Texas Municipal Retirement System (TMRS)

Actuarial Information as of December 31, 2016

Actuarial accrued liability (AAL)
Actuarial value of assets (AVA)
Unfunded actuarial accrued liability (UAAL)
Funded Ratio (AVA/AAL)
Equivalent Single Amortization Period

Assumed rate of return

Valuation Payroll
UAAL as a percent of covered payroll
$ 702,423,223
634,718,783
67,704,440
90.36%
18.9 years

6.75%

101,744,190
66.54%



Public Pensions star

Actuarial and Financial

TMRS AVA/AAL Growth Chart

View downloadable data (PDF)

The following documents can be found under the Actuarial Reports and Financial Reports tab at the TMRS website- Actuarial valuations for at least the past 5 years.

Actuarial Reports (PDF)

- Annual Reports for at least the past 5 years.

TMRS Financial Reports


Portfolio Management Strategy

Plan assets are managed on a total return basis with an emphasis on both capital appreciation as well as the production of income, in order to satisfy the short-term and long-term funding needs of TMRS. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. In determining their best estimate of a recommended investment return assumption under the various alternative asset allocation portfolios, GRS focused on the area between (1) arithmetic mean (aggressive) without an adjustment for time (conservative) and (2) the geometric mean (conservative) with an adjustment for time (aggressive). The target allocation and best estimates of real rates of return for each major asset class in fiscal year 2017 are summarized in the following table:

TMRS asset class

Historical Investment Returns 

Assumed Return 6.75%
1-Year Return 7.42%
3-Year Return 4.54%
5-Year Return 6.65%
10-Year Return 6.09%

TMRS returns

Source: TMRS 2016 Comprehensive Annual Financial Report 

Contributions

Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.

TMRS contributions

Cross Reference of City of Irving's Specific Information found in TMRS documents

CAFR 2016 (PDF): Plan Provisions Chosen (pdf page 132 of 162)

CAFR 2014 (PDF): (pdf pages 24-25 of 54)

CAFR 2015 (PDF): (pdf pages 24-25 of 54)

CAFR 2016 (PDF): (pdf pages 24-25 of 54)

-5 Year History of Net Position (Downloadable Data) (PDF)

Actruarial Valuation 2016 (PDF): (pdf page 142 of 178)

Actuarial Valuations 2015 (PDF): (pdf page 142 of 178)

Other Links:

SBP Actuarial and Financial Information 

IFRRF Actuarial and Financial Information 

Transparency

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