STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: August 14, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
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SUBJECT
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An ordinance amending Chapter 8, "Boards and Commissions," of the Dallas City Code by amending Section 8-1.5; (1) moving the limitation of terms of the employee's retirement fund board to Chapter 40A; amending Chapter 40A, "Retirement," of the Dallas City Code, by amending Sections 40A-1, 40A-3, 40A-4, 40A-6, 40A-7, 40A-7.1, 40A-9, and 40A-35; (2) adding, revising, and deleting various definitions; (3) providing amended terms and term limits of the board; (4) modifying the retirement fund board's powers and duties; (5) specifying the date the board shall adopt the actuarially determined contribution rate, the current total adjusted total obligation rate, the current total obligation rate, and the pension obligation bond credit rate for each fiscal year; (6) providing amended contribution amounts for the city and employees; (7) providing a contribution maximum for Tier A and Tier B employees; (8) providing that the city may contribute additional monies to the retirement fund in its sole discretion; (9) amending the modifications of contribution rates; (10) providing guardrails with respect to the calculation of the actuarially determined contribution and incorporating the guardrails into actuarial assumptions; (11) amending the procedure to amend Chapter 40A; (12) providing a saving clause; (13) providing a severability clause; and (14) providing an effective date - Financing: This action has no cost consideration to the City (see Fiscal Information)
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BACKGROUND
The Employees' Retirement Fund (ERF) provides retirement, death, and disability benefits for permanent civilian (non-uniform) employees of the City of Dallas. Currently there are approximately 8,000 retirees and beneficiaries...
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