Laserfiche WebLink
For the employees, they will goftom 16% annual contribution to the existingpension to 7% annual <br />contribution to the new TMRS account like all other employees. This will be a significant benefit <br />to these employees. <br />All in all, there appear to be significant wins.for the employees, taxpayers, and municipal <br />operations if this works out. Andfinally, assuming the market and return on investment holds <br />.favorably, the large deposit could see the fund through final life of the program, the taxpayer's <br />expense for pension should end when the final paymentfor debt is completed (20 years), and the <br />pension itse�f will terminate upon the passing of the final beneficiary with allfuture beneficiaries <br />within the department coming under the TMRS. <br />Disclaimer — It must be stated that this all assumes afavorable market and return on investments, <br />It is not impossible that at some future point, the City might have to deposit additional funds <br />(possibly even another smaller bond) to fund the Pension. We are working off of best estimates <br />assuming future variables, all produced by an actuary. However, having frozen the fund with no <br />new employees entering in to it, the City will have hedged its risk and eventually will bring it to a <br />conclusion, <br />