transparency

Galveston Employees' Retirement Fund

Overview

Contact Information:
1011 Tremont
Galveston, TX 77550
http://www.galvestontx.gov
Phone: (409) 765-5274
Fax: None Reported

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

Total Members : 1,136

  Active Members: 506
  Inactive Members : 262
  Total Annuitants: 368
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $71,465,323

Total Assets : $71,528,759
Total Liabilities : $63,436
Total Additions : $13,540,752
Employer Contributions:
$2,521,658
18.62%
Employee Contributions:
$1,682,106
12.42%
Other Contributions:
$0
0.00%
Investment Income:
$9,336,988
68.95%
Other Income:
$0
0.00%

Total Deductions  : $5,119,655
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$4,851,629
94.76%
Administrative Expenses:
$138,989
2.71%
Investment Expenses:
$129,037
2.52%
Other Expenses:
$0
0.00%
Total Contribution Rate: 9.00%
(Effective Date: 12/31/2021)
Employer: 6.00%
Employee: 15.00%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.25%
  • 1-Year Return: 14.46%
  • 3-Year Return: 14.98%
  • 10-Year Return: 8.35%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.25%

Actuarial

(Effective Date: 12/31/2021)
Actuarial Value of Assets : $71,465,323
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: $65,178,020
Actuarial Assumption Details

Actuarial Funded Ratio : 85.08%

Market Funded Ratio: 93.29%

Amortization Period (Yrs) : 10.8
Unfunded Liability : $11,428,992
Unfunded Liability per Member: $10,061

Benefit Tier Details

Eligible Members:
All
Vesting:
10 YCS
Age/YCS:
65/10
Benefit Formula:
Years of Credited Service x 2.25% x Final Average Salary
Final Average Salary:
Highest 60 months
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 12/31/2016

Asset Class:
Equities
Minimum Allocation:
20%
Maximum Allocation:
70%
Target Allocation:
N/A
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
30%
Target Allocation:
N/A
Asset Class:
Cash
Minimum Allocation:
1%
Maximum Allocation:
40%
Target Allocation:
N/A
Asset Class:
Fixed Income
Minimum Allocation:
20%
Maximum Allocation:
60%
Target Allocation:
N/A