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