Texas Municipal Retirement System (TMRS)
The Town’s retirement system is through the TMRS. The plan is a nontraditional, joint contributory, and hybrid-defined benefit plan with TMRS, an agent multiple-employer public employee retiree system
TMRS is a mandatory program for all full-time employees and part-time employees whose regularly scheduled hours total at least 1,000 hours per calendar year. These employees contribute 7% of their salary to TMRS, and the Town matches these contributions 2-to-1.
International City Management Association-Retirement Corporation (ICMA-RC)
The Town also has a 457 Deferred Compensation Plan available to employees through ICMA. This optional retirement savings plan is above and beyond contributions to TMRS. Employees may contribute up to $19,500 to ICMA. In addition, there are catch-up provisions as an employee is closer to retirement that allow additional dollars to be contributed. The Town does not match any contributions to ICMA. As with TMRS contributions, any contributions to ICMA are made before federal income tax.
The Town provides the following insurance for full-time employees:
- Life and accidental death and dismemberment
- Long-term disability
- Employee Assistance Program
Employees may also apply for additional AFLAC coverage. Although the Town does not provide or contribute to this insurance, payroll deduction is offered for insurance premiums.
The Town offers vacation, holiday, discretionary, and major medical leave for full-time employees. The following days are observed as paid Town holidays for all full-time employees:
- New Year’s Day
- Martin Luther King, Jr. Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving Day
- Friday after Thanksgiving Day
- Christmas Eve
- Christmas Day