Tarrant County is part of the Texas County and District Retirement System (TCDRS). TCDRS has over 760 employers and over 290,000 members and retirees. While the County is part of TCDRS, the Tarrant County Commissioners Court defines the benefit plan for County employees and retirees.
The basic plan options include:
|Employee Deposit Rate||7.0 percent|
|Employer Matching||200 percent|
A county employee is eligible for retirement if any of the following criteria are met:
|Vested at Age 60||8 years of full-time service|
|Rule of 75||75 points = age + years of service|
|At Any Age||30 years of service|
Based on the most recent actuarial valuation, Tarrant County retirement plan's funded ratiois 87.7 percent. Below are the estimated investment returns as of December 31, 2017, net of all fees.
The target rate of return is 8 percent. For 2017, the estimated return was 14.3 percent. As Chart 1 shows, the returns fluctuate, depending on the market.
Chart 1: Achieving Long-term Investment Goals
TCDRS Estimates that for every dollar paid out to retirees, $0.77 comes from investment earnings.
To help mitigate risk, Tarrant County Commissioners Court works closely with TCDRS to ensure the County's retirement plan entails a diversified portfolio. As of April 2018, the county's asset allocation included the following:
The Actuarially Determined Contribution Rate versus the Actual Total Contribution Rate for Tarrant County
For calendar year 2018, Tarrant County Commissioners Court elected a Total Contribution Rate of 19.50 percent of payroll, which will go towards funding the County’s retirement plan. This rate is actually higher than the Determined Contribution Rate of 14.51percent for the same period. By contributing above the required rate, the County is investing in current employees’ future benefits and paying down its unfunded liability within 20 years.
Below Chart 2 compares the Actuarially Determined Contribution Rates versus Tarrant County's Actual Total Contribution Rates. Over the last four years, Tarrant County Commissioners court has continued to pay above the required amount to pay down unfunded liability.
Below, Chart 3 shows the five year history of Tarrant county's Actuarial Value of Assets versus Actuaria Accrued Liabilities. This data can be found in the Tarrant County Comprehensive Annual Financial Report. Please note 2016 is the most recent year available. Numbers are not released until December 31st of each year.
Please note that the Chart 3 does not include the Community Supervision and Corrections Department actuarial valuation results.
Tarrant County Unfunded Actuarial Accrued Liability (UAAL) as percent of covered payroll is 12.3 percent.
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