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TMRS Legislation

TMRS Legislation. 2007 Annual Training Seminar. 2007, Texas Municipal Retirement System. Summary of the 2007 TMRS Bill. TMRS Legislation. 80th Regular Session of Texas Legislature CSHB 1244 by Representative Kuempel Bill passed both Houses and was signed into law.

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TMRS Legislation

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  1. TMRS Legislation 2007 Annual Training Seminar 2007, Texas Municipal Retirement System.

  2. Summary of the 2007 TMRS Bill

  3. TMRS Legislation • 80th Regular Session of Texas Legislature • CSHB 1244 by Representative Kuempel • Bill passed both Houses and was signed into law

  4. Provisions that Did Not Pass into Law • Add two new matching ratio options that cities may choose: • 1.25 to 1 • 1.75 to 1

  5. Provisions that Did Not Pass (cont.) • Allow a TMRS retiree to return to work for the same city from which he or she retired – after a separation from service that lasts at least one calendar month – without the retirement benefit being suspended. People whose benefits are currently suspended will become unsuspended.

  6. Provisions Passed into Law • Allow cities to make additional contributions to TMRS above the calculated contribution rate, on a voluntary basis, to give cities more flexibility in paying for their TMRS benefits and modify the statutory Maximum Contribution rate for cities so that additional contributions can be made.

  7. Provisions Passed into Law (cont.) • Permit the TMRS Board to set amortization periods for funding TMRS pension liabilities, but the period will not be longer than 25 years. This keeps current limits and provides added funding flexibility.

  8. Provisions Passed into Law (cont.) • Grant the TMRS Board rulemaking authority to permit distributions to qualified health insurance providers for retired public safety officers under the federal Pension Protection Act.

  9. Provisions Passed into Law (cont.) • Amend the TMRS Act to clarify the calculation of average salary for purposes of Updated Service Credit. Also grants the Board of Trustees rulemaking authority to ensure that Updated Service Credit is calculated in accordance with the statute.

  10. Questions & Answers HOW TO CONTACT TMRS: Toll-free: 800-924-8677 Web: www.TMRS.com E-mail: phonecenter@tmrs.com

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