During the Fiscal Year 2018 budget process, members of the City Council requested information on possible options to reinstate the cost of living adjustment (COLA) for Addison retirees, the town of Addison said in their weekly news letter.
Addison employees’ retirement system is managed through the Texas Municipal Retirement System (TMRS), the news letter stated.
Addison Work Session hosted TMRS presentation
At a work session on October 24, the Town of Addison said that representatives of TMRS gave a presentation to Council about the impact of reducing one benefit, the Updated Service Credit (USC), and reallocating existing resources to fund an annually repeating COLA. Addision’s city Council decided not to make any changes to the current retirement plan and doesn’t plan to reinstate the COLA.
The Town of Addison said that you can read the presentation here and watch the discussion here.
Town of Addison council meets twice per month
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