The TMRS Act places the general administration and management 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 manages TMRS operations through its professional staff and Board-appointed consultants under the leadership of the Board-appointed Executive Director. The Board meets at regularly scheduled public meetings and:
- Establishes policies for sound Board governance and the operation of the System;
- 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;
- Proposes improvements to TMRS governance to the Texas Legislature;
- Ensures that Member services are delivered in a timely and efficient manner; and
- Hires and monitors the performance of the Executive Director.