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Retirement Plan for Citizens Medical Center

Overview

Contact Information:
HealthSHARE
1108 Lavaca Street Suite 700
Austin, TX 78701-2180
http://www.tha.org/retirementplan
Phone: (512) 346-1590
Fax: (512) 345-7437

Classification: 810
Year Created: 1972
Fiscal Year-End Month: 2

Total Members : 1,514

  Active Members: 879
  Inactive Members : 444
  Total Annuitants: 191
  (Effective Date: 2/28/2021)

Financials

(Effective Date: 2/28/2022)

Total Net Assets: $149,654,195

Total Assets : $149,654,195
Total Liabilities : $0
Total Additions : $15,083,738
Employer Contributions:
$1,725,000
11.44%
Employee Contributions:
$2,475,205
16.41%
Other Contributions:
$0
0.00%
Investment Income:
$10,883,533
72.15%
Other Income:
$0
0.00%

Total Deductions  : $5,501,484
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$4,834,516
87.88%
Administrative Expenses:
$545,212
9.91%
Investment Expenses:
$121,756
2.21%
Other Expenses:
$0
0.00%
Total Contribution Rate: 2.80%
(Effective Date: 3/1/2021)
Employer: 3.97%
Employee: 6.77%

Historical Investment Returns

(Report Date: 2/28/2022)
—  Assumed Rate of Return 6.75%
  • 1-Year Return: 7.31%
  • 3-Year Return: 11.55%
  • 10-Year Return: 9.66%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 6.75%

Actuarial

(Effective Date: 3/1/2021)
Actuarial Value of Assets : $140,079,128
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: $126,771,248
Actuarial Assumption Details

Actuarial Funded Ratio : 109.16%

Market Funded Ratio: 120.62%

Amortization Period (Yrs) : 0
Unfunded Liability : $0
Unfunded Liability per Member: N/A

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 3/1/2018
Vesting:
5 YCS
Age/YCS:
65/5 or 3 YCS if >= 65 years upon hire (after 3/1/2015)
Benefit Formula:
Final Average Salary x Replacement Rate (multiplier x YCS while serving that Employee Class); max Replacement Rate according to benefit class designation.
Final Average Salary:
Highest 5 complete consecutive years within final 10 years
Automatic COLA:
For new retirees on/after 3/1/2017, automatic: based on CPI-U, max 2% of preceding years payment
Benefit Tier Options:
None
Social Security:
Yes
Tier:
Tier 2
Eligible Members:
Hired on/after 3/1/2018
Vesting:
5 YCS
Age/YCS:
65/5
Benefit Formula:
Final Average Salary x Replacement Rate (multiplier x YCS while serving that Employee Class); max Replacement Rate according to benefit class designation.
Final Average Salary:
Highest 5 complete consecutive years within final 10 years
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 12/1/2019

Asset Class:
Equities
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
75%
Asset Class:
Fixed Income
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
25%