Pensions

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The City of Spring Valley Village has chosen The Texas Municipal Retirement System for its retirement plan.   (TMRS) administers a retirement program for 872 Texas cities. TMRS was established in 1947 and is administered in accordance with the Texas Municipal Retirement System Act (Texas Government Code, Title 8, Subtitle G). TMRS is a qualified retirement plan under Section 401(a) of the Internal Revenue Code. The System offers a choice of benefits so that each participating city can design a plan to suit its needs and budget.  

  • TMRS is a statewide retirement system that cities may elect to join
  • TMRS is a “hybrid” cash-balance defined benefit retirement plan rather than a traditional, formula-based defined benefit plan
  • TMRS does not receive any state funds and does not administer a health care plan
  • Benefits are based on a member’s account balance at retirement. The retirement benefit is funded through mandatory employee deposits, city contributions, and investment income

The City of Spring Valley Village has chosen the following benefits that are authorized under the TMRS statute:

Employee Contributions 7% of pay
City Matching Ratio  2 – 1
Vesting Requirements  5 years
Service Retirement Eligibility  5 years, age 60; 25 years, any age
Death Benefits Yes

Pension Plan Summary

TMRS Summary

The funded status represents the ratio of a pension’s assets to its liabilities or obligations. A funded status of 100% means that an entity has exactly enough assets set aside to pay for its future pension obligations at that particular point in time. TMRS employs two separate actuarial valuations under which the funded status is measured – the funding valuation and the Governmental Accounting Standards Board (GASB) 68 valuation. The primary difference between the two calculations is that the assets for purposes of the funding valuation are “smoothed” to lessen the volatility of market fluctuations of investments while the GASB 68 valuation captures the asset market value of a particular moment in time. Over time, the City is working towards a funded status of 100%. As of December 31, 2016, the City is funded as follows as it relates to the TMRS plan:

Funded ratio (Funding Valuation)  95.9%
Funded ratio (GASB 68 Valuation)   94.05%
Amortization Period  27.5 years
Unfunded Amount as a percentage of Covered Payroll 16%

Financials

As of 12/31/16 Valuation

Total Actuarial Liabilities
(Both Valuations):
$10,464,894

                            Actuarial Assets                                                                            Total Fiduciary Net Position
                        Per Funding Valuation:                                                                               Per GASB 68:
                              $10,031,552                                                                                             $9,842,548

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Historical Investment Returns

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                                        To accomplish this rate of return, TMRS employs the following asset allocation:

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Contributions

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City of Spring Valley Village Pension- Actuarial-downloadable (1)


Downloadable Data Actuarial Value of Assets vs Liabilities

Downloadable Data TMRS Pension Contributions and Deductions

Cross Reference of City of Spring Valley Village Specific Information found in TMRS Documents

City of Spring Valley Village Rate Letter- 2019                      City of Spring Valley Village GASB Letter- 2017

City of Spring Valley Village Rate Letter-2018                        City of Spring Valley Village GASB Letter- 2016

City of Spring Valley Village Rate Letter-2017                        City of Spring Valley Village GASB Letter- 2015

City of Spring Valley Village Rate Letter-2016

City of Spring Valley Village Rate Letter-2015

City of Spring Valley Village Rate Letter-2014

TMRS Comprehensive Annual Financial Report-2016           Schedule of Changes in Fiduciary Net Postion-2016

TMRS Comprehensive Annual Financial Report-2015           Schedule of Changes in Fiduciary Net Postion-2015

TMRS Comprehensive Annual Financial Report-2014           Schedule of Changes in Fiduciary Net Postion-2014

TMRS Comprehensive Annual Financial Report-2013           Schedule of Changes in Fiduciary Net Position-2013

TMRS Comprehensive Annual Financial Report-2012          Schedule of Changes in Fiduciary Net Position-2012

TMRS Actuarial Valuation Report-2017

TMRS Actuarial Valuation Report-2016

TMRS Actuarial Valuation Report-2015

TMRS Actuarial Valuation Report-2014

TMRS Actuarial Valuation Report-2013

Other Information

Texas Comptroller of Public Accounts Public Pensions Tool

Texas Transparency Stars Information