ORD 1459 08/19/2024t O F C/8
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Ordinance No: 1459
AN ORDINANCE OF THE CITY OF CIBOLO, TEXAS AUTHORIZING CONTRIBUTION
PAYMENTS FOR TEXAS MUNICIPAL RETIREMENT SYSTEM BENEFITS AT THE
ACTUARIALLY DETERMINED CITY CONTRIBUTION RATE.
Whereas, the City of Cibolo, Texas (the "City"), elected to participate in the Texas Municipal Retirement
System (the "System" or "TMRS") pursuant to Subtitle G of Title 8, Texas Government Code, as amended
(which subtitle is referred to as the "TMRS Act"); and
Whereas, the City Council desires to authorize continued funding of such benefits as herein provided,
and
Whereas, the TMRS Act provides a limit to the maximum rate that a City can be required to contribute
for the retirement portion of its plan based on the combination of the employee deposit rate and the
matching ratio, and
Whereas, the limit, known as the statutory maximum, is not a limit of the cost of a plan, but rather is
simply a limit on the maximum that a participating City could be required to contribute for the plan; and
Whereas, in order to continue funding of certain benefits and to ensure that all contributions are
actuarially sound, the City Council desires to authorize the increase of the statutory maximum contribution
rate;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CIBOLO, TEXAS:
SECTION 1. The City Council hereby authorizes the increase of the statutory maximum contribution rate
to 15.50% ensuring that all contributions by the City to the Texas Municipal Retirement System (TMRS)
are based on the actuarially determined rate each year.
SECTION 2. Pursuant to TMRS Act §855.407, the City elects to make normal service and prior service
contributions to the City's account in the benefit accumulation fund of the System (the "City's BAF") at
the combined rate of the total compensation paid to its employees who are System members as the
System's actuary annually determines is necessary to fund all obligations chargeable to the City's BAF,
within the amortization period determined as applicable to the City under the TMRS Act and regardless
of other TMRS Act provisions limiting the combined rate of City contributions. The provisions of this
Section 1 shall become effective January 1, 2025.
SECTION 3. This Ordinance shall be effective on the first day of the month of Tuet�, 20-15.
PASSE
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Peggy Cimics, TRMC
City Secretary
TED on this 19th day of August 2024.
Mark Allen
Mayor
APPROVED AS TO FORM:
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Hyd6 Kelley LLP
City Attorney