transparency

Texas County & District Retirement System

Overview

Contact Information:
901 S. MoPac Expy
Barton Oaks Plaza IV, Suite 500
Austin, TX 78746
http://www.tcdrs.org
Phone: (512) 328-8889
Fax: (512) 328-8887

Classification: Statewide
Year Created: 1967
Fiscal Year-End Month: 12

Total Members : 345,065

  Active Members: 144,107
  Inactive Members : 122,752
  Total Annuitants: 78,206
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $44,892,275,531

Total Assets : $45,425,102,226
Total Liabilities : $532,826,695
Total Additions : $9,799,521,515
Employer Contributions:
$1,073,415,093
10.95%
Employee Contributions:
$550,152,286
5.61%
Other Contributions:
$0
0.00%
Investment Income:
$8,174,188,610
83.41%
Other Income:
$1,765,526
0.02%

Total Deductions  : $2,015,443,925
Benefit Payments:
Benefit Tier Details
$102,584,236
5.09%
Withdrawals:
$1,827,090,449
90.65%
Administrative Expenses:
$26,052,711
1.29%
Investment Expenses:
$56,823,837
2.82%
Other Expenses:
$2,892,692
0.14%
Total Contribution Rate: 12.12%
(Effective Date: 12/31/2021)
Employer: 6.78%
Employee: 18.90%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.50%
  • 1-Year Return: 22.01%
  • 3-Year Return: 16.26%
  • 10-Year Return: 10.22%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.50%

Actuarial

(Effective Date: 12/31/2021)
Actuarial Value of Assets : $44,892,275,531
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: $38,598,242,535
Actuarial Assumption Details

Actuarial Funded Ratio : 88.50%

Market Funded Ratio: 102.93%

Amortization Period (Yrs) : 16.4
Unfunded Liability : $5,014,180,747
Unfunded Liability per Member: $14,531

Benefit Tier Details

Eligible Members:
All
Vesting:
Varies by plan: 5, 8 or 10 YCS
Age/YCS:
Varies (60 with 5, 8 or 10 year vesting, Rule of 75 or 80, or 20 or 30 YCS)
Benefit Formula:
Lifetime Monthly Benefit based on employees account balance - Employee contribution grown at 7% compounded annually, matched at a specified percent by the employer
Final Average Salary:
N/A
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
Varies

Investment Policy Details

Effective Date: 6/16/2022

Asset Class:
Alternative Investments
Minimum Allocation:
21%
Maximum Allocation:
93%
Target Allocation:
68%
Asset Class:
Equities
Minimum Allocation:
6%
Maximum Allocation:
47%
Target Allocation:
25%
Asset Class:
Real Estate
Minimum Allocation:
0%
Maximum Allocation:
5%
Target Allocation:
2%
Asset Class:
Fixed Income
Minimum Allocation:
1%
Maximum Allocation:
18%
Target Allocation:
3%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
10%
Target Allocation:
2%