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<br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: October 26. 1992 <br />Requested By: Louis Ri~by ~~ Department: <br /> <br />Human Resources <br /> <br />x <br /> <br />Report <br /> <br />Resolution <br /> <br />Ordinance <br /> <br />Exhibits: <br /> <br />TMRS Summary <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />WORKSHOP ITEM <br /> <br />The Texas Municipal Retirement Act has certain provisions which allow a municipality to <br />increase retirement benefits to current retirees and to update future benefits for current <br />employees. <br /> <br />Updated Service Credits and Annuity Increases - Updated service credits allow retirement <br />benefits to be calculated over the previous three years of employment allowing the projected <br />annuity payment to be higher. Current retirees benefit in that their annuity payments are <br />increased up to 70% of the change in Consumer Price Index, less any previously granted <br />increases. <br /> <br />Buy Back Provision - This provision allows employees with forfeited service from another City <br />to buy that service back, plus interest. <br /> <br />Action Required by Council: <br /> <br />Workshop Item - Discuss options listed above to decide which, if any, should be included in a <br />future Council meeting for approval. <br /> <br />Availability of Funds: <br /> <br />General Fund <br />_ Capital Improvement <br />Other <br /> <br />WaterlWastewater <br />_ General Revenue Sharing <br /> <br />Account Number: <br /> <br />Funds Available: <br /> <br />Yes <br /> <br />No <br /> <br />Approved for City Council Aeenda <br /> <br />G?~ l. ~ <br />Robert T. Herrera <br />City Manager <br /> <br />\O-c.I-"<- <br />Date <br />