits beginning of year 3,746,281 424,568 47,763 49,852 16,184 4,284,648Net position restricted for pension benefits end of year $3,956,751 450,974 58,842 59,822 19,880 4,546,269

15.7%

14.0%

17.2%

How Your Defined Benefits are Funded

Defined Contribution Savings PlansURS Savings Plans (401(k), 457, Roth IRA, and traditional IRA) allow you to increase your sources of retirement income beyond that of your employer’s pension and Social Security. These plans are also tax and estate planning tools, providing for tax-deferred investing and possibly tax-free growth. Participants could take advantage of 11 investment options, including three asset allocation investment funds (Horizon Funds).

*New Target Date FundsAfter the close of business on December 31, 2014, all assets held in the Horizon Funds were transferred into a new selection called Target Date Funds. The assets were allocated according to the Target Date that corresponded with the participant’s age. Beginning January 1, 2015, the Horizon Funds were no longer offered as an investment option within the plans.

Investment Income

Employer Contributions

Fire Insurance Tax, Court Fees, and Other Member Contributions

“Believe you can and you’re halfway there.” — T H E O D O R E R O O S E V E L T

“Success is the sum of small efforts, repeated day in and day out.” — R O B E R T C O L L I E R

“To understand the heart and mind of a person, look not at what he has already achieved, but at what he aspires to.” — K A H L I L G I L B R A N

U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t 76 U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t

131415

212019

18 17 16

1409 10 11 12 13

$4,245

$2,853

$3,090$2,833

$3,422

$1,332

$4,400

4,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

800

400

0

Utah Retirement Systems 2014 Summary Annual Report • Published by: Utah Retirement Systems • 560 East 200 South, Salt Lake City, UT 84102-2021

Membership Advisory CouncilThose who serve on the Membership Advisory Council speak for the interests of active and retired members and participating employers.

Executive Committee Members / Represents

Mr. Michael McDonough ...........................................................................Utah Education Association (Chairperson)

Mr. Marty Peterson ........................................................................... Professional Firefighters of Utah (Vice Chairperson)

Ms. Amy Ehresman ...................................................................Utah School Employees’ AssociationMr. Tom Hardy ...................................................................................Utah League of Cities and TownsSenior Trooper Arlow Hancock .................................................... Utah Peace Officers’ Association

Council Members / Represents

Mr. Fred Ash ................................................................ Utah Retired School Employees’ AssociationNr. Vaun Christensen ................................................................ Utah Public Employees’ AssociationHonorable James Z. Davis .....................................................................................Utah Judicial CouncilRepresentative Brad Dee .......................................................................Utah Association of CountiesMs. Debra McBride ............................................................ Association of Retired Public EmployeesMr. Tom Nedreberg ................................................................................... Utah Education AssociationMr. Richard Petersen ................................................................Utah School Employees’ AssociationMr. Anthony Romanello ........................................................................... Utah Education Association

From left: Laura O. Houston, Roger G. Donohoe, Kathryn D. Jones-Price, Richard K. Ellis (President), Sheri K. Nelson (Vice President), Edward T. Alter, William W. Wallace

Meet the BoardA majority of the URS Board members are experts in banking and investments,

and are appointed by the Governor. The Board appoints our executive director to carry out the day-to-day

operations of URS. Together they guide and safeguard URS.

Want to Know More?Please visit www.urs.org or call our office. We can

explain your benefits one-on-one or to your group.

Write Salt Lake Office P.O. Box 1590 Salt Lake City, UT 84110-1590

St. George Office 165 North 100 East #9 St. George, UT 84770-2505

Webwww.urs.org

Call Salt Lake Office 801-366-7700 • 800-365-8772 Pension Benefits 801-366-7770 • 800-695-4877 401(k), 457, IRA, HRA 801-366-7720 • 800-688-401k St. George Office 435-673-6300 • 800-950-4877

Visit Salt Lake Office 560 East 200 South Salt Lake City, UT 84102-2021

St. George Office 165 North 100 East #9 St. George, UT 84770-2505

FaxSalt Lake Office 801-366-7734

401(k), 457, IRA, HRA 801-366-7445

St. George Office 435-634-0654

8 U R S 2 0 1 4 S u m m a r y A n n u a l R e p o r t

“Men go abroad to wonder at

the heights of mountains, at the huge waves of the

sea, at the long courses of the

rivers, at the vast compass of the

ocean, at the circular motions

of the stars, and they pass by themselves

without wondering.”

— S A I N T A U G U S T I N E