transparency

Plainview Firemen's Relief & Retirement Fund

Overview

Contact Information:
911 Quincy St
Plainview, TX 79072
http://www.ci.plainview.tx.us
Phone: (806) 291-1247
Fax: None Reported

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

Total Members : 80

  Active Members: 36
  Inactive Members : 7
  Total Annuitants: 37
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $8,106,289

Total Assets : $8,106,289
Total Liabilities : $0
Total Additions : $2,681,379
Employer Contributions:
$1,522,890
56.80%
Employee Contributions:
$304,818
11.37%
Other Contributions:
$0
0.00%
Investment Income:
$853,671
31.84%
Other Income:
$0
0.00%

Total Deductions  : $1,276,913
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$1,203,770
94.27%
Administrative Expenses:
$14,181
1.11%
Investment Expenses:
$58,962
4.62%
Other Expenses:
$0
0.00%
Total Contribution Rate: 24.68%
(Effective Date: 12/31/2019)
Employer: 15.00%
Employee: 39.68%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.50%
  • 1-Year Return: 11.13%
  • 3-Year Return: 14.04%
  • 10-Year Return: 7.48%
  • 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 : $6,238,767
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: $5,989,437
Actuarial Assumption Details

Actuarial Funded Ratio : 33.99%

Market Funded Ratio: 35.40%

Amortization Period (Yrs) : 79.7
Unfunded Liability : $11,633,150
Unfunded Liability per Member: $145,414

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 10/1/1994
Vesting:
Graded 100% at 20 YCS
Age/YCS:
50/20
Benefit Formula:
63.75% x Final Average Salary + $78 for YCS > 20 (max 15 years)
Final Average Salary:
Highest 60 months
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 2 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
No
Tier:
Tier 2
Eligible Members:
Hired on/after 10/1/1994 but before 1/1/2018
Vesting:
Graded 100% at 20 YCS
Age/YCS:
53/20
Benefit Formula:
63.75% x Final Average Salary + $78 for YCS > 20 (max 15 years)
Final Average Salary:
Highest 60 months
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 2 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
No
Tier:
Tier 3
Eligible Members:
Hired on or After 1/1/2018
Vesting:
Graded 100% at 20 YCS
Age/YCS:
54
Benefit Formula:
(2.5% x Final Average Salary x YCS (<= 20 years)) + (2.8% x Final Average Salary x YCS > 20 <= 25) + $78 x YCS > 20
Final Average Salary:
Highest 60 months
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 2 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
No

Investment Policy Details

Effective Date: 2/11/2019

Asset Class:
Fixed Income
Minimum Allocation:
30%
Maximum Allocation:
65%
Target Allocation:
35%
Asset Class:
Equities
Minimum Allocation:
20%
Maximum Allocation:
180%
Target Allocation:
65%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%