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SPECIAL MEETING HELD ON APRIL 15. 1958 49& 0::1 On this, the 15th day of April, 1958, at 2:00 o'clock P.M., the Governing Body of the City of San Marcos, Texas, met in a special session at the City Hall of San Marcos, Texas, with the following members being present and participating: I Mayor C. M. Allen Alderman S. R. Beecroft Alderman W. M. Davis Alderman B. D. Hillburn Alderman Herman Korff Alderman H. W. Steakley Also present were: B. h. Fuller, City Manager carlyn Tatch, City Secretary Judy Brackett, Tax Assessor-Collector Mr. Dean Gorham Mr. Ross Terry Mr. Jack McCreary A quorum being present the meeting was called to order by the Mayor and the following transpired: Mayor Allen opened the meeting by stating the purpose of this meet- ing, set by the Council on April lOth, was to talk with Mr. Dean Gorham of the Texas Municipal Retirement Commission and Mr. Ross Terry, Delinquent Tax Attorney, Austin, Texas. I The City Manager introduced Mr. Dean Gorham, Texas Municipal Retirement Commission. Mr. Gorham stated that he was indeed happy to have the opportunity to meet with the Council and answer any questions concerning the possibility of the Citys' participation in this retirement system. Mr. Gorhma stated that the Texas Municipal Retirement Commission has been in operation for ten (10) years and presented the Council with a booklet entitled "10th Annual Report" contain- ing Statement of Financial Position. He stated that the Texas Municipal Retire- ment System was established to provide a sound, efficie~t, and effective retire- ment program for all municipalities of the State of Texas and was created by state law in the form of the Texas Municipal Retirement Act. The basic elements of the retirement system as outlined by Mr. Gorham are~ I 1. Retirement coverage is basically departmental, covering all or none, with some cities having all departments covered, others just a few; 2. Once a city and any, or all, of its departments have joined TMRS, they cannot discontinue the membership of any person already covered, however, the city may at any time terminate employee membership of any new em- ployees; 3. All employees of a participating department automatically become members of the System with the following exceptions: a. Elected Officials. b. Temporary employees. c. Part-time employees (less than 1,000 hours per year) 4. Deposit rates may be determined by the amount employees wish to contribute either at the rate of 3% or 5% and can be based on maximum annual earnings of either $3,600.00, $4,200.00, $4,800.00 or $6,000.00. 5. Any changes in maximum earnings or change in deposit rate must take effect on the first day of a calendar year and an ordinance, effecting this change, must be passed at least ninety (90) days prior to such effective date. Mr. Gorham outlined the many advantages, for the employees, resulting from the participation in such a retirement system, also should any employee terminate employment before retirement all earnings, plus 2~% interest on their deposits, may be withdrawn. Each member city contributes monies each month to the Texas Municipal Retirement System for the purpose of setting up adequate retirement reserves for both the current service and prior service of its member employees. If current service deposit rate is 3% of earnings, the Citys'