Texas Municipal Retirement System
The City of Anna and three of its component units participate in the nontraditional, joint contributory, hybrid defined benefit agent multiple-employer pension plan administered by the Texas Municipal Retirement System (TMRS).
TMRS, an agency created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the TMRS Act), is an agent multiple-employer retirement system for municipal employees in the State of Texas. The TMRS Act places the general administration and management of the System with a six-member Board of Trustees. Although the Governor, with the advice and consent of the Senate, appoints the Board, TMRS is not fiscally dependent on the State of Texas.
TMRS’s defined benefit pension plan is a tax-qualified plan under Section 401(a) of the Internal Revenue Code. TMRS issues a publicly available comprehensive annual financial report (CAFR).
TMRS provides retirement, disability and death benefits. Benefit provisions are adopted by the governing body of the city, within the options available in the state statutes governing TMRS.
|Plan Provisions Summary|
|Employee Deposit Rate:|
7% of pay
Matching Ratio (City to Employee):
2 to 1
Vesting of Benefits:
Service retirement eligibility:
20 years at any age, 5 years at the age of 60 and above
Updated Service Credit:
100% Repeating Transfers
Annuity Increases (to retirees):
70% of CPI Repeating