870173 TMRS CAFR new8 fix 049-081.qxd - Texas Municipal ...

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CONTRIBUTION RATE INFORMATION DISTRIBUTION OF CITIES BY 2006 CONTRIBUTION RATE NUMBER OF CONTRIBUTING MEMBERS AS OF 12/31/2004 UNDER 3.00% 3.00 - 4.49% 2006 CITY RETIREMENT CONTRIBUTION RATE BASED ON THE PLAN OF BENEFITS IN EFFECT ON APRIL 1, 2005 4.50 - 5.99% 6.00 - 7.49% 7.50 - 8.99% 9.00 - 10.49% 10.50 - 11.99% 12.00 - 13.49% OVER 13.49% TOTAL 0-5 6-10 11-20 21-40 41-70 71-100 101-150 151-250 251-750 Over 750 13 21 15 8 4 - 2 - - - 19 23 31 23 3 4 2 1 - 1 19 17 34 31 13 4 3 - - - 18 17 18 24 16 13 5 2 2 - 11 10 12 15 13 11 10 7 4 1 5 7 6 8 12 9 10 5 9 - 5 4 5 12 8 5 6 9 10 1 4 3 5 3 8 6 6 9 20 8 6 4 9 8 9 10 11 3 17 12 100 106 135 132 86 62 55 36 62 23 TOTAL 63 107 121 115 94 71 65 72 89 797 100 T M R S COMPREHENSIVE ANNUAL FINANCIAL REPORT 2004
CONTRIBUTION RATE INFORMATION CONTINUED COMPARISON OF THE RATE CALCULATED IN THE VALUATION TO THE RATE FOR THE SAME PLAN OF BENEFITS BASED ON THE VALUATION FOR THE PREVIOUS YEAR NUMBER OF CITIES VALUATION DATE DECREASE OF 0.50% OR MORE DECREASE OR INCREASE OF LESS THAN 0.50% INCREASE OF 0.50% OR MORE TOTAL 12/31/1999 12/31/2000 12/31/2001 12/31/2002 12/31/2003(O) 12/31/2003(N) 12/31/2004 104 87 98 91 68 48 176 523 548 556 536 542 370 517 98 104 99 142 179 371 104 725 739 753 769 789 789 797 The financing objective for each <strong>TMRS</strong> plan is to finance long-term benefit promises through contributions that remain approximately level from year to year as a percent of the city's payroll. To test how well the financing objective is being achieved, an actuarial valuation is made each year to determine the city's contribution rate for the calendar year beginning one year after the valuation date. Another important test is made every five years to evaluate the actuarial assumptions used to calculate each city's contribution rate. As a result of the 1998-2002 study of actuarial experience, new actuarial assumptions were adopted by the Board of Trustees, effective with the December 31, 2003 valuation. In order to prevent burdensome cost increases as a consequence of the revisions in actuarial assumptions, an optional five-year phase-in of the increase attributable to assumption changes was implemented. The line above indicated as 12/31/2003(O) shows a summary of what the changes in the cities' contribution rates from 2004 to 2005 would have been if the old assumptions had been used. Line 12/31/2003(N) shows the changes with the new assumptions. Eight cities elected to phase-in the change. The phase-in rates are reflected in the 12/31/2004 line. The table above shows that for the 1999 to 2004 valuations, the change in the city's rate from one year to the next was less than 0.50% of payroll for a large majority of participating cities. T M R S COMPREHENSIVE ANNUAL FINANCIAL REPORT 2004 101
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★ Texas Municipal Retirement Syst
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TMRS® TEXAS MUNICIPAL RETIREMENT S
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TABLE OF CONTENTS ACTUARIAL SECTION
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DENISON Population: 22,773 INTRODUC
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LETTER OF TRANSMITTAL T M R S COMPR
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LETTER OF TRANSMITTAL CONTINUED T M
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LETTER OF TRANSMITTAL CONTINUED T M
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TMRS HIGHLIGHTS 2001 2002 2003 2004
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TMRS PROFESSIONAL ADVISORS LEGAL CO
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TMRS STAFF CONTINUED MEMBER SERVICE
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TMRS ADMINISTRATIVE ORGANIZATION T
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SUMMARY OF PLAN PROVISIONS CONTINUE
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SUMMARY OF PLAN PROVISIONS CONTINUE
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GREENVILLE FINANCIAL SECTION Popula
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INDEPENDENT AUDITORS’ REPORT CONT
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MANAGEMENT'S DISCUSSION AND ANALYSI
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STATEMENTS OF PLAN NET ASSETS FIDUC
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STATEMENTS OF NET ASSETS PROPRIETAR
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STATEMENTS OF CASH FLOWS PROPRIETAR
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NOTES TO FINANCIAL STATEMENTS CONTI
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SUPPLEMENTAL SCHEDULES SCHEDULE OF
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SUPPLEMENTAL SCHEDULES CONTINUED SC
Page 51 and 52: Additions Deductions Transfers to W
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Page 85 and 86: A small city 18 miles east of Waco
Page 87 and 88: REPORT ON INVESTMENT ACTIVITY CONTI
Page 89 and 90: SUMMARY OF INVESTMENTS AS OF DECEMB
Page 91 and 92: 2004 INVESTMENT RESULTS CONTINUED T
Page 93 and 94: LARGEST HOLDINGS (BY FAIR VALUE) AS
Page 95 and 96: TEXARKANA Population: 34,782 A Pine
Page 97 and 98: SUMMARY OF ACTUARIAL ASSUMPTIONS I.
Page 99 and 100: SUMMARY OF ACTUARIAL ASSUMPTIONS CO
Page 101: SUMMARY OF ACTUARIAL LIABILITIES AN
Page 105 and 106: ACTUARIAL VALUATION OF PARTICIPATIN
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ACTUARIAL VALUATION OF PARTICIPATIN
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WEIMAR Population: 1,981 STATISTICA
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SCHEDULE OF BENEFIT EXPENSES BY TYP
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SCHEDULE OF RETIRED MEMBERS BY TYPE
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PLAN PROVISIONS FOR PARTICIPATING M
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Vesting Requirement PLAN PROVISIONS
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