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Texas Municipal Retirement System
Texas Municipal Retirement System (TMRS) operates a statewide public retirement system established in 1947. TMRS provides lifetime income, disability benefits,...
Texas Municipal Retirement System
Texas Municipal Retirement System (TMRS) operates a statewide public retirement system established in 1947. TMRS provides lifetime income, disability benefits, and death benefits to employees, retirees, and beneficiaries of participating Texas cities. It manages assets for public servants across Texas.
General information
Firm type
Pension Fund
Year founded
1947
Location
Region
North America
Country
United States
City
Austin
Corporate office
2717 Perseverance Drive, Suite 300, Austin, TX, United States
Principals
Debbie Muñoz
Chief Executive Officer
Yup S. Kim
Chief Investment Officer
Bill Philibert
Chair of the Board of Trustees
Amol Deshpande
Managing Director, Head of Direct Investments
Tom Masthay
Deputy Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Texas Municipal Retirement System?
Yup S. Kim serves as Chief Investment Officer. Amol Deshpande heads direct investments. Tom Masthay acts as Deputy Chief Investment Officer.
Does Texas Municipal Retirement System participate in fund commitments or only direct deals?
TMRS makes both fund commitments and direct investments. Examples include multiple real estate funds and private equity vehicles such as HarbourVest TMRS Polaris SMA.
What asset classes does Texas Municipal Retirement System target?
The system allocates to public equities, real estate, infrastructure, private equity, and venture capital. It also holds inflation-sensitive assets including TIPS and commodities.
Which regions does Texas Municipal Retirement System invest in?
Investments concentrate in the United States with additional exposure in Europe and other global markets through infrastructure and private equity holdings.
How is Texas Municipal Retirement System governed?
A Board of Trustees chaired by Bill Philibert oversees the system. Debbie Muñoz serves as Chief Executive Officer with day-to-day operations managed by the executive team.
What service providers support Texas Municipal Retirement System?
State Street acts as custodian. NEPC provides investment advisory services. Gabriel, Roeder, Smith & Company serves as actuary and CliftonLarsonAllen as auditor.
Does Texas Municipal Retirement System maintain external memberships?
TMRS belongs to TEXPERS, NASRA, NCPERS, and the Public Pension Coordinating Council, which recognized it with the 2024 Public Pension Standards Award.
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