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<br />[glAction <br /> <br />CITY OF PARIS, TEXAS <br />CITY COUNCIL AGENDA REQUEST <br />MEETING DATE: 112~10-2007 <br /> <br />D Discussion Dlnformation DRefer to: <br /> <br />SUBMITTED BY: <br /> <br />I Gene Anderson, Finance Director <br /> <br />DESCRIPTION: <br /> <br />This ordinance provides for updated service credits for current employees who <br />have at least three years of service under TMRS. <br /> <br />BACKGROUND INFORMATION: <br /> <br />This ordinance would, in the calculation of a retirement benefit, cause the most <br />recent three year salary history to be used as one of the factors in the calculation <br />of that benefit amount. This is in effect an inflation adjustment for active <br />employees. The cost of this benefit would be .04% or $5,041. <br /> <br />FISCAL AUTHORITY: <br />BUDGETED: Yes <br /> <br />Account #: 0103 in various departments <br /> <br />LEGAL REVIEW: <br /> <br />I <br /> <br />MANAGER'S RECOMMENDATION: <br /> <br />- . T T-'''---' <br />