2008-143~ - siour documents\ordinancesV08\tmrs ordinance.doc
ORDINANCE NO. tag /T3
AN ORDINANCE ELECTING FOR THE CITY OF DENTON, TEXAS, TO. MAKE
CURRENT SERVICE AND PRIOR SERVICE CONTRIBUTIONS TO THE CITY'S
ACCOUNT IN THE MUNICIPAL ACCUMULATION FUND OF THE TEXAS MUNICIPAL
RETIREMENT SYSTEM AT THE ACTUARIALLY DETERMINED RATE OF TOTAL
EMPLOYEE COMPENSATION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton (the "City"), is a participating municipality in the Texas
Municipal Retirement System (the "System"), and has undertaken to provide certain retirement,
death and disability benefits to its employees pursuant to Subtitle G, Title 8, Government Code,
(hereinafter, the "TMRS Act"); and
WHEREAS, the City Council met on June 2, 2008, to discuss various options and
funding strategies associated with the System; and
WHEREAS, the City believes the System benefits are an integral component of the City's
overall compensation and benefits package; and
WHEREAS, the City desires to maintain System benefits for new employees, current
employees, and retirees; and
WHEREAS, according to actuarial projections, the City will be required to increase its
contribution rate into the System in order to maintain the above benefits; and
WHEREAS, the City desires to phase in the higher City contribution rate to the System
over a period not to exceed eight years; and
WHEREAS, the City Council desires to authorize funding of such benefits as herein
provided; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. Pursuant to Section 855.407(g) of the TMRS Act, the City hereby elects to
make future normal and prior service contributions to its account in the municipal accumulation
fund of the System at such combined rate of the total compensation paid by the City to
employees who are members of the System, as the System's actuary shall annually determine as
the rate necessary to fund, within the amortization period determined as applicable to the City
under the TMRS Act, the costs of all benefits which are or may become chargeable to or are to be
r ` s:lour documents\ordinances108Umrs ordinance.doc
paid out of the City's account in said accumulation fund, regardless of other provisions of the
TMRS Act limiting the combined rate of City contributions.
SECTION 2. The provisions of this Ordinance shall become effective immediately upon
its passage and approval.
PASSED AND APPROVED this the /4-117' ay of 2008.
MAR A. B RRO VSGh S, OR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
JOHN M. KNIGHT, INTERIM CITY ATTORNEY
BYi~~~~