Title
Approving an ordinance on second reading with the caption reading: AN ORDINANCE ELECTING FOR THE CITY TO MAKE CURRENT SERVICE AND PRIOR SERVICE CONTRIBUTIONS TO THE CITY'S ACCOUNT IN THE BENEFIT ACCUMULATION FUND OF THE TEXAS MUNICIPAL RETIREMENT SYSTEM (TMRS) AT THE ACTUARIALLY DETERMINED RATE OF TOTAL EMPLOYEE COMPENSATION.
Summary
TMRS provides this ordinance to cities to allow TMRS to continue computing actuarial calculations reflecting the retirement options that have been selected by the City of Pflugerville. The amount that is paid by the City on behalf of its employees is based upon these calculations.
This ordinance was approved on first reading on October 27, 2015.
Deadline for City Council Action
Any ordinance passed regarding the City's participation in TMRS has an effective date of January 1 of the next year. This ordinance would become effective on January 1, 2016.
Projected Future City Council Action
The ordinance is expected to be considered on second reading at the November 10, 2015 regular City Council meeting.
Fiscal Impact
The amount paid to TMRS annually is included in the consideration of the fiscal year budget.
Staff Recommendation
Approve the ordinance on second and final reading.
Drafter
Brandon Wade
City Manager