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MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Gene Anderson, Personnel Director <br />Larry W. Schenk, City Atto/~ <br />Financial Impact of Senate Bill 522 - Texas Municipal Retirement System (TMRS) <br /> <br />DATE: November 2, 2001 <br /> <br /> Gene - I have been attempting to identify every statute adopted by the Legislature which <br />requires the City to take certain action, and failing to do so, may have some impact on the City. <br /> <br /> One of those statutes is SB522, a copy of which is included with the TML summary attached <br />to this memo. As you will note, the primary impact of this statute is to provide a five (5) year vesting <br />for TMRS members effective January 1, 2002, unless the City opts out of that vesting. <br /> <br /> For us to be able to make a meaningful presentation to the Council, and for them to make an <br />intelligent decision regarding whether they want to opt out or not, we will need some sort of financial <br />impact analysis. Could you help me in analyzing the financial impact, if any, to the City of Paris of <br />this new statute. Then Council will have to decide whether theyprefer to allow the statute to go into <br />effect automatically or opt out. <br /> <br />If you have any additional questions regarding this matter, please do not hesitate to contact <br /> <br />me. <br /> <br />/lw <br />Attachments <br /> <br />cc: Michael E. Malone, City Manager <br /> <br /> <br />