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:

Transparency Star Public Pensions
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:

(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
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%
Chart - AVA vs AAL

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Chart - ADCR vs ATCR

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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 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.

2018 Rowlett Valuation
2017 Rowlett Valuation
2016 Rowlett Valuation
2015 Rowlett Valuation
2014 Rowlett Valuation
2013 Rowlett Valuation
2012 Rowlett Valuation

2019 Rate Letter for 2020
2018 Rate Letter for 2019
2017 Rate Letter for 2018
2016 Rate Letter for 2017
2015 Rate Letter for 2016
2014 Rate Letter for 2015
2013 Rate Letter for 2014

2018 Rowlett GASB 68 Valuation
2017 Rowlett GASB 68 Valuation
2016 Rowlett GASB 68 Valuation
2015 Rowlett GASB 68 Valuation
2014 Rowlett GASB 68 Valuation*

*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)

Other Information

Public Pension Search Tool