Overview

TMRS is a statewide retirement system with more than 930 participating cities that provides retirement, disability, and survivor benefits to over 210,000 active members, retirees and their beneficiaries.

Description

• TMRS is a voluntary, cash-balance retirement plan for Texas cities
• TMRS’ largest cities are San Antonio, Arlington, Corpus Christi, Plano and Laredo
• TMRS does not receive any state funds and does not administer a health care plan
• During their employment, city employees contribute a percentage of their salary on a pre-tax basis to their TMRS account that earns interest annually
• A Member’s retirement benefit is based on their account balance at retirement, city matching contributions and other city credits

Flexible

• Each participating city chooses from a menu of options to design a retirement plan to meet its needs
• TMRS calculates each participating city’s actuarial assets, liabilities and funded ratio every year
• Each participating city can prospectively modify its benefits to control costs

Plan Features

• TMRS’ Investment Return Assumption is 6.75%
• Member’s retirement benefits are advance funded during the Member’s city employment
• All participating cities must pay their actuarially required contribution annually
• Unfunded liabilities are amortized over no more than 20 years

Assets

Trust Fund assets totaled $35.5 billion as of 12/31/2022.

Funded Status

The funded status (ratio) of TMRS, as a system, was 89.7% as of 12/31/2022.

2014	2015	2016	2017	2018	2019	2020	2021	2022
85.8%	85.8%	86.3%	87.4%	87.1%	88.0%	89.5%	90.5%	89.7%

Investment returns (as of 12/31/2022; Net of Fees)

1-year average	3-year average	5-year average	10-year average	20-year average	30-year average
-7.35%	4.10%	4.81%	5.98%	6.13%	7.97%

2022 Benefits Paid

• TMRS paid $1.78 billion in benefits
• TMRS paid retirees and beneficiaries an average annual retirement benefit of $20,433