Supplemental Benefit Plan (SBP)

Actuarial Information as of December 31, 2015

 
Actuarial accrued liability (AAL)
Actuarial value of assets (AVA)
Unfunded actuarial accrued liability (UAAL)  
Funded Ratio (AVA/AAL)
Equivalent Single Amortization Period

 
Assumed rate of return  

Valuation Payroll
UAAL as a percent of covered payroll
     $   74,102,638
            53,674,601
          20,428,037
                   72.43%
                30 years

                     6.75%

           92,985,815
                   21.97%
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Actuarial and Financial


 
 SBP chart
click for downloadable data


Actuarial valuations for at the past 5 years:

 

SBP 2012 Actuary Valuation.pdf
SBP 2013 Actuary Valuation.pdf
SBP 2014 Actuary Valuation.pdf
SBP 2015 Actuary Valuation.pdf
SBP 2016 Actuary Valuation.pdf
 

Annual Reports for the past 5 years.


Prior to 12/31/2015, SBP did not issue separate audited financial reports. SBP audited information was included as part of the City's Comprehensive Annual Financial Report (CAFR).  City's CAFR's are available in the City's website and can be accessed by the links below:
          
9/30/2012 City of Irving CAFR pdf (Notes pages 59-61, RSI page 72, Financials pages 118-119)
9/30/2013 City of Irving CAFR pdf (Notes pages 60-63, RSI page 74, Financials pages 128-129) 
9/30/2014 City of Irving CAFR pdf (Notes pages 66-68, RSI page 80, Financials pages 134-135) 
9/30/2015 City of Irving CAFR pdf (Notes pages 69-73, RSI page 88-89, Financials pages 146-147)   
  

SBP Annual Financial Report


12/31/2015 Irving SBP Annual Financial Report.pdf
SBP 5 Year Irving History of Net Position (Downloadable Data).xslx

Portfolio Management Strategy



The long-term expected rate of return on the SBP plan investments was determined by using a building-block method in which best estimate ranges of expected future real rate of returns (expected returns, net of pension plan investments expense and inflation) are developed for each major asset class.  These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return for each major asset class included in the SBP’s target asset allocations as of December 31, 2015 are summarized below:
SBP asset class 

Historical Investment Returns 


Assumed Return 6.75%

1-Year Return            -0.77%
3-Year Return 4.94%
5-Year Return 4.29%
10-Year Return NA


SBP historical returns

Contributions

Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.


SBP contributions 

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