transparency

Dallas/Fort Worth Airport Board DPS Retirement Plan

Overview

Contact Information:
PO Box 619428
Dallas, TX 75261
http://dfwairport.com
Phone: (972) 973-5464
Fax: (972) 973-1131

Classification: 810
Year Created:
Fiscal Year-End Month: 12

Total Members : 640

  Active Members: 370
  Inactive Members : 42
  Total Annuitants: 228
  (Effective Date: 1/1/2022)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $271,570,000

Total Assets : $271,895,000
Total Liabilities : $325,000
Total Additions : $52,125,000
Employer Contributions:
$9,476,000
18.18%
Employee Contributions:
$2,396,000
4.60%
Other Contributions:
$0
0.00%
Investment Income:
$40,253,000
77.22%
Other Income:
$0
0.00%

Total Deductions  : $12,515,000
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$10,425,000
83.30%
Administrative Expenses:
$442,000
3.53%
Investment Expenses:
$1,648,000
13.17%
Other Expenses:
$0
0.00%
Total Contribution Rate: 28.90%
(Effective Date: 1/1/2022)
Employer: 7.00%
Employee: 35.90%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.00%
  • 1-Year Return: 16.70%
  • 3-Year Return: 11.90%
  • 10-Year Return: 8.60%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.00%

Actuarial

(Effective Date: 1/1/2022)
Actuarial Value of Assets : $271,569,789
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: $253,346,612
Actuarial Assumption Details

Actuarial Funded Ratio : 87.18%

Market Funded Ratio: 93.45%

Amortization Period (Yrs) : 12.7
Unfunded Liability : $37,250,524
Unfunded Liability per Member: $58,204

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 12/31/2002
Vesting:
5 YCS
Age/YCS:
62/5
Benefit Formula:
Greater of: Years of Credited Service x 2.25% x Final Average Salary or Years of Credited Service after age 45 x 3.33% x Final Average Salary
Final Average Salary:
Final 36 months
Automatic COLA:
% change in CPI, max. 3%
Benefit Tier Options:
None
Social Security:
Yes
Tier:
Tier 2
Eligible Members:
Hired after 12/31/2002
Vesting:
5 YCS
Age/YCS:
62/5
Benefit Formula:
Years of Credited Service x 2.25% x Final Average Salary
Final Average Salary:
Final 36 months
Automatic COLA:
% change in CPI, max. 3%
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 12/8/2022

Asset Class:
Fixed Income
Minimum Allocation:
15%
Maximum Allocation:
35%
Target Allocation:
25%
Asset Class:
Real Estate
Minimum Allocation:
8%
Maximum Allocation:
18%
Target Allocation:
13%
Asset Class:
Alternative Investments
Minimum Allocation:
13%
Maximum Allocation:
33%
Target Allocation:
23%
Asset Class:
Equities
Minimum Allocation:
28%
Maximum Allocation:
53%
Target Allocation:
38%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
3%