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Council told TMRS non‑retroactive COLA would slightly lower pension liability; finance committee recommends keeping current calculation
Summary
Staff and TMRS presented a statutory non‑retroactive COLA option that would calculate annual increases from the most recent 12‑month CPI window rather than a cumulative look‑back to retirement dates; finance committee recommended no change after retiree and employee feedback, though staff estimated recurring savings of roughly $189,000 if council changed the calculation and applied it to unfunded liability.
Human resources and TMRS staff briefed council on a statutory non‑retroactive cost‑of‑living adjustment (COLA) option and the financial trade‑offs for the city’s TMRS retirement plan.
Cheryl Marthaljani (director of human resources) and Anthony Mills (TMRS) described the difference between Burleson’s current repeating retroactive COLA (70% of CPI with a cumulative look‑back to each retiree’s original retirement date) and the non‑retroactive option authorized by statute in 2023. Under the non‑retroactive…
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