Subject: 20074/TNConsRetireSystem/5%Increase
Date: Thu, 9 Dec 1993 10:41:39 -0500


                               RESOLUTION NO. 20074
                  
                  
                   A RESOLUTION AUTHORIZING CERTAIN ACTIVE AND
                   RETIRED MEMBERS OF THE TENNESSEE
                   CONSOLIDATED RETIREMENT SYSTEM AND THE
                   SUPERSEDED STATE RETIREMENT SYSTEM TO
                   RECEIVE THE FIVE PERCENT (5%) BASE
                   RETIREMENT BENEFIT INCREASE ADOPTED BY THE
                   BOARD OF TRUSTEES OF THE TENNESSEE
                   CONSOLIDATED RETIREMENT SYSTEM PURSUANT TO
                   TENNESSEE CODE ANNOTATED, SECTION 8-36-124.
                  
                  
                                                    
                  
                  
       	    	 WHEREAS, Tennessee Code Annotated, Section 8-36-124
       authorized the Board of Trustees of the Tennessee Consolidated
       Retirement System to increase the base retirement benefit of
       certain active and retired state employees and teachers; and
       	    	 WHEREAS, the Board of Trustees of the Retirement System
       adopted a five percent (5%) base retirement benefit increase to 
be
       effective for said state employees and teachers on January 1,
       1994; and
       	    	 WHEREAS, the governing body of any employer
       participating in the Tennessee Consolidated Retirement System
       pursuant to Tennessee Code Annotated, Title 8, Chapter 35, Part 2 

       may pass a resolution authorizing the five percent (5%) base
       retirement benefit increase for its active and retired employees
       who are receiving or will receive a retirement benefit as a 
member
       in any of the following groups and systems:  Group 1 of the
       Tennessee Consolidated Retirement System, Group 2 of the 
Tennessee
0C
      
       Consolidated Retirement System, or the Superseded State 
Retirement
       System; and
       	    	 WHEREAS, the total liability for authorizing such
       increase for eligible retired and active employees of the City of 

       Chattanooga is $1,191,160.00;
       	    	 NOW, THEREFORE, BE IT RESOLVED, That having reviewed the
       liability associated with granting such an increase, the City
       Council of the City of Chattanooga, Tennessee, hereby authorizes
       its active and retired employees who are members in the groups 
and
       systems referenced above to receive the five percent (5%) base
       retirement benefit increase authorized by the Board of Trustees 
of
       the Tennessee Consolidated Retirement System effective the first
       business day of the month following the Retirement System's
       receipt of the resolution, and hereby accepts the liability
       therefor.
      
       ADOPTED:	 December 21, 1993
      
       MAM:cjc
0C
      
       STATE OF TENNESSEE  )
       	    	      	   )
       COUNTY OF HAMILTON  )
      
      
       	    I, CAROL K. O'NEAL, Clerk of the City Council of the City of 

       Chattanooga, Tennessee, do hereby certify that this is a true and 

       exact copy of the foregoing resolution that was approved and
       adopted at a meeting held on the _____ day of December, 1993, the 

       original of which is on file in this office.  I further certify
       that ______ members voted in favor of the resolution and that
       ______ members were present and voting.
      
       	    IN WITNESS THEREOF, I have hereunto set my hand, and the 
seal
       of the City of Chattanooga, Tennessee.
      
      
      
       	    	      	   	     ____________________________________
       {SEAL}	      	   	     	       CAROL K. O'NEAL
       	    	      	   	     	  Clerk to the City Council