transparency

San Benito Firemen Relief & Retirement Fund

Overview

Contact Information:
1201 S Sam Houston Blvd
San Benito, TX 78586
http://www.sanbenitofirepension.com
Phone: (956) 792-2883
Fax: (956) 361-3813

Classification: TLFFRA
Year Created: 1990
Fiscal Year-End Month: 9

Total Members : 40

  Active Members: 26
  Inactive Members : 1
  Total Annuitants: 13
  (Effective Date: 9/30/2021)

Financials

(Effective Date: 9/30/2021)

Total Net Assets: $4,765,739

Total Assets : $4,767,948
Total Liabilities : $2,209
Total Additions : $1,125,232
Employer Contributions:
$176,558
15.69%
Employee Contributions:
$176,558
15.69%
Other Contributions:
$0
0.00%
Investment Income:
$772,116
68.62%
Other Income:
$0
0.00%

Total Deductions  : $392,308
Benefit Payments:
Benefit Tier Details
$22,693
5.78%
Withdrawals:
$308,596
78.66%
Administrative Expenses:
$22,066
5.62%
Investment Expenses:
$38,953
9.93%
Other Expenses:
$0
0.00%
Total Contribution Rate: 12.00%
(Effective Date: 9/30/2021)
Employer: 12.00%
Employee: 24.00%

Historical Investment Returns

(Report Date: 9/30/2021)
—  Assumed Rate of Return 7.50%
  • 1-Year Return: 17.72%
  • 3-Year Return: 8.18%
  • 10-Year Return: 5.93%
  • 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: 9/30/2021)
Actuarial Value of Assets : $4,765,739
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: $4,765,739
Actuarial Assumption Details

Actuarial Funded Ratio : 70.65%

Market Funded Ratio: 70.65%

Amortization Period (Yrs) : 16.9
Unfunded Liability : $1,980,217
Unfunded Liability per Member: $49,505

Benefit Tier Details

Eligible Members:
All
Vesting:
Graded 100% at 20 YCS
Age/YCS:
52/20
Benefit Formula:
45.0% x Final Average Salary + $70 x YCS > 20
Final Average Salary:
Highest 60 months
Automatic COLA:
None
Benefit Tier Options:
Partial Lump Sum Option of up to 24 months of benefit.
Social Security:
Yes

Investment Policy Details

Effective Date: 3/17/2015

Asset Class:
Fixed Income
Minimum Allocation:
30%
Maximum Allocation:
70%
Target Allocation:
35%
Asset Class:
Equities
Minimum Allocation:
25%
Maximum Allocation:
70%
Target Allocation:
65%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%