Council Discusses Cost of Living Adjustment for Retirees

Since 1994, Addison has provided pension benefits for all of its full-time employees through a hybrid defined benefit plan in the state-wide Texas Municipal Retirement System (TMRS). TMRS is an agency created by the State of Texas and administered in accordance with the Texas Government Code.  During the August 3 Budget Workshop, a representative from TMRS and Town staff presented Council with information on TMRS's Cost of Living Adjustment (COLA). Addison has not adopted a COLA since 2016.

 At the August 23 City Council meeting, Staff shared additional information requested by Council during the Budget Workshop. Council directed staff to include a 30% recurring COLA in the Fiscal Year 2023 Budget. Despite the addition, the revised proposed tax rate of $0.609822/$100 is lower than the current tax rate of $0.614660/$100.  

You can watch Council's TMRS COLA discussion here and read the presentation here.