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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 Rate 5.0%
City Match 1.5 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
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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, 2017

Actuarial Accrued Liability (AAL) $1,310,124
Actuarial Value of Assets (AVA) $1,223,353
Unfunded Actuarial Accrued Liability $86,771
Funded Ratio (AVA / AAL) 93.4%
Equivalent Single Amortization Period 26.9 Years
Assumed Rate of Return 6.75%
Valuation Payroll $828,815
UAAL as a percentage of covered payroll 10.9%
Active Members 21
Inactive Members 13
Retirees and Beneficiaries 12
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Comprehensive Annual Financial Reports (CAFR)

2017
2016
2015
2014
2013
2012

Actuarial Valuations

2017
2016
2015
2014
2013
2012