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Next Benefit Payment Date February 29

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.

201420152016201720182019202020212022
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