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, <strong>2020</strong> 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. 48
2018 2019 $ 823,175 $ 921,228 613,494 690,759 147,850 - ( 33,117) 105,672 - 10,591 ( 263,334) ( 352,505) 1,288,068 1,375,745 8,661,033 9,949,101 $ 9,949,101 $ 11,324,846 $ 409,733 $ 516,348 401,432 503,403 ( 237,587) 1,274,464 ( 263,334) ( 352,505) ( 4,585) ( 7,186) ( 240) ( 215) 305,419 1,934,309 7,920,293 8,225,712 $ 8,225,712 $ 10,160,021 $ 1,723,389 $ 1,164,825 82.68% 89.71% $ 6,386,149 $ 7,191,473 26.99% 16.20% 49
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City of Red Oak, Texas Comprehensiv
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THE CITY The City of Red Oak (the
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INDUSTRY During 2020, Compass Datac
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In order to be awarded a Certificat
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Government Finance Officers Associa
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Other Matters Required Supplementar
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Compliance and Other Matters As par
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