September 2020 Update
The next scheduled meeting of the Advisory Committee on Benefit Design will be a joint meeting with the TMRS Board of Trustees on September 16, 2020 and will be a virtual meeting to review potential benefit design proposals.
Governance
- Board Members & Committees
- Advisory Committee
- Calendar/Agendas/Minutes
- Professional Advisors
- Internal Audit
Board Members & Committees
Members of the Board of Trustees
TMRS Trustees are appointed for six-year terms by the Governor with the consent of the Senate.
David Landis, Chair
City Manager
City of Perryton
Term expires: February 1, 2021
Jesús A. Garza, Vice Chair
City Manager
City of Victoria
Term expires: February 1, 2023
Anali Alanis
Assistant City Manager
City of Pharr
Term expires: February 1, 2021
Juan Diego Huizar
City Manager
City of Pleasanton
Term expires: February 1, 2023
Bill Philibert
Director of Human Resources
and Risk Management
City of Deer Park
Term expires: February 1, 2025
Bob Scott
Assistant City Manager and Chief Financial Officer
City of Carrollton
Term expires: February 1, 2025
Board Committees
Advisory Committee on Benefit Design
Chair - Jesús A. Garza
Vice Chair - Bill Philibert
Advisory Committee Charter
Internal Audit Committee
Chair - Bob Scott
Vice Chair - Johnny Huizar
Internal Audit Committee Charter
Budget and Compensation Committee
Chair - Anali Alanis
Vice Chair - Johnny Huizar
Compensation Committee Charter
Advisory Committee on Benefit Design • 2020
Charter for the Advisory Committee (effective December 5, 2019)
Advisory Committee on Benefit Design
Jesús A. Garza, Chair
Bill Philibert, Vice Chair
Individual Class Representatives
- Allison Heyward, Councilmember, City of Schertz
- Barry Sullivan, City Manager, City of Gainesville
- Paul Parker (Retiree)
Group Class Representatives
- Lauren Safranek, Texas Municipal Human Resources Association
- Paulette Hartman, Texas City Management Association
- Mitch Landry, Texas Municipal Police Association
- David Riggs, Texas State Association of Fire Fighters
- Evelyn Njuguna, Texas Municipal League
- Scott Leeton, Combined Law Enforcement Associations of Texas
- Casey Srader, Government Finance Officers Association of Texas
Past Advisory Committee Representatives (pdf)
How to Volunteer
More Information
February 2020 Update
The next scheduled meeting of the Advisory Committee on Benefit Design will be a joint meeting with the TMRS Board of Trustees in Austin on May 28–29, 2020. The TMRS Board of Trustees is scheduled to discuss interim plans for the Advisory Committee at the March Board meeting.
April 2018 Update
The TMRS Advisory Committee on Benefit Design met at Austin headquarters (1200 N. Interstate 35) on Thursday, April 26. The agenda and meeting materials are posted below. A summary of the meeting will be posted in the near future. The Committee will meet jointly with the TMRS Board on May 25, the second day of the May Board meeting.
Agenda | Meeting Materials
March 2018 Update
At the March 2018 meeting, the TMRS Board appointed Trustee Jesus Garza as Vice Chair of the Advisory Committee on Benefit Design, replacing Roy Rodriguez. Trustee David Landis is Chair. Later this year, the Committee will receive direction from the full Board regarding the plan design features to study in 2018. The Advisory Committee’s task will be to identify the advantages and disadvantages of options for each study topic to determine if any statutory changes should be proposed in the 86th Legislative Session.
November 2018 • Agenda
Materials:
April 2018 • Agenda
Materials:
August 2016 • Agenda
Meeting Summary | Minutes
Materials:
June 2016 • Agenda
Materials:
June 2014 • Agenda
Materials:
May 2014 • Agenda
Materials:
April 2014 • Agenda
Materials:
- Meeting Summary | Minutes
- Advisory Committee Presentation • COLA Options
- Advisory Committe Presentation • National Trends
August 2012 • Agenda
Materials:
- Advisory Committee Presentation
- Advisory Committee Recommendations
- Meeting Summary / Summary from E-Bulletin / Minutes
June 2012 • Agenda
Materials:
- GRS Presentation on COLAS, Gain-Sharing
- Follow-up Items from May Meeting
- Legislative Update / Meeting Summary / Summary from E-Bulletin / Minutes
May 2012 • Agenda
Materials:
- GRS Presentation on COLAs, Other Funding Options
- COLA Design Comparison Chart
- Meeting Summary | Summary from E-Bulletin | Minutes
March 2012 • Agenda
Materials:
- GRS Presentation on COLA Trends
- Meeting Summary | Summary from E-Bulletin | Minutes
December 2011 • Agenda
Materials:
Calendar/Agendas/Minutes
Board Meetings
2021
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Board of Trustees Meeting - Austin |
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Board of Trustees Meeting - Austin |
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Board of Trustees Meeting - Austin |
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Board of Trustees Meeting - Austin |
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Board of Trustees Meeting - Austin |
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Board of Trustees Meeting - Austin |
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Board of Trustees Meeting - Austin |
Presentations for October 22
- TMRS Geographic Disparity • Participating Cities
- Annual Board Review: Private Equity
- Executive Summary • Operating Budget Distribution
Advisory Committee on Benefit Design Meeting Agenda | TMRS Board Meeting Agenda
Presentations for September 17
- RVK - Definitions, Current Practive and a Path Forward • September 17, 2020
- Private Equity Co-Investment
- 2020 Absolute Return Asset Class Review
Presentations for August 20
- Investment Beliefs Statements
- RVK - Asset Allocation Study • June 2020
- RVK - Board Presentation/Executive Summary • Period Ended: June 30, 2020
- 2020 Real Estate & Real Return Asset Class Review
- Senior Staff Action Plan
TMRS Board Meeting Agenda | June 25
Presentations for June 25
- MOSIAC - Work Plan Discussion
- RVK - Recommended Investment Belief Statements
- CLA - 2019 Financial Statements and System and Audit Results
- Overview of the 2019 TMRS CAFR
- Governmental Relations Consultant
Presentations for May 28
- Review and Discussion of 2021 Legislative Agenda
- GRS - Actuarial Valuation Report as of December 31, 2019
- NASRA - An Update on Public Pensions: Where They Are and How They’re Changing
- Annual Economic Outlook
- RVK - Evaluation of Investment Practices
- RVK - 1Q Investment Report
- RVK - Investment Beliefs—Next Steps
Presentations for March 24
- GRS - Benefit Accumulation Fund Interest Rate Credit Recommendation for 2019
- MOSIAC - Addressing Board Committees’ Legislative Related Needs
- Review and Discussion of 2021 Legislative Agenda
- Pension Administration System Modernization Program (PASMod)
- Public Equity Asset Class Review
Presentations for February 13
- Non-Core Fixed Income Recommendation
- Private Equity Recommendations
- Real Estate Recommendation
- Review of Process for Retaining, Managing and Terminating Investment Managers
Presentations for February 14
- CEM Benchmarking - Pension Administration Benchmarking Results
- CEM Benchmarking - Investment Cost Effectiveness Analysis
- Review of Risk Management Program
- RVK - Board Presentation/Executive Summary
- MOSIAC - Governance Policy Manual
- MOSIAC - Board Telephone Conferencing and Videoconferencing Policy
- Actuarial Services Department Overview
Presentations for January 24
The TMRS Board of Trustees will not meet on Friday, December 6.
Presentations for December 5
- Alternatives Consultant Request for Proposal Recommendation
- 2020 Proposed Operating & Capital Expenditures Budget
- Private Equity Recommendation
Presentations for October 31
- 2020 DRAFT Operating & Capital Expenditures Budget Discussion
- 2019 Experience Study Recommendations October 2019 (GRS)
- Real Estate Recommendation
The agenda items scheduled for November 1 will be considered at a future meeting.
Presentations for September 26
- EFL Associates Executive Talent Solutions Presentation for: TMRS
- MOSIAC - Continuation of TMRS Governance Discussion –Board Officer PositionsTMRS
- MOSIAC - Discussion Continuation:Governance Models for Retaining, Managing and Terminating Investment Managers
- GRS - 2019 Experience Study Analysis September 2019
- RVK - Asset Allocation Study
- Private Equity Recommendation
- Absolute Return Recommendation
Presentations for September 27
- Pension Administration System Assessment Board of Trustees Update
- TMRS PASA Project Team
- 2019 Absolute Return Asset Class Review
- MOSIAC - Continuation of TMRS Governance Discussion
- Internal Audit Committee Update
- Information Resources
Presentations for August 22
- GRS - Asset Liability Modeling Study
- MOSIAC - TMRS Governance Workshop Summary
- MOSIAC - Continuation of TMRS Governance Discussion • Board Officer Positions
- MOSAIC - Different Models for Retaining, Managing and Terminating Investment Managers
- RVK - Board Presentation/Executive Summary
Board Governance Workshop – Lost Pines
Presentations for June 18
Presentations for June 20
- GRS - Overview of Upcoming Asset Liability, Asset Allocation, and Experience Studies
- Absolute Return Recommendation
- Private Equity Recommendations
Presentations for June 21
- MOSIAC - Continuation of TMRS Governance Discussion
- 2018 Financial Statements and SOC Audit Results
- Overview of the TMRS CAFR
TMRS Board Meeting Agenda | Joint Board and Advisory Committee Agenda
Presentations for May 30
- Amendments to the Internal Audit Charter
- Real Estate Recommendation
- Real Return Recommendations
- Private Equity Recommendations
- Board Presentation/Executive Summary, RVK
Presentations for May 31
- MOSIAC - Board Education Session • Peer Practices and Insights
- GRS - Actuarial Valuation Report as of December 31, 2018
- NASRA - Public Pension Landscape and Trends
Presentations for March 28
- GRS - Interest Rate Credit Recommendation
- GRS - Actuarial Standards of Practice (ASOP) Update
- Private Equity Recommendation
- Plan for External Financial Statement and Controls Audits
- Pension Administration System Assessment Vendor Selection
- Reporting Investment Management Fees
Presentations for March 29
- MOSIAC - Update on TMRS Governance Workshop
- RVK - Investment Beliefs
- 2018 Employee Engagement Survey Results
- Public Equity Asset Class Review
Presentations for February 14
- Private Equity Recommendations
- Real Estate Recommendations
- Real Return Recommendations
- Cash Flow & Cash Levels Review
Presentations for February 15
Presentations for December 6-7
- 2019 Proposed Operating & Capital Expenditures Budget
- Private Equity Recommendations
- TMRS Board of Trustees • Strategic Plan Draft Reporting Tool Review
- Investment Manager Redemption & Allocation Recommendations
- 2018 Fixed Income Asset Class Review
- Board Presentation/Executive Summary • Period Ended: September 30, 2018
- Member Services • Board of Trustees Update
Presentations for October 25
- Supplemental Death Benefits Fund and Ad Hoc Benefits Review
- TMRS Act Review Project: Discussion and Next Steps
- Real Return Recommendations
- Real Estate Recommedation
- 2018 Absolute Return Strategy Search Process and Recommendation
Presentations for October 26
- 2019 Draft Operating & Capital Expenditures Budget - Discussion
- 2018 Private Equity Asset Class Review
Presentations for September 27
- TMRS Act Review Project: Discussion and Next Steps
- Private Equity Recommendations
- 2018 Absolute Return Strategies (ARS) Asset Class Review
- Transition Manager Search
Presentations for September 28
- Actuarial Consulting Services Firm Recommendation
- Actuarial Consulting Services for TMRS • GRS
- Continuation of Educational Session • Mosaic
- Executive Risk Review 2018 • Charlesworth Consulting
- Board Presentation/Executive Summary • RVK
- TMRS Communications Overview
TMRS Board Meeting Agenda | Internal Audit Committee Meeting Agenda
Presentations for August 23
- Auditing Services Procurement Process
- TMRS Act Review Project
- Real Estate Manager Recommendation
- RVK - TMRS Asset Allocation
- Pension Administration System Recommendation
Presentations for August 24
- MOSAIC - Education Session Governance
- 2018 Real Estate Annual Review
- Real Return Asset Class Review
- Q2 2018 Staff Report
- Project Management + TMRS
Presentations for June 28
- 2018 Implementation of Investment Salary Schedule
- TMRS Act Review Project: Priority Suggestions
- Non-Core Fixed Income Recommendations
- Private Equity Recommendations
- 2018 Absolute Return Strategy Recommendations
Presentations for June 29
- KMPG - TMRS SOC1 Final Results
- KPMG - TMRS Audit Results
- Overview of the 2017 CAFR
- MOSIAC - Board Preferences for Governance Education Session
- TMRS Pension Administration System
- RVK - Board Presentation/Executive Summary
TMRS Board Meeting Agenda | Joint Board and Advisory Committee Agenda
Presentations for May 24
- 2018 TMRS Employee Policy Manual (EPM) Updates
- Compensation Study: Executive Summary
- Real Estate Recommendation
- Real Return Recommendations
Presentations for May 25
- GRS - Actuarial Valuation Report Dec 31, 2017
- Public Pension Trends for 2018
- Annual Economic Outlook
- Q1 2018 Staff Report
Presentations for March 22
- GRS - Interest Rate Credit Recommendation for 2017
- Private Equity Recommendations
- Non-Core Fixed Income Recommendation
- RVK - Q4 2017 Executive Summary
Presentations for March 23
Presentations for February 15
Presentations for February 16
TMRS Board Meeting Agenda | December 7-8, 2017
TMRS Strategic Plan 2018 - 2022
Presentations for December 7
- TMRS Governmental Relations
- Draft Strategic Plan:Third Reading (Mosaic)
- 2018 Proposed Operating & Capital Expenditures Budget
- Private Equity Recommendations
- Non-Core Fixed Income Recommendation
Presentations for December 8
- Private Asset Class Review
- Public Equity Asset Class Review
- Board Presentation/Executive Summary • RVK
TMRS Board Meeting Agenda | October 25, 2017
Presentations for October 25
- Strategic Plan Continuation: Second Reading
- 2018 DRAFT Operating & Capital Expenditures Budget - Discussion
- Real Return Recommendations
- Real Estate Recommendations
TMRS Board Meeting Agenda | September 21-22, 2017
Presentations for September 21
- Proposed Legacy Securitized Guideline Modifications
- 2017 Private Equity Search Process and Recommendations
- 2017 Absolute Return Asset Class Review
- Investment Report for June 30, 2017
- Information Services Update
TMRS Board Meeting Agenda | August 17-18
Presentations for August 18
- TMRS Strategic Plan Through 2019
- Investment Policy Benchmarks and Performance Reporting
- TMRS Investment Staff Report Q2 2017-Preliminary
- Member Services, A Brief Update
Presentations for August 17
- Item 4 - Private Equity Search and Recommendations
- Item 5 - 2017 Real Estate Asset Class Review
- Item 6 - 2017 Real Return Asset Class Review
TMRS Board Meeting Agenda | June 21-22
Presentations for June 21
- Item 5 - CAFR Presentation
- Item 6 - Real Return Recommendations
- Item 8 - RVK - TMRS Asset Allocation
Presentations for June 22
TMRS Board Strategic Planning Session Agenda | May 17-18
TMRS Board Meeting Agenda | May 18
Presentations for May 18
- 2016 Actuarial Valuation
- GRS - TMRS Actuarial Valuation Report
- Item 3 - Securities Lending Considerations
- Item 4 - 2017 Private Equity Search, Recommendations
- Item 5 - Investment Staff Report for Q1 2017
Joint Meeting of the Board of Trustees and the Advisory Committee on Benefit Design Agenda | May 19
Presentations for May 19
- Item 1 - Public Retirement Systems Issues and Trends
- Item 2 - Annual Economic Presentation
- Item 3 - Transparency in Reporting
TMRS Board Meeting Agenda | March 30-31
Presentations for March 30
- Item 2 - Executive/Administration Department Update
- Item 3 - Benefit Accumulation Fund Interest Rate Credit Recommendation for 2016
- Item 4 - 457 Trustee & Recordkeeper Recommendation
- Item 5 - Real Estate Recommendations
- Item 6 - 2017 Absolute Return Strategy Search Process and Recommendations
Presentations for March 31
- Item 7 - 2017 Fixed Income Asset Class Review
- Item 9 - KPMG • Audit plan for the year ended December 31, 2016
- Item 10 - MOSAIC • Strategic Planning Overview
- Item 12 - RVK • Board Presentation/Executive Summary
TMRS Board Meeting Agenda | February 23-24
Presentations for February 23
- Item 5 - Private Equity Recommendations
- Item 6 - Real Return Recommendations
- Item 7 - Annual Risk Management Review
- Item 8 - TMRS Investment Staff Report Q4 2016
Presentations for February 24
TMRS Board Meeting Agenda | December 8-9
TMRS Board Meeting Agenda | October 20-21
Presentations for October 21
- Item 8: 2017 Operating & Capital Expenditures Budget
- Item 9: Transition Management Review, RVK
- Item 11: Internal Audit Charter
- Item 14: TMRS Finance Department Presentation
Presentations for October 20
- Item 2: Summary of the TMRS Advisory Committee on Benefit Design Interim Session
- Item 5: 2016 Liquid Real Return Rebalance
TMRS Board Meeting Agenda | September 22-23
Presentations for September 23
- Item 9: Advisory Committee Study Topics - Summary
- Item 10: GRS - Introduction to Rate Stabilization Techniques
- Item 12: TMRS Legal Department Presentation
Presentations for September 22
- Item 4: Non-Core Fixed Income Manager Search Recommendation(s)
- Item 5: Absolute Return Manager Search Recommendation(s)
- Item 6: Fixed Income Annual Asset Class Review
- Item 7: Investment Staff Quarterly Report/Asset Class Updates
TMRS Board Meeting Agenda | August 18-19
Presentations for August 19
- Item 9: Trustee Training on Fiduciary Duty and Ethical Issues Facing Fiduciaries
- Item 10: Benefits Administration
- Item 13: TMRS Communications Presentation
Presentations for August 18
- Item 3: 2016 Private Equity Search Process and Recommendations
- Item 4: TMRS Asset/Liability Study
- Item 5: Annual Risk Management Review
- Item 6: RVK Board Presentation/Executive Summary
- Item 7: Summary of Weaver Internal Audit Reports
TMRS Board Meeting Agenda | June 23-24
Presentations for June 24
- Item 7: KPMG SOC1 Audit Report
- Item 8: 2015 External Audit Results
- Item 9: CAFR Presentation
- Item 9: CAFR Final Document
- Item 9: Schedule of Changes in Fiduciary Net Position
- Item 12: Department Overview - Project Management
Presentations for June 23
- Item 3: Non-Core Fixed Income Manager Search
- Item 4: Annual Real Estate Asset Class Review
- Item 4: Annual Real Return Asset Class Review
- Item 5: Quarterly Investment Staff Report
TMRS Advisory Committee Agenda | June 23
TMRS Board Meeting Agendas | May 19 | May 20
Presentations for May 20
- Public Retirement System Issues and Trends
- Private Equity Search Process and Recommendations
- Presentation by A. Gary Shilling, Ph.D
- Real Estate Search Process and Recommendation
- Real Return Search Process and Recommendations
- RVK Board Presentation/Executive Summary
Presentations for May 19
- GRS Presentation 2015 Actuarial Valuation
- TMRS 2015 Valuation Report
- Advisory Committee Strategic Plan Initiative
- Board Committees Discussion
Presentations for March 23
- Item 2: 2016 Absolute ReturnStrategy (ARS) Asset Class Review
- Item 3: Absolute Return Strategy Process & Recommendations
- Item 4: Real Return Strategy Process & Recommendations
- Item 5: Real Estate Strategy Process & Recommendations
- Item 6: Interest Rate Credit Recommendation for 2015
Presentations for March 24
- Item 9: 2015 Audit Plan (SAS 114 and SOC-1)
- Item 12: Discussion of Negative Interest Rate Policy (NIRP)
- Item 13: Investment Staff Report Q4 2015
TMRS Board Meeting Agenda | Advisory Committee Agenda
TMRS Board Meeting Agenda | Advisory Committee Agenda
TMRS Special Board Meeting Agenda | Joint Board and Advisory Committee Agenda
TMRS Special Board Meeting Agenda
TMRS Advisory Committee Meeting Agenda
TMRS Advisory Committee Meeting Agenda | GRS Presentation - COLA Trends
Professional Advisors
Actuary
Gabriel, Roeder, Smith & Company
Fiduciary Counsel
Robert D. Klausner
Independent Auditor
CLA (CliftonLarsonAllen LLP)
Medical Board
Dr. Ace H. Alsup III, MD
Dr. W. Deaton, MD
Dr. William P. Taylor, MD
Professional Services • Investments
Note: A schedule of investment management fees, by external manager, is provided in the Investment Section of the CAFR.
Internal Audit
Contact: Andi Focht-Williams, Internal Audit Manager
The mission of internal audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
The internal audit activity is established by the TMRS Board of Trustees (Board). The internal audit activity’s authority and responsibilities are defined in an internal audit charter approved by the Board. Oversight and guidance for the audit function is provided by the Internal Audit Committee.
The Director of Internal Audit is appointed by the Board and reports functionally to the Board through the Internal Audit Committee and administratively to the TMRS Executive Director. The Director of Internal Audit has free and unrestricted access to the Board, TMRS management and staff, and agency consultants and vendors.
The internal audit profession complies with authoritative guidance promulgated by The Institute of Internal Auditors (IIA). The IIA developed the International Professional Practices Framework, which organizes mandatory and recommended guidance. Mandatory elements of the Framework are:
- Core Principles for the Professional Practice of Internal Auditing
- Definition of Internal Auditing
- Code of Ethics
Governance Documents
Audit Plans
- TMRS Audit Plan for 2019 to 2020
- TMRS Risk Assessment and Audit Plan for 2018
- TMRS Audit Plan for 2017 to 2018