HomeMy WebLinkAboutORD 796 - Prescribing Max Eraning
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ORDINANCE NO. 796
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AN ORDINANCE PRESCRIBING TEE MAXllvlUM EARNINGS TO BE
CONSIDERED IN CALCULATING DEPOSITS AL"ID CONTRIBUTIONS
TO BE MADE BY REASON OF CURRENT SERVICE OF EMPLOYEES
OF THIS CITY WHO ARE MEMBERS OF THE TEXAS MUNICIPAL.
. RETIREMENT SYSTEM; PROVIDING FOR A BEGINNING DATE FOR
THE DEDUCTIONS ON THE ANNUAL SALARY.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS:
Section 1.
That maximum earnings which may be paid by the City of West
University Place to any of its employees who are members of the Texas
Municipal Retirement System, which shall be considered in calculating
the amount to be withheld and the deposits and contributions to be made
to the Texas Municipal Retirement System by reason of current service
rendered by such employees of said city, shall be increased from
$3600, as heretofore established, to $12,000.
Section 2.
[]
Deductions for current service, as determined in advance by
the Actuary for the Retirement System, shall be made each payroll
period and remitted monthly to the Texas Municipal Retirement System,
Austin, Texas.
Deductions for current service shall not be calculated on any
amount in excess of $12,000 annually paid by the City of West
University Place to any of its employees.
Section 3.
Deductions for current service deposits on earnings paid by
the City of West University Place to any of its members of the
Texas Municipal Retirement System on any amounts up to $12,000
annually, instead of the $3600, shall become effective January 1, 1962.
PASSED AND APPROVED THIS THE 23RD DAY OF OCTOBER, 1961.
COMMISSIONERS VOTING AYE All
COMMISSIONERS VOTING NO, None
ATrEST:
~e.~
stuart L. Lamkin, Mayor
City of West University Place, Texas
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