transparency

Judicial Retirement System of Texas Plan Two

Overview

Contact Information:
PO Box 13207
Austin, TX 78711
http://www.ers.state.tx.us
Phone: (512) 867-7711
Fax: None Reported

Classification: Statewide
Year Created: 1985
Fiscal Year-End Month: 8

Total Members : 1,304

  Active Members: 584
  Inactive Members : 192
  Total Annuitants: 528
  (Effective Date: 8/31/2021)

Financials

(Effective Date: 8/31/2022)

Total Net Assets: $566,442,429

Total Assets : $572,026,365
Total Liabilities : $5,583,936
Total Additions : $22,960,791
Employer Contributions:
$14,384,970
62.65%
Employee Contributions:
$8,575,821
37.35%
Other Contributions:
$0
0.00%
Investment Income:
$0
0.00%
Other Income:
$0
0.00%

Total Deductions  : $38,175,792
Benefit Payments:
Benefit Tier Details
$301,975
0.79%
Withdrawals:
$36,805,748
96.41%
Administrative Expenses:
$321,731
0.84%
Investment Expenses:
$746,338
1.96%
Other Expenses:
$0
0.00%
Total Contribution Rate: 15.66%
(Effective Date: 8/31/2022)
Employer: 9.38%
Employee: 25.04%

Historical Investment Returns

(Report Date: 8/31/2022)
—  Assumed Rate of Return 7.00%
  • 1-Year Return: -1.59%
  • 3-Year Return: 9.66%
  • 10-Year Return: 8.30%
  • 30-Year Return: 7.58%
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.00%

Actuarial

(Effective Date: 8/31/2022)
Actuarial Value of Assets : $566,442,429
Actuaries often select an asset valuation method that smooth the effects of short‐term volatility in the market value of assets. The actuarial value of assets is intended to give fund managers a more accurate picture of the fund’s ability to cover its liabilities.
Market Value of Assets: $553,371,109
Actuarial Assumption Details

Actuarial Funded Ratio : 86.15%

Market Funded Ratio: 88.19%

Amortization Period (Yrs) : infinite
Unfunded Liability : $88,936,109
Unfunded Liability per Member: $68,203

Benefit Tier Details

Eligible Members:
Commenced service after 8/31/1985
Vesting:
12 YCS
Age/YCS:
65/10 currently presiding or 65/12 or 20 YCS or Rule of 70 including 12 YCS on appellate court
Benefit Formula:
50% x Final Average Salary + 10% if retired within one year of leaving office and YCS x 2.3% X FAS for years after reaching Rule of 70
Final Average Salary:
Final Salary for the last position from which the member was elected or appointed
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Yes
Note:
Retirees of the Elected Class of ERS and JRS I and II members receive an increase in their annuity payment when the current salary of a district judge in increased. Future benefit payments are recalculated based on the new salary.

Investment Policy Details

Effective Date: 5/22/2019

Asset Class:
Equities
Minimum Allocation:
27%
Maximum Allocation:
47%
Target Allocation:
37%
Asset Class:
Cash
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
1%
Asset Class:
Fixed Income
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
22%
Asset Class:
Alternative Investments
Minimum Allocation:
8%
Maximum Allocation:
36%
Target Allocation:
21%
Asset Class:
Real Estate
Minimum Allocation:
6%
Maximum Allocation:
39%
Target Allocation:
19%