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City of Troup Pension

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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 Rate5.0%
City Match2 to 1
Vested Requirement5 years
Service Requirement EligibilityVested and age 60 or 25 years and any age
Updated Service CrecitLast Adopted 2011 - Auto Readoption - 100% Transfers
Cost of Living Adjustment (COLA) for RetireesLast Adopted 2011 - Auto Readoption - 70%
Military Service CreditNot Elected
Restricted Prior Service CreditNot Elected
Buyback Last AdoptedNot Elected
Supplemental Death Benefit for EmployeesYes
Supplemental Death Benefit for RetireesYes
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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 Period19.7 Years
Assumed Rate of Return6.75%
Valuation Payroll$943,006
UAAL as a percentage of covered payroll39.7%
Active Members21
Inactive Members16
Retirees and Beneficiaries14
Investment Allocation and Rates of Return 2022
CHART Troup pensions-assets-liabilities 2018 through 2022
CHART pensions-contribution-rates 2019-2023

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Comprehensive Annual Financial Reports (CAFR)

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Actuarial Valuations

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