ProfileFY2024 PRB Verified
Odessa FF sits at #22 of 42 Texas Local Fire Fighters Retirement Act (TLFFRA) plans by assets under management (AUM). Its FY2024 funded ratio of 36.42% is below the TLFFRA simple mean of 65.6%. The plan's effective amortization period of 22.7 years is within the PRB's preferred 10-25 year range. The 7.00% discount rate is more conservative than the TLFFRA median of 7.25%. The plan uses Entry Age Normal cost method and a fixed contribution policy.
Plan AdministrationLocal Board · Local Operations
Phone (PRB filing)
(432) 614-2491
Mailing Address
1921 E 37th St, Odessa, TX 79762
Source: PRB plan-detail page #263.
Membership & ContributionsPRB Filing
Active / Annuitant Ratio
1.21
Employee Contribution
16.00% of pay
Employer Contribution
26.01% of pay
Source: PRB plan-detail page #263.
Benefit TermsTier 1 Provisions
Normal Retirement
Age/YCS: Post 2016 benefit: 55/25
Benefit Formula (Tier 1)
Frozen Benefit: Final Average Salary x 3.6% x YCS as of 12/31/2016, <= 20 + $107 x YCS > 20 as of 12/31/2016 + supplemental benefit ($500 month for reaching 50/20 as of 12/31/2016) Service Retirement Benefit: Final Average Salary x 2.88% x YCS after 12/31/2016, <=25
Final Average Salary
For benefits accrued before 1/1/2017: Highest 5 years within final 10 years as of 12/31/2016 For benefits accrued on/after 1/1/2017:Final 5 years
COLA
1% applied to frozen benefit only for members hired prior to 1/31/2013, payable each January 1. ad hoc for members who do not meet requirements for automatic COLA, 1% of monthly frozen benefit provided the Fund's investment performance is not less than a rolling 5-year average of 8.50%.
Source: PRB plan-detail page #263. Tier 1 reflects the primary benefit tier; some plans have a separate Tier 2 for members hired after a specified date. See the PRB page for full plan provisions.
Service ProvidersActuary · Custodian · Advisor · Auditor
Service providers: Not separately published in PRB filings or on the fund's public materials. TLFFRA boards typically retain an independent actuary, a bank custodian, an investment consultant, and an external auditor. Service-provider engagements are local-board records and typically become public through board minutes (available by request from the plan administrator) or in the audited financial statements filed with the PRB. The fund's website (linked above) often lists current providers under a "Service Providers" or "Board" tab.
Sponsoring AgencyOdessa Fire Department
Sponsoring Fire Department: The Odessa Fire Department covers the City of Odessa, Ector County. The fund covers 229 active firefighters and 189 annuitants as reported on the PRB-1000 filing. Department-level operational detail (station count, apparatus, accreditation, ISO rating) is not separately tracked in TLFFRA filings; the City of Odessa's fire department web page is the canonical source.
FY2024 Financials & Actuarial DetailTexas Pension Review Board
Market Value of Assets
$52,693,237
Actuarial Value of Assets
$52,101,721
Actuarial Accrued Liability
$143,060,594
Funded Ratio (Actuarial)
36.42%
Effective Amortization
22.7 years
Inflation Assumption
3.00%
Total Expenses (% of Assets)
1.212% (121.2 bps) #38 of 42 (lowest=best)
Cost Method
Entry Age Normal
View this plan's full PRB record →
Expense ratio note: The "Total Expenses (% of Assets)" line is the PRB's published total operating expenses (administrative + investment-related) as a percentage of net assets, sourced from each plan's annual financial report. Per the PRB's own disclaimer: "Due to inconsistencies in reporting of investment expenses, this data may not be an entirely accurate depiction of true investment-related expenses paid." Lower is generally better but cohort context matters. Smaller funds carry higher fixed administrative costs. The 42-fund average is 0.708% (70.8 bps); median is 0.675% (67.5 bps). Source: PRB expenses CSV →