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Portland council approves first reading of ordinance to change TMRS cost‑of‑living formula
Summary
Portland City Council approved first reading of an ordinance to adopt TMRS' repeating non‑retroactive COLA method, which staff said would reduce the city's unfunded liability by about $430,000 and yield roughly $65,000 in next‑year contribution savings; second reading is scheduled for December.
Portland City Council on Monday approved the first reading of an ordinance to change how the city calculates cost‑of‑living adjustments (COLAs) for retirees in the Texas Municipal Retirement System (TMRS).
Sarah Royer, Portland's director of administrative services, told the council that the state amended the TMRS law in May 2023 to allow municipalities to adopt a repeating non‑retroactive COLA that bases annual adjustments on the prior year’s Consumer Price Index rather than a cumulative formula tied to a retiree’s retirement date. "The repeating non‑retroactive adjustment is based only on the CPI change of the previous year," Royer said, and she said the change would…
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