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Inactive Members : 0
(Effective Date: 12/31/2022)
Benefits Information is not available for this plan.
Galveston Firefighters Relief & Retirement Fund
Overview
Contact Information:
6511 Stewart Rd Unit 4 B
Galveston, TX
77551
http://www.galvestonfirepension.com/Home.aspx
Phone: (409) 740-0881
Fax: None Reported
Classification: TLFFRA
Year Created:
Fiscal Year-End Month: 12
Total Members : 209
Total members includes all active members, inactive members and annuitants.
Active Members: 116Inactive Members : 0
Inactive members are vested and non-vested terminated members of a retirement plan.
Total Annuitants: 93(Effective Date: 12/31/2022)
Financials
(Effective Date: 12/31/2022)
Total Net Assets: $49,039,644
Total Assets : $49,041,075
Total gross fair value of assets held in trust by a pension plan, not net of financial liabilities such as payables..
Total Liabilities : $1,431
Financial liabilities, such as payables, securities lending obligation to return collateral, and debt for plans that use leverage. Total liabilities do not include the actuarial accrued liability.
Total Additions : $3,426,638
The sum of total investment income and other income (even if negative), and employer, employee and other contributions. Total additions are what causes the asset value to increase during the reporting period.
Employer Contributions:
$1,664,367
48.57%
Employee Contributions:
$1,762,271
51.43%
Other Contributions:
$0
0.00%
Investment Income:
$0
0.00%
Other Income:
$0
0.00%
Total Deductions
:
$5,017,419
The sum of benefit payments, withdrawals, all administrative and investment related expenses. Total deductions are what causes the asset value to decrease during the reporting period.
Benefit Payments:
$746,064
14.87%
Withdrawals:
$3,835,646
76.45%
Administrative Expenses:
$168,916
3.37%
Investment Expenses:
$266,793
5.32%
Other Expenses:
$0
0.00%
Total Contribution Rate: 20.20%
(Effective Date: 12/31/2022)
Employer: 18.00%
Employee: 38.20%
Employee: 38.20%
Historical Investment Returns
(Report Date: 12/31/2022)
— Assumed Rate of Return 7.50%
- 1-Year Return: -0.1512
- 3-Year Return: 0.0198
- 10-Year Return: 0.0525
- 30-Year Return: 0.0623
- Note: Rates of return are reported net of fees.
- Investment Policy Details
- Assumed Rate of Return : 7.50%
The assumed rate of return represents the expected long-term performance of the plan's investments. This number is usually approved by the board.
Actuarial
(Effective Date: 12/31/2022)
Actuarial Value of Assets : $49,199,796
Actuarial Assumption Details
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: $56,290,610Actuarial Assumption Details
Actuarial Funded Ratio : 58.73%
The funded ratio is the value of a pension plan's assets, expressed as a percentage of the plan's total actuarial liability. For example, if the unfunded liability was zero, the funded ratio would be 100%, as the plan’s assets would be equivalent to its liabilities.
Market Funded Ratio: 67.20%
Amortization Period (Yrs) : 30.9
The amortization period is length of time required to eliminate a pension plan's unfunded liability based on current contributions from employers and active members. The Texas Pension Review Board has adopted guidelines that this period should never exceed 40 years, while the preferred range is 25 to 30 years. The arrows indicate whether the current amortization period is higher, lower or equal to the length of time reported in the prior reporting period.
Unfunded Liability : $27,477,701The unfunded liability is the amount of projected pension benefit obligations in excess of the value of assets.
Unfunded Liability per Member: $131,472
Benefit Tier Details
Benefits Information is not available for this plan.
Investment Policy Details
Effective Date: Not Available.
No Investment Policy information available.