HomeMy WebLinkAboutPR 15663: 2010 FUNDING FOR EMPLOYEE RETIREMENT CONTRIBUTIONS (TMRS)Memorandum
Ciry of Port Arth ur, Texas
Finance Department
To: Steve Fitzgibbons, City Manager
From: Rebecca Underhill, Assistant City Manager / A •on
Date: December 8, 2009
Subject: eProposed Resolution 15663
Again, for the second year, the City has budgeted 17% as our 2010 contribution rate for retirement.
This rate is more-than the minimum, phase in rate of 14.7% and less than-the full rate of 18.47% as
determined by TMRS.
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P. R. NO. 15663
ru 12/08/09
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR'S 2010 FUNDING FOR EMPLOYEE
RETIREMENT CONTRIBUTIONS AT SEVENTEEN
PERCENT (17%) OF COVERED PAYROLL TO THE
TEXAS MUNICIPAL RETIREMENT SYSTEM AND
THE PORT ARTHUR FIREMEN'S RELIEF AND
RETIREMENT FUND
WHEREAS, the City of Port Arthur is a member city of the Texas Municipal Retirement System
(TMRS); and ,
WHEREAS, the TMRS provides retirement benefits to all covered, permanent employees, with the
exception of firefighters; and
WHEREAS, employees contribute five percent (5%) of their payroll to the retirement system, and
the City contributes at a level to provide a 2:1 match of the employee contribution, as well as a defined
benefit upon retirement; and
WHEREAS, the City contributes the equivalent amount to the Firemen's Relief and Retirement
Fund; and
WHEREAS, due to recent actuarial changes that have been made at TMRS, the City's contribution
rate has increased sharply; and
WHEREAS, the TMRS is allowing member cities to `phase in' the increases over time; and,.
WHEREAS, the City of Port Arthur's `full rate' for 2010 has been determined to be 18.47% and the
`phase in' rate has been determined to be 14.7% for 2010; and
WHEREAS, the 2009-2010 budget ordinance provided retirement funding at 17% for the 2010
year;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PORT ARTHUR:
THAT, the City Council authorizes the Finance Department to fund TMRS and Port Arthur
Firemen's Relief and Retirement contributions at 17%.
THAT, a copy of the caption of this Resolution be spread upon the Minutes of the City Council of
the City of Port Arthur.
READ, ADOPTED, AND APPROVED, this day of December, 2009, AD, at a Regular
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor:
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Councilmembers:
NOES:
Mayor
ATTEST:
Terri Hanks, City Secretary
APPROVED AS TO FORM:
Valecia Tizeno, Acting Cit Attorney
APPROVED FOR ADMINISTRATION:
Steve Fitzgibbons, City Manager
Rebecca Underhill, Assistant City Manager /Administration
APPROVED FOR AVAILIBILITY OF FUNDS:
1
eborah Echo s, Director of Finance
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