Skip Ribbon Commands
Skip to main content
​ 
Public Pension Summary 
Galveston County welcomes you to our Public Pension Transparency webpage.  It is our objective to provide the public with clear, understandable and searchable information regarding the county's pension and so much more.
Galveston County provides retirement, disability and death benefits for full-time employees through an agent, multiple-employer, defined-benefit plan. This plan is administered by the state-wide, public-employee Texas County and District Retirement System ("TCDRS"). TCDRS is governed by the TCDRS Board of Trustees and administers the pension plans of approximately 735 counties and districts.
 The TCDRS plan provisions are adopted by the participating employers' governing bodies, subject to the state's TCDRS Act (the "Act").
The county has elected to follow the variable-rate plan provisions of the Act. The employer contribution rate is actuarially determined each year as a percentage of employee earnings, subject to plan changes adopted by the employer's governing body within the constraints imposed by the Act.
Personnel Information
 
Employee Contribution Rate ​7% of pay
​Employee Matching Rate ​200%
​Years Required for Vesting ​8 years
​Service Retirement Eligibility Age 60 with 8 years of service, or 75+ years total (age + service), or 30 years at any age
​Prior Service Credit ​160%
 
 
Actuarial Information
 As of December 31, 2017
 
 
 
Actuarial Accrued Liability (AAL)​ $409,432,549​
​Actuarial Value of Assets (AVA) ​$372,629,991
​Unfunded Actuarial Accrued Liability (UAAL) ​$36,802,558
​Funded Ratio (AVA/AAL) 91.0%
​Remaining Amortization Period 13.1
​Assumed Rate of Return (2) ​8.1%
​Pensionable Covered Paryoll ​$65,462,420
UAAL as a Percent of Covered Payroll (1) (2)​ 56.2%
 
(1) Milliman Actuarial Report for Galveston County, issued for January 1 - December 31, 2017
(2) Galveston County Fiscal Year 2018 Comprehensive Annual Financial Report (CAFR)
 
The chart below shows the actuarial value of assets versus the actuarial value of accrued liabilities for the period including fiscal years 2014 through 2018.
 
 

CLICK HERE FOR THE DOWNLOADABLE DATA

 
  A Diversified Portfolio

  Best estimates of geometric real rates of return for each major asset class included in the TCDRS target asset allocation as of December 31, 2017 are summarized below:

 

 

 
For more information, visit the TCDRS website:
 
  Contributions
Actuarially Determined Contributions (as a % of pay) ​2018 2017​ 2016​ 2015​ 2014​
​Employee ​7.00% ​7.00% ​7.00% ​7.00% ​7.00%
Employer​ ​11.77% ​11.40% ​11.22% ​11.24% ​11.04%
Total Required Contributions​ ​18.77% ​18.40% ​18.22% ​18.24% ​18.04%

 

The chart below shows the actuarial determined contribution rate versus the county's actual contribution rate for the period including fiscal years 2014 through 2018.

 

CLICK HERE FOR THE DOWNLOADABLE DATA

 
  Pension Related Documents
 
 

 Pension Related Documents

 
  
  
Act Validation_2013.pdf2013 Actuarial Validation
Act Validation_2014.pdf2014 Actuarial Validation
Act Validation_2015.pdf2015 Actuarial Validation
Act Validation_2016.pdf2016 Actuarial Validation
Act Validation_2017.pdf2017 Actuarial Validation
TCDRS CAFR_2013.pdf2013 TCDRS CAFR
TCDRS CAFR_2014.pdf2014 TCDRS CAFR
TCDRS CAFR_2015.pdf2015 TCDRS CAFR
TCDRS CAFR_2016.pdf2016 TCDRS CAFR
TCDRS CAFR_2017.pdf2017 TCDRS CAFR
 
For additional resources, visit the Texas Comptroller's 'Public Pension Search Tool' webpage: Public Pension Search Tool