texas local fire fighters retirement act (tlffra) pension report · fighters retirement act...

Texas Local Fire Fighters Retirement Act (TLFFRA) Pension Report

February 2016

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, Executive Director

Michelle 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 Guidelines for Actuarial Soundness ........................................................................................................................................................................ 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

Investment Rates of Return (by Plan) .......................................................................................................................................................................... 11

Actuarial .................................................................................................................................................................................................................. 13

Actuarial Assumptions and Methods ........................................................................................................................................................................... 14

Actuarial Valuation Summary as of Valuation Date ..................................................................................................................................................... 16

Actuarial Charts: Comparative Data ............................................................................................................................................................................. 19

Plans Grouped by Amortization Period Ranges ............................................................................................................................................... 19

Plans Grouped by Asset Value (AVA) ............................................................................................................................................................... 20

Amortization Periods by Plan .......................................................................................................................................................................... 21

Actuarial Funded Ratio .................................................................................................................................................................................... 22

Schedule of Actuarial Funding Progress (Three Most Recent Valuations) ................................................................................................................... 23

Plan Membership and Contributions ........................................................................................................................................................................... 29

Benefits ................................................................................................................................................................................................................... 31

Benefit Summary .......................................................................................................................................................................................................... 32

Directory ................................................................................................................................................................................................................. 41

Plan Contact Information ............................................................................................................................................................................................. 42

Plan Contractor Information ........................................................................................................................................................................................ 47

Glossary................................................................................................................................................................................................................... 64

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 331 public retirement plans; state and local

government officials; and the general public.

The PRB monitors the financial and actuarial soundness of 93 actuarially funded defined benefit public retirement systems in Texas, as well as

their compliance with state law. The agency also oversees 238 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. The newest plan, The Woodlands Firefighters’ Retirement System is not

included in the Financial or Actuarial sections of this report, since it does not have assets to report at this time.

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 is also developing online training, and the

online training portal can be found here or on the PRB website. Currently the Business Administration course is available; the remaining MET

Core courses will be rolled out over 2016.

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

approved a procedure for the referral of TLFFRA appeals to SOAH on November 13, 2013, and also created the TLFFRA Notice of Appeal Form for

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

TLFFRA Specialist The PRB was required to assign one person to specialize in providing assistance and training to TLFFRA plans. The PRB designated Joey Evans to

work as the TLFFRA specialist. He can be contacted at [email protected].

3

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

mailto:[email protected]

PRB Guidelines for Actuarial Soundness Actuarial assumptions and methodologies are used to determine the proper funding policy for public pension plans. Actuaries include plan

participant demographics, benefit obligations, and economic forecast assumptions to calculate the periodic contributions necessary to ensure

the long-term financial viability of pension plans; and to estimate the impact that potential plan changes will have on their financial position.

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 September 28, 2011.

Under the current version of the Guidelines, an actuarially funded defined benefit public retirement system is considered actuarially sound if an

actuary determines that it has sufficient money to pay the ongoing normal cost and amortize the unfunded liability over a period of no more

than 40 years, preferably 15 to 25 years. This measure of actuarial soundness represents one of the five guidelines, presented below.

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 percent 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 percent of payroll over the amortization period.

4. Funding should be adequate to amortize the unfunded actuarial accrued liability over a period not to exceed 40 years, with 15 – 25 years

being a more preferable target. 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.

4

Executive Summary

This report provides general and comparative pension-related data for paid and part-paid retirement plans 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). Based on the information received by the PRB, this report is organized into four sections: Financial, Actuarial,

Benefits, and Directory.

The Financial section displays key data from the most recently received audited annual financial reports. The first item in the section shows the

aggregate market value of TLFFRA plan assets, with the next table showing the market value of assets broken down by plan. The following section

includes a chart to show the number of plans in each grouping of assets based on market value. The last table in this section shows the 1-year, 3-

year, and 10-year period as well as long-term net investment rates of return from the most recent Investment Returns and Assumptions Report

(PRB-1000) forms submitted by TLFFRA plans.

The Actuarial section contains data from the most recently received actuarial valuation from each plan. According to the Texas Government Code

Section 802.101, each plan must employ an actuary to make a valuation at least once every three years. The first table in this section describes the

actuarial assumptions and methods for each plan. The second table summarizes key actuarial information for each plan as reported in their

actuarial valuations. The summary includes the actuarial data, such as actuarial value of assets, unfunded actuarial accrued liability, funded ratio,

and amortization period.

The second part of the Actuarial section contains charts to show comparative data. The charts included in this section are as follows: plans grouped

by amortization period ranges; plans grouped by amount of assets using the actuarial value of assets; amortization periods by plan; and actuarial

funded status by plan. The next table in this section shows actuarial funding progress. This table tracks key actuarial data, including the funded

ratios and amortization periods, from the last three actuarial valuations submitted to the PRB. The last table in this section lists membership

numbers as well as employer and employee contribution rates for each plan.

The Benefits section includes a breakdown of pension benefits offered by each plan. The table displays data that the PRB has received through

various documents such as a summary plan description, plan document, or financial and actuarial reports. This section provides various pension

benefit-related elements for each plan, such as eligibility requirements, benefit formula, and final average salary. The table also shows additional

retirement benefit options, including whether a plan has a deferred retirement option plan (DROP) and the parameters of that DROP.

The Directory section provides the contact information for each plan, including: mailing address, phone number, website, and name of the

chairperson. This section also contains a contact list for volunteer TLFFRA plans. The last item in the directory section includes the contractor

information for the paid and part-paid TLFFRA plans. The PRB surveyed the plans for this information. The tables consist of information on

professional contractors used by each plan, including accountants, actuaries, attorneys, auditors, investment consultants, investment custodians,

and investment managers.

5

Financial

6

MarketValueofAssetsforAllPaidandPart‐PaidSystemsAsofMostRecentAnnualFinancialReport

Revenue Employer Contributions $65,236,842.60

Member Contributions $48,294,582.73 Miscellaneous Contributions1 $85,945.00

Investment Income $91,860,931.00 Miscellaneous Income1 $222,856.52Total Revenue $205,701,157.85

Disbursements Benefits Paid $130,279,220.80 Contributions Withdrawn2 $2,899,294.00

Administrative Expenses $3,119,491.50 Investment Expenses3 $8,051,077.00 Miscellaneous Expenses4 $196,652.09Total Disbursements $144,545,735.39

Gross Total Assets of All Systems $1,841,271,702.99Total Liabilities of All Systems $27,808,630.00Net Total Assets of All Systems $1,813,463,072.99

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

MarketValueofAssetsBreakdownbyPlan

Plan(System)

FiscalYearEnd

CombinedRevenue

CombinedDisbursements

Total(Gross)Assets

TotalLiabilities1

TotalNetAssets

Abilene 9/30/2014 $7,353,271 $6,445,636 $55,316,535 $6,988 $55,309,547Amarillo 12/31/2014 $12,490,623 $10,610,276 $176,736,913 $26,271,230 $150,465,683Atlanta 12/31/2014 $367,099 $176,509 $3,628,834 $0 $3,628,834Beaumont 12/31/2014 $8,592,993 $7,586,555 $102,800,571 $0 $102,800,571Big Spring 12/31/2014 $1,385,660 $1,421,623 $11,157,022 $0 $11,157,022Brownwood2 12/31/2014 $516,138 $498,738 $3,443,807 $39,298 $3,404,509Cleburne 12/31/2014 $2,739,688 $1,390,197 $20,983,672 $0 $20,983,672Conroe 12/31/2014 $3,237,713 $1,502,591 $20,023,035 $80,088 $19,942,947Corpus Christi 12/31/2014 $16,969,557 $12,314,371 $131,106,707 $292,288 $130,814,419Corsicana 12/31/2014 $1,137,297 $1,185,310 $8,161,618 $0 $8,161,618Denison 12/31/2014 $2,325,414 $1,313,823 $16,398,506 $0 $16,398,506Denton 12/31/2014 $8,743,234 $4,136,888 $71,020,095 $1,577 $71,018,518Galveston 12/31/2014 $3,785,791 $3,469,516 $41,358,330 $3,681 $41,354,649Greenville 12/31/2014 $1,957,694 $1,909,873 $13,726,781 $129,579 $13,597,202Harlingen 9/30/2014 $4,207,848 $2,188,358 $28,971,028 $11,205 $28,959,823Irving 12/31/2014 $15,783,949 $8,238,416 $178,861,620 $21,788 $178,839,832Killeen 9/30/2014 $4,917,903 $2,355,031 $31,855,151 $10,950 $31,844,201Laredo 9/30/2014 $19,958,427 $9,083,410 $118,434,055 $94,417 $118,339,638Longview 12/31/2014 $5,078,940 $5,874,046 $45,792,514 $364,819 $45,427,695Lubbock 12/31/2014 $11,330,489 $14,261,330 $182,324,171 $0 $182,324,171Lufkin 12/31/2014 $2,534,368 $1,564,225 $14,280,081 $15,600 $14,264,481Marshall 12/31/2014 $1,266,802 $1,123,104 $8,003,545 $0 $8,003,545McAllen 9/30/2014 $5,508,547 $2,945,062 $45,283,837 $0 $45,283,837Midland 12/31/2014 $8,656,917 $7,055,311 $82,635,021 $82,601 $82,552,420Odessa 12/31/2014 $6,471,247 $5,851,364 $47,457,532 $2,191 $47,455,341Orange 12/31/2014 $924,791 $1,210,295 $9,330,655 $21,340 $9,309,315Paris 12/31/2014 $885,136 $1,285,409 $5,483,857 $22,124 $5,461,733Plainview 12/31/2014 $880,838 $873,455 $5,476,842 $0 $5,476,842Port Arthur 12/31/2014 $5,383,939 $3,231,787 $45,269,684 $183,497 $45,086,187San Angelo 12/31/2014 $7,037,189 $4,748,770 $62,680,087 $0 $62,680,087San Benito 9/30/2014 $557,730 $381,697 $3,286,977 $43,089 $3,243,888

8

MarketValueofAssetsBreakdownbyPlan

Plan(System)

FiscalYearEnd

CombinedRevenue

CombinedDisbursements

Total(Gross)Assets

TotalLiabilities1

TotalNetAssets

Sweetwater 12/31/2014 $922,123 $749,554 $8,323,259 $21,782 $8,301,477Temple 9/30/2014 $4,509,375 $2,745,704 $39,633,562 $0 $39,633,562Texarkana 12/31/2014 $3,271,509 $2,222,202 $33,273,517 $29,040 $33,244,477Texas City3 9/30/2013 $3,969,280 $1,997,006 $14,777,474 $14,801 $14,762,673Travis County ESD #6 12/31/2014 $2,467,402 $176,646 $10,298,645 $0 $10,298,645Tyler 12/31/2014 $6,490,047 $3,623,123 $64,362,549 $0 $64,362,549University Park 12/31/2014 $1,558,111 $1,547,579 $9,515,461 $0 $9,515,461Waxahachie 9/30/2014 $2,140,312 $724,078 $13,717,245 $0 $13,717,245Weslaco 9/30/2014 $1,477,994 $578,753 $8,562,953 $44,657 $8,518,296Wichita Falls 12/31/2014 $5,907,773 $3,948,114 $47,517,957 $0 $47,517,957

2 Unaudited. The system has informed the PRB that they will be conducting an audit for fiscal year 2015.3 The system has informed the PRB that they are working to submit their 2014 audit as soon as it becomes available.

1 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

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9

10

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

Nu

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er

of

Pla

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Market Value of Assets (in millions)

10

NetInvestmentRatesofReturn(byPlan)

Plan(System)

EffectiveDate 1‐Year 3‐Year 10‐Year LongTerm

30Year/OldestAvailableDate

AssumedRateofReturn

Abilene 9/30/2014 5.80% 10.86% 6.07% 6.64% 10/1/1994 8.00%Amarillo 12/31/2014 4.38% 12.97% 7.77% 8.91% 1/1/1995 8.25%Atlanta 12/31/2014 4.51% 10.21% 5.68% 6.28% 1/1/1995 7.25%Beaumont 12/31/2014 2.61% 8.88% 4.89% 6.83% 1/1/1995 8.00%Big Spring 12/31/2014 4.77% 9.95% 5.93% 8.36% 1/1/1995 8.00%Brownwood 12/31/2014 1.47% 8.95% 4.84% 5.65% 1/1/1995 7.25%Cleburne 12/31/2014 5.90% 11.05% 5.17% N/A N/A 7.50%Conroe 12/31/2014 6.70% 8.21% 4.56% 4.95% 1/1/1995 7.75%Corpus Christi 12/31/2014 5.61% 12.46% 7.05% 7.32% 12/31/1996 8.00%Corsicana 12/31/2014 0.11% 6.97% 5.19% 4.43% 1/1/1995 7.50%Denison 12/31/2014 8.67% 11.60% 6.22% 7.01% 1/1/1995 7.75%Denton 12/31/2014 6.51% 9.67% 7.16% 7.99% 1/1/1995 7.00%Galveston 12/31/2014 3.34% 9.29% 5.07% 6.97% 1/1/1995 8.00%Greenville 12/31/2014 4.87% 10.84% 5.81% 6.99% 1/1/1995 8.25%Harlingen 9/30/2014 9.30% 13.00% 7.40% 8.63% 4/1/1995 8.00%Irving 12/31/2014 4.18% 12.75% 6.49% 6.51% 1/1/1995 8.25%Killeen 9/30/2014 6.22% 7.00% 5.49% 5.70% 10/1/1994 7.75%Laredo 9/30/2014 8.12% 10.23% 6.01% 5.11% 9/30/1994 8.00%Longview 12/31/2014 2.01% 8.17% 5.00% 6.93% 1/1/1995 8.00%Lubbock 12/31/2014 0.46% 8.52% 6.07% 8.21% 1/1/1995 7.75%Lufkin 12/31/2014 5.10% 10.60% 4.90% N/A N/A 7.50%Marshall 12/31/2014 5.00% 10.60% N/A 5.80% 1/1/1995 7.75%McAllen 9/30/2014 5.85% 11.69% 6.13% 7.49% 10/1/1994 8.00%Midland 12/31/2014 3.14% 9.50% 5.51% 8.53% 1/1/1995 8.00%Odessa 12/31/2014 5.13% 8.78% 4.38% 7.88% 1/1/1995 8.25%Orange 12/31/2014 2.46% 9.35% 5.16% 6.78% 1/1/1995 7.75%Paris 12/31/2014 3.38% 5.16% 3.69% 5.72% 1/1/1995 8.00%Plainview 12/31/2014 2.47% 8.49% 4.61% 5.38% 1/1/1995 7.75%Port Arthur 12/31/2014 7.19% 11.43% 6.12% 7.51% 1/1/1995 8.00%San Angelo 12/31/2014 5.63% 6.82% 6.03% 7.32% 12/31/1983 7.90%San Benito 9/30/2014 8.21% 11.34% N/A N/A N/A 7.00%Sweetwater 12/31/2014 4.78% 5.20% 6.12% 8.52% 1/1/1995 8.00%

11

NetInvestmentRatesofReturn(byPlan)

Plan(System)

EffectiveDate 1‐Year 3‐Year 10‐Year LongTerm

30Year/OldestAvailableDate

AssumedRateofReturn

Temple 9/30/2014 6.18% 11.34% 6.55% 6.65% 12/31/2001 8.00%Texarkana 12/31/2014 5.39% 5.77% 7.07% 8.05% 1/1/1995 7.75%Texas City 12/31/2014 1.87% 8.77% 5.66% 5.56% 1/1/1995 7.75%Travis County ESD #6 12/31/2014 6.49% 10.60% N/A N/A N/A 7.00%Tyler 12/31/2014 3.81% 12.01% 6.21% 7.69% 1/1/1995 7.75%University Park 12/31/2014 4.72% 10.37% 5.32% 6.41% 12/31/1995 8.00%Waxahachie 9/30/2014 7.57% 12.31% 6.22% 6.11% 9/30/1984 7.00%Weslaco 9/30/2014 9.54% 9.20% 3.40% 5.12% 10/1/1994 7.25%Wichita Falls 12/31/2014 7.21% 9.39% 6.18% 7.65% 1/1/1995 8.00%

12

Actuarial

13

ActuarialAssumptionsandMethods

Plan(System)

AVEffectiveDate

ActuarialCostMethod

AmortizationMethod

AssetValuationMethod

InvestmentRateofReturn Inflation

Abilene 10/1/2013 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%Amarillo 1/1/2014 Entry Age Normal Level Percent Open 5‐year Smoothing 8.25% 3.00%Atlanta 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.50% 3.50%Beaumont 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.50%Big Spring 1/1/2013 Entry Age Normal Level Percent 5‐year Smoothing 8.00% N/ABrownwood 12/31/2013 Entry Age Normal Level Percent Open 5‐year Smoothing 7.50% 3.50%Cleburne 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.50% 3.50%Conroe 12/31/2013 Entry Age Normal Level Percent Open 5‐year Smoothing 7.75% 4.00%Corpus Christi 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.90% 3.75%Corsicana 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.50% 3.50%Denison 1/1/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.75% 3.50%Denton 12/31/2013 Entry Age Normal Level Percent 5‐year Smoothing 7.00% 3.25%Galveston 1/1/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%Greenville 12/31/2012 Entry Age Normal Level Percent 5‐year Smoothing 8.25% 3.00%Harlingen 12/31/2013 Entry Age Normal Level Percent Open Market Value of Assets 8.00% 2.50%Irving 1/1/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.25% 3.00%Killeen 9/30/2014 Entry Age Normal Level Percent Open 5‐year Smoothing 7.75% 3.50%Laredo 9/30/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.50%Longview 12/31/2014 Entry Age Normal Level Percent Market Value of Assets 8.00% 3.00%Lubbock 1/1/2015 Entry Age Normal Level Percent 5‐year Smoothing 7.75% 3.00%Lufkin 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.50% 2.50%Marshall 12/31/2014 Entry Age Normal Level Percent Market Value of Assets 7.75% N/AMcAllen 9/30/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.75% 3.00%Midland 1/1/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%Odessa 1/1/2013 Entry Age Normal Level Percent 5‐year Smoothing 8.25% 3.00%Orange 1/1/2015 Entry Age Normal Level Percent 5‐year Smoothing 7.75% 3.00%Paris 1/1/2013 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%Plainview 12/31/2013 Entry Age Normal Level Percent Open 5‐year Smoothing 7.75% 2.50%Port Arthur 1/1/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%San Angelo 12/31/2013 Entry Age Normal Level Percent 5‐year Smoothing 7.90% N/ASan Benito 12/31/2013 Entry Age Normal Level Percent Open Market Value of Assets 7.00% 2.50%

14

ActuarialAssumptionsandMethods

Plan(System)

AVEffectiveDate

ActuarialCostMethod

AmortizationMethod

AssetValuationMethod

InvestmentRateofReturn Inflation

Sweetwater 12/31/2014 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%Temple 9/30/2014 Entry Age Normal Level Percent Open 5‐year Smoothing 8.00% 3.75%Texarkana 12/31/2013 Entry Age Normal Level Percent 5‐year Smoothing 7.75% 3.50%Texas City 12/31/2014 Entry Age Normal Level Percent Open 5‐year Smoothing 7.75% 2.50%Travis County ESD #6 1/1/2014 Entry Age Normal Level Percent 5‐year Smoothing 7.00% 3.00%Tyler 12/31/2013 Entry Age Normal Level Percent 5‐year Smoothing 7.75% 3.75%University Park 1/1/2015 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%Waxahachie 10/1/2014 Entry Age Normal Level Percent Market Value of Assets 7.00% 2.50%Weslaco 9/30/2014 Entry Age Normal Level Percent Open 5‐year Smoothing 7.25% 3.25%Wichita Falls 1/1/2015 Entry Age Normal Level Percent 5‐year Smoothing 8.00% 3.00%

15

ActuarialValuationSummaryasofValuationDate

Plan(System) CertifiedActuary

ActuarialValuationDate

ActuarialValue

ofAssets

ActuarialAccruedLiability

UnfundedActuarialAccruedLiability

FundedRatio

CoveredPayroll

UAAL/PayrollRatio

AmortizationPeriod

(AVA) (AAL) (UAAL) (%Funded) (%)(a) (b) (b)‐(a) (a)/(b) (c) (b‐a)/(c)

Abilene John M. Crider 10/1/2013 $52,920,100 $92,054,430 $39,134,330 57.49% $12,623,389 310.01% 33.5

Amarillo John M. Crider 1/1/2014 $132,542,271 $159,728,004 $27,185,733 82.98% $16,649,231 163.29% 28.8

Atlanta Rudd & Wisdom 12/31/2014 $3,549,153 $4,335,042 $785,889 81.87% $602,486 130.44% 36.2

Beaumont Foster & Foster 12/31/2014 $105,072,038 $144,479,947 $39,407,909 72.72% $18,408,996 214.07% 39.1

Big Spring Dean Actuaries 1/1/2013 $9,889,540 $17,433,912 $7,544,372 56.73% $3,173,050 237.80% 30.8

Brownwood Rudd & Wisdom 12/31/2013 $3,292,135 $7,522,774 $4,230,639 43.76% $1,628,544 259.78% 37.0

Cleburne Rudd & Wisdom 12/31/2014 $20,349,833 $31,165,605 $10,815,772 65.30% $4,017,037 269.25% 27.3

ConroeRetirement Horizons

12/31/2013 $18,126,626 $29,344,347 $11,217,721 61.77% $5,660,398 198.18% 37.4

Corpus Christi

Rudd & Wisdom 12/31/2014 $126,273,629 $205,789,604 $79,515,975 61.36% $29,484,531 269.69% 23.1

Corsicana Rudd & Wisdom 12/31/2014 $8,427,052 $15,741,031 $7,313,979 53.54% $3,761,184 194.46% 24.2

Denison John M. Crider 1/1/2014 $14,577,695 $20,358,784 $5,781,089 71.60% $3,093,843 186.86% 29.1

Denton Rudd & Wisdom 12/31/2013 $62,089,743 $80,490,694 $18,400,951 77.14% $13,790,301 133.43% 24.0

Galveston John M. Crider 1/1/2014 $39,591,204 $56,839,842 $17,248,638 69.65% $6,542,789 263.63% 50.2

Greenville1 John M. Crider 12/31/2012 $12,201,104 $25,717,409 $13,516,305 47.40% $3,576,528 377.92% 65.9

Harlingen Retirement Horizons

12/31/2013 $28,343,328 $39,930,327 $11,586,999 70.98% $5,912,428 195.98% 66.6

Irving1 John M. Crider 1/1/2014 $156,223,428 $213,725,584 $57,502,156 73.10% $25,482,413 225.65% 63.4

(YEARS)

16




ActuarialValue

ofAssets



FundedRatio

CoveredPayroll

UAAL/PayrollRatio

AmortizationPeriod


(YEARS)

Killeen Rudd & Wisdom 9/30/2014 $32,604,554 $49,056,514 $16,451,960 66.46% $12,457,025 132.07% 29.5

Laredo Rudd & Wisdom 9/30/2014 $116,056,855 $194,345,799 $78,288,944 59.72% $31,185,860 251.04% 29.8

Longview Foster & Foster 12/31/2014 $45,224,598 $84,174,500 $38,949,902 53.73% $11,141,833 349.58% 41.4

Lubbock John M. Crider 1/1/2015 $186,077,176 $246,362,848 $60,285,672 75.53% $28,340,148 212.72% 27.6

Lufkin Retirement Horizons

12/31/2014 $14,203,277 $32,640,551 $18,437,274 43.51% $4,966,395 371.24% 40.6

Marshall Retirement Horizons

12/31/2014 $8,003,545 $17,253,390 $9,249,845 46.39% $2,466,068 375.08% 43.2

McAllen John M. Crider 10/1/2014 $44,684,917 $63,124,660 $18,439,743 70.79% $11,162,603 165.19% 29.0

Midland John M. Crider 1/1/2015 $78,481,491 $117,444,545 $38,963,054 66.82% $14,597,213 266.92% 59.1

Odessa Foster & Foster 1/1/2015 $48,590,592 $97,677,142 $49,086,550 49.75% $10,683,114 459.48% Infinite

Orange John M. Crider 1/1/2015 $9,383,309 $16,345,289 $6,961,980 57.41% $2,292,120 303.74% 58.2

Paris John M. Crider 1/1/2013 $6,111,951 $13,600,300 $7,488,349 44.94% $2,323,183 322.33% 29.2

Plainview Retirement Horizons

12/31/2013 $5,262,382 $13,493,203 $8,230,821 39.00% $1,781,664 461.97% 31.4

Port Arthur John M. Crider 1/1/2014 $40,754,274 $52,655,260 $11,900,986 77.40% $7,423,270 160.32% 17.0

San Angelo Retirement Horizons

12/31/2013 $54,227,452 $83,416,973 $29,189,521 65.01% $10,412,929 280.32% 40.9

San BenitoRetirement Horizons

12/31/2013 $3,216,957 $5,289,745 $2,072,788 60.81% $1,220,173 169.88% 21.7

Sweetwater John M. Crider 12/31/2014 $8,180,692 $11,854,720 $3,674,028 69.01% $1,491,809 246.28% 58.8

17




ActuarialValue

ofAssets



FundedRatio

CoveredPayroll

UAAL/PayrollRatio

AmortizationPeriod


(YEARS)

Temple Rudd & Wisdom 9/30/2014 $39,056,649 $50,613,335 $11,556,686 77.17% $7,446,056 155.21% 23.0

Texarkana Rudd & Wisdom 12/31/2013 $30,058,082 $35,519,165 $5,461,083 84.62% $4,019,902 135.85% 19.6

Texas City Retirement Horizons

12/31/2014 $16,274,374 $29,920,425 $13,646,051 54.39% $4,716,136 289.35% 31.6

Travis County ESD #6

John M. Crider 1/1/2014 $7,554,521 $13,496,644 $5,942,123 55.97% $5,199,069 114.29% 7.3

Tyler Rudd & Wisdom 12/31/2013 $56,547,675 $76,823,319 $20,275,644 73.61% $10,937,907 185.37% 22.9

University Park

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

Waxahachie Retirement Horizons

10/1/2014 $13,717,245 $19,907,219 $6,189,974 68.91% $3,688,860 167.80% 24.3

Weslaco Retirement Horizons

9/30/2014 $8,355,918 $12,070,005 $3,714,087 69.23% $3,043,816 122.02% 15.9

Wichita Falls John M. Crider 1/1/2015 $47,133,894 $72,251,770 $25,117,876 65.24% $9,629,250 260.85% 105.9

1 Amortization period calculated by the PRB in consultation with the plan actuary, reflecting a contribution increase.

18

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

1

10

16

13

1

0 - 14.9 15 - 24.9 25 - 39.9 40 - 105.9 Infinite

Nu

mb

er

of

Syst

em

s

Years

0 - 14.9

15 - 24.9

25 - 39.9

40 - 105.9

Infinite

19

Plans Grouped by Asset Value As of Most Recent Actuarial Valuation

13

7

10

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)

20

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


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

KEY:

Plans with infinite amortization periods

Plans with amortization periods > 40 years, but not infinite

Plans with amortization periods > 25 years < 40 years

Plans with amortization periods > 15 years < 25 years

Plans with amortization periods < 15 years

21

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%

Ab

ilen

e

Am

arill

o

Atl

anta

Be

aum

on

t

Big

Sp

rin

g

Bro

wn

wo

od

Cle

bu

rne

Co

nro

e

Co

rpu

s C

hri

sti

Co

rsic

ana

De

nis

on

De

nto

n

Gal

vest

on

Gre

en

ville

Har

linge

n

Irvi

ng

Kill

een

Lare

do

Lon

gvie

w

Lub

bo

ck

Lufk

in

Mar

shal

l

McA

llen

Mid

lan

d

Od

essa

Ora

nge

Par

is

Pla

invi

ew

Po

rt A

rth

ur

San

An

gelo

San

Be

nit

o

Swee

twat

er

Tem

ple

Texa

rkan

a

Texa

s C

ity

Trav

is C

ou

nty

ESD

#6

Tyle

r

Un

iver

sity

Par

k

Wax

ahac

hie

We

slac

o

Wic

hit

a Fa

lls

Pe

rce

nt

Fun

de

d

Funded Ratio(AVA/AAL)

22

ScheduleofActuarialFundingProgress(ThreeMostRecentValuations)

Plan(System)


ActuarialValue

ofAssets(inMillions)


(inMillions)

UnfundedActuarialAccrued

Liability(inMillions)

FundedRatio

CoveredPayroll

(inMillions)

UAAL/PayrollRatio

RemainingAmortization

Period

(AVA) (AAL) (UAAL) (%Funded) (UAAL/Payroll)(a) (b) (b)‐(a) (a)/(b) (c) (b‐a)/(c)

9/30/2009 $47.17 $77.28 $30.11 61.92% $10.37 290.21% 29.0

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

1/1/2010 $116.15 $138.26 $22.11 84.01% $14.34 154.20% 35.9

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

12/31/2009 $2.64 $3.55 $0.91 74.30% $0.66 137.50% 30.0

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

12/31/2010 $91.47 $128.40 $36.93 71.20% $16.42 224.90% 53.6

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

1/1/2010 $10.70 $16.07 $5.37 55.59% $3.31 162.07% 22.1

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

12/31/2009 $2.46 $6.21 $3.75 39.60% $1.48 252.38% 27.2

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

12/31/2010 $14.58 $25.67 $11.09 56.81% $3.91 259.50% 25.0

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

12/31/2009 $12.94 $22.48 $9.53 57.60% $4.83 197.22% 33.5

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

Brownwood

Abilene

Amarillo

Atlanta

Beaumont

Big Spring

(YEARS)

Cleburne

Conroe

23


Plan(System)


ActuarialValue



(inMillions)



FundedRatio

CoveredPayroll

(inMillions)

UAAL/PayrollRatio


Period


(YEARS)

12/31/2010 $104.08 $177.57 $73.49 58.60% $27.72 265.10% 22.3

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

12/31/2010 $6.35 $12.22 $5.87 51.90% $2.88 204.01% 29.0

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

1/1/2010 $13.97 $17.18 $3.21 81.32% $3.05 105.41% 9.9

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

12/31/2009 $46.26 $66.19 $199.35 69.88% $12.75 156.35% 25.0

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

1/1/2010 $37.63 $51.72 $14.09 72.80% $7.94 177.39% 26.8

1/1/2012 $37.29 $54.15 $16.86 68.87% $6.78 248.69% 42.8

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

12/31/2008 $11.17 $22.02 $10.85 50.70% $3.17 342.10% 51.8

12/31/2010 $13.03 $23.83 $10.80 54.70% $3.41 316.21% 45.7

12/31/2012 $12.20 $25.72 $13.52 47.40% $3.58 377.92% 65.9

12/31/2009 $20.19 $30.95 $10.76 65.20% $4.92 218.70% Infinite

12/31/2011 $22.27 $34.22 $11.95 65.10% $4.93 242.70% Infinite

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

12/31/2009 $125.07 $176.20 $51.13 71.00% $22.90 223.20% 65.9

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

Denton

Denison

Corpus Chris

Corsicana

Galveston

Greenville1

Harlingen

Irving1

24


Plan(System)


ActuarialValue



(inMillions)



FundedRatio

CoveredPayroll

(inMillions)

UAAL/PayrollRatio


Period


(YEARS)

9/30/2010 $23.98 $37.16 $13.18 64.50% $10.56 124.80% 27.0

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

3/31/2010 $84.63 $133.98 $49.35 63.20% $25.72 191.90% 23.5

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

12/31/2011 $39.58 $76.09 $36.51 52.02% $10.12 360.63% Infinite

12/31/2013 $46.33 $82.40 $36.08 56.22% $10.69 337.45% 63.3

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

12/31/2010 $156.81 $197.50 $40.68 79.40% $21.56 188.70% 22.8

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

12/31/2010 $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

12/31/2010 $6.65 $14.17 $7.52 46.90% $2.22 338.90% 23.5

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

9/30/2010 $36.64 $51.57 $14.91 71.05% $9.00 165.80% 39.6

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% $11.16 165.19% 29.0

1/1/2010 $70.55 $90.34 $19.78 78.10% $11.90 166.22% 41.2

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

Midland

Killeen

Longview

Lubbock

Lufkin

Marshall

McAllen

Laredo

25


Plan(System)


ActuarialValue



(inMillions)



FundedRatio

CoveredPayroll

(inMillions)

UAAL/PayrollRatio


Period


(YEARS)

1/1/2011 $46.17 $74.36 $28.19 62.10% $8.66 325.72% 71.0

1/1/2013 $42.76 $87.59 $44.83 48.82% $9.52 470.96% Infinite

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

12/31/2010 $9.04 $13.68 $4.64 66.10% $1.91 243.50% 34.3

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

1/1/2009 $6.14 $12.18 $6.04 50.40% $2.04 296.55% 34.2

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

12/31/2009 $4.46 $11.35 $6.89 39.30% $1.45 474.85% 123.2

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% $1.78 461.97% 31.4

1/1/2010 $33.23 $45.89 $12.66 72.40% $6.99 180.90% 22.5

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

12/31/2009 $47.96 $69.45 $21.49 69.10% $8.95 240.20% 32.4

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

12/31/2008 $1.70 $3.70 $2.01 45.82% $1.11 180.10% 18.7

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

12/31/2010 $7.44 $9.69 $2.25 76.81% $1.21 185.50% 39.4

12/31/2012 $7.22 $10.38 $3.16 69.50% $1.26 250.00% 70.3

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

Odessa

Orange

Paris

Plainview

Port Arthur

San Angelo

San Benito

Sweetwater

26


Plan(System)


ActuarialValue



(inMillions)



FundedRatio

CoveredPayroll

(inMillions)

UAAL/PayrollRatio


Period


(YEARS)

9/30/2010 $33.27 $43.37 $10.10 76.71% $6.16 163.86% 27.4

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

12/31/2009 $24.69 $28.82 $4.13 85.70% $3.92 105.20% 10.3

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

12/31/2010 $13.56 $25.30 $11.74 53.60% $3.95 297.49% 29.1

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

1/1/2010 $1.16 $4.11 $2.95 28.30% $3.72 79.30% 9.1

1/1/2012 $3.88 $10.55 $6.67 36.88% $4.42 151.05% 14.9

1/1/2014 $7.55 $13.50 $5.94 55.97% $5.20 114.29% 7.3

12/31/2009 $45.39 $64.24 $18.85 70.66% $9.85 191.34% 25.8

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

12/31/2010 $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

10/1/2010 $8.16 $13.32 $5.16 61.30% $2.96 174.20% 13.8

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

9/30/2009 $4.98 $9.29 $4.31 53.60% $3.39 127.00% 31.0

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

Texas City


Temple

Texarkana

Tyler

University Park

Waxahachie

Weslaco

27


Plan(System)


ActuarialValue



(inMillions)



FundedRatio

CoveredPayroll

(inMillions)

UAAL/PayrollRatio


Period


(YEARS)

12/31/2010 $41.11 $60.15 $19.04 68.30% $8.53 223.00% 38.9

12/31/2012 $41.96 $66.61 $24.64 63.00% $8.96 274.94% 63.2

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

1 Most recent amortization period calculated by the PRB in consultation with the plan actuary, reflecting a contribution increase.

Wichita Falls

28

PlanMembershipandContributions

Plan(System)

EffectiveDate

ActiveMembers

TotalAnnuitants

InactiveMembers

TotalMembers

EmployerContribution

MemberContribution

Abilene 9/30/2014 178 169 2 349 19.25% 13.20%Amarillo 12/31/2014 259 217 0 476 18.83% 13.00%Atlanta 12/31/2014 24 20 4 48 13.00% 13.00%Beaumont 12/31/2014 227 186 0 413 15.00% 15.00%Big Spring 12/31/2014 62 44 1 107 13.00% 13.00%Brownwood 12/31/2014 32 26 0 58 20.00% 8.00%Cleburne 12/31/2014 53 33 1 87 24.30% 13.00%Conroe 12/31/2014 81 22 3 106 15.00% 13.24%Corpus Christi 12/31/2014 387 311 7 705 20.78% 13.10%Corsicana 12/31/2014 55 37 1 93 14.00% 14.00%Denison 12/31/2014 57 48 1 106 15.00% 12.00%Denton 12/31/2014 166 83 2 251 15.00% 12.60%Galveston 12/31/2014 108 84 0 192 14.00% 16.00%Greenville 12/31/2014 58 71 0 129 16.30% 15.30%Harlingen 12/31/2014 111 66 1 178 13.00% 13.00%Irving 12/31/2014 314 151 1 466 15.65% 12.00%Killeen 12/31/2014 186 60 8 254 13.00% 11.00%Laredo 9/30/2014 373 143 0 516 20.10% 15.00%Longview 12/31/2014 176 132 0 308 17.00% 15.00%Lubbock1 12/31/2014 407 282 3 692 21.73% 12.43%Lufkin 12/31/2014 76 56 6 138 23.00% 13.20%Marshall 12/31/2014 47 39 4 90 19.05% 14.00%McAllen 9/30/2014 161 87 6 254 13.00% 11.00%Midland 12/31/2014 206 150 9 365 21.70% 13.20%Odessa 12/31/2014 177 165 4 346 15.00% 15.00%Orange 12/31/2014 37 36 1 74 14.00% 11.00%Paris 12/31/2013 50 41 5 96 12.00% 15.00%Plainview2 12/31/2014 36 34 2 72 24.68% 14.00%Port Arthur 12/31/2014 105 72 3 180 14.45% 13.00%San Angelo3 12/31/2014 167 136 0 303 20.28% 14.20%San Benito 12/31/2013 25 10 0 35 12.00% 12.00%

29

PlanMembershipandContributions

Plan(System)

EffectiveDate

ActiveMembers

TotalAnnuitants

InactiveMembers

TotalMembers

EmployerContribution

MemberContribution

Sweetwater 12/31/2014 25 22 0 47 16.00% 16.00%Temple 9/30/2014 119 67 1 187 15.24% 15.00%Texarkana 9/30/2014 78 61 0 139 19.50% 13.50%Texas City 12/31/2014 68 52 2 122 16.00% 16.00%Travis County ESD #64 12/31/2014 72 0 0 72 19.20% 20.00%Tyler 12/31/2014 155 91 1 247 21.31% 13.50%University Park 1/1/2015 35 42 1 78 17.54% 13.00%Waxahachie 10/1/2014 54 29 2 85 16.21% 12.00%Weslaco 9/30/2014 61 20 3 84 12.00% 12.00%Wichita Falls 12/31/2014 156 115 3 274 12.52% 12.00%

1 Employer contribtuion effective 1/1/2016.2 Employer contribution effective 10/1/2015.

4 Member contribution effective 10/1/2015.

3 Employer contribution rate reflects a weighted average of contributions for the plan's two tiers.

30

Benefits

31

BenefitSummary

Plans(Systems) Tier

EligibleMembers

EligibilityRequirements(Age/YCS) BenefitFormula

FinalAverageSalary

AutomaticCOLA

RetirementBenefitOptions

SocialSecurity

Abilene All 50/20

Years of Credited Service x 3% x Final Average Salary + additional YCS x 3% for YCS between 20 and 21.5 years

and $80 per month for YCS > 21.5 years

Highest 36 Month Salary or 78 biweekly

pay periods No

BackDROP, 3 yr. max. Employee contributions credited, no interest or COLA. Yes

Amarillo All 50/20Years of Credited Service x 3.45% x

Final Average SalaryHighest 36 Month

Salary No

BackDROP, 3 yr. max. Employee contributions credited, no interest or COLA. No

Atlanta All 50/20 61% x Final Average Salary

Highest 60‐Month Salary, but not less than

$1,000 No

RetroDROP, 2 yr. max. Employee contributions credited, no interest or COLA. No

Beaumont All 50/20

63.15% x Final Average Salary + $123 per month for each year of service in

excess of 20Highest 60 Month Average Salary No

RetroDROP, 5 or 7 yr. max. Employee contributions credited, no interest or COLA. No

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

Final Average SalaryHighest 60 Month Average Salary No

DROP, 5 yr. max. 4% interest and employee contributions credited, no COLA. Or Partial Lump Sum Option. No

Brownwood All 50/2050% x Final Average Salary + $54.50

per month for YCS > 20Highest 60 consecutive

months No

DROP, 2 yr. max. Employee contributions and COLA credited, no interest. Or RetroDROP, max 2 years. Employee contributions credited, no interest or COLA. Yes

Cleburne All 50/2068% x Final Average Salary + $97 per

year >20 Final 60 Month Average No

ReverseDROP, 5 yr. max. Employee contributions and COLA credited, no interest. N/A

32

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Conroe All 50/20

67.5% x Final Average Salary plus $69 per month for YCS > 20 years prior to 12/31/2010 and $110 per month for

YCS > 20 years earned after 12/31/2010

Highest 60 Month Average Salary No

ForwardDROP, 7 yr. max. No employee contributions or interest credited. Yes

Corpus Christi All 54/2052% x Final Average Salary + $150 x

YCS in excess of 20Highest 60 Month Average Salary No

RetroDROP, 3 yr. max. Employee contributions credited, no interest. No

Corsicana All 50/2053% x Final Average Salary (First 20

YCS) + $90/month x YCS > 20

Highest 60 Month Average Salary plus $90 per month for each year of service in excess of

20 years. No

RetroDROP, 3 yr. max. Employee contributions credited, no interest or COLA. Yes

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

Final Average SalaryHighest 24 Month Average Salary No None No

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



Galveston Tier 1Hired before 1/1/2013 50/20

Years of Credited Service x 3% x Final Average Salary

Highest 60 Month Average Salary

0.6% compounded, not to exceed CPI‐

U increase


Galveston Tier 2Hired on/after 1/1/2013 50/20

Years of Credited Service x 3% x Final Average Salary

Highest 60 Month Average Salary None


Greenville All 50/20Years of Credited Service x 3.15% x


BackDROP, 2 yr. max. Employee contributions credited, no interest. N/A

33

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Harlingen All 50/20

65.5% x Final Average Salary plus a "longevity" benefit equal to $65 for each year of service in excess of 20

years.Highest 60 Month Average Salary No

DROP, 3 yr. max. Employee contributions credited, no interest. Or Reverse DROP ‐ a partial lump sum option of 24 months of benefit. No

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

Final Average SalaryHighest Consecutive 78 Biweekly Pay Periods No

DROP, 9 yr. max. Interest credit: Actuarial valuation assumed return minus 2%. Employee contributions credited. No

Killeen All 55/20 or 50/25

(58.4% x Final Average Salary) + (2.275% x Final Average Salary for

YCS>20)Highest 60 Month Average Salary No


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

Final Average Salary

Highest 78 Biweekly Pay Period out of the Last 208 Biweekly Pay

Periods No

RetroDROP, 2 yr. max. Employee contributions credited, no interest or COLA. Plan offers an increasing payment form option. No

Longview Tier 1

Members with >= 20 YCS as of 1/22/2013 50/20

80% x Final Average Salary + $80.00 per month for YCS > 20

Highest 78 Biweekly Pay Periods No

Forward and ReverseDROP, 3 yr. max. Employee contributions credited, no interest. No

Longview Tier 2

Members with < 20 YCS as of 1/22/2013 50/20

80% x Final Average Salary + $80.00 per month for YCS > 20

Highest 130 Biweekly Pay Periods No

Forward and ReverseDROP, 3 yr. max. Employee contributions credited, no interest. No

34

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Lubbock All 50/2068.92% x Final Average Salary plus

$335.05/month for each YCS over 20Final 48 Month Average

Salary No

RetroDROP, 2 yr. max. Employee contributions credited, no interest or COLA. Or Partial Lump Sum Option of up to 36 months of benefit. No

Lufkin Tier 1Hired before 09/01/2005 50/10

Years of Credited Service up to 20 years x 3.35% x Final Average Salary plus $66/month for each YCS over 20


DROP (6 yr. max) and RetroDROP (3 yr. max). Employee contributions credited, no interest. No

Lufkin Tier 2

Hired on/after 09/01/2005 and before 6/25/2013 50/15




Lufkin Tier 3Hired on/after 06/25/2013 52/20




Marshall All 50/10


Last 36 Month Average Salary No

DROP, 3 yr. max. Employee contributions credited, no interest. N/A

McAllen All 50/20

Years of Credited Service x 2.90% x Final Average Salary plus either 2.9% of FAS or $58/month for YCS 21 & 22 plus $58/month for each YCS over 22 Highest 60 Months No

BackDROP, 2 yr. max. Employee contributions credited, no interest or COLA. Yes

35

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Midland All 50/20

75% x Final Average Salary plus $500/month supplemental benefit

plus $80/month for YCS in excess of 20 Highest 60 Months

Eff. 9/1/98: automatic 2.0% COLA after having received benefits for 5 yrs as long as the Fund’s 5‐yr avg

investment performance is at least 8.25%.

Forward or RetroactiveDROP or a Combination, 3 yr. max. 4% interest, contributions credited. Or, Reverse DROP: a partial lump sum option. No

Odessa

Retired before 1/1/2000 or hired on/after 2/1/2013 50/20

72% x Final Average Salary plus $107/month for YCS

in excess of 20Highest 5 years during last 10 years of service No

3 DROP Options: 1. Regular DROP, 3 yr. max. 4% interest (on benefit credits only) and employee contributions credited. 2. Retroactive DROP, 3 yr. max. Employee contributions credited, no interest. 3. Immediate DROP: a partial lump sum option. Yes

Odessa

Retired on or after 1/1/2000 and hired before

2/1/2013 50/20

72% x Final Average Salary plus $107/month for YCS

in excess of 20Highest 5 years during last 10 years of service

For retirement with 20 YCS, $37 per month (1% compounded ‐ minimum $37).

3 DROP Options: 1. Regular DROP, 3 yr. max. 4% interest (on benefit credits only) and employee contributions credited. 2. Retroactive DROP, 3 yr. max. Employee contributions credited, no interest. 3. Immediate DROP: a partial lump sum option. Yes

36

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Orange All 50/20

Years of Credited Service x 2.60% x Final Average Salary for YCS < 20 and

$91.00 per month for YCS > 20

Highest 130 pay periods during last 208 pay

periods No

DROP, 3 yr. max. Employee contributions credited, no interest or COLA. Yes

Paris All55/20 or Rule of 80 with 20 YCS

$94.00 x Years of Service with a minimum of $500/month Highest 5 years No

BackDROP, 2 yr. max. No employee contributions, COLA or interest credited. No

Plainview Tier 1Hired before 10/01/1994 50/20

63.75% x Final Average Salary plus $78 for each year of service in excess

of 20 years (max 15 years) Highest 60 Months No


Plainview Tier 2Hired on or after 10/01/1994 53/20

63.75% x Final Average Salary plus $78 for each year of service in excess

of 20 years (max 15 years) Highest 60 Months No


Port Arthur All 50/20

Years of Credited Service x 2.70% x Final Average Salary plus $105/month

for each YCS over 20 years Highest 60 Months No

DROP, 3 yr. max. Employee contributions credited, no interest. N/A

San Angelo Tier 1Hired before 5/1/1986 50/20

67.5% x Final Average Salary plus $230/month for each YCS over 20

years Highest 48 Months

1.2% compounded after

age 61

Optional retirement program, 4 yr. max. 6% interest (through retirement date), employee contributions and COLA credited. Or RetroDROP, 4 yr. max. 6% interest (through retirement date) and employee contributions credited, no COLA. N/A

37

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

San Angelo Tier 2Hired on or after

5/1/1986 50/20

66.0% x Final Average Salary plus $230/month for each YCS over 20

years Highest 48 Months

1.2% compounded after

age 61

Optional retirement program, 4 yr. max. 6% interest (through retirement date), employee contributions and COLA credited. Or RetroDROP, 4 yr. max. 6% interest (through retirement date) and employee contributions credited, no COLA. N/A

San Benito All 52/2040.0% x Final Average Salary plus

$60/month for each YCS over 20 years Highest 60 Months NoPartial Lump Sum Option of up to 24 months of benefit. Yes

Sweetwater All 50/20


for each YCS over 20 years Highest 36 Months No

DROP, 2 yr. max. No employee contributions or interest credited. No

Temple All 50/2065.75% x Final Average Salary + $93

per month for each YCS > 20 Highes 60 Months No

DROP, 2 yr. max. Employee contributions credited, no interest. No

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

Final Average Salary Highest 36 Months No

RetroDROP, 3 yr. max. Employee contributions and COLA credited, no interest. N/A

Texas City Tier 1Hired before 1/1/1996 50/20


for YCS over 20 years Last 60 Months No

BackDROP, 2.5 yr. max. Employee contributions credited, no COLA or interest. No

Texas City Tier 2

Hired on/after 1/1/1996 &

before 12/31/2005 57.5/22.5




38

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Texas City Tier 3Hired on/after 1/1/2006 55.5/22.5




Travis County ESD #6 All 55/20

Years of Credited Service x 1.67% x Final Average Salary Highest 60 Months No None No

Tyler Tier 1

Employees with more than 20 YCS as of 1/1/2005 55/20 or 50/25 71.50% x Final Average Salary Highest 60 Months No

RetroDROP, 3 or 5 yr. max. Employee contributions credited, no interest or COLA. Or Partial Lump Sum Option of up to 48 months of benefit. No

Tyler Tier 2

Employees with less than 20 YCS as of 1/1/2005 55/20 or 50/25 71.50% x Final Average Salary Highest 60 Months No

RetroDROP, 3 or 5 yr. max. Employee contributions credited, no interest or COLA. Or Partial Lump Sum Option of up to 48 months of benefit. No

University Park All 50/2060% x Final Average Salary and $80.00 per month for YCS in excess of 20 Highest 60 Months No


Waxahachie Tier 1Hired Prior to 07/01/2005 50/20

Years of Credited Service x 2.6% x Final Average Salary plus longevity

benefit of 1.3% for YCS > 27 Highest 60 Months No

ReverseDROP, 3 yr. max. Employee contributions credited, no interest or COLA. Yes

Waxahachie Tier 2Hired on or after

7/01/2005 55/20

Years of Credited Service x 2.6% x Final Average Salary plus longevity

benefit of 1.3% for YCS > 27 Highest 60 Months No

ReverseDROP, 3 yr. max. Employee contributions credited, no interest or COLA. Yes

39

BenefitSummary

Plans(Systems) Tier

EligibleMembers


FinalAverageSalary

AutomaticCOLA


SocialSecurity

Weslaco All 55/20

47% x Final Average Salary (no less than $1000) x ratio of YCS (not

exceeding 20) and 20 YCS Highest 60 Months NoPartial Lump Sum Option of up to 24 months of benefit. Yes

Wichita Falls All 50/20Years of Credited Service x 2.55% x

Final Average SalaryHighest Consecutive 78 Biweekly Pay Periods No

BackDROP, 2 yr. max. No employee contributions, COLA or interest credited. Yes

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. 50/20

(Final Average Salary x 2.5% x 20) + (Final Average Salary x 3.0% x YCS >

20)Highest 36 months within 120 months No None N/A

40

Directory

41

Plan Contact Information

Plan

(System) Chairperson Address City ZIP Code Phone Website

Abilene Rodney Goodman PO Box 60 Abilene 79604 (325) 676-6326 www.abilenefirepension.com

Amarillo Tony Robinson PO Box 1971 Amarillo 79105 (806) 335-4402 www.afrrf.com

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

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

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

Brownwood Walter Middleton PO Box 1389 Brownwood 76804 (325) 646-5775 www.ci.brownwood.tx.us

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

Conroe Tom Garvey 402 Simonton Ste 175 Conroe 77301 (936) 756-5917 www.conroefirepension.comCorpus

Christi Matthew Wood 124 Bluff Trail Sandia 78383 (361) 826-1258 www.ccfirepension.com

Corsicana Kevin Putnam 200 N 12th St Corsicana 75110 (903) 654-4815 www.cityofcorsicana.com/fire.html

Denison Brandon Eeds 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 galvestonfirefighterspension.org

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

Harlingen Mario Alvarado 905 N 27th St Harlingen 78550 (956) 492-2253 harlingenfirepension.com

Irving Tony Harvey 825 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 Jose Martinez 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 Roger Lindsay #15 Briercroft Office Park Lubbock 79412 (806) 762-1590 www.lubbockfirepensionfund.com

Lufkin Jimmy Ragsdale PO Box 190 Lufkin 75902 (936) 630-0555 www.cityoflufkin.com

Marshall Phillip Burnett PO Box 698 Marshall 75671 (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) 883-1965 www.orangetexas.net

Paris Bob Rast 1444 N Main Paris 75460 (903) 784-9225 www.paristexas.gov

Plainview Kevin Whisenant 609 S Holliday Plainview 79072 (806) 774-5556 www.ci.plainview.tx.us

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

San Angelo Loren Edwards PO Box 1751 San Angelo 76902 (325) 657-4355 safiredept.com

San Benito Raul Zuniga 485 N Sam Houston Blvd San Benito 78586 (956) 361-3800 www.cityofsanbenito.com

Paid and Part-Paid Plans

42


Plan


Paid and Part-Paid PlansSweetwater Brad Payne PO Box 6083 Longview 75608 (409) 828-0425 www.sweetwaterfirepension.com

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

Texarkana Tim Martin PO Box 6083 Longview 75608 (409) 828-0425 texarkanafirepension.com

Texas City Michael Rusnak PO Box 307 Texas City 77591 (719) 494-7579 www.texas-city-tx.orgTravis County

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

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

University Park Cecil Barton 3800 University Blvd Dallas 75205 (214) 987-5386 www.uptexas.org

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

Weslaco Jaime Hernandez PO Box 6083 Longview 75608 (409) 828-0425 www.weslacofdpension.com

Wichita Falls Donald Hughes 624 Indiana Ave Ste 305 Wichita Falls 76301 (940) 761-7901 wichitafallsfirepension.com

The Woodlands Doug Adams P.O. Box 497 Conroe 77305 (281) 330-9174 www.woodlandsfirepension.com

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

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.beevillefiredepartment.org

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 Larry Slack 203 Walnut St Bowie 76230 (940) 872-1114 www.cityofbowie.org

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

Caddo Mills Dwayne Pattison PO Box 429 Caddo Mills 75135 (903) 527-3116 N/A

Canton Lou Ann Everett PO Box 245 Canton 75103 (903) 567-2826

www.cantontx.gov/departments/fire+depart

ment

Chillicothe Cathy Young PO Box 546 Chillicothe 79225 (940) 852-5211 N/A

Cisco James King 109 W 6th St Cisco 76437 (254) 442-3078 www.ciscofd.com

Clifton Richard Spitzer PO Box 231 Clifton 76634 (254) 675-8337 www.cliftonvfd.org

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

College Station Nancy Berry 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

Comanche Ronnie Clifton 114 W Central Comanche 76442 (325) 356-2616 N/A

Commerce John Ballotti 1119 Alamo St Commerce 75428 (903) 886-1100 commercetx.org

Volunteer Plans

43

http://www.cockrellhillfd.com/


Plan


Paid and Part-Paid PlansCooper Scotty Stegall 91 North Side Sq Cooper 75432 (903) 395-2217 N/A

De Kalb Paul Meadows 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 Irene Munoz 307 S 12th St Donna 78537 (956) 464-2121 www.ci.donna.lib.tx.us

Eden Eddy Markham PO Box 915 Eden 76837 (325) 869-2211 www.edentexas.com

Elsa Alonzo Perez PO Box 422 Elsa 78543 (956) 262-2793 N/A

Ennis Russell Thomas PO Box 220 Ennis 75120 (972) 875-3473 N/A

Floresville Sherry Castillo 1120 D St Floresville 78114 (830) 393-3105 www.floresvillevfd.org

Franklin Molly Hendrick PO Box 421 Franklin 77856 (979) 828-5831 www.franklinfire.net/

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 Jerry Lalla PO Box 367 Granger 76530 (512) 859-2755

www.cityofgranger.org/Fire_Department.htm

l

Grapeland George Pierson PO Box 567 Grapeland 75844 (936) 687-2115 www.grapeland.com

Hamlin Tom Hartley 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 PO Box 491 Henrietta 76365 (940) 538-4316 www.cityofhenrietta.com/citydepts/fire/

Hico Michael Price PO Box 533 Hico 76457 (254) 796-4620 www.hicovfd.com

Hughes Springs Reba Simpson PO Box 356 Hughes Springs 75656 (903) 639-7519 www.hughesspringstx.net

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 jacksonville-texas.com/

Junction Russell Hammonds 730 Main St Junction 76849 (325) 446-2622 www.junctionfd.org/

Karnes City Leroy Skloss 314 E Calvert Ave Karnes City 78118 (830) 780-3422 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

Lampasas Christian Toups 408 S Main Lampasas 76550 (512) 556-3446 N/A

Leonard Willie Johnson PO Box 1270 Leonard 75452 (903) 587-3334 N/A

Los Fresnos Polo Narvaez 200 N Brazil Los Fresnos 78566 (956) 371-2870 www.citylf.us

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

44


Plan


Paid and Part-Paid PlansMcLean Tanner Hess PO Box 212 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 728 E Ferguson Rd 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 N/A

Port Lavaca Jack Whitlow PO Box 105 Port Lavaca 77979 (361) 552-9793 www.portlavaca.org

Ralls Heath Verett 800 Avenue I Ralls 79357 (806) 253-2558 www.cityofralls.org

Robert Lee Leroy Casey PO Box 26 Robert Lee 76945 (325) 453-2831 N/A

Robstown Mandy Barrera 516 E Avenue B Robstown 78380 (361) 387-4589 N/A

Rockdale John King PO Box 586 Rockdale 76567 (512) 446-2511 www.rockdalefire.org

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

Runge Homer Lott Jr. PO Box 206 Runge 78151 (830) 239-4121 N/A

Rusk Angela Raiborn 408 N Main St Rusk 75785 (903) 683-5794 N/A

Sealy Mark Stolarski 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 Mark Bunte PO Box 449 Smithville 78957 (512) 237-3282 www.ci.smithville.tx.us

Stephenville Kenny Weldon 356 N Belknap St Stephenville 76401 (254) 918-1277 www.ci.stephenville.tx.us

Sulphur Springs Kayla Price 125 Davis St S Sulphur Springs 75482 (903) 885-7541 www.sulphurspringstx.org/fire.htm

Taft Robert Vega Jr. 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 Ross James PO Box 847 Tulia 79088 (806) 995-3547 N/A

Valley Mills Roy Bickerstaff PO Box 239 Valley Mills 76689 (254) 932-5101 www.vmtx.us

Weatherford Dennis Hooks PO Box 255 Weatherford 76086 (817) 598-4000 www.ci.weatherford.tx.us/

45


Plan


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

Winters Lewis Bergman 310 S Main St Winters 79567 (325) 754-4424

www.winters-

texas.us/volunteer%20fire%20department.ht

m

46

Plan Contractor Information

Service Provided Firm Name Contact Name Email Phone

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

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

Auditor Davis, Kinard & Co., P.C. 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]

Investment Manager Invesco Advisers Inc. Ross Curtis (800) 998-4246

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

Investment Manager Oppenheimer Funds Inc. Nick Cirbo [email protected] (800) 225-5677

Investment Manager SEI EM (800) 342-5734

Investment Manager Vanguard Michelle Buonanno

(800) 523-1036

x32661

Investment Manager Vanguard EM (800) 662-6273

Investment Manager Vanguard Extended Market ETF Michelle Buonanno

(800) 523-1036

x32661

Investment Manager Wells Fargo Alternative Strategies Group Inc Patrick Agnew [email protected] (512) 638-1493

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



Attorney Norton Rose Fulbright Robert T. Mashburn [email protected] (713) 651-5471

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. Robert May [email protected] (512) 346-1590

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

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

Abilene

Amarillo

Atlanta

47



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

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


Actuary Dean Actuaries, LLC Charles Dean [email protected] (214) 891-0990

Auditor West, Davis & Co. LLP Gary Davis [email protected] (512) 340-0222

Investment Consultant Bogdhan Group Ron Partain [email protected] (863) 293-8289

Investment Custodian / Bank Westwood Trust Kim Calhoun [email protected] (214) 756-6989

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


Accountant Mitchell T. Fontenote, CPA Mitchell T. Fontenote [email protected] (409) 722-6300

Actuary Foster & Foster Bradley R. Heinrichs [email protected] (239) 433-5500

Attorney Jackson Walker LLP Chuck Campbell [email protected] (512) 236-2263

Auditor Mitchell T. Fontenote, CPA Mitchell T. Fontenote [email protected] (409) 722-6300

Investment Consultant The Bogdahn Group Jack Evatt [email protected] (407) 520-5351

Investment Custodian / Bank Wells Fargo Luke Provenzano [email protected] (713) 319-1656

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 WHV Investments Brian Forth [email protected] (415) 981-6911

Investment Manager Capital Group Andrew Moscardini [email protected] (877) 421-5329

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

Beaumont

Atlanta (continued)

Big Spring

48



Accountant Helen R. Duvall CPA Helen Duvall [email protected] (832) 620-0424

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

Attorney Pat Chesser Pat Chesser [email protected] (325) 646-5775

Auditor Richard Bowman, CPA Richard Bowman [email protected] (325) 235-4974

Investment Consultant Morgan Stanley Tim Sharpe [email protected] (713) 993-2747

Investment Custodian / Bank Morgan Stanley Tim Sharpe [email protected] (713) 993-2747

Investment Manager Wedgewood Partners, Inc. Tim Sharpe " (713) 993-2747

Investment Manager Cambiar Investors, LCV Tim Sharpe " (713) 993-2747

Investment Manager Great Lakes SMID Core Tim Sharpe " (713) 993-2747

Investment Manager Delaware Investments Tim Sharpe " (713) 993-2747

Investment Manager MFS Investment Mgmt Tim Sharpe " (713) 993-2747

Investment Manager Glovista Investments, LLC Tim Sharpe " (713) 993-2747

Investment Manager Goldman Strategic Income Tim Sharpe " (713) 993-2747

Investment Manager Blackrock Strategic Income Tim Sharpe " (713) 993-2747

Investment Manager Federated Fixed Income Tim Sharpe " (713) 993-2747


Accountant Gilliam, Wharram & Co, PC 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 Tawney [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

49




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) 595-5472

Investment Custodian Frost Bank Mike Albright [email protected] (361) 844-1048

Investment Manager Garcia Hamilton & Associates LP Rudy M. Dang [email protected] (713) 853-2359

Investment Manager LSV Asset Management Scott Kemper [email protected] (312) 327-4334

Investment Manager State Street Global Advisors Philip Deeney [email protected] (617) 664-8308

Investment Manager Montag & Caldwell Invst Cnsl Judy Dye [email protected] (404) 836-7111

Investment Manager Franklin Templeton Institutional Brian Kahley [email protected] (954) 527-2198

Investment Manager WCM Investment Management William Horner [email protected] (949) 380-0200

Investment Manager JP Morgan Asset Management Randolph H. Black [email protected] (214) 965-3350

Investment Manager Eaton Vance Investment Mangers Kathy Kasper [email protected] (617) 672-8155

Investment Manager JP Morgan Asset Management SPF Randall J. Sigwarth [email protected] (614) 901-1279


Accountant City of Corsicana

Bookkeeper Helen Duvall, CPA Helen Duvall [email protected] (832) 620-0424

Actuary Rudd and Wisdom, Inc.

Auditor Anderson, Marx, & Bohl Dori Bohl [email protected] (903) 872-2571

Investment Consultant Morgan Stanley Smith Barney Tim Sharpe [email protected] (713) 993-2747

Investment Custodian Morgan Stanley Smith Barney Tim Sharpe " (713) 993-2747

Investment Manager Delaware International Stocks

Investment Manager Powershares DB Commodity Index Tracking Fund

Investment Manager Federated Core Aggregate - Mix of Fund Types

Investment Manager Cambair Large Cap Value

Investment Manager Penn Cap Small - Mid Core

Investment Manager Wedgewood Partners Large Cap Focused

Investment Manager

Morgan Stanley Liquid Asset Fund, Inc-

Commodities

Corpus Christi

Corsicana

50



Investment Manager

Glovista Investments - Exchange Traded & Closed

End Funds

Investment Manager MFS - International



Auditor Brooks Cardiel, PLLC N/A N/A N/A


Accountant Hankins Eastup Deaton Tonn & Seay PC Dan Tonn [email protected] (940) 387-8563


Attorney City of Denton John Knight [email protected] (940) 349-8333

Auditor Hankins Eastup Deaton Tonn & Seay PC Dan Tonn [email protected] (940) 387-8563

Investment Consultant Kirk Securities Corporation Sennett Kirk [email protected] (940) 566-0293

Investment Custodian / Bank PlainsCapital Bank Mimi Karnes [email protected] (817) 258-3725

Investment Manager Kirk Securities Corporation Sennett Kirk [email protected] (940) 566-0293

Investment Manager Caprock Capital Advisors, Inc. Mark Mitchell [email protected] (214) 613-2254


Accountant Helen Duvall, CPA Helen Duvall [email protected] (832) 620-0424


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

Auditor Whitley Penn Leslie Wilks [email protected] (409) 944-4808


Investment Custodian / Bank Morgan Stanley Pam Dunn [email protected] (713) 965-5029

Investment Manager Blackrock Strategic Income

Investment Manager Blackstone Re. Income

Investment Manager Blackstone TAC Opps

Investment Manager Campus Clarion Student Housing

Investment Manager Glovista Investments

Denison

Corsicana (continued)

Denton

Galveston

51



Investment Manager Great Lake Advisors

Investment Manager Goldman Sachs Strategic Income

Investment Manager Millennium Strategic Cap LTD

Investment Manager O'Shaughnessy Market Leaders

Investment Manager Vanguard

Investment Manager Wedgewood




Auditor Malnory, McNeal & Co, 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

Attorney City of Harlingen City Attorney Richard Bilbie [email protected] (956) 216-5017

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, PC

Ralph or Sandy Neal/ Becky

Torres [email protected] (972)259-5757

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

Attorney Locke Lord, LLP Stefan Smith [email protected] (214) 740-8000

Auditor R. C. Neal, PC

Ralph or Sandy Neal/ Becky

Torres [email protected] (972) 259-5757

Investment Consultant Morgan Stanley Wealth Mgmt. Tim Sharpe [email protected] (713) 993-2747

Investment Custodian / Bank Citibank Pam Dunn [email protected] (713) 993-2747

Greenville

Harlingen

Irving

Galveston (continued)

52









Investment Manager Apex Capital Tim Ng Tim1. [email protected] (713) 993-2747

Investment Manager Balyasny Capital Tim Ng " (713) 993-2747

Investment Manager Brandywine Global Tim Ng " (713) 993-2747

Investment Manager Blackstone Tim Ng " (713) 993-2747

Investment Manager Campus Clarion Student Housing Tim Ng " (713) 993-2747

Investment Manager CBRE Capital Partners Tim Ng " (713) 993-2747

Investment Manager Cohesive Capital Tim Ng " (713) 993-2747

Investment Manager Columbia Threadneedle Tim Ng " (713) 993-2747

Investment Manager Delaware Investments Tim Ng " (713) 993-2747

Investment Manager Federated Core Tim Ng " (713) 993-2747

Investment Manager Goldman Sachs Private Tim Ng " (713) 993-2747

Investment Manager Goldman Sachs Early Tim Ng " (713) 993-2747

Investment Manager Lazard Asset Management Tim Ng " (713) 993-2747

Investment Manager Millennium Tim Ng " (713) 993-2747

Investment Manager PIMCO Bravo II Tim Ng Tim1. [email protected] (713) 993-2747

Investment Manager Smith Asset Management Tim Ng " (713) 993-2747

Investment Manager Wedgewood Partners Tim Ng " (713) 993-2747

Investment Manager Wentworth Hauser Tim Ng " (713) 993-2747

Investment Manager Capital Spring LLC Lisa Lersner [email protected] (212) 981-0153

Investment Manager Captial Spring Direct Lending Lisa Lersner " (212) 981-0140

Investment Manager CDK Realty Advisors Kenneth Cooley [email protected] (214) 253-2140

Investment Manager Hancock Timber Resource Group Katie AmRhein [email protected] (617) 747-1600

Investment Manager Principal Real Estate Doug Vanderbeek [email protected] (515) 362-2142


Accountant Robert Vanwassehnova Tawney [email protected] (936) 760-1600



Auditor Brooks Cardiel, PLLC Mike Brooks [email protected] (281) 907-9223

Investment Consultant The Bogdhan Group Jack Evatt [email protected] (407) 520-5362


Killeen

Irving (continued)

53






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 PC Archie Montemayor [email protected] (512) 442-0380

Investment Consultant Fund Evaluation Group J. Dave Wetzel [email protected] (313) 875-4300

Investment Custodian / Bank Wells Fargo Luke Provenzano [email protected] (713) 319-1656

Investment Manager Fiduciary Management of Milwaukee Mike Stanley [email protected] (414) 226-4545

Investment Manager Bahl & Gaynor John Schmitz [email protected] (513) 287-6102

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 Waddell & Reed Clayton Johnston [email protected] (913) 236-1744

Investment Manager Cramer Rosenthal McGlynn Rebecca Brown [email protected] (212) 326-5336

Investment Manager Artisan Partners Sean Howley [email protected] (415) 283-1075

Investment Manager Dimensional Fund Advisors Matt Pawlak [email protected] (512) 306-4376

Investment Manager Franklin Templeton Allison Shaw [email protected] (203) 504-1471

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 CBRE Clarion Securities JT Straub [email protected] (610) 995-7353

Investment Manager Invesco Powershares Capital Management Richard Ranke [email protected] (630) 254-8820

Investment Manager Ironwood Jonathan Gans [email protected] (415) 777-2400

Investment Manager Pointer Cassie Schmidt [email protected] (423) 266-3544


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


Auditor Henry & Peters, PC Katie Markasky [email protected] (903) 597-6311


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

Investment Custodian Morgan Stanley Tim Sharpe [email protected] (713) 993-2747

Investment Manager Westwood Holdings Group, Inc Kim Calhoun [email protected] (214) 756-6922

Investment Manager Westend Staunton Harkins [email protected] (704) 409-4125

Investment Manager Cornerstone Craig Maxwell [email protected] (404) 751-3857

Investment Manager Wentworth Hauser Brian Forth [email protected] (415) 981-6911

Longview

Laredo

54



Investment Manager Templeton Melissa Snell [email protected] (713) 417-3739

Investment Manager Loomis Sayles Ken Birely [email protected] (617) 449-2609

Investment Manager Millennium Brian Kelly [email protected] (212) 708-4367

Investment Manager Cohesive Capital Gregory Angrist [email protected] (212) 616-9609

Investment Manager Glovista Dennis Tracey dennis,[email protected] (212) 336-1540

Investment Manager Balyasny Rich Arbucci [email protected] (646) 924-1280

Investment Manager Blackstone Real Estate David Ainsworth [email protected] (212) 864-3578

Investment Manager PIMCO Bravo II Andrew Hoffman [email protected] (949) 467-8393

Investment Manager Campus Clarion Daniel Reid [email protected] (212) 883-2500



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

Auditor Robinson, Burdette, Martin, & Seright, LLP Brent Redford [email protected] (806) 744-4333

Investment Consultant Morgan Stanley Wealth Management Tim Sharpe [email protected] (800) 833-5626


Investment Manager CDK Realty Advisors Ken Cooley [email protected] (214) 253-2140

Investment Manager Huff Energy Group Brian Bloom [email protected] (917) 984-1233

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

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

Investment Manager WHV Investments Brian Forth [email protected] (415) 288-6149

Investment Manager Lazard Asset Management David Springer [email protected] (212) 632-6874

Investment Manager Goldman Sachs Guy Pullen [email protected] (917) 882-1099

Investment Manager Abbey Capital Helen Doody [email protected] (646) 495-5546

Investment Manager CBRE Capital Partners Ethan Penner [email protected] (212) 824-2152

Investment Manager Blackstone Group David Ainsworth [email protected] (214) 864-3578



Attorney City of Lufkin Bruce Green [email protected] (936) 633-0260

Auditor Axley & Rode, LLP Justin Matthews [email protected] (936) 633-9713

Lubbock

Lufkin

Longview (continued)

55




Investment Consultant Westwood Trust Porter Montgomery [email protected] (214) 756-6979

Investment Custodian / Bank Westwood Trust Porter Montgomery " (214) 756-6980

Investment Manager Westwood Trust Porter Montgomery " (214) 756-6981


Accountant City of Marshall Debbie Manuel [email protected] (903) 935-4447

Actuary Retirement Horizons Inc. Mickey McDaniels [email protected] (281) 296-1118

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

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

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 Luke Provenzano [email protected] (713) 319-1656

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 Energy Opportunities Capital Management Farrell Crane [email protected] (512) 477-0900

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 Titan Master Fund, LP Marice Leo [email protected] (203) 327-8600

Investment Manager Ironwood Capital Partners LP Martin J. Hermens [email protected] (415) 777-2400

Investment Manager

Courage Credit Opportunities Offshore Fund III,

LP John E. Klinge [email protected] (310) 622-9270

Marshall

Lufkin (continued)

McAllen

56



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


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


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


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


Midland

Odessa

Orange

57



Auditor Edgar, Kiker & Cross Bradley D Brown, CPA [email protected] (409) 883-8224

Investment Consultant Morgan Stanley Tim T Sharpe [email protected] (713) 993-2747

Investment Custodian / Bank Morgan Stanley Tim T Sharpe " (713) 993-2747

Investment Manager Great Lakes Advisors, Inc

Investment Manager Congress Asset Management Co.

Investment Manager Delaware Capital Management

Investment Manager Columbia MGMT Inv. Advisers, LLC

Investment Manager Federated Investors, Inc

Investment Manager MFS Investment MGMT

Investment Manager Glovista Investment MGMT


Accountant Malnory, McNeal & Company Johnna McNeal or Lori Whittle Lori Whittle: [email protected] (903) 784-6700


Attorney Hund, Krier, Wilkerson & Wright, P.C. (806) 783-8700

Auditor Malnory, McNeal & Company 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 Anderson [email protected] (281) 863-1951

Attorney City of Plainview Leslie Spears Schmidt [email protected] (806) 296-1127

Auditor Moseley & Riddle Kevin Moseley [email protected] (806) 281-9245


Investment Custodian / Bank Morgan Stanley Tim Sharpe " (713) 993-2747

Investment Manager O'Shaughnessy Asset Management Mark Vernon [email protected] (810) 229-7873

Investment Manager Segall Bryant & Hamill Mark Rewey [email protected] (312) 474-4118

Investment Manager Delaware Investments Jason Stepanik [email protected] (713) 703-1742

Investment Manager Glovista Investments Dennis Tracey [email protected] (203) 219-7742

Investment Manager MFS Investment Management Orville Clarke [email protected] (617) 954-7248

Plainview

Paris

Orange (continued)

58



Investment Manager Blackstone Real Estate Income Fund David Ainsworth [email protected] (214) 864-3578

Investment Manager Blackstone Strategic Income Mutual Fund

Investment Manager Goldman Sachs Strategic Income Mutual Fund




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

Investment Custodian / Bank J.P. Morgan Chase Sherrita Wade [email protected] (469) 477-0224


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. Mickey Mc Daniel [email protected] (281) 296-1100

Auditor Long Chilton, LLP N/A N/A N/A



Attorney Hund, Krier, Wilkerson & Wright, P.C. Kim Wilkerson (806) 783-8700

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 Porter Montgomery " (214) 756-6919

Plainview (continued)

Port Arthur

San Angelo

Sweetwater

San Benito

59





Auditor Jaynes, Reitmeier, Boyd & Therrell, P.C. Mike Abel mike_ [email protected] (254) 761-1623

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 John Hancock Disciplined Value I (800) 225-5291

Investment Manager Lord Abbett Developing Growth (800) 821-5129

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 N/A (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

Investment Manager Salient MLP Energy & Infrastructure [email protected] (713) 993-4675

Investment Manager Vanguard Index 500 N/A (877) 622-7447

Investment Manager Winslow Lg Cap Growth [email protected] (612) 376-9100

Investment Manager Grosvenor Institutional Partners [email protected] (855) 426-9321

Investment Manager CDK Real Estate Ken Cooley [email protected] (214) 253-2140




Auditor Henry & Peters, PC Katie Markasky, CPA [email protected] (903) 597-6311

Investment Custodian / Bank Bank of Texas Scott Winton (214) 525-7671

Investment Manager Westwood Porter Montgomery [email protected] (214) 756-6919

Investment Manager Pier Capital LLC Jan Parsons [email protected] (203) 425-1450

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

Texarkana

Temple

60



Accountant Helen Duvall CPA Helen Duvall [email protected] (832) 620-0424



Auditor Whitley Penn Thomas Pederson [email protected] (409) 944-4821


Investment Custodian / Bank Morgan Stanley Tim Sharpe [email protected] (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

Investment Manager WHV Intl

Investment Manager Glovista EM

Investment Manager Great Lakes

Investment Manager ACL Alternative




Auditor Montemayor Hill Britton & Bender PC 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, PC Katie Markasky [email protected] (903) 597-6311

Investment Consultant Robert Harrell, Inc. Will Harrell [email protected] (512) 656-4788

Investment Custodian / Bank Wells Fargo Karen Epps [email protected] (214) 740-1554

Texas City

Tyler


61



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

Auditor Malnory, McNeal & Company, PC N/A N/A N/A


Accountant Helen Duvall CPA Helen Duvall [email protected] (832) 620-0424

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

Investment Consultant Morgan Stanley Smith Barney Tim Sharpe [email protected] (713) 993-2747


Investment Manager Great Lakes Advisors Inc SMID Capitol Tim Sharpe [email protected] (713) 993-2747

Investment Manager Delaware Capital Management Tim Sharpe " (713) 993-2747

Investment Manager Delaware Capital Management Tim Sharpe " (713) 993-2747

Investment Manager Wedgewood Partners Tim Sharpe " (713) 993-2747

Investment Manager MFS Investments Management Tim Sharpe " (713) 993-2747

Investment Manager Glovista Investments Tim Sharpe " (713) 993-2747

Investment Manager Blackstone RE Income Fund Tim Sharpe " (713) 993-2747

Investment Manager Goldman Sachs Strategic Income Tim Sharpe " (713) 993-2747

Investment Manager Federated Investors Tim Sharpe " (713) 993-2747




Auditor Long Chilton, LLP Quentin Anderson [email protected] (956) 423-3765

Investment Consultant South Texas Money Management Lisa Ivie Miller [email protected] (512) 342-2272

Investment Custodian / Bank TD Ameritrade (800) 431-3500

Investment Manager South Texas Money Management Lisa Ivie Miller [email protected] (512) 342-2272

Waxahachie

Weslaco

University Park

62



Accountant MWH Group P.C. John Luig [email protected] (940) 723-1471


Attorney Locke Liddell & Bissell LP Stefan P. Smith [email protected] (214) 740-8000

Auditor Henry & Peters, PC Jana K. Broussard [email protected] (903) 597-6311

Investment Consultant Bogdahn Group 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 Capital Management Judy McCoy (240) 482-2908

Wichita Falls

63

Glossary

64

Glossary

Actuarial Accrued Liability

Computed differently under different funding methods, the actuarial accrued liability generally represents the portion of the Present Value of

Future Projected Benefits 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

An actuarial method which defines the allocation of pension costs (and contributions) over a member's working career. All standard actuarial

cost methods are comprised of two components: normal cost and the actuarial accrued liability. An actuarial cost method determines the

incidence of pension costs, not the ultimate cost of a pension plan; that cost is determined by the actual benefits paid less the actual

investment income.

Actuarial Value of Assets

The value of pension plan investments and other property used by the actuary for the purpose of an actuarial valuation (sometimes referred

to as valuation assets). Actuaries often select an asset valuation method that smooths the effects of short‐term volatility in the market value

of assets.

Actuary

A business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study

uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design

creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.

Age (Retirement)

Normal retirement dependent upon attainment of a specified age.

65

Glossary

Amortization

Paying off an interest bearing liability by gradual reduction through a series of installments, as opposed to paying it off by one lump sum

payment.

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. The term is frequently used to describe the part

of a retirement allowance derived from a participant's contributions. Compare with "pension."

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. Total deductions are what causes the asset

value to decrease during the reporting period.

Combined Revenue

The sum of total investment income and other income (even if negative), and employer, employee and other contributions. Total additions

are what causes the asset value to increase during the reporting period.

66

Glossary

Covered Payroll

All elements included in compensation paid to active employees 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 which 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)

Additional, optional benefits that members may elect to participate in upon reaching eligibility. Basic DROPs work as follows: a member, upon

reaching retirement eligibility, chooses to continue working and enter the DROP. The member’s monthly retirement benefit is placed in a

designated account to accumulate and earn interest until the member ceases to work for the plan sponsor, at which time the account balance

is paid to the member in a lump sum. DROP provisions vary from plan to plan.

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.

Entry Age Normal Cost Method (EANC)

The EANC method is a standard actuarial funding method. The annual cost of benefits under EANC is comprised of two components:

Normal cost

Amortization of the unfunded liability

The normal cost is determined on an individual basis, from a member’s age at plan entry, and is designed to be a level percentage of pay

throughout a member’s career.

67

Glossary

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

Calculations for final average salary vary from plan to plan. In most cases, the final average salary 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 ratio of a plan’s current assets to the present value of earned pensions. There are several acceptable methods of measuring a plan’s

assets and liabilities. In financial reporting of public pension plans, funded status is reported using consistent measures by all governmental

entities. According to the Government Accounting Standards Board (GASB), the funded ratio equals the actuarial value of assets divided by

the actuarial accrued liability calculated under the Projected Unit Credit cost method.

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 Retirement Age

The age, as established by a plan, when unreduced benefits can be received.

Pension

A series of periodic payments, usually for life, payable monthly or at other specified intervals. The term is frequently used to describe the part

of a retirement allowance financed by employer contributions. Compare with "annuity".

68

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 excess, if any, of the Actuarial Accrued Liability over the Actuarial Value of Assets. In other words, the present value of benefits earned to

date that are not covered by current plan assets.

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.

69


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


http://www.prb.state.tx.us/

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