Irving Firemen's Relief and Retirement Fund (IFRRF)

Actuarial Information as of December 31, 2015

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
 $246,655,353
184,782,020
61,873,333
74.92%
46.5 years

8.25%

27,306,626
226.59%


Public Pensions star

Actuarial and Financial

FIRE Actuarial value

Note: IFRRF Actuary is completed every two years

View downloadable data (PDF)


Actuarial valuations - past 5 annual reports

123107 IFRRF Actuary Report (PDF)

123109 IFRRF Actuary Report (PDF)

010112 IFRRF Actuary Report (PDF)

011014 IFRRF Actuary Report (PDF)

123115 IFRRF Actuary Report (PDF)


Annual Audit Reports for the past 5 years.

2012 IFRRF Audit Report (PDF)

2013 IFRRF Audit Report (PDF)

2014 IFRRF Audit Report (PDF)

2015 IFRRF Audit Report (PDF)

2016 IFRRF Audit Report (PDF)



Portfolio Management Strategy

The long-term expected rate of return on the IFRRF 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 IFRRF’s target asset allocations as of December 31, 2016 are summarized below:

IFRRF target allocations

Historical Investment Returns

Assumed Return  8.25%

1-Year Return   8.51%
3-Year Return   3.83%
10-Year Return 6.04%

IFRRF 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.

Fire Contributions