STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: August 14, 2024
COUNCIL DISTRICT(S): NA
DEPARTMENT: City Secretary’s Office
EXECUTIVE: Bilierae Johnson
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SUBJECT
Title
An ordinance ordering a special election to be held in the city of Dallas on November 5, 2024, on the question of amending Chapter 40A of the Dallas City Code, known as the employees' retirement fund of the city of Dallas - Financing: No cost consideration to the City (See Fiscal Information)
Body
BACKGROUND
The City of Dallas Employees' Retirement Fund (ERF) was established by ordinance in November 1943 and became effective in January 1944 after ratification by the voters of the City of Dallas. Chapter 40A of the Dallas City Code establishes benefits and contribution requirements, and the requirements for changing them. ERF is a single-employer defined benefit pension plan sponsored by the City of Dallas (the "City"), and it provides retirement, disability, and death benefits to its members.
All employees of the City are members, except police officers, fire fighters, part-time employees working less than one-half time, temporary employees, individuals working under contract, and individuals whose salaries are paid in part by another government agency. Elected officials and non-salaried appointee members of city boards or commissions are not members. Members are entitled to retirement benefits at the date of eligibility for retirement or to survivor benefits after two years of service.
The ERF's actuarial firm conducts an annual actuarial valuation.
Chapter 40A of the Dallas City Code requires all interested parties to approve any changes: Dallas ERF Board, Dallas City Council, and the voters of the City of Dallas. Except as provided in Section 40A-35(b), the current ordinance may not be amended except by a proposal initiated by either the board or the city council that results in an ordinance approved by the board, adopted by the city council, and approved by a majority of the voters voting at a special election.
This action orders a special election on retirement fund amendments in accordance with the provisions of Section 3.005 of the Texas Election Code. Section 3.005 of the Texas Election Code requires that an election must be ordered not later than the 62nd day before election day.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
This item has no prior action.
FISCAL INFORMATION
No cost consideration to the City. A future agenda item will outline costs to the City.