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Northeast Medical Center Hospital Retirement Plan

Overview

Contact Information:
PO Box 1508
Humble, TX 77347
http://www.memorialhermann.org/
Phone: (281) 319-8415
Fax: None Reported

Classification: 810
Year Created: 1984
Fiscal Year-End Month: 6

Total Members : 228

  Active Members: 0
  Inactive Members : 56
  Total Annuitants: 172
  (Effective Date: 6/30/2022)

Financials

(Effective Date: 6/30/2022)

Total Net Assets: $4,316,338

Total Assets : $4,316,338
Total Liabilities : $0
Total Additions : $176,298
Employer Contributions:
$176,298
100.00%
Employee Contributions:
$0
0.00%
Other Contributions:
$0
0.00%
Investment Income:
$0
0.00%
Other Income:
$0
0.00%

Total Deductions  : $6,077,548
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$6,049,848
99.54%
Administrative Expenses:
$27,700
0.46%
Investment Expenses:
$0
0.00%
Other Expenses:
$0
0.00%
Total Contribution Rate: N/A
(Effective Date: 7/1/2020)
Employer: N/A
Employee: N/A

Historical Investment Returns

(Report Date: 6/30/2022)
—  Assumed Rate of Return 6.75%
  • 1-Year Return: -8.98%
  • 3-Year Return: 8.75%
  • 10-Year Return: 8.83%
  • 30-Year Return: 4.84%
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 6.75%

Actuarial

Note: Reported amortization period is based on an open amortization funding policy.
(Effective Date: 7/1/2020)
Actuarial Value of Assets : $8,895,538
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: $8,895,538
Actuarial Assumption Details

Actuarial Funded Ratio : 72.47%

Market Funded Ratio: 72.47%

Amortization Period (Yrs) : 10
Unfunded Liability : $3,379,266
Unfunded Liability per Member: $14,821

Benefit Tier Details

Eligible Members:
Hired before 12/9/2001
Vesting:
Graded 100% at 11 YCS
Age/YCS:
65 years
Benefit Formula:
(Years of Credited Service x 0.75% x Average monthly covered compensation) + (Years of Credited Service <= 35 x 1.50% x Final Average Salary > Average monthly covered compensation); YCS frozen as of 12/8/2001
Final Average Salary:
Final 5 years; frozen as of 12/8/2001
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 6/30/2019

Asset Class:
Equities
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
60%
Asset Class:
Fixed Income
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
35%
Asset Class:
Real Estate
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
5%