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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.