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<br />e <br /> <br />e <br /> <br />CITY OF LA PORTE <br />INTER-OFFICE MEMORANDUM <br /> <br />TO: <br />FROM: <br /> <br />Bob Herrera, City Manager <br /> <br />~ 7 <br />DATE: <br />RE: <br /> <br />Doug de la Morena, Human Resources Managerllv <br />October 30, 1987 <br />TMRS Rate(s) Analysis for FY 87-88 <br /> <br />The City budgets its contributions to the Texas Municipal <br />Retirement System on the basis of rates provided it by the TMRS <br />multiplied by its full-time salary figures for the year. A <br />combination ~f the City's budgeting schedule,the TMRS rate <br />reporting schedule and changes in the TMRS Act prevented an <br />accurate rate from being used in this year's calculation. We now <br />possess all the necessary information to properly outline the rates <br />and costs of several TMRS options available to us in calendar year <br />1988. <br /> <br />The TMRS City contribution rate in 1987 has been 7.05%. This has <br />included the Basic Plan, the Updated Service Credit and the Retiree <br />Annuity Increase - both of which were approved by Ordinance last <br />year. The City has traditionally approved these three options and <br />its employees' TMRS portfolios have benefited accordingly. For the <br />corning calendar year 1988, the City has several options from which <br />to choose. <br /> <br />City Options and Contribution Rates for Calendar 1988: <br /> <br />1. Basic Plan (no other plan options) <br /> <br />7.48% <br /> <br />2. Basic Plan + Updated Service Credit + <br />Retiree Annuity Increases <br /> <br />7.50% <br /> <br />3. Basic Plan + Updated Service Credit + <br />Retiree Annuity Increases + Provisions <br />of the new S.B. 505 <br /> <br />7.78% <br /> <br />4. Basic Plan + Updated Service Credit + <br />Retiree Annuity Increases + Provisions <br />of the new S.B. 505 + Previous Municipal <br />Service Buyback Ordinance <br /> <br />8.07% <br />