Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
REGISTRATION
System Name Weslaco Firefighter Relief and Retirement Fund
Fiscal Year End 12/31/2009
BOARD OF TRUSTEES
# Statutory Position Name Board Title Address City State Zip Code Email Phone Fax
1 Mayor or Designee Anthony Covacevich Trustee 401 Southgate Circle Weslaco TX 78596 acovacevich@weslacotx.gov (956) 973-3110 (956) 968-6672
2 CFO or Designee James Hiebert Trustee 2014 Northgate Circle Weslaco TX 78596 jhiebert@weslacotx.gov (956) 969-1534 (956) 968-6717
3 Elected Member Tom Dimas Chair 255 S. Kansas Ave. Weslaco TX 78596 tdimas@weslacotx.gov (956) 447-1990 (956) 969-4921
4 Elected Member Jaime Hernandez Vice-Chair 716 S Iowa Weslaco TX 78596 tiggerff034@yahoo.com (956) 968-7581
5 Elected Member Santiago Cuellar Sec-Treas 1709 Christian Court Weslaco TX 78596 scuellar@weslacotx.gov (956) 447-1997 (956) 969-4921
6 Citizen Member Charles Warren Trustee 605 W 5th Weslaco TX 78596 ckwcop@aol.com (956) 968-8591
7 Citizen Member Doug Wells Trustee 623 W 5th Weslaco TX 78596 dcddwells4@aol.com (956) 968-7514
PRIMARY CONTACT
# Position
1
11/18/2011 Trustees Page 1
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
REGISTRATION
System Name: Weslaco Firefighter Relief and Retirement Fund
Fiscal Year End: 12/31/2009
CONTRACTORS
# Service Provided Firm Name Contact Address City State Zip Code Email Phone Fax
1 Accountant
2 Actuary Rudd And Wisdom, Inc. Pat Hite 9500 Arboretum Blvd, Suite 200 Austin TX 78759 rw@ruddwisdom.com (512) 346-1590 (512) 345-7437
3 Attorney
4 Auditor Raul Hernandez & Co., PC Raul Hernandez 301A N King St., Suite 109 Alice TX 78332 ralhern@sbcglobal.net (361) 668-8810 (361) 668-3900
Independent Portfolio
5 Investment Consultant Consultants Andrea Galecki 5002 T-Rex Ave, Suite 225 Boca Raton FL 33431 andrea.galecki@IPCanswers.com (800) 346-4570 (561) 912-1065
6 Investment Custodian First National Bank Veronica Gonzalez 911 W Expressway 83 Weslaco TX 78596 veronica.gonzalez@webfnb.com (956) 973-3070 (956) 973-3080
7 Investment Manager Jesup & Lamont Irene Nigen 5002 T-Rex Ave, Suite 225 Boca Raton FL 33431 irene.nigen@ipcanswers.com (561) 912-1050 (561) 912-3203
8 Investment Manager NYLIFE Ins. Company Tony DeLeon 6200 Bridgepoint Pkwy, Suite 300 Austin TX 78730 adeleon@ft.newyorklife.com (800) 527-2750 (512) 314-6928
9 Investment Manager Lee Munder Capital Group Chris Deeley 200 Clarendon St, 28th Floor Boston MA 02116 cdeeley@leemunder.com (617) 380-5600 (617) 380-5601
10 Investment Manager TexPool 600 Travis St. Suite 7200 Houston TX 77002 (866) 839-7665 (866) 839-3291
11 Investment Manager
12 Investment Manager
13 Investment Manager
14 Investment Manager
15 Investment Manager
16 Investment Manager
17 Investment Manager
11/18/2011 Contractors Page 2
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Actuarial Valuation and Methods
Valuation Date Funded Ratio
Actuarial Cost Method 100%
Amortization Method 90%
80%
Asset Valuation Method 64%
70%
60% 54%
Actuarial Assumptions 50%
Investment Rate of Return 40% 33%
30% 25%
Projected Salary Increase
20%
Includes Inflation At
10%
Cost-of-Living Adjustments 0%
1994 1996 1998 2000 2002 2004 2006
Actuarial Status of the Fund - Schedule of Funding Progress in Millions
Actuarial Valuation Actuarial Actuarial Unfunded Actuarial UAAL Percentage Remaining
Date Value of Assets Accrued Liability Accrued Liability Funded Ratio Covered Payroll of Covered Payroll Amortization
($ millions) ($ millions) ($ millions) (percent) ($ millions) (percent) Years
(a) (b) ( b-a ) ( a/b ) (c) ( b-a )/ c
$0.0 0% 0%
9/30/2006 $3.6 $6.5 $2.9 54% $2.5 115% 17
12/31/2003 $2.5 $4.0 $1.5 64% $2.2 67% 9
6/30/1997 $1.1 $3.3 $2.2 33% $1.1 193% 14
6/30/1994 $0.6 $2.4 $1.8 25% $0.8 225% 25
$0.0 0% 0%
$0.0 0% 0%
Contribution
11/18/2011 Actuary Page 3
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Asset Class September 30, 2008 December 31, 2009
Market Value % Market Value %
a Cash - Cash Reserves $211,781.18 5.3% 0.0%
b Cash - Money Markets $20,873.30 0.5% 0.0%
c Fixed Income - Corp Bonds $1,000,947.00 25.1% 0.0%
d Equity - Common Stock $2,756,963.69 69.1% 0.0%
e Select Asset Classification 0.0% 0.0%
f Select Asset Classification 0.0% 0.0%
g Select Asset Classification 0.0% 0.0%
h Select Asset Classification 0.0% 0.0%
i Select Asset Classification 0.0% 0.0%
j Select Asset Classification 0.0% 0.0%
k Select Asset Classification 0.0% 0.0%
l Select Asset Classification 0.0% 0.0%
m Select Asset Classification 0.0% 0.0%
n Select Asset Classification 0.0% 0.0%
Total $3,990,565.17 100.0% $0.00 0.0%
Asset Allocation
Fixed Income $1,000,947.00 25.1% $0.00 0.0%
Equities $2,756,963.69 69.1% $0.00 0.0%
Cash Equivalents $232,654.48 5.8% $0.00 0.0%
Alternatives $0.00 0.0% $0.00 0.0%
Total for Investment Assets $3,990,565.17 100.0% $0.00 0.0%
Other Assets
Other
Receivables $1,893.54
Accrued Interest and Dividends $0.00
Payables (enter negative amount) -$8,726.63
Total Assets $3,983,732.08 $0.00
11/18/2011 Asset Classification Page 4
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Revenues for Reporting Year
Contributions Percent of Salary Amount
Paid Fire Fighters' Contribution
City Matching Contributions for Paid Firefighters
Volunteer Fire Fighters' Contribution
City Matching Contributions for Volunteer Firefighters
Total Contributions 0.00% $0.00 $0.00
Interest or Dividends on:
Corporate Stocks & Bonds
Treasury Bonds, Notes & Bills
International Investments
Accrued Interest and dividends:
At the end of the year
At the beginning of the year
Change in Accrued Interest (Year End Balance - Beginning Balance) $0.00
Other
Realized and Unrealized Appreciation / (Depreciation)
Total Interest or Dividends $0.00 $0.00
Miscellaneous Revenues $0.00
Total Revenue $0.00
11/18/2011 Revenues Page 5
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Contribution Rate History
Year FF City Total Total Contribution Rate History
1997 8.0% 8.0% 16.0%
1998 8.0% 8.0% 16.0%
35%
1999 8.0% 8.0% 16.0%
2000 8.0% 8.0% 16.0% 30%
2001 8.0% 8.0% 16.0% 25%
2002 8.0% 8.0% 16.0% 20%
2003 8.0% 8.0% 16.0% 15%
2004 8.0% 8.0% 16.0% 10%
2005 9.0% 9.0% 18.0%
5%
2006 9.0% 10.3% 19.3%
0%
2007 9.0% 11.6% 20.6%
2008 9.0% 12.0% 21.0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
2009 0.0% 0.0% 0.0%
11/18/2011 Revenues Page 6
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Disbursements (or Expenses) for Reporting Year
Paid Benefit Expenditures Count Amount
Monthly Payments for Service & Early Ret. Benefits
Paid on Disability (On-Duty)
Paid on Spouses Benefits
QDRO Payments
Paid on Children's Benefits
Paid on Disability (Off-Duty)
"DROP" Lump Sum distributions
Refund of Contributions
Lump Sum Death Benefit
Total Paid Benefits 0 $0.00
Volunteer Benefit Expenditures Count Amount
Monthly Payments for Service & Early Ret. Benefits
Disability
Spouses Benefits
QDRO Payments
Children's Benefits
Total Volunteer Benefits 0 $0.00
Total Benefits 0 $0.00 $0.00
11/18/2011 Disbursements Page 7
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Non-Benefit Expenditures Amount
Actuarial Fees
Audit Fees
Bank Trust Fees
Investment Consultant Fees
Investment Managers' Fees
Travel Expense
Education & Training
Professional Memberships
Fiduciary Insurance
Physicians' Fees
Legal Fees
Administrative Salary Expense
Furniture and Equipment
Office Overhead
Miscellaneous (postage, checks, etc.)
Other (indicate type of expense)
Total Non-Benefit Expenditures $0.00 $0.00
Total Disbursements $0.00
11/18/2011 Disbursements Page 8
Texas Local Fire Fighters' Retirement Act - Annual Report 2009
Weslaco Firefighter Relief and Retirement Fund
December 31, 2009
Net Income
Total Revenue $0.00
Total Expenses $0.00
Net Income (Total Revenues - Total Expenses) $0.00
Comparing End of Year Assets
Calculated End of Year Assets (Beginning Assets+Total Revenues-Total Expenses) $3,983,732.08
Total Assets at Year End $0.00
Difference (Calculated Year End Assets - Computed Year End Total Assets) $3,983,732.08
Data Review Needed
Approximate Rate of Return for the Year -100.00%
Number of Active Fire Fighters During the Reporting Year
Financial Information Attested to By: Date
Signed:
, Chairman
Signed:
, Vice-Chairman
Signed:
, Secretary
Report Prepared By Date
Signed:
11/18/2011 Signature Page 9