The Texas Municipal Retirement System (TMRS) is a statewide retirement system established in 1947 to provide retirement, disability, and death benefits to employees of participating Texas municipalities. Here are some key features and facts about TMRS: ## Overview of TMRS - Establishment and Governance: TMRS was established under Texas state law and is administered by a six-member Board of Trustees appointed by the Governor with the advice and consent of the Texas Senate[1]. - Participating Cities: Over 900 cities across Texas participate in TMRS, making it one of the largest municipal retirement systems in the state[2]. - Funding: TMRS is funded by employee contributions, city contributions, and investment income. It does not receive state funding[1][3]. ## Benefits and Structure - Retirement Benefits: TMRS offers a hybrid cash-balance defined benefit plan, where benefits are based on the member's account balance at retirement. This includes contributions from both the employee and the city, along with investment earnings[1][3]. - City Contribution Ratios: Cities can choose to match employee contributions at a ratio of 1 to 1, 1.5 to 1, or 2 to 1[3]. - Vesting Requirements: Employees are typically considered vested after earning 60 service credits, which is equivalent to five years of service[5]. ## Investment Strategy - Asset Management: TMRS manages over $39 billion in assets as of December 2023, with a long-term investment return assumption of 6.75%[1]. - Funded Status: The system's funded status was 89.7% as of December 31, 2023, indicating a strong financial position[1]. ## Career Opportunities - Employee Benefits: TMRS offers competitive salaries, medical, dental, and vision insurance, and membership in its pension plan for its employees[4]. - Work Environment: Located in Austin, Texas, TMRS provides a dynamic work environment with opportunities for professional development[4].