Full-time and part-time employees who work at least 1,000 hours per year must participate in the City’s retirement program, the Texas Municipal Retirement System (“TMRS”). Benefits eligible employees may elect to participate in the City’s voluntary retirement plan, a 457b deferred compensation benefit that is administered by Nationwide Retirement Solutions.
Texas Municipal Retirement System (TMRS):
Each paycheck that an employee receives, 7% of their gross wages are deducted pre-tax for contribution to TMRS. At the end of each calendar year, TMRS will apply a guaranteed interest amount of at least 5% to the employee’s account.
An employee is eligible to retire with TMRS if they are:
- at least 60 years old with at least 5 years of service credits
- at any age with at least 20 years of service credits
When an employee retires their TMRS account, the City will match the employee’s account 2:1.
Deferred Compensation (457b):
The City’s 457b deferred compensation program is managed by Nationwide Retirement Solutions and allows employees to supplement their retirement savings by contributing a portion of their salary before and/or after taxes each pay period.
The maximum amount per year that can be deferred (pre-tax and Roth combined) is determined by the IRS each year. The 2022 contribution limits are:
|Less than 50 years of age||$20,500 per year||$20,500 per year|
|50 years of age and greater||$27,000 per year||$27,000 per year|
|Within 3 years or retirement||$41,000 per year||$41,000 per year|
Deferral changes must be submitted directly to Nationwide Retirement Solutions and will take effect the first paycheck of the following month.
Contact Information for Nationwide Retirement is:
Retirement Specialist (Wilson Heacock):
- Cell Phone: 361-887-1978
- Email: firstname.lastname@example.org
- Schedule an Appointment with Wilson: https://gotowilson.myretirementappt.com/
General Customer Service (withdrawals, balance inquiries, change of address/beneficiary/name, loans, account log in and more): 877-677-3678
Retirement Resource Group (for retirement planning and trading): 888-401-5272 or email@example.com or employees can schedule an appointment with a retirement specialist at this link:
Retirement Planning Tools: