The Texas Municipal Retirement System (hereinafter referred to as TMRS) manages the Texas retirement program and covers almost 900 cities in the state. It is a legal system designed to let the authority of each participating city create the most convenient benefits program. The Direct Deposit Authorization form enables a third party (usually an employer) to transfer money by account number. The form is also officially called TMRS-80E, so we will use the official name in our review. Read it to learn more about the legal grounds of TMRS, as well as the rules for filling the TMRS-80E out.
A large state-wide TMRS program provides various types of benefits to municipal employees. Although it is a governmental system, it does not provide centralized funding for local retirement plans. So, the program only supplies legal opportunities as a background of these plans. Then the city develops its own plan based on the budget possibilities. It is important to note because the payments come from the contributions of the employees and the city to the municipalities. Therefore, the participants of the program are municipal employees only.
So, the system allows the city to develop a relatively independent system of financial turnaround to help residents in need. TMRS provides several types of benefits. These are old-age pensions and others, such as disability retirement and survivor’s death benefits. Both active and retired municipal employees can participate in the program.
Federal and state laws support TMRS. Federally, the program is regulated by the Internal Revenue Code, namely Section 401 (a) called “Requirements for qualification.” The Section determines the status and nature of trust contributions so that the latter is suitable for use under the TMRS. Also, in this section, you will find references to other chapters of the IRS that will clarify the legal grounds of the system if you decide to do in-depth research.
Within the state, the legal rationale is laid out in the Texas Government Code. In Title 8, Subtitle G of the main state document, you will find detailed information about how the system works. The subtitle includes five chapters and covers the general rationale, the rules of participation and membership, the list of benefits, and issues related to the management of trusts. Thus, referring to one of these legitimate backgrounds clarifies the nature and structure of the system, as well as the powers of its participants and administration.
As mentioned above, the TMRS regulates the rules for the payment of pensions and other benefits to employees of municipal organizations. We would like to point out that the Direct Deposit Authorization form is needed to transfer money to the account of an employee or another recipient (depending on the type of payment). If a person makes payments after reaching retirement age, in the event of the survivor’s death or disability, they must fill out the TMRS-80E form, among other ones.
Another situation when you need to use TMRS-80E is to change the direct deposit account. As examples, these can be the following cases, when a person:
In these and other situations, the individual needs to change their bank details so that the money goes to their personal account and retirement contributions continue. The Texas authority offers two ways to do this, namely: to leave a request through your personal account on the TMRS website or to submit a TMRS-80E form. The article below will tell you about the second option. You can complete the form in both printed and e-form. We suggest using our online form builder to do that conveniently and quickly. Stay on the page to learn how to fill the form out.
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This short form is easy to fill out. The filler is the recipient of the money, meaning the account holder. They must enter the data on the line of the document, then certify the paper with a signature and give it to the employer. We have highlighted the main steps of this process.
Enter your Personal Data
In the first part of the document, enter your name, address, city, and email. On the right, type the social security number, date of birth, and contact phone number through which the clerk will contact you. Finally, specify your TMRS ID.
Identify the Bank
Next, specify the name and phone number of the financial institution that serves you, that is, where your account is located.
Attach the Voided Check
Provide a voided check. It is a check that has been canceled and is used to provide bank information without danger to the customer’s account (since the check is voided). The check must have “voided” written across it so that no one can use it.
Enter the Account Number
Rewrite the required numbers from the canceled check and enter the name on the financial account. Check the box below on the left.
Certify the Form
Check all the data that you specified above on the lines of the form, especially the numbers. If you make a mistake, you will have to submit it again and wait longer. Put your signature and the date of filing the document out.
If you fill out the form online, you will put an electronic signature that does not differ from a manual one and is equally welcome in the TMRS. Having completed the paper, you send it by email to the service. Please note that only the account holder has the right to fill out and certify the form; otherwise, it will not be considered.