transparency

Galveston Firefighter's 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 : 210

  Active Members: 116
  Inactive Members : 0
  Total Annuitants: 94
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $59,034,511

Total Assets : $59,034,511
Total Liabilities : $0
Total Additions : $9,792,504
Employer Contributions:
$1,535,533
15.68%
Employee Contributions:
$1,625,859
16.60%
Other Contributions:
$0
0.00%
Investment Income:
$6,631,112
67.72%
Other Income:
$0
0.00%

Total Deductions  : $4,306,427
Benefit Payments:
Benefit Tier Details
$85,287
1.98%
Withdrawals:
$3,784,633
87.88%
Administrative Expenses:
$148,065
3.44%
Investment Expenses:
$288,442
6.70%
Other Expenses:
$0
0.00%
Total Contribution Rate: 17.00%
(Effective Date: 12/31/2021)
Employer: 18.00%
Employee: 35.00%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.50%
  • 1-Year Return: 11.65%
  • 3-Year Return: 13.88%
  • 10-Year Return: 8.05%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.50%

Actuarial

(Effective Date: 12/31/2021)
Actuarial Value of Assets : $59,034,607
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: $55,183,147
Actuarial Assumption Details

Actuarial Funded Ratio : 68.29%

Market Funded Ratio: 73.06%

Amortization Period (Yrs) : 51.6
Unfunded Liability : $25,619,877
Unfunded Liability per Member: $121,999

Benefit Tier Details

Eligible Members:
All
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service x 3% x Final Average Salary
Final Average Salary:
Highest 60 months
Automatic COLA:
0.6% compounded, not to exceed CPI-U increase, only applies to members receiving benefits as of 3/1/2018.
Benefit Tier Options:
Retro DROP, 3 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
No

Investment Policy Details

Effective Date: 9/25/2018

Asset Class:
Fixed Income
Minimum Allocation:
30%
Maximum Allocation:
60%
Target Allocation:
30%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
5%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
18%
Target Allocation:
15%
Asset Class:
Equities
Minimum Allocation:
30%
Maximum Allocation:
70%
Target Allocation:
50%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%