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Retirement
Information for Retirement
TMRS
All qualifying employees of the City of Portland participate in the Texas Municipal Retirement System, a statewide retirement system that provides retirement, disability, and death benefits.  The city's plan requires the employee to contribute 6% of their gross income and the city matches at a rate of two to one. Portland employees are eligible to retire at age 60 with 10 years of credible service or at any age with 20 years of credible service.

457 Plan ICMArc
Employees may also save for retirement through the city's 457 Plan with ICMA. This plan is only funded by the employee's pre-tax contributions. The plan allows the employee to invest in a wide variety of financial instruments and manage their own portfolio in order to provide for a healthy retirement income. Employees are allowed to make convenient contributions directly from their paycheck.

Roth IRA Plan  ICMArc
Employees may choose to save in a Roth IRA which is another savings that complements retirement plans.  It allows employees to set aside after tax income up to a specified amount each year and, if needed, flexible withdrawals.  Both earning and withdrawals after age 59 1/2 are tax free.  Employees are allowed to make convenient contributions directly from their paycheck.