Audit Confirms Valuations for Employees' Retirement Fund of the City of Dallas Assets
City Employees' Retirement Fund on Firm Financial Footing
DALLAS, Oct. 16, 2014 /PRNewswire/ -- An actuarial audit of the Employees' Retirement Fund of the City of Dallas confirms the financial health and that the fund is accurately valuing its assets based on Actuarial Standards of Practice (ASOPs). The scope of the asset audit included verification that assets are reported properly, review of valuation methodologies of the alternative assets, and review of the administrative/investment expenses.
"The Board of the Dallas ERF ("Board") is pleased that the results of the audits confirm that the Dallas ERF is utilizing best practices and that the fund's independent actuaries have consistently provided a reasonable valuation in regards to the financial position of the Employees' Retirement Fund of the City of Dallas," said Board Chair Carla Brewer. "The fund will also undertake certain recommendations made by the auditors that will further enhance the transparency of its financial reporting process."
The actuarial audit required by Texas Government Code Section 802.1012 for the valuation year ended December 31, 2012, was expanded to also include the valuation years, ended December 31, 2008 through December 31, 2011. An asset audit was also conducted in conjunction with the actuarial audit.
State law requires the City of Dallas ("City") to conduct an actuarial audit on its pension funds every five years. The City actually chose a replication audit which is the most detailed type of audit where the City's third-party actuary takes the data and reruns a full valuation for every year for five years. The City also used an independent valuation firm that audited the assets of Dallas ERF.
"The city employees and retirees who depend on our pension fund for their retirement can be proud of the fact that the audit shows a good rate of return and sound financial management practices," said Brewer. "The Board understands its fiduciary responsibilities and holds itself to the highest standards of care. The Board wishes to express its thanks to our professional service partners - Gabriel Roeder Smith & Co. (actuaries), Wilshire Associates (investment consultant), and Grant Thornton (accountants) for their expert services and advice. The Board also expresses gratitude to the staff of Dallas ERF for their commitment to excellent management and customer service."
SOURCE Employees’ Retirement Fund of the City of Dallas
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