Texas Municipal Retirement System

What Texas Municipal Retirement System does

Texas Municipal Retirement System (TMRS) is a statewide, cost-sharing, multiple-employer public retirement system established under Texas state law in 1949 (firmographics list 1947) and headquartered in Austin, Texas. TMRS administers defined-benefit retirement, disability, and survivor benefits for employees of 946 participating Texas municipalities, serving approximately 260,000 members, retirees, and beneficiaries, with $47 billion in assets under management. The system is quasi-governmental, funded through a combination of employee payroll contributions (5%-7% deposit rates), city matching contributions (1:1 to 2:1 ratios), and investment returns on the trust fund, with each city selecting its own configurable plan provisions (COLA, vesting, eligibility, military service credit).

TMRS operates a digital pension administration platform built around two core portals: MyTMRS, the member-facing web portal and native iOS/Android application for account management, benefit estimates, and statement access, and the City Portal, an employer reporting system used by participating cities to submit contributions, manage employee data, and pull GASB 68/75 reporting packages. The product surface is rounded out by a City Plan Comparison Tool, a City Dashboard with peer-comparison funding metrics (hosted with consulting actuary Gabriel, Roeder, Smith & Company), an annual City Training Conference, and an educational library (video and fact sheets in English and Spanish). Distribution to members is self-serve/digital-first, with sales-led relationship management and education delivered to the 946 participating cities via Education Managers and the City Training Conference.

TMRS is governed by a Board of Trustees under Texas state oversight and is not investor-owned; there is no pricing model in the commercial sense, no traditional revenue figure, and no disclosed API/SDK surface. During Tom Masthay's tenure (2015-2026), the trust fund doubled from $24B to $48B and a $15B five-year thematic private investment program was launched in October 2025. Debbie Muñoz became Executive Director in July 2025, and Tom Masthay was promoted to Chief Investment Officer in 2026.

Name

Texas Municipal Retirement System

Legal name

Texas Municipal Retirement System

Website

https://tmrs.com

Company type

Private

Founded year

1949

Operating status

Operating

Headcount range

101–250 employees

Short description

Texas Municipal Retirement System (TMRS), founded 1949 in Austin, is a statewide public pension plan administering defined-benefit retirement, disability, and survivor coverage for ~260,000 members across 946 Texas municipalities, managing $47B in assets.

Ownership category

akta.pro rank

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Pension Contributions: TMRS operates as a public pension system funded through contributions from participating Texas municipalities and their employees. Cities contribute on behalf of employees, and employees make direct deposits from their salaries. Contribution rates vary by city plan (5%, 6%, or 7% employee deposit rates with 1:1, 1.5:1, or 2:1 city matching). The system also earns investment returns on the $47B trust fund.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels9 records

Core offering

TMRS is a statewide, cost-sharing, multiple-employer public retirement system that administers defined-benefit pension plans for employees of 946 participating Texas municipalities. The system delivers lifetime retirement income, disability retirement, survivor benefits, supplemental death benefits, COLA adjustments, and refund options through member self-service portals and employer-side reporting tools. The core pension administration is backed by a $47 billion trust fund that produces investment returns supporting plan funding.

Product overview

TMRS is a public pension retirement system providing retirement benefits administration for Texas municipal employees. The system serves 946 participating cities and over 260,000 members through a unified platform consisting of member-facing portals (MyTMRS web and mobile app), employer-facing tools (City Portal, City Dashboard, Plan Comparison Tool), compliance reporting services (GASB Packages), and educational resources (Video Library, Fact Sheets, Newsletters). The core offering is a defined benefit retirement plan with cities selecting configurable parameters including contribution rates, matching ratios, COLA provisions, and vesting requirements.

Differentiator

Problem solved

Functional benefit

Brands

• MyTMRS: Online member portal and mobile application for TMRS members to manage their retirement accounts, access statements, and interact with TMRS services.
• City Portal

Products and services

• Defined-Benefit Municipal Pension Plan Core retirement plan offering lifetime monthly benefits, disability retirement, survivor benefits, supplemental death benefits, COLA options, updated service credit, military service credit, and refund options for non-vested members. Provided to employees of 946 participating Texas municipalities.
• MyTMRS Member Portal Online self-service platform for TMRS members to manage their retirement accounts, view statements, update information, and access benefit calculations.
• City Portal Employer reporting portal for the 946 participating Texas cities to submit contributions, manage employee data, and access GASB reporting packages for compliance.
• MyTMRS Mobile App Native mobile application for iOS and Android devices enabling TMRS members to access and manage their retirement accounts on smartphones and tablets.
• City Plan Comparison Tool Searchable database and comparison tool that lets TMRS members and prospective members view and compare benefit provisions across all 946 participating Texas city plans, with filters for contribution rates, matching ratios, COLA options, and retirement eligibility.
• GASB Reporting Packages Annual actuarial reporting package provided to participating cities for compliance with GASB 68 (pension accounting) and GASB 75 (OPEB accounting) requirements, supplied through the City Portal.
• City Dashboard Interactive dashboard providing TMRS-participating cities with historical funding data, peer comparisons, and risk metrics for their retirement plan.
• Counseling Sessions One-on-one in-person or virtual counseling sessions with TMRS Education Managers covering retirement options, benefit calculations, and personalized retirement planning for members.

Quantifiable outcome

• Trust Fund doubled from $24B to $48B during Deputy CIO tenure
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Gabriel, Roeder, Smith & Company (GRS)coreImplementation/ SI/ Consulting PartnerGRS serves as TMRS' consulting actuary, completing annual actuarial reporting valuations for each participating city and providing GASB 68 and GASB 75 Employer Reporting Packages for compliance with pension accounting standards.

Scale indicators7 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• CalSTRS: CalSTRS administers the California State Teachers' Retirement System, a public DB pension fund. Directly comparable pension product and member-employer model, though geographically distinct from TMRS.
• Florida State Board of Administration (SBA): SBA manages Florida's public pension assets alongside other investment mandates. Comparable as a large state-chartered institutional investor with a public DB pension focus.
• CalPERS: CalPERS is the largest U.S. public pension fund, providing defined-benefit retirement for California public employees. Comparable in core business (state-chartered DB public pension) but vastly larger scale and broader member base.
• Pennsylvania State Employees' Retirement System (SERS): SERS administers the Pennsylvania public employee DB pension plan, sharing TMRS' core mandate and state-chartered governance model.
• Ohio Public Employees Retirement System (OPERS): OPERS provides defined-benefit pensions to Ohio public employees. Same core business (statewide DB public pension) and overlapping member-employer dynamics, though Ohio-only jurisdiction.
• New York State Common Retirement Fund: One of the largest U.S. public pension funds, managing defined-benefit retirement for New York state and local public employees. Comparable in mandate and scale to TMRS but serving a different jurisdiction.

Direct peers

• Texas County and District Retirement System (TCDRS): TCDRS is a Texas statewide public retirement system serving county and district employees, the closest geographic and structural analog to TMRS — both pool risk across many small Texas public employers.
• Teacher Retirement System of Texas (TRS): TRS is the largest Texas public pension fund, providing defined-benefit retirement for Texas public education employees. It shares TMRS' state-chartered pension mandate and Texas-only operating geography.
• Employees Retirement System of Texas (ERS): ERS administers retirement and health benefits for Texas state employees, another Texas public-sector defined-benefit pension system operating under parallel statutory frameworks to TMRS.

Others

• Gabriel, Roeder, Smith & Company (GRS): GRS is TMRS' consulting actuary, producing annual valuations and GASB 68/75 reporting packages. Included as a key ecosystem partner and infrastructure/service provider to TMRS rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Texas Municipal Retirement System