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Public Pensions

Our Pledge

The public availability of information is essential to an accountable and open government. By applying to the Public Pensions Star, Tarrant Appraisal District acknowledges the importance and goal of long-term transparency. Tarrant Appraisal District pledges to be proactive in providing the public with clear and meaningful information to the best of its ability. On this page you can find:

  • Retirement Plan Information
  • Historical Trends
  • Long Term Investment Goals

Additional info on the Public Pensions Guidelines can be found at Transparency Stars - Public Pensions (texas.gov)

Retirement Plan Information

2024 Plan

Basic Plan Options
Employee Deposit Rate 7%
Employer Matching 250%
Prior Service Credit 95%
Retirement Eligibility
Age 60 (Vesting) 8 years of service
Rule of 75 years total; age + service
At Any Age 30 Years of Service
Optional Benefits
Partial Lump Sum No
Group Term Life None
Retirement Plan Funding
Total Normal Cost Rate 17.22%
Employee Deposit Rate -7.00%
Employer-Paid Normal Cost Rate 10.22%
UAAL / (OAAL) Rate 0.62%
ADC 10.84%
Actual Total Contribution Rate 14.00%
Total Contribution Rate
Retirement Plan Rate
(greater or required and elected rate)		 14.00%
Group Term Life N/A
Total Contribution Rate 14.00%
Valuation Results (Dec. 31, 2022)
Actuarial Accrued Liability $105,534,188
Actuarial Value of Assets $104,088,680
Unfunded / (Overfunded) AAL $1,445,508
Funded Ratio 98.6%

*Note - Last Cola: 2021

Prior Year Summaries

2020 2021 2022 2023

Prior Year Agreements

2020 2021 2022 2023

2024 Plan

Basic Plan Options
Employee Deposit Rate 7%
Employer Matching 250%
Prior Service Credit 95%
Retirement Eligibility
Age 60 (Vesting) 8 years of service
Rule of 75 years total; age + service
At Any Age 30 Years of Service
Optional Benefits
Partial Lump Sum No
Group Term Life None
Retirement Plan Funding
Total Normal Cost Rate 17.22%
Employee Deposit Rate -7.00%
Employer-Paid Normal Cost Rate 10.22%
UAAL / (OAAL) Rate 0.62%
ADC 10.84%
Actual Total Contribution Rate 14.00%
Total Contribution Rate
Retirement Plan Rate
(greater or required and elected rate)		 14.00%
Group Term Life N/A
Total Contribution Rate 14.00%
Valuation Results (Dec. 31, 2022)
Actuarial Accrued Liability $105,534,188
Actuarial Value of Assets $104,088,680
Unfunded / (Overfunded) AAL $1,445,508
Funded Ratio 98.6%

*Note - Last Cola: 2021

2023 Plan

Basic Plan Options
Employee Deposit Rate 7%
Employer Matching 225%
Prior Service Credit 95%
Retirement Eligibility
Age 60 (Vesting) 8 years of service
Rule of 75 years total; age + service
At Any Age 30 Years of Service
Optional Benefits
Partial Lump Sum No
Group Term Life None
Retirement Plan Funding
Total Normal Cost Rate 16.13%
Employee Deposit Rate -7.00%
Employer-Paid Normal Cost Rate 9.13%
UAAL / (OAAL) Rate 1.52%
ADC 10.65%
Actual Total Contribution Rate 13.38%
Total Contribution Rate
Retirement Plan Rate
(greater or required and elected rate)		 13.38%
Group Term Life N/A
Total Contribution Rate 13.38%
Valuation Results (Dec. 31, 2021)
Actuarial Accrued Liability $100,733,616
Actuarial Value of Assets $97,881,828
Unfunded / (Overfunded) AAL $2,851,788
Funded Ratio 97.2%

*Note - Last Cola: 2021

2022 Plan

Basic Plan Options
Employee Deposit Rate 7%
Employer Matching 225%
Prior Service Credit 95%
Retirement Eligibility
Age 60 (Vesting) 8 years of service
Rule of 75 years total; age + service
At Any Age 30 Years of Service
Optional Benefits
Partial Lump Sum No
Group Term Life None
Retirement Plan Funding
Total Normal Cost Rate 16.49%
Employee Deposit Rate -7.00%
Employer-Paid Normal Cost Rate 9.49%
UAAL / (OAAL) Rate 3.89%
ADC 13.38%
Actual Total Contribution Rate 12.00%
Total Contribution Rate
Retirement Plan Rate
(greater or required and elected rate)		 13.38%
Group Term Life N/A
Total Contribution Rate 13.38%
Valuation Results (Dec. 31, 2020)
Actuarial Accrued Liability $96,758,688
Actuarial Value of Assets $90,185,314
Unfunded / (Overfunded) AAL $6,573,374
Funded Ratio 93.2%

*Note - Last Cola: 2021

2021 Plan

Basic Plan Options
Employee Deposit Rate 7%
Employer Matching 225%
Prior Service Credit 95%
Retirement Eligibility
Age 60 (Vesting) 8 years of service
Rule of 75 years total; age + service
At Any Age 30 Years of Service
Optional Benefits
Partial Lump Sum No
Group Term Life None
Retirement Plan Funding
Normal Cost Rate 7.82%
UAAL / (OAAL) Rate 4.07%
ADC 11.89%
Actual Total Contribution Rate 12.00%
Total Contribution Rate
Retirement Plan Rate
(greater or required and elected rate)		 12.00%
Group Term Life N/A
Total Contribution Rate 12.00%
Valuation Results (Dec. 31, 2019)
Actuarial Accrued Liability $85,731,732
Actuarial Value of Assets $81,248,933
Unfunded / (Overfunded) AAL $4,482,799
Funded Ratio 94.8%

*Note - Last Cola: 2018

2020 Plan

Basic Plan Options
Employee Deposit Rate 7%
Employer Matching 225%
Prior Service Credit 95%
Retirement Eligibility
Age 60 (Vesting) 8 years of service
Rule of 75 years total; age + service
At Any Age 30 Years of Service
Optional Benefits
Partial Lump Sum No
Group Term Life None
Retirement Plan Funding
Normal Cost Rate 7.80%
UAAL / (OAAL) Rate 5.07%
ADC 12.87%
Actual Total Contribution Rate 12.00%
Total Contribution Rate
Retirement Plan Rate
(greater or required and elected rate)		 12.87%
Group Term Life N/A
Total Contribution Rate 12.87%
Valuation Results (Dec. 31, 2018)
Actuarial Accrued Liability $80,879,914
Actuarial Value of Assets $75,431,652
Unfunded / (Overfunded) AAL $5,448,262
Funded Ratio 93.3%

*Note - Last Cola: 2018

Historical Trends

ADC vs Actual Total Contribution Rate

2020 - 2024

Year Range

Funded Ratio

2020 - 2024

Year Range

The change in the unfunded actuarial accrued liability (UAAL) attributable to each year is amortized over a closed 20-year period, except for the following situations. 1) The UAAL attributable to benefit increases in a given year is amortized over a closed 15-year period. 2) If there is an overfunded actuarial accrued liability (OAAL), the amortization period is an open 30-year period. 3) If a UAAL decrease occurs due to extra employer contributions (lump sum or elected rate greater than required rate) or an actuarial gain, that decrease is offset against the oldest existing actuarial loss layer. For UAAL layers with a date established December 31, 2022 or earlier, the amortization is a level percent of payroll; for layers that are established after that date, the amortization is on a level dollar basis. If a UAAL exists, the amortization method is projected to eliminate the UAAL and reach a funded ratio of at least 100% in 20 years or less.

Reasons for Rate Change 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024
Beginning Rate 12.20% 11.66% 10.52% 12.00% 11.13%
Plan Changes Adopted N/A 0.17% 0.00% 1.37% N/A
Investment Return 1.04% 0.02% 0.03% -0.30% 0.41%
Elected Rate/Lump Sum 0.00% -1.60% -1.51% -1.01% -0.25%
Demographic/Other Changes -0.37% 0.27% 0.15% -0.28% -0.45%
Assumptions/Methods 0.00% 0.00% 2.81% -0.65% 0.00%
ADC 12.20% 11.89% 13.38% 10.65% 10.84%
Actual Total Contribution Rate 12.87% 12.00% 13.38% 13.38% 14.00%
Amortization Period 10 Years 20 Years 19 Years 18 Years 17 Years
Valuation Year 2018 2019 2020 2021 2022
Funded Ratio 94.2% 96.2% 95.5% 98.1% 98.6%

Percentage of Salary TCDRS Replaces at Retirement

The TCDRS benefit is based on employee deposits, which earn 7% compound interest each year, and employer matching at retirement. The following chart shows the estimated TCDRS benefit as a percentage of final salary prior to retirement for a new hire:

Final Salary

Years of Service

Assumptions
  • Employees are new hires and will work for you until retirement.
  • Your current plan provisions will remain in effect through an employee’s retirement.
  • Current laws governing TCDRS will continue as they are.
  • Graded salary scales give bigger raises early in careers, with smaller raises later in careers (see the most recent Summary Valuation Report) from TCDRS.
  • Based on Single Life benefit.

Actuarial Value of Assets vs. Actuarial Accrued Liability

The actuarial value of assets is equal to the employer assets (ESF plus SAF) adjusted for a five-year recognition of the difference between the expected and actual interest credited to the employer assets for each year. The prior year’s deferred actuarial gains and losses are increased by one year’s interest based on the prior year’s investment return assumption. In cases where there are deferred actuarial gains in the prior year, any current year actuarial loss is offset against the oldest actuarial gain. If any of the current year actuarial loss remains after the initial offset, the remainder is offset against the next oldest gain, and so on. If there are deferred actuarial losses in the prior year and there is an actuarial gain for the current year, the current year gain is offset against the prior actuarial losses in a similar fashion.

2020 - 2024

Year Range

Plan Year Actuarial Accrued Liability Actuarial Value of Assets Unfunded/(Overfunded) Actuarial Accrued Liability Funded Ratio Valuation Year
2024 $106,686,478 $105,242,168 $1,444,310 98.6% 2022
2023 $101,104,786 $99,198,222 $1,906,564 98.1% 2021
2022 $96,758,688 $92,406,709 $4,351,979 95.5% 2020
2021 $86,457,723 $83,170,229 $3,287,494 96.2% 2019
2020 $80,879,914 $76,542,763 $4,337,151 94.6% 2018
2019 $76,717,926 $72,285,602 $4,432,324 94.2% 2017
2018 $71,589,486 $67,672,227 $3,917,259 94.5% 2016
2017 $51,923,041 $49,122,584 $2,800,457 94.6% 2015
2016 $48,475,054 $46,376,396 $2,098,658 95.7% 2014
2015 $46,669,721 $43,316,132 $3,353,589 92.8% 2013
2014 $45,241,593 $39,220,526 $6,021,067 86.7% 2012
2013 $42,256,536 $36,032,777 $6,223,759 85.3% 2011
2012 $38,482,652 $32,703,801 $5,778,851 85.0% 2010
2011 $36,201,678 $30,947,744 $5,253,934 85.5% 2009
2010 $33,141,903 $27,558,049 $5,583,854 83.2% 2008
2009 $31,384,771 $27,460,142 $3,924,629 87.5% 2007
2008 $28,553,378 $24,831,590 $3,721,788 87.0% 2006
2007 $26,142,867 $21,500,780 $4,642,087 82.2% 2005
2006 $24,363,204 $19,899,105 $4,464,099 81.7% 2004
Plan Year
2024
Actuarial Accrued Liability
$106,686,478
Actuarial Value of Assets
$105,242,168
Unfunded/(Overfunded) Actuarial Accrued Liability
$1,444,310
Funded Ratio
98.6%
Valuation Year
2022
Plan Year
2023
Actuarial Accrued Liability
$101,104,786
Actuarial Value of Assets
$99,198,222
Unfunded/(Overfunded) Actuarial Accrued Liability
$1,906,564
Funded Ratio
98.1%
Valuation Year
2021
Plan Year
2022
Actuarial Accrued Liability
$96,758,688
Actuarial Value of Assets
$92,406,709
Unfunded/(Overfunded) Actuarial Accrued Liability
$4,351,979
Funded Ratio
95.5%
Valuation Year
2020
Plan Year
2021
Actuarial Accrued Liability
$86,457,723
Actuarial Value of Assets
$83,170,229
Unfunded/(Overfunded) Actuarial Accrued Liability
$3,287,494
Funded Ratio
96.2%
Valuation Year
2019
Plan Year
2020
Actuarial Accrued Liability
$80,879,914
Actuarial Value of Assets
$76,542,763
Unfunded/(Overfunded) Actuarial Accrued Liability
$4,337,151
Funded Ratio
94.6%
Valuation Year
2018
Plan Year
2019
Actuarial Accrued Liability
$76,717,926
Actuarial Value of Assets
$72,285,602
Unfunded/(Overfunded) Actuarial Accrued Liability
$4,432,324
Funded Ratio
94.2%
Valuation Year
2017
Plan Year
2018
Actuarial Accrued Liability
$71,589,486
Actuarial Value of Assets
$67,672,227
Unfunded/(Overfunded) Actuarial Accrued Liability
$3,917,259
Funded Ratio
94.5%
Valuation Year
2016
Plan Year
2017
Actuarial Accrued Liability
$51,923,041
Actuarial Value of Assets
$49,122,584
Unfunded/(Overfunded) Actuarial Accrued Liability
$2,800,457
Funded Ratio
94.6%
Valuation Year
2015
Plan Year
2016
Actuarial Accrued Liability
$48,475,054
Actuarial Value of Assets
$46,376,396
Unfunded/(Overfunded) Actuarial Accrued Liability
$2,098,658
Funded Ratio
95.7%
Valuation Year
2014
Plan Year
2015
Actuarial Accrued Liability
$46,669,721
Actuarial Value of Assets
$43,316,132
Unfunded/(Overfunded) Actuarial Accrued Liability
$3,353,589
Funded Ratio
92.8%
Valuation Year
2013
Plan Year
2014
Actuarial Accrued Liability
$45,241,593
Actuarial Value of Assets
$39,220,526
Unfunded/(Overfunded) Actuarial Accrued Liability
$6,021,067
Funded Ratio
86.7%
Valuation Year
2012
Plan Year
2013
Actuarial Accrued Liability
$42,256,536
Actuarial Value of Assets
$36,032,777
Unfunded/(Overfunded) Actuarial Accrued Liability
$6,223,759
Funded Ratio
85.3%
Valuation Year
2011
Plan Year
2012
Actuarial Accrued Liability
$38,482,652
Actuarial Value of Assets
$32,703,801
Unfunded/(Overfunded) Actuarial Accrued Liability
$5,778,851
Funded Ratio
85.0%
Valuation Year
2010
Plan Year
2011
Actuarial Accrued Liability
$36,201,678
Actuarial Value of Assets
$30,947,744
Unfunded/(Overfunded) Actuarial Accrued Liability
$5,253,934
Funded Ratio
85.5%
Valuation Year
2009
Plan Year
2010
Actuarial Accrued Liability
$33,141,903
Actuarial Value of Assets
$27,558,049
Unfunded/(Overfunded) Actuarial Accrued Liability
$5,583,854
Funded Ratio
83.2%
Valuation Year
2008
Plan Year
2009
Actuarial Accrued Liability
$31,384,771
Actuarial Value of Assets
$27,460,142
Unfunded/(Overfunded) Actuarial Accrued Liability
$3,924,629
Funded Ratio
87.5%
Valuation Year
2007
Plan Year
2008
Actuarial Accrued Liability
$28,553,378
Actuarial Value of Assets
$24,831,590
Unfunded/(Overfunded) Actuarial Accrued Liability
$3,721,788
Funded Ratio
87.0%
Valuation Year
2006
Plan Year
2007
Actuarial Accrued Liability
$26,142,867
Actuarial Value of Assets
$21,500,780
Unfunded/(Overfunded) Actuarial Accrued Liability
$4,642,087
Funded Ratio
82.2%
Valuation Year
2005
Plan Year
2006
Actuarial Accrued Liability
$24,363,204
Actuarial Value of Assets
$19,899,105
Unfunded/(Overfunded) Actuarial Accrued Liability
$4,464,099
Funded Ratio
81.7%
Valuation Year
2004

*Still want more? View a complete history of the Tarrant Appraisal District Retirement Plan.

Long-Term Investment Goals

The long-term expected rate of return on TCDRS assets is determined by adding expected inflation to expected long-term real returns, and reflecting expected volatility and correlation. The capital market assumptions and information shown below are provided by TCDRS’ investment consultant, Cliffwater LLC. The numbers shown are based on January 2024 information for a 10-year time horizon.

Note that the valuation assumption for the long-term expected return is re-assessed in detail at a minimum of every four years, and is set based on a long-term time horizon. The TCDRS Board of Trustees adopted the current assumption at their March 2021 meeting. The assumption for the long-term expected return is reviewed annually for continued compliance with the relevant actuarial standards of practice. Milliman relies on the expertise of Cliffwater in this assessment.

Legend Asset Class Benchmark Target Allocation1 Geometric Real Rate of Return2
U.S. Equities Dow Jones U.S. Total Stock Market Index 11.50% 4.75%
Global Equities MSCI World (net) Index 2.50% 4.75%
Int'l Equities - Developed Markets MSCI World Ex USA (net) Index 5.00% 4.75%
Int'l Equities - Emerging Markets MSCI Emerging Markets (net) Index 6.00% 4.75%
Investment - Grade Bonds Bloomberg U.S. Aggregate Bond Index 3.00% 2.35%
Strategic Credit FTSE High-Yield Cash-Pay Index 9.00% 3.65%
Direct Lending Morningstar LSTA US Leveraged Loan TR USD Index 16.00% 7.25%
Distressed Debt Cambridge Associates Distressed Securities Index3 4.00% 6.90%
REIT Equities 67% FTSE NAREIT All Quity REITs Index + 33% S&P Global REIT (net) Index 2.00% 4.10%
Master Limited Partnerships Alerian MLP Index 2.00% 5.20%
Private Real Estate Partnerships Cambridge Associates Real Estate Index4 6.00% 5.70%
Private Equity Cambridge Associates Global Private Equity & Venture Capital Index5 25.00% 7.75%
Hedge Funds Hedge Funds Research, Inc. (HFRI) Fund of Funds Composite Index 6.00% 3.25%
Cash Equivalents 90-Day U.S. Treasury 2.00% 0.60%
  1. Target asset allocation adopted at the March 2024 TCDRS Board Meeting
  2. Geometric real rates of return equal the expected return for the assets class minus the assumed inflation rate of 2.2%, per Cliffwater's 2024 capital market assumption.
  3. Includes vintage years 2005-present of Quarter Pooled Horizon IRRs
  4. Includes vintage years 2007-present of Quarter Pooled Horizon IRRs
  5. Includes vintage years 2006-present of Quarter Pooled Horizon IRRs

Want to see how we stack up against the competition?

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Frequently Asked Questions

The Texas Comptroller of Public Accounts' Transparency Stars program recognizes local governments for going above and beyond in their transparency efforts.

More information on the Public Pensions Star or the Texas State Comptroller's Transparency Star Program can be found on their FAQ Page.

Public Pensions Liaison

Janet Campanella