Georgetown council hears TMRS briefing on option to adopt non‑retroactive COLA before legislative deadline

Georgetown council members received a detailed briefing from actuaries with the Texas Municipal Retirement System (TMRS) on a new non‑retroactive cost‑of‑living adjustment (COLA) option that cities can adopt this year under state legislation known as HB 2464.

The presentation, led by Kenneth Oliver, an actuary with TMRS, explained differences between the traditional retroactive COLA (which applies cumulative inflation to retirees’ original benefit) and the non‑retroactive COLA established by HB 2464 (which applies a single year increase based on the most recent December CPI‑U to retirees’ current benefit). Oliver and TMRS colleagues told the council this is the last year the state law authorizes cities to adopt the non‑retroactive option without further legislative action.

Why it matters: Council members said they want budget‑ready numbers for 2026 because choosing a non‑retro COLA would raise the city’s actuarially determined contribution and be amortized over 20 years. TMRS staff said the non‑retro option tends to be simpler, more equitable across cohorts of retirees and in many scenarios less expensive than adopting a retroactive…