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<br />~. . <br /> <br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requ....d: ~n1..~. 2001 <br /> <br /> <br />Requested By: Carnl Buttler ~ <br /> <br /> <br />Department: A dmiailltntiyc S~n'iC~ll <br /> <br />Allpropriation <br /> <br />Source of Funds: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: X <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Attached Ordinance <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Correspondence from TML-IRP <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The Governor signed Senate Bill 522 to become effective January 1, 2002, which makes several <br />changes to Texas Municipal Retirement System (TMRS) benefits.. One of the benefits the new <br />legislation provides is an option to change 10-year vesting to 5-year vesting. Aily participating <br />TMRS city that prefers to keep 10-year vesting must approve an ordinance, between <br />September 1, 2001, and December 31, 2001, opting out of the 5-year vesting. <br /> <br />Any city that opts out of the 5-year' vesting may reconsider this benefit at a future date. <br />However, once 5-year vesting is selected, this benefit may not be revoked. <br /> <br />Recommendation <br /> <br />Staff recommends the City opt out of 5-year vesting, at this time, reservIng the right to <br />reconsider this benefit at a future date. <br /> <br />Action Reauired bv Council: ' <br /> <br />Approve the attached Ordinance, opting out of the 5-year vesting, reserving the right to <br />reconsider at a future date. <br /> <br /> <br />2.t?}glol <br />Date ' I "( <br />