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<br />REtEST FOR CITY COUNCIL AGEND8EM <br /> <br />Agenda Date Requested: November 10. 1997 <br /> <br />Requested By: <br /> <br />Louis Riabv <br /> <br />Department: Administrative Services <br /> <br />Report <br /> <br />Resolution <br /> <br />x <br /> <br />Ordinance <br /> <br />Exhibits: <br /> <br />Updated Service Credits Ordinance <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The Texas Municipal Retirement System allows cities to adopt an ordinance allowing <br />updated service credits and increased annuities to current retirees. Council has asked that <br />we review this provision on an annual basis. <br /> <br />Updated Service Credits allow a current employee's estimated retirement to be calculated <br />from the last three years' wages. Current retirees may have their monthly annuity <br />increased up to 70% of the CPI-U. Cost to the City for both is $77,466, amortized over 25 <br />years. <br /> <br />Action Required by Council: <br /> <br />Adopt ordinance authorizing updated service credits and increased annuities to current <br />retirees. <br /> <br />Availability of Funds: <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 />ADDroved for City Council Aaenda <br /> <br />~T~ <br />Robert 1. Herrera <br />City Manager <br /> <br />u. ~. q,.., <br />Date <br />