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Pensions
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
Historical Investment Returns
To accomplish this rate of return, TMRS employs the following asset allocation:
Contributions
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