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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