Texas Municipal Retirement System

The following documents can be found at TMRS.com or by clicking the links below:

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.

Actuarially Determined Contribution Rate Versus Actual Contribution Rate
Asset ClassPolicy BenchmarksAsset Class GoalPolicy Index
Global EquitiesMSCI ACWI IMI, netBenchmark35%
Core Fixed IncomeBloomberg Barclays US Aggregate Bond IndexBenchmark 10%
Non-Core Fixed IncomeRollup of Underlying Manager Benchmarks50% Bank of America Merrill Lynch US High Yield Constrained Index; 50% Credit Suisse Levered Loan Index
20%
Real EstateNCREIF - ODCE Index
CPI + 5%10%
Real ReturnRollup of Underlying Manager Benchmarks
CPI +4%10%
Absolute ReturnHFRI Fund of Funds: Diversified IndexCash (3-month Libor ) plus 4%10%
Private EquityRollup of Underlying Manager Benchmarks
Russell 3000 + 3%5%
Cash Equivalents30 Day T-BillBenchmark0%

TMRS Policy Index
100%

Source: TMRS 

Rates

  • One-year rate: 14.96
  • Three-year rate: 8.75
  • Ten-year rate: 7.07
  • Assumed Rate: 6.75%

Contributions

Fiscal YearActuarially Determined Contribution RateActual Total Contribution Rate
201616.06%16.06%
201716.00%16.00%
201816.14%16.14%
201916.16%16.16%
202015.92%15.92%