Benefits Summary

The City of Keller's pension plan is provided by the Texas Municipal Retirement System (TMRS), which is a statewide, multiple employer agent plan. TMRS is an agency created by the State of Texas and is administered in accordance with the TMRS Act, Subtitle G, Title 8 of the Texas Government Code. 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. Benefit options are adopted by the governing body of the city, within the options available in the state statutes governing TMRS. Keller's plan provisions in effect as of April 1, 2023 were as follows:

*Rates of return, as reported by TMRS, are calculated using a time-weighted rate of return methodology based upon market values and are presented gross of investment management fees. More detailed information regarding investment objectives can be found here.

Data Visualizations

Historical Actuarial Value of Assets Versus Actuarial Accrued Liability - Downloadable Data

 Actuarially Determined Contribution Rate Versus Actual Total Contribution Rate - Downloadable Data

TMRS Schedule of Changes in Fiduciary Net Position

The Schedule of Changes in Fiduciary Net Position is TMRS's report detailing the additions to cities' pension funds by source, such as investment income, employer and employee contributions, and deductions by use, such as benefit payments, withdrawals, and administrative expenses.  The complete reports from TMRS are shown below with page references to Keller-specific information; this downloadable table summarizes Keller's changes in fiduciary net position over the last five years.

Actuarial Valuations

Actuarial valuations are produced by TMRS on a calendar year basis and used to determine the amount that, when combined with investment ratings, should be consistently deposited into a retirement fund to ensure sufficient funds to pay promised benefits in full and over the long term. Because the City operates on a fiscal year ending 9/30, valuations for a given year are used in the following year’s City Annual Comprehensive Financial Report.

For more detailed information related to Governmental Accounting Standards Board (GASB) compliance reporting, visit the Texas Municipal Retirement System(TMRS) website https://www.tmrs.com/GASB_Resources.php

Texas Municipal Retirement System Annual Comprehensive Financial Reports

The ACFR is the Texas Municipal Retirement System's official annual financial statements and is prepared in accordance with Generally Accepted Accounting Principles. The Texas Municipal Retirement System's ACFR contains comprehensive financial information including statements of fiduciary net position and changes in fiduciary net position. Information specific to the City of Keller can be found in the appendices. The ACFR is produced by the Texas Municipal Retirement System and the most updated version can be found by following the links below.

Link to Texas Comptroller of Public Accounts public pension search tool