transparency

Midland Firemen's Relief & Retirement Fund

Overview

Contact Information:
105 North G
Suite 201
Midland, TX 79701
http://www.midlandfrrf.com
Phone: (432) 685-7213
Fax: (432) 685-7436

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

Total Members : 427

  Active Members: 229
  Inactive Members : 9
  Total Annuitants: 189
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $93,771,847

Total Assets : $95,144,014
Total Liabilities : $1,372,167
Total Additions : $21,928,938
Employer Contributions:
$4,907,065
22.38%
Employee Contributions:
$3,138,754
14.31%
Other Contributions:
$0
0.00%
Investment Income:
$13,882,995
63.31%
Other Income:
$124
0.00%

Total Deductions  : $14,502,400
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$12,669,033
87.36%
Administrative Expenses:
$216,888
1.50%
Investment Expenses:
$1,426,877
9.84%
Other Expenses:
$189,602
1.31%
Total Contribution Rate: 22.20%
(Effective Date: 12/31/2019)
Employer: 14.20%
Employee: 36.40%

Historical Investment Returns

(Report Date: 12/31/2019)
—  Assumed Rate of Return 7.50%
  • 1-Year Return: 9.86%
  • 3-Year Return: 4.06%
  • 10-Year Return: 5.10%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.50%

Actuarial

(Effective Date: 12/31/2019)
Actuarial Value of Assets : $84,848,970
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: $90,753,400
Actuarial Assumption Details

Actuarial Funded Ratio : 51.10%

Market Funded Ratio: 47.77%

Amortization Period (Yrs) : infinite
Unfunded Liability : $86,848,664
Unfunded Liability per Member: $203,393

Benefit Tier Details

Eligible Members:
All
Vesting:
Graded 100% at 20 YCS
Age/YCS:
50/20 or 25 YCS
Benefit Formula:
75% x Final Average Salary +$80 x YCS > 20 + $500/month supplemental benefit after reaching 50/20
Final Average Salary:
Highest 60 months
Automatic COLA:
2% simple, after receiving benefits for 5 yrs provided funds investment performance does not fall below rolling audited 5-yr avg of 8.25%
Benefit Tier Options:
4 DROP Options: Forward DROP or Reverse DROP (a partial lump sum option) or Retro DROP or Combined DROP (Forward and Retro DROP)
Social Security:
No

Investment Policy Details

Effective Date: 4/23/2020

Asset Class:
Cash
Minimum Allocation:
1%
Maximum Allocation:
15%
Target Allocation:
N/A
Asset Class:
Fixed Income
Minimum Allocation:
10%
Maximum Allocation:
30%
Target Allocation:
N/A
Asset Class:
Alternative Investments
Minimum Allocation:
5%
Maximum Allocation:
15%
Target Allocation:
N/A
Asset Class:
Real Estate
Minimum Allocation:
20%
Maximum Allocation:
30%
Target Allocation:
N/A
Asset Class:
Equities
Minimum Allocation:
30%
Maximum Allocation:
50%
Target Allocation:
N/A