In lieu of paying into Social Security , the City provides retirement benefits for full-time and part-time employees who work more than 1,000 annual hours through the Texas Municipal Retirement System . Through this program , the City provides a 2:1 match on the employee ’ s bi-weekly contribution of 7 %. Participation in TMRS is required for all full-time employees .

You Contribute City Contributes

Retirement Age Required Years of Service

Years of Service Vesting Schedule 1 20 % 2 40 % 3 60 % 4 80 % 5 100 %

After 5 years of continuous service , you become fully “ vested ” with TMRS . This means that all of the contributions that you and the City have made are yours to keep until retirement age or even transfer to another qualifying TMRS employer to grow even further .

Contact Human Resources at 817-459-6869 to discuss your retirement eligibility status and visit tmrs . org for more information .

Additional retirement options are available through ICMA-RC , via a 401 ( k ), which the city matches 50 % of your contributions up to 6 % of your base salary , for a total maximum match of 3 %. A pre-tax or post-tax 457 plan option is also available ( no City matching ), and ICMA-RC financial consultants are available to help you with investment options , financial planning and retirement preparation .

2020 Annual 2020 Age 50 + Limit 1 Catch-up 2

401 ( k ) 50 % ( max 3 %) Yes $ 19,500 $ 6,500 457 No Matching Yes $ 19,500 $ 1,000

457 ( Roth ) No Matching No $ 19,500 $ 1,000

1

At time of publishing , 2021 annual / catch-up limits have not been released by the IRS .

2

In the year you turn age 50 and every year after , you may make additional contributions , known as a “ Catch-up ” amount in addition to the annual contribution limit .

Contact ICMA-RC at 1-800-669-7400 for questions about your retirement options , or visit icmarc . org / arlington-tx .

City of Arlington / EMPLOYEE BENEFITS GUIDE 2021

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