transparency

Orange Firemen's Relief & Retirement Fund

Overview

Contact Information:
PO Box 520
Orange, TX 77631
http://www.orangetexas.net
Phone: (409) 883-1041
Fax: None Reported

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

Total Members : 76

  Active Members: 36
  Inactive Members : 3
  Total Annuitants: 37
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $10,913,494

Total Assets : $11,089,880
Total Liabilities : $176,386
Total Additions : $2,340,810
Employer Contributions:
$514,057
21.96%
Employee Contributions:
$377,340
16.12%
Other Contributions:
$0
0.00%
Investment Income:
$1,449,413
61.92%
Other Income:
$0
0.00%

Total Deductions  : $1,153,986
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$1,048,176
90.83%
Administrative Expenses:
$65,532
5.68%
Investment Expenses:
$40,278
3.49%
Other Expenses:
$0
0.00%
Total Contribution Rate: 18.80%
(Effective Date: 1/1/2021)
Employer: 13.80%
Employee: 32.60%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.75%
  • 1-Year Return: 14.00%
  • 3-Year Return: 15.55%
  • 10-Year Return: 8.51%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.75%

Actuarial

(Effective Date: 1/1/2021)
Actuarial Value of Assets : $9,765,510
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: $9,765,510
Actuarial Assumption Details

Actuarial Funded Ratio : 56.59%

Market Funded Ratio: 56.59%

Amortization Period (Yrs) : 20.7
Unfunded Liability : $7,491,921
Unfunded Liability per Member: $98,578

Benefit Tier Details

Eligible Members:
All
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service <= 20 x 2.60% x Final Average Salary + $91x YCS > 20
Final Average Salary:
Highest 60 months
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 3 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
Yes

Investment Policy Details

Effective Date: 4/22/2020

Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
15%
Target Allocation:
10%
Asset Class:
Fixed Income
Minimum Allocation:
13%
Maximum Allocation:
23%
Target Allocation:
18%
Asset Class:
Equities
Minimum Allocation:
60%
Maximum Allocation:
80%
Target Allocation:
70%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
3%