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Public Pensions

The City's Pension Plan
The City of Belton is a member of Texas Municipal Retirement System (TMRS), a statewide, multiple employer agent plan. In an agent plan, each participating government’s pension is administered and governed by state statutes but the assets and related pension liabilities for each government are accounted for separately and any unfunded liabilities are solely the obligation of that government. Belton has chosen from a menu of plan options as authorized by the TMRS statute. Belton’s plan provides the following benefit level:

Employee Contributions:

5% of pay

Employer Match at Retirement:

2x employee account balance

Updated Service Credits:

100% Repeating

Cost of Living Adjustments:

30% of CPI Repeating (70% is maximum)

Vesting of Benefits:

5 years

Transfer Credits:

Provided

Death Benefits:

Provided

 
Upon retirement, the employee account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.  

Actuarial Information as of December 31, 2017

Actuarial accrued liability (AAL):

22,583,844

Actuarial value of assets (AVA):

20,541,621

Unfunded actuarial accrued liability (UAAL):

2,042,223

Funded Ratio (AVA/AAL):

91.0%

Equivalent Single Amortization Period :

26.3 years

 

 

Assumed rate of return:

6.75%

 

 

Valuation Payroll:

8,576,476

UAAL as a percent of covered payroll:

25.3%


Equivalent single amortization period - The weighted average of all amortization periods used when components of the total unfunded actuarial accrued liability are separately amortized and the average is calculated in accordance with the parameters.

ActuarialChart

 
Downloadable Data

Portfolio Management Strategy

The TMRS Board of Trustees recognizes that the most important determinant of long-term return and risk is the asset allocation decision. The Board’s strategic target allocation is intended to reflect, and be consistent with, the return objective and risk tolerance expressed in the IPS. It is designed to meet or exceed the Board’s objectives at a controlled level of risk and liquidity that is acceptable to the Board. In establishing its risk tolerance, the Board considers its ability to withstand short and intermediate-term volatility in investment performance and fluctuations in the financial condition of the fund. The strategic target allocation and acceptable ranges as determined by the Board to facilitate the achievement of long-term investment objectives within acceptable risk parameters are as follows: 

Asset Class

Policy Benchmark

Asset Class Goal

Policy Index

U.S. Equities

Russell 3000

Benchmark 

17.5%

International Equities

MSCI ACW-ex US IMI

Benchmark 

17.5%

Core Fixed Income

Barclays US Aggregate Bond Index 

Benchmark

10.0%

Non-Core Fixed Income

50% Barclays US Corporate High Yield Index; 25% J.P. Morgan GBI Emerging Markets Global Diversified ($); 25% J.P. Morgan CEMBI Broad Diversified Index ($) 

Benchmark

20.0%

Real Estate

NCREIF - ODCE 

Benchmark

10.0%

Real Return

Barclays World Government Inflation Linked Bond Index 

CPI + 4% 

10.0%

Absolute Return

HFRI Fund of Funds Diversified Index 

Cash (3-month Libor)
+ 5% 

10.0%

Private Equity

Russell 3000 + 3% 

Benchmark 

5.0%

Cash Equivalents

30 Day T-Bill 

Benchmark 

0.0%

 

Historical Investment Returns

Investment_Returns_Chart





Assumed Rate of Return: 6.75%
Report Date: 12/31/2017









Contributions

Actuarially Defined Contributions (as a % of pay)

Year

2018

2017

2016

2015

2014

2013

Employee

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

Employer

7.75%

7.71%

7.01%

7.24%

6.81%

6.96%

Total Required Contributions

12.75%

12.71%

12.01%

12.24%

11.81%

11.96%

Actual Total Contribution Rate

12.75%*

12.71%

12.01%

12.24%

11.81%

11.96%

*To date. The City plans to fund the total required contribution for the current year.

ContributionsChart

Downloadable Data

Cross Reference of Specific Information found in TMRS documents
2017 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 106)
Schedule of Changes in Fiduciary Net Position (pages 8-9)
            Download data specific to the City of Belton for the past 5 years.
2017 TMRS Funding Valuation (page 117)

Important Links: 
Texas Transparency Organization 
Link to the Texas Comptroller’s website about transparency in government.  
Public Pension Search Tool
Open Records Request 
City Council Contact Information
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