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.~002 <br /> <br />1:58PM TMRS MO. ~85 P.2/21 <br /> <br />M~W. E. Anderson <br />Directorof Finance <br />CityofPafis <br />P.O. Box 9037 <br />Paris, TX 75461-9037 <br /> <br />Dear Gene: <br /> <br />As per your n~quast, we are pleased to enclose ~ <br /> 6% Employee Deposit Rate <br /> ~00% Updated Sen/ice Credits, including Transfers <br /> 70% of CPI increase to annuitants <br /> <br />By statute, when a city changes its employee deposit rate and/or its city matching ratio and the <br />city currently offers Updated Service Credits/Annuity Increases on an annually repeating basis, <br />the city must re-adopt these annually repeating provisions. This re-adoption is necessary <br />because there are new USC costs associated with the new provisions. Therefore, the enclosed <br />ordinance includes the city's re-adoption of these benefits. <br /> <br />By adopting this ordinance, the city will not need to adopt an ordinance each year to re- <br />authorize calculations of these benefits. The Updated Service Credit/Annuity Increase will <br />remain in effect for future years until it is discontinued by an ordinance adopted by the City <br />Council. <br /> <br />With the adoption of these additional benefits your city's contribution rate for 2003 will be <br />11.10%. <br /> <br />We will appreciate receiving a copy of this ordinance as it is finally adopted. <br /> <br />Please feel free to contact me if you need assistance or additional information. <br /> <br /> Debra Lyon <br /> General Operations Manager <br /> <br />Enclosure <br /> <br /> <br />