Supplemental Benefit Plan (SBP)

Actuarial Information as of Jan. 01, 2017

Actuarial accrued liability (AAL)
Actuarial value of assets (AVA)
Unfunded actuarial accrued liability (UAAL)
Funded Ratio (AVA/AAL)
Equivalent Single Amortization Period

Assumed rate of return

Valuation Payroll
UAAL as a percent of covered payroll
$ 78,400,901
56,606,215
21,794,686
72.20%
30 years

6.75%

95,365,820
22.85%


Public Pensions star

Actuarial and Financial

SBP AVA/AAL

 View downloadable data (PDF)

Actuarial valuations for at the past 5 years:

SBP 2013 Actuary Valuation (PDF)
SBP 2014 Actuary Valuation (PDF) 
SBP 2015 Actuary Valuation (PDF) 
SBP 2016 Actuary Valuation (PDF)
SBP 2017 Actuary Valuation (PDF) 


Annual Reports for the past 5 years.

Prior to 12/31/2015, SBP did not issue separate audited financial reports. SBP audited information was included as part of the City's Comprehensive Annual Financial Report (CAFR). City's CAFR's are available in the City's website and can be accessed by the links below: 

9/30/2013 City of Irving CAFR pdf (Notes pages 60-63, RSI page 74, Financials pages 128-129) 

9/30/2014 City of Irving CAFR pdf (Notes pages 66-68, RSI page 80, Financials pages 134-135) 

9/30/2015 City of Irving CAFR pdf (Notes pages 69-73, RSI page 88-89, Financials pages 146-147)  

SBP Annual Financial Report

2015 Irving SBP Annual Financial Report (PDF)

2016 Irving SBP Annual Financial Report (PDF) 

SBP 5 Year Irving History of Net Position (Downloadable Data) (XSLX)


Portfolio Management Strategy

The long-term expected rate of return on the SBP plan investments was determined by using a building-block method in which best estimate ranges of expected future real rate of returns (expected returns, net of pension plan investments expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return for each major asset class included in the SBP’s target asset allocations as of December 31, 2016 are summarized below:

SBP asset class

Historical Investment Returns

Assumed Return   6.75%

1-Year Return 2.17%
3-Year Return   2.18%
5-Year Return  4.96%
10-Year Return  2.45%

SBP Investment returns

Contributions

Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.
SBP contributions