Pension Services Overview
Fiscal Year 2022/23
To assist Tucson Supplemental Retirement System (TSRS) members with planning for a secure retirement; and provide monthly retirement benefits that supplement social security benefits and personal investment savings of our members and their beneficiaries.
The following programs are included in this department:
Staffing By Program
*Full Time Equivalent Employee (FTE)
Budget By Program
Budget By Expense Category
Budget By Funding Source
The adopted budget for Fiscal Year 2022/23 of $95,732,870 reflects a net decrease of $37,950 from the Fiscal Year 2021/22 Adopted Budget. Major changes include the following:
- Decrease in personnel by $37,950
The Tucson Supplemental Retirement System (TSRS) sets retirement rates for both employees and for the City. These rates are a direct cost to both the individual employee and the City as a whole. The funded ratio increased from June 30, 2020 to June 30, 2021 primarily due to the current funding policy. The Board has adopted a funding policy which rounds up the employee and City contribution rates, sets a 27.50% minimum on the City contribution rate until full funding is reached. Based on this funding policy, the System is projected to reach full funding in 2037. On a market value basis, the funded ratio increased from 72.5% on June 30, 2020 to 85.7% on June 30, 2021, due to market value investment returns higher than the assumed 7.00% during the year.
Based on the actuarial valuation as of June 30, 2021, the Plan has an unfunded liability of $282.5 million and a funded ratio of 76.1%. This is an increase in the funded ratio, from 73.3% to 76.1%, primarily due to anticipated improvement based on the current funding policy.
To reduce unfunded liability and increase the funded ratio to reach the Retirement System fully funded.