transparency

Wichita Falls Firemen's Relief & Retirement Fund

Overview

Contact Information:
624 Indiana St. Ste 305
Wichita Falls, TX 76301
http://www.wichitafallsfirepension.com/
Phone: (940) 322-9430
Fax: (940) 322-9450

Classification: TLFFRA
Year Created: 1941
Fiscal Year-End Month: 12

Total Members : 310

  Active Members: 160
  Inactive Members : 3
  Total Annuitants: 147
  (Effective Date: 1/1/2022)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $62,358,687

Total Assets : $62,380,496
Total Liabilities : $21,809
Total Additions : $11,812,508
Employer Contributions:
$1,615,588
13.68%
Employee Contributions:
$1,583,797
13.41%
Other Contributions:
$0
0.00%
Investment Income:
$8,609,737
72.89%
Other Income:
$3,386
0.03%

Total Deductions  : $7,282,581
Benefit Payments:
Benefit Tier Details
$938,220
12.88%
Withdrawals:
$5,597,079
76.86%
Administrative Expenses:
$120,636
1.66%
Investment Expenses:
$626,646
8.60%
Other Expenses:
$0
0.00%
Total Contribution Rate: 13.25%
(Effective Date: 1/1/2022)
Employer: 13.00%
Employee: 26.25%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.75%
  • 1-Year Return: 14.10%
  • 3-Year Return: 16.34%
  • 10-Year Return: 9.17%
  • 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: 1/1/2022)
Actuarial Value of Assets : $62,360,750
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: $62,360,750
Actuarial Assumption Details

Actuarial Funded Ratio : 65.01%

Market Funded Ratio: 65.01%

Amortization Period (Yrs) : 32.1
Unfunded Liability : $33,563,000
Unfunded Liability per Member: $108,268

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 4/20/2016
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
Years of Credited Service x 2.55% x Final Average Salary (Max of $100,000 per year)
Final Average Salary:
Highest 130 consecutive pay periods
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 2 yr. max. Age=53. No employee contributions, COLA or interest credited.
Social Security:
Yes
Tier:
Tier 2
Eligible Members:
Hired on/after 4/20/2016
Vesting:
20 YCS
Age/YCS:
55/20
Benefit Formula:
Years of Credited Service x 2.50% x Final Average Salary (Max of $100,000 per year)
Final Average Salary:
Highest 130 consecutive pay periods
Automatic COLA:
Member may elect to receive actuarially equivalent benefit that increases annually at either 0.5% or 1% per year.
Benefit Tier Options:
Retro DROP, 2 yr. max. Age=55. No employee contributions, COLA or interest credited.
Social Security:
Yes

Investment Policy Details

Effective Date: 7/21/2021

Asset Class:
Fixed Income
Minimum Allocation:
15%
Maximum Allocation:
35%
Target Allocation:
25%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
5%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
15%
Target Allocation:
10%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
0%
Asset Class:
Equities
Minimum Allocation:
50%
Maximum Allocation:
70%
Target Allocation:
60%