Houston Firefighters' Relief and Retirement Fund Among Strongest Public Pension Funds in the U.S.
HOUSTON, July 18, 2013 /PRNewswire/ -- The Houston Firefighters' pension is ranked as number seven in the list of the top ten public pension funds with the best 10-year returns in private equity investments.
The Private Equity Growth Capital Council recently analyzed the returns of public pension funds across the country. The report examined the strongest decades-long return to private equity investments.
"This report is the result of what we at the Fund work so hard for," says Todd Clark, Chairman of the Houston Firefighters' Relief and Retirement Fund. "Maintaining a strong Fund for our members means understanding the market, making intelligent decisions, and protecting the futures of the brave men and women who put their lives on the line everyday for the citizens of Houston."
The Private Equity Growth Capital Council, based in Washington, DC, is an advocacy, communications and research organization and resource center established to develop, analyze and distribute information about the private equity and growth capital investment industry and its contributions to the national and global economy.
The City of Houston only pays 20% of the benefits going to retired firefighters with the remaining 80% coming from the trust and the firefighters themselves. Based on the projected payroll for 2012, 2013 and 2014 the City's contribution to the Fund will be $12.5 million less than the last three years, a savings of $37.5 million.
The Houston Firefighters' Relief and Retirement Fund was created by state statute, and since its founding in 1937, it has been administered by its Board of Trustees as provided in the statute. The size of the Funds' assets have grown over the years. The market value of the Fund assets in 1988 was approximately $468 million, today its assets are in excess of 3 billion dollars.
SOURCE Private Equity Growth Capital Council