1981-08-05 Regular Meeting - Laserfiche WebLink

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• • FIREMEN'S RELIEF AND RETIREMENT FUND SB 411 CONTRACT WITH THE CITY OF LA PORTE, TEXAS July 22, 1981 To the Honorable Mayor, Secretary, and Firemen's Relief and Retirement Fund Board of Trustees SB 411, La Porte, Texas To the Firemen's Pension Commissioner 503-F Sam Houston Bldg. Austin, Texas 78701 GENTLEMEN Complying with the provisions of the Firemen's Relief and Retirement Fund SB 411, Acts of the 65th Legislature, Regular Session, 1977, we wish to advise that: 1. The City of La Porte, Texas, held a meeting on August 5, 1981, and have decided to participate under the provisions of the above Act beginning on July 1, 1981. (Effective date of entry.) 2. Contributions by the governing body are to be made payable to the "Firemen's Relief and Retire- ment Fund SB 411", and mailed to the office of the Firemen's Pension Commissioner. The contributions are to be paid in advance, at least semiannually, as required by the provisions of SB 411. a. Contributions of at least $12.00 per month will be made in behalf of each participating firefighter, to be paid in advance and at . least semiannually. b. A sump sum payout has been chosen to fund the buy back (with accrued time) and/or the accrued time (without buy back) according to the pro- visions in Section 11 of the Act under SB 411. An interest rate of 6$ has been assumed in the payout method to be actuarially sound. • c. An amount of $(N/A) will be paid into the "Fire- men's Relief and Retirement Fund SB 411" per year for the duration of the above payout period chosen. The payments are to be made at least semiannually. ~/ _.