Res 1982-055 - Laserfiche WebLink

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FOR.~ FP 102 46 FIREMEN'S RELIEF AND RETIREMENT FUND S. B. 411 CONTRACT WITH THE CITY OF 0an Marcos , TEXAS November 9 , 1982 To The Honorable Mayor, Secretary, and Firemen's Relief and Retirement Fund Board of Trustees S. B. 411, San ,.[areos , Texas To the Firemen's Pension Commissioner 503-F Sam Houston Bldq. Austin, Texas 78701 . GENTLEi,lEN: Complying with the provisions of the Firemen's Relief and Retire- ment Fund S. B. 411, Acts of the 65th Legislature, Re~1Ular Session, 1977, we wish to advise that: 1. The City of San lvlareos , Texas held a meeting on Novembe:r; 8, 19~, and have decided to participate under the provisions of the above Act beginning on da te of entry) 2. Contributions by the governing body are to be made payable to ] OC'tobE'r ' 1982. (Effective the "Firemen's Relief and Retirement Fund S. B. 411", and mailed to the office of the Firemen's Pension Commissioner. The contributions are to be paid in advance, at least semi- annually, as required by the provisions of S. B. 411. a. Contributions of at least ~12. 00 per month will be made in behalf of each participating firefiqhter, to be paid in advance and at least semiannualiy. b. A ten (10) year payout has been chosen to fund the buy back (with accrued time) and/or the accrued time (without buy back) according to the provisions in Section 11 of the Act under S. B. 411. An interest 6 % has been assumed in the payout method rate of to be actuarially sound. c. An amount of $~70~_9_~____---yi11 be paid into the "Firemen's Relief and Retirement Fund S. B. 41111 per year for the duration of the above payout period chosen. The payments are to be made at least semiannually.