HomeMy WebLinkAboutResolution - 032775D - Endorse Senate Bill 432 & House Bill 1185, Regarding TMRS - 03_27_1975FOS : dw
RESOLUTION
WHEREAS, the City of Lubbock and its employees constitute the
third largest membership among the two hundred and eighty eight (288)
participating cities in the Texas Municipal Retirement System, and,
WHEREAS, the Lubbock City Council recognizes that the heretofore
practice of limiting the maximum amount of salary on which contributions
into the member's accumulated service credit fund by the employee, and
that set aside by the City to match this contribution, has had the effect of
discriminating against the longer -service employees now coming to retire-
ment age, and that this condition has been further aggravated by the effects
of spiraling inflation in recent years, and,
WHEREAS, the "money -purchase" benefit formula used by TMRS
provides each participating city of the System the vehicle to pay for
retirement benefits according to what each city conceives its financial
ability to be, and,
WHEREAS, Senate Bill 432 and House Bill 1195, proposed before the
Sixty-fouTh Texas Legislature, will provide options to the participating
members to remedy these conditions; and further, that no member city will
be permitted under this Act to adopt the increased benefits unless actuarial
studies reveal that the particular city has the ability to anibrtize the cost of
all retirement benefits it undertakes under this Act within a period of twenty
five years, and,
WHEREAS, Senate Bill 432 and House Bill 1195 propose certain other
provisions believed by the Lubbock City Council to be beneficial options to
participating members,
BE IT RESOLVED BY THE CITY COUNCIL OF THE -CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock endorses Senate Bill
432 and House Bill 1195 and urges the passage of this Act by the Sixty-fourth
Texas Legislature.
Passed this __27th day of March, 1975, by vote of the Lubbock City Council,
5 voting `YEA, and 0 vot
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ATTEST: ROY BASS, MAYOR
Treva-Phillips, City Secretary -Treasurer Rva ed as to fi.m:
Fred 0. Senter, Jr., city A orne,,