Laserfiche WebLink
,, • <br />MEMORANDUM <br />TO: Jack Owen, City Manager ~ DATE: 2/2/84 <br />FROM: Bob Herrera, <br />Dir. of Adm. Services <br />SUBJECT: Texas Municipal Retirement System's Buy-Back Provision <br />This provision was last adopted by the City of La Porte on <br />November 5, 1980. This provision allows employees with previously <br />forfeited TMRS service to regain credit for that service, by <br />redepositing the amount previously withdrawn plus a 5~ per year <br />withdrawal fee. If the City adopts the Buy-Back Provision, they <br />would become obligated for matching the employee contribution at <br />retirement. Forfeited service that is purchased under this provision <br />is once again included in the creditable service needed by an employee <br />to qualify for a retirement benefit. <br />Under the City's present retirement plan, the 1984 contribution rate <br />is 4.94~;if the Buy-Back provision is adopted, the City's 1984 <br />contribution rate will increase to 5.23 <br />... ~O ~J <br />Bob Herrera, <br />Dir. of Adm. Services <br />RTH/md <br />._. <br />L` ~. <br />