transparency

Lufkin Firemen's Relief & Retirement Fund

Overview

Contact Information:
PO Box 190
Lufkin, TX 75902
http://www.lufkinfirepension.com/
Phone: (936) 630-0555
Fax: None Reported

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

Total Members : 136

  Active Members: 74
  Inactive Members : 2
  Total Annuitants: 60
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $23,558,320

Total Assets : $23,603,438
Total Liabilities : $45,118
Total Additions : $4,480,500
Employer Contributions:
$1,337,646
29.85%
Employee Contributions:
$825,851
18.43%
Other Contributions:
$0
0.00%
Investment Income:
$2,317,003
51.71%
Other Income:
$0
0.00%

Total Deductions  : $2,388,734
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$2,199,661
92.08%
Administrative Expenses:
$72,398
3.03%
Investment Expenses:
$116,675
4.88%
Other Expenses:
$0
0.00%
Total Contribution Rate: 23.00%
(Effective Date: 12/31/2020)
Employer: 14.20%
Employee: 37.20%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.25%
  • 1-Year Return: 9.92%
  • 3-Year Return: 13.47%
  • 10-Year Return: 8.01%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.25%

Actuarial

(Effective Date: 12/31/2020)
Actuarial Value of Assets : $21,466,554
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: $20,424,423
Actuarial Assumption Details

Actuarial Funded Ratio : 50.69%

Market Funded Ratio: 53.27%

Amortization Period (Yrs) : 31.9
Unfunded Liability : $19,870,831
Unfunded Liability per Member: $146,109

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 9/1/2005
Vesting:
10 YCS
Age/YCS:
50/10
Benefit Formula:
Years of Credited Service <= 20 x 3.35% x Final Average Salary + $66 x YCS > 20
Final Average Salary:
Highest consecutive 60 months
Automatic COLA:
None
Benefit Tier Options:
Forward DROP (6 yr. max) or Retro DROP (3 yr. max). Employee contributions credited, no interest.
Social Security:
No
Tier:
Tier 2
Eligible Members:
Hired btwn 9/1/2005 and 6/24/2013
Vesting:
15 YCS
Age/YCS:
50/15
Benefit Formula:
Years of Credited Service <= 20 x 3.35% x Final Average Salary + $66 x YCS > 20
Final Average Salary:
Highest consecutive 60 months
Automatic COLA:
None
Benefit Tier Options:
Forward DROP (6 yr. max) or Retro DROP (3 yr. max). Employee contributions credited, no interest.
Social Security:
No
Tier:
Tier 3
Eligible Members:
Hired btwn 6/25/2013 and 1/4/2016
Vesting:
20 YCS
Age/YCS:
52/20
Benefit Formula:
Years of Credited Service <= 20 x 3.35% x Final Average Salary + $66 x YCS > 20
Final Average Salary:
Highest consecutive 60 months
Automatic COLA:
None
Benefit Tier Options:
Forward DROP (6 yr. max) or Retro DROP (3 yr. max). Employee contributions credited, no interest.
Social Security:
No
Tier:
Tier 4
Eligible Members:
Hired on/after 1/5/2016
Vesting:
20 YCS
Age/YCS:
55/20
Benefit Formula:
Years of Credited Service <= 20 x 3.35% x Final Average Salary + $66 x YCS > 20
Final Average Salary:
Highest consecutive 60 months
Automatic COLA:
None
Benefit Tier Options:
Forward DROP (6 yr. max) or Retro DROP (3 yr. max). Employee contributions credited, no interest.
Social Security:
No

Investment Policy Details

Effective Date: 1/14/2021

Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
40%
Target Allocation:
20%
Asset Class:
Equities
Minimum Allocation:
30%
Maximum Allocation:
70%
Target Allocation:
50%
Asset Class:
Fixed Income
Minimum Allocation:
20%
Maximum Allocation:
60%
Target Allocation:
30%