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Public Pensions
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, 2018 valuation and measurement date, the following employees were covered by the benefit terms:
| Inactive employees or beneficiaries currently receiving benefits | 231 |
| Inactive employees entitled to but not yet receiving benefits | 265 |
| Active employees | 389 |
| Total | 885 |
Pension Summary
At the December 31, 2018 valuation and measurement date, the pension summary is as follows:
| Funded Ratio | 89.1% |
| Amortization Period (years) | 22.8 |
| One Year Rate of Return (1) | -2.11% |
| Three Year Rate of Return (1) | 6.31% |
| Ten Year Rate of Return (1) | 6.63% |
| Current Assumed Rate of Return | 6.75% |
| Actuarially Determined Contribution Rate, Contributions for Calendar Year 2019 | 12.82% |
| Actuarially Determined Contribution Rate, Contributions for Calendar Year 2020 | 13.05% |
| Total Contribution Rate, Contributions for Calendar Year 2019 | 12.82% |
| Total Contribution Rate, Contributions for Calendar Year 2020 | 13.05% |
| Unfunded Actuarial Accrued Liability as a % of Covered Payroll | 56.77% |
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 2018 valuation was produced during the City’s 2019 fiscal year and was used in preparing the City’s 2019 CAFR. The 2018 valuation also set the contribution rate for use in calendar year 2020 and shows the plan’s funding progress.
*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
2018 TMRS Comprehensive Annual Financial Report (Plan Provisions Chosen, pages 136-137)
TMRS Prior Years Comprehensive Annual Financial Reports (Financial Reports tab)
2018 Schedule of Changes in Fiduciary Net Position (pages 42-43)
Prior Years Schedule of Changes in Fiduciary Net Position
(Financial Reports tab; Archive, under appropriate CAFR year designation)
2018 TMRS Funding Valuation (PDF page 189)
TMRS Prior Years Funding Valuations (Actuarial Reports tab)