TMRS is the primary retirement plan offered by the City. Participation is mandatory and becomes effective on the first day of employment. Your tax deferred contribution will be 7% of your gross income and the City's contribution is approximately twice that amount, depending on actuarial determinations (7%, 2:1). You may retire with benefits after five (5) years of service at age 60 or with 20 years of service at any age. If you should die while still in the City's employment, TMRS provides a death benefit payable to your beneficiary that would equal approximately your current annual salary. If you are a retiree, your death benefit would be $7,500.