transparency

Brazos River Authority Retirement Plan

Overview

Contact Information:
PO Box 7555
Waco, TX 76714
http://www.brazos.org
Phone: (254) 761-3100
Fax: None Reported

Classification: 810
Year Created: 1959
Fiscal Year-End Month: 2

Total Members : 324

  Active Members: 56
  Inactive Members : 100
  Total Annuitants: 168
  (Effective Date: 3/1/2022)

Financials

(Effective Date: 2/28/2022)

Total Net Assets: $24,414,644

Total Assets : $24,422,187
Total Liabilities : $7,543
Total Additions : $3,238,835
Employer Contributions:
$1,379,022
42.58%
Employee Contributions:
$0
0.00%
Other Contributions:
$0
0.00%
Investment Income:
$1,859,813
57.42%
Other Income:
$0
0.00%

Total Deductions  : $2,395,315
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$2,310,213
96.45%
Administrative Expenses:
$85,102
3.55%
Investment Expenses:
$0
0.00%
Other Expenses:
$0
0.00%
Total Contribution Rate: N/A
(Effective Date: 3/1/2022)
Employer: N/A
Employee: N/A

Historical Investment Returns

(Report Date: 2/28/2022)
—  Assumed Rate of Return 6.50%
  • 1-Year Return: 7.42%
  • 3-Year Return: 11.66%
  • 10-Year Return: 7.43%
  • 30-Year Return: 6.20%
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 6.50%

Actuarial

(Effective Date: 3/1/2022)
Actuarial Value of Assets : $24,414,644
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: $22,539,914
Actuarial Assumption Details

Actuarial Funded Ratio : 72.29%

Market Funded Ratio: 78.31%

Amortization Period (Yrs) : 10
Unfunded Liability : $8,638,586
Unfunded Liability per Member: $26,662

Benefit Tier Details

Tier:
Group A
Eligible Members:
Hired before 9/1/1997
Vesting:
15 YCS
Age/YCS:
65 years
Benefit Formula:
Greater of: Years of Credited Service x 1.75% x Final Average Salary plus 0.52% x Excess Earnings (max of 35 years) or YCS<= 22 x 2.70% x FAS plus YCS>22 years (max of 6) x 0.52% x FAS plus YCS>28 x 0.52% x Excess Earnings
Final Average Salary:
Highest 5 consecutive years within final 10 years
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes
Tier:
Group B
Eligible Members:
Hired on/after 9/1/1997
Vesting:
5 YCS
Age/YCS:
65 years
Benefit Formula:
Years of Credited Service x 1.0% x Final Average Salary
Final Average Salary:
Highest 5 consecutive years within final 10 years
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 3/14/2022

Asset Class:
Equities
Minimum Allocation:
35%
Maximum Allocation:
70%
Target Allocation:
55%
Asset Class:
Other
Minimum Allocation:
0%
Maximum Allocation:
15%
Target Allocation:
10%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
20%
Target Allocation:
10%
Asset Class:
Fixed Income
Minimum Allocation:
15%
Maximum Allocation:
40%
Target Allocation:
25%