TMRS is a statewide retirement system established in 1947 that provides retirement, disability, and death benefits for employees of participating Texas municipalities.
For 2014 tax preparation purposes, TMRS annuitants will receive their 1099-R forms in the mail before the end of January. If you don’t want to wait, these forms are already posted on the website under MyTMRS. Log on (or register if you haven’t done so) to MyTMRS to view and print your 1099-R statement.
Transmit TMRS Plan Change Ordinances before the End of the Year! If your city is adopting or has adopted an ordinance changing TMRS provisions (such as Annuity Increases or Updated Service Credits), to be effective January 1, 2015, send TMRS a copy of the ordinance right away! By law, these changes must be transmitted to TMRS before the ordinance’s effective date. The last date of acceptance is December 31, 2014.
IMPORTANT: If you have already sent in your ordinance and have not received an acknowledgment from TMRS, please call 800-924-8677.
GASB Statement No. 68 Preparations -- The new pension accounting standards under GASB Statement No. 68 (GASB 68) are effective for fiscal years beginning on or after July 1, 2014. GASB 68 SIGNIFICANTLY changes what cities must report in their financial statements and pension disclosures. It is extremely important that your city’s finance department and financial auditor understand all the implications associated with the change to GASB 68. See Eye on GASB for more information.
The 2013 TMRS Comprehensive Annual Financial Report (CAFR) was approved by the Board of Trustees on June 20 and is available in PDF format (270 pages). Also available is the 4-page 2013 TMRS Summary Annual Financial Report, which will be sent to all members and retirees in the next issues of INSIGHT and RetirementWise in the coming weeks.
The 2015 TMRS Rate Letters are now available. Follow this link and choose your city’s name from the pull-down menu to view or print your 2015 Rate Letter. The letter shows your city’s contribution rate for the year beginning January 1, 2015.
The TMRS retirement benefit estimator on MyTMRS and the TMRS City Portal has been updated to incorporate changes approved by the TMRS Board of Trustees to the implementation of generational mortality tables. The approved methodology produces more consistent benefit accruals throughout a calendar year and results in monthly annuities greater than or equal to the monthly annuity that would have been received under the original implementation methodology. If you have run estimates of your retirement benefit between January 1, 2014, and June 1, 2014, for a retirement date after January 1, 2015, you may wish to run new estimates to see the adjusted amounts.
The December 31, 2013 TMRS Actuarial Valuation, containing city contribution rates for the year beginning January 1, 2015, is available here.
Earlier this week, TMRS mailed an important letter to all city finance personnel, city managers, and city correspondents containing essential information about the forthcoming GASB disclosure requirements, specifically the “User Entity Controls” that are the responsibility of the city and its external auditor. The “Eye on GASB” page has been updated with a copy of the User Entity Controls letter and a link to GASB's Pension Implementation Toolkit.