The TMRS Act places the responsibility for the administration of TMRS with a six-member Board of Trustees (Board) appointed by the Governor with the advice and consent of the Texas Senate. Trustees serve terms of six years and must be an active TMRS member employed by a TMRS participating city. Trustees are fiduciaries and have a duty of loyalty to always act in the best interest of TMRS and its members, retirees, and beneficiaries. The Board, which meets at regularly scheduled public meetings, also:
- Establishes plans, policies and rules for sound Board governance and the operation of the System and the timely and efficient delivery of member services;
- Adopts an investment policy statement and asset allocation for the investment of Trust Fund assets and monitoring the Trust Fund’s performance;
- Adopts an actuarial funding policy and standards to set participating city contribution rates;
- Hires and monitors the performance of the Executive Director; and
- Retains the services of independent consultants, including actuaries, financial auditors, fiduciary and legal counsel, investment advisors, and physicians.