transparency

Cleburne Firemen's Relief & Retirement Fund

Overview

Contact Information:
114 W Wardville
Cleburne, TX 76033
http://www.ci.cleburne.tx.us
Phone: (817) 645-0965
Fax: None Reported

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

Total Members : 111

  Active Members: 63
  Inactive Members : 5
  Total Annuitants: 43
  (Effective Date: 12/31/2020)

Financials

(Effective Date: 12/31/2020)

Total Net Assets: $22,869,251

Total Assets : $22,900,165
Total Liabilities : $30,914
Total Additions : $3,748,279
Employer Contributions:
$1,053,628
28.11%
Employee Contributions:
$666,789
17.79%
Other Contributions:
$0
0.00%
Investment Income:
$2,027,862
54.10%
Other Income:
$0
0.00%

Total Deductions  : $2,883,764
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$2,744,391
95.17%
Administrative Expenses:
$30,471
1.06%
Investment Expenses:
$108,902
3.78%
Other Expenses:
$0
0.00%
Total Contribution Rate: 22.00%
(Effective Date: 12/31/2020)
Employer: 14.50%
Employee: 36.50%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.35%
  • 1-Year Return: 15.76%
  • 3-Year Return: 13.51%
  • 10-Year Return: 8.20%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.35%

Actuarial

(Effective Date: 12/31/2020)
Actuarial Value of Assets : $22,869,250
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: $22,795,644
Actuarial Assumption Details

Actuarial Funded Ratio : 59.58%

Market Funded Ratio: 59.78%

Amortization Period (Yrs) : 37.3
Unfunded Liability : $15,462,493
Unfunded Liability per Member: $139,302

Benefit Tier Details

Tier:
Tier 1
Eligible Members:
Hired prior to 9/1/2020
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
(3.1% x Final Average Salary x Years of Credited Service (max 20ycs)) + (2% x Final Avg Salary x YCS (above 20 years). Cap of 92%
Final Average Salary:
Final 84 months
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 60 month max. Employee contributions and COLA credited, no interest.
Social Security:
No
Tier:
Tier 2
Eligible Members:
Hired on or After 9/1/2020
Vesting:
20 YCS
Age/YCS:
50/20
Benefit Formula:
(2.9% x Final Average Salary x Years of Credited Service (max 20ycs)) + (1.9% x Final Avg Salary x YCS (above 20 years). Cap of 92%
Final Average Salary:
Final 84 months
Automatic COLA:
None
Benefit Tier Options:
Retro DROP, 36 month max. Employee contributions and COLA credited, no interest. 52/22 eligiblity
Social Security:
No

Investment Policy Details

Effective Date: 12/31/2014

Asset Class:
Cash
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
1%
Asset Class:
Real Estate
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
3%
Asset Class:
Fixed Income
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
39%
Asset Class:
Equities
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
57%