The City of Frisco 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 governenment. Frisco has chosen from a menu of plan options as authorized by the TMRS statute. Frisco’s plan provides the following benefit level:
7% of Pay
Employer Match at Retirement:
2x employee account balance
Updated Service Credits:
100% (100% is maximum)
Cost of Living Adjustments:
70% of CPI Repeating (70% is maximum)
Vesting of Benefits:
Upon retirement the employee account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.
Information on investment strategies and results are available in the investment section of the TMRS's Comprehensive Annual Financial Report (CAFR), available at this link.