Announcements

2019 Financial Reports Posted

In its June meeting, the TMRS Board of Trustees approved the 2019 TMRS Comprehensive Annual Financial Report (CAFR). The CAFR, posted on the Financial Reports web page, is prepared annually by the TMRS Finance staff and may be downloaded by sections or as a full PDF (151 pages). In addition to the CAFR, the 2019 Schedule of Changes in Fiduciary Net Position is available (56 pages).

City Rate Letters Available

2021 Rate Letters are now available on the TMRS website. Choose your city’s name from the drop-down menu to view or download your rate letter. The letter contains detailed information on your city’s contribution rate for the year beginning January 1, 2021. Call 800-924-8677 if you have questions.

Please note that the information your city will need for its financial disclosures (your GASB reporting packages) will be available as two separate downloads (for GASB 68 and GASB 75, if applicable) on the TMRS website by July 31.

Actuarial Valuation Available

The TMRS Board of Trustees approved the System’s Actuarial Valuation for the year ending December 31, 2019. The complete valuation, which is now available to download, contains rate information for cities for the year beginning January 1, 2021. Individual city rate letters will be available in early June.

Visit the TMRS Town Square!

The TMRS Travel Team is offering a new way to serve our customers remotely. The TMRS Town Square page on our website offers videos, live streams, and face-to-face meetings for cities and members. Watch this video introduction to the Town Square. In these challenging times, we are fortunate that technology can help us stay connected with our cities and members. See you in the Square!

Email Update for Members

TMRS recently sent out a Special E-Bulletin to all TMRS members with valid email addresses on file. Like our previous COVID-19 updates, the enewsletter covers questions that have arisen during the current crisis. The primary topic of the issue is understanding the types of service credit, which may help members reach vesting or retirement eligibility sooner. Other topics covered are how to know your vested status and service retirement eligibility and important resources for members. If you haven’t been receiving these email updates, go to MyTMRS and update your email address (use a longstanding email). If you know someone who is a TMRS member but does not receive email from TMRS, please pass along the newsletter and encourage them to sign up.

Privacy Notice has Been Updated

The Privacy Notice on the TMRS website has been posted so that all plan participants will be aware of TMRS’ privacy practices. The notice spells out what confidential information we collect, how we use it, how we keep it secure, and your rights regarding your personal information. We constantly improve our internal policies and procedures in order to protect your confidential data that we receive and use for our business operations.

COVID Communication to All TMRS Cities

TMRS sent out a Special E-Bulletin today that covered several questions that have arisen during the current crisis. The update includes a TMRS status report from the Executive Director, issues affecting furloughs and other reductions in force, compensation under FFCRA provisions, Extended Supplemental Death Benefits (ESDB), and enrolling new members using the City Portal.

Use the City Portal for Member Enrollments

During the current crisis, many of our cities are working remotely. TMRS wants to let cities know that the best way to enroll new members in TMRS is with the City Portal. The City Portal is a secure electronic application, and using it eliminates the need to complete and sign paper forms for new member enrollment. Find more information on the City Portal here.

Getting set up on the City Portal is easy. If you need help, please send an email to CityPortal@tmrs.com.

Your Retirement is Secure

Whenever the financial markets experience downturns, some TMRS members become concerned about their retirement benefits. It is important to remember that your benefit is not tied to investment returns and that a market correction does not affect your TMRS account or your monthly benefit. Market volatility is expected but TMRS is a long-term investor and our investment philosophy is designed to achieve our goals through asset diversification and prudent strategies.

Member Annual Statements Begin Mailing Soon

TMRS will send Member Annual Statements to active TMRS members (contributing and noncontributing) in four groups according to the ZIP Code schedule below. At the time they mail, the statements will also be available on MyTMRS. They show your member account balance as of December 31, 2019 and provide beneficiary information and retirement estimates. If you have questions about your statement, please contact TMRS at 800-924-8677.

TMRS Welcomes Two New Board Members

Governor Abbott appointed Anali Alanis, Assistant City Manager of Pharr, and Juan Diego “Johnny” Huizar, City Manager of Pleasanton, to the TMRS Board of Trustees on February 4. Mrs. Alanis replaces Jim Jeffers of Nacogdoches, who retired in January 2020. Mr. Huizar replaces Jim Parrish of Plano, who retired in 2019. TMRS welcomes Mrs. Alanis and Mr. Huizar and thanks Mr. Parrish and Mr. Jeffers for their dedication and service.

Retirement Account Statements Now Available

Annual account statements for TMRS retirees are now available on MyTMRS and will also be mailed today, February 10. The statements show the payment and withholding amount, retirement plan option, retirement date, beneficiary designation, and amount of COLA (if applicable) in effect for 2020. Member Annual Statements will be available in March. If you have questions about your statement, call our Phone Center at 800-924-8677.

Tax Documents Now Available

The 2019 1099-R tax statements are now available for download through MyTMRS. These documents were also mailed to all payees on January 22. Please note that tax statements are not provided for members who are current contributors to TMRS. The 1099-Rs are only provided for annuitants and members who received payments in 2019.

Rate Reminder Letters for Cities

TMRS mailed letters to cities on January 16, 2020, reminding them of their 2020 contribution rate. This letter includes the updated rates for cities that adopted an ordinance since the last valuation. This rate is effective January 1, 2020 with the January payroll report, which must be submitted to TMRS no later than February 15, 2020. If you have questions about your city’s rate or how to submit your payroll, please call our office at 800.924.8677.

Annual Interest Credit Applied

Five percent interest has been applied to all eligible TMRS member accounts as of December 31, 2019. The interest allocation is credited on the balance in member accounts as of January 1, 2019. To view your interest earned and your 2019 transaction history, log in to your account on MyTMRS.

City Dashboard Now Available!

GRS, the system’s consulting actuary, has designed a city “dashboard” called GRS Snapshot™ for TMRS that will allow TMRS cities to analyze various funding metrics by city on a historical basis. A peer comparison with all other TMRS cities is also available.

TMRS’ CIO Receives International Recognition

TMRS’ Chief Investment Officer, TJ Carlson, was recognized in Chief Investment Officer magazine's Power 100 List, highlighting the top 100 CIOs in the world. TJ moved up the list to #22 from #51 last year. In the article, he discussed TMRS investment department initiatives such as asset class diversification and creation of an in-house Investment Data Warehouse.

TMRS Executive Director Search

TMRS is searching for an experienced and accomplished Executive Director. For information on the position and how to apply, please see the position specification.

Upcoming Advisory Committee Vacancies

Are you a TMRS member or retiree with a good knowledge of the System and an interest in contributing to TMRS’ future? The TMRS Advisory Committee on Benefit Design will have two vacancies in the individual class of membership by the end of 2019. One of these voluntary positions is reserved for an active member of TMRS and one for a TMRS retiree. The Advisory Committee supports the TMRS Board of Trustees in its study of benefit design issues and helps the Board develop legislative proposals. See the Advisory Committee page for details on the committee’s operations and for an application to be considered for appointment by the Board.

Ransomware Attack and Member Security

As reported in this article by the Texas Department of Information Resources (DIR), several cities in Texas were attacked by Ransomware. If your city was affected by this attack, TMRS requested the city to let us know. In general, any time a city experiences a cyberattack that may compromise employee information, we appreciate being notified so that we can monitor the TMRS accounts of members for suspicious activity. For more ransomware information and tips, see DIR’s website.

Open Enrollment at Your City

Open Enrollment is a good time to make sure your address and beneficiary on file with TMRS are current. Update your address and beneficiary online using MyTMRS (if spousal consent isn’t required). If you're not a MyTMRS user, sign up now so you can take advantage of its new features. You can also download and print the Address or Name Change and Beneficiary Designation Before Retirement forms and mail them to TMRS in order to make these updates.

TMRS Continues to Grow

As the Texas economy grows, so does TMRS. Some interesting statistics from TMRS’ CAFR: Over the past four years (from year-end 2014 through year-end 2018) our number of participating cities grew from 860 to 887, our active members grew from 104,019 to 111,851, and our retired member accounts grew from 53,455 to 66,051. TMRS is in it for the long haul.

GASB 75 Reporting Packages Available

The Governmental Accounting Standards Board Statement No. 75 (GASB 75) OPEB disclosure information for 2019 fiscal years is now available on the Eye on GASB page of our website. The GASB 75 Employer Reporting Package is based on the December 31, 2018 (measurement date) actuarial valuation. Cities with Supplemental Death Benefits for their retirees should report under GASB 75. Select the year 2019 and then your city from the drop-down menu to download the package.

City GASB 68 Reporting Packages Now Available

The Governmental Accounting Standard’s Board Statement No. 68 (GASB 68) pension disclosure information for 2019 fiscal years is now available on our website. GASB 75 Reporting Packages will be available by July 31. The “GASB 68 Employer Reporting Package” is based on the December 31, 2018 (measurement date) actuarial valuation. Topics under the “2019 What You Need for GASB 68 Compliance” page are grouped under: Financial Statement Audit, Financial Reporting, Actuarial Resources, and General GASB Resources. Please be sure your finance officer is aware of this resource. In addition, TMRS' SOC-1 Audit Report (PDF; for use with GASB 68) and your city’s census data (Excel; for use with both GASB 68 and 75) are available as downloads from the City Portal. If you have questions about these materials, send an email to pensionaccounting@tmrs.com.

2018 Financial Reports Posted

In its June meeting, the TMRS Board of Trustees approved the TMRS Comprehensive Annual Financial Report (CAFR). The CAFR, posted on the Financial Reports web page, is prepared annually by the TMRS Finance staff and may be downloaded by sections or as a full PDF (153 pages). In addition to the CAFR, the 2018 Schedule of Changes in Fiduciary Net Position is available (56 pages).

TMRS Bill Signed by Governor Abbott

Governor Greg Abbott signed Senate Bill 1337, the TMRS bill, on June 14, 2019. With his signature, the TMRS Act is officially amended to include all of the provisions approved by the TMRS Board at their December 2018 meeting. The bill will go into effect on January 1, 2020. TMRS would again like to thank Senator Joan Huffman and Representative Dan Flynn for sponsoring the legislation and for their hard work to ensure passage. For details and background, see the Texas Legislature web page and the TMRS Legislative News page.

TMRS Executive Director to Retire

TMRS' Executive Director will retire in May 2020. The TMRS Board of Trustees is beginning a search for a new Executive Director. See details in the press release.

Actuarial Valuation Available

The TMRS Board of Trustees approved the System’s Actuarial Valuation for the year ending December 31, 2018. The complete valuation, which is now available to download, contains rate information for cities for the year beginning January 1, 2020. Individual city rate letters will be available in early June.

May Board Meeting

The TMRS Board of Trustees will meet in our Austin office (1200 N. Interstate 35) on Thursday, May 30, at 1:30 p.m. and in a joint meeting with the Advisory Committee on Benefit Design on Friday, May 31, at 8:00 a.m. Presentations to the Board are posted under the Agendas and Minutes tab after each Board Meeting.

The TMRS Bill Passed May 21

Texas Senate gave final approval to Senate Bill 1337, which will improve the administration and operations of TMRS. The bill was sent to the Governor May 25, and if approved, would not take effect until January 1, 2020. TMRS would like to thank Senator Joan Huffman and Representative Dan Flynn for sponsoring this legislation and for their support of TMRS. For details and background, see the Texas Legislature web page and the TMRS Legislative News page.

TMRS Bill Passes

Yesterday the Texas Senate gave final approval to Senate Bill 1337, which will improve the administration and operations of TMRS. The bill will now be forwarded to the Governor for his approval. Details about the bill may be found on the Texas Legislature website. Stay tuned to TMRS’ Legislative News page for more information. TMRS would like to thank Senator Joan Huffman and Representative Dan Flynn for sponsoring this legislation and for their support of TMRS.

Senate Confirmation of Board Members

On May 2, the Texas Senate confirmed the appointment of Jesus A. Garza and the reappointment of Jim Parrish to the TMRS Board of Trustees.

Refunding Your TMRS Account

If you have stopped working for a TMRS city and are considering withdrawing your TMRS contributions, there are some important points to consider. This video explains details about taxation, leaving your money in TMRS, returning to employment with another TMRS city, combining credit with other Systems, how to receive your refund, and other matters.

Update on TMRS Legislation

Senate Bill 1337 (Huffman) was passed by the House of Representatives today. The bill will now be returned to the Senate for concurrence. The latest version of the bill can be tracked on Texas Legislature Online.

Join Our Social Networks

TMRS is expanding our social media outreach with regular posts on helpful TMRS information and news. Learn about benefits, retirement processes, and TMRS events on Facebook. Follow our training journey across Texas on Instagram. Read executive news about plan design, investments, and Board activities on LinkedIn. Be a part of our online community!

Investments and Interest Credits

At its March meeting, the TMRS Board of Trustees approved a -3.08% interest credit to the Benefit Accumulation Fund (BAF) for the year ending December 31, 2018, reflecting losses in the TMRS investment portfolio. Because TMRS uses an asset smoothing methodology that recognizes investment gains and losses over a 10-year period, this BAF interest credit resulted in an actuarial (smoothed) return of 6.06% for the year due to the partial recognition of deferred losses. The actuarially assumed annual return for the TMRS fund is 6.75%. City contribution rates are estimated to increase on average (will vary by individual city) by approximately 0.18% due to investment performance. Other actuarial experience that is being analyzed in the actuarial valuation currently underway will also affect required 2020 contribution rates. City contribution rates for 2020 will be available in early June.

TMRS is a long-term investor, and losses in some years are expected. Portfolio diversification helps mitigate losses over time, and actuarial smoothing of assets reduces the contribution rate volatility that would otherwise be associated with gains and losses based on a single year’s investment performance.

Member accounts are credited annually with 5% interest that is not tied to investment performance. A loss in the portfolio does not affect member or retiree benefits.

Senate State Affairs Committee Passes TMRS Bill

On March 25, the Senate State Affairs Committee passed a Committee Substitute for SB 1337, by Senator Joan Huffman, by an 8-0 vote and recommended that the bill be placed on the Senate local and uncontested calendar for consideration by the full Senate. The bill contains the TMRS Board of Trustees’ recommendations for administrative changes to the TMRS Act. See the Legislative page for more information on the 86th Legislature.

Member Annual Statements Begin Mailing Today

TMRS sent Member Annual Statements to active TMRS members (contributing and noncontributing) in four groups according to the ZIP Code schedule below. All statements are now also available on MyTMRS. They show your account balance as of December 31, 2018 and provide beneficiary information and retirement estimates. If you have not received your statement, please contact TMRS.

TMRS Bills Filed in the 86th Legislature

Legislation amending the TMRS Act has been filed in the Texas Senate (SB 1337, by Senator Joan Huffman) and House of Representatives (HB 2821, by Representative Dan Flynn). These proposed statutory changes will improve the administration and operations of TMRS. Both bills can be tracked on Texas Legislature Online, and we will post updates on the TMRS Legislative page. The Board of Trustees approved the recommendations contained in the bill at its meeting on December 6, 2018.

Report Suspicious Activity

Criminals continue to develop new techniques to steal personal information. If you ever receive a communication about your TMRS account by phone, email, or postal mail from someone who claims to represent TMRS, keep these tips in mind: TMRS does not routinely contact you to ask about information in your account or ask you to verify information by clicking on a link in an email, and TMRS does not send invoices or bills to members, retirees, or cities. If you ever have any doubt that a communication is actually from TMRS, please contact us at 800.924.8677 or email us using the contact page.

TMRS Board Information

TMRS Board of Trustees officers for 2019 are Chair Bill Philibert (Director of Human Resources and Risk Management, City of Deer Park) and Vice-Chair David Landis (City Manager, City of Perryton). Keep up with the activities of the TMRS Board using the tabs on the Board web page:

• Calendar of meetings
• Agendas (posted approximately a week before each meeting)
• Minutes (following adoption)
• Board materials and presentations (posted within a business day of each meeting)

You can also access information on Board committees, including the Advisory Committee on Benefit Design.

Retirement Account Statements Now Available

Annual account statements for TMRS retirees are now available on MyTMRS and will also be mailed today, February 8. The statements show the payment and withholding amount, retirement plan option, retirement date, beneficiary designation, and amount of COLA (if applicable) in effect for 2019. Member Annual Statements will be available in March. If you have questions about your statement, call our Phone Center at 800-924-8677.

Tax Documents Now Available

The 2018 1099-R tax statements are now available for download through MyTMRS. These documents were also mailed to all payees on January 22. Please note that tax statements are not provided for members who are only current contributors to TMRS. The 1099-Rs are only provided for annuitants and members who received payments in 2018. If you have a question regarding the amount listed in box 5 of your 1099-R, watch this video on our Facebook page.

Rate Reminder Letters for Cities

TMRS mailed letters to cities today reminding them of their 2019 contribution rate. This letter includes the updated rates for cities that adopted an ordinance since the last valuation. This rate is effective January 1, 2019 with the January payroll report, which must be submitted to TMRS no later than February 15, 2019. If you have questions about your city’s rate or how to submit your payroll, please call our office at 800.924.8677.

Annual Interest Credit Applied

Annual interest credit (5%) was applied to all eligible member accounts on December 31, 2018. The interest allocation is 5% on the balance in your account as of January 1, 2018. To view your interest earned along with your 2018 transaction history, log in to your account on MyTMRS.