Overview

Serving over 940 cities and managing more than $44 billion in assets, TMRS is committed to financial integrity, member service excellence, and continuous innovation. With a 90% funded ratio, TMRS offers a cash-balance plan design that ensures long-term financial security for its 260,000 members. TMRS delivers retirement benefits that support the well-being of municipal employees and their communities across Texas.

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