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Retirement

The right time to save for the future is now! You are never too young or old to begin contributing to a retirement plan. However, saving sooner than later allows you to contribute smaller amounts each pay period and allows more time for compounding interest that will help your retirement grow faster. The City provides the following opportunities to help you save for the future:

View the individual retirement plan pages for specific information about each of your options and how to get started or access your accounts.

You contribute on a pre-tax basis in the TMRS plan and the 457 plan. The contributions reduce the amount of your take-home pay you receive. However, the net effect is less than the amount you contribute due to the reduction of your taxable income.

Here is a simple example of the pre-tax benefit:

Pre-Tax Benefit	Benefit
Annual Income	$50,000
Tax Rate	25%
Contributes 10%	$192 every two weeks
Paycheck is Reduced By	$140
Annual Tax Savings	About $1,250

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