A COLA (Cost of Living Adjustment) is an optional benefit a TMRS city may choose to provide its retirees. ... A COLA is permanently applied to your monthly annuity on January 1 of each year that the city has adopted the option.

How does TMRS affect Social Security?

Will Social Security Affect My Benefit? No. Social Security payments do not reduce your TMRS monthly benefit.

Is TMRS a 401k?

TMRS is a qualified plan under Section 401(a) of the Internal Revenue Code. TMRS employee contributions are subject to Social Security and Medicare taxes. (Of course, employees who do not participate in Social Security or Medicare will not be subject to Social Security or Medicare taxes.)