What are the features of the Texas municipal retirement system?

What are the features of the Texas municipal retirement system?

TMRS administers a program for (currently) 883 cities, providing retirement, disability, and survivor benefits to active and retired municipal employees. Distinguishing features of the System are: TMRS is a “hybrid”cash-balance defined benefit retirement plan rather than a traditional, formula-based defined benefit plan

Are there any cities in Texas that have TMRS?

TMRS covers employees and retirees of over 850 Texas cities, but does not cover city employees in Houston, Dallas, Austin, and Fort Worth, Galveston, and El Paso, which have their own retirement systems. Within a menu of options, each participating city determines and controls benefit levels for its employees.

What kind of retirement plan is the TMRS?

TMRS is a statewide retirement system that cities may elect to join. TMRS is a “hybrid”cash-balance defined benefit retirement plan rather than a traditional, formula-based defined benefit plan.

When does The TMRS Board of Trustees meet?

The TMRS Board of Trustees will meet in our Austin office (1200 N. Interstate 35) on Thursday, May 30, at 1:30 p.m. and in a joint meeting with the Advisory Committee on Benefit Design on Friday]

What are the city plan provisions for TMRS?

City Plan Provisions TMRS City Employee Deposit Rate City Match Abernathy 5% 1-1 Abilene 7% 2-1 Addison 7% 2-1 Agua Dulce 5% 1-1

Where is the headquarters of the Texas municipal retirement system?

For details, see TMRS’ press release. 3/25/2021 • At its meeting today, the TMRS Board of Trustees announced that TMRS will move its headquarters from its current location at 1200 N. Interstate 35 Frontage Road in Austin to Office Building 2 at The Grove, 2717 Perseverance Drive, in Austin. The move is anticipated to occur in October 2021.

How to search for a city in TMRS?

Enter any TMRS city name in the search box to view only that city. The buttons below the table allow you to click through multiple pages. Clicking on the TMRS City column in descending order resets the page.

Can a seasonal employee become a TMRS member?

Seasonal and temporary employees are not eligible to become TMRS members. The only way to end your TMRS membership is to terminate employment with all TMRS cities and withdraw (refund) your member deposits and interest. If you take a refund, you will not receive the city’s matching funds.