Seven percent (7%), to the General Fund of the City of Sulphur, Louisiana for operating expenses of the City and for any other lawful purpose.
Ten percent (10%), but not to exceed $150,000 annually, without subsequent approval of the Council of the City of Sulphur, Louisiana to the general fund of the City of Sulphur, Louisiana, for salaries and salary increases to employees of the City of Sulphur, Louisiana, based on a merit and cost-of-living evaluation system.
Three percent (3%), but not to exceed $45,000 annually, without subsequent approval of the Council of the City of Sulphur, Louisiana,to the Fire Department for any lawful purpose.
Ten percent (10%), together with any excess portion of any of the foregoing allocations, to a reserve and match money fund, which fund shall be used first to satisfy any bond issue or bond indenture requirements, and after said bond indenture requirements have been satisfied, any excess funds to be used as matching money for any state and federal grant program or for any lawful corporate purpose at the discretion of the City of Sulphur, Louisiana.
12) Retirement Commitments
The City participates in three state-administered cost-sharing multiple-employer retirement systems, which together cover substantially all of the City's full-time employees: Municipal Employees Retirement System, Municipal Police Employees' Retirement System and Firefighters' Retirement System of- the State of Louisiana, Although separately administered by their respective boards of trustees, these systems are established and regulated by acts of the Louisiana Legislature with respect to membership and contribution requirements, plan benefits, and actuarial- determination of funding requirements as provided by the state constitution. Additional disclosures with respect to the City's participation in these systems are provided below.
Municipal Employees' Retirement System
The System is composed of two district plans, Plan A and Plan B, with separate assets and benefit
Employees of the City are members of Plan A.
beginning on the
Membership is mandatory as a employee is on a permanent basis
working at least thirty-five hours system and under age sixty (60)
per week, not participating in another public funded retirement at date of employment Those individuals paid jointly by a
participating employer and employees who retire at or
the parish are not after age 60 with
eligible at least
for membership in the System. 10 years of credited services, at
Under Plan or after age
with 25 years entitled to a compensation
of credited service, or at any age with 30 or more years of creditable service are retirement benefit, payable monthly for life, equal to 3 percent of their final multiplied by the employee's years of credited service. Final compensation is the
The System also provides death and disabilitybenefits. Benefits are established by state statute.
The Municipal Employees' Retirement System of Louisiana issues a publicly availablefinancial report that includes financial statements and required supplemental information. That report may be obtained by writing to Municipal Employees' RetirementSystem of Louisiana, 9737 Office Park Boulevard, Baton Rouge, LA 70809.