Transparency Resources : Public Pensions

Eligible City employees participate in one of two pension plans. Eligible firefighters participate in the Wichita Falls Fireman's Relief and Retirement Fund (WFFRRF). All other eligible employees participate in the Texas Municipal Retirement System (TMRS). 

Texas Municipal Retirement System

The City of Wichita Falls participates in a pension plan provided by the Texas Municipal Retirement System (TMRS).

TMRS, an agency created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the TMRS Act), is an agent multiple-employer retirement system for municipal employees in the State of Texas. The TMRS Act places the general administration and management of the System with a six-member Board of Trustees. Although the Governor, with the advice and consent of the Senate, appoints the Board, TMRS is not fiscally dependent on the State of Texas.

TMRS’s defined benefit pension plan is a tax-qualified plan under Section 401(a) of the Internal Revenue Code. TMRS issues a publicly available Comprehensive Annual Financial Report. Which may be found at www.tmrs.com

Fireman's Relief and Retirement Fund

The City provides pension benefits for all of its firefighters through a single-employer defined benefit pension plan. The Wichita Falls Fireman's Relief and Retirement Fund (Fund) operates under an act passed in 1937 by the Texas State Legislature and adopted by the City's firefighters. More information regarding this plan may be found at Wichita Falls Fireman's Relief and Retirement Fund website or in the City's Comprehensive Annual Financial Report.

TMRS Summary

Employees of the City were required to contribute 5% of their annual gross earnings during calendar year 2019. Employees were required to contribute 7% of their annual gross earnings beginning January 1, 2020. The contribution rates for the City were 12.77% and 16.32% in calendar years 2019 and 2020, respectively. They City's contributions to TMRS for the year ended September 30, 2020, were $7,313,080, and were equal to the required contributions.

Funded Ratio: 81.3%

Amortization Period for Unfunded Portion: 16.2 years

One Year Rate of Return: 14.96%

Three Year Rate of Return: 8.75%

Assumed Rate of Return (Discount Rate): 6.75%

Actuarially Determined Contribution (ADC) Rate: 16.32%

Unfunded Actuarial Accrued Liability (UAAL) as Percent of Covered Payroll: 115.27%

*Actuarial valuations are produced by TMRS on a calendar year basis and the City operates on a fiscal year ending September 30. Valuations for a given year are used in the following year’s Comprehensive Annual Financial Report. Calendar to fiscal year reporting results in slight variances between TMRS and City reporting. City reporting can be found in the City's Comprehensive Annual Financial Report. 

*Rates of return presented are calculated using a time-weighted rate of return methodology based upon market values, and are presented gross of investment management fees, as reported by TMRS.


Funded Ratio

Contribution Rates

Historical Actuarial Value of Assets versus Actuarial Accrued Liability

Provides five years of data detailing the actuarial value of assets versus the actuarial accrued liability.

Pension Fund Additions by Source and Deductions by Use

Provides five years of data detailing the additions by source, such as investment income, employer and employee contributions, and deductions by use, such as benefit payments, withdrawals, and administrative expenses.

Actuarial Valuations

Actuarial valuations are used to determine the amount that, when combined with investment earnings, should be consistently deposited into a retirement fund to ensure sufficient funds to pay promised benefits in full and over the long term. Actuarial valuations also show the plan's funding progress.

TMRS

*City-specific information can be found throughout the document.

2014 TMRS Actuarial Valuation

2015 TMRS Actuarial Valuation

2016 TMRS Actuarial Valuation

2017 TMRS Actuarial Valuation

2018 TMRS Actuarial Valuation

2019 TMRS Actuarial Valuation

2020 TMRS Actuarial Valuation

WFFRRF

*Additional Fire Pension information may be found in the City's Comprehensive Annual Financial Report

2015 WFFRRF Actuarial Valuation

2016 WFFRRF Actuarial Valuation 

2017 WFFRRF Actuarial Valuation 

2018 WFFRRF Actuarial Valuation

2019 WFFRRF Actuarial Valuation

Comprehensive Annual Financial Reports

CAFR provides comprehensive financial information including statements of fiduciary net position and changes in fiduciary net position. 

TMRS 

*City-specific information can be found in the appendices.

2014 TMRS Comprehensive Annual Financial Report

2015 TMRS Comprehensive Annual Financial Report

2016 TMRS Comprehensive Annual Financial Report 

2017 TMRS Comprehensive Annual Financial Report 

2018 TMRS Comprehensive Annual Financial Report 

2019 TMRS Comprehensive Annual Financial Report 

WFFRRF

*Additional Fire Pension information may be found in the City's Comprehensive Annual Financial Report

2015 WFFRRF Financial Audit

2016 WFFRRF Financial Audit 

2017 WFFRRF Financial Audit

2019 WFFRRF Financial Audit

Wichita Falls Firemen's Relief and Retirement Fund

For additional information regarding the WFFRRF please follow the above link.

Public Pension Search Tool

The Public Pension Search Tool includes details on state and local pension plans in Texas as reported to the Pension Review Board and submitted by each plan in response to a public information request from the Comptroller’s office.