City of Troup Pension
The City of Troup 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. The City of Troup has chosen from a menu of plan options as authorized by TMRS statute. The City of Troup plan provides the following benefit level:
| Employee Deposit Rate | 5.0% |
| City Match | 2 to 1 |
| Vested Requirement | 5 years |
| Service Requirement Eligibility | Vested and age 60 or 25 years and any age |
| Updated Service Crecit | Last Adopted 2011 - Auto Readoption - 100% Transfers |
| Cost of Living Adjustment (COLA) for Retirees | Last Adopted 2011 - Auto Readoption - 70% |
| Military Service Credit | Not Elected |
| Restricted Prior Service Credit | Not Elected |
| Buyback Last Adopted | Not Elected |
| Supplemental Death Benefit for Employees | Yes |
| Supplemental Death Benefit for Retirees | Yes |
Upon retirement the employee account balance, including interest, is combined with the employer match to provide a lifetime annuity based on the employee's age at retirement.
City of Troup Actuarial Information as of December 31, 2022
| Actuarial Accrued Liability (AAL) | $2,177,998 |
| Actuarial Value of Assets (AVA) | $1,808,941 |
| Unfunded Actuarial Accrued Liability | $369,047 |
| Funded Ratio (AVA / AAL) | 83.1% |
| Equivalent Single Amortization Period | 19.7 Years |
| Assumed Rate of Return | 6.75% |
| Valuation Payroll | $943,006 |
| UAAL as a percentage of covered payroll | 39.7% |
| Active Members | 21 |
| Inactive Members | 16 |
| Retirees and Beneficiaries | 14 |
Click the above images to go to our Financial Transparency or Debt Transparency