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<br />Regular City Council Meeting <br />November 21,2005 <br />Page 8 <br /> <br />the costs of the annuity increases to retirees, paying updated service credits for employees <br />and paying the supplemental death benefit for retirees. These items make up the 13.09%. <br /> <br />A Motion to Approve was made by Council Member Manning and seconded by <br />Council Member Fisher. Motion carried, 6 ayes - 1 nay, with Council Member Poston <br />casting the dissenting vote. <br /> <br />E. ORDINANCE NO. 2005-062: AN ORDINANCE OF THE CITY COUNCIL OF <br />THE CITY OF PARIS, PARIS, TEXAS, ELECTING FOR THE CITY TO MAKE <br />CURRENT SERVICE AND PRIOR SERVICE CONTRIBUTIONS TO THE <br />CITY'S ACCOUNT IN THE MUNICIPAL ACCUMULATION FUND OF THE <br />TEXAS MUNICIPAL RETIREMENT SYSTEM AT THE ACTUARIALLY <br />DETERMINED RATE OF TOTAL EMPLOYEE COMPENSATION; MAKING <br />OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND <br />PROVIDING AN EFFECTIVE DATE. <br /> <br />Council Member Fisher left the meeting at 7:10 p.m. and returned to the meeting at <br />7:13 p.m. <br /> <br />A Motion to Approve was made by Council Member Manning and seconded by <br />Council Member Fisher. Motion failed, 3 ayes - 3 nays, with Council Member Poston, <br />Council Member Wilson and Council Member Wilkerson casting the dissenting votes. <br />Council Member Ray abstained from voting. <br /> <br />Eric Davis informed Council if this item fails that the item pertaining to updated <br />service credits is void. Mayor Fendley asked Council Members if they wanted to reconsider. <br />Tony Williams asked that Council reconsider because it is needed to have a sound retirement <br />system. He informed Council the City can afford to do the actuarial two to one, 6% and it <br />requires the 12.9% rate and the prior service credits takes another .16%. Mr. Davis said the <br />Legislature has provided for this remedy of removing the cap, because they realize this can <br />jeopardize funding for cities that get into these situations. Council Member Ray wanted to <br />know if removing this cap was an annual occurrence. Mr. Davis told him no, that it was a <br />one time occurrence. Council Member Ray wanted to know if we had the money to do this <br />without cutting anything else. Tony Williams answered in the affirmative. <br /> <br />Council reconsidered this item and a Motion to approve was made by Council <br />Member Fisher and seconded by Council Member Manning. Motion carried, 6 ayes - 1 nay, <br />with Council Member Poston casting the dissenting vote. <br />