Pension Information

The City of Irving participates in three retirement plans. 

Texas Municipal Retirement System
Irving Firemen’s Relief and Retirement Fund  
Supplemental Benefit Plan


The City of Irving Texas Municipal Retirement System (TMRS) Pension Plan



The City of Irving 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 government. Irving has chosen from a menu of plan options as authorized by the TMRS statute. Irving’s plan provides the following benefit level:


           Employee contribution rate:
           Matching ratio (city to employee):
           Years required for vesting:  
           Service retirement eligibility (age/years of service):
           Updated Service Credits:
           Cost of Living Adjustments:

     7% of pay                            
     2 to 1
     5
     60/05, 0/20
     100% repeating, transfers
     30% of CPI, repeating


Upon retirement the employees account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.

TMRS Actuarial and Financial Information

The City of Irving Supplemental Benefit Plan (SBP)



The City of Irving Supplemental Benefit Plan (SBP) is a contributory single-employer defined benefit pension plan initially organized on March 1, 1984, under the provisions of section 401(a)(3) of the Internal Revenue Code.  SBP is administered by the Administrative Board (the Board).  The Board consist of nine voting members, five of whom shall be active City of Irving (the City) employees who contributed to SBP and who are elected at-large from among City of Irving employees, the Chair of the Audit and Finance committee of the Irving City Council, the City’s Chief Financial Officer, the Human Resources Director and the City Attorney or designee.  The City Council may, by resolution appoint one of its members to the board in place of the Chair of the Audit and Finance Committee.

SBP is a single-employer retirement system covering all employees of the City except any person who is (1) a Fire Civil Service Employee, (2) any employee who is a member of a legally recognized collective bargaining unit and who is otherwise eligible to become a participant shall be eligible to participate in the Plan only if the collective bargaining agreement expressly provides for the participation of such employee in the plan, (3) in accordance with Section 410(b)(3) of the Code, any employee who is a nonresident alien and who receives no earned income from the City of Irving which constitutes income from sources within the United States.  All benefits vest after five years of service.


           Employee contribution rate:
           Matching ratio (city to employee):
           Years required for vesting
           Service retirement eligibility (age/years of service):
    
     2.5% of pay                            
     1.49% to pay
     5
     65/05

Upon retirement the employees account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.

SBP Actuarial and Financial Information



Irving Firemen's Relief and Retirement Fund (IFRRF)

 

The IFRRF is a single employer defined benefit pension plan established under the authority of the Texas Local Fire Fighter’s Retirement Act (TLFFRA).  It is administered by a Board of Trustees which is made up of three members elected from and by its member, two representatives of the City of Irving, Texas and two citizen members.  The Board has been designated to receive, handle, control, manage and disburse Plan assets.  All members of the IFRRF are full-time employees of the City of Irving Fire Department. Plan summary as of 9/30/2016 is as follows:


 Employee contribution rate: 12.00% of Pay 
 Employer contribution rate: 15.65% of Pay 
 Years required for vesting: 20 
Service retirement eligibility  50/20, 45/20 (reduced benefits)

IFRRF Actuarial and Financial Information