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Waxahachie Firemen's Relief & Retirement Fund

Overview

Contact Information:
407 Water St
Waxahachie, TX 75168
http://www.waxahachie.com
Phone: (972) 937-1200
Fax: None Reported

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

Total Members : 99

  Active Members: 63
  Inactive Members : 2
  Total Annuitants: 34
  (Effective Date: 9/30/2021)

Financials

(Effective Date: 9/30/2021)

Total Net Assets: $24,162,648

Total Assets : $24,236,829
Total Liabilities : $74,181
Total Additions : $5,801,812
Employer Contributions:
$874,711
15.08%
Employee Contributions:
$667,230
11.50%
Other Contributions:
$0
0.00%
Investment Income:
$4,259,871
73.42%
Other Income:
$0
0.00%

Total Deductions  : $1,493,562
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$1,409,559
94.38%
Administrative Expenses:
$31,717
2.12%
Investment Expenses:
$52,286
3.50%
Other Expenses:
$0
0.00%
Total Contribution Rate: 15.79%
(Effective Date: 10/1/2020)
Employer: 12.00%
Employee: 27.79%

Historical Investment Returns

(Report Date: 9/30/2021)
—  Assumed Rate of Return 7.00%
  • 1-Year Return: 21.01%
  • 3-Year Return: 10.45%
  • 10-Year Return: 8.91%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.00%

Actuarial

(Effective Date: 10/1/2020)
Actuarial Value of Assets : $19,854,398
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: $19,854,398
Actuarial Assumption Details

Actuarial Funded Ratio : 74.86%

Market Funded Ratio: 74.86%

Amortization Period (Yrs) : 17.5
Unfunded Liability : $6,666,173
Unfunded Liability per Member: $67,335

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 7/1/2005
Vesting:
10 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service x 2.6% x Final Average Salary + 1.3% for YCS > 27
Final Average Salary:
Highest 60 months
Automatic COLA:
Ad hoc based on financial condition of the fund as determined by the fund actuary.
Benefit Tier Options:
Retro DROP, 3 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
Yes
Tier:
Tier 2
Eligible Members:
Hired on/after 7/1/2005
Vesting:
10 YCS
Age/YCS:
55/20
Benefit Formula:
Years of Credited Service x 2.6% x Final Average Salary + 1.3% for YCS > 27
Final Average Salary:
Highest 60 months
Automatic COLA:
Ad hoc based on financial condition of the fund as determined by the fund actuary.
Benefit Tier Options:
Retro DROP, 3 yr. max. Employee contributions credited, no interest or COLA.
Social Security:
Yes

Investment Policy Details

Effective Date: 1/14/2019

Asset Class:
Fixed Income
Minimum Allocation:
30%
Maximum Allocation:
60%
Target Allocation:
35%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%
Asset Class:
Equities
Minimum Allocation:
20%
Maximum Allocation:
70%
Target Allocation:
60%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
5%