Public Pension Transparency

Financial transparency is key to ensuring that residents can easily access how their city manages public pension funds. This includes detailed financial reports, performance metrics, and visual tools that clearly show how pension funds are being managed.

The goal is to make this data accessible and understandable, so everyone can see where taxpayer dollars are going and how the city is maintaining responsibility for its pension obligations. By providing this information in a simple, user-friendly format, we aim to keep you informed and confident in how the city is managing its finances for the future.

Pension Summary 

The Fort Worth Retirement Fund has two separate actuarial valuations:

1. Actuarial valuation to calculate the City's actuarially determined contribution (ADC) to the plan. 

2. Government Accounting Standards Board (GASB 68) valuation which is used for financial reporting purposes and is reported in the City's Annual Comprehensive Financial Report.

The primary difference between the two valuations is that the funding valuation uses a smoothed actuarial value of assets and the GASB 68 valuation utilizes a fiduciary net position based on a market value of assets on the reporting date.

Both valuations are reflected below as of December 31, 2022.

*The tables below can be found in the Public Pension Summary FY24 under Additional Information.

 Amortization Period  26 years                                                                                                                
 Covered Payroll  557,869,620  
 Actuarially Determine Contribution Rate  31.00%  

 

 Actuarial Funding Valuation (Smoothed Value)      GASB 68 Valuation (Market Value)  
Actuarial Accrued Liability 4,998,115,041                                              Total Pension Liability  5,103,442,085                                                                                                      
Actuarial Value of Assets 2,740,773,791
   Plan Fiduciary Net Position  2,604,613,403  
Unfunded Actuarial Accrued Liability (UAAL) 2,257,341,250      Net Pension Liability (Asset)  2,498,828,682  
Funded Ratio 54.84%      Funded Ratio  51.04%  
UAAL as a Percent of Covered Payroll 405.90%      NPL as a Percentage of Covered Payroll  447.92%  

 

 Contribution Rates as of January 2024    Investment Return Rates
Employee Type Member Rate City Rate
Years Market Actuarial
 General  10.95%  26.64%    1 Year -7.90%  6.00%
 Fire  13.65%  26.64%    3 Year  5.97%  7.70%
 Police  14.73%  27.36%    5 Year  5.40%  7.10%
         10 Year  6.60%  7.20%

Time Trends

*To switch between reports, use the arrow keys at the bottom center of the report.

 

Downloadable Information

 Actuarial Valuation

 GASB68 Report                                    
 Actuarial Valuation 2019(PDF, 6MB)    GASB68 Report 2019(PDF, 667KB)
 Actuarial Valuation 2020(PDF, 553KB)  GASB68 Report 2020(PDF, 317KB)
 Actuarial Valuation 2021(PDF, 588KB)  GASB68 Report 2021(PDF, 268KB)
 Actuarial Valuation 2022(PDF, 575KB)  GASB68 Report 2022(PDF, 291KB)
 Actuarial Valuation 2023(PDF, 588KB)  GASB68 Report 2023(PDF, 900KB)

 Fort Worth Employees Retirement Fund

  
 FWERF 2019(PDF, 11MB)  
 FWERF 2020(PDF, 86MB)  
 FWERF 2021(PDF, 11MB)  
 FWERF 2022(PDF, 12MB)  
 FWERF 2023(PDF, 47MB)  

 Additional Information

  
 Public Pension Net Position(XLSX, 18KB)  
 Actuarial Value of Assets vs Actuarial Accrued Liability(XLSX, 17KB)  
 Annual Comprehensive Financial Report  
 Texas Comptroller Public Pension Search Tool  
 Public Pension Summary FY24(XLSX, 12KB)  

 

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