The City of Plainview participates in the Texas Municipal Retirement System (TMRS). Most employees are long-standing, having served the city for many years, and manage to retire comfortably. Employees contribute 7% of their gross wages toward their individual retirement accounts. The city matches the employee’s deposits by a two-to-one ratio. An employee is vested after five years of service.
Employees who previously participated in TMRS or other statewide retirement systems are oftentimes able to coordinate the city’s retirement plan with their past employer’s. Retirement plans which can be coordinated include, but are not limited to:
- Employees Retirement System
- Texas County and District
- Texas Teacher Retirement
This degree of pension portability nixes the concept of starting over from scratch. An eligible employee’s deposits and creditable service follow him/her to the city. Fire and EMS personnel participate in a separate pension fund and contribute 14% of their gross income toward retirement, while the city contributes 16.1%. Employees in that category are vested after 10 years of service.
Deferred Compensation Plans
Employees have the option of participating in the deferred compensation / supplemental retirement program. An employee may tax-shelter a portion of each check to invest in a wide variety of stocks, bonds, and mutual funds. Experts are available to lend assistance and advice free of charge.
If you have any questions or would like more information, please contact the Human Resources Department at (806) 296-1139.