Pension Information

The City of Irving is a member of Texas Municipal Retirement System (TMRS) a statewide, multiple employer agent plan. In an agent plan, each participating government’s pension is centrally administered and governed by state statutes but the assets and related pension liabilities for each government are accounted for separately and any unfunded liabilities are solely the obligation of that government. Irving has chosen from a menu of plan options as authorized by the TMRS statute. Irving’s plan provides the following benefit level:

1. Employee contribution rate: 7% of pay
2. Matching ratio (city to employee): 2 to 1
3. Years required for vesting: 5
4. Service retirement eligibility (age/years of service): 60/05, 0/20
5. Updated Service Credits: 100% repeating, transfers
6. Cost of Living Adjustments: 30% of CPI, repeating

Upon retirement the employees account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.

Actuarial Information as of December 31, 2023

1. Actuarial accrued liability (AAL): $942,256,252
2. Actuarial value of assets (AVA): $935,803,796
3. Unfunded actuarial accrued liability (UAAL): $6,452,456
4. Funded Ratio (AVA/AAL): $99.3%
5. Equivalent Single Amortization Period as of 1/2023: N/A
6. Assumed rate of return: 6.75%
7. Valuation Payroll: $133,968,781
8. UAAL as a percent of covered payroll: 4.8%

Actuarial and Financial

View downloadable data

The following documents can be found under the Actuarial Reports and Financial Reports tab at the TMRS website:

1. Actuarial valuations for at least the past 5 years.
2. Annual Reports for at least the past 5 years.

Historical Investment Returns

1. 1-Year Return
2. Return: 11.64%
3. Assumed Rate of Return: 6.75%
4. 3-Year Return
5. Return: 5.29%
6. Assumed Rate of Return: 6.75%
7. 5-Year Return
8. Return: 7.79%
9. Assumed Rate of Return: 6.75%
10. 10-Year Return
11. Return: 6.15%
12. Assumed Rate of Return: 6.75%

Source: TMRS 2022 Comprehensive Annual Financial Report

Contributions

Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.

Actuarial Information as of Jan. 1, 2024

1. Actuarial accrued liability (AAL): $112,119,047
2. Actuarial value of assets (AVA): $115,480,256
3. Unfunded actuarial accrued liability (UAAL): $(3,361,209)
4. Funded Ratio (AVA/AAL): 103%
5. Equivalent Single Amortization Period: 15 years
6. Assumed rate of return: 6.75%
7. Valuation Payroll: $137,630,748
8. UAAL as a percent of covered payroll: -2.4%

Actuarial and Financial

View downloadable data

Actuarial Valuations for at the Past 5 Years

1. SBP 2019 Actuary Valuation (PDF)
2. SBP 2020 Actuary Valuation (PDF)
3. SBP 2021 Actuary Valuation (PDF)
4. SBP 2022 Actuary Valuation (PDF)
5. SBP 2023 Actuary Valuation (PDF)
6. SBP 2024 Actuary Valuation (PDF)

Annual Reports for the past 5 years

1. 9/30/2019 City of Irving Annual Comprehensive Financial Report
2. (Notes pages 69-73, RSI page 94-95, Financials pages 152-153)
3. 9/30/2020 City of Irving Annual Comprehensive Financial Report
4. (Notes pages 67-71, RSI page 92-93, Financials pages 150-151)
5. 9/30/2021 City of Irving Annual Comprehensive Financial Report
6. (Notes pages 69-73, RSI page 98-101, Financials pages 162-163)
7. 9/30/2022 City of Irving Annual Comprehensive Financial Report
8. (Notes pages 74-78, RSI page 104-107, Financials pages 168-169)
9. 9/30/2023 City of Irving Annual Comprehensive Financial Report
10. (Notes pages 78-82, RSI page 106-109 Financials pages 170-171)
11. 9/30/2024 City of Irving Annual Comprehensive Financial Report
12. (Notes pages 77-81, RSI page 108-111 Financials pages 172-173)

SBP Annual Financial Report

1. 2016 Irving SBP Annual Financial Report (PDF)
2. 2017 Irving SBP Annual Financial Report (PDF)
3. 2018 Irving SBP Annual Financial Report (PDF)
4. 2019 Irving SBP Annual Financial Report (PDF)
5. 2020 Irving SBP Annual Financial Report (PDF)
6. 2021 Irving SBP Annual Financial Report (PDF)
7. 2022 Irving SBP Annual Financial Report (PDF)

Historical Investment Returns

1. 1-Year Return
2. Return: -13.17%
3. Assumed rate of Return: 6.75%
4. 5-Year Return
5. Return: 4.85%
6. Assumed Rate of Return: 6.75%
7. 10-Year Return
8. Return: 5.25%
9. Assumed Rate of Return: 6.75%
10. 15-Year Return
11. Return: 3.69%
12. Assumed Rate of Return: 6.75%

Contributions

Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.

Actuarial Information as of December 31, 2023

1. Actuarial accrued liability (AAL): $292,422,156
2. Actuarial value of assets (AVA): $265,393,830
3. Unfunded actuarial accrued liability (UAAL): $27,028,326
4. Funded Ratio (AVA/AAL): 90.8%
5. Equivalent Single Amortization Period as of 1/2022: 37 years
6. Assumed rate of return: 7.00%
7. Valuation Payroll: $41,907,699
8. UAAL as a percent of covered payroll: 64.5%

Actuarial and Financial

Note: IFRRF Actuary is completed every two years

View downloadable data

Actuarial Valuations - Past 5 Annual Reports

1. Dec. 31, 2017 IFRRF Actuary Report (PDF)
2. Dec. 31, 2019 IFRRF Actuary Report (PDF)
3. Dec. 31, 2020 IFRRF Actuary Report (PDF)
4. Dec. 31, 2021 IFRRF Actuary Report (PDF)
5. Dec. 31, 2022 IFRRF Actuary Report (PDF)
6. Dec. 31, 2023 IFRRF Actuary Report (PDF)

Annual Audit Reports for the Past 5 Years

1. 2018 IFRRF Audit Report (PDF)
2. 2019 IFRRF Audit Report (PDF)
3. 2020 IFRRF Audit Report (PDF)
4. 2021 IFRRF Audit Report (PDF)
5. 2022 IFRRF Audit Report (PDF)
6. 2023 IFRRF Audit Report (PDF)

Historical Investment Returns

Assumed Return: 7.00%

1-Year Return: 11.38%

Contributions

Actuarially Determined Contribution (ADC) rate - A target or recommended contribution to a defined benefit pension plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.

As outlined by Actuarial Standards Board (ASB) Actuarial Standard of Practice No. 4, Document No. 173, guidance provided to actuaries is provided either on a basis of periodic costs (i.e., a fixed contribution rate) or actuarially determined contributions (ADC). As IFRRF is funded based on a fixed contribution rate, no actuarially determined contribution rate was calculated or used. As such, no ADC has been presented above.

1. Comptroller Transparency
2. Public Pension Search Tool
3. IFRRF Website