The Public Pension page contains information required by the Texas Comptroller of Public Accounts to qualify for the Comptroller's Transparency Stars program. This information will provide a broader understanding of the City's finances.
The City of Sachse's pension plan is provided by the Texas Municipal Retirement System (TMRS). This retirement program is jointly funded by employees and the City. TMRS is an agency created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code. Benefit provisions are adopted by the governing body of the city, within the options available in the state statues governing TMRS.
Public Pension Summary (TMRS Actuarial Valuation 12/31/19)
|Amortization Period (Yrs):|
|Assumed Rate of Return:|
|Total Pension Liability:|
|Actuarial Value of Assets:|
|Unfunded Liability Funding Valuation:|
|Actuarially Determined Contribution Rate, Contributions for Calendar Year 2020|
|Total Contribution Rate, Contributions for Calendar Year 2020|
|Unfunded Actuarial Accrued Liability as a percent of covered payroll:|
Actuarial valuations are produced by TMRS on a calendar year basis. The City operates on a fiscal year ending September 30. Valuations for a given year are used in the following year's City Comprehensive Annual Financial Report. For example, the the 12/31/19 valuation was produced during the City's 2020 fiscal year and used in preparing the City's 2020 Comprehensive Annual Financial Report. The 2019 valuation also set the contribution rate for use in calendar year 2021.
Actuarial valuations are used to determine the amount that, when combined with investment earnings, should be consistently deposited into a retirement fund to ensure sufficient funds to pay promised benefits in full and over the long term. Actuarial valuations also show the plan's funding progress.
TMRS Comprehensive Annual Financial Reports
The Comprehensive Annual Financial Report is TMRS's official annual financial statements, prepared in accordance with Generally Accepted Accounting Principles. TMRS's Annual Report provides comprehensive financial information including statements of fiduciary net position and changes in fiduciary net position; City specific information can be found in the appendices.
TMRS Rate Letters
Rate letters are issued by TMRS, and provide the contribution rate for the following calendar year, a summary of the pension plan funding and position, and information on changes that affect the plan.
Statements of TMRS Fiduciary Net Position/Changes in Fiduciary Net Position
Provides 5 years of data detailing the additions by source, such as investment income, employer and employee contributions and deduction by use, such as benefit payments, withdrawals, and administrative expenses.