2/2/12

TMRS Retirees: New Retirement Account Statements Mailed February 1

For the first time, TMRS is mailing all annuitants an account statement showing a snapshot of your retirement account as of January 2012. The statement shows your total gross monthly payment, COLA increase (if any), federal tax withholding, and the total net monthly payment in effect for calendar year 2012. Please note -- this statement replaces the COLA letter that was sent to some retirees in past years. If you have questions or if you do not receive your statement, contact TMRS at 800-924-8677.

1/25/12

1099-Rs Mailing Soon -- and Now Available on MyTMRS

The 1099-R forms for filing annuitants’ taxes are being mailed the week of January 23-30. For quicker access, you can now download your form 1099-R for 2011 from MyTMRS. To register for MyTMRS, click the MyTMRS button on the top right side of the TMRS webpage and follow the instructions. You will receive a verification e-mail, after which you can log in to MyTMRS using your chosen user name and password.

1/11/12

Change-in-CPI Factor for TMRS COLAs

The change in the CPI from December 2009 to December 2010 was approximately 1.5%. A retiree from a city that granted a 70% COLA on January 1, 2011 and January 1, 2012, can expect to see an annuity increase of about 1% beginning with his or her January 2012 monthly benefit payment. Retirees who are receiving a COLA will be notified of the amount in a new Retiree Account Statement to be mailed February 2, 2012.

TMRS cities choose whether or not to provide COLAs to their retirees. A city that chooses a COLA can elect to provide an increase to the retiree’s monthly benefit based on a percentage of the change in the Consumer Price Index (CPI) from the December before retirement through the December that is 13 months prior to the effective date of the COLA. Cities may choose to grant a COLA at 70%, 50%, or 30% of the change in the CPI, less all previously granted annuity increases. COLAs are granted effective January 1 of a given year.

12/31/11

Member Interest Credited to Accounts

Member accounts have been credited with 5% interest as of December 31, 2011, based on the account balance as of January 1, 2011, in accordance with the TMRS Act. The city interest allocation will be determined by the Board of Trustees in February 2012.

7/22/11

TMRS 2010 CAFR Available

The TMRS 2010 Comprehensive Annual Financial Report (CAFR) in PDF format (252 pages) is now posted on the TMRS website under the Publications page.

6/16/11

Actuarial Valuation Available

The TMRS Actuarial Valuation as of December 31, 2010, is now available on the TMRS website.  The valuation contains information about city rates for the year beginning January 1, 2012. This year’s valuation includes the effects of the TMRS fund restructuring enacted by SB 350 as well as changes in actuarial assumptions made under a plan experience study. Please note that the valuation is a large PDF (177 pages; 4 MB) and may take a few minutes to download.
 
Detailed information on contribution rates will be sent to all cities in their Rate Letters next week. TMRS will also be sponsoring Funding Workshops in July and August (pdf) and the Annual Training Seminar (pdf) in August to provide information and assistance to cities.

5/23/11

SB 350 Passes House

SB 350 by Williams (House sponsor Truitt), achieved final passage on the House floor today, Monday, May 23. The bill will be sent to the Governor for his approval. The bill would enact the fund restructuring proposal recommended by the TMRS Board of Trustees and the TMRS Advisory Committee on Retirement Matters.

5/23/11

TMRS Forms

Correspondents, please read this important note about TMRS Forms.

5/6/11

City Contribution Rate Letters will be Sent in June

The December 31, 2010, TMRS Actuarial Valuation and mailing to cities containing the rates for 2012 will be slightly delayed this year. SB 350 by Senator Williams (House Sponsor Truitt), containing the fund restructuring proposal recommended by the TMRS Board of Trustees, has not yet passed the Texas Legislature. Because fund restructuring will reduce most cities’ Full Retirement contribution rates, the valuation results will not be available until the outcome of the fund restructuring bill is known.

4/13/11

TMRS Member Data Is Safe

You may have seen news stories about the Texas Comptroller of Public Accounts and the exposure of personal information related to around 3.5 million individuals. TMRS has received phone calls expressing concern about this story. The Texas Comptroller’s office does not handle TMRS data, and no personal information related to TMRS retirement accounts was included in this incident. Please be assured that TMRS takes every possible precaution to safeguard your personal information.

3/8/11

Retiree Annuity Options Video

Choosing a retirement option is one of the most important decisions a TMRS member can make. Watch this video with some important information about retirement options.