04012008 Regular Meeting - Laserfiche WebLink

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4. DETAILED NOTES ON ALL FUNDS (Continued) Other Information (Continued) Commitments The City purchases electric power at wholesale rates from The Lower Colorado River Authority for its own use to resell to customers of its electric distribution system. The initial term of the purchased -power agreement ends in 2016, with successive renewal periods of 10 years. Estimated costs to complete construction in progress at year -end totals approximately $25,536,507 for governmental capital assets, $29,525,273 for Water and Wastewater, $4,098,783 for Electric, $370,503 for Airport, and $4,428,234 for Drainage. Pension Plans — Primary Government Defined Benefit Plan — Texas Municipal Retirement System (TMRS) Plan Description. The City provides pension benefits for all employees working a thousand hours or more annually through a nontraditional, joint contributory, hybrid defined benefit plan in the state -wide Texas Municipal Retirement System (TMRS), one of 821 administered by TMRS, an agent multiple - employer public employee retirement system. Benefits depend upon the sum of the employee's contributions to the plan, with interest, and the City - financed monetary credits, with interest. At the date the plan began, the City granted monetary credits for service rendered before the plan began of a theoretical amount equal to two times what would have been contributed by the employee, with interest, prior to establishment of the plan. Monetary credits for service since the plan began are a percent (100 %, 150 %, or 200 %) of the employee's accumulated contributions. In addition, the City can grant, as often as annually, another type of monetary credit referred to as an updated service credit which is a theoretical amount which, when added to the employee's accumulated contributions and the monetary credits for service since the plan began, would be the total monetary credits and employee contributions accumulated with interest if the current employee contribution rate and City matching percent had always been in existence and if the employee's salary had always been the average of his salary in the last three years that are one year before the effective date. At retirement, the benefit is calculated as if the sum of the employee's accumulated contributions with interest and the employer - financed monetary credits with interest were used to purchase an annuity. The plan provisions are adopted by the governing body of the City, within the options available in the state statutes governing TMRS and within the actuarial constraints also in the statutes. Plan provisions for the City were as follows Deposit Rate: 7% Matching Ratio (City to Employee): 2 to 1 A member is vested after (continued) 48 5 years