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Public Pensions
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Benefits Provided

The City of Rowlett 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 centrally 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.  Benefit options are adopted by the governing body of the City, within the options available in the state statutes governing TMRS.  Rowlett provides the following plan benefit level:


Employee Contributions:  7% of pay
Employer Match at Retirement:  2 to 1
Updated Service Credits:  100% Repeating Transfers
Cost of Living Adjustments:  50% of CPI Repeating
Vesting of Benefits:   20 years at any age, 5 years at age 60 and above
Death Benefits:  None provided

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


Employees Covered
At the December 31, 2015 valuation and measurement date, the following employees were covered by the benefit terms:

Inactive employees or beneficiaries currently receiving benefits: 191
Inactive employees entitled to but not yet receiving benefits: 220
Active employees: 357
Total 768


Pension Summary
At the December 31, 2015 valuation and measurement date, the pension summary is as follows:

 Funded Ratio  88.24%
 Amortization Period (years)  25.6
 One Year Rate of Return (1)  0.34%
 Three Year Rate of Return (1)  5.29%
 Ten Year Rate of Return (1)  5.42%
 Assumed Rate of Return  6.75%
 Actuarially Determined Contribution Rate, Contributions for Calendar Year 2016  12.42%
 Actuarially Determined Contribution Rate, Contributions for Calendar Year 2017  13.00%
 Total Contribution Rate, Contributions for Calendar Year 2016  12.42%
 Total Contribution Rate, Contributions for Calendar Year 2017  13.00%
 Unfunded Actuarial Accrued Liability as a % of Covered Payroll  59.03%

(1)
Rates of return, as reported by TMRS, are calculated using a time-weighted rate of return methodology based upon market values and are presented gross of investment management fees.  More detailed information regarding investment objectives can be found at
https://www.tmrs.org/investments.php


Chart 1-AVA vs AAL.JPG

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Chart 2-ADV vs TotalContribRate.JPG

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Additional Downloadable Data

Rowlett's Five Year History of Net Position, including Additions and Deductions by Source


Actuarial Valuation - Rowlett Specific
Actuarial valuations are produced by TMRS on a calendar year basis and used to determine the amount that, when combined with investment ratings, should be consistently deposited into a retirement fund to ensure sufficient funds to pay promised benefits in full and over the long term.  Because the City operates on a fiscal year ending 9/30, valuations for a given year are used in the following year's City Comprehensive Annual Financial Report (CAFR).  For example, the 2015 valuation was produced during the City's 2016 fiscal year and was used in preparing the City's 2016 CAFR.  The 2015 valuation also set the contribution rate for use in calendar year 2017 and shows the plan's funding progress.

 2015 Rowlett Valuation  2016 Rate Letter for 2017  2015 Rowlett GASB 68 Valuation
 2014 Rowlett Valuation  2015 Rate Letter for 2016  2014 Rowlett GASB 68 Valuation*
 2013 Rowlett Valuation  2014 Rate Letter for 2015  
 2012 Rowlett Valuation  2013 Rate Letter for 2014
 2011 Rowlett Valuation  2012 Rate Letter for 2013  

*Due to a change in GASB reporting requirements, the 2014 GASB 68 Valuation, released in 2015, was the first year this report was produced.

TMRS Documents - Rowlett Specific Information
2015 TMRS Comprehensive Annual Financial Report (Plan Provisions Chosen, pages 140-141)
    TMRS Prior Years Comprehensive Annual Financial Reports (Financial Reports tab)
2015 Schedule of Changes in Fiduciary Net Position (pages 40-41)
    Prior Years Schedule of Changes in Fiduciary Net Position (Financial Reports tab; Archive)
2015 TMRS Funding Valuation (page 163)
    TMRS Prior Years Funding Valuations (Actuarial Reports tab)

Other Information
Public Pension Search Tool

4000 Main Street Rowlett, TX 75088