Public Pension

The Public Pension page contains information required by the Texas Comptroller of Public Accounts to qualify for the Comptroller's Transparency Stars program. This information will provide a broader understanding of the City's finances.

The City of Corinth participates in a pension plan provided by the Texas Municipal Retirement System (TMRS). TMRS is an agency created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8 of Texas Government Code.  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.  Upon retirement, the employee's account balance including interest is combined with the employer match to price a lifetime annuity based on the employee's age at retirement.

TMRS Rate Letters

Rate letters are issued by TMRS, and provide the contribution rate for the following calendar year, a summary of the pension plan funding and position, and information on changes that affect the plan.

Rate Letter 2022
Rate Letter 2021
Rate Letter 2020
Rate Letter 2019
Rate Letter 2018
Rate Letter 2017                       
Rate Letter 2016                    
Rate Letter 2015   
 

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 Comprehensive Annual Financial Report (CAFR).

TMRS Valuation 2020                 GASB 68 Valuation 2020
TMRS Valuation 2019                 GASB 68 Valuation 2019
TMRS Valuation 2018                 GASB 68 Valuation 2018
TMRS Valuation 2017                 GASB 68 Valuation 2017                  
TMRS Valuation 2016                 GASB 68 Valuation 2016
TMRS Valuation 2015                 GASB 68 Valuation 2015​
TMRS Valuation 2014                 GASB 68 Valuation 2014*

* Due to a change in GASB reporting requirements, the 2014 GASB 68 Valuation, released in 2015, was the first year this report was produced.
 

TMRS Comprehensive Annual Financial Reports (CAFR)

The CAFR is TMRS’s official annual financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). The TMRS CAFR provides comprehensive financial information including statements of fiduciary net position and changes in fiduciary net position. City specific information can be found in the appendices.
 

Texas Comptroller of Public Accounts Public Pension Search Tool

To search for details on state and local pension plans in Texas, visit the Texas Comptroller website.