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Montgomery discusses raising TMRS employee contribution, non-retroactive COLA deadline
Summary
City council and staff discussed moving the Texas Municipal Retirement System employee contribution from 7% to 8% and whether to adopt a new non‑retroactive cost‑of‑living‑adjustment option before the statutory deadline, with staff directed to model the budget impact.
Montgomery councilmembers and staff spent the workshop’s opening discussion examining changes to the city’s Texas Municipal Retirement System plan, including a possible increase in the employee contribution rate from 7% to 8% and a choice to adopt a new non‑retroactive COLA option that must be adopted this year.
City leaders said the change most directly affects employees’ paychecks and the city’s total payroll cost. A city survey of eligible employees returned 38 responses: 35 in favor of increasing the contribution to 8%, three opposed. The meeting’s presenter summarized plan designs showing how the city’s total contribution rate would change: with the city’s current plan design the 2026 total contribution rate would be 10.42% of payroll; moving employees to 8% would raise the total to…
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