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Senate panel backs optional 8% employee contribution option for TMRS
Summary
The Senate Finance Committee voted to report House Bill 3161 out of committee after testimony backing a permissive option to let Texas cities add an 8% employee contribution rate to the Texas Municipal Retirement System (TMRS). Supporters said the change is optional and intended to help local recruitment and retirement funding choices.
House Bill 3161, carried in the Senate by Senator Adam Hinojosa, was laid out to the Senate Finance Committee as a permissive change allowing municipalities participating in the Texas Municipal Retirement System to adopt an 8% employee contribution rate. Senator Hinojosa said the bill adds an option beyond the current 5%, 6% or 7% contribution choices and stressed the change would be voluntary for cities.
The bill’s sponsor said the added option is intended to allow cities to align retirement contributions with local…
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