transparency

Beaumont Firemen's Relief & Retirement Fund

Overview

Contact Information:
1515 Cornerstone Ct
Beaumont, TX 77706
http://beaumontfirepension.com
Phone: (409) 866-1526
Fax: (409) 866-1536

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

Total Members : 448

  Active Members: 228
  Inactive Members : 2
  Total Annuitants: 218
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $126,824,995

Total Assets : $126,922,351
Total Liabilities : $97,356
Total Additions : $23,664,374
Employer Contributions:
$3,418,557
14.45%
Employee Contributions:
$3,539,591
14.96%
Other Contributions:
$0
0.00%
Investment Income:
$16,706,226
70.60%
Other Income:
$0
0.00%

Total Deductions  : $29,340,250
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$28,214,397
96.16%
Administrative Expenses:
$345,427
1.18%
Investment Expenses:
$780,426
2.66%
Other Expenses:
$0
0.00%
Total Contribution Rate: 16.00%
(Effective Date: 12/31/2020)
Employer: 16.50%
Employee: 32.50%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.50%
  • 1-Year Return: 12.90%
  • 3-Year Return: 16.64%
  • 10-Year Return: 9.60%
  • 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: 12/31/2020)
Actuarial Value of Assets : $132,500,871
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: $119,785,254
Actuarial Assumption Details

Actuarial Funded Ratio : 55.44%

Market Funded Ratio: 61.33%

Amortization Period (Yrs) : infinite
Unfunded Liability : $96,272,026
Unfunded Liability per Member: $214,893

Benefit Tier Details

Eligible Members:
All
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
63.15% x Final Average Salary + $123 x YCS > 20
Final Average Salary:
Highest 60 months
Automatic COLA:
Ad hoc, as determined by actuary based on financial condition of the fund.
Benefit Tier Options:
Retro DROP, 5 or 7 yr. max. Employee contributions credited, no interest or COLA. Benefit credits adjusted for payment form. PROP, interest rate of 3% per year effective 1/1/2021. PROP can no longer be participated in after 12/31/2020.
Social Security:
No

Investment Policy Details

Effective Date: 1/1/2022

Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
5%
Asset Class:
Equities
Minimum Allocation:
53%
Maximum Allocation:
73%
Target Allocation:
63%
Asset Class:
Fixed Income
Minimum Allocation:
11%
Maximum Allocation:
41%
Target Allocation:
25%
Asset Class:
Real Estate
Minimum Allocation:
3%
Maximum Allocation:
13%
Target Allocation:
8%