Comprehensive Annual Financial Report 2020

CITY OF RED OAK, TEXAS
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM (TMRS)
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Measurement year December 31, 2015 2016 2017
Total pension liability
Service cost $ 512,394 $ 580,682 $ 626,818
Interest (on the total pension liability) 407,518 468,608 534,454
Change in benefit terms including
substantively automatic status - - -
Difference between expected and
actual experience 34,307 46,944 ( 21,482)
Changes in assumptions 251,468 - -
Benefit payments, including refunds
of employee contributions ( 117,105) ( 121,238) ( 166,370)
Net change in total pension liability 1,088,582 974,996 973,420
Total pension liability - beginning 5,624,035 6,712,617 7,687,613
Total pension liability - ending (a) $ 6,712,617 $ 7,687,613 $ 8,661,033
Plan fiduciary net position
Contributions - employer $ 230,360 $ 278,291 $ 332,845
Contributions - employee 289,761 314,449 343,776
Net investment income 7,757 382,950 903,473
Benefit payments, including refunds
of employee contributions ( 117,105) ( 121,238) ( 166,370)
Administrative expenses ( 4,722) ( 4,321) ( 4,677)
Other ( 234) ( 234) ( 237)
Net change in plan fiduciary net position 405,817 849,897 1,408,810
Plan fiduciary net position - beginning 5,255,769 5,661,586 6,511,483
Plan fiduciary net position - ending (b) $ 5,661,586 $ 6,511,483 $ 7,920,293
Net Pension Liability (a) - (b) $ 1,051,031 $ 1,176,130 $ 740,740
Plan fiduciary net position as a
percentage of total pension liability 84.34% 84.70% 91.45%
Covered payroll $ 4,719,828 $ 5,113,962 $ 5,634,270
Net pension liability as a percentage
of covered payroll 22.27% 23.00% 13.15%
Note: GASB Statement 68 requires this schedule to report 10 years of data. Data prior to 2014 is not
available.
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