transparency

Irving Supplemental Benefit Plan

Overview

Contact Information:
825 W Irving Blvd
Irving, TX 75060
https://www.cityofirving.org/2339/Irving-Supplemental-Benefit-Plan
Phone: (972) 721-2696
Fax: (972) 721-2582

Classification: 810
Year Created:
Fiscal Year-End Month: 12

Total Members : 2,200

  Active Members: 1,518
  Inactive Members : 0
  Total Annuitants: 436
  (Effective Date: 1/1/2022)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $115,548,499

Total Assets : $115,548,499
Total Liabilities : $0
Total Additions : $40,772,997
Employer Contributions:
$24,694,346
60.57%
Employee Contributions:
$2,931,261
7.19%
Other Contributions:
$0
0.00%
Investment Income:
$13,147,390
32.25%
Other Income:
$0
0.00%

Total Deductions  : $4,976,822
Benefit Payments:
Benefit Tier Details
$9,415
0.19%
Withdrawals:
$4,532,909
91.08%
Administrative Expenses:
$141,014
2.83%
Investment Expenses:
$293,484
5.90%
Other Expenses:
$0
0.00%
Total Contribution Rate: 0.78%
(Effective Date: 1/1/2022)
Employer: 2.50%
Employee: 3.28%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 6.75%
  • 1-Year Return: 12.90%
  • 3-Year Return: 14.86%
  • 10-Year Return: 7.92%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 6.75%

Actuarial

(Effective Date: 1/1/2022)
Actuarial Value of Assets : $115,548,499
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: $105,993,779
Actuarial Assumption Details

Actuarial Funded Ratio : 106.96%

Market Funded Ratio: 116.60%

Amortization Period (Yrs) : 0
Unfunded Liability : $0
Unfunded Liability per Member: N/A

Benefit Tier Details

Eligible Members:
All
Vesting:
5 YCS
Age/YCS:
65/5
Benefit Formula:
Years of Credited Service x 1/12 of 0.6% x Final Average Salary
Final Average Salary:
Highest 3 years
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
No

Investment Policy Details

Effective Date: 8/26/2019

Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
20%
Target Allocation:
10%
Asset Class:
Real Estate
Minimum Allocation:
5%
Maximum Allocation:
15%
Target Allocation:
10%
Asset Class:
Fixed Income
Minimum Allocation:
20%
Maximum Allocation:
40%
Target Allocation:
30%
Asset Class:
Equities
Minimum Allocation:
40%
Maximum Allocation:
60%
Target Allocation:
50%