Manvel City Council approved the final ordinance for the city’s Texas Municipal Retirement System, or TMRS, benefits in a 6-1 vote at its Nov. 17 meeting.
The measure entails a 17%, or about $750,000, annual contribution to TMRS.
The overview
The benefits include the following for all city employees, including police, public works and administration:
- Annually accruing updated service credits
- Annually accruing cost-of-living adjustments for retirees and beneficiaries
- Remove statutory maximum contribution limit
TMRS is a retirement program for employees of Texas cities.
What else?
The approved measure will also chip away at a $4 million funding gap, which is what it would cost if all city employees retired, according to city documents.
