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Pensions

 

The City of Jersey Village 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.

Jersey Village's plan provides the following benefit level:

Employee Deposit Rate:

7% of pay

Matching Ration (City to Employee):

2 to 1

Service Retirement Eligibility

5 years at the age of 60 and above, 25 years at any age

Updated Service Credits:

100% Repeating Transfers

Cost of Living Adjustments:

70% of CPI

Years Required for Vesting:

5 years

Supplemental Death Benefits:

Yes

 

Most recently Completed Plan Year for which data is available: 1/1/2016 - 12/31/2016

Funded Ratio Amortization Period in years Actuarially Determined Contribution Rate Actual Total Contribution Rate Unfunded Actuarial Accrued Liability as % of covered Payroll
2016 81.8% 27.1 15.04% 15.03% 82.50%
2015 80.9% 28.1 15.35% 15.43% 82.30%
2014 80.8% 28.9 14.88% 14.28% 78.50%
2013 77.7% 30 15.25% 14.24% 89.40%
2012 77.3% 25.1 14.11% 14.30% 83.00%
2011 74.1% 26.1 92.50%

 

  TMRS Total Fund Return
  1 Year 3 Years 5 Years 10 Years Assumed Rate of Return
2016 7.42% 4.54% 6.65% 6.09% 6.75%
2015 0.34% 5.29% 5.63% 5.42% 6.75%
2014 5.99% 8.57% 7.40% 6.45% 7.00%
2013 9.86% 7.40% 8.29% 7.14% 7.00%
2012 10.11% 7.13% 5.99% 6.32% 7.00%
2011 2.41% 7.17% 5.54% 6.99% 7.00%

 

 

Actuarial Value of Assets versus Actuarial Accrued Liability

The graph below shows the time trend going back five years showing actuarial value of assets versus actuarial accrued liability.

Actuarially Determined Contribution Rate vs. Actual Total Contribution Rate

The graph below shows the city contribution rate vs. the actuarially determined contribution rate. The employee contribution rate of 7% is not reflected in this graph. 

 

Actuarial Valuations

Recent Audits

 

The following data is available in Excel format by clicking here.

  • Actuarial value of assets versus actuarial accrued liability over time going back at least five fiscal years; 
  • Dataset(s) containing the following for the last five fiscal years:
    • Total additions for the most recent valuation period by source, such as investment income, other income, employer, employee and other contributions; and
    • Total deductions for the most recent valuation period by use such as benefit payments, withdrawals, administrative expenses and investment related expenses.

 

Link to Texas Comptroller of Public Accounts public pension search tool.

 

Click here to contact City Staff. Click here to contact the Mayor and City Councilors. You can request copies of city records by following the instructions on this page.

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City of Jersey Village
16327 Lakeview Dr.
Jersey Village, Texas 77040
(713) 466-2100
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Jersey Village, Texas 77040
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