transparency

Corpus Christi Fire Fighters' Retirement System

Overview

Contact Information:
711 N Carancahua Ste 724
America Bank Plaza
Corpus Christi, TX 78401
http://www.ccfirepension.com
Phone: (361) 882-1486
Fax: None Reported

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

Total Members : 793

  Active Members: 444
  Inactive Members : 8
  Total Annuitants: 341
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $193,378,707

Total Assets : $193,739,329
Total Liabilities : $360,622
Total Additions : $33,042,738
Employer Contributions:
$9,488,575
28.72%
Employee Contributions:
$5,521,762
16.71%
Other Contributions:
$0
0.00%
Investment Income:
$18,032,401
54.57%
Other Income:
$0
0.00%

Total Deductions  : $16,350,835
Benefit Payments:
Benefit Tier Details
$143,656
0.88%
Withdrawals:
$15,315,851
93.67%
Administrative Expenses:
$345,864
2.12%
Investment Expenses:
$545,464
3.34%
Other Expenses:
$0
0.00%
Total Contribution Rate: 22.26%
(Effective Date: 12/31/2020)
Employer: 13.10%
Employee: 35.36%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.25%
  • 1-Year Return: 9.71%
  • 3-Year Return: 12.65%
  • 10-Year Return: 8.83%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.25%

Actuarial

(Effective Date: 12/31/2020)
Actuarial Value of Assets : $176,686,804
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: $167,695,254
Actuarial Assumption Details

Actuarial Funded Ratio : 60.93%

Market Funded Ratio: 64.20%

Amortization Period (Yrs) : 21.5
Unfunded Liability : $107,525,430
Unfunded Liability per Member: $135,593

Benefit Tier Details

Eligible Members:
All
Vesting:
Graded 100% at 20 YCS
Age/YCS:
54/20
Benefit Formula:
The greater of: 52% x Final Average Salary + $150 x Years of Credited Service or $137 x YCS
Final Average Salary:
Highest 60 months
Automatic COLA:
Ad hoc based on financial condition of the retirement system shown in actuarial valuation
Benefit Tier Options:
Retro DROP, 3 yr. max. Employee contributions credited, no interest.
Social Security:
No

Investment Policy Details

Effective Date: 11/1/2020

Asset Class:
Equities
Minimum Allocation:
35%
Maximum Allocation:
70%
Target Allocation:
54%
Asset Class:
Real Estate
Minimum Allocation:
5%
Maximum Allocation:
15%
Target Allocation:
10%
Asset Class:
Fixed Income
Minimum Allocation:
31%
Maximum Allocation:
41%
Target Allocation:
37%