EMPLOYEE BENEFITS SUMMARY

Retirement
TMRS
The Town’s retirement system is through the Texas Municipal Retirement System (TMRS). The plan is a nontraditional, joint contributory, hybrid defined benefit plan with TMRS, an agent multiple-employer public employee retiree system.

TMRS is a mandatory program for all full-time employees and part-time employees whose regular scheduled hours total at least 1,000 hours per calendar year. These employees contribute 7% of their salary to TMRS, and the Town matches these contributions 2-to-1.

ICMA
The Town also has a 457 Deferred Compensation Plan available to employees through ICMA (International City/County Management Association.) This optional retirement saving plan is above and beyond contributions to TMRS. Employees may contribute up to $15,500 (for 2008) to ICMA. In addition, there are catch-up provisions as an employee is closer to retirement that allow additional dollars to be contributed. The Town does not match any contributions to ICMA. As with TMRS contributions, any contributions to ICMA are made before Federal Income Tax.

Insurance
The Town provides the following insurance for full-time employees:
• Health
• Dental
• Long-term disability
• Life and AD&D

Leave
The Town offers Vacation, Holiday, Discretionary and Major Medical Leave for full-time employees.

The following days are observed as paid Town holidays for all full-time employees:
• New Year’s Day
• Martin Luther King, Jr. Day
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving Day
• Friday after Thanksgiving Day
• Christmas Eve
• Christmas Day