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<br /> REQUEI FOR CITY COUNCIL AGENOAEM <br />Agenda Date Requested: Decem _ 1996 <br /> )\ <br />Requested By: Louis Rimv Department: Administration <br /> Report Resolution X Ordinance <br />Exhibits: Ordinance <br /> Memorandum <br />"'" .. ." ,--,-,,,,,,,-,,"',. .. ,. .._,.., ".""., "'..--...-., .,."" ".,,_.'., ...,--.-.-.."'''. ,.. ,..., ""." ,. . <br /> SUMMARY AND RECOMMENDATION <br />The Texas Municipal Retirement System allows cities to adopt an ordinance allowing updated <br />service credits and increased annuities to current retirees, Council has asked that we review this <br />provision on an annual basis. <br />Updated Service Credits allow a current employee's estimated retirement to be calculated from <br />the last three years wages. Current retirees may have their monthly annuity increased up to 70% <br />of the CPI-U. Cost to the City for both is $53,000 amortized over 25 years. <br />Action Required by Council: <br />Adopt ordinance authorizing updated service credits and increased annuities to current retirees.. <br />Availability of Funds: <br /> _General Fund _VVaterIVVastevvater <br /> _Capital Improvement _General Revenue Sharing <br /> _Other <br />Account Number: Funds Available: Yes No <br />Approved for City Council Agenda <br />QJ~T. ~ \ '2..- \'2..-q~ <br />Robert T. Herrera, Date <br />City Manager <br />