The City of Irving 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. Irving has chosen from a menu of plan options as authorized by the TMRS statute. Irving’s plan provides the following benefit level:
Upon retirement the employees account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.
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The following documents can be found under the Actuarial Reports and Financial Reports tab at the TMRS website:
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Source: TMRS 2022 Comprehensive Annual Financial Report
Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.
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Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.
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Note: IFRRF Actuary is completed every two years
Assumed Return: 7.00%
1-Year Return: 11.38%
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Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.
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As outlined by Actuarial Standards Board (ASB) Actuarial Standard of Practice No. 4, Document No. 173, guidance provided to actuaries is provided either on a basis of periodic costs (i.e., a fixed contribution rate) or actuarially determined contributions (ADC). As IFRRF is funded based on a fixed contribution rate, no actuarially determined contribution rate was calculated or used. As such, no ADC has been presented above.
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