The City of Lewisville is a member of the Texas Municipal Retirement System (TMRS). Participation in the system is mandatory for all regular, full-time employees. There is no maximum age for participation in TMRS.
The purpose of the retirement system is to provide adequate and dependable retirement benefits for employees retiring from Texas Municipalities. Each member city chooses from various TMRS options to "tailor" its retirement plan to meet local needs and circumstances. The following is a summary of the City of Lewisville options which comprise our official retirement plan:
- Employees are vested after five (5) years of service and may retire after 20 years of service or at age 60 with at least five (5) years of service.
- Employees contribute 7% of gross income and the City matches the employee contribution according to a 2-1 ratio.
- Contributions to the system are not taxable until withdrawn.
- Occupational Disability Benefit
- Vested Employee Survivor Benefit
- Military Service Credit
- Updated Service Credits and Increases in Retirement Annuities on an Annual Basis
- Restricted Prior Service Credit
In the event that an employee leaves employment with the City of Lewisville, he or she may exercise one or more of the following options:
- Leave the funds on deposit with the system for any period of not more than five (5) years, during which the money on deposit will continue to draw interest.
- If the employee is employed within the five-year period mentioned above by another Texas City which is a member of TMRS and has not received a refund of deposits, then the accumulated service will be combined with any later service and applied toward ultimate retirement.
- File an application for a full refund of your deposits and accrued interest. Under this option, the employee's account is closed and he forfeits further benefits under the retirement system.
- If the employee is vested, he may leave his deposits in the system until retirement eligibility is reached.
For more information on the plan or to contact TMRS directly, go to www.tmrs.org.
The information provided herein is not meant to create a warranty or right, expressed or implied, to benefits and is provided for informational purposes only. The ordinances adopted by City Council and/or Federal/State/Local laws are controlling in the event of errors or discrepancies.