Fiscal Year 2022/23
Fiduciary Funds are used to account for assets held by the City in a trustee capacity or as an agent of individuals, private organizations, other governments, and/or other funds.
Fiduciary Funds By Fund FY2022/23
The funds below comprise Fiduciary Funds -
Tucson Supplemental Retirement System
The Tucson Supplemental Retirement System (TSRS) was established in 1953 to provide retirement, survivor, and disability benefits for eligible city employees. The majority of all full-time and a portion of part-time employees, with the exception of those covered by the Arizona Public Safety Personnel Retirement System or the Elected Officials Retirement Plan of Arizona, are covered by TSRS.
The Mayor and Council approves the employer/employee contribution rates for all TSRS members that will take effect July 1, 2020. The rates were held flat to FY 19/20 to offer employees a level of predictability and stability in their take home pay. The funding policy which rounds up the employee and City contribution rates, sets a 27.5% 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.
For TSRS employees hired prior to July 1, 2006, the employee contribution rate of 5% of their annual covered payroll through bi-weekly payroll deductions did not change. For employees hired after July 1, 2006, the contribution rate is 6.5%; for employees hired after June 30, 2011, the rate is 5.25%.
The Fiscal Year 2022/23 employer contribution rate is 27.5% for all employee members of the TSRS.