HomeMy WebLinkAbout028096 ORD - 03/24/2009RESOLUTION
SUPPORTING LEGISLATIVE EFFORTS OF THE TEXAS MUNICIPAL
RETIREMENT SYSTEM (TMRS) TO MAKE THE TMRS SYSTEM MORE
FINANCIALLY STABLE
WHEREAS, the City seeks improvements in the benefits it offers to our employees,
including retirement plans, in order to assure a sound and competitive public workforce;
WHEREAS, during the past year, TMRS, which serves the City, conducted a
comprehensive review of its policies, programs, and the corresponding economic
impact on the ability of cities to afford a viable retirement pension plan;
WHEREAS, TMRS has sought the introduction and passage of bills during the 81St
Texas Legislature (2009) that will improve and preserve the strength of the TMRS
pension program by:
(i) Guaranteeing interest credits to employee accounts and the annuity purchase
rate for retirement calculations at not less than 5%;
(ii) Allowing TMRS to credit unrealized income;
(iii) Allowing city accounts to receive annual interest at a rate different from the
members rate;
WHEREAS, the City has reviewed TMRS' proposal and finds that it protects both
retirees and current municipal employees, and better assures that cities are able to
afford contributions to the TMRS plan; and
WHEREAS, the TMRS proposal will allow continued diversification of the TMRS fund
and improve investment returns;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City of Corpus Christi supports legislation proposed by the TMRS
governing body that will modify the statutes regulating TMRS to:
(a) Guarantee an annual interest credit of at least five percent to member
accounts and set the annuity purchase rate for retirees at a minimum of five
percent.
(b) Allow the crediting of unrealized income to certain accounts.
(c) Allow city accounts to receive annual interest at a rate different from the
member rate, including negative interest.
SECTION 2. The City Manager, or designee, shall convey these positions to members
of the Texas Legislature, Texas Municipal League, and TMRS.
TMRS Resolution 03132009
028096
INDEXED
ATTEST:
THE CITY OF CORPUS CHRISTI
Armando Chapa He ry Garre
City Secretary Mayor
APPROVED: 16th day of March, 2009.
R. J R ning
First A istant City orney
For City Attorney
TMRS Resolution 03132009
2
Corpus C,�hhrrjsti, Texas % 0
(� of I JG{h(i�'l , 2009
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummel)
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez
Michael McCutchon
TMRS Resolution 03132009
t
1,2tetk,
Absold-
No
028096
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