transparency

Dallas Employees' Retirement Fund

Overview

Contact Information:
1920 McKinney Avenue
10th Floor
Dallas, TX 75201
http://www.dallaserf.org
Phone: (214) 580-7700
Fax: (214) 580-3515

Classification: Muni
Year Created: 1944
Fiscal Year-End Month: 12

Total Members : 16,811

  Active Members: 7,175
  Inactive Members : 0
  Total Annuitants: 9,636
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $4,093,215,000

Total Assets : $4,745,318,000
Total Liabilities : $652,103,000
Total Additions : $721,730,000
Employer Contributions:
$63,584,000
8.81%
Employee Contributions:
$59,256,000
8.21%
Other Contributions:
$0
0.00%
Investment Income:
$598,809,000
82.97%
Other Income:
$81,000
0.01%

Total Deductions  : $335,268,000
Benefit Payments:
Benefit Tier Details
$10,452,000
3.12%
Withdrawals:
$296,587,000
88.46%
Administrative Expenses:
$6,547,000
1.95%
Investment Expenses:
$20,880,000
6.23%
Other Expenses:
$802,000
0.24%
Total Contribution Rate: 14.12%
(Effective Date: 12/31/2021)
Employer: 13.32%
Employee: 27.44%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.25%
  • 1-Year Return: 16.40%
  • 3-Year Return: 13.02%
  • 10-Year Return: 9.10%
  • 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: 12/31/2021)
Actuarial Value of Assets : $4,093,215,000
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: $3,872,601,000
Actuarial Assumption Details

Actuarial Funded Ratio : 76.02%

Market Funded Ratio: 80.35%

Amortization Period (Yrs) : 50
Unfunded Liability : $1,221,761,000
Unfunded Liability per Member: $72,676

Benefit Tier Details

Tier:
Tier A
Eligible Members:
Hired before 1/1/2017
Vesting:
5 YCS
Age/YCS:
50/30 or 60 years or Rule of 78
Benefit Formula:
Years of Credited Service x 2.75% x Final Average Salary
Final Average Salary:
Highest 3 years
Automatic COLA:
Greater of: Pct change or annual avg change in CPI, max 5%
Benefit Tier Options:
None
Social Security:
No
Tier:
Tier B
Eligible Members:
Hired on/after 1/1/2017
Vesting:
5 YCS
Age/YCS:
40 YCS or 65/5 or Rule of 80
Benefit Formula:
Years of Credited Service x 2.5% x Final Average Salary
Final Average Salary:
Highest 5 years
Automatic COLA:
Greater of: Pct change or annual avg change in CPI, max 3%
Benefit Tier Options:
None
Social Security:
No

Investment Policy Details

Effective Date: 11/22/2019

Asset Class:
Real Estate
Minimum Allocation:
1%
Maximum Allocation:
5%
Target Allocation:
3%
Asset Class:
Alternative Investments
Minimum Allocation:
16%
Maximum Allocation:
30%
Target Allocation:
23%
Asset Class:
Equities
Minimum Allocation:
35%
Maximum Allocation:
51%
Target Allocation:
45%
Asset Class:
Fixed Income
Minimum Allocation:
24%
Maximum Allocation:
36%
Target Allocation:
30%