transparency

Big Spring Firemen's Relief & Retirement Fund

Overview

Contact Information:
310 Nolan St
Big Spring, TX 79720
http://bigspringfire.com/
Phone: (432) 263-4036
Fax: None Reported

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

Total Members : 117

  Active Members: 72
  Inactive Members : 4
  Total Annuitants: 41
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $17,749,869

Total Assets : $17,772,387
Total Liabilities : $22,518
Total Additions : $3,356,046
Employer Contributions:
$730,857
21.78%
Employee Contributions:
$633,409
18.87%
Other Contributions:
$164
0.00%
Investment Income:
$1,991,616
59.34%
Other Income:
$0
0.00%

Total Deductions  : $1,380,158
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$1,249,276
90.52%
Administrative Expenses:
$62,767
4.55%
Investment Expenses:
$68,115
4.94%
Other Expenses:
$0
0.00%
Total Contribution Rate: 15.00%
(Effective Date: 1/1/2021)
Employer: 13.00%
Employee: 28.00%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.75%
  • 1-Year Return: 12.40%
  • 3-Year Return: 15.66%
  • 10-Year Return: 8.69%
  • 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 : $15,021,388
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: $13,874,163
Actuarial Assumption Details

Actuarial Funded Ratio : 54.69%

Market Funded Ratio: 59.21%

Amortization Period (Yrs) : 33.69
Unfunded Liability : $11,496,272
Unfunded Liability per Member: $98,259

Benefit Tier Details

Eligible Members:
All
Vesting:
Graded 100% at 20 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service x 2.55% x Final Average Salary
Final Average Salary:
Greater of: highest 60 months or 3-year avg as of 12/31/2006
Automatic COLA:
None
Benefit Tier Options:
Forward DROP, 5 yr. max. 4% interest and employee contributions credited, no COLA. Or, Partial Lump Sum Option.
Social Security:
No

Investment Policy Details

Effective Date: 1/1/2016

Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
20%
Target Allocation:
15%
Asset Class:
Equities
Minimum Allocation:
50%
Maximum Allocation:
70%
Target Allocation:
60%
Asset Class:
Fixed Income
Minimum Allocation:
15%
Maximum Allocation:
35%
Target Allocation:
25%