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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />September 22.2008 <br /> <br />Amount Budl!eted <br /> <br />Requested By: Michael Dolby, CPA Director of Finance <br /> <br /> <br />Source of Funds: nla <br />Account Number: <br /> <br />Department: FINANCE <br /> <br />Amount Budgeted: <br /> <br />nla <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: xx <br /> <br />nla <br /> <br />Amount Requested: <br /> <br />Budgeted Item: <br /> <br />nla <br />YES NO <br /> <br />Exhibits: Letter from TMRS <br /> <br />Exhibits: <br /> <br />Effective January 1, 2009. the City of La Porte will begin paying 14.71 % for TMRS contributions. However, <br />this rate exceeds the maximum contribution rate a city can pay under state law. Consequently, TMRS <br />suggested that we adopt an ordinance that would allow us to impose our own "limit" on the contribution rate by <br />using our own discretion in determining which potential plan improvements to adopt, or not adopt based on the <br />calculated contribution rate. Furthermore, if we do not take this action by December 31, 2008; our annual cost <br />of living allowances and updated service credits will be terminated. <br /> <br />Present this evening we have Mr. Antony Mills with TMRS to explain this action and answer any questions <br />you may have. <br /> <br />Action Reauired bv Council: <br /> <br /> <br />pp ve Ordinance authorizing the City to impose its own limit on the TMRS contribution rate. <br /> <br />:J~ ~'i <br />