The City of Corsicana participates in the Texas Municipal Retirement System (TMRS). TMRS is a qualified tax deferred retirement program. Full-time employees are automatically enrolled and contribute 7% of their gross compensation each pay period to their individual retirement accounts on a pre-tax basis. Upon retirement, the City of Corsicana will match the employee's contribution 2 to 1. Employees are vested in TMRS upon earning 5 years of service credit. Employees are eligible to retire once they are vested and have reached their 60th birthday, or at any age upon attaining 20 years of service credit.
The City of Corsicana participates in the Texas Local Firefighters Retirement Act (TLFFRA) tax deferred retirement plan. Firefighters are automatically enrolled as a member of TLFFRA when they begin working full-time. Members contribute 14% of their gross compensation each pay period to their individual retirement accounts on a pre-tax basis. Upon retirement, the City of Corsicana matches the employee's 14% contribution. Members are fully vested once they attain the age of 50 and have completed 20 years of service with partial vesting after 10 years of service.
Deferred Compensation Plan
Participation in Deferred Compensation is available for employees who want to save additional money for retirement and not pay taxes on the money until it is withdrawn at retirement.