Texas Municipal Retirement System:
An Inventory of Municipal Retirement System Minutes at the Texas State Archives, 1947-2011
The Texas Municipal Retirement System (TMRS), created in 1948, administers a retirement and disability pension system for employees of participating Texas cities. The system is a public trust and bears a fiduciary obligation to the State of Texas, member cities, and the public employees who are the beneficiaries of TMRS. It administers more than 700 nontraditional, joint-contributory, defined-contribution plans covering most employees of the member cities. Benefits depend upon the sum of the employee's contributions, with interest, and the city-financed monetary credits, with interest.
The policymaking body of the system is a six-member board, appointed by the governor with the advice and consent of the state senate for overlapping six-year terms. Three members must be municipal officers (chief executive officer; chief finance officer; or another officer, executive, or department head of a participating municipality) and three must be municipal employees. These are nonsalaried positions, and members elect the chair. The board employs actuarial, clerical, legal, medical, and other assistants required for the efficient administration of the retirement system.
The financing objective for each TMRS plan is to provide retirement, death, and disability benefits that are financed by a contribution rate that will, from year to year, remain approximately level as a percentage of the city's payroll. A city's retirement contribution rate consists of the normal cost contribution rate, which is equal to the sum of members divided by the covered payroll, and the prior service contribution rate, which is the percentage of payroll required to amortize the unfunded or overfunded actuarial liabilities over twenty-five years or less. Both of these rates are calculated as level percentages of payroll from year to year. The normal cost contribution rate finances the monetary credits as they accrue, while the prior service contribution rate amortizes the unfunded actuarial liability over the remainder of each plan's twenty-five-year amortization period.
TMRS is authorized to invest in several types of bonds, debentures, stock, and commercial paper: interest-bearing bonds or other evidences of indebtedness of the state, a county, school district, city, or other municipal corporation of this state or the United States; securities on which the United States or any authority or agency of the United States guarantees the payment of principal and interest; corporate bonds or debentures issued by companies incorporated in the United States and rated A or better by one or more of the nationally recognized rating agencies; common or preferred stock of any company incorporated in the United States that has paid cash dividends on its stock for ten consecutive years immediately before the date of purchase and that is listed on an exchange registered with the Securities and Exchange Commission; and commercial paper rated A-1 by Standard & Poor's Corporation or P-1 by Moody's Commercial Paper Record.
(Sources include: Guide to Texas State Agencies, 11th edition (2001).)
The Texas Municipal Retirement System (TMRS), created in 1948, administers a retirement and disability pension system for employees of participating Texas cities. Records of TMRS are minutes of its Board of Trustees and committees, 1947-2011, that were created to document in a thorough but summary fashion the actions of the board and committees at their meetings. Committees represented are the Advisory Committee on Retirement Matters, the Finance and Audit Committee (previously the Finance Committee), and the Committee Task Force.
To prepare this inventory, the described materials were cursorily reviewed to delineate series, to confirm the accuracy of contents lists, to provide an estimate of dates covered, and to determine record types.
Restrictions on Access
Materials do not circulate, but may be used in the State Archives search room. Materials will be retrieved from and returned to storage areas by staff members.
Restrictions on Use
Most records created by Texas state agencies are not copyrighted and may be freely used in any way. State records also include materials received by, not created by, state agencies. Copyright remains with the creator. The researcher is responsible for complying with U.S. Copyright Law (Title 17 U.S.C.).
Minutes of the Texas Municipal Retirement System beginning 1947 and prior to September 1999, and from March to December 2004, exist in our holdings only on two 16 mm microfilm reels. Minutes for March 2001 through January 2004 exist both on those microfilm reels and in paper form. Microfilm readers are available in the Lorenzo de Zavala State Archives and Library Building. Ask staff members for exact locations.
(Identify the item), Texas Municipal Retirement System minutes. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession numbers: 2005/159, 2006/209, 2007/036, 2007/138, 2008/017, 2009/057, 2010/024, 2011/093, 2011/140, 2012/094
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the Texas Municipal Retirement System on June 8, 2005; December 30, 2005; October 2, 2006; September 19, 2007; November 12, 2008; October 5, 2009; December 23, 2010; and December 22, 2011; and by the Texas Legislative Reference Library on March 19, 2007 and September 14, 2010.
Finding aid encoded by Tony Black in EAD Version 2002, May 2008
New accessions added by Tony Black, November 2008, March 2010
New accession added and editing of description by Rebecca Romanchuk, April 2012
The Texas Municipal Retirement System transfers copies of minutes to the Texas State Archives regularly.
Electronic copies of recent minutes and agenda are posted on the Texas Municipal Retirement System web site.
The record copies of minutes and agenda are maintained by the Texas Municipal Retirement System.
Detailed Description of the Records