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City of Olmos Park Employment Benefits

Retirement Systems

Participation in Texas Municipal Retirement System is mandatory for full-time employees.

Employees contribute 7% of their pre-tax gross salary;
City matches funds 2:1 (at retirement);
Retirement eligibility: 25 years of service at any age or 5 years of service at age 60 or older;
5 year vesting.

Optional: for full-time employees: 457B plan with Valic

Max Contributions to 457(b): $17,500 <50 yrs. old OR $23,000 >=50 yrs. old
Employees chooses how their money is invested;

Aflac-Optional

Optional participation for full-time employees, the City does not contribute to the AFLAC plan.

Life Insurance

After a 30 day waiting period, all full-time employees are covered with life insurance at no cost to the employee. The amount is equivalent to approximately one-year’s salary. Employees may purchase dependent coverage or additional life insurance for themselves.

Medical Insurance

After a 30 day waiting period, the City provides medical coverage to all full-time employees; certain plans are at no cost to the employee. The employee may purchase medical coverage for their dependents. The City offers three plans; HSA plan, $5,000 deductible plan, and $2,500 deductible plan.

A prescription drug plan is included with certain medical insurance plans. Co-pays are based on the type of prescription whether it is generic, formulary or non-formulary.

Dental Insurance

After a 30 day waiting period, dental insurance is offered at no cost to the employee. Employees may purchase dependent coverage at pre-tax dollars.

Vision Insurance-Optional

After a 30 day waiting period, all full time employees can purchase vision insurance for themselves and their dependents. The City does not contribute to the vision insurance plan.