Public Pensions

Public Pensions

The City of Burleson is a member of Texas Municipal Retirement System (TMRS). The City participates as one of 936 plans in the defined benefit cash-balance plan administered by the TMRS. TMRS is a statewide public retirement plan created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the TMRS Act) as an agent multiple-employer retirement system for employees of Texas participating cities. The TMRS Act places the general administration and management of TMRS with a six-member, Governor-appointed Board of Trustees; however, TMRS is not fiscally dependent on the State of Texas. TMRS issues a publicly available Annual Comprehensive Financial Report that can be obtained at tmrs.com. 

TMRS pension plans are funded through both City and employee contributions. While each participating government’s pension is centrally administered and governed by state statutes, the assets and related pension liabilities for each government are accounted for separately and any unfunded liabilities are solely the obligation of that government.

Benefits Provided

The City of Burleson has chosen from a menu of plan options as authorized by the TMRS statute. Burleson’s plan provides the following benefit level:

Chart indicating the City of Burleson Benefits Level

Pension Summary

Table explaining the Pension Plan Summary for Fiscal Year 2024It is important to know the following terms to better understand the pension commitments by the City to its employees and how successful the City has been in funding those commitments.

  • Investments – how the funds are managed and invested – TMRS responsibility

Information on the investment strategies and results of the investments are available in the investment section of the TMRS’s Annual Comprehensive Financial Report (ACFR).

  • Actuarial valuations – calculations of the cost of benefits earned to date – TMRS responsibility

TMRS uses two separate actuarial valuations: 

  1. Funding Valuation: Used to calculate the City’s actuarially determined contribution. 
  2. Governmental Accounting Standards Board (GASB) Valuation (GASB 68): Used for financial reporting purposes and is reported in the City’s Annual Comprehensive Financial Report (ACFR).

The primary difference between the two valuations are: 

  1. Funding Valuation: uses a smoothed actuarial value, which is the average of assets over time. 
  2. GASB Valuation: uses fiduciary net position based on a market value of assets on the reporting date.

Information on actuarial policies and assumptions can be found on pages 64-68 of the TMRS ACFR. If unrealistic actuarial assumptions or methodology are used, actual liabilities could be higher than projected and the City would be required to make up the shortfall with additional contributions.

Graph showing Actuarial Value of Assets Verses Actuarial Accrued Liabilities

View the downloadable date here.

  • Funding – the City’s contributions to fund the benefits earned to date – City responsibility

Information on the City’s commitment to fund its pension liabilities and funded status of those liabilities is provided in the City’s ACFR. 

Contributions

Employees are required to contribute 7% of their annual gross earnings based on the City’s plan provisions. The City of Burleson has maintained a commitment to always contribute to the fund. It provides a 2:1 matching ratio.

Graph showing Actuarially Determined Contribution Rate Vs Actual Total Contribution Rate

Documents

  • TMRS Schedule of Changes in Fiduciary Net Position 

The Schedule of Changes in Fiduciary Net Position is a TMRS report detailing additions to the City’s pension funds such as employer and employee contributions and investment income and deductions such as benefit payments, member account refunds and administrative expenses. Links to the complete TMRS reports are below with page references to Burleson specific information. These reports are produced 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 City’s following year’s Annual Comprehensive Financial Report (ACFR). This downloadable table summarizes the City of Burleson’s changes in fiduciary net position over the last five years.

2024 TMRS Schedule of Changes in Fiduciary Net Position (pages 12-13)  
2023 TMRS Schedule of Changes in Fiduciary Net Position (pages 12-13)  
2022 TMRS Schedule of Changes in Fiduciary Net Position (pages 12-13)  
2021 TMRS Schedule of Changes in Fiduciary Net Position (pages 12-13)  
2020 TMRS Schedule of Changes in Fiduciary Net Position (pages 12-13)

  • Actuarial Valuations 

Actuarial valuations are produced by TMRS on a calendar year basis. 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.

2024 Actuarial Valuation 
2023 Actuarial Valuation 
2022 Actuarial Valuation 
2021 Actuarial Valuation 
2020 Actuarial Valuation

  • TMRS Rate Letters 

Rate letters are issued by TMRS, and provide the contribution rate for the following calendar year, a summary of the pension plan funding and position, and information on any changes that affect the plan. 

2025 TMRS Rate Letter 
2024 TMRS Rate Letter 
2023 TMRS Rate Letter 
2022 TMRS Rate Letter 
2021 TMRS Rate Letter 

  • GASB Statements 68 

FY24 GASB Stmt. 68 
FY23 GASB Stmt. 68
FY22 GASB Stmt. 68
FY21 GASB Stmt. 68 
FY20 GASB Stmt. 68 

  • GASB Statements 75 

FY24 GASB Stmt. 75 
FY23 GASB Stmt. 75 
FY22 GASB Stmt. 75 
FY21 GASB Stmt. 75
FY20 GASB Stmt. 75

For additional information related to Governmental Accounting Standards Board (GASB) compliance reporting, visit GASB Resources | TMRS.

  • Texas Municipal Retirement System Annual Comprehensive Financial Reports (ACFR) 

The ACFR is TMRS’s official annual financial statements and is prepared in accordance with Generally Accepted Accounting Principles. TMRS’s ACFR contains comprehensive financial information including statements of fiduciary net position and changes in fiduciary net position. Information specific to the City of Burleson can be found in the appendices. The ACFR is produced by TMRS.

2024 TMRS ACFR 
2023 TMRS ACFR 
2022 TMRS ACFR 
2021 TMRS ACFR 
2020 TMRS ACFR

Other Links 

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