transparency

Laredo Firefighters Retirement System

Overview

Contact Information:
PO Box 3069
Laredo, TX 78044
http://www.laredofire.com/
Phone: (956) 717-8018
Fax: None Reported

Classification: TLFFRA
Year Created:
Fiscal Year-End Month: 9

Total Members : 583

  Active Members: 407
  Inactive Members : 0
  Total Annuitants: 176
  (Effective Date: 9/30/2021)

Financials

(Effective Date: 9/30/2021)

Total Net Assets: $211,681,142

Total Assets : $211,796,568
Total Liabilities : $115,426
Total Additions : $59,078,130
Employer Contributions:
$8,557,405
14.48%
Employee Contributions:
$6,156,430
10.42%
Other Contributions:
$0
0.00%
Investment Income:
$44,364,295
75.09%
Other Income:
$0
0.00%

Total Deductions  : $15,067,572
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$14,286,376
94.82%
Administrative Expenses:
$330,298
2.19%
Investment Expenses:
$450,898
2.99%
Other Expenses:
$0
0.00%
Total Contribution Rate: 21.10%
(Effective Date: 9/30/2020)
Employer: 15.00%
Employee: 36.10%

Historical Investment Returns

(Report Date: 9/30/2021)
—  Assumed Rate of Return 7.40%
  • 1-Year Return: 25.96%
  • 3-Year Return: 10.01%
  • 10-Year Return: 8.14%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.40%

Actuarial

(Effective Date: 9/30/2020)
Actuarial Value of Assets : $167,670,600
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: $176,451,340
Actuarial Assumption Details

Actuarial Funded Ratio : 59.60%

Market Funded Ratio: 56.63%

Amortization Period (Yrs) : 56.8
Unfunded Liability : $119,630,160
Unfunded Liability per Member: $205,198

Benefit Tier Details

Eligible Members:
All
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service x 3.03% x Final Average Salary
Final Average Salary:
Highest 78 consecutive biweekly pay periods within final 104 biweekly pay periods
Automatic COLA:
Ad hoc based on financial condition of the system as determined by the actuary
Benefit Tier Options:
Retro DROP, 2 yr. max. Employee contributions credited, no interest or COLA. Benefit credits adjusted for payment form. Plan offers an increasing payment form option.
Social Security:
No

Investment Policy Details

Effective Date: 11/1/2017

Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
0%
Asset Class:
Equities
Minimum Allocation:
36%
Maximum Allocation:
96%
Target Allocation:
55%
Asset Class:
Fixed Income
Minimum Allocation:
10%
Maximum Allocation:
30%
Target Allocation:
20%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
5%
Asset Class:
Alternative Investments
Minimum Allocation:
10%
Maximum Allocation:
40%
Target Allocation:
20%
Asset Class:
Equities
Minimum Allocation:
36%
Maximum Allocation:
80%
Target Allocation:
55%
Asset Class:
Alternative Investments
Minimum Allocation:
10%
Maximum Allocation:
40%
Target Allocation:
20%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
5%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
0%
Asset Class:
Fixed Income
Minimum Allocation:
10%
Maximum Allocation:
30%
Target Allocation:
20%