Ord 08-51
Ord 08-51
CITY COMMISSION AGENDA 2
- Meeting Date:
- 12/03/2008
- Title:
- Ordinance needed to remove the City's statutory maximum contribution rate for TMRS.
- Submitted For:
- Cheryl Hunter
- Submitted By:
- Cheryl Hunter, Finance
- Department:
- Finance
ACTION REQUEST (Brief Summary)
Consider approval of Ordinance No. 08-51 is needed to remove the City's statutory maximum contribution rate for the Texas Municipal Retirement System (TMRS). The City is currently under an TMRS Act which sets the City's maximum contribution rate for the Texas Municipal Retirement System (TMRS) at 15.50%, due to recent changes in the Texas Municipal Retirement System this maximum rate will be needed to be removed in order to address the City's unfunded liability.
BACKGROUND
Please see the attached letter which provides the background to the requested ordinance.