transparency

Irving Firemen's Relief & Retirement Fund

Overview

Contact Information:
845 W. Irving Blvd.
Irving, TX 75060
http://www.ci.irving.tx.us
Phone: (972) 721-4858
Fax: (972) 721-2795

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

Total Members : 616

  Active Members: 376
  Inactive Members : 6
  Total Annuitants: 234
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $199,989,985

Total Assets : $200,011,105
Total Liabilities : $21,120
Total Additions : $45,140,191
Employer Contributions:
$7,670,908
16.99%
Employee Contributions:
$4,968,156
11.01%
Other Contributions:
$0
0.00%
Investment Income:
$32,501,127
72.00%
Other Income:
$0
0.00%

Total Deductions  : $28,759,642
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$28,115,569
97.76%
Administrative Expenses:
$334,576
1.16%
Investment Expenses:
$309,497
1.08%
Other Expenses:
$0
0.00%
Total Contribution Rate: 20.25%
(Effective Date: 12/31/2021)
Employer: 13.00%
Employee: 33.25%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.00%
  • 1-Year Return: 11.00%
  • 3-Year Return: 12.10%
  • 10-Year Return: 9.20%
  • 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: 12/31/2021)
Actuarial Value of Assets : $199,989,985
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: $182,966,914
Actuarial Assumption Details

Actuarial Funded Ratio : 63.82%

Market Funded Ratio: 69.76%

Amortization Period (Yrs) : 37
Unfunded Liability : $103,704,760
Unfunded Liability per Member: $168,352

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 1/1/2021
Vesting:
Graded 100% at 20 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service x 3.175% x Final Average Salary for YCS <=21 + $60 x YCS > 21
Final Average Salary:
Highest 60 months
Automatic COLA:
Option for a Service Retirement Benefit with COLA.
Benefit Tier Options:
Retro DROP, Interest credit: 3.3%, Mandated withdrawal from DROP upon retirement after 1/1/2021 and interest paid on remaining DROP balance until retiree reaches age 70 then interest credit is 0% with no withdrawal mandate. Employee contributions credited.
Social Security:
No
Tier:
Tier 2
Eligible Members:
Hired on/after 1/1/2021
Vesting:
Graded 100% at 20 YCS
Age/YCS:
54/20
Benefit Formula:
Years of Credited Service x 3% x Final Average Salary for YCS <= 21
Final Average Salary:
Highest 60 months
Automatic COLA:
Option for a Service Retirement Benefit with COLA.
Benefit Tier Options:
Retro DROP, no employee contributions credited, no interest
Social Security:
No

Investment Policy Details

Effective Date: 6/27/2022

Asset Class:
Alternative Investments
Minimum Allocation:
3%
Maximum Allocation:
13%
Target Allocation:
8%
Asset Class:
Fixed Income
Minimum Allocation:
16%
Maximum Allocation:
56%
Target Allocation:
36%
Asset Class:
Equities
Minimum Allocation:
32%
Maximum Allocation:
58%
Target Allocation:
45%
Asset Class:
Real Estate
Minimum Allocation:
7%
Maximum Allocation:
15%
Target Allocation:
11%