transparency

Retirement Plan for Employees of Brownsville Navigation District

Overview

Contact Information:
1000 Foust Road
Brownsville, TX 78521-1000
http://www.portofbrownsville.com
Phone: (956) 831-4592
Fax: (956) 831-5006

Classification: 810
Year Created: 1956
Fiscal Year-End Month: 12

Total Members : 202

  Active Members: 88
  Inactive Members : 67
  Total Annuitants: 47
  (Effective Date: 1/1/2022)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $9,168,937

Total Assets : $9,168,937
Total Liabilities : $0
Total Additions : $2,523,621
Employer Contributions:
$1,168,828
46.32%
Employee Contributions:
$190,602
7.55%
Other Contributions:
$0
0.00%
Investment Income:
$1,162,082
46.05%
Other Income:
$2,109
0.08%

Total Deductions  : $647,259
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$558,701
86.32%
Administrative Expenses:
$0
0.00%
Investment Expenses:
$88,558
13.68%
Other Expenses:
$0
0.00%
Total Contribution Rate: 6.35%
(Effective Date: 1/1/2022)
Employer: 4.00%
Employee: 10.35%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 6.00%
  • 1-Year Return: 14.53%
  • 3-Year Return: 14.22%
  • 10-Year Return: 9.02%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 6.00%

Actuarial

(Effective Date: 1/1/2022)
Actuarial Value of Assets : $9,168,937
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: $8,388,697
Actuarial Assumption Details

Actuarial Funded Ratio : 85.00%

Market Funded Ratio: 92.90%

Amortization Period (Yrs) : 12.1
Unfunded Liability : $1,480,830
Unfunded Liability per Member: $7,331

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired before 1/1/2010
Vesting:
3 YCS
Age/YCS:
65/5 or 70 years
Benefit Formula:
Lifetime monthly benefit based on employees account balance - beginning balance, employee contribution, employer matching contribution (each with quarterly interest), and conversion retirement supplement, if applicable.
Final Average Salary:
N/A
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes
Tier:
Tier 2
Eligible Members:
Hired on/after 1/1/2010
Vesting:
5 YCS
Age/YCS:
65/5 or 70 years
Benefit Formula:
Lifetime monthly benefit based on employees account balance - the greater of: employee and employer matching contributions with quarterly interest based on actual return or employee and employer matching with 4% annual interest
Final Average Salary:
N/A
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes

Investment Policy Details

Effective Date: 12/18/2019

Asset Class:
Equities
Minimum Allocation:
60%
Maximum Allocation:
80%
Target Allocation:
70%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
15%
Target Allocation:
5%
Asset Class:
Fixed Income
Minimum Allocation:
10%
Maximum Allocation:
25%
Target Allocation:
18%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
3%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
5%