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

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MANAGEMENT'S DISCUSSION AND ANALYSIS CONTINUED Deductions from net assets held in trust for pension benefits include payments of annuities and refunds, as well as administrative and other expenses. Such amounts are as follows for 2004, 2003 and 2002 (in millions): Retirement benefits Refunds Administrative & other costs Total deductions 2004 $472.1 45.6 8.5 526.2 2003 $442.6 40.5 8.2 491.3 2002 $401.9 39.8 7.6 449.3 2004 - 2003 2003 - 2002 $ CHANGE % CHANGE $ CHANGE % CHANGE $29.5 6.7 % $40.7 10.1 % 5.1 0.3 34.9 12.6 3.7 7.1 0.7 0.6 42.0 1.8 7.9 9.3 The increase in retirement benefits is due primarily to increases in the number of retired members (25,505, 23,790, and 22,085 in 2004, 2003, and 2002, respectively), service retirement payments increasing by approximately $36.9 million and $32.4 million in 2004 and 2003, respectively, and partial lump-sum distributions increasing by approximately $9.6 million in 2003. PROPRIETARY FUND - SUPPLEMENTAL DEATH BENEFITS FUND The following table displays a summary of net assets and changes in net assets for the Supplemental Death Benefits Fund at December 31, 2004, 2003 and 2002: 2004 2003 2002 Net assets Change in net assets $19,570,834 640,706 $18,930,128 1,376,970 $17,553,158 865,654 During fiscal years 2004 and 2003, net assets of the Supplemental Death Benefits Fund increased by 3.4% and 7.8%, respectively. Additions to net assets include municipal contributions and income from investments. Contributions increased by 6.6% in 2004 and 5.9% in 2003. Income from investments increased by 5.6% in 2004 and 7.8% in 2003. Reductions from net assets are due to supplemental death benefit payments. Such payments increased by 22.9% in 2004, while decreasing in 2003 by 2.7%. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the Texas Municipal Retirement System’s finances. Questions and requests for additional information should be addressed to the Finance Department of the Texas Municipal Retirement System, P.O. Box 149153, Austin, Texas 78714-9153. 30 T M R S COMPREHENSIVE ANNUAL FINANCIAL REPORT 2004
STATEMENTS OF PLAN NET ASSETS FIDUCIARY FUND — PENSION TRUST FUND AS OF DECEMBER 31, 2004 and 2003 2004 2003 ASSETS Short-term investments $ 763,542,933 $ 243,378,777 Receivables: Contributions 61,840,171 49,379,862 Interest 99,692,804 89,672,630 Securities lending income 8,096,123 4,498,095 Total receivables 169,629,098 143,550,587 Investments, at fair value: U.S. Treasury securities 4,101,185,258 3,911,419,112 U.S. government agency securities 3,678,232,636 4,247,913,667 State/local government bonds 618,096,198 - Corporate bonds 2,718,887,371 2,142,704,263 Total investments 11,116,401,463 10,302,037,042 Invested securities lending collateral 4,371,480,212 5,198,514,338 Property and equipment, at cost, net of accumulated depreciation of $5,633,709 and $4,565,774 at December 31, 2004 and 2003, respectively 12,121,111 6,374,797 Other assets 334,391 91,836 TOTAL ASSETS 16,433,509,208 15,893,947,377 LIABILITIES Investments payable - unsettled trades 115,180,348 120,789,643 Due to depository bank 2,740,639 12,091,388 Accounts payable and other 1,757,280 1,005,887 Securities lending fees payable 7,753,987 4,031,901 Securities lending collateral 4,371,480,212 5,198,514,338 TOTAL LIABILITIES 4,498,912,466 5,336,433,157 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS $ 11,934,596,742 $ 10,557,514,220 (A schedule of funding progress is presented on page 44.) See accompanying notes to financial statements. T M R S COMPREHENSIVE ANNUAL FINANCIAL REPORT 2004 31
Page 1 and 2: ★ Texas Municipal Retirement Syst
Page 3 and 4: TMRS® TEXAS MUNICIPAL RETIREMENT S
Page 5 and 6: TABLE OF CONTENTS ACTUARIAL SECTION
Page 7 and 8: DENISON Population: 22,773 INTRODUC
Page 9 and 10: LETTER OF TRANSMITTAL T M R S COMPR
Page 11 and 12: LETTER OF TRANSMITTAL CONTINUED T M
Page 13 and 14: LETTER OF TRANSMITTAL CONTINUED T M
Page 15 and 16: TMRS HIGHLIGHTS 2001 2002 2003 2004
Page 17 and 18: TMRS PROFESSIONAL ADVISORS LEGAL CO
Page 19 and 20: TMRS STAFF CONTINUED MEMBER SERVICE
Page 21 and 22: TMRS ADMINISTRATIVE ORGANIZATION T
Page 23 and 24: SUMMARY OF PLAN PROVISIONS CONTINUE
Page 25 and 26: SUMMARY OF PLAN PROVISIONS CONTINUE
Page 27 and 28: GREENVILLE FINANCIAL SECTION Popula
Page 29 and 30: INDEPENDENT AUDITORS’ REPORT CONT
Page 31: MANAGEMENT'S DISCUSSION AND ANALYSI
Page 35 and 36: STATEMENTS OF NET ASSETS PROPRIETAR
Page 37 and 38: STATEMENTS OF CASH FLOWS PROPRIETAR
Page 39 and 40: NOTES TO FINANCIAL STATEMENTS CONTI
Page 47 and 48: SUPPLEMENTAL SCHEDULES SCHEDULE OF
Page 49 and 50: SUPPLEMENTAL SCHEDULES CONTINUED SC
Page 51 and 52: Additions Deductions Transfers to W
Page 67 and 68: Additions Deductions Transfers to S
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Additions Deductions Transfers to S
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A small city 18 miles east of Waco
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REPORT ON INVESTMENT ACTIVITY CONTI
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SUMMARY OF INVESTMENTS AS OF DECEMB
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2004 INVESTMENT RESULTS CONTINUED T
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LARGEST HOLDINGS (BY FAIR VALUE) AS
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TEXARKANA Population: 34,782 A Pine
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SUMMARY OF ACTUARIAL ASSUMPTIONS I.
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SUMMARY OF ACTUARIAL ASSUMPTIONS CO
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SUMMARY OF ACTUARIAL LIABILITIES AN
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CONTRIBUTION RATE INFORMATION CONTI
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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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