Texas Municipal Retirement System (TMRS) Summary
The City of Corpus Christi is a member of Texas Municipal Retirement System (TMRS) a statewide, multiple employer agent plan. The City participates as one of 872 plans in the nontraditional, joint contributory, hybrid defined benefit plan administered by TMRS. TMRS is 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) as 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, TRMS 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.
City of Corpus Christi Pension Financial Summary
(TMRS Actuarial Valuation 12/31/2022, City of Corpus Christi CAFR 09/30/2022)
Funded Ratio:
Funding Valuation 87.03%
GASB 68 Valuation 94.94%
Unfunded Ratio:
Funding Valuation, as per % of Covered Payroll 79.47%
GASB 68 Valuation, as per % of Covered Payroll 33.17%
Amortization Period:
For Unfunded Portion 13.1 Years
Contribution Rate:
Actuarially Determined, FY2021 18.17%
City of Corpus Christi, FY2021 18.17%
Actuarially Determined, FY2022 17.22%
City of Corpus Christi, FY2022 17.22%
Rates of Return:*
One Year -7.35%
Three Years 4.10%
Ten Years 5.98%
Rate of Return - Assumed 6.75%
*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.
TMRS Comprehensive Annual Financial Reports (CAFR)
TMRS's CAFR provides financial information including statements of fiduciary net position and changes in fiduciary net position; City specific information can be found in the appendices. It is prepared in accordance with Generally Accepted Accounting Principles.
TMRS Actuarial Valuation Reports
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 Fiduciary Net Position
The Schedule of Changes in Fiduciary Net Position (by participating Municipality) includes the additions and deductions made to each city's Benefit Accumulation Fund. The FNP, or "assets" allocated to each city, are used against its total pension liability to determine the city's net pension liability.
TMRS Visuals
Actuarial Value of Assets Versus Actuarial Liabilities Visual
Actuarial Contributions Versus Actual Contributions Visual
TMRS Downloadable Data
Total Additions and Deductions for the Most Recent Valuation
Actuarial Value of Assets Versus Actuarial Liabilities
Texas Comptroller of Public Accounts 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. Search details for pension plans in Texas by clicking below:
The City of Corpus Christi adopted a tax rate that will raise more taxes for maintenance and operations than last year's tax rate. The tax rate will effectively be raised by 4.69 percent and will raise taxes for maintenance and operations on a $100,000 home by approximately $16.87.
