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Waco council hears options to boost retiree COLAs as TMRS deadline nears
Summary
City staff told the council the city's TMRS plan is 86.83% funded and presented five COLA options; two enhanced (50% and 70% non‑retroactive) options expire Dec. 31, 2025. Staff cautioned the council that choosing those options would raise recurring employer costs by millions annually and asked for time to model budget impacts.
Colin Booth presentation and a subsequent discussion about pension benefits dominated part of the Nov. 18 Waco City Council work session when staff outlined possible cost-of-living adjustments for retirees under the Texas Municipal Retirement System (TMRS).
Assistant City Manager and Chief Financial Officer Blue Khoslich told the council the city's TMRS plan is about 86.83% funded and that TMRS presented five plan options for adjusting retiree COLAs. Two options — a 50% and a 70% non‑retroactive COLA — were highlighted as having a statutory sunset of Dec. 31, 2025, meaning the council would need to adopt those specific options before that deadline if it chooses them.
"Our pension plan is pretty well funded at 86.83%," Khoslich said. "If we were to adopt one of the [50% or 70%]…
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