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Council hears TMRS non‑retroactive COLA briefing; staff cited $180,000 budget savings
Summary
Council received an explanation of TMRS' new non‑retroactive COLA option and how switching would lower the city's contribution rate (about 74 basis points), produce an estimated savings of roughly $180,000 and slightly reduce future cost-of‑living increases for retirees compared with the retroactive formula.
City staff and a TMRS consultant briefed the council on Oct. 15 about a proposed change to the city’s retirement cost‑of‑living adjustment (COLA) calculation under the Texas Municipal Retirement System (TMRS).
Colin Davidson, a TMRS consultant, explained that Victoria currently uses a retroactive COLA calculation that applies inflation adjustments differently depending on each retiree’s retirement date. The newer option — authorized by 2023 state legislation — uses a…
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