texas local fire fighters retirement act (tlffra) pension ... · since the 2016 report,...

Texas Local Fire Fighters Retirement Act (TLFFRA) Pension Report

February 2018

Texas Pension Review Board


Joshua B. McGee, Chair

Keith Brainard, Vice Chair

Andrew W. Cable

Stephanie V. Leibe

J. Robert Massengale

Robert M. May

Ernest Richards, Esq.

Anumeha Kumar, Executive Director

Michelle Downie Kranes, Deputy Director

Table of Contents

Introduction .............................................................................................................................................................................................................. 1

About the Pension Review Board ................................................................................................................................................................................... 1

Texas Local Fire Fighters Retirement Act ...................................................................................................................................................................... 2

PRB Duties for TLFFRA Systems ...................................................................................................................................................................................... 3

PRB Pension Funding Guidelines .................................................................................................................................................................................... 4

Executive Summary ........................................................................................................................................................................................................ 5

Financial .................................................................................................................................................................................................................... 6

Market Value of Assets for All Paid Systems .................................................................................................................................................................. 7

Market Value of Assets Breakdown by Plan ................................................................................................................................................................... 8

Plans Grouped by Asset Value (MVA) .......................................................................................................................................................................... 10

GASB Disclosure Information ....................................................................................................................................................................................... 11

DROP Balance as a Percent of Assets .......................................................................................................................................................................... 14

Net Investment Rates of Return (by Plan) .................................................................................................................................................................... 15

Asset Allocation Chart (2006 vs. 2016) ......................................................................................................................................................................... 17

Actuarial .................................................................................................................................................................................................................. 18

Actuarial Assumptions and Methods ........................................................................................................................................................................... 19

Actuarial Valuation Summary as of Valuation Date ..................................................................................................................................................... 21

Actuarial Charts: Comparative Data ............................................................................................................................................................................. 24

Plans Grouped by Amortization Period Ranges ............................................................................................................................................... 24

Plans Grouped by Asset Value (AVA) ............................................................................................................................................................... 25

Amortization Periods by Plan .......................................................................................................................................................................... 26

Actuarial Funded Ratio by Plan ....................................................................................................................................................................... 27

Schedule of Actuarial Funding Progress (Three Most Recent Valuations) ................................................................................................................... 28

Plan Membership ........................................................................................................................................................................................................ 34

Plan Contributions ....................................................................................................................................................................................................... 36

Aggregate AVA to AAL Comparison ............................................................................................................................................................................. 38

Table of Contents (continued)

Benefits ................................................................................................................................................................................................................... 39

Benefit Summary ......................................................................................................................................................................................................... 40

DROP Features ............................................................................................................................................................................................................. 45

Directory ................................................................................................................................................................................................................. 51

Plan Contact Information ............................................................................................................................................................................................. 52

Plan Contractor Information ........................................................................................................................................................................................ 57

Glossary................................................................................................................................................................................................................... 75

About the Texas Pension Review Board

The Texas Pension Review Board (PRB) was established in 1979 as the State’s oversight body for Texas public retirement systems at the state and

local level. The PRB’s service population consists of the members, trustees, and administrators of 336 public retirement plans; state and local

government officials; and the general public.

The PRB monitors the financial and actuarial soundness of 94 actuarially funded defined benefit public retirement systems in Texas, as well as

their compliance with state law. The agency also oversees 242 defined contribution and pay-as-you-go volunteer firefighter systems across the

state. However, these retirement systems are only required to register with the PRB and submit plan description information.

Board Composition

The Board is composed of seven governor-appointed members, including three persons who have experience in the fields of securities

investment, pension administration, or pension law and are not members or retirees of a public retirement system; one active public retirement

system member; one retired member of a public retirement system; one person who has experience in the field of governmental finance; and

one member who is an actuary.

Primary Duties

The agency’s general duties as stated in §801.202 of the Texas Government Code are: (1) conduct a continuing review of public retirement

systems, compile and compare information about benefits, creditable service, financing, and the administration of systems; (2) conduct

intensive studies of potential or existing problems that threaten the actuarial soundness of or inhibit an equitable distribution of benefits in one

or more public retirement systems; (3) provide information and technical assistance on pension planning to public retirement systems on

request; and (4) recommend policies, practices, and legislation to public retirement systems and appropriate governmental entities. Additionally,

the PRB is charged with developing and administering an educational training program for trustees and system administrators of Texas public

retirement systems.

1

Texas Local Fire Fighters Retirement Act (TLFFRA) The Texas Local Fire Fighters Retirement Act (TLFFRA) was originally created in 1937 by the 45th Legislature and named the Firemen’s Relief and

Retirement Fund. In 1989, the Act was restated under Article 6243e and renamed as the Texas Local Fire Fighters Retirement Act. The Act allows

for paid and part-paid fire departments and volunteer fire departments in participating cities to administer their own local retirement systems.

The Act provides general guidelines for fund management, including some investment restrictions, but leaves administration, plan design,

contributions, and specific investments to each system’s local board. Systems operating under TLFFRA are entirely locally-funded.

Local retirement systems established under TLFFRA have authority to determine member contribution rates, benefit levels, and other plan

provisions locally through procedures outlined in TLFFRA, however, the composition of TLFFRA boards of trustees is set in statute. Sponsoring

municipalities of TLFFRA systems must meet a statutory minimum contribution rate, but may adopt by ordinance a higher contribution rate than

set in statute.

Currently, there are 42 retirement systems organized under TLFFRA.

Volunteer TLFFRA Systems Volunteer members are eligible for full retirement at the age of 55 with 20 years of service and receive a benefit of $25 per month for the

remainder of their life. Survivor, death, and disability benefits are also included under the TLFFRA statute. The volunteer benefit is funded

through both employer and employee contributions. A majority of the volunteer TLFFRA pension systems do not have a trust fund balance;

therefore, are considered pay-as-you-go-systems. The employer contribution is the total amount of benefits paid to retirees and beneficiaries in

a calendar year. The volunteer firefighters contribute a very small amount each year (some volunteer TLFFRA systems require their members to

pay an annual contribution of five dollars). The employer may at any time make the member contributions. There are currently 81 volunteer

TLFFRA plans registered with the PRB.

2

PRB Duties for TLFFRA Systems

TLFFRA Training The PRB is required to provide technical assistance, training, and information to members of the boards of trustees for TLFFRA plans. The agency

works with the TLFFRA systems to present at their trustee training and annual conferences. The PRB has also developed online training, and the

online training portal can be found here or on the PRB website.

TLFFRA Appeals to SOAH The PRB is also designated as the facilitator of appeals from plan members to the State Office of Administrative Hearings (SOAH). The PRB

created a procedure for the referral of TLFFRA appeals to SOAH and posted the TLFFRA Notice of Appeal Form on the PRB website for the

convenience of TLFFRA systems and their members. To date, the PRB has referred four TLFFRA appeals to SOAH.

TLFFRA Specialist Joey Evans is the designated PRB TLFFRA specialist who provides assistance and training to TLFFRA plans. Joey can be contacted at

[email protected].

3

https://softchalkcloud.com/lesson/serve/Ud8eHX7nOQpv5Y/html

mailto:[email protected]

PRB Pension Funding Guidelines

To lend transparency to retirement systems’ actuarial processes and to establish minimum funding standards necessary to meet long-term

obligations, the PRB created the Guidelines for Actuarial Soundness in 1984. Since the original adoption of the Guidelines, the PRB has reviewed

and updated them as necessary, with the last revisions adopted on January 26, 2017. Among the updates, the title of the Guidelines was

changed to PRB Pension Funding Guidelines. The updated Guidelines were made effective June 30, 2017.

The purpose of the Pension Review Board's Pension Funding Guidelines is to provide guidance to public retirement systems and their sponsoring

governmental entities in meeting their long-term pension obligations. The Guidelines are intended to foster communication between plans and

their sponsors as they determine a reasonable approach to responsible funding, whether the contribution rate is fixed or actuarially determined.

Public retirement systems should develop a funding policy, the primary objective of which is to fund the obligations over a time frame that

ensures benefit security while balancing the additional, and sometimes competing, goals of intergenerational equity and a stable contribution

rate.

1. The funding of a pension plan should reflect all plan obligations and assets.

2. The allocation of the normal cost portion of the contributions should be level or declining as a percentage of payroll over all generations

of taxpayers, and should be calculated under applicable actuarial standards.

3. Funding of the unfunded actuarial accrued liability should be level or declining as a percentage of payroll over the amortization period.

4. Actual contributions made to the plan should be sufficient to cover the normal cost and to amortize the unfunded actuarial accrued

liability over as brief a period as possible, but not to exceed 30 years, with 10 – 25 years being a more preferable target range.* For plans

that use multiple amortization layers, the weighted average of all amortization periods should not exceed 30 years.* Benefit increases

should not be adopted if all plan changes being considered cause a material increase in the amortization period and if the resulting

amortization period exceeds 25 years.

5. The choice of assumptions should be reasonable, and should comply with applicable actuarial standards.

6. Retirement systems should monitor, review, and report the impact of actual plan experience on actuarial assumptions at least once

every five years.

*Plans with amortization periods that exceed 30 years as of 6/30/2017 should seek to reduce their amortization period to 30 years or less as soon as practicable, but not later than 6/30/2025.

4

Executive Summary

This report provides general and comparative pension-related data for paid and part-paid retirement systems organized under the Texas Local Fire

Fighters Retirement Act (TLFFRA). TLFFRA plans are statutorily required to report financial, actuarial, benefit, investment and contact information to

the Pension Review Board (PRB). This report utilizes those reports to display the data in a comparative manner. This report includes several new

charts and tables, and displays information on GASB disclosures, deferred retirement option plans (DROP), asset allocation, and contribution

sufficiency. These additions are intended to give a more comprehensive amount of information on TLFFRA systems.

Based on the information received by the PRB, the following trends can be observed:

Increasing total net assets. The total combined revenue (contributions and investments) grew by about $55 million from the 2016 report,

total disbursements (benefit payments/withdrawals and expenses) increased by about $28 million, and total net assets increased by $36

million (see page 7).

Investment return fluctuations. One-year returns averaged 6.46%, an increase of 1.5% since the 2016 report, while 10-year returns

decreased by 1.5% to 4.18%. Thirty-year/oldest available returns averaged 6.27%, a decrease of 0.6% (see pages 15-16).

Changing asset allocation. Investments in fixed income fell from 28.46% in 2006 to 20.58%, and alternative investments grew from 0.86%

to 7.87% (see page 17).

Actuarial assumption changes. Since the publication of the 2016 PRB TLFFRA Report, the median payroll growth rate decreased from 4% to

3.75%, while the median investment rate of return remained at 7.75% (see pages 19-20).

Amortization period increases. Since the 2016 report, amortization periods have generally remained stagnant or increased, with one plan

moving from the 40-100+ group into the infinite group and three plans moving from the 10-25 group into the 30-39.9 group. One plan, The

Woodlands Firefighters' Retirement System, was added into the 0-9.9 group. This new plan registered with the PRB in 2015 and was not

included in the previous report (see page 24).

Increasing unfunded actuarial accrued liability (UAAL). The total actuarial value of assets (AVA) increased by $234 million while total

actuarial accrued liability (AAL) increased by $306 million, resulting in an approximate UAAL increase of $72 million since the 2016 report

(see page 38).

5

Financial

6

Market Value of Assets for All Paid and Part-Paid SystemsAs of Most Recent Annual Financial Report

Revenue

Employer Contributions $71,102,104.00

Member Contributions $54,578,577.00

Miscellaneous Contributions1 $47,043.00

Investment Income $133,028,297.00

Miscellaneous Income1 $1,342,900.00

Total Revenue $260,098,921.00

Disbursements

Benefits Paid $156,191,666.00

Contributions Withdrawn2 $4,203,182.00

Administrative Expenses $3,602,938.00

Investment Expenses3 $7,890,286.00

Miscellaneous Expenses4 $176,117.00

Total Disbursements $172,064,189.00

Gross Total Assets of All Systems $1,851,218,325.00

Total Liabilities of All Systems5 $2,143,408.00

Net Total Assets of All Systems $1,849,074,917.00

5 Includes financial liabilities, such as payables, securities lending obligation to return collateral, and debt for plans that use leverage. Total liabilites does not include the

actuarial accrued liability.

4 Only a few systems have additional expenses, which has been noted here as miscellaneous expenses.

1 Only a few systems have additional revenue, which has been noted here as miscellaneous contributions/income.2 Contributions withdrawn include withdrawals and refunds of member contributions.3 Not all systems disclose investment expenses; the total here reflects the total investment expenses reported.

7

Market Value of Assets Breakdown by Plan

Plan

(System)

Fiscal Year

End

Combined

Revenue

Combined

Disbursements

Total

(Gross) Assets

Total

Liabilities1

Total

Net Assets

Abilene 9/30/2016 $8,746,081 $6,071,562 $55,026,645 $8,616 $55,018,029

Amarillo 12/31/2016 $20,273,522 $11,934,701 $153,647,883 $651,181 $152,996,702

Atlanta 12/31/2016 $461,119 $230,207 $3,744,867 $0 $3,744,867

Beaumont 12/31/2016 $13,863,994 $9,774,246 $102,439,795 $963 $102,438,832

Big Spring 12/31/2016 $1,490,897 $2,031,148 $10,387,399 $0 $10,387,399

Brownwood 12/31/2016 $706,051 $485,950 $3,622,455 $4,880 $3,617,575

Cleburne 12/31/2016 $3,118,250 $1,540,566 $21,323,149 $0 $21,323,149

Conroe 12/31/2016 $3,743,480 $1,561,776 $22,535,652 $6,603 $22,529,049

Corpus Christi 12/31/2016 $18,658,128 $14,770,300 $134,133,300 $231,669 $133,901,631

Corsicana 12/31/2016 $1,479,304 $1,256,605 $8,348,742 $4,425 $8,344,317

Denison 12/31/2016 $2,118,530 $1,611,898 $15,735,720 $14,352 $15,721,368

Denton 12/31/2016 $11,772,395 $4,444,362 $75,611,080 $306,330 $75,304,750

Galveston 12/31/2016 $4,649,313 $3,520,330 $40,157,900 $2,426 $40,155,474

Greenville 12/31/2016 $2,238,523 $1,987,981 $12,751,090 $22,927 $12,728,163

Harlingen 9/30/2016 $4,570,864 $2,729,198 $28,747,197 $114 $28,747,083

Irving 12/31/2016 $23,074,876 $10,556,456 $186,584,069 $28,062 $186,556,007

Killeen 9/30/2016 $6,416,077 $2,145,949 $35,366,140 $23,310 $35,342,830

Laredo 9/30/2016 $21,757,409 $9,890,596 $126,390,698 $85,494 $126,305,204

Longview 12/31/2016 $5,771,132 $6,527,293 $41,067,673 $11,135 $41,056,538

Lubbock 12/31/2016 $19,936,989 $16,756,354 $176,016,821 $0 $176,016,821

Lufkin 12/31/2016 $2,913,331 $2,300,579 $14,391,913 $56,116 $14,335,797

Marshall 12/31/2016 $1,501,212 $1,302,957 $7,712,228 $0 $7,712,228

McAllen 9/30/2016 $6,688,020 $4,229,929 $44,759,055 $0 $44,759,055

Midland 12/31/2016 $9,449,186 $7,726,623 $82,716,350 $51,402 $82,664,948

Odessa 12/31/2016 $7,516,037 $6,930,642 $44,332,397 $75,357 $44,257,040

Orange 12/31/2016 $1,069,573 $1,228,153 $8,175,242 $20,644 $8,154,598

Paris 12/31/2016 $1,094,884 $1,206,783 $4,764,272 $0 $4,764,272

Plainview 12/31/2016 $1,035,593 $904,548 $5,425,643 ($2,300) $5,427,943

Port Arthur 12/31/2016 $5,215,940 $4,550,208 $44,367,452 $231,786 $44,135,666

San Angelo 12/31/2016 $8,288,113 $6,354,243 $60,206,802 $0 $60,206,802

8

Market Value of Assets Breakdown by Plan

Plan

(System)

Fiscal Year

End

Combined

Revenue

Combined

Disbursements

Total

(Gross) Assets

Total

Liabilities1

Total

Net Assets

San Benito 9/30/2016 $118,703 $356,437 $2,987,515 $0 $2,987,515

Sweetwater 12/31/2016 $1,115,711 $869,568 $7,905,024 $78,145 $7,826,879

Temple 9/30/2016 $5,974,684 $3,499,899 $39,862,402 $0 $39,862,402

Texarkana 12/31/2016 $3,607,300 $2,849,649 $31,821,138 $43,958 $31,777,180

Texas City 12/31/2016 $2,428,997 $2,552,474 $14,517,750 $105,166 $14,412,584

The Woodlands 12/31/2016 $4,194,883 $190,190 $26,221,426 $32,622 $26,188,804

Travis County ESD #6 12/31/2016 $2,919,802 $136,453 $15,043,500 $0 $15,043,500

Tyler 12/31/2016 $9,069,479 $6,482,689 $62,536,196 $0 $62,536,196

University Park 12/31/2016 $1,760,340 $1,379,512 $9,466,803 $18,432 $9,448,371

Waxahachie 9/30/2016 $2,176,548 $1,555,590 $14,201,159 $0 $14,201,159

Weslaco 9/30/2016 $1,674,233 $743,294 $9,186,148 $0 $9,186,148

Wichita Falls 12/31/2016 $5,439,418 $4,886,291 $46,979,635 $29,593 $46,950,042

1 Includes financial liabilities, such as payables, securities lending obligation to return collateral, and debt for plans that use leverage. Total liabilites does not include the

actuarial accrued liability.

9

Plans Grouped by Asset Value As of Most Recent Annual Financial Report

11

9

11

5

6

Less than $10 $10 - $25 $25 - $50 $50 - $100 Greater than $100

Nu

mb

er o

f P

lan

s

Market Value of Assets (in millions)

10

GASB Disclosure Information

Plan

(System)

Fiscal Year

End

Total Pension

Liability

Fiduciary Net

Position

Net Pension

Liability

FNP as a

Percentage of

TPL

Preliminary

Discount Rate

TPL

Discount

Rate

NPL at

Discount

Rate -1%

NPL at

Discount

Rate +1%

(TPL) (FNP) (NPL) (% Funded)

( a ) ( b ) ( a ) - ( b ) ( b ) / ( a )

Abilene 9/30/2016 104,288,742 55,018,029 $49,270,713 52.76% 8.00% 8.00% 60,138,904 40,020,783

Amarillo 12/31/2016 190,041,338 152,996,702 $37,044,636 80.51% 8.00% 8.00% 59,343,586 18,297,796

Atlanta 12/31/2016 4,874,042 3,744,867 $1,129,175 76.83% 7.50% 7.50% 1,732,088 627,895

Beaumont 12/31/2016 194,155,812 102,438,832 $91,716,980 52.76% 8.00% 5.94% 109,729,736 76,198,702

Big Spring 12/31/2016 20,112,377 10,399,250 $9,713,127 51.71% 8.00% 8.00% 12,089,526 7,729,068

Brownwood 12/31/2016 8,673,904 3,617,576 $5,056,328 41.71% 7.40% 7.40% 6,141,156 4,148,721

Cleburne 12/31/2016 33,686,376 21,323,149 $12,363,227 63.30% 7.50% 7.50% 15,895,910 9,364,369

Conroe 12/31/2016 41,731,311 22,529,049 $19,202,262 53.99% 7.75% 7.75% 25,043,654 14,393,651

Corpus

Christi12/31/2016 225,572,960 133,901,631 $91,671,329 59.36% 7.90% 7.90% 115,086,686 71,686,946

Corsicana 12/31/2016 17,181,665 8,344,317 $8,837,348 48.57% 7.50% 7.50% 10,978,703 7,049,906

Denison 12/31/2016 22,769,788 15,721,368 $7,048,420 69.04% 7.75% 7.75% 9,572,167 4,833,912

Denton 12/31/2016 94,898,178 75,304,750 $19,593,428 79.35% 6.75% 6.75% 31,679,502 9,414,393

Galveston 12/31/2016 65,334,404 40,155,474 $25,178,930 61.46% 8.00% 8.00% 32,777,321 18,834,959

Greenville 12/31/2016 29,437,710 12,728,162 $16,709,548 43.24% 8.25% 8.25% 19,583,397 14,132,772

Harlingen 9/30/2016 66,750,313 28,747,083 $38,003,230 43.07% 8.00% 5.25% 48,465,882 29,640,438

Irving 12/31/2016 263,248,311 186,556,007 $76,692,304 70.87% 8.25% 8.25% 95,110,757 60,845,054

11


Plan

(System)

Fiscal Year

End

Total Pension

Liability

Fiduciary Net

Position

Net Pension

Liability

FNP as a

Percentage of

TPL

Preliminary

Discount Rate

TPL

Discount

Rate

NPL at

Discount

Rate -1%

NPL at

Discount

Rate +1%


( a ) ( b ) ( a ) - ( b ) ( b ) / ( a )

Killeen 9/30/2016 56,453,533 35,342,830 $21,110,703 62.61% 7.75% 7.75% 29,208,185 14,405,469

Laredo 9/30/2016 219,905,569 126,305,204 $93,600,365 57.44% 8.00% 8.00% 121,601,258 70,213,822

Longview 12/31/2016 96,737,789 41,056,538 $55,681,251 42.44% 8.00% 7.13% 67,578,809 45,725,085

Lubbock 12/31/2016 266,732,820 176,016,821 $90,715,999 65.99% 7.75% 7.75% 109,545,238 58,337,527

Lufkin 12/31/2016 34,780,671 14,335,797 $20,444,874 41.22% 7.50% 7.50% 24,465,520 17,074,627

Marshall 12/31/2016 18,669,078 7,712,228 $10,956,850 41.31% 7.75% 7.75% 13,276,680 9,033,455

McAllen 9/30/2016 72,587,208 44,759,055 $27,828,153 61.66% 7.50% 7.50% 36,722,681 20,387,242

Midland 12/31/2016 140,416,713 82,664,948 $57,751,765 58.87% 8.00% 8.00% 73,087,109 44,895,102

Odessa 12/31/2016 143,186,193 44,257,038 $98,929,155 30.91% 7.75% 5.05% 118,908,777 82,646,589

Orange 12/31/2016 17,101,284 8,154,599 $8,946,685 47.68% 7.75% 7.66% 10,775,680 7,502,142

Paris 12/31/2016 14,406,838 4,764,272 $9,642,566 33.07% 8.00% 8.00% 11,080,436 8,310,490

Plainview 12/31/2016 16,174,783 5,427,943 $10,746,840 33.56% 7.75% 7.75% 12,583,859 9,221,507

Port Arthur 12/31/2016 59,462,131 44,135,662 $15,326,469 74.22% 8.00% 8.00% 21,279,026 10,178,729

San Angelo 12/31/2016 101,449,191 60,206,802 $41,242,389 59.35% 7.90% 7.90% 53,980,253 30,746,999

San Benito 12/31/2015 5,455,731 3,301,643 $2,154,088 60.52% 7.50% 7.50% 2,910,378 1,528,605

Sweetwater 12/31/2016 12,792,573 7,826,879 $4,965,694 61.18% 8.00% 8.00% 6,520,745 3,665,822

12


Plan

(System)

Fiscal Year

End

Total Pension

Liability

Fiduciary Net

Position

Net Pension

Liability

FNP as a

Percentage of

TPL

Preliminary

Discount Rate

TPL

Discount

Rate

NPL at

Discount

Rate -1%

NPL at

Discount

Rate +1%


( a ) ( b ) ( a ) - ( b ) ( b ) / ( a )

Temple 9/30/2016 56,277,136 39,862,402 $16,414,734 70.83% 7.75% 7.75% 22,886,713 10,967,945

Texarkana 12/31/2016 39,052,755 31,777,180 $7,275,575 81.37% 7.75% 7.75% 11,434,921 3,741,940

Texas City 12/31/2016 31,474,576 14,412,584 $17,061,992 45.79% 7.75% 7.75% 20,658,199 14,074,879

The Woodlands 12/31/2016 26,446,391 26,188,804 $257,587 99.03% 7.00% 7.00% 4,785,296 -3,497,720

Travis County

ESD #6 12/31/2016 19,975,426 15,043,500 $4,931,926 75.31% 7.00% 7.00% 9,102,715 1,919,569

Tyler 12/31/2016 87,955,467 62,536,196 $25,419,271 71.10% 7.65% 7.65% 34,862,765 17,373,278

University

Park 12/31/2016 22,648,330 9,448,371 $13,199,959 41.72% 8.00% 8.00% 15,707,188 11,064,106

Waxahachie 9/30/2016 21,240,580 14,201,159 $7,039,421 66.86% 7.00% 7.00% 9,868,238 4,703,471

Weslaco 9/30/2016 13,775,101 9,186,148 $4,588,953 66.69% 7.25% 7.25% 6,730,390 2,847,151

Wichita Falls 12/31/2016 93,125,679 46,950,042 $46,175,637 50.42% 8.00% 6.31% 58,920,769 35,583,069

13

DROP Balance as a Percent of Assets

Plan

(System) Fiscal Year End DROP Balance

Fiduciary Net

Position (FNP)

DROP Balance as a

Percent of FNP

Beaumont 12/31/2016 28,627,514 102,438,832 27.95%

Cleburne 12/31/2016 432,127 21,323,149 2.03%

Conroe 12/31/2016 997,102 22,529,049 4.43%

Harlingen 9/30/2016 321,538 28,747,083 1.12%

Irving 12/31/2016 55,284,178 186,556,007 29.63%

Longview 12/31/2016 226,224 41,056,538 0.55%

Lufkin 12/31/2016 58,416 14,335,797 0.41%

Marshall 12/31/2016 307,546 7,712,228 3.99%

Midland 12/31/2016 261,098 82,664,948 0.32%

Odessa 12/31/2016 4,330,981 44,257,038 9.79%

14

Net Investment Rates of Return (by Plan)

Plan

(System)

Effective

Date 1-Year 3-Year 10-Year

30 Year/Oldest

Available%

30 Year/Oldest

Available Date

Assumed

Rate of Return

Abilene 9/30/2016 8.31% 3.68% 4.96% 6.27% 10/1/1994 8.00%

Amarillo 12/31/2016 9.62% 4.48% 6.80% 8.50% 1/1/1995 8.00%

Atlanta 12/31/2016 5.20% 5.52% 4.84% 5.87% 1/1/1995 7.50%

Beaumont 12/31/2016 7.96% 2.77% 3.77% 6.46% 1/1/1995 8.00%

Big Spring 12/31/2016 5.64% 2.91% 4.26% 7.77% 1/1/1995 8.00%

Brownwood 12/31/2016 3.51% 0.54% 3.52% 5.13% 1/1/1995 7.40%

Cleburne1 12/31/2016 7.74% 4.11% N/A 5.64% 6/4/2008 7.25%

Conroe2 12/31/2016 6.50% 3.99% 2.84% N/A N/A 7.75%

Corpus Christi 12/31/2016 5.64% 3.65% 5.53% 7.55% 1/1/1995 7.75%

Corsicana 12/31/2016 3.36% 0.26% 3.40% 4.08% 1/1/1995 7.00%

Denison 12/31/2016 7.46% 2.95% 3.87% 6.37% 1/1/1995 7.75%

Denton 12/31/2016 10.78% 3.94% 6.52% 7.73% 1/1/1995 6.75%

Galveston 12/31/2016 5.41% 2.07% 3.74% 6.46% 1/1/1995 7.75%

Greenville 12/31/2016 7.16% 3.05% 4.23% 6.57% 1/1/1995 8.00%

Harlingen 9/30/2016 10.71% 5.07% 5.46% 8.58% 4/1/1995 8.00%

Irving 12/31/2016 7.68% 3.05% 5.28% 6.14% 1/1/1995 8.25%

Killeen 9/30/2016 9.52% 3.42% 4.01% 5.37% 10/1/1994 7.75%

Laredo 9/30/2016 8.06% 3.62% 4.33% 4.77% 9/30/1994 7.90%

Longview 12/31/2016 3.57% -0.01% 3.23% 6.18% 1/1/1995 8.00%

Lubbock 12/31/2016 5.05% 0.81% 4.39% 7.55% 1/1/1995 7.75%

Lufkin 12/31/2016 7.06% 3.08% 3.30% 4.82% 1/1/1995 7.50%

Marshall 12/31/2016 7.88% 3.30% 4.67% 5.10% 10/1/2006 7.75%

McAllen 9/30/2016 8.41% 2.71% 4.31% 6.90% 10/1/1994 7.75%

Midland 12/31/2016 3.55% 1.84% 3.88% 7.84% 1/1/1995 8.00%

Odessa 12/31/2016 7.28% 3.09% 2.58% 7.34% 1/1/1995 7.75%

Orange 12/31/2016 4.65% 1.54% 3.72% 6.25% 1/1/1995 7.75%

Paris 12/31/2016 6.63% 2.32% 2.16% 5.36% 1/1/1995 8.00%

Plainview 12/31/2016 4.01% 0.47% 1.95% 4.69% 1/1/1995 7.75%

Port Arthur 12/31/2016 6.75% 4.40% 5.15% 7.09% 1/1/1995 8.00%

San Angelo 12/31/2016 7.36% 8.03% 6.34% 7.48% 12/31/1986 7.90%

San Benito 12/31/2016 -5.72% -1.43% 0.94% 2.15% 1/1/1995 7.50%

15

Net Investment Rates of Return (by Plan)

Plan

(System)

Effective

Date 1-Year 3-Year 10-Year

30 Year/Oldest

Available%

30 Year/Oldest

Available Date

Assumed

Rate of Return

Sweetwater 12/31/2016 6.73% 2.71% 4.38% 7.89% 1/1/1995 8.00%

Temple 9/30/2016 9.77% 3.95% 5.00% 6.14% 12/31/2001 7.75%

Texarkana 12/31/2016 6.37% 2.67% 5.27% 7.76% 1/1/1995 7.75%

Texas City 12/31/2016 4.49% 0.74% 3.56% 5.06% 1/1/1995 7.75%

The Woodlands3 12/31/2016 6.17% N/A N/A N/A 1/1/2015 7.00%

Travis County ESD #64 12/31/2016 4.67% 3.94% N/A 6.50% 1/1/2009 7.00%

Tyler 12/31/2016 8.58% 2.45% 4.77% 7.14% 1/1/1995 7.65%

University Park 12/31/2016 7.10% 2.82% 3.29% 4.51% 1/1/2001 8.00%

Waxahachie 9/30/2016 6.74% 3.38% 4.90% 5.45% 10/1/1994 7.00%

Weslaco 9/30/2016 8.50% 5.06% 2.71% 4.91% 10/1/1994 7.25%

Wichita Falls 12/31/2016 5.42% 4.38% 5.18% 7.23% 1/1/1995 8.00%

Median: 6.75% 3.05% 4.26% 6.32% 1/1/1995 7.75%

Average: 6.46% 2.96% 4.18% 6.27% 7/14/1996 7.70%

1 Due to a recent change in portfolio managers, a 10-year return was not available from this plan. 2 The plan did not provide the PRB with a 30 year/oldest available rate of return in its latest PRB-1000 report.3 The plan was less than three years old as of the end of FY 2016, thus it does not have annualized rolling rate of return data.4 The plan was less than ten years old as of the end of FY 2016, thus it does not have 10-Year annualized rolling rate of return data.

16

Asset Allocation for TLFFRA Systems

2006 vs. 2016 (% of Total Assets)

*While mutual funds are not an asset class, the PRB did not receive sufficient information from certain retirement systems to

identify the asset classes for investments reported as mutual funds.

17

Actuarial

18

Actuarial Assumptions and Methods

Plan

(System)

AV Effective

Date

Actuarial Cost

Method

Asset Valuation

Method

Investment Rate

of Return Inflation

Payroll

Growth Rate

Abilene 10/1/2015 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.00%

Amarillo 12/31/2015 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.00%

Atlanta 12/31/2016 Entry Age Normal 5-Year Smoothing 7.40% 3.00% 3.00%

Beaumont 12/31/2016 Entry Age Normal 5-Year Smoothing 8.00% 2.50% 3.50%

Big Spring 1/1/2015 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 5.00%

Brownwood 12/31/2015 Entry Age Normal 5-Year Smoothing 7.40% 3.40% 3.40%

Cleburne 12/31/2016 Entry Age Normal 5-Year Smoothing 7.25% 3.25% 3.25%

Conroe 12/31/2015 Entry Age Normal 5-Year Smoothing 7.75% 2.50% 4.00%

Corpus Christi 12/31/2016 Entry Age Normal 5-Year Smoothing 7.75% 3.50% 3.50%

Corsicana 12/31/2016 Entry Age Normal 5-Year Smoothing 7.00% 3.00% 3.00%

Denison 12/31/2015 Entry Age Normal 5-Year Smoothing 7.75% 3.00% 4.00%

Denton 12/31/2015 Entry Age Normal 5-Year Smoothing 6.75% 2.50% 3.00%

Galveston 12/31/2016 Entry Age Normal 5-Year Smoothing 7.75% 3.00% 3.00%

Greenville 12/31/2016 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.00%

Harlingen 12/31/2015 Entry Age Normal Market Value of Assets 8.00% 2.50% 3.50%

Irving 12/31/2015 Entry Age Normal 5-Year Smoothing 8.25% 3.00% 4.25%

Killeen 9/30/2016 Entry Age Normal 5-Year Smoothing 7.75% 3.25% 3.25%

Laredo 9/30/2016 Entry Age Normal 5-Year Smoothing 7.90% 3.25% 3.25%

Longview 12/31/2016 Entry Age Normal Market Value of Assets 8.00% 3.00% 3.00%

Lubbock 12/31/2016 Entry Age Normal 5-Year Smoothing 7.75% 3.00% 4.00%

Lufkin1 12/31/2014 Entry Age Normal 5-Year Smoothing 7.50% 2.50% 3.00%

Marshall 12/31/2016 Entry Age Normal Market Value of Assets 7.75% 2.50% 4.00%

McAllen 10/1/2016 Entry Age Normal 5-Year Smoothing 7.75% 3.00% 4.00%

Midland 12/31/2015 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.50%

Odessa 1/1/2017 Entry Age Normal 5-Year Smoothing 7.75% 3.00% 3.50%

Orange 1/1/2017 Entry Age Normal Market Value of Assets 7.75% 2.00% 4.00%

Paris 12/31/2014 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.50%

Plainview 12/31/2015 Entry Age Normal 5-Year Smoothing 7.75% 2.50% 3.50%

Port Arthur 12/31/2015 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.00%

San Angelo 12/31/2015 Entry Age Normal 5-Year Smoothing 7.90% 3.50% 3.50%

San Benito 12/31/2015 Entry Age Normal Market Value of Assets 7.50% 2.50% 4.00%

19

Actuarial Assumptions and Methods

Plan

(System)

AV Effective

Date

Actuarial Cost

Method

Asset Valuation

Method

Investment Rate

of Return Inflation

Payroll

Growth Rate

Sweetwater 12/31/2016 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.00%

Temple 9/30/2016 Entry Age Normal 5-Year Smoothing 7.75% 3.75% 3.75%

Texarkana 12/31/2015 Entry Age Normal 5-Year Smoothing 7.75% 3.25% 3.25%

Texas City 12/31/2016 Entry Age Normal 5-Year Smoothing 7.75% 2.50% 3.00%

The Woodlands 1/1/2017 Entry Age Normal Market Value of Assets 7.00% 2.50% N/A

Travis County ESD #6 12/31/2015 Entry Age Normal 5-Year Smoothing 7.00% 3.00% 4.00%

Tyler 12/31/2015 Entry Age Normal 5-Year Smoothing 7.65% 3.50% 3.50%

University Park 1/1/2015 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.00%

Waxahachie 10/1/2016 Entry Age Normal Market Value of Assets 7.00% 2.50% 4.00%

Weslaco 9/30/2016 Entry Age Normal 5-Year Smoothing 7.25% 2.50% 3.25%

Wichita Falls 1/1/2017 Entry Age Normal 5-Year Smoothing 8.00% 3.00% 4.50%

Median: 7.75% 3.00% 3.75%

Average: 7.70% 2.93% 3.69%

1 The plan has submitted its 2016 actuarial valuation, however the PRB has been unable to reconcile the differences in actuarial liabilities that resulted from a change

in actuarial firms so the data from that valuation has not been included in this table.

20

Actuarial Valuation Summary as of Valuation Date

Plan

(System) Certified Actuary

Actuarial

Valuation

Date

Actuarial

Value

of Assets

Actuarial

Accrued

Liability

Unfunded

Actuarial

Accrued

Liability

Funded

Ratio

Covered

Payroll

UAAL/

Payroll

Ratio

Amortization

Period

(AVA) (AAL) (UAAL) (% Funded) (%)

(a) (b) (b) - (a) = (c) (a)/(b) (d) (c) / (d)

Abilene John M. Crider Jr. 10/1/2015 $56,624,807 $100,037,237 $43,412,430 56.60% $13,729,802 316.19% 31.5

Amarillo John M. Crider Jr. 12/31/2015 $149,121,213 $182,249,969 $33,128,756 81.82% $19,208,825 172.47% 34.5

Atlanta Rudd & Wisdom 12/31/2016 $3,954,272 $4,814,808 $860,536 82.13% $629,827 136.63% 28.4

Beaumont Foster & Foster 12/31/2016 $109,972,497 $162,841,573 $52,869,076 67.53% $19,246,504 274.69% 104

Big Spring Dean Actuaries 1/1/2015 $10,962,120 $19,996,433 $9,034,313 54.82% $3,634,001 248.61% 28.65

Brownwood Rudd & Wisdom 12/31/2015 $3,678,228 $8,242,106 $4,563,878 44.63% $1,770,441 257.78% 36.1

Cleburne Rudd & Wisdom 12/31/2016 $22,290,500 $34,074,747 $11,784,247 65.42% $4,242,121 277.79% 49.6

ConroeRetirement

Horizons12/31/2015 $21,841,180 $35,508,575 $13,667,395 61.51% $8,154,553 167.60% 31.4

Corpus

ChristiRudd & Wisdom 12/31/2016 $141,141,270 $227,137,138 $85,995,868 62.14% $32,381,246 265.57% 23.1

Corsicana Rudd & Wisdom 12/31/2016 $9,225,595 $17,360,940 $8,135,345 53.14% $3,847,505 211.44% 28.9

Denison John M. Crider Jr. 12/31/2015 $16,377,196 $22,020,784 $5,643,588 74.37% $3,095,188 182.33% 27.1

Denton Rudd & Wisdom 12/31/2015 $72,693,078 $89,942,685 $17,249,607 80.82% $14,965,362 115.26% 31.6

Galveston Rudd & Wisdom 12/31/2016 $43,337,296 $63,690,564 $20,353,268 68.04% $7,917,764 257.06% Infinite

Greenville1 John M. Crider Jr. 12/31/2016 $13,695,526 $28,717,398 $15,021,872 47.69% $3,881,665 387.00% 38

Harlingen Retirement

Horizons12/31/2015 $27,704,447 $43,891,853 $16,187,406 63.12% $6,561,309 246.71% Infinite

(YEARS)

21


Plan


Actuarial

Valuation

Date

Actuarial

Value

of Assets

Actuarial

Accrued

Liability

Unfunded

Actuarial

Accrued

Liability

Funded

Ratio

Covered

Payroll

UAAL/

Payroll

Ratio

Amortization

Period


(a) (b) (b) - (a) = (c) (a)/(b) (d) (c) / (d) (YEARS)

Irving2 John M. Crider Jr. 12/31/2015 $184,782,020 $246,655,353 $61,873,333 74.92% $27,073,684 228.54% 33

Killeen Rudd & Wisdom 9/30/2016 $37,418,102 $53,652,777 $16,234,675 69.74% $14,180,561 114.49% 22.8

Laredo Rudd & Wisdom 9/30/2016 $134,249,115 $221,982,300 $87,733,185 59.28% $35,063,139 263.00% 28

Longview Foster & Foster 12/31/2016 $40,798,027 $89,598,884 $48,800,857 45.53% $12,731,377 383.31% 50.7

Lubbock John M. Crider Jr. 12/31/2016 $194,664,263 $268,017,378 $73,353,115 72.63% $30,503,469 240.47% 33.5

Lufkin3 Retirement

Horizons12/31/2014 $14,203,227 $32,640,551 $18,437,274 43.51% $4,966,395 371.24% 40.6

Marshall Retirement

Horizons12/31/2016 $7,712,228 $18,353,876 $10,641,648 42.02% $2,670,329 398.51% 56.4

McAllen John M. Crider Jr. 10/1/2016 $48,260,416 $69,831,849 $21,571,433 69.11% $11,520,022 187.25% 41.4

Midland John M. Crider Jr. 12/31/2015 $87,000,390 $132,269,082 $45,268,692 65.78% $17,097,372 264.77% 44.7

Odessa Foster & Foster 1/1/2017 $47,850,754 $106,053,931 $58,203,177 45.12% $11,378,432 511.52% 46.5

Orange Foster & Foster 1/1/2017 $8,154,674 $16,353,849 $8,199,175 49.86% $2,440,045 336.03% 69.3

Paris John M. Crider Jr. 12/31/2014 $5,980,762 $13,991,898 $8,011,136 42.74% $2,575,856 311.01% 26.1

Plainview Retirement

Horizons12/31/2015 $5,826,588 $15,608,454 $9,781,866 37.33% $2,155,928 453.72% 31.6

Port Arthur John M. Crider Jr. 12/31/2015 $45,290,253 $58,083,175 $12,792,922 77.97% $7,959,376 160.73% 18.3

San Angelo Retirement

Horizons12/31/2015 $61,469,721 $93,632,760 $32,163,039 65.65% $11,457,646 280.71% 38.5

22


Plan


Actuarial

Valuation

Date

Actuarial

Value

of Assets

Actuarial

Accrued

Liability

Unfunded

Actuarial

Accrued

Liability

Funded

Ratio

Covered

Payroll

UAAL/

Payroll

Ratio

Amortization

Period


(a) (b) (b) - (a) = (c) (a)/(b) (d) (c) / (d) (YEARS)

San BenitoRetirement

Horizons12/31/2015 $3,301,643 $5,455,731 $2,154,088 60.52% $1,374,573 156.71% 21.7

Sweetwater John M. Crider Jr. 12/31/2016 $8,437,694 $12,054,904 $3,617,210 69.99% $1,578,744 229.12% 27.5

Temple Retirement

Horizons9/30/2016 $42,274,104 $56,277,136 $14,003,032 75.12% $8,488,033 164.97% 28.4

Texarkana Rudd & Wisdom 12/31/2015 $33,102,650 $37,889,368 $4,786,718 87.37% $4,024,862 118.93% 16.3

Texas City Retirement

Horizons12/31/2016 $15,853,841 $31,474,576 $15,620,735 50.37% $5,186,434 301.18% 28

The Woodlands Foster & Foster 1/1/2017 $26,198,326 $26,569,468 $371,142 98.60% $11,383,983 3.26% 2.7

Travis County

ESD #6 John M. Crider Jr. 12/31/2015 $12,605,736 $17,603,910 $4,998,174 71.61% $5,699,145 87.70% 5.8

Tyler Rudd & Wisdom 12/31/2015 $64,892,871 $85,532,494 $20,639,623 75.87% $11,576,085 178.30% 21.6

University

Park4 John M. Crider Jr. 1/1/2015 $9,440,082 $20,598,361 $11,158,279 45.83% $3,112,702 358.48% 53.7

Waxahachie Retirement

Horizons10/1/2016 $14,201,159 $21,240,580 $7,039,421 66.86% $4,270,422 164.84% 25.4

Weslaco Retirement

Horizons9/30/2016 $9,440,473 $13,775,101 $4,334,628 68.53% $3,902,729 111.07% 14.1

Wichita Falls Foster & Foster 1/1/2017 $49,802,579 $79,707,755 $29,905,176 62.48% $11,279,619 265.13% 49.4

4 Based on the plan design changes made by HB 3056, the plan's actuary estimates the amortization period as of 1/1/2015 would be 88.4 years. However, this estimate does not take into

account a subsequent reduction in the employee contribution rate.

2 Amortization period reflects an employer contribution increase of 1.10% effective January 1, 2017, additional employees hired after the valuation date, and member contribution

increases of 0.50% effective February 1, 2017 and January 1, 2018.3 The plan has submitted its 2016 actuarial valuation, however the PRB has been unable to reconcile the differences in actuarial liabilities that resulted from a change in actuarial firms so

the data from that valuation has not been included in this table.

1 Amortization period reflects an employer contribution increase to 17.30% of payroll as of October 1, 2017 and an increase to 19.30% effective October 1, 2018.

23

Plans Grouped by Amortization Period Ranges As of Most Recent Actuarial Valuation

2

7

10 10

11

2

0 - 9.9 10 - 25 25.1 - 30 30.1 - 39.9 40 - 104 Infinite

Nu

mb

er

of

Pla

ns

Years

0 - 9.9

10 - 25

25.1 - 30

30.1 - 39.9

40 - 104

Infinite

24

Plans Grouped by Asset Value As of Most Recent Actuarial Valuation

11

9

11

5

6

Less than $10 $10 - $25 $25 - $50 $50 - $100 Greater than $100

Nu

mb

er

of

Pla

ns

Actuarial Value of Assets (in millions)

25

Amortization Periods by Plan (System) As of Most Recent Actuarial Valuation

0 20 40 60 80 100 120

Wichita Falls

Weslaco

Waxahachie

University Park

Tyler

Travis County ESD #6

The Woodlands

Texas City

Texarkana

Temple

Sweetwater

San Benito

San Angelo

Port Arthur

Plainview

Paris

Orange

Odessa

Midland

McAllen

Marshall

Lufkin

Lubbock

Longview

Laredo

Killeen

Irving

Harlingen

Greenville

Galveston

Denton

Denison

Corsicana

Corpus Christi

Conroe

Cleburne

Brownwood

Big Spring

Beaumont

Atlanta

Amarillo

Abilene

Years

I n f i n i t e

I n f i n i t e

KEY:

Plans with infinite amortization periods

Plans with amortization periods >= 40, but not infinite

Plans with amortization periods > 30 years, < 40 years

Plans with amortization periods > 25 years, <= 30 years

Plans with amortization periods >= 10 years, <= 25 years

Plans with amortization periods > 0 years, < 10 years

26

Actuarial Funded Ratio As of Most Recent Actuarial Valuation

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00%

Abilene

Amarillo

Atlanta

Beaumont

Big Spring

Brownwood

Cleburne

Conroe

Corpus Christi

Corsicana

Denison

Denton

Galveston

Greenville

Harlingen

Irving

Killeen

Laredo

Longview

Lubbock

Lufkin

Marshall

McAllen

Midland

Odessa

Orange

Paris

Plainview

Port Arthur

San Angelo

San Benito

Sweetwater

Temple

Texarkana

Texas City

The Woodlands


Tyler

University Park

Waxahachie

Weslaco

Wichita Falls

Funded Ratio = (AVA/AAL)

27

Schedule of Actuarial Funding Progress (Three Most Recent Valuations)

Plan

(System)

Actuarial

Valuation

Date

Actuarial

Value

of Assets

(in Millions)

Actuarial

Accrued

Liability

(in Millions)

Unfunded

Actuarial Accrued

Liability

(in Millions)

Funded

Ratio

Covered

Payroll

(in Millions)

UAAL /

Payroll

Ratio

Remaining

Amortization

Period

(AVA) (AAL) (UAAL) (% Funded) (UAAL/Payroll)

( a ) ( b ) ( b ) - ( a ) ( a ) / ( b ) ( c ) ( b - a ) / ( c )

9/30/2011 $49.43 $88.41 $38.98 55.90% $11.47 339.78% 32.9

10/1/2013 $52.92 $92.05 $39.13 57.49% $12.62 310.01% 33.5

10/1/2015 $56.62 $100.04 $43.41 56.60% $13.73 316.19% 31.5

1/1/2012 $120.40 $153.98 $33.58 78.19% $15.06 223.01% 41.0

1/1/2014 $132.54 $159.73 $27.19 82.98% $16.65 163.29% 28.8

12/31/2015 $149.12 $182.25 $33.13 81.82% $19.21 172.47% 34.5

12/31/2012 $2.98 $4.09 $1.10 72.98% $0.57 193.90% Infinite

12/31/2014 $3.55 $4.34 $0.79 81.87% $0.60 130.44% 36.2

12/31/2016 $3.95 $4.81 $0.86 82.13% $0.63 136.63% 28.4

12/31/2012 $92.03 $134.84 $42.80 68.25% $17.89 239.28% 49.6

12/31/2014 $105.07 $144.48 $39.41 72.72% $18.41 214.07% 39.1

12/31/2016 $109.97 $162.84 $52.87 67.53% $19.25 274.69% 104.0

1/1/2012 $11.13 $18.15 $7.02 61.30% $3.36 209.00% 27.0

1/1/2013 $9.89 $17.43 $7.54 56.73% $3.17 237.80% 30.8

1/1/2015 $10.96 $20.00 $9.03 54.82% $3.63 248.61% 28.7

12/31/2011 $2.85 $7.14 $4.29 39.90% $1.61 267.00% 31.8

12/31/2013 $3.29 $7.52 $4.23 43.76% $1.63 259.78% 37.0

12/31/2015 $3.68 $8.24 $4.56 44.63% $1.77 257.78% 36.1

12/31/2012 $16.29 $28.40 $12.11 57.36% $3.88 312.30% 34.1

12/31/2014 $20.35 $31.17 $10.82 65.30% $4.02 269.25% 27.3

12/31/2016 $22.29 $34.07 $11.78 65.42% $4.24 277.79% 49.6

12/31/2011 $15.39 $25.41 $10.02 60.60% $4.99 200.60% 38.2

12/31/2013 $18.13 $29.34 $11.22 61.77% $5.66 198.18% 37.4

12/31/2015 $21.84 $35.51 $13.67 61.51% $8.15 167.60% 31.4

(YEARS)

Cleburne

Conroe

Abilene

Amarillo

Atlanta

Beaumont

Big Spring

Brownwood

28


Plan

(System)

Actuarial

Valuation

Date

Actuarial

Value

of Assets

(in Millions)

Actuarial

Accrued

Liability

(in Millions)

Unfunded

Actuarial Accrued

Liability

(in Millions)

Funded

Ratio

Covered

Payroll

(in Millions)

UAAL /

Payroll

Ratio

Remaining

Amortization

Period


( a ) ( b ) ( b ) - ( a ) ( a ) / ( b ) ( c ) ( b - a ) / ( c )(YEARS)

Abilene 12/31/2012 $105.75 $192.27 $86.52 55.00% $29.46 293.68% 26.7

12/31/2014 $126.27 $205.79 $79.52 61.36% $29.48 269.69% 23.1

12/31/2016 $141.14 $227.14 $86.00 62.14% $32.38 265.57% 23.1

12/31/2012 $6.96 $14.52 $7.57 47.90% $3.34 226.69% 28.6

12/31/2014 $8.43 $15.74 $7.31 53.54% $3.76 194.46% 24.2

12/31/2016 $9.23 $17.36 $8.14 53.14% $3.85 211.44% 28.9

1/1/2012 $13.68 $19.23 $5.55 71.13% $3.17 175.26% 23.9

1/1/2014 $14.58 $20.36 $5.78 71.60% $3.09 186.86% 29.1

12/31/2015 $16.38 $22.02 $5.64 74.37% $3.10 182.33% 27.1

12/31/2011 $54.17 $75.23 $21.06 72.00% $12.94 162.80% 31.7

12/31/2013 $62.09 $80.49 $18.40 77.14% $13.79 133.43% 24.0

12/31/2015 $72.69 $89.94 $17.25 80.82% $14.97 115.26% 31.6

1/1/2014 $39.59 $56.84 $17.25 69.65% $6.54 263.63% 50.2

12/31/2015 $42.43 $62.30 $19.88 68.10% $7.23 275.05% 47.0

12/31/2016 $43.34 $63.69 $20.35 68.04% $7.92 257.06% Infinite

12/31/2012 $12.20 $25.72 $13.52 47.40% $3.58 377.92% Infinite

12/31/2014 $13.44 $27.46 $14.02 48.94% $3.81 368.49% 70.4

12/31/2016 $13.70 $28.72 $15.02 47.69% $3.88 387.00% 38.0

12/31/2011 $22.27 $34.22 $11.95 65.07% $4.93 242.70% Infinite

12/31/2013 $28.34 $39.93 $11.59 70.98% $5.91 195.98% 66.6

12/31/2015 $27.70 $43.89 $16.19 63.12% $6.56 246.71% Infinite

1/1/2012 $134.89 $200.14 $65.25 67.40% $20.64 316.18% Infinite

1/1/2014 $156.22 $213.73 $57.50 73.10% $25.48 225.65% 63.4

12/31/2015 $184.78 $246.66 $61.87 74.92% $27.07 228.54% 33.0

Galveston

Greenville1

Harlingen

Irving2

Corpus Christi

Corsicana

Denton

Denison

29


Plan

(System)

Actuarial

Valuation

Date

Actuarial

Value

of Assets

(in Millions)

Actuarial

Accrued

Liability

(in Millions)

Unfunded

Actuarial Accrued

Liability

(in Millions)

Funded

Ratio

Covered

Payroll

(in Millions)

UAAL /

Payroll

Ratio

Remaining

Amortization

Period



Abilene 9/30/2012 $27.53 $41.14 $13.61 66.90% $11.03 123.50% 36.1

9/30/2014 $32.60 $49.06 $16.45 66.46% $12.46 132.07% 29.5

9/30/2016 $37.42 $53.65 $16.23 69.74% $14.18 114.49% 22.8

9/30/2012 $95.14 $175.96 $80.82 54.10% $30.99 260.80% 29.8

9/30/2014 $116.06 $194.35 $78.29 59.72% $31.19 251.04% 29.8

9/30/2016 $134.25 $221.98 $87.73 59.28% $35.06 263.00% 28.0

12/31/2014 $45.22 $84.17 $38.95 53.73% $11.14 349.58% 41.4

12/31/2015 $41.66 $88.00 $46.34 47.34% $11.41 406.09% 37.9

12/31/2016 $40.80 $89.60 $48.80 45.53% $12.73 383.31% 50.7

1/1/2013 $161.75 $217.10 $55.36 74.50% $24.74 223.76% 24.3

1/1/2015 $186.08 $246.36 $60.29 75.53% $28.34 212.72% 27.6

12/31/2016 $194.66 $268.02 $73.35 72.63% $30.50 240.47% 33.5

12/31/2010 $10.10 $27.05 $16.95 37.34% $4.24 399.36% 53.7

12/31/2012 $11.27 $29.03 $17.76 38.81% $4.32 411.00% 89.6

12/31/2014 $14.20 $32.64 $18.44 43.51% $4.97 371.24% 40.6

12/31/2012 $6.99 $15.82 $8.83 44.20% $2.40 368.20% 38.6

12/31/2014 $8.00 $17.25 $9.25 46.39% $2.47 375.08% 43.2

12/31/2016 $7.71 $18.35 $10.64 42.02% $2.67 398.51% 56.4

9/30/2012 $37.84 $57.22 $19.36 66.15% $9.36 206.81% 43.9

10/1/2014 $44.68 $63.12 $18.44 70.79% $11.16 165.11% 29.0

10/1/2016 $48.26 $69.83 $21.57 69.11% $11.52 187.25% 41.4

1/1/2012 $73.07 $101.16 $28.09 72.23% $12.72 220.84% 86.3

1/1/2014 $78.48 $117.44 $38.96 66.82% $14.60 266.92% 59.1

12/31/2015 $87.00 $132.27 $45.27 65.78% $17.10 264.77% 44.7

Midland

Killeen

Longview

Lubbock

Lufkin3

Marshall

McAllen

Laredo

30


Plan

(System)

Actuarial

Valuation

Date

Actuarial

Value

of Assets

(in Millions)

Actuarial

Accrued

Liability

(in Millions)

Unfunded

Actuarial Accrued

Liability

(in Millions)

Funded

Ratio

Covered

Payroll

(in Millions)

UAAL /

Payroll

Ratio

Remaining

Amortization

Period



Abilene 1/1/2015 $48.59 $97.68 $49.09 49.75% $10.68 459.48% Infinite

1/1/2016 $48.03 $111.38 $63.35 43.12% $11.37 557.28% Infinite

1/1/2017 $47.85 $106.05 $58.20 45.12% $11.38 511.52% 46.5

12/31/2012 $8.77 $15.31 $6.54 57.25% $2.00 327.90% 82.3

1/1/2015 $9.38 $16.35 $6.96 57.41% $2.29 303.74% 58.2

1/1/2017 $8.15 $16.35 $8.20 49.86% $2.44 336.03% 69.3

1/1/2011 $6.74 $12.96 $6.23 51.96% $2.20 283.57% 27.9

1/1/2013 $6.11 $13.60 $7.49 44.94% $2.32 322.33% 29.2

12/31/2014 $5.98 $13.99 $8.01 42.74% $2.58 311.01% 26.1

12/31/2011 $4.97 $12.70 $7.73 39.10% $1.65 467.17% 35.2

12/31/2013 $5.26 $13.49 $8.23 39.00% $1.90 434.03% 31.4

12/31/2015 $5.83 $15.61 $9.78 37.33% $2.16 453.72% 31.6

1/1/2012 $36.12 $49.64 $13.52 72.80% $7.30 185.00% 22.5

1/1/2014 $40.75 $52.66 $11.90 77.40% $7.42 160.32% 17.0

12/31/2015 $45.29 $58.08 $12.79 77.97% $7.96 160.73% 18.3

12/31/2011 $49.90 $76.89 $26.99 64.90% $9.56 282.46% 49.0

12/31/2013 $54.23 $83.42 $29.19 65.01% $10.41 280.32% 40.9

12/31/2015 $61.47 $93.63 $32.16 65.65% $11.46 280.71% 38.5

12/31/2011 $2.52 $4.24 $1.72 59.50% $1.19 143.90% 14.8

12/31/2013 $3.22 $5.29 $2.07 60.81% $1.22 169.88% 21.7

12/31/2015 $3.30 $5.46 $2.15 60.52% $1.37 156.71% 21.7

12/31/2012 $7.22 $10.38 $3.16 69.52% $1.26 250.26% Infinite

12/31/2014 $8.18 $11.85 $3.67 69.01% $1.49 246.28% 58.8

12/31/2016 $8.44 $12.05 $3.61 69.99% $1.58 229.12% 27.5

San Angelo

San Benito

Sweetwater

Odessa

Orange

Paris

Plainview

Port Arthur

31


Plan

(System)

Actuarial

Valuation

Date

Actuarial

Value

of Assets

(in Millions)

Actuarial

Accrued

Liability

(in Millions)

Unfunded

Actuarial Accrued

Liability

(in Millions)

Funded

Ratio

Covered

Payroll

(in Millions)

UAAL /

Payroll

Ratio

Remaining

Amortization

Period



Abilene 9/30/2012 $34.40 $45.15 $10.75 76.20% $6.50 165.30% 30.8

9/30/2014 $39.06 $50.61 $11.56 77.17% $7.45 155.21% 23.0

9/30/2016 $42.27 $56.28 $14.00 75.12% $8.49 164.97% 28.4

12/31/2011 $26.72 $33.24 $6.52 80.39% $4.21 154.79% 20.0

12/31/2013 $30.06 $35.52 $5.46 84.62% $4.02 135.85% 19.6

12/31/2015 $33.10 $37.89 $4.79 87.37% $4.02 118.93% 16.3

12/31/2012 $14.86 $28.06 $13.20 53.00% $4.45 296.40% 33.6

12/31/2014 $16.27 $29.92 $13.65 54.39% $4.72 289.35% 31.6

12/31/2016 $15.85 $31.47 $15.62 50.37% $5.19 301.18% 28.0

1/1/2016 $22.18 $22.08 ($0.10) 100.46% $10.63 -0.96% 0.0

1/1/2017 $26.20 $26.57 $0.37 98.60% $11.38 3.26% 2.7

12/31/2013 $7.55 $12.00 $4.44 62.98% $4.28 103.82% 7.3

1/1/2014 $7.55 $12.22 $4.66 61.82% $4.36 106.99% 7.5

12/31/2015 $12.61 $17.60 $5.00 71.61% $5.70 87.70% 5.8

12/31/2011 $49.22 $70.47 $21.25 69.80% $10.30 206.30% 34.0

12/31/2013 $56.55 $76.82 $20.28 73.61% $10.94 185.37% 22.9

12/31/2015 $64.89 $85.53 $20.64 75.87% $11.58 178.30% 21.6

12/31/2010 $9.01 $17.78 $8.77 50.70% $2.89 303.50% 40.6

12/31/2012 $8.56 $19.33 $10.78 44.30% $2.87 374.86% 81.3

1/1/2015 $9.44 $20.60 $11.16 45.83% $3.11 358.48% 53.7

10/1/2012 $10.46 $16.23 $5.76 64.50% $3.19 180.80% 19.8

10/1/2014 $13.72 $19.91 $6.19 68.91% $3.69 167.80% 24.3

10/1/2016 $14.20 $21.24 $7.04 66.86% $4.27 164.84% 25.4

Waxahachie

Tyler

University Park5

Texas City

Travis County

ESD #6

Temple

Texarkana

The Woodlands4

32


Plan

(System)

Actuarial

Valuation

Date

Actuarial

Value

of Assets

(in Millions)

Actuarial

Accrued

Liability

(in Millions)

Unfunded

Actuarial Accrued

Liability

(in Millions)

Funded

Ratio

Covered

Payroll

(in Millions)

UAAL /

Payroll

Ratio

Remaining

Amortization

Period



Abilene 9/30/2012 $6.99 $11.03 $4.05 63.33% $3.16 128.18% 26.8

9/30/2014 $8.36 $12.07 $3.71 69.23% $3.04 122.02% 15.9

9/30/2016 $9.44 $13.78 $4.33 68.53% $3.90 111.07% 14.1

1/1/2015 $47.13 $72.25 $25.12 65.24% $9.63 260.85% 105.9

1/1/2016 $48.59 $75.48 $26.89 64.38% $10.66 252.24% 43.7

1/1/2017 $49.80 $79.71 $29.91 62.48% $11.28 265.13% 49.4

2 Current amortization period reflects an employer contribution increase of 1.10% effective January 1, 2017, additional employees hired after the valuation date, and member

contribution increases of 0.50% effective February 1, 2017 and January 1, 2018. The prior amortization period is calculated by the PRB in consultation with the plan actuary,

reflecting an employer contribution rate increase of 0.65% effective January 1, 2015.

4 The Woodlands Firefighters' Retirement System is a new plan with only two actuarial valuations submitted to the PRB as of the time this report was created.

Weslaco

Wichita Falls

1 Current amortization period reflects an employer contribution increase to 17.30% of payroll as of October 1, 2017 and an increase to 19.30% effective October 1, 2018.

3 The plan has submitted its 2016 actuarial valuation, however the PRB has been unable to reconcile the differences in actuarial liabilities that resulted from a change in actuarial

firms so the data from that valuation has not been included in this table.

5 Based on the plan design changes made by HB 3056, the plan's actuary estimates the amortization period as of 1/1/2015 would be 88.4 years. However, this estimate does not take

into account a subsequent reduction in the employee contribution rate.

33

Plan Membership

Plan

(System)

Effective

Date

Active

Members

Total

Annuitants

Terminated

Members

Total

Members

Actives /

Annuitants

Abilene 9/30/2016 170 172 1 343 0.99

Amarillo 12/31/2016 271 215 0 486 1.26

Atlanta 12/31/2016 25 20 5 50 1.25

Beaumont 12/31/2016 232 217 4 453 1.07

Big Spring 12/31/2016 61 48 1 110 1.27

Brownwood 12/31/2016 31 24 0 55 1.29

Cleburne 12/31/2016 68 36 1 105 1.89

Conroe 12/31/2016 115 30 5 150 3.83

Corpus Christi 12/31/2016 428 326 1 755 1.31

Corsicana 12/31/2016 63 37 2 102 1.70

Denison 12/31/2016 56 54 0 110 1.04

Denton 12/31/2016 183 85 3 271 2.15

Galveston 12/31/2016 114 85 1 200 1.34

Greenville 12/31/2016 59 74 0 133 0.80

Harlingen 9/30/2016 109 76 0 185 1.43

Irving 12/31/2016 360 180 1 541 2.00

Killeen 9/30/2016 228 68 8 304 3.35

Laredo 9/30/2016 379 169 0 548 2.24

Longview 12/31/2016 175 141 1 317 1.24

Lubbock 12/31/2016 402 289 2 693 1.39

Lufkin 12/31/2016 77 61 2 140 1.26

Marshall 12/31/2016 50 39 3 92 1.28

McAllen 10/1/2016 164 101 5 270 1.62

Midland 12/31/2016 207 162 9 378 1.28

Odessa 1/1/2017 161 180 15 356 0.89

Orange 1/1/2017 37 42 1 80 0.88

Paris 12/31/2016 49 42 2 93 1.17

Plainview 12/31/2016 36 35 1 72 1.03

Port Arthur 12/31/2016 105 81 3 189 1.30

San Angelo 12/31/2016 176 147 0 323 1.20

San Benito 9/30/2016 25 10 1 36 2.50

34

Plan Membership

Plan

(System)

Effective

Date

Active

Members

Total

Annuitants

Terminated

Members

Total

Members

Actives /

Annuitants

Sweetwater 12/31/2016 26 25 0 51 1.04

Temple 9/30/2016 120 78 1 199 1.54

Texarkana 12/31/2016 77 67 0 144 1.15

Texas City 12/31/2016 70 55 6 131 1.27

The Woodlands1 12/31/2017 137 0 0 137 N/A

Travis County ESD #61 12/31/2016 83 0 0 83 N/A

Tyler 12/31/2016 163 105 0 268 1.55

University Park 12/31/2016 35 46 1 82 0.76

Waxahachie 10/1/2016 55 31 2 88 1.77

Weslaco 9/30/2016 62 28 2 92 2.21

Wichita Falls 1/1/2017 157 124 2 283 1.27

1 New plan with no annuitants as of the effective date of its latest membership report.

35

Plan Contributions

(a) (b) (c) = (a) - (b) (d) (e) = (c) + (d) (f) (f) / (e)

Plan Name

Plan Status

(1) Fiscal Year End

Covered

Payroll

Total NC

(% of Pay)

(2), (3)

EE Cont

(% of Pay)

(3)

ER Normal

Cost

(% of Pay)

(3)

Amort Pmt

(% of Pay)

(3)

ER Rec Cont

(% of Pay)

(3), (4)

Actual ER Cont

(% of Pay)

(5)

Actual ER Cont

Type

Percent of

Rec Cont Paid

Abilene Active 9/30/2016 13,030,036$ 15.62% 13.20% 2.42% 17.27% 19.69% 19.25% Fixed 98%

Amarillo Active 12/31/2016 19,307,515$ 23.80% 13.00% 10.80% 9.42% 20.22% 18.99% Fixed 94%

Atlanta Active 12/31/2016 621,700$ 19.55% 13.00% 6.55% 7.09% 13.64% 14.68% Fixed 108%

Beaumont Active 12/31/2016 18,016,950$ 18.93% 15.13% 3.80% 16.37% 20.17% 15.00% Fixed 74%

Big Spring Active 12/31/2016 3,766,262$ 13.85% 13.00% 0.85% 11.69% 12.54% 13.80% Fixed 110%

Brownwood Active 12/31/2016 1,776,788$ 14.65% 8.00% 6.65% 14.65% 21.30% 20.00% Fixed 94%

Cleburne Active 12/31/2016 4,104,246$ 20.38% 13.00% 7.38% 16.12% 23.50% 24.40% Fixed 104%

Conroe Active 12/31/2016 8,128,746$ 19.21% 13.24% 5.97% 10.31% 16.28% 15.00% Fixed 92%

Corpus Christi Active 12/31/2016 31,583,219$ 15.73% 13.10% 2.63% 18.15% 20.78% 20.78% Fixed 100%

Corsicana Active 12/31/2016 3,901,864$ 15.50% 14.00% 1.50% 12.50% 14.00% 14.00% Fixed 100%

Denison Active 12/31/2016 3,334,547$ 15.92% 12.00% 3.92% 11.08% 15.00% 15.00% Fixed 100%

Denton Active 12/31/2016 15,850,437$ 21.91% 12.60% 9.31% 9.02% 18.33% 17.41% Other 95%

Galveston Active 12/31/2016 7,663,321$ 18.32% 16.00% 2.32% 15.32% 17.64% 14.00% Fixed 79%

Greenville Active 12/31/2016 3,885,893$ 15.74% 15.30% 0.44% 21.76% 22.20% 16.43% Fixed 74%

Harlingen Active 9/30/2016 4,541,931$ 18.06% 13.00% 5.06% 10.54% 15.60% 18.07% Fixed 116%

Irving Active 12/31/2016 29,840,134$ 18.53% 12.00% 6.53% 12.48% 19.01% 15.65% Fixed 82%

Killeen Active 9/30/2016 13,490,655$ 16.24% 11.00% 5.24% 7.76% 13.00% 13.13% Fixed 101%

Laredo Active 9/30/2016 33,836,000$ 19.96% 15.00% 4.96% 15.14% 20.10% 20.13% Fixed 100%

Longview Active 12/31/2016 12,308,076$ 13.69% 16.25% 0.00% 26.84% 26.84% 17.11% Fixed 64%

Lubbock Active 12/31/2016 30,367,707$ 22.30% 12.43% 9.87% 11.86% 21.73% 21.73% Fixed 100%

Lufkin Active 12/31/2016 5,061,704$ 16.60% 13.20% 3.40% 22.32% 25.72% 21.98% Fixed 85%

Marshall Active 12/31/2016 2,658,907$ 15.74% 14.00% 1.74% 20.76% 22.50% 19.05% Fixed 85%

McAllen Active 9/30/2016 11,515,311$ 15.05% 11.00% 4.05% 8.95% 13.00% 13.50% Fixed 104%

Midland Active 12/31/2015 17,089,837$ 24.81% 13.20% 11.61% 13.77% 25.38% 21.83% Fixed 86%

Odessa Active 12/31/2016 12,727,775$ 21.36% 15.00% 6.36% 29.24% 35.60% 16.00% Fixed 45%

Orange Active 12/31/2016 2,274,693$ 12.89% 11.00% 1.89% 17.97% 19.86% 14.00% Fixed 70%

Paris Active 12/31/2016 2,649,183$ 8.13% 15.00% 0.00% 12.00% 12.00% 12.00% Fixed 100%

Plainview Active 12/31/2016 1,970,007$ 12.84% 14.00% 0.00% 28.12% 28.12% 24.68% Fixed 88%

Port Arthur Active 12/31/2016 8,257,143$ 14.92% 13.00% 1.92% 11.94% 13.86% 13.91% Other 100%

San Angelo Active 12/31/2016 11,068,691$ 19.48% 14.20% 5.28% 18.41% 23.69% 20.23% Fixed 85%

San Benito Active 12/31/2015 1,448,850$ 13.28% 12.00% 1.28% 9.68% 10.96% 12.00% Fixed 109%

Sweetwater Active 12/31/2016 1,554,689$ 21.93% 16.00% 5.93% 13.83% 19.76% 16.52% Fixed 84%

Temple Active 9/30/2016 8,290,160$ 19.70% 15.00% 4.70% 10.54% 15.24% 15.04% Fixed 99%

Texarkana Active 12/31/2016 4,257,615$ 22.68% 13.50% 9.18% 10.32% 19.50% 19.50% Fixed 100%

Texas City Active 12/31/2016 4,920,763$ 14.53% 16.00% 0.00% 16.43% 16.43% 16.00% Fixed 97%

The Woodlands Active 12/31/2016 10,687,680$ 22.76% 12.00% 10.76% 0.00% 10.76% 12.00% Fixed 112%

36

Plan Contributions

(a) (b) (c) = (a) - (b) (d) (e) = (c) + (d) (f) (f) / (e)

Plan Name

Plan Status

(1) Fiscal Year End

Covered

Payroll

Total NC

(% of Pay)

(2), (3)

EE Cont

(% of Pay)

(3)

ER Normal

Cost

(% of Pay)

(3)

Amort Pmt

(% of Pay)

(3)

ER Rec Cont

(% of Pay)

(3), (4)

Actual ER Cont

(% of Pay)

(5)

Actual ER Cont

Type

Percent of

Rec Cont Paid

Travis Co. ESD #6 Active 12/31/2016 5,610,292$ 21.84% 20.00% 1.84% 17.36% 19.20% 19.20% Fixed 100%

Tyler Active 12/31/2016 11,206,785$ 20.53% 13.50% 7.03% 12.47% 19.50% 20.85% Other 107%

University Park Closed 12/31/2016 3,392,018$ 16.71% 13.00% 3.71% 17.21% 20.92% 17.54% Fixed 84%

Waxahachie Active 9/30/2016 4,049,400$ 18.42% 12.00% 6.42% 8.50% 14.92% 15.33% Fixed 103%

Weslaco Active 9/30/2016 3,545,525$ 13.52% 12.00% 1.52% 7.00% 8.52% 12.41% Fixed 146%

Wichita Falls Active 12/31/2016 10,391,569$ 15.80% 12.00% 3.80% 13.47% 17.27% 12.35% Fixed 72%

(1) Plan status indicates whether plan is active (admitting new hires), closed to new hires (but still accruing benefits), or frozen (not accruing benefits).

(2) Normal Cost includes any explicit provisions for administrative expenses.

(4) Recommended Contribution needed for the system to achieve and maintain an amortization period that does not exceed 30 years, in accordance with Texas Code §802.101(a).

(3) Values may differ from that reported by the system due to differences in timing and/or rounding. For systems that do not indicate the fiscal year associated with these value, they are based on the most recently

reported valuation date on or before the beginning of the fiscal year.

(5) Actual contribution rate is determined as the employer contributions made to the plan during the fiscal year divided by the covered payroll shown. This may differ from the plan's stated contribution rate due to

differences between actual and assumed covered payroll.

37

Aggregate AVA to AAL Comparison

This chart shows the changes in the aggregate actuarial value of assets (AVA) and actuarial accrued liability (AAL) for all TLFFRA systems. The values in the chart are

the values as reported in select PRB actuarial valuation reports from the last seven years, and reflect the most recent actuarial valuation on file with the PRB as of

that date. The actuarial funded ratio, which is the ratio of AVA to AAL, is also included in the table below the charts.

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

$3,000

(in

Mill

ion

s)

9/28/2011 10/1/2012 8/28/2013 8/28/2014 10/8/2015 11/3/2016 11/16/2017

AVA $1,379 $1,447 $1,492 $1,542 $1,645 $1,778 $1,879

AAL $2,024 $2,154 $2,269 $2,391 $2,500 $2,669 $2,806

Funded Ratio 68.14% 67.21% 65.76% 64.48% 65.78% 66.60% 66.95%

38

Benefits

39

Benefit Summary

Plans

(Systems) Tier

Eligible

Members

Eligibility

Requirements

(Age/YCS) Benefit Formula

Final Average

Salary COLA

Retirement Benefit

Options

Social

Security

Abilene All 50/20 Years of Credited Service x 3% x

Final Average Salary + YCS x 3%

for YCS btwn 20 and 21.5 + $80 x

YCS > 21.5

Highest 36 months None Retro DROP No

Tier 1 Hired before

1/1/2018

50/20 Years of Credited Service x 3.45% x

Final Average Salary


Tier 2 Hired on/after

1/1/2018

50/20 Years of Credited Service <= 20 x

3.25% x Final Average Salary +

2.5% x Final Average Salary x YCS

>20


Tier 1 Hired before

10/1/2014

50/20 61% x Final Average Salary, min

$1,000 + $93 x YCS > 20



10/1/2014

55/20 61% x Final Average Salary, min

$1,000 + $93 x YCS > 20


Beaumont All 50/20 63.15% x Final Average Salary +

$123 x YCS > 20

Highest 60 months Ad hoc, as determined by

actuary based on financial

condition of the fund.

Retro DROP No

Big Spring All 50/20 Years of Credited Service x 2.55% x


Greater of: highest 60

months or 3-year avg as of

12/31/06

None Forward DROP or Partial

Lump Sum Option.

No

Brownwood All 50/20 50% x Final Average Salary +

$54.50 x YCS > 20

Highest 60 consecutive

months

None Forward or Retro DROP Yes

Cleburne All 50/20 68% x Final Average Salary + $97 x

YCS > 20

Final 60 Months None Retro DROP No

Conroe All 50/20 67.5% x Final Average Salary + $69

x YCS > 20 before 12/31/2010 and

$110 x YCS > 20 earned after

12/31/2010

Highest 60 months Future COLAs to be placed

on ballot for firefighter

election at discretion of the

Board.

Forward DROP Yes

Corpus Christi All 54/20 The greater of: 52% x Final

Average Salary + $150 x Years of

Credited Service or $137 x YCS

Highest 60 months Ad hoc based on financial

condition of the retirement

system shown in actuarial

valuation.

Retro DROP No

Corsicana All 50/20 53% x Final Average Salary + $90 x

YCS > 20

Highest 60 months None Retro DROP Yes

Denison All 50/20 Years of Credited Service x 2.65% x


Highest consecutive 24

months

None None No

Amarillo

Atlanta

40

Benefit Summary

Plans

(Systems) Tier

Eligible

Members

Eligibility

Requirements


Final Average

Salary COLA

Retirement Benefit

Options

Social

Security

Denton All 50/20 Years of Credited Service x 2.59% x


Highest 36 months Ad hoc based on financial

condition of the fund as

determined by the fund

actuary.

Retro DROP Yes

Tier 1 Hired before

1/1/2013

50/20 Years of Credited Service x 3% x


Highest 60 months 0.6% compounded, not to

exceed CPI-U increase.

Retro DROP No


1/1/2013

50/20 Years of Credited Service x 3% x



Greenville All 50/20 Years of Credited Service <= 20 x

3.15% x Final Average Salary + $63

x YCS > 20


Harlingen All 50/20 65.5% x Final Average Salary + $65

for YCS > 20

Highest 60 months None Forward or Retro DROP No

Irving All 50/20 Years of Credited Service x 3.175%

x Final Average Salary for YCS <=

21 + $60 x YCS > 21


biweekly pay periods

Option for a Service

Retirement Benefit with

COLA.

Forward or Retro DROP No

Killeen All 55/20 or 50/25 58.4% x Final Average Salary +

2.275% x Final Average Salary for

YCS > 20


Laredo1 All 50/20 Years of Credited Service x 3.03% x


Highest 78 consecutive

biweekly pay periods within

final 104 biweekly pay

periods

Ad hoc based on financial

condition of the system as

determined by the actuary.

Retro DROP. Plan offers an

increasing payment form

option.

No

Tier 1 Hired before

1/1/2016

50/20 80% x Final Average Salary + $80 x

YCS > 20

Hired before 1/23/93:

highest consecutive 36

months; hired on/after

1/23/93: highest consecutive

60 months

None Forward or Retro DROP No


1/1/2016


Final Average Salary (max 75%

FAS) + $80 x YCS > 25


months


Lubbock All 50/20 68.92% x Final Average Salary +

$335.05 x YCS > 20

Final consecutive 48 months None Retro DROP or early Retro

DROP

No

Tier 1 Hired before

9/1/2005



x YCS > 20


months


Tier 2 Hired btwn

9/1/2005 and

6/24/2013



x YCS > 20


months


Longview

Galveston

Lufkin

41

Benefit Summary

Plans

(Systems) Tier

Eligible

Members

Eligibility

Requirements


Final Average

Salary COLA

Retirement Benefit

Options

Social

Security

Tier 3 Hired btwn

6/25/2013 and

1/4/2016



x YCS > 20


months


Tier 4 Hired/on after

1/5/2016



x YCS > 20


months


Marshall All 50/10 Years of Credited Service <= 20 x


$65 x YCS > 20

Final 36 months None Forward DROP No

McAllen All 50/20 Years of Credited Service x 2.9% x

Final Average Salary + (greater of:

2.9% x FAS or $58 x YCS 21 & 22) +

$58 x YCS > 22


Midland All 50/20 or 25 YCS 75% x Final Average Salary + $80 x

YCS

> 20 + $500/month supplemental

benefit after reaching 50/20

Highest 60 Months 2% simple, after receiving

benefits for 5 yrs provided

fund's investment

performance does not fall

below rolling audited 5-yr

avg of 8.25%.

4 DROP Options: Forward

DROP or Reverse DROP (a

partial lump sum option)

or Retro DROP or

Combined DROP (Forward

and Retro DROP)

No

Tier 1 Hired before

1/1/2017

50/20 Frozen Benefit: Final Average

Salary x 3.6% x YCS as of 12/31/16,

<= 20 + $107 x YCS > 20 as of

12/31/16 + supplemental benefit

($500 month for reaching 50/20 as

of 12/31/16)

Service Retirement Benefit: Final

Average Salary x 2.88% x YCS after

12/31/2016, <=25

For benefits accrued before

1/1/17: Highest 5 years

within final 10 years as of

12/31/16

for benefits accrued on/after

1/1/17: Final 5 years

Automatic Fixed Dollar or

Fixed Percentage. Ad hoc for

members who do not meet

requirements for automatic

COLA 1% of monthly frozen

benefit.

3 DROP Options: Forward

DROP for members who

met eligibility

requirements on/before

before 12/31//16

No


1/1/2017

55/25 Final Average Salary x 2.88% x YCS

after 12/31/2016, <=25

Final 5 years None None No

Orange All 50/20 Years of Credited Service <= 20 x


x YCS > 20


Paris All 55/20 or Rule of 80

with 20 YCS

Years of Credited Service x $94,

min $500/month

Highest 5 years None Retro DROP No

Plainview Tier 1 Hired before

10/1/1994

50/20 63.75% x Final Average Salary +

$78 x YCS > 20 (max 15 years)


Odessa

Lufkin (cont.)

42

Benefit Summary

Plans

(Systems) Tier

Eligible

Members

Eligibility

Requirements


Final Average

Salary COLA

Retirement Benefit

Options

Social

Security

Plainview (cont.) Tier 2 Hired on/after

10/1/1994


$78 x YCS > 20 (max 15 years)


Port Arthur All 50/20 Years of Credited Service <= 20 x


x YCS > 20


Tier 1 Hired before

5/1/1986


$230 x YCS > 20

Highest 48 months 1.2% compounded after age

61.

Optional retirement

program or Retro DROP

No


5/1/1986


$230 x YCS > 20

Highest 48 months 1.2% compounded after age

61.

Optional retirement

program or Retro DROP

No

San Benito All 52/20 40.0% x Final Average Salary + $60

x YCS > 20

Highest 60 months None Partial Lump Sum Option

of up to 24 months of

benefit.

Yes

Tier 1 Hired before

8/1/2017



x YCS > 20

Highest consecutive 72 pay

periods

None Retro DROP No


8/1/2017


3.5% x Final Average Salary + $50 x

YCS > 20

Highest consecutive 120 pay

periods

None Retro DROP No

Temple All 50/20 65.75% x Final Average Salary +

$98 x YCS > 20


Texarkana All 50/20 Years of Credited Service x 3.09% x



Tier 1 Hired before

1/1/1996

50/20 (Years of Credited Service before

1/1/2006 x 3.5% x Final Average

Salary) + (Years of Credited Service

on/after 1/1/2006 x 3.0% x Final

Average Salary) + $116 x YCS > 20

Final 60 Months An ad hoc based on financial



Retro DROP No

Tier 2 Hired btwn

1/1/1996 and

12/31/2005


Final Average Salary (for YCS < 20)

+ $116 x YCS > 20




Retro DROP No


1/1/2006


Final Average Salary (for YCS < 20)

+ $116/month for YCS > 20



determined by the actuary

Retro DROP No

Texas City

San Angelo

Sweetwater

43

Benefit Summary

Plans

(Systems) Tier

Eligible

Members

Eligibility

Requirements


Final Average

Salary COLA

Retirement Benefit

Options

Social

Security

The Woodlands Hired upon the

effective date

1/1/2015, unless

36 years old or

older, hired after

the effective date

and is under the

age of 36.

52/20 Final Average Monthly Pay x 2.5%

x 20 + Final Average Salary x 3.0%

x YCS > 20

Highest 36 months within

120 months

None None Yes

Travis County

ESD #6

All 55/20 Years of Credited Service <= 20 x


2.15% x Final Average Salary x YCS

> 20

Highest 60 Months None None No

Tier 1 Members with >=

20 YCS on 1/1/2005

55/20 or 50/25 71.50% x Final Average Salary +

$113 x YCS > 20

Highest 60 Months Ad hoc based on financial



Retro DROP or Partial

Lump Sum Option of up to

48 months of benefit.

No

Tier 2 Members with < 20

YCS on 1/1/2005

55/20 or 50/25 71.50% x Final Average Salary +

$113 x YCS > 20




Retro DROP or Partial

Lump Sum Option of up to

48 months of benefit.

No

University Park Hired before

9/1/2017

50/20 60% x Final Average Salary for YCS

<=20 + $80 x YCS > 20

Highest 60 Months None Retro DROP Yes

Tier 1 Hired before

7/01/2005


Final Average Salary + 1.3% for

YCS > 27




Retro DROP Yes


7/01/2005


Final Average Salary + 1.3% for YCS

> 27




Retro DROP Yes

Weslaco All 55/20 2.35% x Final Average Salary (min

$1000) + $120 month for YCS > 20

Highest 60 Months None Partial Lump Sum Option

of up to 24 months of

benefit.

Yes

Tier 1 Hired before

4/20/2016



Highest 78 Consecutive Pay

Periods x 2.167

None Retro DROP Yes


4/20/2016



Highest 130 Consecutive Pay

Periods x 2.167

Member may elect to

receive actuarially

equivalent benefit that

increases annually at either

0.5% or 1% per year.

Retro DROP Yes

1 The stated Final Average Salary calculation for Laredo is effective on 1/1/2019. Until then, the Final Average Salary is the highest 78 (individual) pay periods out of the final 208.

Wichita Falls

Waxahachie

Tyler

44

DROP Features

Retirement

System

Type of

DROPInterest Credit

DROP Maximum

Duration

COLA

Credited

Employee

Contribution

Credited

Spouse

continue

after death

Withdraw (how often,

min/max)Comments

Abilene Retro None 3 years N/A Yes Yes 1-4 equal annual installments.

Amarillo Retro None Later of: the date

participant meets

eligibility reqs. for DROP,

or 2 years prior to

retirement

No Yes Yes Max 5 payments within 36 months of

date of termination of employment.

Atlanta Retro None 2 years No Yes Yes Lump sum payment or max 5 payments

within 36 months of date of termination

of employment.

Retro None 5 Year or 7 Year No Yes Yes Lump sum payment or max 5 payments


of employment.

PROP Yes; if hired on/before

12/31/16, based on

annual rate = 2% less

than investment return

assumption. Hired

on/after 1/1/17, based

on actual return, max

6%, min 2%

Until member reaches age

70.5

No No Yes Annual payments over three years. Member who elects a Retro

DROP on/after 1/1/06 can

elect to leave all/part of lump

sum in fund. On/after 1/1/10,

a retiring/retired member can

elect to defer receipt of

monthly benefit and have it

accumulate in PROP. May

accumulate until age 70.

Big Spring Forward Option 1: 4%

compounded annually

Option 1: 5 years

Option 2: N/A (reduced

benefit and lump sum

elected upon retirement)

N/A Option 1: Yes N/A Option 1: The sum of i) monthly benefit

amount times the number of months of

the DROP period, and ii) total of any

member contributions made during the

DROP period. Must be paid within 3

years in no more than 3 installments.

Option 2: reduced annuity and a lump

sum equal to 24 times the reduced

benefit. Must be paid over 3 years in no

more than 3 installments.

Beaumont

45

DROP Features

Retirement

System

Type of

DROPInterest Credit

DROP Maximum

Duration

COLA

Credited

Employee

Contribution

Credited

Spouse

continue

after death


min/max)Comments

Forward None 2 years Yes

(see comment)

Yes Yes Lump sum payment or payment in no

more than 13 installments with the first

installment not later than 13 months

after leaving DROP and final installment

not more than 121 months after leaving

DROP.

Member may participate in

DROP at most two times. On

COLA, 2008 Plan Design

states: "Any increases to

retiree benefits will be

reflected in the benefits

accumulated within the DROP

program."

Retro None 2 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Cleburne Retro None 5 years Yes Yes Yes Lump sum payment or max 3 payments


of employment.

Conroe Forward None 7 years N/A Yes Yes Lump sum payment or max 5 payments


of employment.

Corpus Christi Retro None 3 years with 54/20 or 4

years with 56/22

No Yes Yes Lump sum payment or max 5 payments


of employment.

Corsicana Retro None 3 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Denison N/A N/A N/A N/A N/A N/A N/A No DROP Offered.

Denton Retro None 4 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Galveston Retro None 3 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Greenville Retro None 2 years N/A Yes Yes Lump sum payment.

Harlingen Forward None credited after

8/1/2006

3 years N/A Yes, credited to

firefighter's special

DROP account

Yes Lump sum payment or payment in no

more than 3 installments with the first

installment not more than 13 months

after leaving DROP and final installment

not more than 37 months after leaving

DROP.

Brownwood

46

DROP Features

Retirement

System

Type of

DROPInterest Credit

DROP Maximum

Duration

COLA

Credited

Employee

Contribution

Credited

Spouse

continue

after death


min/max)Comments

Harlingen (cont.) Retro None N/A: reduced benefit and

lump sum elected upon

retirement

N/A No Yes Monthly benefit equals 84 percent of

the regular monthly amount payable for

service retirement. In addition, member

receives a lump sum payment upon

retirement, equal to 24 times monthly

reduced benefit.

Election of Retro DROP

precludes election of DROP.

Forward

*Applicable to

members who

elected to

participate in

Forward DROP

prior to

1/16/12 and

did not revoke

that election.

2% less than the

greater of: (a) or (b)

(see note)

compounded annually.

Interest credited until

DROP balance is

distributed in full

108 months N/A Yes Yes Lump sum or installments or any other

form elected by the member and

approved by the board.

(a) The rate used by the

Fund's actuary in the last

valuation report prepared

before member's DROP date.

(b) The rate used by the

Fund's actuary in the last

valuation report prepared

before member's retirement

date.

Retro with

PROP

distribution

feature

2% less than the

valuation interest rate,

credited on (a) and (b)

(see note)

108 months N/A Yes Yes May be taken in a lump sum or in

installments. Under PROP distribution

feature, remaining retiree money in

DROP account continues to earn

interest.

(a) The total of the monthly

retirement benefits the

member would have received

between Retro DROP

Eligibility Date and the time

he retired under the plan. (b)

The amount of member

contributions based upon a

contribution rate of 10% of

pay that the member has

made to the fund between

Retro DROP Eligibility Date

and the time he retired under

the plan.

Killeen Retro None 2 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Laredo Retro None 2 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Longview Forward None 3 years N/A Yes Yes Lump sum payment.

Irving

47

DROP Features

Retirement

System

Type of

DROPInterest Credit

DROP Maximum

Duration

COLA

Credited

Employee

Contribution

Credited

Spouse

continue

after death


min/max)Comments

Longview (cont.) Retro None 3 years N/A Yes Yes Lump sum payment.

Lubbock Retro None 2 years N/A Yes Yes Lump sum payment or max 5 payments


of employment.

Early Retro None 2 years No Yes Yes Lump sum payment or max 5 payments


of employment.

Forward None 6 years N/A Yes, credited to

firefighter's

retirement

account

Yes Lump sum payment.

Retro None 3 years N/A Yes Yes Lump sum payment. Election of Retro DROP

precludes election of DROP.

Marshall Forward None 3 years N/A Yes Yes Lump sum payment.

McAllen Retro None 2 years N/A Yes N/A Lump sum payment.

Forward 4% compounded

annually; no interest

after conclusion of

DROP period

3 years N/A Yes Yes No more than 3 installments within 3

years.

Reverse None N/A: reduced benefit and

lump sum elected upon

retirement

N/A No N/A No more than 3 installments within 3

years.

Retro 4% compounded


after conclusion of

DROP period

3 years N/A Yes Yes No more than 3 installments within 3

years.

Combined

Forward

& Retro

4% compounded


after conclusion of

DROP period

Must retire within 3 years

of Combined DROP

N/A Yes Yes No more than 3 installments within 3

years.

Midland

Lufkin

48

DROP Features

Retirement

System

Type of

DROPInterest Credit

DROP Maximum

Duration

COLA

Credited

Employee

Contribution

Credited

Spouse

continue

after death


min/max)Comments

Odessa Forward

*closed to

members who

did not meet

eligibility

requirement

on/before

12/31/16.

For eligible members

before 12/31/16: 4%

compounded annually

for DROP elections

made before 1/1/17;

None for DROP

elections made

on/after 1/1/17

3 years N/A Yes Yes 1-5 payments over a 5 year period

DROP shall be fully paid at earliest of

5th payment or end of 5-year period.

Orange Retro None 3 years No Yes Yes Lump sum or max 5 payments within

36 months of date of termination of

employment.

Paris Retro None 2 years N/A Yes No Lump sum payment.

Plainview Retro None 2 years with 50/20 if hired

prior to 10/1/94; 2 years

with 53/20 if hired on or

after 10/1/94

No Yes Yes Lump sum or max 5 payments within

36 months of date of termination of

employment.

Port Arthur Retro None 3 years No Yes Yes Lump sum payment.

San Angelo Retro 6% annual rate; no

interest after date of

employment

termination

4 years No Yes Yes Lump sum payment or maximum of 3

payments within 25 months of date of

termination of employment.

San Benito N/A N/A N/A N/A N/A N/A N/A No DROP Offered.

Sweetwater Retro None 2 years N/A No Yes Lump sum payment.

Temple Retro None 2 years N/A Yes Yes Lump sum payment or maximum of 5

payments within 36 months of the

firefighter's date of termination of

employment.

Texarkana Retro None 3 years Yes

(see note)

Yes Yes Lump sum payment or maximum of 5



employment.

Ad hoc benefit increase for

members electing a Retro

DROP benefit calculation date

prior to Oct. 1, 2014.

Additional ad hoc benefit

increase if Retro DROP benefit

calculation date is prior to

Nov. 1, 2012.

49

DROP Features

Retirement

System

Type of

DROPInterest Credit

DROP Maximum

Duration

COLA

Credited

Employee

Contribution

Credited

Spouse

continue

after death


min/max)Comments

Texas City Retro None 30 months Yes Yes Yes Lump sum payment or maximum of 5



employment.

The Woodlands N/A N/A N/A N/A N/A N/A N/A No DROP Offered.

Travis Co. ESD #6 N/A N/A N/A N/A N/A N/A N/A No DROP Offered.

Tyler Retro None 3 years with 55/20 or 5

years with 57/22

No Yes Yes Lump sum payment or maximum of 5



employment.

University Park Retro None 2 years No Yes Yes Lump sum payment or maximum of 5



employment.

Waxahachie Retro None 1 year at 55/21 or 2 years

at 55/22 or 3 years at

55/23

N/A Yes Yes Lump sum payment.

Weslaco N/A N/A N/A N/A N/A N/A N/A No DROP Offered.

Wichita Falls Retro None 2 years N/A No N/A Receipt of lump sum must be

completed during the first four calendar

years of retirement.

50

Directory

51

Plan Contact Information

Plan

(System) Chairperson Address City ZIP Code Phone Website

Abilene Rodney Goodman PO Box 60 Abilene 79604 (325) 690-6728 www.abilenefirepension.com

Amarillo Tony Robinson PO Box 1971 Amarillo 79105 (806) 378-3040 www.afrrf.com

Atlanta Ricky Draper PO Box 1030 Atlanta 75551 (903) 796-2303 www.atlantatxfirepension.org

Beaumont Brian Hebert 1515 Cornerstone Ct Beaumont 77706 (409) 866-1526 www.beaumontfirepension.com

Big Spring Chanley Delk 310 Nolan Big Spring 79720 (432) 263-4036 www.bigspringfire.com

Brownwood Walter Middleton PO Box 1389 Brownwood 76804 (325) 646-5775 www.brownwoodtexas.gov

Cleburne Eric Halvorson 114 W Wardville Cleburne 76033 (817) 645-0965 www.ci.cleburne.tx.us

Conroe Steve Cottar 402 Simonton Ste 175 Conroe 77301 (936) 756-5917 www.conroefirepension.com

Corpus Christi Matthew Wood 711 N Carancahua Ste 724 Corpus Christi 78401 (361) 882-1486 www.ccfirepension.com

Corsicana Kevin Putman 200 N 12th St Corsicana 75110 (903) 654-4815 www.cityofcorsicana.com

Denison John Weda

500 W. Chestnut Street

PO Box 347 Denison 75021 (903) 465-2720 www.cityofdenison.com

Denton Derek Oswald PO Box 2375 Denton 76202 (940) 349-8200 www.dentonfirepension.com

Galveston Charlie Olsen 6511 Stewart Rd Unit 4 B Galveston 77551 (409) 740-0881 www.galvestonfirepension.com

Greenville Craig Himes PO Box 1049 Greenville 75403 (903) 457-2940 www.ci.greenville.tx.us

Harlingen Mario Alvarado PO Box 2207 Harlingen 78551 (956) 216-5704 www.harlingenfirepension.com

Irving Tony Harvey 845 W Irving Blvd Irving 75060 (972) 721-4858 www.ci.irving.tx.us

Killeen Jerry Sutton PO Box 10849 Killeen 76547 (254) 931-0338 www.ci.killeen.tx.us

Laredo Alberto Chapa PO Box 3069 Laredo 78044 (956) 717-8018 www.laredofire.com

Longview Kolby Beckham 411 N Fredonia St Ste 110 Longview 75601 (903) 212-4357 www.longviewfirepension.com

Lubbock Kevin Ivy 4223 85th Street Lubbock 79423 (806) 762-1590 www.lubbockfirepensionfund.com

Lufkin William Gates PO Box 190 Lufkin 75902 (936) 676-1116 www.cityoflufkin.com

Marshall Joey Dunagan 601 S Grove Marshall 75670 (903) 935-4526 www.marshalltexas.net/Departments/Fire

McAllen Javier Gutierrez 1521 Galveston Ave McAllen 78501 (956) 681-2500 www.mcallen.net

Midland Brian McGary PO Box 4296 Midland 79704 (432) 685-7213 www.midlandfrrf.com

Odessa Pat Land 1921 E 37th St Odessa 79762 (432) 614-2491 www.odessafire.com

Orange Jody Cowart PO Box 520 Orange 77631 (409) 886-3611 www.orangetexas.net

Paris Jesse Strain 1444 N Main Paris 75460 (903) 784-9225 www.paristexas.gov

Plainview Kevin Whisenant 911 Quincy St Plainview 79072 (806) 291-1247 www.ci.plainview.tx.us

Port Arthur Mercer Nessour PO Box 1089 Port Arthur 77641 (409) 983-8734 www.portarthurfirepension.com

San Angelo Cory Word 306 W 1st St San Angelo 76903 (325) 657-4355 www.safiredept.com

Paid and Part-Paid Plans

52

http://www.atlantatxfirepension.org/

http://www.beaumontfirepension.com/

http://www.ci.greenville.tx.us/

http://www.harlingenfirepension.com/

http://www.safiredept.com/


Plan


San Benito Henry Lopez 485 N Sam Houston Blvd San Benito 78586 (956) 245-9633 www.cityofsanbenito.com

Sweetwater Brad Payne PO Box 588 Sweetwater 79556 (409) 828-0425 www.sweetwaterfirepension.com

Temple Scott Hoelscher PO Box 6101 Temple 76503 (254) 774-5834 www.templefirepension.com

Texarkana Tim Martin PO Box 1967 Texarkana 75504 (409) 828-0425 www.texarkanafirepension.com

Texas City Michael Rusnak 1801 9th Ave N Texas City 77590 (719) 643-5714 www.texas-city-tx.org

The Woodlands Doug Adams P.O. Box 497 Conroe 77305 (936) 537-4475 www.twfrs.org

Travis County

ESD #6 Scott Falltrick 124 White Fox Cove Round Rock 78664 (512) 663-6804 www.tcesd6pension.com

Tyler James Mullican 1718 W Houston St Tyler 75702 (903) 535-0005 www.cityoftyler.org

University Park Dustin Lewis 3800 University Blvd Dallas 75205 (214) 987-5380 www.uptexas.org

Waxahachie Gary Myers 407 Water St Waxahachie 75168 (972) 937-1200 www.waxahachie.com

Weslaco Jaime Hernandez PO Box 8188 Weslaco 78599 (409) 828-0425 www.weslacofdpension.com

Wichita Falls Ray Wood 624 Indiana Ave Ste 305 Wichita Falls 76301 (940) 761-7901 www.wichitafallsfirepension.com

Arlington Jeff Williams 101 W Abram St 3rd Floor Arlington 76010 (817) 459-6403 www.arlington-tx.gov/fire

Bay City Mark Bricker 1901 5th St Bay City 77415 (979) 245-2137 www.cityofbaycity.org

Beeville David Carabajal 400 N Washington Beeville 78102 (361) 358-4641 www.beevilletx.org/fire_department.php

Belton Marion Grayson PO Box 120 Belton 76513 (254) 933-5817 www.ci.belton.tx.us

Benavides Sijifredo Flores PO Drawer R Benavides 78341 (361) 256-3283 N/A

Bowie Gaylynn Burris 203 Walnut St Bowie 76230 (940) 872-1114 www.cityofbowietx.com/77/Fire-Department

Bronte Gerald Sandusky PO Box 370 Bronte 76933 (915) 473-3501 www.brontetexas.org

Caddo Mills Dwayne Pattison PO Box 490 2313 Main Street Caddo Mills 75135 (903) 527-3116 N/A

Canton Lou Ann Everett 119 n. Buffalo Canton 75103 (903) 567-2826 www.cantontx.gov/fire-departmentChillicothe Cathy Young PO Box 546 Chillicothe 79225 (940) 852-5211 N/A

Cisco James King 500 Conrad Hilton Blvd Cisco 76437 (254) 442-3078 www.ciscofd.com

Clifton James Heid PO Box 231 Clifton 76634 (254) 675-8337

http://www.cityofclifton.org/page/fire-

department.aspx

Cockrell Hill Luis Carrera 4125 W Clarendon Dr Dallas 75211 (214) 330-6333 www.cockrellhillfd.com

College Station Karl Mooney PO Box 9960 College Station 77842 (979) 764-3552 www.cstx.gov

Colorado City Jim Baum PO Box 912 Colorado City 79512 (325) 728-5331 www.coloradocitytexas.org

Volunteer Plans

Paid and Part-Paid Plans (Continued)

53

http://www.templefirepension.com/

http://www.texarkanafirepension.com/

http://www.wichitafallsfirepension.com/

http://www.cockrellhillfd.com/


Plan


Comanche Ronnie Clifton 200 North Austin Avenue Comanche 76442 (325) 356-2616 N/A

Commerce Wyman Williams 1119 Alamo St Commerce 75428 (903) 886-1100 www.commercetx.org

Cooper Darren Brady 91 North Side Sq Cooper 75432 (903) 395-2217 N/A

De Kalb Dennis Wandrey 110 E Grizzly De Kalb 75559 (903) 667-2410 N/A

Decatur Martin Woodruff PO Box 1299 Decatur 76235 (940) 627-2741 www.decaturfd.com

Donna Rick Morales 307 S 12th St Donna 78537 (956) 464-2121

www.cityofdonna.org/departments/fire-

department

Eden Eddy Markham 120 Paint Rock Road Eden 76837 (325) 869-2211 www.edentexas.com

Elsa Alonzo Perez PO Box 427 Elsa 78543 (956) 262-2793 N/A

Ennis Angeline Juenemann PO Box 220 Ennis 75120 (972) 875-3473 N/A

Floresville

Cecelia Gonzalez-

Dippel 1120 D St Floresville 78114 (830) 393-3105 N/A

Franklin Molly Hendrick PO Box 428 Franklin 77856 (979) 828-5831

www.cityoffranklintx.com/departments/

firedepartment

Gatesville Gary Chumley 110 N 8th St Gatesville 76528 (254) 865-8951 www.gatesvilletx.govoffice2.com

Goldthwaite Mike McMahan PO Box 450 Goldthwaite 76844 (325) 648-3186 N/A

Granger Trevor Cheatheam PO Box 367 Granger 76530 (512) 859-2755

www.cityofgranger.org/

Fire_Department.html

Grapeland Balis Dailey PO Box 567 Grapeland 75844 (936) 687-2115 www.grapeland.com

Hamlin E.C. Ice PO Box 157 Hamlin 79520 (325) 576-2711 N/A

Hemphill Robert Hamilton PO Box 788 Hemphill 75948 (409) 787-2251 www.hemphill.govoffice2.com

Henderson Pat Brack 400 W Main St Henderson 75652 (903) 657-6551 www.hendersontx.us

Henrietta Howard Raeke 101 North Main Henrietta 76365 (940) 538-4316

www.cityofhenrietta.com/departments/

henrietta-volunteer-fire-department/

Hico Dale Tucker PO Box 533 Hico 76457 (254) 796-4620 N/A

Hughes Springs James Samples PO Box 805 Hughes Springs 75656 (903) 639-7519 www.hughesspringstxusa.com/fire.html

Jacksboro Alton Morris 112 W Belknap St Jacksboro 76458 (940) 567-6321 www.cityofjacksboro.com

Jacksonville Dick Stone PO Box 1390 Jacksonville 75766 (903) 586-3510 www.jacksonville-texas.com

Junction Russell Hammonds 730 Main St Junction 76849 (325) 446-2622 N/A

Karnes City Leroy Skloss 314 E Calvert Ave Karnes City 78118 (830) 780-3422 www.kcvfd.org

Kaufman Jeff Jordan 209 S Washington St Kaufman 75142 (972) 932-2216 www.kaufmantx.org

Kenedy Randy Garza 303 W Main St Kenedy 78119 (830) 583-2230 N/A

Volunteer Plans (Continued)

54

http://www.commercetx.org/

http://www.jacksonville-texas.com/

http://www.kcvfd.org/


Plan


Lampasas Misti Talbert 312 E. Third Street Lampasas 76550 (512) 556-3446 N/A

Leonard Steven Bolin 111 W Collin St Leonard 75452 (903) 587-3334 www.cityofleonard.net

Los Fresnos Polo Narvaez 200 N Brazil Los Fresnos 78566 (956) 371-2870 N/A

Mason Brent Hinckley PO Box 68 Mason 76856 (325) 347-6449 N/A

McGregor Jimmy Hering PO Box 192 McGregor 76657 (254) 840-2806 www.mcgregor-texas.com

McKinney George Fuller 222 N Tennessee St McKinney 75069 (972) 547-7567 www.mckinneytexas.org

McLean Tanner Hess PO Box 9 McLean 79057 (806) 779-2481 N/A

Memphis Robert Maddox 721 Robertson St Memphis 79245 (806) 259-3001 N/A

Monahans David Cutbirth 112 W 2nd St Monahans 79756 (432) 943-4343 www.monahans.org

Mount Pleasant Paul Meriwether 501 N. Madison Mount Pleasant 75455 (903) 575-4144 www.mpcity.net

Muenster Tom Felderhoff PO Box 208 Muenster 76252 (940) 759-2236 www.ci.muenster.tx.us

Navasota Bert Miller PO Box 910 Navasota 77868 (936) 825-6490 www.navasotatx.gov

Nocona Robert Fenoglio 100 Cooke St Nocona 76255 (940) 825-4100 www.nocona.org

Olney Phil Jeske II PO Box 546 Olney 76374 (940) 564-5616 www.olneytexas.com

Paducah Gordon Melton PO Box 759 Paducah 79248 (806) 492-3713 www.paducahtx.com

Pecos City Venetta Seals PO Box 929 Pecos 79772 (432) 445-3519 www.townofpecoscitytx.com

Pittsburg Shawn Kennington 200 Rusk St Pittsburg 75686 (903) 856-3621 www.pittsburgtexas.com

Port Lavaca Jack Whitlow 202 N Virginia Port Lavaca 77979 (361) 552-9793 www.portlavaca.org

Ralls Heath Verett 800 Avenue I Ralls 79357 (806) 253-2558 N/A

Robert Lee Leroy Casey PO Box 26 Robert Lee 76945 (325) 453-2831 www.robertleetexas.com

Robstown Mandy Barrera 101 East Main Robstown 78380 (361) 387-4589 www.cityofrobstown.com

Rockdale John King PO Box 586 Rockdale 76567 (512) 446-2511 N/A

Round Rock Craig Morgan 221 E Main Round Rock 78664 (512) 218-5432 www.roundrocktexas.gov

Runge Homer Lott Jr. PO Box 206 Runge 78151 (830) 239-4121 www.rusktx.org

Rusk Angela Raiborn 205 S Main St Rusk 75785 (903) 683-5794 www.rusktx.org

Sealy Janice Whitehead PO Box 517 Sealy 77474 (979) 885-3511 www.ci.sealy.tx.us

Silsbee Herbert Muckleroy 105 S 3rd St Silsbee 77656 (409) 385-2863 www.cityofsilsbee.com

Silverton Lane Garvin PO Box 250 Silverton 79257 (806) 823-2125 N/A

Smithville Scott Saunders PO Box 449 Smithville 78957 (512) 237-3282 www.ci.smithville.tx.us

Stephenville Kenny Weldon 298 W Washington Stephenville 76401 (254) 918-1277 www.stephenvilletx.gov/departments/fire


55

http://www.rusktx.org/


Plan


Sulphur Springs John Sellers 201 N Davis Street Sulphur Springs 75482 (903) 885-7541

www.sulphurspringstx.org/departments/

fire_department.php

Taft Pete Lopez PO Box 416 Taft 78390 (361) 528-3512 N/A

Three Rivers Sam Garcia PO Box 398 Three Rivers 78071 (361) 786-2528 www.threeriverstx.org

Throckmorton Will Carroll PO Box 640 Throckmorton 76483 (940) 849-4411 www.throckmortontx.org

Tulia Russell Proctor PO Box 847 Tulia 79088 (806) 995-3547 www.tuliatexas.org

Valley Mills Jerry Wittmer PO Box 641 Valley Mills 76689 (254) 932-5101 www.vmtx.us

Weatherford Craig Swancy PO Box 255 Weatherford 76086 (817) 598-4000 www.ci.weatherford.tx.us

White Deer Kent Kelp PO Box 98 White Deer 79097 (806) 883-4191 N/A

Winters Lisa Yates 310 S Main St Winters 79567 (325) 754-4424 www.cityofwinters.net


56

Plan Contractor Information

Service Provided Firm Name Contact Name Email Phone

Actuary Foster & Foster Brad Heinrichs [email protected] (239) 433-5500

Attorney Hund, Krier, Wilkerson & Wright, P.C. Kimberly Wilkerson [email protected] (806) 783-8700

Auditor Eide Bailly Diane Terrell, CPA [email protected] (325) 672-4000

Investment Consultant Alpha Consulting Group of Wells Fargo Advisors Roy Browning Jr. [email protected] (800) 762-6231

Investment Custodian / Bank Frost Bank Ed Peschke [email protected] (817) 420-5626

Investment Manager Atlantic Trust Chuck Dale [email protected] (312) 368-7679

Investment Manager BlackRock Advisors, LLC Angela Wascom-Gantt [email protected] (212) 810-5300

Investment Manager Invesco Advisers, Inc. Steven Krauszer [email protected] (832) 244-4002

Investment Manager Kayne Anderson Maritza Gonzalez [email protected] (310) 284-6423

Investment Manager Oppenheimer Funds, Inc. Rhea Berglund [email protected] (214) 592-7822

Investment Manager SEI EM (800) 342-5734

Investment Manager Vanguard Michelle Buonanno [email protected] (800) 523-1036 x32661

Investment Manager Vanguard EM Michelle Buonanno " (800) 523-1036 x32661

Investment Manager Vanguard Extended Market ETF Michelle Buonanno " (800) 523-1036 x32661

Investment Manager Wells Fargo Alternative Strategies Group, Inc. Art Seals [email protected] (214) 909-9957

Investment Manager Westwood Trust Kimberly Rice [email protected] (214) 756-6900


Actuary John M. Crider, Jr. John Crider [email protected] (972) 690-5390

Attorney Jackson Walker, LLP Chuck Campbell [email protected] (512) 236-2663

Auditor Connor, McMillon, Mitchell & Shennum, PLLC Janie Arnold [email protected] (806) 373-6661

Investment Consultant Wells Fargo Advisors Kelly Bevis [email protected] (817) 877-9889

Investment Custodian / Bank Frost Bank Steve Klein [email protected] (210) 220-4743

Investment Manager Luther King Capital Management Luther King [email protected] (817) 332-3235


Actuary Rudd and Wisdom, Inc. Mark Fenlaw [email protected] (512) 346-1590

Attorney James H. Verschoyle James Verschoyle [email protected] (903) 796-4187

Investment Consultant Westwood Holdings Group Kim Calhoun [email protected] (214) 756-6989

Investment Custodian / Bank Westwood Holdings Group Kim Calhoun " (214) 756-6989

Investment Manager Westwood Holdings Group Kim Calhoun " (214) 756-6989

Abilene

Amarillo

Atlanta

57











Actuary Dean Actuaries, LLC Chuck Dean [email protected] (214) 792-0101

Auditor West, Davis & Co., LLP Gary Davis [email protected] (512) 340-0333

Investment Consultant Robert Harrell, Inc. Will Harrell [email protected] (214) 756-6990

Investment Custodian / Bank Westwood Trust Kim Calhoun [email protected] (214) 756-6990

Investment Manager Westwood Trust Kim Calhoun " (214) 756-6990


Accountant Mitchell T. Fontenote, CPA Mitchell T. Fontenote [email protected] (409) 722-6300



Auditor Mitchell T. Fontenote, CPA Mitchell T. Fontenote [email protected] (409) 722-6300

Investment Consultant And Company Consulting Jack Evatt [email protected] (407) 520-5351

Investment Custodian / Bank Wells Fargo Diana Dietsch [email protected] (713) 319-1667

Investment Manager Vanguard Brian Lunney [email protected] (610) 669-2674

Investment Manager WCM Investment Management Sloane Payne [email protected] (949) 380-0200

Investment Manager Conestoga Capital Advisors Mark Clewett [email protected] (484) 654-1385

Investment Manager Delaware Investments Bill Conrad [email protected] (215) 255-1086

Investment Manager DePrince, Race & Zollo Brian Casey [email protected] (321) 288-1291

Investment Manager Westwood Holdings Group Kim Calhoun [email protected] (214) 756-6989

Investment Manager American Realty Advisors Richelle Hayes [email protected] (407) 342-1432

Investment Manager Hillswick Asset Management Peter Hamilton [email protected] (415) 981-6911

Investment Manager Orleans Capital Management Emily Becker [email protected] (985) 674-1367

Investment Manager Legg Mason Global Asset Management Nedra Hadley [email protected] (215) 609-3921

Investment Manager Loomis, Sayles & Company Lynsey Fitzgerald [email protected] (617) 960-2556

Investment Manager Westwood Holdings Group Kim Calhoun [email protected] (214) 756-6989

Investment Manager CapitalSpring Richard Fitzgerald [email protected] (212) 981-0155

Investment Manager American Realty Advisors Richelle Hayes [email protected] (407) 342-1432

Big Spring

Beaumont

58









Accountant Helen Duvall, CPA Helen Duvall [email protected] (832) 620-0424


Attorney Pat Chesser Pat Chesser [email protected] (325) 646-5775

Auditor Richard Bowman, CPA Richard Bowman [email protected] (325) 235-4974

Investment Consultant Graystone Southwest-Austin Tim Sharpe or Jim Stoker [email protected] (512) 469-3418

Investment Custodian / Bank Morgan Stanley Smith Barney, LLC Pamela Dunn [email protected] (512) 469-3449

Investment Manager Federated Investors, Inc. Mark Strubel [email protected] (214) 725-8298

Investment Manager Glovista Investment, LLC Darshan Bhatt [email protected] (212) 336-1542

Investment Manager Wedgewood Partners, Inc. David Rolfe [email protected] (314) 567-6407

Investment Manager WCM Investment Management Bill Orke [email protected] (949) 715-5742

Investment Manager Blackrock Strategic, Inc. Robb Falaguerra [email protected] (312) 254-6018

Investment Manager Great Lakes Advisors Tom Erdmier [email protected] (727) 712-2995

Investment Manager Blackstone Real Estate Income Fund David Ainsworth [email protected] (217) 864-3578

Investment Manager Delaware Investments Dan Perry [email protected] (215) 255-8514

Investment Manager Cambiar Investors, LLC Karl Engelmann [email protected] (303) 302-9024


Accountant Gilliam, Wharram & Co, P.C. Harold Gilliam [email protected] (817) 641-2274


Auditor Gerald D. Nelson, P.C. Gerald Nelson [email protected] (254) 597-0240

Investment Consultant Worthpointe Wealth Management Scott O'brien [email protected] (512) 595-6554

Investment Custodian / Bank Scottrade, Inc.

Investment Manager Worthpointe Wealth Management Scott O'brien [email protected] (512) 595-6554


Accountant Robert Vanwassehnova Amy [email protected] (936) 760-1600

Actuary Retirement Horizons, Inc. Mickey McDaniel [email protected] (281) 296-1107


Auditor Brooks Cardiel, PLLC Mike Brooks [email protected] (281) 907-9223

Investment Consultant South Texas Money Management Lisa I. Miller [email protected] (512) 698-4593

Investment Custodian / Bank Charles Schwab Karen Benewith [email protected] (602) 355-3526

Cleburne

Conroe

Brownwood

59




Attorney Davis Hutchinson & Wilkerson, LLP Craig Ansel [email protected] (361) 882-2272

Auditor GF Valdez, PC Lupe Valdez [email protected] (361) 991-1650

Investment Consultant UBS Institutional Consulting Hal Tabb [email protected] (504) 595-5444

Investment Custodian Frost Bank Mike Albright [email protected] (361) 844-1048

Investment Manager Garcia Hamilton & Associates, LP Ruby M. Dang [email protected] (713) 853-2359

Investment Manager LSV Asset Manager Scott Kemper [email protected] (312) 327-4334

Investment Manager Franklin Templeton Institutional Brian Kahley [email protected] (945) 527-2198

Investment Manager JP Morgan Asset Mangement Kate (Morgenier) Hurley [email protected] (212) 668-1555

Investment Manager Eaton Vance Investment Mangers Kathy Kasper [email protected] (617) 672-8155

Investment Manager JP Morgan Asset Mangement, SPF Kate (Morgenier) Hurley [email protected] (212) 668-1555

Investment Manager Polen Capital P.J. Fitzgerald [email protected] (561) 995-4529

Investment Manager Clearbridge Institutional Nicole Tarallo [email protected] (212) 805-2125

Investment Manager Fuller & Thaler Asset Management G. Ed Stubbins [email protected] (650) 931-1515



Auditor Anderson, Marx, & Bohl Dori Bohl [email protected] (903) 872-2571


Investment Custodian Morgan Stanley Smith Barney, LLC Pamela Dunn [email protected] (512) 469-3449









Investment Manager Cambiar Investors, LLC Karl Engelmann [email protected] (303) 302-9024

Corpus Christi

Corsicana

60





Attorney Hund, Krier, Wilkerson & Wright, P.C. Kim Wilkerson [email protected] (806) 783-8710

Auditor BrooksWatson & Co., PLLC Louis Breedlove [email protected] (281) 907-9188

Investment Consultant Fiduciary Financial Services Wealth Management Cecilia Fisher [email protected] (972) 934-9070

Investment Custodian / Bank First United Bank Freddy Menjivar [email protected] (903) 813-3654



Attorney City of Denton Jennifer DeCurtis [email protected] (940) 349-8333

Auditor Hankins Eastup Deaton Tonn & Seay, P.C. Dan Tonn [email protected] (940) 387-8563

Investment Consultant Garnett Advisors, LLC William Coleman [email protected] (940) 387-3881


Investment Manager Garnett Advisors, LLC William Coleman [email protected] (940) 387-3881





Auditor Whitley Penn Christopher Breaux [email protected] (713) 386-1113



Investment Manager O'Shaughnessy Matte Greene [email protected] (203) 975-3344

Investment Manager The Blackstone Group David Ainsworth [email protected] (217) 864-3578

Investment Manager Balyasny Rich Arbucci [email protected] (646) 924-1280


Investment Manager Millennium Brian Kelly [email protected] (212) 708-4367

Investment Manager Vanguard Neal Guidry [email protected] (713) 471-4967

Investment Manager Glovista Darshan Bhatt [email protected] (212) 336-1542

Denton

Galveston

Denison

61





Investment Manager Clarion Partners Daniel Reid [email protected] (212) 883-2500


Investment Manager Blackrock Robb Falaguerra [email protected] (312) 254-6018




Auditor Malnory, McNeal & Company, P.C. Lori Whittle [email protected] (903) 784-6700

Investment Manager Westwood Trust Kim Calhoun [email protected] (214) 756-6989

Investment Manager Westwood Trust Amy Lester [email protected] (214) 756-6989


Actuary Retirement Horizons, Inc. Mickey G. McDaniel [email protected] (281) 296-1100


Auditor Long Chilton, LLP Robert Rodriguez [email protected] (956) 423-3765

Investment Consultant Westwood J. Porter Montgomery [email protected] (214) 756-6900

Investment Custodian / Bank Frost Bank Rick Ramirez [email protected] (956) 702-6641


Accountant R. C. Neal, P.C.

Ralph or Sandy Neal /

Becky Torres [email protected] (972) 259-5757


Attorney Locke Lord, LLP Stefan Smith [email protected] (214) 740-8000

Auditor R. C. Neal, P.C.

Ralph or Sandy Neal/ Becky

Torres [email protected] (972) 259-5757






Greenville

Harlingen

Irving

Galveston (continued)

62








Investment Manager Smith Group Asset Management Kenneth Wallace [email protected] (214) 880-4633

Investment Manager APEX/Fiera Capital Mark Harrell [email protected] (937) 388-1425

Investment Manager The Blackstone Group David Ainsworth [email protected] (217) 864-3578


Investment Manager Cohesive Capital Partners John Barber [email protected] (212) 616-9619

Investment Manager PIMCO Kaela Gibbons [email protected] (212) 597-1089

Investment Manager Clarion Partners Daniel Reid [email protected] (212) 883-2500

Investment Manager New Riders Tim Sharpe [email protected] (512) 469-3418

Investment Manager Columbia Don Wilhelm

donald.c.wilhelm

@columbiathreadneedle.com (512) 608-3577

Investment Manager Brandywine N/A

Investment Manager Goldman Sachs Danny Hamilton [email protected] (512) 797-3906

Investment Manager Lazard Asset Management Alex Montoya [email protected] (713) 299-9421


Investment Manager Harvest Interests Kenneth Cooley [email protected] (214) 253-2140

Investment Manager CapitalSpring Kristin Reilly [email protected] (615) 651-1579

Investment Manager Hancock Timber Tony Cascio [email protected] (617) 747-1591





Auditor Brookswatson & Co. Mike Brooks [email protected] (281) 907-8788

Investment Consultant The Bogdhan Group Jack Evatt [email protected] (407) 520-5362



Actuary Rudd and Wisdom, Inc. Mark R. Fenlaw [email protected] (512) 346-1590

Attorney Martin & Drought, P.C. Jon D. Lowe [email protected] (210) 220-1348

Auditor Montemayor Hill Britton & Bender, P.C. Archie Montemayor [email protected] (512) 442-0380

Laredo

Irving (continued)

Killeen

63



Investment Consultant Fund Evaluation Group Alan Bergin [email protected] (313) 875-4300

Investment Custodian / Bank Wells Fargo Jean Tucker [email protected] (713) 319-1656

Investment Manager Fiduciary Management of Milwaukee Mike Stanley [email protected] (414) 226-4545

Investment Manager Ishared U.S. Aggregate Bonds Index Fund

Investment Manager Speece Thorson Fred Speece [email protected] (612) 338-7043

Investment Manager Stephens Investment Management Group Patrick White [email protected] (713) 993-4264

Investment Manager Tortoise MLP & Pipeline Andrew Goldsmith [email protected] (913) 890-2159

Investment Manager Loomis Sayles Large Cap Growth

Investment Manager Artisan Partners Mark Yockey [email protected]

Investment Manager Dimensional Fund Advisors Matt Pawlak [email protected] (512) 306-4376

Investment Manager Hood River Small Cap Growth Brett Hokkanen [email protected] (503) 444-4897

Investment Manager JP Morgan Asset Management David S. Fisher [email protected] (212) 648-0476

Investment Manager PIMCO Vernon Edler [email protected] (949) 720-6460

Investment Manager Ironwood Jonathan Gans [email protected] (415) 777-2400

Investment Manager Pointer Cassie Schmidt [email protected] (423) 266-3544




Auditor Curtis Blakely & Co. Mitchell McCoy [email protected] (903) 247-1857


Investment Bank Frost Bank Ed Peschke [email protected] (817) 420-5626

Investment Custodian Frost Bank/Morgan Stanley Ed Peschke/Tim Sharpe [email protected] (713) 993-2747

Investment Manager Cambiar Karl Engelmann [email protected] (303) 302-9000

Investment Manager William Blair Jim White [email protected] (312) 364-8896

Investment Manager WCM Julianna Jones [email protected] (949) 380-0200

Investment Manager Vanguard Hannah Rawdin [email protected] (888) 383-4483

Investment Manager Diamond Hill Joe Penner [email protected] (614) 255-5735

Investment Manager Nuveen Asset Management JP Farrar [email protected] (312) 917-7780

Longview

Laredo (continued)

64











mailto:[email protected]%3E



Investment Manager T. Rowe Price Chris Macon [email protected]> (512) 202-5730


Investment Manager Cohesive Capital Gregory Angrist [email protected] (212) 616-9609


Investment Manager Blackstone Real Estate David Ainsworth [email protected] (212) 864-3578

Investment Manager PIMCO Bravo II/Briefs/Income Fund Andrew Hoffman [email protected] (949) 467-8393

Investment Manager Campus Clarion Daniel Reid [email protected] (212) 883-2500

Investment Manager Frost Investment Management Vance Arnold [email protected] (210) 220-6493




Auditor Robinson, Burdette, Martin, & Seright, LLP Brent Redford [email protected] (806) 744-4333

Investment Consultant Ellwood Associates Dale Connors [email protected] (303) 738-0300


Investment Manager Harvest Interests Ken Cooley [email protected] (214) 253-2140

Investment Manager Huff Energy Group Brian Bloom [email protected] (917) 984-1233

Investment Manager Parametric Jeremy Smith [email protected] (952) 767-7755

Investment Manager GQG Meredith Mertens [email protected] (754) 312-6105

Investment Manager Garcia Hamilton Ruby Dang [email protected] (713) 853-2329

Investment Manager Goldman Sachs Guy Pullen [email protected] (917) 882-1099

Investment Manager Blackstone Group David Ainsworth [email protected] (214) 864-3578



Attorney City of Lufkin Bruce Green [email protected] (936) 633-0260

Auditor Alexander,Lankford,Hiers, Inc. Susan Murrell [email protected] (936) 632-7771

Investment Consultant Westwood Trust Porter Montgomery [email protected] (214) 756-6919

Lubbock

Lufkin

Longview (continued)

65

mailto:[email protected]%3E










Investment Custodian / Bank Westwood Trust Porter Montgomery " (214) 756-6919

Investment Manager Westwood Trust Porter Montgomery " (214) 756-6919


Accountant City of Marshall Elaine Altman [email protected] (903) 935-4519

Actuary Retirement Horizons, Inc. David Sawyer [email protected] (281) 296-1107

Attorney Law Office of Gregory J. Wright Tracy Almanza [email protected] (903) 238-9704

Auditor Knuckols Duvall Hallum & Co. Mike Hallum [email protected] (903) 938-0331

Investment Manager Westwood Trust Michelle Neber [email protected] (214) 756-6984


Accountant City of McAllen Susan Lozano [email protected] (956) 681-1080


Attorney Locke Lord, LLP Stefan Smith [email protected] (214) 740-8796

Auditor Padgett Stratemann Marc Sewell [email protected] (210) 253-1506

Investment Consultant Gavion Curtis W. Williams [email protected] (901) 761-8080

Investment Custodian / Bank Wells Fargo Institutional Retirement and Trust Jean Tucker [email protected] (210) 856-5136

Investment Manager Wells Capital Management Tom Galfano [email protected] (414) 539-3358

Investment Manager JP Morgan Value Advantage Fund Scott Rubin [email protected] (212) 623-8610

Investment Manager Oppenheimer International Growth Fund Jason Widner [email protected] (310) 228-0972

Investment Manager Oppenheimer International Small Cap Fund Jason Widner [email protected] (310) 228-0972

Investment Manager Lee Munder Emerging Market Equity Tom Capobianco [email protected] (617) 380-5601

Investment Manager Hillswick Asset Management Alison Sandor [email protected] (203) 425-1420

Investment Manager MFS Matt Westhoven [email protected] (617) 954-6055

Investment Manager Templeton Global Bond Fund Christopher Walton [email protected] (650) 312-2523

Investment Manager Courage Credit Opportunities Offshore Fund III, LP John E. Klinge [email protected] (310) 622-9270

Investment Manager Ironwood Capital Partners, LP Martin J. Hermens [email protected] (415) 777-2400

Investment Manager Titan Master Fund, LP Marice Leo [email protected] (203) 327-8600

Investment Manager PIMCO All Asset All Authority Rushant Sanathara [email protected] (949) 720-7693

Investment Manager Cielo Realty Partners: CRP 10th Street, LTD Robert Gandy III [email protected] (956) 369-0944

Investment Manager TerraCap Partners III, LP James Lane [email protected] (239) 540-2002

Marshall

McAllen

Lufkin (continued)

66




Accountant MFRRF Administrator Shera Crow [email protected] (432) 685-7213


Attorney Strasburger & Price Gus Fields [email protected] (214) 651-4300

Auditor Davis Kinard & Co, PC Diane Terrell [email protected] (325) 672-4000

Investment Custodian Frost National Bank Ed Peschke [email protected] (817) 420-5626


Investment Manager Westwood Management Corp. Kim Calhoun " (214) 756-6989

Investment Manager NBW Capital, LLC Ben Niedermeyer [email protected] (617) 482-2222

Investment Manager Seacrest Investment Management Ronald Lenihan rlenihan@seacrest&rm.com (914) 502-1905

Investment Manager LCM Global Partners Jason Boyd [email protected] (469) 802-2001

Investment Manager MREC (Moriah Group) Will Lunsford [email protected] (432) 682-210

Investment Manager Loomis, Sayles, & Company, LP Joe Beauparlant [email protected] (617) 748-1742

Investment Manager Lazard Asset Management Tony Dote [email protected] (212) 632-6439

Investment Manager Hines Real Estate Inv. Trust Scottye Ratliff

Investment Manager Glovista Carlos Asilis [email protected] (212) 336-1542

Investment Manager Federated International Leonardo A. Villa

Investment Manager CDK Realty Advisors Kenneth Cooley [email protected] (214) 253-2140

Investment Manager The Davis Companies Andrew C. Holmberg [email protected] (617) 986-6348

Investment Manager Greenspring Associates John Avirett greenspringassociates.com (410) 363-2725




Auditor Richard A. Bowman Ricky Bowman [email protected] (325) 235-4974

Investment Consultant Westwood Holdings Group, Inc. Kim Calhoun [email protected] (214) 756-6989

Investment Custodian / Bank Westwood Holdings Group, Inc. Kim Calhoun " (214) 756-6989

Investment Manager Westwood Holdings Group, Inc. Kim Calhoun " (214) 756-6989




Midland

Odessa

Orange

67



Auditor Edgar, Kiker & Cross Bradley D Brown, CPA [email protected] (409) 883-8224



Investment Manager Blackrock Robb Falaguerra [email protected] (312) 254-6018

Investment Manager Great Lakes Advisor Tom Erdmier [email protected] (727) 712-2995

Investment Manager Polen Capital Management Leonard Gonzalez [email protected] (561) 995-4523



Investment Manager Columbia Don Wilhelm

donald.c.wilhelm

@columbiathreadneedle.com (512) 608-3577

Investment Manager Federated Investors Mark Strubel [email protected] (214) 725-8298

Investment Manager Glovista Darshan Bhatt [email protected] (212) 336-1542

Investment Manager Vanguard LCV ETF Neal Guidry [email protected] (337) 412-3432


Accountant Malnory, McNeal & Company, P.C. Johnna McNeal or Lori Whittle Lori Whittle: [email protected] (903) 784-6700



Auditor Malnory, McNeal & Company, P.C. Johnna McNeal or Lori Whittle Lori Whittle: [email protected] (903) 784-6700

Investment Consultant Westwood Trust Amy Lester [email protected] (214) 756-6986

Investment Custodian / Bank Westwood Trust Michelle Neber [email protected] (214) 756-6984


Accountant City of Plainview Sarianne Beversdorf [email protected] (806) 296-1130

Actuary Retirement Horizons, Inc. Barry L. Anderson [email protected] (281) 863-1951


Auditor Moseley & Riddle, CPAs Kevin Moseley [email protected] (806) 281-9245




Paris

Orange (continued)

Plainview

68








Investment Manager Segall Bryant & Hamill Mark Rewey [email protected] (312) 474-4118


Investment Manager O'Shaughnessy Matte Greene [email protected] (203) 975-3344




Auditor Mithchell T. Fontenote CPA, Inc. Mitchell Fontenote [email protected] (409) 722-6300

Investment Consultant Vanguard George Toulson, CFA, CFP george [email protected] (610) 503-7238



Actuary Retirement Horizons, Inc. Mickey Mc Daniel [email protected] (281) 296-1100

Attorney Hund, Krier, Wilkerson and Wright, P.C. Kimberly Wilkerson [email protected] (806) 783-8700

Auditor Condley and Company Jeff Graham [email protected] (325) 677-6251

Investment Custodian / Bank First Financial David Byrd [email protected] (325) 659-5959

Investment Manager Westwood Group Kim Calhoun [email protected] (214) 756-6989


Actuary Retirement Horizons, Inc. David A. Sawyer, FSA [email protected] (281) 296-1107


Auditor Pattillo, Brown, & Hill, LLP Pattillo, Brown, & Hill, L.L.P. www.pbhcpa.com (956) 544-7778




San Benito

Plainview (continued)

Port Arthur

San Angelo

69





Investment Manager Westend Advisors Staunton Harkins [email protected] (704) 409-4125









Auditor Ricky Bowman, CPA Ricky Bowman [email protected] (325) 235-4974

Investment Consultant Westwood Trust Porter Montgomery [email protected] (214) 756-6919

Investment Manager Westwood Trust Michelle Neber [email protected] (214) 756-6984




Auditor Jaynes, Reitmeier, Boyd & Therrell, P.C. Kristy Davis [email protected] (254) 761-1697

Investment Consultant CAPTRUST Financial Advisors John Pickett [email protected] (214) 622-6025

Investment Custodian / Bank Extraco Banks, N.A. Jake Herndon [email protected] (254) 774-5833

Investment Manager Loomis Sayles Core Plus [email protected] (800) 633-3330

Investment Manager AF Euro Pacific Growth (800) 421-4225

Investment Manager Nuveen Real Estate (800) 225-8530

Investment Manager Oppenheimer Intl (800) 525-7048

Investment Manager Partners Group Private Equity [email protected] (646) 407-9338

Investment Manager PIMCO Commodity Real Rtn Strategy (888) 877-4626

Investment Manager Portfolio Advisors Private Equity VI [email protected] (203) 662-3336

Investment Manager Portfolio Advisors Private Equity VIII [email protected] (203) 662-3336

Temple

San Benito (continued)

Sweetwater

70



Investment Manager Salient MLP Energy & Infrastructure [email protected] (713) 993-4675

Investment Manager Grosvenor Institutional Partners [email protected] (855) 426-9321

Investment Manager Northern Trust Collective Fund (866) 876-9944




Auditor Henry & Peters, P.C. Katie Markasky, CPA [email protected] (903) 597-6311

Investment Consultant Champion Capital Research Mary Kathryn Campion [email protected] (713) 974-8883


Investment Manager Westwood Porter Montgomery [email protected] (214) 756-6919

Investment Manager Hillswick Asset Management, LLC Peter Hamilton, CFA [email protected] (203) 425-1422

Investment Manager SeaCrest Investment Management Peter F. Morgantini, CFA [email protected] (914) 502-1901

Investment Manager Glovista Investments, LLC Darshan Bhatt, CFA [email protected] (201) 633-3601

Investment Manager WCM Investment Management Nelson E. Farias [email protected] (949) 715-5713



Actuary Retirement Horizons, Inc. Mickey McDaniel [email protected] (281) 296-1100


Auditor Whitley Penn Christopher Breaux [email protected] (409) 944-4821

Investment Consultant Morgan Stanley Tim Sharpe [email protected] (719) 993-2747

Investment Custodian / Bank Morgan Stanley Tim Sharpe " (719) 993-2748

Investment Manager Federated FI

Investment Manager Goldmen Sachs

Investment Manager Black Rock Strategic

Investment Manager Cambiar LV

Investment Manager Wedgewood LG

Investment Manager Delaware Intl.

Temple (continued)

Texarkana

Texas City

71



Investment Manager WHV Intl.

Investment Manager Glovista EM

Investment Manager Great Lakes

Investment Manager ACL Alternative





Auditor Brooks Cardiel, PLLC Mike Brooks [email protected] (281) 907-8788

Investment Consultant South Texas Money Management, LTD Madelon Yanta Leone [email protected] (210) 824-8916

Investment Custodian / Bank TD Ameritrade Madelon Yanta Leone [email protected] (210) 824-8916




Auditor Montemayor Hill Britton & Bender, P.C. Archie Montemayor [email protected] (512) 422-7926

Investment Consultant Frost Bank Laura Cobo [email protected] (512) 473-4855

Investment Custodian / Bank Frost Bank Laura Cobo " (512) 473-4855

Investment Manager Frost Bank Laura Cobo " (512) 473-4855




Auditor Henry & Peters, P.C. Katie Markasky [email protected] (903) 597-6311


Investment Custodian / Bank Wells Fargo Karen Epps [email protected] (214) 740-1554


The Woodlands

Texas City (continued)

Tyler

72




Auditor Malnory, McNeal & Company, P.C.



Actuary Retirement Horizons, Inc. Mickey G. McDaniel [email protected] (281) 296-1100

Attorney Hund, Krier, Wilkerson & Wright, P.C. Kimberly E. Wilkerson [email protected] (806) 783-8700

Auditor Yeldell, Wilson & Co., P.C Bryan Thomas [email protected] (972) 878-2611














Auditor Long Chilton, LLP Quentin Anderson [email protected] (956) 423-3765

Investment Consultant South Texas Money Management, LTD Lisa Ivie Miller [email protected] (512) 342-2272

Investment Custodian / Bank TD Ameritrade (800) 431-3500

Investment Manager South Texas Money Management, LTD Lisa Ivie Miller [email protected] (512) 342-2272


Accountant MWH Group, P.C. John Luig [email protected] (940) 723-1471

Actuary Foster & Foster Drew Ballard [email protected] (239) 433-5500

University Park

Wichita Falls

Waxahachie

Weslaco

73





Attorney Locke Lord & Bissell, LP Stefan P. Smith [email protected] (214) 740-8000

Auditor Henry & Peters Jana K. Broussard [email protected] (903) 597-6311

Investment Consultant AndCo Jack Evatt [email protected] (863) 293-8289

Investment Custodian American National Bank, Wichita Falls Kelly Smith [email protected] (940) 397-2422

Investment Manager Hillswick Asset Management Peter Hamilton [email protected] (203) 425-1422

Investment Manager Intercontinental Real Estate Corporation Devin Sullivan [email protected] (617) 782-2600

Investment Manager Madison Harbor Capital Russ Bates [email protected] (212) 380-5560


Investment Manager ASB Allegiance Real Estate Investment Mandi Wendin [email protected] (240) 482-2988

Investment Manager LBC Credit Partners Nevin Murkley [email protected]

Wichita Falls (continued)

74










Glossary

75

Glossary

Actuarial Accrued Liability (AAL)

Computed differently under different Actuarial Cost Methods, the AAL generally represents the portion of the Present Value of Future

Projected Benefits (PVFB) attributable to service credit earned (or accrued) as of the valuation date.

Actuarial Assumptions

Factors which actuaries use in estimating the cost of funding a defined benefit pension plan. Examples include: the rate of return on plan

investments; mortality rates; and the rates at which plan participants are expected to leave the system because of retirement, disability,

termination, etc.

Actuarial Cost Methods

To determine the actuarial accrued liability (AAL) and the normal cost (NC), actuaries can use different cost methods. An actuarial cost

method is a way to allocate pieces of a participant’s total expected benefit to each year of their working career. In other words, it is a

technique to determine how much of the present value of future benefits (PVFB) to assign to past service (AAL) vs. future service (present

value of future normal costs, or PVFNC). Actuarial cost methods differ in the way the AAL and the NC are calculated and therefore how the

total PVFB is allocated.

Actuarial Value of Assets (AVA)

The actuarial value of assets (AVA) is the value of assets used for the actuarial valuation. The AVA can be either the market value (MVA) or a

smoothed value of assets. Asset smoothing techniques are employed by actuaries to smooth the short-term effects of volatility in the MVA.

Smoothing is a concept designed to recognize the long-term nature of pension obligations and attempt to reduce the volatility of assets,

which can help keep contributions more stable and thus more predictable for the plan sponsor over time. The AVA is used to calculate the

unfunded actuarial accrued liability (UAAL).

Actuary

In general, an Actuary is a business professional who analyzes the financial consequences of risk using mathematics, statistics and financial

theory to study uncertain future events, most commonly related to insurance and pension programs. Actuaries estimate the future benefit

payments expected to be paid from the plan by making assumptions about how long current employees will work, how much they will earn,

and ultimately, the distributions they will receive.

76

Glossary

Age (Retirement)

Normal retirement dependent upon attainment of a specified age and/or years of service.

Amortization Payment

The portion of the total contribution used to reduce the unfunded actuarial accrued liability.

Amortization Period

The specified length of time used when calculating the amortization payment portion of an actuarially determined contribution, or as the time

it would theoretically take to fully fund the UAAL or fully recognize a surplus.

Annuitant

One who receives periodic payments from the retirement system. This term includes service and disability retirees, and their survivors.

Annuity

A series of periodic payments, usually for life, payable monthly or at other specified intervals.

Asset Valuation Method

The type of method used to compute Actuarial Value of Assets.

Benefit Formula

The formula used to calculate retirement benefits. The formula typically takes into account an employee’s years of credited service (YCS), final

average salary, and a pre-established benefit multiplier.

Combined Disbursements

The sum of benefit payments, withdrawals, all administrative and investment related expenses.

Combined Revenue

The sum of total investment income and other income (even if negative), and employer, employee and other contributions.

77

Glossary

Covered Payroll

All elements included in compensation paid to active employees participating in the pension, on which contributions to a pension plan are

based. For example, if pension contributions are calculated on base pay including overtime, covered payroll includes overtime compensation.

Credited Service

A period of employment that is recognized as service for purposes of determining eligibility to receive pension payments and/or determining

the amount of such payments.

Cost-of-Living Adjustment (COLA)

An increase in a retiree’s annuity that is typically based on a set percentage or on the change in the Consumer Price Index (CPI).

Deferred Retirement Option Plan (DROP)

An additional benefit that participants may receive from their retirement plan. Under a DROP arrangement, the participant is treated as

retired on a date prior to the date they actually separate service. Under a Forward DROP, the participant may elect to “retire” but continue

working for the sponsoring organization. His/her monthly annuity is placed in a designated account until the member ceases to work or for a

specified amount of time as allowed by the retirement system. When the member separates service, the account balance becomes available

and is paid in accordance with plan terms. Under a Retro DROP, the participant is given the option to calculate their benefit as if they had

retired on a date earlier than their actual separation of service. Benefit payments that would have been paid had they actually separated

service on that date are accumulated and paid in accordance with the plan terms.

Defined Benefit Plan (DB)

A pension plan providing a definite benefit formula for calculating benefit amounts ‐such as a flat amount per year of service; a percentage of

salary; or a percentage of salary, times years of service.

Discount Rate

The discount rate is the interest rate used to calculate the value of future payments as of the valuation date. This assumption typically has the

largest single impact on the determination of the AAL and PVFB. Discounting a deferred payment with a higher (lower) discount rate will

produce a lower (higher) present value, due to the higher (lower) expected interest to be added to a hypothetical fund for the payment. The

assumed rate of return is the most common interest rate used as the discount rate by Texas public retirement systems for funding

calculations.

78

Glossary

Fiduciary Net Position (FNP)

Fiduciary Net Position is the market value of assets as of the Fiscal Year End, as reported in the system's Annual Financial Report.

Fiduciary

(1) Indicates the relationship of trust and confidence where one person (the fiduciary) holds or controls property for the benefit of another

person; (2) anyone who exercises power and control, management or disposition with regard to a fund's assets, or who has authority to do so

or who has authority or responsibility in the plan's administration. Fiduciaries must discharge their duties solely in the interest of the

participants and their beneficiaries, and are accountable for any actions which may be construed by the courts as breaching that trust.

Final Average Salary (FAS)

The average salary used in the Benefit Formula. Calculations for FAS vary from plan to plan. In most cases, the FAS is calculated based on a

three, four or five year average of an employee’s salary. Some plans use the employee’s highest earning years to calculate this average, and

others use the employee’s final years before retirement.

Funded Ratio

The funded ratio is the ratio of assets to accrued liability: Assets / AAL = Funded Ratio. Funded ratios are reported based on the actuarial value

of assets (AVA or smoothed value) and market value of assets (MVA). Generally, the closer the funded ratio is to 100%, the more secure the

current accrued benefits. However, if a plan is currently underfunded, the attempt to achieve a funded ratio of 100% will impact the other

policy goals, intergenerational equity and the desire for a stable contribution from one year to another.

Lump Sum Distribution

Payment within one taxable year of the entire balance payable to the participant from a qualified pension or employee annuity plan.

Normal Cost (NC)

Computed differently under different cost methods, the normal cost generally represents the portion of the Present Value of Future Projected

Benefits (PVFB) attributable to the present year. The employer normal cost equals the total normal cost of the plan reduced by employee

contributions.

Normal Retirement Age

The age, as established by a plan, when unreduced benefits can be received.

79

Glossary

Service Retirement

Retirement dependent upon completion of a specified period of service. In some usages, the term has the same meaning as "normal

retirement".

Social Security (participation)

Public retirement plans that meet certain minimum requirements may, but are not required to, participate in Social Security.

Total (Gross) Assets

Total gross fair value of assets held in trust by a pension plan, not net of financial liabilities such as payables.

Total Liabilities

Financial liabilities, such as payables, securities lending obligation to return collateral, and debt for plans that use leverage. Total liabilities do

not include the actuarial accrued liability.

Unfunded Actuarial Accrued Liability (UAAL)

The UAAL is the difference between the actuarial accrued liability and the actuarial value of assets. Therefore the UAAL is the amount that is

still owed to the fund for past obligations.

Vesting

The right of an employee to the benefits he or she has accrued, or some portion of them, even if employment under the plan is terminated.

An employee who has met the vesting requirements of a pension plan is said to have a vested right. Voluntary and mandatory employee

contributions are always fully vested.

Withdrawal

The termination of employment prior to becoming eligible for any benefits. The term sometimes refers to subsequent termination of

membership in a system by withdrawal of the employee's accumulated contributions from the system.

80


William P. Clements Building

300 West 15th Street

Suite 406

Mailing Address:

P.O. Box 13498

Austin, TX 78711-3498

512-463-1736

800-213-9425

Fax: 512-463-1882

Email: [email protected]

www.prb.state.tx.us

81


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