Ord 67-2024 Increase City Contribution Rate to WFFRRF to 17.5% 12/17/2024 Ordinance No. 67-2024
Ordinance increasing the City's contribution rate to the Wichita Falls
Firemen's Relief and Retirement Fund (WFFRRF) from 16.5% of plan
eligible compensation in 2024 to 17.5% in 2025
WHEREAS, the City of Wichita Falls and the firefighters contribute to the WFFRRF
as a pension fund for firefighters; and,
WHEREAS, the Pension Review Board (PRB) is requesting that the WFFRRF
develop a funding soundness restoration plan (FSRP) to ensure that the fund adequately
provides for future pension benefits; and,
WHEREAS, an increase in contribution rate from 16.5% to 17.5% helps to improve
the financial soundness of the plan; and,
WHEREAS, funds for the increased contributions are available due to higher-than-
budgeted vacancies across the General Fund departments.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
There is hereby authorized to increase the City's contribution rate to the Wichita
Falls Firemen's Relief and Retirement Fund from 16.5% of plan eligible compensation in
2024 to 17.5% in 2025.
PASSED AND APPROVED this the 17th day of December 2024.
MAYOR
ATTEST:
Ear Zr
City Clerk