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Council advances first reading to cut retirement eligibility and adopt non-retroactive COLA under TMRS
Summary
On first reading Oct. 1, Bastrop council approved changes to TMRS rules to lower retirement eligibility from 25 to 20 years, adopt an annually accruing non-retroactive COLA, reauthorize updated service credits and remove the statutory maximum contribution limit to allow an actuarially determined city contribution rate.
The Bastrop City Council on Oct. 1 approved the first reading of an ordinance to amend the city’s TMRS (Texas Municipal Retirement System) settings.
Finance/staff (Miss McElwaney) told the council the ordinance contains four components: changing retirement eligibility from 25 to 20 years; adopting an annually accruing non-retroactive cost-of-living adjustment (COLA) for…
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