EL PASO, Texas, Aug. 4, 2016 – The latest independent audit of the $1.2 billion El Paso Firemen and Policemen’s Pension Fund (EPFPPF) reflects the organization’s continuing strong performance and organizational growth, the Fund’s executive director said today.
The Moss Adams LLP accounting firm, of Albuquerque, N.M., conducted the audit and produced a 38-page report. The audit report states, “The investment decisions made by the Board of Trustees are made mindfully and with careful thought especially in the unpredictable global and domestic financial markets today. The portfolio continues to be structured to provide the best returns possible over the long‐term within the risk parameters adopted by the Board.”
Tyler Grossman, the EPFPPF executive director, said, “Our Fund’s board of trustees and staff are proud of the audit results and the performance of the Fund. We strive everyday to ensure our fund will stay strong for our members in good and bad economic times. Operationally, we also are working hard to further strengthen our member services and communications.”
With assets of more than $1.2 billion, the Fund continuously negotiates new investment and administrative contracts, saving millions of dollars in fees; revised its plan document with the Forward DROP to make the Fund stronger; purchased a new pension administration system at a substantial discount; initiated and redeveloped a robust policies and procedures program to increase the manageable level of risk; completed a financial audit, a five-year experience study, and a two-year actuarial valuation, all which reflected favorably on the Fund; strengthened working relationships with local and state government officials; and acquired, renovated and opened an office building which saves the costs of escalating office lease expenses in El Paso.
This year, the Texas Association of Public Employee Retirement Systems (TEXPERS) ranked the Fund as No. 1 for 15- and 20-year performance. In 2014, TEXPERS ranked the Fund among Texas’ top-three pensions plans in a closely watched measure of average yearly returns over long-term investing horizons. The Texas Pension Review Board also recognized the Fund’s extremely low administration costs and its good standing in all aspects of pension-governing state statute 6243b.
About the El Paso Firemen & Policemen’s Pension Fund
Created in 1920 with $6,000, the El Paso Firemen & Policemen’s Pension Fund provides retirement, survivor, and disability benefits to the uniformed public safety employees of the City of El Paso. The Fund has two divisions, a Policemen’s Fund and a Firemen’s Fund. An 11-member Board of Trustees and administrative staff manage both divisions. The board includes three elected firefighter trustees, three elected police trustees, three mayor-appointed trustees, and two city manager-appointed trustees. Trustees volunteer and are not compensated for their time in service to the Fund.