Corpus Christi Firefighters' Retirement System (FFRS) Summary
The City of Corpus Christi contributes to the FFRS for firefighters in the Corpus Christi Fire Department. FFRS is a single employer, contributory, defined benefit plan. The benefit provisions are authorized by the Texas Local Fire Fighters' Retirement Act (TLFFRA). TLFFRA provides the authority and procedure to amend benefit provisions. The plan is administered by the Board of Trustees of the Corpus Christi Fire Fighter's Retirement System. The City does not have access to nor can it utilize assets within the retirement plan trust. FFRS issues a stand-alone report pursuant to GASB Statement No. 67 which may be obtained by writing the Corpus Christi Fire Fighters' Retirement System at 711 N. Carancahua, Suite 724, Corpus Christi, Texas 78475.
City of Corpus Christi Pension Financial Summary
(FFRS Actuarial Valuation 12/31/2022****, City of Corpus Christi CAFR 09/30/2023)
Funded Ratio:
Funding Valuation 91.91%
GASB 68 Valuation 58.30%
Unfunded Ratio:
Funding Valuation, as per % of Covered Payroll 61.88%
GASB 68 Valuation, as per % of Covered Payroll 316.60%
Amortization Period:
For Unfunded Portion 17.2 Years
Contribution Rate:
Actuarially Determined, FY2023 23.80%
City of Corpus Christi, FY2023 23.80%
Actuarially Determined, FY2022 23.25%
City of Corpus Christi, FY2022 23.25%
Rates of Return:
One Year* 10.25%
Three Years* 9.92%
Four Years** 13.60%
Rate of Return - Assumed*** 7.15%
*The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.
**The Schedule of Investment Returns is intended to show information for ten years. Additional years will be displayed as they become available.
***The long-term expected rate of return was determined using a building-block method in which expected future net real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class as reported by FFRS.
****The FFRS Actuarial Valuation Report is prepared every two years. The City of Corpus Christi receives the report eleven to twelve months after the date of the report.
FFRS Audit Reports
FFRS Audit Reports provides financial information including statements of fiduciary net position and changes in fiduciary net position. It is prepared in accordance with Generally Accepted Accounting Principles.
FFRS Actuarial Valuation
Actuarial valuations are used to determine the amount that, when combined with investment earnings, should be consistently deposited into a retirement fund to ensure sufficient funds to pay promised benefits in full and over the long term. Actuarial valuations also show the plan's progress.
FFRS Fiduciary Net Position
The Governmental Accounting Standards Board (GASB) issued new accounting standards for pensions in 2012. These standards are reflected in the report titled "Statement of Changes in Fiduciary Net Position."
FFRS Visuals
Actuarial Value of Assets Versus Actuarial Liabilities Visual
Actuarial Contributions Versus Actual Contributions Visual
Texas Comptroller of Public Accounts Public Pension Search Tool
The Public Pension Search Tool includes details on state and local pension plans in Texas as reported to the Pension Review Board and submitted by each plan in response to a public information request from the Comptroller's office. Search details for pension plans in Texas by clicking below:
The City of Corpus Christi adopted a tax rate that will raise more taxes for maintenance and operations than last year's tax rate. The tax rate will effectively be raised by 4.69 percent and will raise taxes for maintenance and operations on a $100,000 home by approximately $16.87.
