Texas Municipal Retirement System (TMRS)
All qualifying City of Portland employees participate in the Texas Municipal Retirement System (link), a statewide retirement system providing retirement, disability, and death benefits to municipal employees. The City's plan requires the employee to contribute 7% of their gross income. The City contributes matching funds on a 2:1 basis. Portland employees are eligible to retire at age 60 with 10 years of credible service, or at any age with 20 years of credible service.
457 Plan Mission Square
Employees may also save for retirement through the City's 457 Plan with Mission Square Retirement (link). This plan is only funded by the employee's pre-tax contributions. The plan allows the employee to invest in a variety of financial instruments and manage their own portfolio to provide for a healthy retirement income. Employees are allowed to make contributions directly from their paycheck.
Roth IRA Plan Mission Square
Employees may choose to save in a Roth IRA with Mission Square Retirement (link), which offers another savings strategy to supplement retirement plans. It allows employees to set aside after-tax income up to a specified amount each year and, if needed, flexible withdrawals. Both earning and withdrawals after age 59 1/2 are tax free. Employees are allowed to make contributions directly from their paycheck.