City votes to remove retirement cap
The Ellis County Press
WAXAHACHIE – With a motion by Councilman Joe Jenkins and seconded by Councilman John Wray, the city unanimously passed a proposed ordinance removing the maximum contribution rate limit to the Texas Municipal System during Monday, Oct. 5 council meeting.
Councilman Chuck Beatty was not present.
The Texas Municipal Retirement System first started in 1948 and is administered in accordance with the Texas Municipal Retirement System Act (Texas Government Code, Title 8, Subtitle G.) serving cities all across the state with the basic framework of the act.
According to City Manager Paul Stevens, the way it has worked in the past, an employee put in seven-percent of their paycheck into the retirement system and the city matched it with just under 14-percent.
"The city now contributes 18.09 percent since a actuary study several years ago showed the retirement system to be under funded," said Stevens.
The rate the city now contributes exceeds the State mandated cap of 13.5 percent.
"This ordinance allows the city to contribute above that amount," said Stevens.
In other news, Community Relations Manager Amy Hollywood announced a ceremony will be held on Thursday, Oct. 15 for all who purchased trees through the Adopt- a -Tree program the city of Waxahachie offered this spring.
The event will be held at Freeman Memorial Plaza on Martin Luther King Blvd. at 3 p.m. All are welcome to attend and enjoy the choir and other festivities.