transparency

Galveston Employees' Retirement Plan for Police

Overview

Contact Information:
601 54th St
Galveston, TX 77551
http://www.cityofgalveston.org/default.cfm
Phone: (409) 765-5274
Fax: None Reported

Classification: Muni
Year Created: 1980
Fiscal Year-End Month: 12

Total Members : 332

  Active Members: 142
  Inactive Members : 47
  Total Annuitants: 143
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $26,664,502

Total Assets : $26,664,502
Total Liabilities : $0
Total Additions : $8,480,415
Employer Contributions:
$2,669,934
31.48%
Employee Contributions:
$1,521,017
17.94%
Other Contributions:
$0
0.00%
Investment Income:
$4,289,464
50.58%
Other Income:
$0
0.00%

Total Deductions  : $4,587,484
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$4,380,233
95.48%
Administrative Expenses:
$140,670
3.07%
Investment Expenses:
$66,581
1.45%
Other Expenses:
$0
0.00%
Total Contribution Rate: 18.00%
(Effective Date: 1/1/2021)
Employer: 12.00%
Employee: 30.00%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.00%
  • 1-Year Return: 18.00%
  • 3-Year Return: 12.32%
  • 10-Year Return: 7.20%
  • 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: 1/1/2021)
Actuarial Value of Assets : $22,771,572
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: $22,845,332
Actuarial Assumption Details

Actuarial Funded Ratio : 38.01%

Market Funded Ratio: 37.89%

Amortization Period (Yrs) : 27
Unfunded Liability : $37,256,436
Unfunded Liability per Member: $112,218

Benefit Tier Details

Tier:
Group A
Eligible Members:
Members with >= 15 YCS as of 1/1/2006
Vesting:
5 YCS
Age/YCS:
45/20 or 65 years or 25 YCS
Benefit Formula:
Years of Credited Service x 2.11% x Final Average Salary
Final Average Salary:
Final 60 months
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes
Tier:
Group B
Eligible Members:
Members with < 15 YCS as of 1/1/2006
Vesting:
5 YCS
Age/YCS:
50/20 or 65 years or 25 YCS
Benefit Formula:
Years of Credited Service x 2.11% x Final Average Salary
Final Average Salary:
Final 60 months
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 8/5/2014

Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
30%
Target Allocation:
N/A
Asset Class:
Equities
Minimum Allocation:
20%
Maximum Allocation:
70%
Target Allocation:
N/A
Asset Class:
Fixed Income
Minimum Allocation:
20%
Maximum Allocation:
70%
Target Allocation:
N/A
Asset Class:
Cash
Minimum Allocation:
1%
Maximum Allocation:
40%
Target Allocation:
N/A