Public Pensions

Public Pensions

 

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The City of Belton 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 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. Belton has chosen from a menu of plan options as authorized by the TMRS statute. Belton’s plan provides the following benefit level:

 Employee Contributions:

7% of pay

 Employer Match at Retirement:

2x employee account balance

 Updated Service Credits:

50% Repeating with transfers 

 Cost of Living Adjustments:

30% of CPI Repeating (70% is maximum)

 Vesting of Benefits:

5 years

 Transfer Credits:

Provided

 Death Benefits:

Provided

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

Actuarial Information as of December 31, 2021

 Actuarial accrued liability (AAL):

30,608,686

 Actuarial value of assets (AVA):

29,516,839

 Unfunded actuarial accrued liability (UAAL):

3,421,281

 Funded Ratio (AVA/AAL):

88.8%

 Equivalent Single Amortization Period :

20.5 years

 

 

 Assumed rate of return:

6.75%

 

 

 Valuation Payroll:

9,476,494

 UAAL as a percent of covered payroll:

36.1%


Equivalent single amortization period - The weighted average of all amortization periods used when components of the total unfunded actuarial accrued liability are separately amortized and the average is calculated in accordance with the parameters.

Actuarial vs AAL - Copy - Copy

 Downloadable Data

* All downloadable data can only be viewed using Internet Explorer, Microsoft Edge, or Safari web browsers. 

Portfolio Management Strategy

The TMRS Board of Trustees recognizes that the most important determinant of long-term return and risk is the asset allocation decision. The Board’s strategic target allocation is intended to reflect, and be consistent with, the return objective and risk tolerance expressed in the IPS. It is designed to meet or exceed the Board’s objectives at a controlled level of risk and liquidity that is acceptable to the Board. In establishing its risk tolerance, the Board considers its ability to withstand short and intermediate-term volatility in investment performance and fluctuations in the financial condition of the fund. The strategic target allocation and acceptable ranges as determined by the Board to facilitate the achievement of long-term investment objectives within acceptable risk parameters are as follows: 

 Asset Class

Asset Class Benchmarks 

 Policy Index

 Global Public Equity 

 MSCI All Country World Investable Market   Index 

35%

 Core Fixed Income

 Bloomberg Barclays US   Aggregate Bond   Index 

6%

 Non-Core Fixed Income

 Bloomberg Barclays U.S. Aggregate Bond   Index + 1.50%

20%

 Real Estate

 NCREF - ODCE Index 

12%

 Other public & private markets 

 MSCI All Country World Investable Market   Index

12%

 Hedge Funds 

 HFRI Asset Weighted Composite Index  

5%

 Private Equity

 MSCI All Country World Investable Market   Index

10%

 Cash Equivalents

 30 Day T-Bill 

0%


Historical Investment Returns

investment Returns - Copy (2)
Assumed Rate of Return: 6.75%
Report Date: 3/31/2022

Investment returns are calculated using the previous 12 month rolling period to calculate the 1-year return, previous 3 year rolling for the 3- year return, previous 5 year rolling to calculate the 5-year return, and previous 10 year rolling to calculate the 10-year return.  All estimates are taken from the March  2022 TMRS Quarterly Summary.  

Contributions


Actuarially Defined Contributions (as a % of pay)

Year

2022

2021

2020

2019

2018

2017

Employee

7.00%

7.00%

6.00%

6.00%

5.00%

5.00%

Employer

10.54%

10.38%

8.28%

8.06%

7.75%

7.71%

Actuarial Determined  Contribution Rate 

17.54%

17.38%

14.28%

14.06%

12.75%

12.5%

Actual Total Contribution Rate

17.54%

17.38%

15.80%

14.50%

12.75%

12.71%

*To date. The City plans to fund the total required contribution for the current year.

Contribution Rate - Copy - Copy

Downloadable Data

* All downloadable data can only be viewed using Internet Explorer, Microsoft Edge, or Safari web browsers. 

Cross Reference of Specific Information found in TMRS documents

2021 TMRS Annual Comprehensive Financial Report: Plan Provisions Chosen (Now in Separate Document) 
2020 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 96)
2019 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 104)
2018 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 106)
2017 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 106)
2016 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 114)
2015 TMRS Comprehensive Annual Financial Report: Plan Provisions Chosen (Page 110)
2014 TMRS Comprehensive Annual Financial Report: Plan Provision Chosen (Page 110)
2013 TMRS Comprehensive Annual Financial Report: Plan Provision Chosen (Page 60)
2021 Schedule of Net Position and Changes in Fiduciary Net Position (pages 10-11)
2020 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2019 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2018 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2017 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2016 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2015 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2014 Schedule of Net Position and Changes in Fiduciary Net Position (pages 8-9)
2013 Schedule of Net Position and Changes in Fiduciary Net Position (pages 60-61)
            Download data specific to the City of Belton for the past 5 years.
* All downloadable data can only be viewed using Internet Explorer, Microsoft Edge, or Safari web browsers. 
2021 TMRS Funding Valuation (page 147)
2020 TMRS Funding Valuation (page 145)
2019 TMRS Funding Valuation (page 145)
2018 TMRS Funding Valuation (page 145)
2017 TMRS Funding Valuation (page 120)
2016 TMRS Funding Valuation (page 120)
2015 TMRS Funding Valuation (page 120)
2014 TMRS Funding Valuation (page 117)
2013 TMRS Funding Valuation (page 117)

Important Links: 

Texas Transparency Organization Link to the Texas Comptroller’s website about transparency in government.
Public Pension Search Tool   
Open Records Request 
City Council Contact Information
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