transparency

Fort Worth Employees' Retirement Fund

Overview

Contact Information:
3801 Hulen St Ste 101
Fort Worth, TX 76107
http://www.fwretirement.org
Phone: (817) 632-8900
Fax: (817) 632-8910

Classification: Muni
Year Created: 1945
Fiscal Year-End Month: 9

Total Members : 12,633

  Active Members: 6,515
  Inactive Members : 1,289
  Total Annuitants: 4,829
  (Effective Date: 9/30/2021)

Financials

(Effective Date: 9/30/2021)

Total Net Assets: $2,830,439,044

Total Assets : $3,182,022,801
Total Liabilities : $351,583,757
Total Additions : $718,518,305
Employer Contributions:
$128,046,174
17.82%
Employee Contributions:
$60,281,553
8.39%
Other Contributions:
$0
0.00%
Investment Income:
$530,190,578
73.79%
Other Income:
$0
0.00%

Total Deductions  : $256,239,931
Benefit Payments:
Benefit Tier Details
$5,187,736
2.02%
Withdrawals:
$238,794,390
93.19%
Administrative Expenses:
$5,971,101
2.33%
Investment Expenses:
$6,165,860
2.41%
Other Expenses:
$120,844
0.05%
Total Contribution Rate: 24.48%
(Effective Date: 12/31/2021)
Employer: 11.14%
Employee: 35.90%

Historical Investment Returns

(Report Date: 9/30/2021)
—  Assumed Rate of Return 7.00%
  • 1-Year Return: 22.44%
  • 3-Year Return: 9.77%
  • 10-Year Return: 8.65%
  • 30-Year Return: 7.88%
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.00%

Actuarial

(Effective Date: 12/31/2021)
Actuarial Value of Assets : $2,912,495,617
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: $2,692,751,013
Actuarial Assumption Details

Actuarial Funded Ratio : 55.04%

Market Funded Ratio: 59.54%

Amortization Period (Yrs) : 37
Unfunded Liability : $2,199,185,652
Unfunded Liability per Member: $174,083

Benefit Tier Details

Tier:
Civilian Tier 1
Eligible Members:
Civilian - Hired before 7/1/2011
Vesting:
5 YCS
Age/YCS:
65/5 or Rule of 80
Benefit Formula:
(Years of Credited Service before 10/1/2013 x 3.0% x Final Average Salary) + (Years of Credited Service on/after 10/1/2013 through 7/19/2019 x 2.5% x Final Average Salary) + (Years of Credited Service on/after 7/20/2019 x 2.5% x Final Average Salary)
Final Average Salary:
Before 10/1/2013: highest 3 years; 10/1/2013 - 7/19/2019: highest 5 years on/after 7/20/2019: highest 5 years
Automatic COLA:
If retired or in DROP on or before 1/1/21: For credited service prior to 10/1/13, choice of 2% simple COLA or AD HOC1. For credited service on or after 10/1/13, 2% simple. If not in DROP or retired as of 1/1/21: Variable COLA
Benefit Tier Options:
Forward DROP, 6 yr max. No interest, COLA only if 2 years of service completed after DROP election and none for service on/after 7/20/2019, contributions credited to the fund
Social Security:
No
Note:
Ad hoc COLA is a compound COLA contingent upon the amortization period in the preceding years actuarial valuation: 4% if ≤ 18; 3% if 18.1 - 24; 2% if 24 - 28; 0% if > 28.
Tier:
Civilian Tier 2
Eligible Members:
Civilian - Hired on/after 7/1/2011
Vesting:
5 YCS
Age/YCS:
65/5 or Rule of 80 or 55/5
Benefit Formula:
(Years of Credited Service on/after 10/1/2013 through 7/19/2019 x 2.5% x Final Average Salary) + (Years of Credited Service on/after 7/20/2019 x 2.5% x Final Average Salary)
Final Average Salary:
10/1/2013: Highest 5 years on/after 7/20/2019: highest 5 years
Automatic COLA:
None
Benefit Tier Options:
Forward DROP, 6 yr max. No interest/COLA, contributions credited to the fund
Social Security:
No
Tier:
Firefighter Tier 1
Eligible Members:
Firefighter - Hired before 1/10/2015
Vesting:
5 YCS
Age/YCS:
65/5 or Rule of 80
Benefit Formula:
(Years of Credited Service before 1/10/2015 x 3.0% x Final Average Salary)+ (Years of Credited Service on 1/10/2015 through 7/19/2019 x 2.5% x Final Average Salary) + (Years of Credited Service on/after 7/20/2019 x 2.5% x Final Average Salary)
Final Average Salary:
Before 1/10/2015: highest 3 years; 1/10/2015 - 7/19/2019: highest 5 years on/after 7/20/2019: highest 5 years
Automatic COLA:
If retired or in DROP on or before 1/1/21: For credited service prior to 1/10/15, choice of 2% simple COLA or AD HOC1. For credited service on or after 1/10/15, 2% simple. If not in DROP or retired as of 1/1/21: Variable COLA
Benefit Tier Options:
Forward DROP, 6 yr max. No interest, COLA only if 2 years of service completed after DROP election and none for service on/after 7/20/2019, contributions credited to the fund
Social Security:
No
Note:
Ad hoc COLA is a compound COLA contingent upon the amortization period in the preceding years actuarial valuation: 4% if ≤ 18; 3% if 18.1 - 24; 2% if 24 - 28; 0% if > 28.
Tier:
Firefighter Tier 2
Eligible Members:
Firefighter - Hired on/after 1/10/2015
Vesting:
5 YCS
Age/YCS:
65/5 or Rule of 80
Benefit Formula:
(Years of Credited Service on 1/10/2015 through 7/19/2019 x 2.5% x Final Average Salary) + (Years of Credited Service on/after 7/20/2019 x 2.5% x Final Average Salary)
Final Average Salary:
1/10/2015 - 7/19/2019: highest 5 years on/after 7/20/2019: highest 5 years
Automatic COLA:
None
Benefit Tier Options:
Forward DROP, 6 yr max. No interest/COLA, contributions credited to the fund
Social Security:
No
Tier:
Police Tier 1
Eligible Members:
Police - Hired before 1/1/2013
Vesting:
5 YCS
Age/YCS:
65/5 or Rule of 80 or 25 YCS
Benefit Formula:
(Years of Credited Service before 10/1/2013 x 3.0% x Final Average Salary) + (Years of Credited Service on/after 10/1/2013 through 7/19/2019 x 2.5% x Final Average Salary) + (Years of Credited Service on/after 7/20/2019 x 2.5% x Final Average Salary)
Final Average Salary:
Before 10/1/2013: highest 3 years; 10/1/2013 - 7/19/2019: highest 5 years on/after 7/20/2019: highest 5 years
Automatic COLA:
If retired or in DROP on or before 1/1/21: For credited service prior to 10/1/13, choice of 2% simple COLA or AD HOC1. For credited service on or after 10/1/13, 2% simple. If not in DROP or retired as of 1/1/21: Variable COLA
Benefit Tier Options:
Forward DROP, 6 yr max. No interest, COLA only if 2 years of service completed after DROP election and none for service on/after 7/20/2019, contributions credited to the fund
Social Security:
No
Tier:
Police Tier 2
Eligible Members:
Police - Hired on/after 1/1/2013
Vesting:
5 YCS
Age/YCS:
65/5 or Rule of 80 YCS or 25 YCS
Benefit Formula:
(Years of Credited Service on/after 10/1/2013 through 7/19/2019 x 2.5% x Final Average Salary) + (Years of Credited Service on/after 7/20/2019 x 2.5% x Final Average Salary)
Final Average Salary:
10/1/2013: Highest 5 years on/after 7/20/2019: highest 5 years
Automatic COLA:
None
Benefit Tier Options:
Forward DROP, 6 yr max. No interest/COLA, contributions credited to the fund
Social Security:
No

Investment Policy Details

Effective Date: 1/27/2021

Asset Class:
Alternative Investments
Minimum Allocation:
10%
Maximum Allocation:
40%
Target Allocation:
25%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
1%
Asset Class:
Equities
Minimum Allocation:
30%
Maximum Allocation:
60%
Target Allocation:
45%
Asset Class:
Fixed Income
Minimum Allocation:
10%
Maximum Allocation:
40%
Target Allocation:
19%
Asset Class:
Real Estate
Minimum Allocation:
5%
Maximum Allocation:
20%
Target Allocation:
10%