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<br />, <br />. <br /> <br />. <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br /> <br />Appropriation <br /> <br />Requested By: <br /> <br />Source of Funds: Various <br /> <br />Department: Human Resources <br /> <br />Account Number: Various <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: X <br /> <br />Amount Budgeted: <br /> <br />Ordinance <br /> <br />Amount Requested: $56.000 <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />TMRS supportine: documentation <br /> <br />Budgeted Item: YES <br /> <br />Exhibits: <br /> <br />Survey of core citie!ii <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The Texas Municipal Retirement System Act (TMRS) enables member cities to adopt Updated Service <br />Credits and Increased Annuities, providing cities the opportunity to upgrade retirement benefits for active <br />employees and for retirees who currently receive a monthly annuity from TMRS. <br /> <br />By adopting Updated Service Credits at 100% for the year 2004, Council allows a member's retirement <br />benefit to be recalculated based on the member's average monthly salary for the three (3) year period <br />ending December 31, 2002. The member's retirement benefit is "updated" to reflect higher wages that <br />were earned for those three (3) years. <br /> <br />By including Increased Annuities, Council allows an increase for monthly annuities paid to City of <br />La Porte retirees. The increased calculation is based on a maximum of 70% of the change in the <br />Consumer Price Index, less any previously granted increases. <br /> <br />This ordinance becomes effective January 1,2004, and is repeating. Council has the option to repeal the <br />repeating provision. Adopting this ordinance will increase the City's contributions from 11.6% to <br />12.09% of payroll for 2004 at an estimated cost of$56,000. <br /> <br />Funds have been budgeted for updated service credits and increased annuities. <br /> <br />Staff Recommendation <br /> <br />Approve the ordinance authorizing Updated Service Credits and Increased Annuities on an annual <br />repeating basis <br /> <br />Action Required bv Council: <br /> <br />Adopt an ordinance authorizing Updated Service Credits and Increased Annuities on an annual repeating <br />basis <br /> <br /> <br />/~-3-()3 <br /> <br />Date <br />