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<br />[8JAction <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 />I Gene Anderson, Finance Director <br /> <br />DESCRIPTION: <br /> <br />This ordinance provides for an annuity increase for retired employees or the <br />beneficiaries of deceased retirees. <br /> <br />BACKGROUND INFORMATION: <br /> <br />The effect of this ordinance is to adjust retirement checks so that they will be equal <br />to their original amount plus an amount that is equal to 70% of the CPI since the <br />retirement date. The cost of this benefit would be .13% (.0013) of payroll or <br />approximately $16,385. <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 RECOMMENDA liON: <br /> <br />.- T T"'T --, <br />