A pension is a retirement plan that provides financial security for employees after they leave the workforce. It ensures a steady income during retirement by pooling contributions from employees and employers, which are then invested to generate long-term growth. In Wichita Falls, eligible City employees participate in one of two pension plans. Firefighters are enrolled in the Wichita Falls Firemen's Relief and Retirement Fund (WFFRRF), while all other eligible employees participate in the Texas Municipal Retirement System (TMRS). 

Texas Municipal Retirement System (TMRS)

The City of Wichita Falls participates in TMRS, a statewide retirement system established by the Texas Legislature. TMRS is governed by a six-member Board of Trustees, appointed by the Governor, and operates as a defined benefit pension plan under Section 401(a) of the Internal Revenue Code.

Employees of the City are required to contribute 7% of their annual gross salary as part of the City's plan. In 2023, the City's contribution rate was 16.18%. For the fiscal year ending September 30, 2024, the City made the full required contributions to TMRS.

Key TMRS Financial Metrics (2023)

• Employee Contribution: 7% of annual gross salary
• City Contribution Rate: 16.18%
• Funded Ratio: 84.9%
• Unfunded Amortization Period: 13.3 years
• Investment Returns:
  • 1-Year: 11.64%
  • 3-Year: 5.29%
  • 10-Year: 6.15%
• Assumed Rate of Return (Discount Rate): 6.75%
• Actuarially Determined Contribution (ADC) Rate: 15.91%
• Unfunded Actuarial Accrued Liability (UAAL) as Percent of Covered Payroll: 92.3%

For detailed TMRS financial reports, visit TMRS Annual Reports.

* 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 Annual Comprehensive 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 Annual Comprehensive 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.

Fireman's Relief and Retirement Fund (WFFRRF)

The Wichita Falls Firemen's Relief and Retirement Fund (WFFRRF) is a single-employer defined benefit pension plan, established under a 1937 Texas State Legislature act and adopted by City firefighters.

More information: Visit the WFFRRF website or refer to the City’s Annual Comprehensive Financial Reports.