Retirement (TMRS)

The City of Bedford is a member of the Texas Municipal Retirement System (TMRS). The purpose of the retirement system is to provide adequate and dependable retirement benefits for employees retiring from Texas cities. Participation is mandatory for all eligible employees. There is no maximum age for participation in the TMRS.

Vesting

Employees are vested after 5 years of service. Vesting means you have worked enough years and established enough service credit to meet the minimum length of service requirement for retirement. Once vested, and you leave the City of Bedford, you may leave your member deposits with TMRS until you reach retirement eligibility. Please remember to update your beneficiaries once you have become vested.

Retirement Eligibility

You can retire under the TMRS when you have at least 5 years of service and are at least age 60. You may also retire at any age if you have at least 20 years of service. Upon retirement, you will choose a monthly payment option to receive your benefit.

Plan Contributions

Employees contribute 7% of gross income, on a pre-tax basis, each pay period and the City matches the employee contribution according to a 2 to 1 ratio. Contributions in the system are not taxable until withdrawn.

Deferred Compensation

The City of Bedford’s deferred compensation 457(b) option is an investment for your future, designed to provide an additional source of income to help you financially in your retirement years. Participation in a deferred compensation plan is voluntary and employees are eligible to join and make changes at any time. The City does not contribute to 457(b) plans. You have a variety of investment options to achieve a maximum return on your savings by working with the following providers:

• Mission Square and Nationwide