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Austin Fire Fighters Relief & Retirement Fund

Overview

Contact Information:
4101 Parkstone Heights Dr Ste 270
Austin, TX 78746
http://www.afrs.org
Phone: (512) 454-9567
Fax: (512) 453-7197

Classification: Muni
Year Created: 1937
Fiscal Year-End Month: 12

Total Members : 2,128

  Active Members: 1,175
  Inactive Members : 29
  Total Annuitants: 924
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $1,303,544,505

Total Assets : $1,304,571,867
Total Liabilities : $1,027,362
Total Additions : $215,642,761
Employer Contributions:
$22,041,592
10.22%
Employee Contributions:
$18,697,102
8.67%
Other Contributions:
$0
0.00%
Investment Income:
$174,830,018
81.07%
Other Income:
$74,049
0.03%

Total Deductions  : $74,121,929
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$70,182,892
94.69%
Administrative Expenses:
$970,731
1.31%
Investment Expenses:
$2,968,306
4.00%
Other Expenses:
$0
0.00%
Total Contribution Rate: 22.05%
(Effective Date: 12/31/2021)
Employer: 18.70%
Employee: 40.75%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.30%
  • 1-Year Return: 17.59%
  • 3-Year Return: 15.39%
  • 10-Year Return: 10.17%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.30%

Actuarial

(Effective Date: 12/31/2021)
Actuarial Value of Assets : $1,303,544,505
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: $1,176,967,709
Actuarial Assumption Details

Actuarial Funded Ratio : 89.62%

Market Funded Ratio: 99.26%

Amortization Period (Yrs) : 17.5
Unfunded Liability : $136,330,224
Unfunded Liability per Member: $64,065

Benefit Tier Details

Eligible Members:
All
Vesting:
10 YCS
Age/YCS:
50/10 or 25 YCS
Benefit Formula:
Years of Credited Service x 3.3% x Final Average Salary
Final Average Salary:
Highest 36 months
Automatic COLA:
Determined by the actuary if providing a COLA will not impair financial stability of the Fund.
Benefit Tier Options:
DROP, 7 yr. max. 5% interest, employee contribution and COLA credited.
Social Security:
No

Investment Policy Details

Effective Date: 2/28/2022

Asset Class:
Equities
Minimum Allocation:
30%
Maximum Allocation:
55%
Target Allocation:
N/A
Asset Class:
Fixed Income
Minimum Allocation:
20%
Maximum Allocation:
40%
Target Allocation:
N/A
Asset Class:
Alternative Investments
Minimum Allocation:
10%
Maximum Allocation:
40%
Target Allocation:
N/A