transparency

San Angelo Firemen's Relief & Retirement Fund

Overview

Contact Information:
306 W. 1st St.
San Angelo, TX 76903
http://safiredept.com
Phone: (325) 657-4355
Fax: None Reported

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

Total Members : 346

  Active Members: 188
  Inactive Members : 4
  Total Annuitants: 154
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $83,368,883

Total Assets : $83,368,883
Total Liabilities : $0
Total Additions : $13,323,121
Employer Contributions:
$2,693,523
20.22%
Employee Contributions:
$2,466,842
18.52%
Other Contributions:
$0
0.00%
Investment Income:
$8,161,384
61.26%
Other Income:
$1,372
0.01%

Total Deductions  : $7,283,296
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$6,936,548
95.24%
Administrative Expenses:
$71,630
0.98%
Investment Expenses:
$275,118
3.78%
Other Expenses:
$0
0.00%
Total Contribution Rate: 20.20%
(Effective Date: 12/31/2021)
Employer: 18.50%
Employee: 38.70%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.80%
  • 1-Year Return: 10.25%
  • 3-Year Return: 13.28%
  • 10-Year Return: 8.61%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.80%

Actuarial

(Effective Date: 12/31/2021)
Actuarial Value of Assets : $83,445,130
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: $79,696,498
Actuarial Assumption Details

Actuarial Funded Ratio : 64.98%

Market Funded Ratio: 68.04%

Amortization Period (Yrs) : 29.7
Unfunded Liability : $42,942,341
Unfunded Liability per Member: $124,111

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 5/1/1986
Vesting:
Graded 100% at 20 YCS
Age/YCS:
50/20
Benefit Formula:
67.5% x Final Average Salary + $230 x YCS > 20
Final Average Salary:
Highest 48 months
Automatic COLA:
For members with 20 YCS and termed btwn 1/1/97 and 3/1/13: 1.2% compounded after age 61. For members with 20 YCS and termed after 3/1/13: 1.2% compounded after age 65.
Benefit Tier Options:
Forward DROP, 4 yr. max. 6% interest (through retirement date) and employee contributions credited. Or, Retro DROP, 4 yr. max. 6% interest (through retirement date) and employee contributions credited.
Social Security:
No
Tier:
Tier 2
Eligible Members:
Hired on/after 5/1/1986
Vesting:
Graded 100% at 20 YCS
Age/YCS:
50/20
Benefit Formula:
66.0% x Final Average Salary + $230 x YCS > 20
Final Average Salary:
Highest 48 months
Automatic COLA:
For members with 20 YCS and termed btwn 1/1/97 and 3/1/13: 1.2% compounded after age 61. For members with 20 YCS and termed after 3/1/13: 1.2% compounded after age 65.
Benefit Tier Options:
Forward DROP, 4 yr. max. 6% interest (through retirement date) and employee contributions credited. Or, Retro DROP, 4 yr. max. 6% interest (through retirement date) and employee contributions credited.
Social Security:
No

Investment Policy Details

Effective Date: 5/1/2020

Asset Class:
Fixed Income
Minimum Allocation:
20%
Maximum Allocation:
60%
Target Allocation:
30%
Asset Class:
Equities
Minimum Allocation:
30%
Maximum Allocation:
70%
Target Allocation:
50%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
40%
Target Allocation:
20%