transparency

Dallas Police & Fire Pension System-Combined Plan

Overview

Contact Information:
4100 Harry Hines Blvd
Ste 100
Dallas, TX 75219
http://www.dpfp.org
Phone: (214) 638-3863
Fax: (214) 638-6403

Classification: Muni
Year Created: 1973
Fiscal Year-End Month: 12

Total Members : 10,517

  Active Members: 5,088
  Inactive Members : 233
  Total Annuitants: 5,196
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $2,157,840,430

Total Assets : $2,164,059,967
Total Liabilities : $6,219,537
Total Additions : $556,227,542
Employer Contributions:
$165,541,265
29.76%
Employee Contributions:
$58,559,980
10.53%
Other Contributions:
$0
0.00%
Investment Income:
$331,790,585
59.65%
Other Income:
$335,712
0.06%

Total Deductions  : $342,087,705
Benefit Payments:
Benefit Tier Details
$3,285,148
0.96%
Withdrawals:
$321,348,320
93.94%
Administrative Expenses:
$6,390,829
1.87%
Investment Expenses:
$11,063,408
3.23%
Other Expenses:
$0
0.00%
Total Contribution Rate: 37.48%
(Effective Date: 1/1/2022)
Employer: 13.50%
Employee: 50.98%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 6.50%
  • 1-Year Return: 5.00%
  • 3-Year Return: 6.00%
  • 10-Year Return: 2.90%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 6.50%

Actuarial

(Effective Date: 1/1/2022)
Actuarial Value of Assets : $2,157,840,430
Actuaries often select an asset valuation method that smooth the effects of short‐term volatility in the market value of assets. The actuarial value of assets is intended to give fund managers a more accurate picture of the fund’s ability to cover its liabilities.
Market Value of Assets: $2,117,978,431
Actuarial Assumption Details

Actuarial Funded Ratio : 41.06%

Market Funded Ratio: 41.83%

Amortization Period (Yrs) : 68
Unfunded Liability : $3,040,803,909
Unfunded Liability per Member: $289,132

Benefit Tier Details

Tier:
Group A Option 1
Eligible Members:
Hired before 3/1/1973
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
50% Base Pay + 50% Longevity Pay + 50% Incentive Pay; min $2,200
Final Average Salary:
NA
Automatic COLA:
4% simple
Benefit Tier Options:
DROP, 10 yr max eff. 1/1/18. No int while in Active DROP. Upon retirement, balances as of 9/1/17 will earn interest over the annuity period based on the members life exp upon retirement, based on Treasury-based int rate determined by the DPFPS board. No COLA. Retiree DROP - annuity based on life expectancy; interest based on Treasury-based rate to be determined by DPFPS board.
Social Security:
No
Tier:
Group A Option 2
Eligible Members:
Hired before 3/1/1973
Vesting:
20 YCS
Age/YCS:
55/20
Benefit Formula:
Years of Credited Service < 32 x 3.0% x Base Pay + 50% Longevity Pay + 50% Incentive Pay
Final Average Salary:
NA
Automatic COLA:
Board may grant an ad hoc COLA based on the actual market return over the prior 5 yrs - 5%; min 0%, max 4%; only if, after granting COLA, the market value funded ratio is > = 70%. Begins at age 62.
Benefit Tier Options:
DROP, 10 yr max eff. 1/1/18. No int while in Active DROP. Upon retirement, balances as of 9/1/17 will earn interest over the annuity period based on the members life exp upon retirement, based on Treasury-based int rate determined by the DPFPS board. No COLA. Retiree DROP - annuity based on life expectancy; interest based on Treasury-based rate to be determined by DPFPS board.
Social Security:
No
Tier:
Group B Tier 1
Eligible Members:
Hired btwn 3/1/1973 & 2/28/2011
Vesting:
5 YCS
Age/YCS:
50/5 or 20 YCS
Benefit Formula:
(Years of Credited Service before 9/1/2017 x 3.0% x Final Average Salary; max 90%) + (Years of Credited Service on/after 9/1/2017 x 2.5% x Final Average Salary)
Final Average Salary:
Before 9/1/2017: Highest consecutive 36 months. On/after 9/1/2017: Highest consecutive 60 months.
Automatic COLA:
Board may grant an ad hoc COLA based on the actual market return over the prior 5 yrs - 5%; min 0%, max 4%; only if, after granting COLA, the market value funded ratio is > = 70%. Begins at age 62.
Benefit Tier Options:
DROP, 10 yr max eff. 1/1/18. No int while in Active DROP. Upon retirement, balances as of 9/1/17 will earn interest over the annuity period based on the members life exp upon retirement, based on Treasury-based int rate determined by the DPFPS board. No COLA. Retiree DROP - annuity based on life expectancy; interest based on Treasury-based rate to be determined by DPFPS board.
Social Security:
No
Tier:
Group B Tier 2
Eligible Members:
Hired on/after 2/28/2011
Vesting:
5 YCS
Age/YCS:
58/5 or 20 YCS
Benefit Formula:
Years of Credited Service x 2.5% x Final Average Salary; max 90%
Final Average Salary:
Highest consecutive 60 months
Automatic COLA:
Board may grant an ad hoc COLA based on the actual market return over the prior 5 yrs - 5%; min 0%, max 4%; only if, after granting COLA, the market value funded ratio is > = 70%. Begins at age 62.
Benefit Tier Options:
DROP, 10 yr max eff. 1/1/18. No int while in Active DROP. Upon retirement, balances as of 9/1/17 will earn interest over the annuity period based on the members life exp upon retirement, based on Treasury-based int rate determined by the DPFPS board. No COLA. Retiree DROP - annuity based on life expectancy; interest based on Treasury-based rate to be determined by DPFPS board.
Social Security:
No

Investment Policy Details

Effective Date: 10/13/2022

Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
0%
Target Allocation:
5%
Asset Class:
Real Assets
Minimum Allocation:
0%
Maximum Allocation:
0%
Target Allocation:
5%
Asset Class:
Equities
Minimum Allocation:
39%
Maximum Allocation:
67%
Target Allocation:
60%
Asset Class:
Fixed Income
Minimum Allocation:
8%
Maximum Allocation:
39%
Target Allocation:
25%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
0%
Target Allocation:
5%