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<br />A. <br /> <br />VII. BENEFITS <br /> <br />TEXAS MUNICIPAL RETIREMENT SYSTEM <br /> <br />1. <br /> <br />Membership - The City of San Marcos participates in <br /> <br />the Texas Municipal Retirement System (TMRS). <br /> <br />All <br /> <br />regular employees who work at least one thousand <br />(1,000) hours per year and are below the age of sixty <br /> <br />(60) automatically become members of the retirement <br /> <br />system upon employment. <br /> <br />2. <br /> <br />Deposits - Under the retirement system, a portion of <br /> <br />the employee's salary is paid into the Texas <br />Municipa~ Retirement System together with money <br /> <br />contributed by the City, to guarantee a retirement <br /> <br />income. <br /> <br />3. <br /> <br />Ten Year Vesting - Employees who have credit for ten <br /> <br />(10) years of service, and later terminate their <br /> <br />employment with the Çity (without withdrawing their <br /> <br />depos.its), become eligible for service retirement at <br /> <br />age sixty (60) or at age fifty (50) with at least <br />twenty-five (25) years of service. <br /> <br />4. <br /> <br />Retirement Date - Employees are eligible for full <br />retirement benefits under TMRS at age sixty (60) with <br /> <br />completion of at least ten (10) years of creditable <br /> <br />service. <br /> <br />Employees may chogse an early retirement at <br /> <br />age fifty (50) if they have completed a minimum of <br /> <br />-35- <br />