TMRS Texas Municipal Retirement System

Time 2020-10-01 04:03:11

Web Name: TMRS Texas Municipal Retirement System

WebSite: http://www.tmrs.com

ID:65894

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Visit the TMRS COVID-19 page for updates during the ongoing crisis. The building remains closed and business travel is still suspended. If you need assistance, please call 800-924-8677 or use our contact form. TMRS is a statewide retirement system that provides retirement, disability, and death benefits for employees of participating Texas cities. A statewide retirement system that provides retirement, disability, and death benefits for employees of participating Texas cities. 8/13/2020TMRS Executive Director Retires This week TMRS marked David Gavia's retirement with a mostly virtual celebration, which included presenting David with a Texas Capitol flag and certificate. Although this retirement celebration was unconventional, the sentiments were genuine and filled with great memories. David will be missed, and will always be recognized as a part of Texas history for his steadfast leadership at TMRS. TMRS extends gratitude and best wishes to David Gavia for his years of service to our Members, retirees, and cities. 7/21/2020Updated City Dashboard Now Available! GRS, the system’s consulting actuary, has updated the city "dashboard" (GRS Snapshot for TMRS) to include results from the December 31, 2019 valuation. The “dashboard” will allow TMRS cities to analyze various funding metrics by city on a historical basis. A peer comparison with all other TMRS cities is also available. 7/16/2020GASB 75 Reporting Packages Available The Governmental Accounting Standards Board Statement No. 75 (GASB 75) OPEB disclosure information for 2020 fiscal years is now available on the Eye on GASB page of our website. The GASB 75 Employer Reporting Package is based on the December 31, 2019 (measurement date) actuarial valuation. Cities with Supplemental Death Benefits for their retirees should report under GASB 75. Select the year 2020 and then your city from the drop-down menu to download the package. 7/7/2020City GASB 68 Reporting Packages Now Available The Governmental Accounting Standard’s Board Statement No. 68 (GASB 68) pension disclosure information for 2020 fiscal years is now available on our website. GASB 75 Reporting Packages will be available by July 31. The “GASB 68 Employer Reporting Package” is based on the December 31, 2019 (measurement date) actuarial valuation. Topics under the “2020 What You Need for GASB 68 Compliance” page are grouped under: Financial Statement Audit, Financial Reporting, Actuarial Resources, and General GASB Resources. Please be sure your finance officer is aware of this resource. In addition, TMRS' SOC-1 Audit Report (PDF; for use with GASB 68) and your city’s census data (Excel; for use with both GASB 68 and 75) are available as downloads from the City Portal. If you have questions about these materials, send an email to Pension Accounting at TMRS. 7/1/20202019 Financial Reports Posted In its June meeting, the TMRS Board of Trustees approved the 2019 TMRS Comprehensive Annual Financial Report (CAFR). The CAFR, posted on the Financial Reports web page, is prepared annually by the TMRS Finance staff and may be downloaded by sections or as a full PDF (151 pages). In addition to the CAFR, the 2019 Schedule of Changes in Fiduciary Net Position is available (56 pages). 6/4/2020City Rate Letters Available 2021 Rate Letters are now available on the TMRS website. Choose your city’s name from the drop-down menu to view or download your rate letter. The letter contains detailed information on your city’s contribution rate for the year beginning January 1, 2021. Call 800-924-8677 if you have questions.Please note that the information your city will need for its financial disclosures (your GASB reporting packages) will be available as two separate downloads (for GASB 68 and GASB 75, if applicable) on the TMRS website by July 31. 5/28/2020Actuarial Valuation Available The TMRS Board of Trustees approved the System’s Actuarial Valuation for the year ending December 31, 2019. The complete valuation, which is now available to download, contains rate information for cities for the year beginning January 1, 2021. Individual city rate letters will be available in early June. 5/6/2020Visit the TMRS Town Square! The TMRS Travel Team is offering a new way to serve our customers remotely. The TMRS Town Square page on our website offers videos, live streams, and face-to-face meetings for cities and members. Watch this video introduction to the Town Square. In these challenging times, we are fortunate that technology can help us stay connected with our cities and members. See you in the Square! 4/27/2020Email Update for Members TMRS recently sent out a Special E-Bulletin to all TMRS members with valid email addresses on file. Like our previous COVID-19 updates, the enewsletter covers questions that have arisen during the current crisis. The primary topic of the issue is understanding the types of service credit, which may help members reach vesting or retirement eligibility sooner. Other topics covered are how to know your vested status and service retirement eligibility and important resources for members. If you haven’t been receiving these email updates, go to MyTMRS and update your email address (use a longstanding email). If you know someone who is a TMRS member but does not receive email from TMRS, please pass along the newsletter and encourage them to sign up. 4/21/2020Privacy Notice has Been Updated The Privacy Notice on the TMRS website has been posted so that all plan participants will be aware of TMRS’ privacy practices. The notice spells out what confidential information we collect, how we use it, how we keep it secure, and your rights regarding your personal information. We constantly improve our internal policies and procedures in order to protect your confidential data that we receive and use for our business operations. 4/15/2020COVID Communication to All TMRS Cities TMRS sent out a Special E-Bulletin today that covered several questions that have arisen during the current crisis. The update includes a TMRS status report from the Executive Director, issues affecting furloughs and other reductions in force, compensation under FFCRA provisions, Extended Supplemental Death Benefits (ESDB), and enrolling new members using the City Portal. 3/9/2020Your Retirement is Secure Whenever the financial markets experience downturns, some TMRS members become concerned about their retirement benefits. It is important to remember that your benefit is not tied to investment returns and that a market correction does not affect your TMRS account or your monthly benefit. Market volatility is expected but TMRS is a long-term investor and our investment philosophy is designed to achieve our goals through asset diversification and prudent strategies. 3/3/2020Member Annual Statements Begin Mailing Soon TMRS will send Member Annual Statements to active TMRS members (contributing and noncontributing) in four groups according to the ZIP Code schedule below. At the time they mail, the statements will also be available on MyTMRS. They show your member account balance as of December 31, 2019 and provide beneficiary information and retirement estimates. If you have questions about your statement, please contact TMRS at 800-924-8677. 2/13/2020TMRS Welcomes Two New Board Members Governor Abbott appointed Anali Alanis, Assistant City Manager of Pharr, and Juan Diego “Johnny” Huizar, City Manager of Pleasanton, to the TMRS Board of Trustees on February 4. Mrs. Alanis replaces Jim Jeffers of Nacogdoches, who retired in January 2020. Mr. Huizar replaces Jim Parrish of Plano, who retired in 2019. TMRS welcomes Mrs. Alanis and Mr. Huizar and thanks Mr. Parrish and Mr. Jeffers for their dedication and service. 2/10/2020Retirement Account Statements Now Available Annual account statements for TMRS retirees are now available on MyTMRS and will also be mailed today, February 10. The statements show the payment and withholding amount, retirement plan option, retirement date, beneficiary designation, and amount of COLA (if applicable) in effect for 2020. Member Annual Statements will be available in March. If you have questions about your statement, call our Phone Center at 800-924-8677. 1/29/2020Tax Documents Now Available The 2019 1099-R tax statements are now available for download through MyTMRS. These documents were also mailed to all payees on January 22. Please note that tax statements are not provided for members who are current contributors to TMRS. The 1099-Rs are only provided for annuitants and members who received payments in 2019. 12/19/2019City Dashboard Now Available! GRS, the system’s consulting actuary, has designed a city “dashboard” called GRS Snapshot™ for TMRS that will allow TMRS cities to analyze various funding metrics by city on a historical basis. A peer comparison with all other TMRS cities is also available. 12/10/2019TMRS’ CIO Receives International Recognition TMRS’ Chief Investment Officer, TJ Carlson, was recognized in Chief Investment Officer magazine's Power 100 List, highlighting the top 100 CIOs in the world. TJ moved up the list to #22 from #51 last year. In the article, he discussed TMRS investment department initiatives such as asset class diversification and creation of an in-house Investment Data Warehouse. 9/30/2019Upcoming Advisory Committee Vacancies Are you a TMRS member or retiree with a good knowledge of the System and an interest in contributing to TMRS’ future? The TMRS Advisory Committee on Benefit Design will have two vacancies in the individual class of membership by the end of 2019. One of these voluntary positions is reserved for an active member of TMRS and one for a TMRS retiree. The Advisory Committee supports the TMRS Board of Trustees in its study of benefit design issues and helps the Board develop legislative proposals. See the Advisory Committee page for details on the committee’s operations and for an application to be considered for appointment by the Board. 8/26/2019Ransomware Attack and Member Security As reported in this article by the Texas Department of Information Resources (DIR), several cities in Texas were attacked by Ransomware. If your city was affected by this attack, TMRS requested the city to let us know. In general, any time a city experiences a cyberattack that may compromise employee information, we appreciate being notified so that we can monitor the TMRS accounts of members for suspicious activity. For more ransomware information and tips, see DIR’s website. 7/29/2019TMRS Continues to Grow As the Texas economy grows, so does TMRS. Some interesting statistics from TMRS’ CAFR:Over the past four years (from year-end 2014 through year-end 2018) our number of participating cities grew from 860 to 887, our active members grew from 104,019 to 111,851, and our retired member accounts grew from 53,455 to 66,051. TMRS is in it for the long haul. 7/17/2019GASB 75 Reporting Packages Available The Governmental Accounting Standards Board Statement No. 75 (GASB 75) OPEB disclosure information for 2019 fiscal years is now available on the Eye on GASB page of our website. The GASB 75 Employer Reporting Package is based on the December 31, 2018 (measurement date) actuarial valuation. Cities with Supplemental Death Benefits for their retirees should report under GASB 75. Select the year 2019 and then your city from the drop-down menu to download the package. 6/28/2019City GASB 68 Reporting Packages Now Available The Governmental Accounting Standard’s Board Statement No. 68 (GASB 68) pension disclosure information for 2019 fiscal years is now available on our website. GASB 75 Reporting Packages will be available by July 31. The “GASB 68 Employer Reporting Package” is based on the December 31, 2018 (measurement date) actuarial valuation. Topics under the “2019 What You Need for GASB 68 Compliance” page are grouped under: Financial Statement Audit, Financial Reporting, Actuarial Resources, and General GASB Resources. Please be sure your finance officer is aware of this resource. In addition, TMRS' SOC-1 Audit Report (PDF; for use with GASB 68) and your city’s census data (Excel; for use with both GASB 68 and 75) are available as downloads from the City Portal. If you have questions about these materials, send an email to pensionaccounting@tmrs.com. 6/24/20192018 Financial Reports Posted In its June meeting, the TMRS Board of Trustees approved the TMRS Comprehensive Annual Financial Report (CAFR). The CAFR, posted on the Financial Reports web page, is prepared annually by the TMRS Finance staff and may be downloaded by sections or as a full PDF (153 pages). In addition to the CAFR, the 2018 Schedule of Changes in Fiduciary Net Position is available (56 pages). 5/31/2019Actuarial Valuation Available The TMRS Board of Trustees approved the System’s Actuarial Valuation for the year ending December 31, 2018. The complete valuation, which is now available to download, contains rate information for cities for the year beginning January 1, 2020. Individual city rate letters will be available in early June. 5/14/2019Refunding Your TMRS Account If you have stopped working for a TMRS city and are considering withdrawing your TMRS contributions, there are some important points to consider. This video explains details about taxation, leaving your money in TMRS, returning to employment with another TMRS city, combining credit with other Systems, how to receive your refund, and other matters. 4/8/2019Investments and Interest Credits At its March meeting, the TMRS Board of Trustees approved a -3.08% interest credit to the Benefit Accumulation Fund (BAF) for the year ending December 31, 2018, reflecting losses in the TMRS investment portfolio. Because TMRS uses an asset smoothing methodology that recognizes investment gains and losses over a 10-year period, this BAF interest credit resulted in an actuarial (smoothed) return of 6.06% for the year due to the partial recognition of deferred losses. The actuarially assumed annual return for the TMRS fund is 6.75%. City contribution rates are estimated to increase on average (will vary by individual city) by approximately 0.18% due to investment performance. Other actuarial experience that is being analyzed in the actuarial valuation currently underway will also affect required 2020 contribution rates. City contribution rates for 2020 will be available in early June.TMRS is a long-term investor, and losses in some years are expected. Portfolio diversification helps mitigate losses over time, and actuarial smoothing of assets reduces the contribution rate volatility that would otherwise be associated with gains and losses based on a single year’s investment performance.Member accounts are credited annually with 5% interest that is not tied to investment performance. A loss in the portfolio does not affect member or retiree benefits. 3/26/2019Senate State Affairs Committee Passes TMRS Bill On March 25, the Senate State Affairs Committee passed a Committee Substitute for SB 1337, by Senator Joan Huffman, by an 8-0 vote and recommended that the bill be placed on the Senate local and uncontested calendar for consideration by the full Senate. The bill contains the TMRS Board of Trustees’ recommendations for administrative changes to the TMRS Act. See the Legislative page for more information on the 86th Legislature. Agendas (posted approximately a week before each meeting) Minutes (following adoption) Board materials and presentations (posted within a business day of each meeting) You can also access information on Board committees, including the Advisory Committee on Benefit Design. 2/8/2019Retirement Account Statements Now Available Annual account statements for TMRS retirees are now available on MyTMRS and will also be mailed today, February 8. The statements show the payment and withholding amount, retirement plan option, retirement date, beneficiary designation, and amount of COLA (if applicable) in effect for 2019. Member Annual Statements will be available in March. If you have questions about your statement, call our Phone Center at 800-924-8677. 1/31/2019Tax Documents Now Available The 2018 1099-R tax statements are now available for download through MyTMRS. These documents were also mailed to all payees on January 22. Please note that tax statements are not provided for members who are only current contributors to TMRS. The 1099-Rs are only provided for annuitants and members who received payments in 2018. If you have a question regarding the amount listed in box 5 of your 1099-R, watch this video on our Facebook page. 12/13/2018Funding the Benefit Have you ever wondered how TMRS funds retirement benefits? Our new video provides a short, clear explanation of the fiscal foundation of the retirement program. 10/15/2018Follow TMRS on Social Media Follow us on Facebook and Instagram for additional sources of information and updates on current events within TMRS. Share photos of how you’re spending your retirement with us on Facebook or Instagram using the hashtag #TMRSevent. 9/20/2018RetirementWise Fall Issue Now Available The Fall 2018 issue of TMRS’ magazine for retirees has been posted on our website. If you are a registered user of MyTMRS, you should have received an email notification about the new issue earlier this week. 7/23/2018City GASB 75 Reporting Packages Now Available for Download The Governmental Accounting Standards Board Statement No. 75 (GASB 75) OPEB disclosure information for 2018 fiscal years is now available on the Eye on GASB page of our website. The GASB 75 Employer Reporting Package is based on the December 31, 2017 (measurement date) actuarial valuation. Cities with Supplemental Death Benefits for their retirees should report under GASB 75, which is first applicable for fiscal years ending on or after June 30, 2018. Select the GASB 75 Reporting Package button and then your city from the drop-down menu to download the package. 7/18/2018City GASB 68 Reporting Packages Now Available for Download The Governmental Accounting Standard’s Board Statement No. 68 (GASB 68) pension disclosure information for 2018 fiscal years is now available on our website. GASB 75 Reporting Packages will be available next week. The “GASB 68 Employer Reporting Package” is based on the December 31, 2017 (measurement date) actuarial valuation. Topics under the “2018 What You Need for GASB 68 Compliance” page are grouped under: Financial Statement Audit, Financial Reporting, Actuarial Resources, and General GASB Resources. Please be sure your finance officer is aware of this resource. In addition, TMRS' SOC-1 Audit Report (PDF; for use with GASB 68) and your city’s census data (Excel; for use with both GASB 68 and 75) are available as downloads from the City Portal. If you have questions about these materials, send an email to pensionaccounting@tmrs.com. 7/9/20182017 Financial Reports Posted In its June meeting, the TMRS Board of Trustees approved the TMRS Comprehensive Annual Financial Report (CAFR). The CAFR, posted on the Financial Reports web page, is prepared annually by the TMRS Finance staff and may be downloaded by sections or as a full PDF (156 pages). In addition to the CAFR, a 4-page “digest” financial report, called the Summary Annual Financial Report, is also posted on the Financial Reports page. 6/4/2018City Contribution Rate Letters Now Available for Download The 2019 Rate Letters for cities are now available online. Choose your city’s name from the dropdown menu and view or download your rate letter. The letters contain detailed information on city contribution rates for the year beginning January 1, 2019. Please call 800-924-8677 if you have questions. Please note that the information cities will need for financial disclosures (the GASB 68 and GASB 75 reporting packages) will be available as separate downloads on the TMRS website by July 31. 5/25/2018Actuarial Valuation AvailableThe TMRS Actuarial Valuation for the year ending December 31, 2017, is now available for download from the TMRS website. The valuation contains rate information for cities for the year beginning January 1, 2019. A detailed video presentation by TMRS actuary GRS is available. 5/18/2018City Rate Letters Will Be Posted SoonThe 2019 Rate Letters for cities will be available online by June 8. The letters will contain detailed information on city contribution rates for the year beginning January 1, 2019. If you need information before then, the Actuarial Valuation will be posted immediately after the TMRS Board meeting on May 25. Also, the information cities will need for financial disclosures (the GASB reporting package) will be available as a separate download on the TMRS website in late July. 5/16/2018Plano’s 457 Plan Receives AwardCongratulations to the City of Plano for receiving the Plan Sponsor of the Year award. The City’s 457 plan was chosen as the best Public Defined Contribution (DC) plan for 2018 by Plansponsor magazine. This supplemental plan is offered to Plano employees in addition to the TMRS plan. 3/5/2018 Mailing Schedule for Member Annual Statements TMRS will mail Annual Statements to active TMRS members (contributing and non-contributing) in four groups this month according to the schedule below. The statements will also be available on MyTMRS at the time they mail. These statements reflect each member’s account balance for the 2017 calendar year and provide beneficiary information and estimates of future retirement. Mail Date Member ZIP Code March 13 00000-75999 March 16 76000-77499  March 20 77500-78299   March 23 78300-99999 3/5/2018 TMRS Receives Outstanding Achievement Award The Popular Annual Financial Report (PAFR) for the the past fiscal year received the Award for Outstanding Achievement in Popular Annual Financial Reporting from the Governmental Finance Officers Association (GFOA) for the quality of information presented, reader appeal, understandability, distribution, and other elements. This is a prestigious national award, recognizing conformance with the highest standards for preparation of state and local government popular reports. In addition to posting the PAFR online, TMRS sends it to our members and retirees each year in INSIGHT and RetirementWise. 12/13/2017Create an Account on MyTMRSIf you haven’t registered for MyTMRS, it’s time to put your account in your own hands! Creating your MyTMRS account (using a strong password and security questions) keeps your information safe while allowing you 24/7 access. With MyTMRS, you can do more than view your account information – now you can update your contact information, communications preferences, and beneficiary (in most cases) online! 7/25/2017New – Online Beneficiary Designation in MyTMRSTMRS members who are registered users of MyTMRS® and whose beneficiary selection does not require spousal consent can now designate or update their beneficiaries online. Please log in to MyTMRS and click on the Beneficiaries button to verify your beneficiary selection. If you need to make any updates or changes, click the blue Update button, and MyTMRS will guide you through the steps. You’ll receive an immediate confirmation message, and you’ll also receive an email stating a change was made. The blue Update button will be available if you are eligible to make a change. If you’re not a MyTMRS user, there’s never been a better time to create an account.7/12/2017 City GASB Reporting Packages Now Available for DownloadThe Governmental Accounting Standards Board Statement No. 68 (GASB 68) pension disclosure information for 2017 fiscal years is now available on our website. This “GASB Employer Reporting Package” is based on the December 31, 2016 (measurement date) actuarial valuation. Topics on the Eye on GASB page are grouped under: Financial Statement Audit, Financial Reporting, Actuarial Resources, and Other GASB Resources. Please be sure your finance office and external auditor are aware of this resource.TMRS' SOC-1 Audit Report (PDF) and your city’s census data (Excel) are available via the TMRS City Portal. If your city is not yet on the City Portal, sign up now! 8/4/2017TMRS Cities: Sign up for the Annual Training Seminar, “Strong by Design”TMRS Cities: Sign up for the Annual Training Seminar, “Strong by Design” City personnel who administer or make decisions about the TMRS plan are invited to register for the 2017 TMRS Annual Training Seminar, October 25-27, at the Gaylord Texan Resort and Convention Center, 1501 Gaylord Trail, Grapevine, TX (seminar webpage). This year registration for the Annual Training Seminar is online, and we now accept credit card payment for the $125 fee. In addition to event registration, if you need a room at the Gaylord, the “Location & Hotel Information” link on the seminar webpage explains how to reserve your room at the special $189 seminar rate. We look forward to seeing you at TMRS’ Annual Training Seminar! 6/2/2017City Contribution Rate Letters Now Available for DownloadThe 2018 Rate Letters for cities are now available online. Choose your city’s name from the dropdown menu and view or download your rate letter. The letters contain detailed information on city contribution rates for the year beginning January 1, 2018. Please call 800-924-8677 if you have questions.Please note that the information cities will need for financial disclosures (the GASB reporting package) will be available as a separate download on the TMRS website later this summer.5/18/2017Actuarial Valuation AvailableThe TMRS Actuarial Valuation for the year ending December 31, 2016, is now available for download from the TMRS website. The valuation contains rate information for cities for the year beginning January 1, 2018. 5/17/2017Texas Senate Approves TMRS Board AppointmentsThe Governor’s appointments of Jim Jeffers, City Manager of Nacogdoches, and David Landis, City Manager of Perryton, to the TMRS Board of Trustees were approved on May 16 by the Texas Senate. Both Trustees’ terms expire February 1, 2021. 4/27/2017New Report Recognizes TMRS for TransparencyThe Center for State and Local Government Excellence has just issued a report on reporting and disclosure by public pension systems. The report analyzes the practices of 83 U.S. public retirement systems and identifies five systems as having "developed effective approaches to offering financial, benefit, and other related information, while also maintaining ongoing communication with stakeholder groups." TMRS is proud to have been one of the five systems recognized. 12/7/2016 Recent News about PensionsTMRS would like to assure our members that the news stories about pension problems in certain Texas cities do not involve TMRS. Houston and Dallas have pension programs that are local and independent, not affiliated with TMRS. If you want more information about how TMRS works and how it is different from most other retirement programs, you may find this presentation helpful. 11/16/2016 “Transparency Star” Resource Page for CitiesTMRS has posted an online resource page to help cities locate the information needed to apply for the public pension star, one of the five stars awarded under the Texas Comptroller of Public Accounts’ Transparency Stars program (application process information here). The Transparency Stars program for local governments aims to recognize transparency in decision-making in several areas, including pensions. The City of Carrollton was the first TMRS city to obtain the Transparency Star for Public Pensions. Texas Municipal Retirement System 1200 North Interstate 35 • Austin, TX 78701 • Map 8:00 am to 5:00 pm, Monday-Friday Mailing Address: P.O. Box 149153 • Austin • TX 78714-9153 Toll-Free: 800.924.8677 | Local (in Austin): 512.476.7577 ©2020 Texas Municipal Retirement System. This website is an informal presentation of the TMRS Act and related law. If any specific questions of fact or law should arise, the statutes will govern. TMRS, MyTMRS, and the TMRS logo are registered trademarks of the Texas Municipal Retirement System. Terms of Use Privacy NoticeContact Webmaster for technical issues.

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Texas Municipal Retirement System • TMRS is a statewide retirement system established in 1947 that provides retirement, disability, and death benefits for employees of participating Texas municipalities.

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