Pension Summary
Pension Summary Information
The City participates in the nontraditional, joint contributory, hybrid defined benefit agent multiple employer pension plan administered by the Texas Municipal Retirement System (TMRS). TMRS, an agency created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the TMRS Act) is an agent multiple-employer retirement system for municipal employees in the State of Texas. The TMRS Act places the general administration and management of the System with a six-member Board of Trustees. Although the Governor, with the advice and consent of the Senate, appoints the Board, TMRS is not fiscally dependent on the State of Texas. TMRS’s defined benefit pension plan is a tax-qualified plan under Section 401(a) of the Internal Revenue Code. TMRS issues a publicly available annual comprehensive financial report (ACFR) that is available online.
Benefits Provided
TMRS provides retirement, disability, and death benefits. Benefit provisions are adopted by the governing body of the City, within the options available in the state statutes governing TMRS. A summary of plan provisions for the City is as follows:
| Employee deposit rate | 5% of pay |
| Matching ratio (City to Employee) | 2:1 |
| Vesting of benefits | 5 years |
| Service retirement eligibility | 20 years any age, 5 years age 60 and above |
| Updated service credit | 100% repeating transfers |
| Annuity increases (to retirees) | 70% of CPI repeating |
| Supplemental death benefits | Yes |
| Death benefits to retirees | Yes |
| Military Service Credit | Yes, Adopted 1 through 1984 |
| Restricted Prior Service Credit | Yes, Adopted 12 through 2005 |
| Buyback Last Adopted | Not Elected |
Employees Covered by Benefit Terms
City of Bay City has chosen from a menu of plan options as authorized by the TMRS statute. Belton’s plan provides the following benefit level:
| Inactive employees or beneficiaries currently providing benefits | 129 |
| Inactive employees entitled to but not yet receiving benefits | 110 |
| Active employees | 155 |
| Total | 394 |
Most recently completed fiscal year for which audited financial data is available: 10/01/2021 - 09/30/2022
| Funding Ratio, Funding Basis | 92.0% |
| Equivalent Single Amortization Period as of 1/2023 | 15.1 Years |
| One Year Rate of Return | 7.65% |
| Three Year Rate of Return | 6.46% |
| Ten Year Rate of Return | 6.74% |
| Assumed Rate of Return | 6.75% |
Acuarial Contribution Rates
| Actuarially Determined Contribution Rate, Contributions for Calendar Year 2021 | 10.08% |
| Actuarially Determined Contribution Rate, Contributions for Calendar Year 2022 | 9.63% |
| Total Contribution Rate, Contributions for Calendar Year 2021 | 9.76% |
| Total Contribution Rate, Contributions for Calendar Year 2022 | 9.33% |
| Contributions as a percentage of covered employee payroll | 10.10% |
Actuarial Valuations
Actuarial Valuations
Actuarial valuations are used to determine the amount that, when combined with investment earnings, should be consistently deposited into a retirement fund to ensure sufficient funds to pay promised benefits in full and over the long term. Actuarial valuations also show the plan's funding progress.
Downloadable Content
- Bay City Actuarially Determined Contribution Rate vs Actual Total Contribution Rate
- Bay City Actuarial Value of Assets vs Actuarial Accrued Liabilities
- Schedule of Changes in Net Pension Liability
5 Year City of Bay City Actuarial Valuations
- 2023 Actuarial Report
- 2022 Actuarial Report
- 2021 Actuarial Report
- 2020 Actuarial Report
- 2019 Actuarial Report
5 Year TMRS Actuarial Valuations
- 2022 Actuarial Valuation
- 2021 Actuarial Valuation
- 2020 Actuarial Valuation
- 2019 Actuarial Valuation
- 2018 Actuarial Valuation
- 2017 Actuarial Valuation
TMRS Reports
The CAFR is TMRS’s official annual financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). TMRS’s CAFR provides comprehensive financial information including statements of fiduciary net position and changes in fiduciary net position. City specific information can be found in the appendices.
- 2022 TMRS Annual Comprehensive Financial Report
- 2021 TMRS Annual Comprehensive Financial Report
- 2020 TMRS Comprehensive Annual Financial Report
- 2019 TMRS Comprehensive Annual Financial Report
- 2018 TMRS Comprehensive Annual Financial Report
- 2017 TMRS Comprehensive Annual Financial Report
- 2016 TMRS Comprehensive Annual Financial Report
- 2015 TMRS Comprehensive Annual Financial Report
- 2014 TMRS Comprehensive Annual Financial Report
- 2013 TMRS Comprehensive Annual Financial Report
Important Links
Link to Texas Comptroller of Public Accounts public pension search tool