BALLOT LANGUAGE:Employee Retirement Fund: Shall Chapter 40A of the Dallas City Code, known as the employees’ retirement fund of the City of Dallas, be amended in accordance with Ordinance No. 32801 to: add, revise, and delete various definitions; provide amended terms and term limits of the board; modify the retirement fund board’s powers and duties; specify the date the board shall adopt the actuarially determined contribution rate, the current total adjusted total obligation rate, the current total obligation rate, and the pension obligation bond credit rate for each fiscal year; provide amended contribution amounts for the city and employees; provide a contribution maximum for Tier A and Tier B employees; provide that the city may contribute additional monies to the retirement fund in its sole discretion; amend the modifications of contribution rates; provide guardrails with respect to the calculation of the actuarially determined contribution and incorporating the guardrails into actuarial assumptions; and amend the procedure to amend Chapter 40A?¿Se deberá enmendar el Capítulo 40A del Código de la Ciudad de Dallas, conocido como el fondo de jubilación de los empleados de la Ciudad de Dallas, de conformidad con la Ordenanza N. ° 32801 para: agregar, revisar y eliminar varias definiciones; proporcionar términos enmendados y límites de mandato de la junta; modificar los poderes y deberes de la junta del fondo de jubilación; especificar la fecha en que la junta adoptará la tasa de contribución determinada actuarialmente, la tasa total de obligación ajustada actual, la tasa total de obligación actual y la tasa de crédito de bonos de obligación de pensión para cada año fiscal; proporcionar montos de contribución enmendados para la ciudad y los empleados; proporcionar un máximo de contribución para los empleados de Nivel A y Nivel B; disponer que la ciudad pueda contribuir con dinero adicional al fondo de jubilación a su exclusivo criterio; enmendar las modificaciones de las tasas de contribución; proporcionar límites con respecto al cálculo de la contribución determinada actuarialmente e incorporar estos límites en los supuestos actuariales; y enmendar el procedimiento para enmendar el Capítulo 40A?DESCRIPTION:This proposition relates to the city Employees Retirement Fund (ERF) and NOT the Police and Fire Pension Fund.The proposition, if passed, would modify the Board of Directors’ duties and give the City Council more authority. It would also increase funding to the ERF to overcome the $1.4 billion budget shortfall forecast over the life of the fund and enable the city to increase funding further if needed.Funding for the ERF is provided by both employee and city contributions. Combined contributions from employees and the city is currently capped at 36% of salaries. This amendment would remove the cap.In order to stabilize the ERF in 2016 the city reduced benefits for new hires, creating two tiers of employees, Tier A (hired before 2017) and Tier B (hired on or after 2017). This amendment would increase payroll contributions from Tier A employees from 13.32% to 14% to help fund the budget shortfall. City contributions will also increase, and the city has the option to increase its contribution further.City of Dallas employees do not participate in Social Security.This item was passed by a majority of the City Council and has the approval of the Dallas City Retired Employees Association.