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<br /> <br />RS <br /> <br />August 18, 2008 <br /> <br />VIAE-MAIL <br /> <br />Mr. Michael Dolby <br />Assistant Finance Director <br />City of La Porte <br />604 West Fairmont Parkway <br />La Porte, TX 77572 <br /> <br />Dear Michael: <br /> <br />We are pleased to enclose a model ordinance for city to: <br />Remove the statutory maximum contribution rate limit <br /> <br />By adopting this ordinance, your city is agreeing to fully fund the costs of the pension benefits <br />included in the City's plan. <br /> <br />This ordinance will allow your city to impose its own "limit" on the contribution rate by using its <br />discretion in determining which potential plan improvements to adopt, or not adopt, based on <br />the calculated contribution rate. The TMRS actuary will calculate the cost of future adoptions <br />and valuation studies each year and forward this rate to your City. <br /> <br />With the removal of the statutory rate limit your city's full contribution rate for 2009 will be <br />19.42% and the phase in rate will be 14.71%. <br /> <br />We would appreciate receiving a copy of this ordinance as soon as possible after adoption. <br /> <br />If you have any questions or need additional assistance, please do not hesitate to contact me at <br />1-800-924-8677. <br /> <br />~ely, <br />C~~ <br /> <br />Eric W. Davis <br />Deputy Executive Director <br /> <br />Enclosure <br /> <br />TMRS <br />P.o. Box 149153 <br />AUSTIN, TExAs 78714-9153 <br /> <br />www.TMRS.COM <br /> <br />512.476.7577 <br />Tau-FREE 800.924.8677 <br />FAX 512.476.5576 <br />