Public Pensions
Texas Municipal Retirement System
The City of Wichita Falls 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.
Fireman's Relief and Retirement Fund
The purpose of the Firemen's Retirement Fund Board is to ensure that funds are properly dispersed to retired firefighters. The Fund's governance is provided by state statute under Vernon's Civil Statutes Article 6243e, also known as the Texas Local Fire Fighter Retirement Act (TLFFRA) and by the Texas Government Code. The statute provides that a local Board of Trustees administer and see-after the operations of the Fund.
Public Pensions Summary (TMRS Actuarial Valuation 12/31/19)
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: 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.
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.
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
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.
WFFRRF
*Additional Fire Pension information may be found in the City's Comprehensive Annual Financial Report
2019 WFFRRF Financial AuditWichita 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.