1981-08-05 Regular Meeting - Laserfiche WebLink

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.. , ..hty .. :. ,n.~~.~e`4vN1:,++N•:-.~^~L`,<':SF.~.:s::~.Y:.i+: ~;~i.Eav+R!Iq`~1,' - - .... , n'.~+r :~'~,.j,r.v ._.,+ _ . .>%~p1, r.. ~cxa.x_..... ,. ,.•:r~.r.-w~ •a. ~;:. • ~' .. Via. ~.. ..~}..c^ y^`.~ta Stt~c,+,. +'-y~ .~'n.a u' ;lzix".' ~L ~s'atfr,!q"t. '',•`34~frK$r«':^#~ ~ r, .- ::s~Ea- . , i.~ , r , ....:.s; ~ _ .. i ~. c c. tc''~.i y OFFICE OF ~tretiten's ~ittsiutt L.uittmissiitrter HAL HOOD Awt• Coat 312 CoNr~ssioNtw S03-F SAM HOVSTON STATE OFFICE BUILDING TcLC/NONt •73.5979 AUSTIN. TEXAS 78701 • February 3, 1981 Betty T. Waters, Secretary Firemen's Pension Board P. 0. Box 1115 La Porte, Texas 77571 Dear Nirs . Waters First I would like to say haw much I enjoyed visiting with you and the rest of the people last week. We are looking forward to working with you on the merger into the new system. We have enclosed contracts and 502 forms for the firemen. We will also need the names„ mailing addresses, and social security numbers of the people that are on retirement now under the current plan, as we will eventually be mailing their checks to them. One thing which I did not mention the other day is that the firemen who are naw inactive and have their 20 Year Service Certificate, such as Mr. Oliphant, do have another possible alternative. They have the option • to retire under the old plan. In other words, they can draw their $50.00 per month whenever they reach age 55. If they wish to do this and it is perzni.tted by your city, then we would need to revise the costs for buy back and accrued time. The buy back and accrued time costs would be reduced considerably if these 4 or 5 firemen all wish to do this. What would happen is that your city would not need to pay such a large amount on that lump sum which we discussed. They would be billed a dollar for dollar amount for these firemen as they retire. Right naa we are looking at $10,200.00 per year for the 17 retirees. This would be increased down the road as these firemen retire, but you would save money on the lump sum payment which is currently near $25,000.00. If you wish to go with this other method for these particular firemen, please let us know. n U Sinter y, it t ,+ Auditor wes