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a) it holds an election on thc issue on May 15, 2004; <br />b) a majority of the voters voting at the election favor exempting the city and the <br /> retirement system from Article XVI, Section 66; and <br />c) the exemption is the only issue relating to the funding and benefits of the <br /> retirement system that is presented to the voters at the election. <br /> <br />The May 1fi, 2004, election date is the only opportunity an affected city will ever <br />have to opt out. If an election is not held, the restrictions in the amendment are <br /> <br />permanent. <br /> <br />Finally, city officials should be aware that Article XVI, Section 66, is already effective. <br />If a city's retirement plan falls under the amendment's provisions, certain protected <br />benefits may not be reduced unless a May election is held to exempt the retirement plan. <br /> <br />If you have questions about this amendment, please contact the TML Legal Department <br />at (512) 231-7400. <br /> <br />2 <br /> <br /> <br />