|
|
TMRS considered by Grey Forest council |
|
|
|
|
Thursday, 30 October 2008 |
|
Also discussed at the October meeting: Ordinance No. 172 electing for the city to make current service and prior service contributions to the city’s account in the municipal accumulation fund of the Texas Municipal Retirement Fund (TMRF). “We had a workshop by TMRS prior to our meeting,” Darst said. “ We don’t have to make our decision until December because it’s effective next year. I gave (the) council the opportunity to think about it and study it. “To pay it totally it’s going to be about a 50 percent increase,” Darst said. “It’ll go from 12.11 percent to a fixed rate of 18 percent. That’s a pretty sizeable hit. … My feeling is everyone wants to keep the same benefits pretty much and try to figure out how to fund it and make it work.” |
