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Texas Municipal Retirement System
The following documents can be found under the Financial Reports tab:
- Actuarial valuations for the past 5 years
- Annual Reports for the past 5 years
Texas Municipal Retirement System Guiding Principles
The overall objective of Texas Municipal Retirement System (TMRS) Investment program is to ensure that members, retirees, and beneficiaries are provided the benefits they have been promised by their employers at a reasonable and predictable cost to the employers. Assets will be invested with a total return posture, given appropriate consideration for portfolio volatility (risk) and liquidity. Total return includes dividends, interest, and realized and unrealized capital appreciation.
TMRS General Objectives
Investments are made with the degree of judgment and care, under the circumstances, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, considering the probable income from the securities and probable safety of their capital and in consideration of the purposes, terms, distribution requirements, and other circumstances of the trust. Investment and management decisions respecting individual assets will be evaluated not in isolation but in the context of the investment portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.
Asset Class | Policy Benchmarks | 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 U.S. Aggregate Bond Index | Benchmark | 10% |
Non-Core Fixed Income | 50% Barclays US Corporate High Yield Index25% J.P. Morgan GBI Emerging Markets Global Diversified ($)25% J.P. Morgan CEMBI Broad Diversified Index ($) | Benchmark | 20% |
Real Estate | NCREIF-ODCE | Benchmark | 10% |
Real Return | Barclays World Government Inflation Linked Bond Index | CPI +4% | 10% |
Absolute Return | HFRI Fund of Funds: Diversified Index | Cash (3-month Libor ) plus 5% | 10% |
Private Equity | Russell 3000 plus 3% | Benchmark | 5% |
Cash Equivalents | 30 Day T-Bill | Benchmark | 0% |
TMRS Policy Index | 100% |
Source: TMRS
Rates
- One-year rate: 5.99
- Three-year rate: 8.57
- Ten-year rate: 6.45
- Assumed Rate: 6.75%
Contributions
Fiscal Year | Actuarially Determined Contribution Rate | Actual Total Contribution Rate |
2012 | 15.52% | 15.52% |
2013 | 15.64% | 15.64% |
2014 | 15.76% | 15.76% |
2015 | 16.39% | 16.39% |
2016 | 16.06% | 16.06% |