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TMRS representative outlines non‑retroactive COLA option as window closes; city weighs funding tradeoffs
Summary
A Texas Municipal Retirement System official briefed Bedford council on a 2023 legislative option to adopt a non‑retroactive cost‑of‑living adjustment (COLA) for retirees; staff warned the cheapest recurring option would add millions in actuarial liability and several hundred thousand dollars in annual budget cost.
Anthony Mills, director of education services at the Texas Municipal Retirement System, briefed the Bedford City Council on July 22 about options to add a repeating cost‑of‑living adjustment (COLA) to the city’s TMRS retirement plan and the narrow window to adopt a newly available non‑retroactive COLA provision before it sunsets on December 31, 2025.
Mills said the non‑retroactive COLA — adopted by the Texas Legislature in 2023 — calculates all future COLAs prospectively from a retiree’s current annuity rather than looking back to the original retirement annuity. “Without a…
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