Corpus Christi Firefighters' Retirement System (FFRS) Summary
The City of Corpus Christi contributes to the FFRS for firefighters in the Corpus Christi Fire Department. FFRS is a single employer, contributory, defined benefit plan. The benefit provisions are authorized by the Texas Local Fire Fighters' Retirement Act (TLFFRA). TLFFRA provides the authority and procedure to amend benefit provisions. The plan is administered by the Board of Trustees of the Corpus Christi Fire Fighter's Retirement System. The City does not have access to nor can it utilize assets within the retirement plan trust. FFRS issues a stand-alone report pursuant to GASB Statement No. 67 which may be obtained by writing the Corpus Christi Fire Fighters' Retirement System at 711 N. Carancahua, Suite 724, Corpus Christi, Texas 78475.
City of Corpus Christi Pension Financial Summary
(FFRS Actuarial Valuation 12/31/2018****, City of Corpus Christi CAFR 09/30/2020)
Funding Valuation 60.21%
GASB 68 Valuation 60.60%
Funding Valuation, as per % of Covered Payroll 305.70%
GASB 68 Valuation, as per % of Covered Payroll 304.70%
For Unfunded Portion 29.8 Years
Actuarially Determined, FY2018 20.78%
City of Corpus Christi, FY2018 20.78%
Actuarially Determined, FY2020 ****
City of Corpus Christi, FY2020 25.35%
Rates of Return:
One Year* 15.13%
Three Years* 14.07%
Four Years** 5.85%
Rate of Return - Assumed*** 7.50%
*The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.
**The Schedule of Investment Returns is intended to show information for ten years. Additional years will be displayed as they become available.
***The long-term expected rate of return was determined using a building-block method in which expected future net real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class as reported by FFRS.
****The FFRS Actuarial Valuation Report is prepared every two years. The City of Corpus Christi receives the report eleven to twelve months after the date of the report.